Adani Power hits new low on dismal Q4 earnings
Adani Power has dipped 6% to Rs 48.80, its new low on reporting a net loss of Rs 290 crore for the fourth quarter ended March 2012, due to higher fuel cost. The Adani Group firm had a net profit of Rs 175 crore in the previous year quarter. Income from operations however, grew 17% at Rs 998 crore on year-on-year basis.
“The EBITDA (earnings before interest, taxes, depreciation, and amortization) margin for the March 2012 quarter declined to 10% as against 61% in the corresponding quarter of previous fiscal," the company said in a regulatory filing.
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Commenting on the results, Gautam Adani, chairman of the company said that," the power business is impacted by the national issue of unavailability of domestic coal, high prices of imported coal and limited availability of transmission lines."
A combined 3.8 million shares have changed hands on the counter so far on both the exchanges.