Adani Power Ltd (APL) on Thursday reported a net loss of Rs 919 crore on standalone basis even as its income increased by 41 per cent in the first quarter of 2013-14 ended June 30 as compared to the corresponding period last fiscal.

On standalone basis, the total income for the quarter grew by 41 per cent to Rs 2,229 crore (Rs 1,578 crore). The EBIDTA increased to Rs 422 crore as compared to Rs (5) crore in the same period last year.

The consolidated total income rose by 65 per cent to Rs 2,572 crore (Rs 1,556 crore) while the consolidated net loss was put at Rs 1,198 crore due to MTM provision for rupee depreciation, non-cash items such as depreciation, provision for deferred tax and higher import of coal due to limited domestic availability, the company said in a statement here.

The company sold 8.1 billion units (4.5 bn units) in Q1. Adani Power Maharashtra Ltd has further operationalised two units of 660 MW each in Q1FY14. The total operational capacity of the company has increased to 7260 MW.

APL has raised Rs 2,572 crore by way of a preferential allotment of shares to the promoters at Rs 53.11 per share, increasingly the promoter’s holding to 75 per cent. The company has received approval from CERC to become a transmission licencee for its inter-State transmission system. The recent presidential directive to Coal India Ltd to sign a fuel supply agreement (FSA) for capacity having tapering linkages will further enhance fuel security of the company, APL said.  

Commenting on the results, Gautam Adani, Chairman, appreciated the initiatives taken by the Government to resolve various issues faced by the power sector such as the CCEA directive for allowing imported coal price as a pass-through, presidential directive to CIL for signing FSAs for 78 GW capacity, progress in the Financial Restructuring Plan (FRP) for the State Electricity Boards (SEB) and the CERC directive for compensatory tariff. 

The company expects to achieve thermal power generation capacity of 9240 MW by FY14.

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