Adani Power's consolidated net loss narrowed to Rs 799 crore in the second quarter of 2014-15, against a loss of Rs 1,072 crore in the same period last financial year, due to higher power generation and improved operational efficiencies.
Total consolidated income rose by 36 per cent to Rs 4,148 crore during the July-September quarter of FY15 as against Rs 3,045 crore in the same period last fiscal, Adani Power said in a regulatory filing to BSE stock exchange.
"Power sector revival is the top priority of the new government and this has been demonstrated through the various announcements made to implement radical measures which are heartening for the power sector at large," Adani Power Chairman Gautam Adani said.
He added the ordinance for coal block auction, measures for easing financing to the power and infrastructure project and other policy initiatives which are planned, will revive the power sector.
"Our result reflects higher volume of power generation and improved operational efficiencies which were off-set by the challenges in business that have led to PPAs becoming non-remunerative coupled with limited availability of domestic coal," said Vneet Jaain, Chief Executive Officer of Adani Power.
However, with implementation of policy measures, implementation of tariff orders and improving operational efficiencies, we are confident of revival in our power business performance. The company has achieved thermal power generation capacity of 9,240 MW, Jaain said.
On a standalone basis the company reported a net loss of Rs 431.49 crore during the second quarter ended September 30, 2014, against Rs 909.75 crore loss in the corresponding period, last fiscal.
Total standalone income of the private power generation utility increased from Rs 2,210.52 crore for the quarter ended September 30, 2013 to Rs 2,508.52 crore during the same period this fiscal.
The cost of fuel purchased by the company decreased to Rs 1,242.92 crore during the period from Rs 1,386.25 crore in the same period last financial year.
Shares of Adani Power were down 3.04 per cent to Rs 46.20 on the BSE.
