Adani Power on Thursday said its consolidated net loss widened to Rs 682.46 crore in the June quarter, mainly due to lower revenues on account of low power demand during the lockdown.
The company had posted a net loss of Rs 263.39 crore for the same period last year.
The total income of the company in the quarter declined to Rs 5,356.19 crore, from Rs 8,014.50 crore in the year-ago period, Adani Power said in a BSE filing.
The company’s consolidated net loss was Rs 2,274.77 crore for 2019-20, while total income stood at Rs 27,841.81 crore in the fiscal.
Average plant load factor (PLF or capacity utilisation) achieved during the first quarter of FY21 was 51 per cent, as compared to 78 per cent in Q1 FY20.
The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19, it said.
Consolidated units (of power) sold for the quarter stood at 12.7 BU (billion units), as compared to 16.5 BU in the same quarter previous fiscal.
Despite the lockdown, 3,300 MW Tiroda plant witnessed a good demand for power for the major part of the quarter.
Kawai plant (1,320 MW) also saw improved PLF in June 2020, after the lockdown was relaxed and power demand started to normalise.
However, it said, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand.
Mundra plant’s PLF was also affected by lower power demand and subdued short-term market tariffs.
On the other hand, all power plants were able to achieve or exceed normative availability under long-term PPAs (power purchase agreements) through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation, the company said.
“Adani Power continues to march ahead towards achievement of its vision to play an important role in fulfilling India’s growing demand for electricity. The Adani Group has a strong belief in India’s economic fundamentals and potential, and the role of the infrastructure sector in attaining long term growth.
“Achieving the Government’s ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation building,” Gautam Adani, Chairman, Adani Group, said.
As the firm continues to seize opportunities for value creation in a challenging market and a fast-changing competitive landscape, it is focusing on operational excellence and sustainability while taking long-term decisions to enhance strategic capability and resource flexibility, Anil Sardana, Managing Director, Adani Power, said in the statement.
“Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet the aspiration of millions of Indians who don’t have access to affordable power, has only become firmer,” he said.