Adani Power Ltd (APL), a subsidiary of Adani Enterprises Ltd (AEL), on Friday said its income increased by 34 per cent in the second quarter September 30, 2012 due to increased capacities and sales.
But higher costs of imported coal and non-availability of adequate transmission lines caused a loss of Rs 225.39 crore during the period.Income stood at Rs 1,434 crore (Rs 1,072 crore).
Earlier, in the quarter ended June 30, 2012, the company’s loss stood at Rs 792.98 crore. In FY11-12, the losses were Rs 293.92 crore.
The company’s subsidiary Adani Power Maharashtra Ltd commissioned one unit of 660 MW and 400 kV Tiroda-Wavora transmission line. Adani Power sold 4,131 million units during Q2FY13 compared with 2,959 units in Q2FY12.
In a statement here, Gautam Adani, Chairman, APL, said the company’s power business has been impacted due to factors such as unavailability of domestic coal, high prices of imported coal and limited availability of transmission lines.
APL is moving as per schedule to commission the power projects at Tiroda and Kawai this fiscal.
Prabal Banerji, CFO, Adani Power, said APL’s profitability was already impacted mainly by high cost of imported coal due to change of law in coal exporting countries. “But the appreciation of the rupee has helped the numbers in a moderate manner.”
The company expects to expand its total capacity from the current 4,620 MW to nearly 10,000 MW by March 2013.