New Delhi: Adani Green Energy’s net loss widened to Rs 118.74 crore in the December 2018 quarter compared to the year-ago period, owing to higher expenses such as borrowing cost and depreciation.
Its consolidated net loss was Rs 13.98 crore in the quarter ended on December 31, 2017, the company said in a statement on Thursday.
The firm’s total income in the third quarter of the current financial year rose to Rs 470.94 crore, compared with Rs 456.21 crore a year ago.
The company’s finance costs rose to Rs 277.46 crore in the quarter from Rs 100.23 crore in the year-ago period.
Depreciation also increased to Rs 270.19 crore, against Rs 133.45 crore in October-December 2017.
The company said mark-to-market losses of Rs 12.87 crore on the contracts, which qualify as cash flow hedge, have been recognised in the Cash Flow Hedge Reserve Account at the end of the quarter.
To hedge the foreign currency and interest rate exposure on external commercial borrowings, the Group has entered into various derivative contracts.
During April-December, the consolidated net loss of the firm widened to Rs 380.97 crore from a loss of Rs 94.69 crore a year ago. The company had reported a consolidated net loss of Rs 137.51 crore in 2017-18.
Adani Green Energy Chairman Gautam Adani said: “We are moving towards the path of the government’s 2030 Vision of reducing dependence on imports for fossil fuel needs and developing solar power as a prime source of energy.” Jayant Parimal, chief executive officer of Adani Green Energy, said: “The Interim Budget will further strengthen our endeavours in the renewable energy sector and we shall accelerate our pace to meet the country’s demand of energy through renewable energy.”