Adani Power reported a significantly narrow quarterly loss as net sales for the quarter more than doubled to R5,219 crore, with the company selling 13.43 billion units during the period, a 65% jump over the same period previous year.
The Ahmedabad-based company posted a loss of R303 crore for the quarter ended June 30. It had reported a loss of R1,198 crore in Q1FY14.
“Our overall result reflects improved power generation from our installed capacity of 8,580 MW with improved PLF and lower auxiliary consumption,” Vneet Jaain, chief executive, Adani Power, said.
“With increased generation and operational efficiencies coupled with improved domestic coal availability, rail infrastructure and implementation of tariff revision petitions, we are confident of better performance in the ensuing quarters,” he added.
Fuel costs for the quarter rose 76% to R3,142 crore while the company recorded a power purchase cost of R19 lakh while no such cost was incurred in Q1FY14. Finance costs rose 52% to R1,155 crore.
The company, which has an installed capacity of 8,580 MW, said it expects to achieve thermal power generation capacity of 9,240 MW “very soon.”