Adani Power today reported narrowing of its consolidated net loss to Rs 667.48 crore in the quarter ended March 2018 on account of lower expenses.
The company had reported a consolidated net loss of Rs 4,960.53 crore in the quarter ended March 2017, Adani Power said in a statement.
According to the statement, total income of the company came down to Rs 4,161.19 crore in the fourth quarter from Rs 6,586.42 crore in the corresponding period a year ago.
Total expenses of the firm also came down to Rs 4,806.50 crore in the fourth quarter from Rs 7,885.49 crore in the corresponding period a year ago.
Adani Power said that it sold 48,005 MUs (million units) power as compared to 60,194 MUs in previous financial year. Sale of electricity in the fourth quarter stood at 7,923 MUs as compared to 16,311 MUs a year ago.
The company said that average plant load factor (PLF) or capacity utilisation of power plants was 55 per cent in 2017-18, down from 70 per cent in 2016-17.
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Similarly, the average PLF during the fourth quarter was at 37 per cent, down from 73 per cent a year ago.
Gautam Adani, Chairman, Adani Power said, Our Tiroda and Kawai power plants have now started to receive domestic coal under SHAKTI scheme FSAs, which will improve their profitability and help supply electricity at competitive rates. We continue to be in discussion with key stakeholders to identify a solution for the Mundra power plant, which has been impacted financially due to under-recovery of fuel costs".
The company's consolidated net loss in 2017-18 also narrowed to Rs 2,119.36 crore from Rs 6,174.10 crore.
Total income of the company too dipped to Rs 21,093.43 crore in 2017-18 from Rs 23,034.47 crore.
The company's board has also approved a proposal to raise Rs 5,000 crore by issuance of shares, convertible bonds through qualified institutional placements.
The board also approved raising funds through bonds on private placement basis within the company's borrowing limits in the next 12 months.