Adani Power Q1 net loss in Rs 263.39 cr

New Delhi, August 7 () Adani Power's consolidated net loss was reduced to Rs 263.39 million in the quarter from April to June 2019-20, aided by the improvement in its operating performance, according to a regulatory document.

The company had reported a net loss of Rs 825.15 rupees for the April-June 2018-19 quarter, Adani Power said in a regulatory document.

Its total income was multiplied twice to Rs 8,014.50 rupees during the quarter under review compared to Rs 3,959.40 rupees for the corresponding quarter of the last fiscal year.

This revenue growth was due to the better operating performance, Adani Power said in a statement.

According to the company, the loss during the quarter from April to June was mainly due to exceptional items of Rs 1,004 million rupees, related to the cancellation of certain accounts receivable and advances, due to the acceptance of the Resolution Plan presented by the company for acquisition of Korba West Power Co Ltd.

The total expenditure of Adani Power was 7,132.06 million rupees compared to 4,712.52 rupees, 51.34 percent more.

Commenting on the results, the president of the Adani Group, Gautam Adani, said: Adani Power has consolidated its position as the main private producer of thermal energy in India, with the acquisition of two operational power plants in Chhattisgarh, and has given a I step further in advancing our vision to play an important role in satisfying India's growing need for electricity.

On the outlook, he said: The Adani Group remains committed to sustainable growth and is an active contributor to the construction of the nation. Adani Power shares on Wednesday were set at Rs 59.25 in BSE, 0.42 percent less than the previous close. KRH KRH MR MR

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