Higher imported coal prices and lack of transmission lines continued to bleed Adani Power Ltd. 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.

Maharashtra pact

Adani Power (a subsidiary of flagship Adani Enterprises Ltd), which declared unaudited quarterly results of the period here on Monday, 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 Ltd (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.

“We see these steps as clear indication of the importance attached to this vital sector and boost for more investment under the 12th five year plan.”

Adani Power is the largest private thermal power producer in India, with its generation capacity expected to increase to 10,000 MW from 5,320 MW now by the end of 2013.

It is developing six power projects for generating 16,500 MW across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, with the aim to generate 20,000 MW by 2020.

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