Adani Power on Thursday reported a higher consolidated net loss of Rs 1,198.29 crore in the three months ended June, as the electricity producer was hurt, primarily by rupee depreciation.
The private power utility had a net loss of Rs 809.81 crore in the 2012 June quarter, according to a regulatory filing. The figures are after accounting for taxes and minority interests.
However, the company's total income from operations jumped to Rs 2,536.73 crore in the first quarter of current financial year from Rs 1,503.15 crore in the year-ago period. In a press release, the company said the latest quarter's consolidated net loss was on due to 'MTM (mark to market) provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal'.
The company, which has an operational generation capacity of 7,260 MW, sold about 8.1 billion units of electricity in the three months ended June 2013. Adani Power chairman Gautam Adani said the company appreciated various government initiatives including CCEA directive for allowing imported coal price as a pass through, presidential directive to Coal India for signing fuel supply pacts for 78,000 MW capacity.
'We expect favourable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. 'With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development,' he said in the release.
The private power utility had a net loss of Rs 809.81 crore in the 2012 June quarter, according to a regulatory filing. The figures are after accounting for taxes and minority interests.
However, the company's total income from operations jumped to Rs 2,536.73 crore in the first quarter of current financial year from Rs 1,503.15 crore in the year-ago period. In a press release, the company said the latest quarter's consolidated net loss was on due to 'MTM (mark to market) provision for rupee depreciation, non-cash items like depreciation, provision for deferred tax and higher import of coal due to limited availability of domestic coal'.
The company, which has an operational generation capacity of 7,260 MW, sold about 8.1 billion units of electricity in the three months ended June 2013. Adani Power chairman Gautam Adani said the company appreciated various government initiatives including CCEA directive for allowing imported coal price as a pass through, presidential directive to Coal India for signing fuel supply pacts for 78,000 MW capacity.
'We expect favourable response from these measures and also impact of more stable rupee on the financial performance of the ensuing quarters. 'With these, we are confident of reviving vibrancy of the power sector and ensuring sustainable development,' he said in the release.