Adani Power logs Rs. 4.29 billion loss in Q3 FY15
Adani Power Ltd, a subsidiary of flagship Adani Enterprises Ltd, on Wednesday reported a consolidated net loss of Rs. 429 crore in the third quarter of 2014-15, ended December 31, 2014, versus Rs. 545 crore in corresponding period in the previous fiscal. The company’s consolidated total income in the period under review increased by 31%, from Rs. 4,190 crore to Rs. 5,504 crore while the earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 58%, from Rs. 1,133 crore to Rs. 1,793 crore, the company said in a statement here.
In the third quarter, APL sold 14.73 billion as compared to 11.18 billion units in Q3FY14 Adani Power has signed a binding term sheet to acquire 100% stake in Korba West Power Company Ltd. EBITDA for the quarter improved due to higher volume of power sold and improved operational efficiencies, Gautam Adani, Chairman, Adani Power, said. APL CEO Vneet Jaain said the results reflected higher volume of power generation, improved PLF at all plants, relatively lower coal cost and improved operational efficiencies which were partially offset by the PPA prices being non-remunerative coupled with limited availability of domestic coal.