According to the company, lower EBIDTA and higher finance costs resulted in APL posting a consolidated net loss of Rs 323.61 crore of Q3 FY17 as compared to net profit of Rs 109.49 crore in Q3 FY16.
Adani Power's total consolidate income fell from Rs 6,210.76 crore for the quarter ended December 31, 2015 to Rs 5,872.57 crore for the quarter ended December 31, 2016, on account of lower plant load factor (PLF).
According to Vneet Jaain, Chief Executive Officer of Adani Power, the results have come at a time when the company was facing challenges in terms of non-availability of domestic fuel as well as lower demand for power.
"During Q3 of FY 2016-17, we have been able to maintain high levels of plant availability factor, with all round improvements in operational efficiencies. We are navigating a challenging environment which is marked by non-availability of domestic fuel linkages, regulatory complexity, and lower power demand. 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," said Jaain, as per an official communique by APL.
Jaain further stated that the company was working towards cost optimisation and operational efficiency improvements which are aimed to keep the organisation "nimble". "The company is well positioned to capitalise on opportunities arising from better fuel availability, reduction in financial distress of discoms and lower interest rate regime," Jaain added.
Meanwhile, commenting on the quarterly results of the company, 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."
However, Adani Power's net loss resulted in the company's share price on BSE falling by 11.48 per cent to close at Rs 34.30 per share on Friday.