The company said that its average plant load factor (PLF) or capacity utilisation achieved during 2019-2020 was 68 per cent as compared to 64 per cent achieved in the previous year
New Delhi: Adani Power Monday reported a consolidated net loss of Rs 1,312.86 crore for the quarter ended March 31, mainly due higher operating cost.
The company had posted a consolidated net profit of Rs 634.64 crore in the year-ago quarter, Adani Power said in a BSE filing. Its total income slipped to Rs 6,327.57 crore in the quarter from Rs 8,077.89 crore in the year-ago period.
Total expenses in March quarter stood at Rs 7,980.17 crore as compared to Rs 8,162.01 crore in same period of 2018-19.
A company official said that the loss is mainly due to rise in operational costs in the quarter and entire fiscal.
The company’s consolidated net loss stood at Rs 2,274.77 crore in 2019-20 compared to Rs 984.40 crore loss in 2018-19.
Its total income rose to Rs 27,841.81 crore in last fiscal from Rs 26,361.63 crore in 2018-19.
“The Adani Group has stood by its commitment to the nation, to ensure uninterrupted availability of power in the tumultuous times of the COVID-19 lockdown.
“We are confident of India’s ability to revive its economic growth engine and power up through hard work for the next phase of prosperity for its vast and energetic population. As India’s leading infrastructure conglomerate, the Adani Group is ready to partner the country on its path to sustainable growth,” Adani Group Chairman Gautam Adani said.
The company said that its average plant load factor (PLF) or capacity utilisation achieved during 2019-2020 was 68 per cent as compared to 64 per cent achieved in the previous year.
The PLF was higher despite annual overhaul (AOH) and capital overhaul (COH) of 11 units in 2020, compared to 4 units in the previous year due to higher domestic coal materialization and execution of supplementary power purchase agreement (SPPA) in Adani Power (Mundra) Ltd (APMuL).
AOH and COH are referred to periodic maintenance and also repairs of power plants.
The company’s electricity sale during the year was 16 per cent higher at 64.1 billion units (BU) as compared to 55.2 BU sold during the previous year due to higher PLF and power sale of 4.3 BU from Raigarh Energy Generation Ltd (REGL) and Raipur Energen Ltd (REL).
Depreciation charge for the year was Rs 3,007 crore, after incorporating the consolidation of REL and REGL as compared to Rs 2,751 crore for the previous year.
The loss for the year includes exceptional item of Rs 1,003 crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for acquisition of Korba West Power Co Ltd, which is now renamed to REGL.
Average PLF achieved during the quarter ended March 31, 2020 was 66 per cent, as compared to 79 per cent achieved during the corresponding period previous year.
Lower PLF during the quarter, in comparison to the corresponding quarter of the previous year was primarily on account of AOH and COH in APMuL and Udupi Power Corporation Ltd (UPCL) units.
Further, subdued power demand and increased penetration of renewable energy also impacted the capacity utilisation of the Kawai and Udupi power plants.
Power sale during the quarter was 16.6 BU, similar to 16.6 BU sold during the corresponding period previous year, despite lower PLF, mainly due to sale of power from REGL and REL.
Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.
“The Board has also recommended enabling resolution(s) for seeking approval of the shareholders at the ensuing annual general meeting to raise funds by issue of Equity Shares / Convertible Bonds or other Convertible Securities etc. through Qualified Institutional Placement (QIP) / GDR / ADR / FCCBs / FCEBs etc for an aggregate amount upto Rs 2,500 crores,” the company said in the filing.