Adani Power reports Rs 225 cr loss in Sep quarter
Adani Power Friday reported a loss of Rs 225 crore for the quarter ended September 30, 2012, on account of rise in imported coal prices.
New Delhi: Adani Power Friday reported a loss of Rs 225 crore for the quarter ended September 30, 2012, on account of rise in imported coal prices.
"The company had posted a net profit of Rs 177.48 in the same period last fiscal," Adani Power said in a statement.
"Net loss is mainly due to higher imported coal prices and non-availability of transmission line," the statement said.
However, the total income of the company rose 34 percent to Rs 1,434 crore as against Rs 1,072 crore during the corresponding period last financial year.
"Our power business has been impacted by reasons beyond our control such as unavailability of domestic coal, high prices of imported coal...Limited availability of transmission lines," Adani Power Chairman Gautam Adani said.
"Our profitability was already impacted mainly by high coal cost but the appreciation of Rupee has helped the numbers in a moderate manner," Prabal Bannerji, CFO of Adani Power Business said.
The company expects to achieve the expansion of capacity from current 4,620 MW to nearly 10,000 MW by March 2013.