The country’s largest private thermal power producer had reported a net profit of Rs 103.87 crore during the corresponding period of last year.
The power producer, which is part of the Adani Group, revealed that lower EBIDTA (earnings before interest, tax, depreciation and amortisation) and higher finance costs were the main reasons behind the consolidated net loss during the third quarter.
The firm’s EBIDTA during the third quarter reduced by 15.9 per cent to Rs 1,708 crore, mainly on account of lower merchant tariff and prior quarter income recognised in Q3FY16.
On the other hand, finance costs increased from Rs 1,318 crore to Rs 1,430 crore on account of higher working capital utilisation and impact of mark to market on foreign currency derivatives.
Besides, the consolidated total income for the quarter under review reduced by 5.44 per cent to Rs 5,873 crore compared to Rs 6,211 crore reported in the corresponding quarter of the previous year largely on account of lower PLF (plant load factor).
In addition, the company’s total income from operations during the quarter under review fell by more than six per cent to Rs 5,813.33 crore compared with Rs 6,191.09 crore earned during the like quarter of last fiscal.
Commenting on the quarterly results, Gautam Adani, Chairman, Adani Power said: “As the Indian economy continues to outpace the global economy steadily, overcoming numerous challenges, Adani Power is firmly positioned to achieve its future growth plans and contribute significantly to nation building by providing electricity at competitive rates.”
According to Vneet Jaain, Chief Executive Officer, Adani Power, during the quarter under review the company has been able to maintain high levels of plant availability factor.
“We are navigating a challenging environment which is marked by non-availability of domestic fuel linkages, regulatory complexity, and lower power demand,” Jaain said.
“These challenges are temporary deterrents which shall be resolved with intervention of key stake holders and the company is hopeful of achieving its long term vision.”
The company’s scrip at the BSE, plunged by 11.48 per cent or Rs 4.45 to Rs 34.30 from its previous close of Rs 38.75.