Adani Power reports widened Q2 net loss of Rs 1,072 crore

Adani Power has reported further widening of net loss at Rs 1,071.91 crore for the second quarter ended September 30.

The company attributed the loss to a sharp depreciation of the rupee, especially against the US dollar, and higher import of coal due to limited availability of domestic coal.

It had posted a loss of Rs 260.91 crore in the July-September quarter of 2012-13, Adani Power said in a regulatory filing to the stock exchanges.

Adani Power’s total income in the second quarter rose sharply to Rs 3,108 crore against Rs 1,551 crore in the year-ago period.

Electricity regulator CERC, in April this year, granted compensation package to the company for its Mundra project to cushion against the escalation in cost of imported coal for the plant.

The company had approached CERC last year seeking revision in tariff from its 1,980-MW Mundra project in Gujarat citing increase in imported fuel cost.

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Source: Business Today

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SUMIT KUMAR

Executive at India Electron Exchange

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