New Delhi: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter ended December 31st, 2018.
Average Plant Load Factor (PLF) achieved during the third quarter of FY 2018- 19 was 73%, as compared to 58% achieved in Q3 FY 2017-18. Consolidated total income for the quarter was Rs. 6,667 crore, which was higher as compared to Rs. 4,916 crore in the corresponding quarter of the previous year. This growth was due to improved PLFs, higher billed availability, and better merchant realisations. Consolidated EBITDA during the quarter grew by 77% from Rs. 777 crore in Q3FY18 to Rs. 1,372 crore in Q3FY19 as a result of higher revenues and lower administrative costs. Finance costs stood at Rs. 1,531 crore in Q3FY19 as compared to Rs. 1,411 crore in Q3FY18.
As a result of higher EBITDA, the loss after Other Comprehensive Income for Q3 FY19 was (-) Rs. 1,180 crore, compared to a loss of (-) Rs. 1,311 crore in the corresponding quarter of FY18. Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “We are witnessing rapid progress in the resolution of regulatory issues that have affected cash flows of our projects in the past. We hope to see timely approval of supplementary PPAs by the Hon’ble CERC, which will help the Mundra power plant to operate sustainably. We have also received a substantial amount of compensatory payments under Change in Law for Domestic Coal Shortfall, for the Tiroda and Kawai plants. We continue to see a long term growth potential in the thermal power sector, which is bolstered by robust economic growth and the Government’s fruitful efforts in addressing the challenges faced by the sector. The Adani Group has established its end-to-end presence in the Indian power sector, and is firmly committed to playing a significant part in India’s growth story”.