Adani Power is being troubled by higher imported coal prices and lack of transmission lines. The company’s consolidated net loss was Rs 619 crore in the third quarter ended December 31 against Rs 356.3 crore in the year-ago period. During the period, consolidated total income increased by 75 per cent to Rs 1,884 crore against Rs 1,079 crore in the year-ago period.
Adani Power (a subsidiary of flagship Adani Enterprises), which declared unaudited quarterly results of the period in Ahmedabad on January 28, said it sold 5,957 million units during the third quarter (3,037 million units), according to a statement here.
Adani Power Maharashtra signed a fuel-supply agreement for 2.3 million tonnes (mt) with the South Eastern Coalfields (SECL) for the Tiroda plant in the State. The company now has agreements for a total of 9 mt of coal for its Mundra (Gujarat) and Tiroda projects. On standalone basis, the total income for the quarter rose by 59 per cent to Rs 1,688 crore (Rs 1,060 crore), while net standalone loss stood at Rs 507 crore (Rs 358 crore).
Chairman Gautam Adani said the outlook for the country’s power sector was set to improve due to the Union Government’s recent policy measures such as coal-pooling mechanism, debt restructuring of State electricity boards and rail links for coal evacuation.
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