Adani Power Ltd, the Adani Group's power arm, on Monday stated that the company has recovered its consolidated net loss significantly for the second quarter ended September 30, 2016 to Rs. 114 crore against Rs. 411 crore in the corresponding quarter last year. The Street was expecting Adani power to narrow its loss sharply to Rs. 8 crores.
Adani Power share price dropped by almost 3% on not living up to the expectations of the Street.
Announcing its financial results for the Q2FY17 and the half year of the financial year 2016-17 (H1FY17), the company informed that it’s consolidated income for the quarter increased to Rs. 5,870 crore from Rs. 5,784 crore in the same quarter last year. Market had expected the revenue to be at Rs. 5930 crores.
EBIDTA, during the quarter increased by 5 per cent against the market’s expectation of 10.7 per cent, from Rs. 1,826 crore last year to Rs. 1,915 crore during the quarter under review. The company credited the improvement to overall improved operating performance. The company's finance cost reduced from Rs. 1,650 crore to Rs. 1,434 crore on account of refinancing of loans.
Vneet Jain, Chief Executive Officer, Adani Power, said that during the second quarter of the financial year 2016-17, they have been able to improve the availability at all plants, with an development in operational efficiency. Their efforts to optimize finance costs, helped by efficient operations, have aided the company in reducing net loss significantly during the quarter, as compared to the corresponding quarter of the financial year 2015-16.
Adani power is the top 500 performing stock identified by Dynamic levels for the quarter from among the 1700 listed stocks. For the levels of support and resistance on Adani power, visit Adani power share price forecast page of Dynamic Levels website.
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