Editor’s Synopsis
- Consolidated EBIDTA for FY17 at Rs 6,391 crore Vs Rs 9,004 crore in FY16
- The Company sold 60.19 billion units in FY17 Vs 64.62 billion units in FY16
- Consolidated EBIDTA for Q4FY17 at Rs 1,556 crore Vs Rs 3,524 crore in Q4FY16
- The Company sold 16.31 billion units in Q4FY17 Vs 17.06 billion units in Q4FY16
Ahmedabad, May 27, 2017: Adani Power Ltd, a part of Adani Group, today announced the financial results for the quarter and financial year ended March 31, 2017.
Consolidated total income for the year FY17 reduced by 10% Rs. 23,203 crores as compared to Rs. 25,734 crores in FY16 due to non-recognition of Compensatory Tariff (CT) for Mundra plant, following the judgement by the Hon'ble Supreme Court regarding the matter. Consolidated total income for the quarter was Rs. 6,587 crore as compared to Rs. 7,757 crore in the corresponding quarter in the previous year.
Consolidated EBITDA for the year fell by 29% to Rs. 6,391 crore from Rs. 9,004 crores in FY16 due to lower recognition of CT by Rs. 2,002 crore, and lower merchant tariffs. Consolidated EBITDA for the quarter was Rs. 1,556 crore, as compared to Rs. 3,524 crores in the corresponding quarter in the previous year.
Finance cost for the year was Rs. 5,902 crore compared to Rs. 5,963 crore in FY16. For the quarter, finance cost was marginally higher at Rs. 1,586 crore as compared to Rs. 1,547 crore in the corresponding quarter in the previous year, due to one-time mark-to-market of currency derivatives.
During the year, the Company wrote off receivables pertaining to Compensatory Tariff for Mundra plant, totalling to Rs. 3,620 crore that were recognised up to March 2016, as well as other receivables and advances totalling to Rs. 457 crore, as Exceptional Items.
As a result of the lower EBITDA and Exceptional Items, the loss after Other Comprehensive Income for the year FY17 was Rs. 6,170 crore, as compared to a profit of Rs. 582 crore in FY16. The loss for the quarter was Rs. 4,952 crore, as compared to a profit of Rs. 1,061 crore in the corresponding quarter of the previous year.
Commenting on the quarterly results of the Company Mr. Gautam Adani, Chairman, Adani Power said, “Consequent to outcome of the Hon’ble Supreme Court judgement, we have engaged with the stakeholders for possible remedial measures for long term sustainability of the Mundra Plant. With the Government’s continuous efforts to remove the hurdles faced by the power sector, and encouraging reforms like the new coal linkage policy, we are seeing an improvement in the business environment. Allocation of linkage under the new policy will allow us to access domestic coal, and do away with the need for compensatory tariffs for our power plants going forward.”