scorecardresearch
Adani Power Q2 results: Net loss of Rs 230.6 cr; revenue down to Rs 5,572 cr

Adani Power Q2 results: Net loss of Rs 230.6 cr; revenue down to Rs 5,572 cr

Widening of peak deficit, along with fuel supply constraints due to an extended monsoon season, has resulted in a sharp rise in merchant and short-term tariffs, says Adani Power.

Adani Power's consolidated EBITDA for Q2 FY22 stood at Rs 1,551 crore vs Rs 5,086 crore for Q2 FY21. Photo: Reuters Adani Power's consolidated EBITDA for Q2 FY22 stood at Rs 1,551 crore vs Rs 5,086 crore for Q2 FY21. Photo: Reuters

 Adani Power Ltd, a part of the diversified Adani Group, today announced a net loss of Rs 239 crore for the July-September quarter of 2021-22 fiscal year. The company's net profit for the same quarter last year stood at Rs 2,216 crore. The loss in the second quarter has been attributed to higher contribution of one-time revenue items to post-tax profit in Q2 of the previous year.

The power company's consolidated revenue for Q2 FY22 stood at Rs 5,572 crore vs Rs 8,792 crore in Q2 FY21, primarily due to higher one-time regulatory revenue by Rs 3,233 crore in Q2 of the previous year.

In the fiscal year so far, the revenue stood at Rs 12,785 crore vs Rs 14,148 crore in H1 FY21. As per the company, it has been due to higher one-time regulatory revenue by Rs 2,580 crore in H1 of the previous year. The company's consolidated EBITDA for Q2 FY22 was Rs 1,551 crore vs Rs 5,086 crore for Q2 FY21, mainly on account of lower one-time income and forex movement.

"Widening of peak deficit, along with fuel supply constraints due to an extended monsoon season, has resulted in a sharp rise in merchant and short-term tariffs," the company said in a statement to the stock exchanges.

Anil Sardana, Managing Director, Adani Power Limited, said thermal power continues to be the balancing force between renewables' availability during part of the day and grid demand. Also, he said, Coal power continues to be a requirement for economic growth.

"Adani Power, as India's leading private thermal power producer, stands ready to serve the growing demand for electricity,  while ensuring the betterment of communities around it. With our complementarity with the Adani Group's energy next portfolio and partnerships in natural gas and solar energy, we will continue to seize value accretive opportunities and pursue our long-term growth strategies," he said.

Adani Power has an installed thermal power capacity of 12,410 MW spread across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and  Chhattisgarh, apart from a 40-MW solar power plant in Gujarat.

The Adani Power stock was trading at Rs 100, down Rs 3.45 or 3.33 per cent, as compared to the previous session close of Rs 103.45 on the NSE.

Also read: Adani Transmission raises $700 mn in one of Asia’s largest project financing deals

Also read: Adani Ports scraps plans to build a container terminal in Myanmar