Adani in the news

Adani Power net down by 156%
The Economic Times - May 14, 2012

Adani Group controlled Adani Power's reported net loss of Rs 293.92 crore for fiscal 2011-12 compared to Rs 523.75 crore profit in previous financial year. Its total income for the fiscal 2011-12, increased by 87% to Rs 3948.90 crore, against Rs 2,106.43 crore the previous year as the company added 1320 MW in its power generating capacity. Adani Power sighted high fuel prices and currency depreciation as reasons for losses.

During the fiscal, Adani Power sold 12.35 bn units at an average realisation of Rs 3.20 per unit. Meanwhile, Adani Power commissioned the world's largest private thermal plant with a capacity of 4,620 MW in Mundra, Gujarat. It emerged as India's largest private thermal power producer in India.

Commenting on the financial performance, Adani Power chairman Gautam Adani, said "Our power business is impacted by the national issue of unavailability of domestic coal, high prices of imported coal and limited availability of transmission lines. However, after noticing the active involvement of the government , we are confident that an early resolution will be found of the issue of fuel supply agreement as well as tariff rationalization on account of high prices of imported coal. Adani Group continues to believe in Indian power industry and is moving as per schedule to commission two power projects in Tiroda and Kawai this year."

Adani Power CFO Prabal Banerji said, "While last year, we have witnessed pressure on margins due to various issues, we are confident that this year the merchant rates will be better contributing positively and there will be adequate transmission capacity to evacuate full power. With the commissioning of our two new projects, Adani Power will generate close to 10,000 MW by end of this fiscal."

Adani Power's generation capacity is expected to increase from 4,000 MW to 10,000 MW by the end of 2012. It is developing six power projects for generating 16,500 MW of power across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Our aim is to generate 20,000 MW by 2020.