Adani Power net profit declines to Rs 715.05 crore despite exceptional gain

MUMBAI: Adani Power reported consolidated profit of Rs 715.05 crore in the quarter ended March as against profit of Rs 2,528.55 crore a year ago, despite an exceptional gain made on sale of its transmission business to a group company, the company said.

The Gautam Adani led-power generation company’s consolidated net total income declined to Rs 4,667.56 crore in the final quarter of 2014-15 from Rs 5,996.49 crore a year ago.

In the quarter, the company made an exceptional gain of Rs 657.56 crore due to gain arising from demerger of transmission business and subsequent sale of the business to group company Adani Transmission, the company said. The company’s profit was dented by a derivative loss.

“The past year has been a momentous one for everyone at Adani Power as we became India’s largest Private power producer and now with the completion of acquisition of Udupi Power Plant, our installed capacity has increased to 10,440 mw. We remain committed to continue expanding towards the goal of achieving a generation capacity of 20,000 mw by 2020 to bridge the power deficit in the country,” Chairman Gautam Adani, said.

In April, Adani Power completed the buyout of Lanco Infratech’s 1,200mw-Udupi power plant for an enterprise value of Rs 6,300 crore, making it the biggest deal in the power sector.

“We had a robust year of overall performance with the completion of all announced projects and stabilization of operations at all plants. We continue on our path of growth focusing on generation and operational excellence. With implementation of policy measures, execution of tariff orders and likelihood of improved domestic coal availability, we are confident of better performance in ensuing year,” said Vneet Jaain, chief executive officer.

Adani Power’s consolidated total income for 2014-15 rose 25% year-on-year to Rs 19,554 crore. The company reported a consolidated net loss of Rs 816 crore in FY15 as against a loss of Rs 290 crore a year ago.