Adani Power Ltd (APL) on Thursday reported narrowing of its net loss to Rs 702.40 crore for the quarter ended on December 31, 2019.The company had posted a net loss of Rs 1,180.78 crore in the year-ago quarter, APL said in a BSE filing.
Total income rose to Rs 6,684.52 crore in the quarter under consideration as against Rs 6,667.11 crore in the year-ago quarter. Total expenses in December quarter stood at Rs 7,333.07 crore as compared to Rs 7,507.61 crore in same period of 2018-19.
"During the Q3 FY 2019-20, APL, along with the power plants of its subsidiaries at Mundra,Tiroda, Kawai, and Udupi achieved an average plant load factor (PFL) of 70% while the Raipur power plant of REL achieved a PLF of 55%," the filing said. Aggregate sales volumes registered for 2019-20 were at 16.4 billion units (BU).
Adani Group Chairman Gautam Adani said, "the government's plan to invest USD 1.4 trillion in the infrastructure sector is a significant part of its roadmap to achieve a USD 5 trillion GDP target by 2024-25. We firmly believe the resilience and depth of the Indian economy, combined with the ambitions and spirit of its people, will make this target achievable. The power sector is intricately linked with economic growth, and we are confident of seeing a strong revival of growth in electricity consumption soon. The Adani Group is committed to its role as nation builder, and is set on the path of sustainable growth."