Adani Power posted a consolidated net profit of Rs 101.75 crore for the quarter ended December 31, 2015, the company informed in its BSE filing. The Adani Group company had registered a net loss of Rs 428.68 crore for the quarter ended December 31, 2014 of financial year 2014-15, as per the filing.
According to the company, the third quarter results were not fully comparable with corresponding quarter of last year due to stake sale in Adani Transmission (India) Limited by Adani Power in the previous fiscal. In FY15, Adani Power had also seen merger of solar power undertaking of Adani Enterprises Limited with itself as well as acquisition of 100 per cent stake of UPCL by Adani Power effective from April 20, 2015.
Consolidated total income of Adani Power for Q3 of fiscal 2015-16 stood at Rs 6,210.77 crore. For the quarter ended December 31, 2014, the same stood at Rs 5,538.30 crore.
On the standalone basis which was not fully comparable again, the company posted a net loss of Rs 32.78 crore for the quarter ended December 31, 2015 where as the same was at net profit of Rs 53.76 crore for the quarter ended December 31, 2014. On the other hand, standalone total income of Adani Power stood at Rs 3195.24 crore for the quarter ended December 31, 2015 where as the same was at Rs 3150.18 crore for the quarter ended December 31, 2014.
Commenting on the results, Gautam Adani, Chairman, Adani Power said, "With the announcement of the revised Tariff Policy, Adani Power feels encouraged to consider further growth opportunities to fulfill its commitment to partner with government in its vision to achieve 24x7 power for all by 2019. Adani Power is very much poised to achieve a power generation capacity of 20000 Mw by 2020 to bridge the power deficit in the country."
Adani Power Ltd is the largest private thermal power producer in India with an installed capacity of 10,480 Mw. Our four power projects are spread out across the states of Gujarat, Maharashtra, Karnataka and Rajasthan.
According to Vneet Jaain, Chief Executive Officer, Adani Power, the company was optimistic over enhanced supply of domestic coal, apart from the revised Power Tariff Policy.
"Our financial results for the quarter have improved through operational excellence achieved from the existing plants as well as contribution from the acquired Udupi plant. We remain optimistic about the sector in light of the announcements made in the revised Power Tariff Policy coupled with enhanced supply of domestic coal," Jaain said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.