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Adani Power lowers Q1 loss 75% to Rs 303 cr

Adani Power’s consolidated net loss narrowed to Rs 303 crore in the three months to June, 2014, as the leading private electricity producer raked in higher income during the period. The company had a net loss of Rs 1,198 crore in the year-ago period, it said in a statement today.

In the first quarter of this fiscal, Adani Power’s consolidated total income jumped to Rs 5,248 crore compared to Rs 2,572 crore in the same period a year ago. During the April-June quarter, Adani Power sold 13.43 billion units of electricity.

Adani Power Chairman Gautam Adani said the recent announcements by the government to increase fuel availability, commitment for transmission and distribution developments and financial restructuring of state electricity boards would give a renewed boost to power sector in the near future.

Meanwhile, Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported 36 per cent rise in consolidated net profit at Rs 568 crore for the quarter ended June 30, 2014, helped by a strong cargo volume growth. The company’s net profit in the corresponding quarter of the last fiscal was Rs 417.50 crore, Adani Ports and Special Economic Zone said in a filing to the BSE.
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