Adani Power Ltd (APL), a subsidiary of the flagship Adani
Enterprises Ltd (AEL), on Wednesday reported a 79% increase in income, but
posted a massive loss of Rs 792.98 crore in the first quarter ended June 30,
2012-13, due mainly to the higher price of imported coal and non-availability
of transmission lines. It posted a PAT of Rs 176.85 crore in the corresponding
period last fiscal,
The total income increased to Rs 1,464 crore (Rs 819 crore)
due to an increase in capacity to 3,960 MW in Q1 FY13 from 1,980 MW in Q1FY12,
the company said in a press release announcing the unaudited results for the
first quarter.
Commenting on the financial performance, Mr Gautam Adani,
Chairman, said APL’s power business has been impacted by factors beyond its
control including the non-availability of domestic coal, high prices of
imported coal and limited availability of transmission lines. The company is
moving as scheduled to commission two power projects this fiscal at Tiroda and
Kawai, he added.
Adani Power has signed a fuel supply agreement with Coal
India Ltd (CIL) for its three 660 MW thermal power generation units at the
Mundra power plant.
Mr Prabal Banerji, CFO, said the company’s profitability,
already impacted by high priced coal imports, was further aggravated by
non-cash book entries such as depreciation and unrealised losses on account of
provision of rupee depreciation in keeping with prudential accounting norms.
Source: The Business Line
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