Adani Group company Adani Power has posted a net loss of Rs 454 crore for the quarter ended June 30, 2017, almost double than Rs 233 crore it had reported in the same quarter of the previous year.
The Gautam Adani-led company said that due to higher fuel costs, consolidated earnings before interest, taxes, depreciation and amortisation fell by nearly 8% to Rs 1,618 crore in the quarter.
The company, which had cut back on power supplies to the state government-owned power utility Gujarat Urja Vikas Nigam Ltd during the quarter, said that its consolidated income for the quarter was Rs 5,648 crore, 4% higher than Rs 5,418 crore in the year-ago period.
The company said that higher tariffs due to the application of change in law clauses in some power purchase agreements contributed to the higher income.
"The average plant load factor achieved during the quarter was 63%, lower than 66% achieved in the first quarter of last year," Adani Power said, adding that the drop was due to the customer back down as well as maintenance-related shutdowns.
For the 4,620 megawatt coal-based Mundra power plant, which has been a loss-making proposition for Adani Power, the company is continuing to engage with various stakeholders, chairman Gautam Adani Mundra said.
"We remain fully committed to identifying possible remedial measures for its long-term sustainability," Adani added.
