Adani Power Q2 net loss comes down to Rs 114 cr

Ahmedabad, Oct 24 (IANS) Adani Power on Monday announced it has recovered its consolidated net loss for the second quarter ended September to Rs 114 crore, as compared to the loss of Rs 411 crore suffered in the same quarter of last year.

The company’s consolidated income for the quarter increased to Rs 5,870 crore, from Rs. 5,784 crore in the same quarter last year, it said in a release here.

Earnings before interest, depreciation, taxes and amortisation (EBIDTA) during the quarter increased 5 per cent from Rs 1,826 crore last year to Rs 1,915 crore during the quarter under consideration on the back improved operating performance, it added.

Adani Power’s finance costs during the quarter reduced from Rs 1,650 crore to Rs 1,434 crore on account of refinancing of loans.

Commenting on the results, Chairman Gautam Adani said: “Adani Power is firmly positioned to achieve its future growth plans and is excited to help turn the government’s 2022 vision of 24X7 power for all into reality.

“Our efforts to optimise finance costs, aided by efficient operations, have helped the company reduce net loss significantly during the quarter, as compared to the corresponding quarter of fiscal 2015-16,” Adani Power CEO Vneet Jaain said in the statement.

Adani Power stock closed on Monday at Rs 26.95 a share, down 0.75 points, or 2.71 per cent, compared to its previous close on the BSE.

–IANS

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