Adani Power net consolidated loss widens to Rs.619 cr in Q3

Adani Power net consolidated loss widens to Rs.619 cr in Q3
Adani Power, a subsidiary of Adani Enterprises and part of Adani Group, reported a higher consolidated net loss of Rs. 619 crore for the 3rd quarter ended December 2012, mainly due to higher imported coal prices and non-availability of transmission line.
On standalone basis, the total income for the quarter ending December 2012, rose by 59 per cent to Rs.1,688 crore compared to Rs.1,060 crore in the same period last year. For the nine months period ending December 2012, the total income increased by 55 per cent to Rs.  4,586 crore due to Rs.2,952 crore. Net loss on a standalone basis for the quarter ending December 2012 stood at  Rs.507 crore compared to a net loss of Rs.358 crore in the same period last year.
Commenting on the financial performance of the company Gautam Adani, Chairman, Adani Power said, “The domestic outlook for the power sector seems set to improve on the back of recent policy measures addressed by the government like PMO direction to sign FSA and to work on coal-pooling mechanism, SEB debt restructuring approval by cabinet, rail links for coal evacuation etc. We see these steps as clear indication of the importance attached to this vital sector and boost for more investment under the 12th Five-Year Plan.”
Prabal Banerji, CFO, Adani Power Business, said, “Our profitability was already impacted mainly by high coal cost due to high-cost incidence of imported coal and change of law in coal exporting countries. In addition, coal linkage and regular supply from the linkage of Coal India and its subsidiaries are must to ensure smooth power generation at optimal cost at our near 10 GW capacity at three plants. We have filed petition to CERC to revise tariff because of force majeure scenario due to change in law in coal exporting countries making imported coal very expensive; short supply of coal by CIL against FSA forcing us to use already expensive imported coal. ”
The company expects to achieve the expansion of capacity from current 5 GW to nearly 10 GW by 2013.

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Adani Power net consolidated loss widens to Rs.619 cr in Q3

Adani Power net consolidated loss widens to Rs.619 cr in Q3
Adani Power, a subsidiary of Adani Enterprises and part of Adani Group, reported a higher consolidated net loss of Rs. 619 crore for the 3rd quarter ended December 2012, mainly due to higher imported coal prices and non-availability of transmission line.
On standalone basis, the total income for the quarter ending December 2012, rose by 59 per cent to Rs.1,688 crore compared to Rs.1,060 crore in the same period last year. For the nine months period ending December 2012, the total income increased by 55 per cent to Rs.  4,586 crore due to Rs.2,952 crore. Net loss on a standalone basis for the quarter ending December 2012 stood at  Rs.507 crore compared to a net loss of Rs.358 crore in the same period last year.
Commenting on the financial performance of the company Gautam Adani, Chairman, Adani Power said, “The domestic outlook for the power sector seems set to improve on the back of recent policy measures addressed by the government like PMO direction to sign FSA and to work on coal-pooling mechanism, SEB debt restructuring approval by cabinet, rail links for coal evacuation etc. We see these steps as clear indication of the importance attached to this vital sector and boost for more investment under the 12th Five-Year Plan.”
Prabal Banerji, CFO, Adani Power Business, said, “Our profitability was already impacted mainly by high coal cost due to high-cost incidence of imported coal and change of law in coal exporting countries. In addition, coal linkage and regular supply from the linkage of Coal India and its subsidiaries are must to ensure smooth power generation at optimal cost at our near 10 GW capacity at three plants. We have filed petition to CERC to revise tariff because of force majeure scenario due to change in law in coal exporting countries making imported coal very expensive; short supply of coal by CIL against FSA forcing us to use already expensive imported coal. ”
The company expects to achieve the expansion of capacity from current 5 GW to nearly 10 GW by 2013.

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