According to the company, its consolidated net loss during the quarter under review stood at Rs 4,960.53 crore from a profit of Rs 1,021.19 crore in the corresponding period of 2015-16.
The consolidated net profit for the quarter was hit by the non-recognition of compensatory tariff (CT) for Mundra plant, following the judgement by the Hon'ble Supreme Court regarding the matter.
"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," said Gautam Adani, Chairman, Adani Power.
"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."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.