Adani in the news

Adani Power total income up 79% to Rs 1464 cr in Q1FY13; commissioned India’s largest private HVDC transmission system
August 01, 2012

Adani Power Ltd, a subsidiary of Adani Enterprises Ltd and part of Adani Group, a global integrated player, today announced the financial results for the first quarter ended June 30, 2012.

The total income for the reporting period rose by 79 percent to Rs 1464 crore compared to Rs 819 crore in the same period last year, due to increase in capacity to 3960 MW in Q1 FY 13 from 1980MW in Q1 FY12.

The average plant load factor for Q1 FY12-13 stood at 63%.

Commenting on the financial performance of the company Gautam Adani, Chairman, Adani Power 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 and limited availability of transmission lines. While we are working with the concerned authorities to arrive at a solution, the Adani Group is very confident of its power generation business and is moving as per schedule to commission two power projects -- one at Tiroda and the other at Kawai this fiscal.”

Prabal Banerji, CFO of Adani Power Business, explained the reasons for such negative profitability as “Our Profitability was already impacted mainly by high coal cost due to high cost incidence of Imported Coal and it was further aggravated by non-cash book entries like Depreciation and Unrealized Losses on account of provision of Rupee Depreciation as per Prudential Accounting Norms.”

Adani Power, India’s largest private thermal power producer, commissioned the country’s largest high voltage direct current power transmission system during the quarter, connecting its Mundra project in Gujarat to Mohindergarh in Haryana.

Set up at a cost of about Rs 3,400 crore, this transmission line is the longest dedicated line in the private sector. It was set up in a record time of 24 months and will supply power to energy hungry region of north India.

The company expects to achieve the expansion of capacity from current 4620 MW to nearly 10,000 MW by March 2013.

Business Highlights

  • Commissioned India’s largest private sector HVDC transmission system that traverses along three states – Gujarat, Rajasthan and Haryana.
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  • Adani Power has signed a fuel supply agreement with Coal India Ltd for its 3 units of 660 MW each at the Mundra Power plant.
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  • Adani Power has filed adjudication petition with the Regulatory Commission which was heard on 19th July 2012, Regulatory Commission heard it and directed Gujarat and Haryana utilities to furnish its response in the matter within three weeks from the date of hearing and one week thereafter for APL to file rejoinder.  Next date of hearing is 28th August 2012.