Adani Power Q3 net consolidated loss widens to Rs 619 cr
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Adani Power reported a higher consolidated net loss of Rs 619 crore for the third quarter ended December 2012, mainly due to higher imported coal prices.
The private power producer had a consolidated net loss of Rs 356.3 crore in the 2011 December quarter.
The latest quarterly loss was mainly "due to higher imported coal prices and non-availability of transmission line", Adani Power said in a statement today.
However, the company's consolidated total income in the December 2012 quarter rose to Rs 1,884 crore from Rs 1,079 crore in the year-ago period.
"Our profitability was already impacted mainly by high coal cost due to high cost incidence of imported coal and due to change of law in coal exporting countries.
"In addition, coal linkage and regular supply from the linkage of Coal India Ltd and its subsidiaries is also a must to ensure smooth power generation at optimal cost at our near 10 GW capacity at three plants," Prabal Banerji, CFO of Adani Power Business, said.
The company has already filed a petition with Central Electricity Regulatory Commission (CERC) seeking higher tariffs for power generated from its 4,620 MW Mundra project in Gujarat.
Adani Power has cited "force majeure scenario due to A) change in law in coal exporting countries making imported coal very expensive and B) short supply of coal by CIL against FSA forcing us to use already expensive imported coal".
On a standalone basis, net loss in the 2012 December quarter widened to Rs 507 crore. The same stood at Rs 358 crore in the same period a year ago.
Total income, on a standalone basis, went up to Rs 1,688 crore in the latest quarter under review from Rs 1,060 crore in the year-ago period.