Adani Power, the country’s largest private power producer, today reported a net profit of Rs 2,529 crore for the fourth quarter ended March 31, 2014.
“Consolidated net profit for the fourth quarter is Rs 2,529 crore, which is largely due to recognition of compensatory tariff of past periods, reassessment of deferred tax liability and improved operational performance,” Adani Power said in a statement.
The company had posted a net loss of Rs 585.52 crore in the same quarter last financial year (2012-13).
Total income during the period increased to Rs 5,996.49 crore from Rs 1,889.13 crore in the corresponding quarter of FY13.
The company commissioned the fourth 660 MW unit of its Maharashtra plant. With this, Adani Power has a total commissioned capacity of 8,580 MW.
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Adani Power received favourable orders from the Central Electricity Regulatory Commission (CERC) and the Maharashtra Electricity Regulatory Commission (MERC) for compensatory tariff, the statement said.
The CERC granted nearly Rs 830 crore compensation for Adani Power’s 4,620 MW Mundra plant in Gujarat. The amount is to make up for losses incurred by the project due to higher cost of imported Indonesian coal.
The electricity regulator said that Gujarat has to pay Rs 420.24 crore, while Haryana has to shell out Rs 409.51 crore as compensation from the commissioning date till March 31, 2013.
For the Mundra plant, Adani Power inked two power purchase agreements (PPAs) with Gujarat – each for 1,000 MW – and PPAs with two Haryana utilities for total capacity of 1,424 MW. Rest of the electricity generated from the plant is sold on merchant basis.
“The past year has been a momentous one for everyone at Adani Power as our efforts have made us the largest private power producer in India with an installed capacity of 8,580 MW. As the largest private sector power producer, we remain committed to bridge the power deficit in the country,” Adani Power Chairman Gautam Adani said. The company expects to achieve thermal power generation capacity of 9,240 MW very soon, the statement said.