Ahmedabad, January 17, 2018: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter and nine months ended December 31st, 2017.
Consolidated total revenue for 9MFY18 grew by 3% to Rs. 16,932 crore as compared to Rs. 16,501 crores in 9M FY17. Units sold in 9M FY18 were 40,081 MUs as compared to 43,887 MUs in 9M FY17. Average Plant Load Factor (PLF) achieved during 9M FY18 was 61%, as compared to 68% achieved in 9M FY17. Consolidated EBITDA for 9MFY18 dropped marginally by 1% to Rs. 4,774 crore from Rs. 4,835 crore in 9MFY17.
Consolidated total revenue for the quarter was Rs 4,916 crore, which was lower as compared to Rs. 5,491 crore in the corresponding quarter in previous year. Units sold during Q3 FY18 were 12,633 MUs as compared to 14,897 MUs during Q3 FY17. Average Plant Load Factor (PLF) achieved during the third quarter of FY18 was 58%, lower as compared to 69% achieved in Q3 FY17. Lower PLF during Q3 FY18 was as a result of lower domestic coal availability at Tiroda and Kawai and forced outage at Udupi, as well as scheduled maintenance.
EBIDTA during Q3 FY18 was Rs. 800 crore, as compared to Rs. 1,364 crore in Q3FY17. EBITDA during the quarter was lower due to arrears of transmission charges of Rs. 287 crores not pertaining to the quarter, and lower fixed capacity charge revenue due to lower billed availability.
Net loss for 9M FY18 was Rs. 1,450 crore, as compared to Net loss of Rs. 1,219 crore for 9M FY17. Net Loss for Q3 FY18 stood at Rs. 1,288 crore as compared to Net Loss of Rs. 670 crore in Q3FY17.
The Board of Directors of the Company approved setting up of a 1600 MW (2 x 800 MW) UItra-supercritical Thermal Power Project at Godda, Jharkhand, by the Company’s subsidiary Adani Power (Jharkhand) Limited, at the estimated project cost of Rs. 13,450 crore approximately. The project is expected to achieve Commercial Operation Date by May 2022, and supply power to the Bangladesh Power Development Board under a PPA for net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project.
The Company has received all the requisite approvals as required under the Scheme of Arrangement approved by NCLT. As a result, the Scheme of Arrangement for the transfer of the 4,620 MW Mundra Power Generation Undertaking to Adani Power (Mundra) Limited, a subsidiary of the Company, has been made effective during the quarter.
Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Power said, “We expect to receive coal linkages under the SHAKTI scheme for the Tiroda and Kawai plants in the near future, which will help reduce fuel costs and improve profitability of these projects. Under-recovery of fuel costs for Mundra project have been impacted its financial viability, and we are in dialogue with key stakeholders for an early solution.
Adani Power continues to progress steadily in pursuit of its future growth plans, while emphasizing on efforts to improve efficiencies to build a robust and agile organization. We are confident of achieving our long term goals and contributing significantly to nation building by providing electricity at competitive rates”.