Adani Power Ltd posts consolidated net loss of Rs1,181cr in Q3FY19, vs net loss of Rs1,303cr in Q3FY18

The company’s consolidated revenue stood at Rs6,380cr, up 31.7% yoy but down 11.2% qoq

Feb 06, 2019 02:02 IST India Infoline Research Team

Adani Power Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 6,380 31.7
EBITDA 1,086 54.0
EBITDA Margin (%) 17.0 246
Net Loss (adjusted) 1,181 NA
***EBITDA margin change is bps

Adani Power reported a significant improvement in revenue and earnings due to additional revenue recognition on account of compensation for higher coal costs. Revenue grew by 31.7% yoy to Rs6,380cr. EBITDA stood at Rs1,086cr, up 54% yoy. EBIDTA margins rose by 246bps yoy to 17%. Net Loss stood at Rs1,181cr, against a net loss of Rs1,303cr in the corresponding quarter previous year.
  • Average Plant Load Factor (PLF) for the company stood 73% in Q3FY19, up from 58% in Q3FY18.
  • Revenue growth for the quarter was supported by (1) higher billed availability, (2) higher PLFs and (3) healthy merchant prices.
  • Revenue from operations for 9MFY19 includes income recognition of Rs1,260cr based on a claim of compensation (by Adani Power Mundra Ltd) due to non-availability of coal linkage. The auditors have expressed a qualification in respect of this matter.
  • Finance cost for Q3FY19 stood at Rs1,531cr as compared to Rs1,411cr in Q3FY18. The increase in finance cost was primarily due to higher borrowing during the quarter.

Technical View:

Adani Power Ltd is currently trading at Rs. 37.10, down by 0.65 points or 1.72% from its previous closing of Rs. 37.75 on the BSE.
The scrip opened at Rs. 38.30 and has touched a high and low of Rs. 38.40 and Rs. 34.70 respectively. So far 3,11,06,963 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

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