Adani Power Ltd on Monday said consolidated net profit for the fourth quarter ended 31 March fell 72% to Rs.715 crore against Rs.2,529 crore in the year-ago period.
Profit fell despite an exceptional gain of Rs.658 crore made from the sale of its transmission business to a group company.
A subsidiary of Adani Enterprises Ltd controlled by billionaire Gautam Adani, the company’s consolidated income fell to Rs.4,668 crore during the quarter from Rs.5,997 crore in the year-ago period. In the preceding three quarters in 2014-15, the company had posted losses, which it attributed mainly to costlier imported coal.
Adani Power sold 12 billion units (kilowatt hour) of power during the quarter, against 11.8 billion units in the year-ago quarter.
“The past year has been a momentous one for everyone at Adani Power as we became India’s largest private power producer and now with the completion of acquisition of Udupi Power Plant, our installed capacity has increased to 10,440 MW,” Adani said. “We remain committed to continue expanding towards the goal of achieving a generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country.”
Last April, Adani Power announced the completion of the purchase of Lanco Infratech’s 1,200MW Udupi power plant. The deal was valued atRs.6,300 crore.
Adani group had chalked out a restructuring plan in January under which it would consolidate its ports, power and mining assets into three separately listed firms and list a new company for transmission business. Adani Transmissions has over 5,000 circuit km of power lines in western, northern and central India.
On 7 May, the Gujarat high court approved restructuring of the group’s businesses involving ports, power, mining and transmission assets, Adani Power Ltd said in a separate BSE filing on Monday.
“During the quarter and the year, the company has revised the estimated useful life of the fixed assets as prescribed in Schedule-II of the Companies Act, 2013, and consequently the depreciation charge for the quarter and the year is lower by Rs.720 crore,” Adani Power said in its results declaration.
For the year ended 31 March, the company posted a consolidated net loss of Rs.816 crore compared with Rs.2,295 crore in 2013-14. Consolidated total income rose 24% to Rs.19,545 crore compared with Rs.15,768 crore in 2013-14, it said.
Adani Power closed at Rs.43.40 on the BSE on Monday, up 4.08% from its previous close, while the benchmark Sensex rose 1.48% to 27,507.30 points.