Adani Power Q1 loss swells to Rs 705 cr

Ahmedabad (Gujarat) [India], Aug 6 : Adani Power Ltd said on Thursday its total comprehensive loss after tax of Rs 266 in Q1 FY20 increased to Rs 705 crore in Q1 FY21 (April to June).
The consolidated total revenue for Q1 FY21 stood at Rs 5,356 crore as compared to Rs 8,015 crore in Q1 FY20. Adjusted for one-time revenue recognition and prior period items, the normalised revenue for the quarter was Rs 5,353 crore as compared to Rs 6,892 crore for the corresponding previous quarter.
Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined to Rs 1,541 crore from Rs 2,894 crore in Q1 FY20, said the company.
EBITDA for the quarter was lower mainly due to higher one-time income recognised in the corresponding quarter of the previous year, lower EBITDA of Mundra facility due to lower plant load factor and incorporation of operating expenses of Raipur Energen Ltd (REL) and Raigarh Energy Generation Ltd (REGL) post-acquisition.
Depreciation and interest charge during the quarter were higher mainly due to the incorporation of consolidation of REL and REGL.
Adani Power said the results of the corresponding previous quarter included an exceptional item of Rs 1,004 crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted for the acquisition of REGL (previously Korba West Power Co Ltd).
In comparison, Q1 FY21 has not recorded any exceptional items.
The average plant load factor achieved during the first quarter of FY21 was 51 per cent as compared to 78 per cent achieved in Q1 FY20, said the company.
The plant load factor was lower due to the decline in power demand following the announcement of a nationwide lockdown to combat Covid-19. Consolidated units sold for the quarter were 12.7 billion units as compared to the Q1 FY20 sales volume of 16.5 billion units.