Adani Power slips 2% as net loss narrows to Rs266cr vs. Rs824cr yoy in Q1FY20

Adani Power Ltd today announced the financial results for the first quarter of FY20.

Shares of the co. are down 2% post the release.

Consolidated total income for the quarter doubled from Rs3,959cr in Q1FY19 to Rs8,015cr in Q1FY20 due to the improved operating performance.

Consolidated EBITDA during the quarter more than doubled to Rs2,894cr in Q1FY20 from Rs1,288cr in Q1FY19 due to revenue growth.

The net result for the quarter was a loss of Rs266cr vs. a loss of Rs824cr for the corresponding quarter in the previous year.

The loss for the quarter was mainly due to exceptional Items of Rs1,004cr, pertaining to the write-off of certain receivables and advances, owing to the acceptance of the Resolution Plan submitted by the company for the acquisition of Korba West Power Co. Ltd.

Average Plant Load Factor (PLF) achieved during the first quarter of FY 2019-20 was 77%, as compared to 38% achieved in Q1 FY 2018-19. Consolidated Units sold for the quarter were 16.5 BU, registering a growth of 101% over the Q1 FY19 sales volume of 8.2 BU.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power has cemented its position as India’s leading private thermal power producer, with the acquisition of two operating power plants in Chhattisgarh, and taken another step forward in furtherance of our vision to play an important role in fulfilling India’s growing need for electricity.

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