Adani in the news

Adani Power reports Rs 793 crore net loss for June quarter
The Economic Times - August 01, 2012

Battling fuel scarcity and risingimported coal prices, Adani Power today reported net loss of Rs 793 crore forthe quarter ended June 30, 2012.

It had posted net profit of Rs 177 crorein the same period of the 2011-12 financial year, Adani Power said in astatement.

However, the total income for the periodrose 79 per cent to Rs 1,464 crore, compared to Rs 819 crore in the same periodlast year due to increase in the capacity to 3,960 MW in the quarter from 1,980MW in the same last fiscal.

"Our power business has beenimpacted by reasons beyond our control such as the national issue ofunavailability of domestic coal, high prices of imported coal etc," AdaniPower Chairman Gautam Adani said.

"We are working with the concernedauthorities to arrive at a solution, we are confident of our power generationbusiness and are moving as per schedule to commission two power projects - oneat Tiroda and the other at Kawai this fiscal," he said.

"Our Profitability was alreadyimpacted mainly by high coal cost due to high cost incidence of imported coaland it was further aggravated on account of provision of RupeeDepreciation," Prabal Banerji, CFO of Adani Power Business said.

The company expects to achieve theexpansion of capacity from current 4,620 MW to nearly 10,000 MW by March 2013.It further plans to become a 20,000 MW company by 2020, which includes sixpower projects for generating 16,500 MW power across Gujarat, Maharashtra,Rajasthan and Madhya Pradesh.