Adani Power registers Rs 793-cr net loss in June quarter

AHMEDABAD: Adani Power has posted net loss worth Rs 793 crore in the quarter ended June 30, 2012 due to fuel scarcity and climbing imported coal rates. The company has seen net profit of Rs 177 crore during the corresponding period of financial year 2011-12 financial year.

The overall income in the June quarter climbed 79% to Rs 1,464 crore as against Rs 819 crore during the same period last year.

Adani Power Chairman Gautam Adani said, “Our power business has been impacted by reasons beyond our control such as the national issue of unavailability of domestic coal, high prices of imported coal etc. We are working with the concerned authorities to arrive at a solution, we are confident of our power generation business and are moving as per schedule to commission two power projects -- one at Tiroda and the other at Kawai this fiscal.”

The firm is hoping to attain capacity expansion from the present level of 4,620 MW to close to 10,000 MW by March next year.