Adani in the news

Adani Power Consolidated Total Income rose 65% to Rs 2,572 Crore in Q1FY14
August 01, 2013

Editor’s Synopsis

• Consolidated Total Income for Q1FY14 rose by 65% to Rs 2,572 Crore Vs Rs 1,556 Crore in Q1FY13.
• Consolidated EBIDTA for Q1FY14 is Rs 424 Crore Vs Rs (45) Crore in Q1FY13.
• Consolidated Net Loss for Q1FY14 is Rs 1,198 crore, which is due to MTM provision for rupee depreciation, non-cash items like    depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal.
• The Company sold 8.1 billion units during Q1 FY14 Vs 4.5 billion units in Q1 FY13.
• Adani Power Maharashtra Ltd has further operationalized two units of 660 MW each and Adani Power Rajasthan Ltd has Operationalized one unit of 660 MW in Q1FY14.
• Adani Power currently has an operational capacity of 7260 MW.
• Adani Power has raised Rs 2,542 Crore by way of preferential allotment of shares to promoters at Rs 53.11 per share, increasing promoter holding to 75%
• The company has received approval from CERC to become a transmission licencee, for its inter-state transmission system connecting Dehgam - Mundra - Mohindergarh – Bhiwani.
• The recent Presidential directive to CIL to sign FSA for capacity having tapering linkages will further enhance fuel security of the company.

          
Ahmedabad, August 1, 2013: Adani Power Ltd, a subsidiary of Adani Enterprises Ltd and part of Adani Group, a global integrated player, today announced the financial results for the first quarter ended June 30, 2013.

On Consolidated basis, the total income for the quarter ending June 2013 rose by 65% to Rs 2,572 crore compared to Rs 1,556 crore in the same period last year. The consolidated EBIDTA for the quarter ending June 2013 increased to Rs 424 crore compared to Rs (45) Crore in the last year. The net loss for the quarter ending June 2013 is Rs 1,198 crore.

On Standalone basis, the total income for the quarter ending June 2013 rose by 41% to Rs 2,229 crore compared to Rs 1,578 crore in the same period last year. The EBIDTA for the quarter ending June 2013 increased to Rs 422 crore as compared to Rs (5) crore in the same period last year. The net loss for the quarter ending June 2013 is Rs 919 crore.

Commenting on the financial performance of the Company Mr. Gautam Adani, Chairman, Adani Power said, “We appreciate the initiatives taken by the Government to resolve various issues faced by the power sector such as the CCEA directive for allowing imported coal price as a pass through, presidential directive to CIL for signing FSAs for 78 GW capacity, progress in Financial Restructuring Plan (FRP) for State Electricity Boards (SEB) and CERC directive for compensatory tariff. We expect favorable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development.”

The company expects to achieve thermal power generation capacity of 9240 MW by FY14.