Ahmedabad-based Adani Group arm Adani Power Ltd on Tuesday reported that its consolidated net loss narrowed to Rs 33.51 crore for the first quarter ended June 30, 2016.
“The consolidated net loss of the company stood at Rs 171.87 crore during the same period a year ago,” Adani Power Ltd said in a filing to the Bombay Stock Exchange on August 09, 2016.
It’s consolidated total income declined 6.1 per cent to Rs 5,619.24 crore during Q1 FY 2016-17 whereas the same remained at Rs 5,982.16 crore during the same period last year.
“Pursuant to the acquisition of 100 per cent stake of UPCL by the company w.e.f. April 20, 2015, the figures for the current quarter are not fully comparable with the figures of corresponding quarter,” the company said in a statement.
During the April-June quarter, the net sales of the company stood at Rs 5,577.31 crore, from Rs 5,935.61 crore in the year-ago period.
The company said that, “Billed availability during Q1FY17 for Mundra was 93 per cent, Tiroda 71 per cent, Kawai 97 per cent and Udupi was 94 per cent. The shortfall in income from Tiroda was due to non-availability of water which was partially compensated by higher revenue at Kawai where PLF was 86 per cent and at Udupi where PLF was 79 per cent.”
The company sold 13.96 billion units in Q1 FY17 Vs 15.86 billion units in Q1 FY16 due to shutdown at Tiroda plant on account of non-availability of water, it added.
Speaking on the performance, Adani Power, Chairman, Gautam Adani said, “As the government continues with power sector reforms, Adani Power continues its growth plan. With strong GDP growth forecast, power sector is poised to grow.”
Meanwhile, shares of the company closed at Rs 27.65 apiece, down 1.43 per cent, from previous close on BSE.