Adani Power Q2 profit nosedives to Rs 4 crore

<p> </p><p>Adani Power (APL) on Wednesday said its consolidated net profit nosedived to Rs 3.88 crore in the quarter ended September 30, mainly due to a fall in revenue from operations. <br><br>It had clocked a net profit of Rs 386.89 crore during the corresponding period a year ago, the company said in a regulatory filing. Sequentially, the firm had reported a consolidated loss of Rs 263.39 crore during the June 2019 quarter. <br><br>The country's largest private sector thermal power producer's total revenue from operations in the September 2019 quarter fell to Rs 5,915.69 crore, compared with Rs 7,104.22 crore a year ago. <br> </p><p>ADL's total expenses during the quarter were Rs 6,658.44 crore, compared with Rs 6,955.35 in the year-ago period. <br><br>In a separate statement, the company said APL has completed the acquisition of Korba West Power Co. Ltd and renamed it as Raigarh Energy Generation Ltd (REGL), which owns and operates a 600-megawatt (MW) thermal power plant at the Raigarh district of Chhattisgarh. It has also completed the acquisition of GMR Chhattisgarh Energy Ltd and renamed it as Raipur Energen Ltd (REL), which owns and operates a 1,370 MW supercritical thermal power plant at the Raipur district of Chhattisgarh. <br><br>"With the completion of these acquisitions, APL has consolidated its position as India's largest private sector independent power producer, with operating thermal power capacities of 12,410 MW and solar power generation capacity of 40 MW. <br><br>"In addition to this, APL's wholly-owned subsidiary Adani Power (Jharkhand) Ltd is constructing a 1,600-MW ultra-super critical thermal power plant at Godda district of Jharkhand," it added. <br><br>APL and its subsidiaries (excluding recent acquisitions of REL and REGL) during the second quarter of 2019-20 achieved an average plant load factor (PLF) of 63 per cent and sales volume of 13.6 billion units (BU), compared with a PLF of 65 per cent and sales volume of 14.6 BU recorded a year ago. This lower performance was primarily a result of lower grid demand and higher renewable energy generation, the company said. <br><br>Adani Group Chairman Gautam Adani said, "Adani Power is forging ahead in its quest to establish itself as a key supplier of reliable and affordable electricity in India. The private sector has played an important role in strengthening India's economic fundamentals and helping improve the prosperity of the masses." <br><br> </p><p>Referred from economic times</p>