My Iris reported that Adani Power, a subsidiary of Adani Enterprises and part of Adani Group,has reported a consolidated net loss of INR 2.60 billion for the quarter ended September 30th 2012 as compared to net profit of INR 1.72 billion in the same period last year. This was mainly due to higher imported coal prices and non availability of transmission line.

Total consolidated income has increased 36.32% from INR 11.02 billion for the quarter ended September 30th 2011 to INR 15.02 billion for the quarter ended September 30th 2012.

Mr Gautam Adani chairman of Adani Power said that ''Our power business has been impacted by reasons beyond our control such as unavailability of domestic coal, high prices of imported coal and limited availability of transmission lines which are nothing less than national issues. While we are working with the concerned authorities to arrive at a solution, the Adani Group is very confident of its power generation business and is moving as per schedule to commission two power projects one at Tiroda and the other at Kawai this fiscal.''

Mr Prabal Banerji CFO of Adani Power Business said that ''Our profitability was already impacted mainly by high coal cost due to high cost incidence of imported coal due to change of law in coal exporting countries but the appreciation of Rupee has helped the numbers in a moderate manner.''

Source – My Iris

(www.steelguru.com)