Adani Power’s Q1 Losses Nearly Double On Lack Of Coal Linkages

Adani Power Ltd.’s losses nearly doubled in the quarter ended June, due to non-availability of coal linkages under coal supply agreements.

The company reported a net loss for the quarter widened to Rs 453.85 crore in the reported quarter compared to Rs 233 crore in the year-ago period, according to an exchange filing. This was however, lower than the Bloomberg consensus estimate of a loss of Rs 832 crore. The private thermal power producer’s revenue rose a marginal 3.8 percent to Rs 5,590.2 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 9.4 percent to Rs 1,560 crore on a year-on-year basis while margin of the Gujarat-based company contracted to 27.91 percent from 32 percent in the same period last year.

The margin was impact by a decline in the average plant load factor to 63 percent from 66 percent in the year-ago period as customer back down and plant shutdowns.

The number of units of power sold by the company was 2 percent lower compared to last year.

Shares of the company closed nearly 9 percent lower on the BSE.