Adani Power posts net loss of Rs 294 cr for FY’12

Private sector energy major Adani Power today posted a loss of Rs 294 crore for the financial year 2011-12,due to costlier imported coal and non- availability of domestic fuel. The company had reported a net profit of Rs 524 crore in the previous fiscal.

Written by Agencies | New Delhi | Published:May 14, 2012 8:10 pm

Private sector energy major Adani Power today posted a loss of Rs 294 crore for the financial year 2011-12,due to costlier imported coal and non- availability of domestic fuel.

The company had reported a net profit of Rs 524 crore in the previous fiscal.

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“Our power business is impacted by the national issue of unavailability of domestic coal,high prices of imported coal and limited availability of transmission lines,” Gautam Adani,Chairman,Adani Power Ltd said in a company statement.

However,the company’s total income for the fiscal ended March 31,2012 jumped 87 per cent to Rs 3,949 crore,against Rs 2,106 crore in the previous year as the company added 1,320 MW in its power generating capacity.

Adani Power commissioned a 4,620-MW thermal plant at Mundra,Gujarat in 2011-12. It also consolidated transmission business into one single company to integrate projects spread across various entities of Adani Group.

Commenting on the financial results,Prabal Banerji,Chief Financial Officer,Adani Power Ltd said,”While last year,we have witnessed pressure on margins due to various issues,we are confident that this year the merchant rates will be better contributing positively and there will be adequate transmission capacity to evacuate full power…

“… with the commissioning of our two new projects,Adani Power will generate close to 10,000 MW by end of this fiscal.”

The company said it is also hopeful of an early resolution to the issue of FSA (fuel supply agreement) as well as tariff rationalisation on account of high prices of imported coal.

Shares of Adani Power today closed at Rs 50.15 on the BSE,down 3.56 per cent from the previous close.

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