Adani Power Ltd. registered a 14.40 per cent dip in its standalone net profit for the quarter ended March 31, 2016 at Rs 357.96 crore, as compared to Rs 418.21 crore for the quarter ended March 31, 2015, the company said in its filing on BSE.
The company's standalone income for Q4 of fiscal 2015-16, however, rose by 45.15 per cent to stand at Rs 3,762.82 crore, up from from Rs 2,592.28 crore for the quarter ended March 31, 2015.
For the financial year ended March 31, 2016, Adani Power came into black from red, posting a standalone net profit of Rs 5.62 crore as against a net loss of Rs 68.63 crore for the year ended March 31, 2015. As per its filing on BSE, Adani Power's standalone total income for the year ended March 31, 2016 grew by 20 per cent to stand at Rs 13,227.01 crore, up from Rs 11,037.01 crore from the previous year.
Commenting on the results, group chairman Gautam Adani, said, "With power sector continuing to be an essence for growth of the Indian economy and announcement of revised tariff policy by the government, we anticipates further growth opportunities in the sector. The company remains committed to expanding towards the goal of achieving a thermal power generation capacity of 20,000 Mw by 2020 to bridge the power deficit in the country."
On consolidated basis, Adani Power posted a net profit after taxes & minority interest of Rs 1,173.39 crore for the quarter ended March 31, 2016 as compared to Rs 715.05 crore for the quarter ended March 31, 2015, registering a growth of 64.09 per cent. For the year ended March 31, 2016, however, APL posted a net profit after taxes & minority interest of Rs 488.48 crore for the year ended March 31, 2016 as compared to net loss of Rs 815.63 crore for the year ended March 31, 2015.
However, the company stated that pursuant to the stake sale in Adani Transmission (India) Limited by the Company in the previous year, the merger of Solar Power Undertaking of Adani Enterprises Limited with APL with effect from April 01, 2015 and the acquisition of 100 per cent stake of UPCL by Adani Power with effect from April 20, 2015, the figures for the current quarter and year were not fully comparable with the figures of corresponding quarter and previous year.
"UPCL PAT during the quarter and year ended March 31, 2016 was Rs. 107.82 crores and Rs. 119.13 crores respectively," it further stated.
According to Vneet Jaain, Chief Executive Officer of Adani Power, the company's Mundra plant's generation of 33.1 billion units during the year was the highest by any thermal power plant in the country.
Going forward, the company expects implementation of the recent APTEL order to improve the cashflow for APL. In its order dated April 7, 2016, APTEL decided that the promulgation of Indonesian regulations as also the non-availability / short supply of domestic coal constitute a Force Majeure event under the PPAs, and has directed the CERC to assess the extent of impact of such Force Majeure events on the project, and give such relief as may be available under the respective PPAs.
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.