Adani Green Energy Q1 loss widens to Rs 97.44 crore
Green Energy

Adani Green Energy Q1 loss widens to Rs 97.44 crore

Last Updated : Aug 07, 2019 08:05 PM IST | Source: PTI

The company’s total income rose to Rs 675.23 crore for the June quarter from Rs 482.42 crore a year ago.

Adani Green Energy (AGEL) on August 7 reported widening of consolidated net loss to Rs 97.44 crore in June quarter from Rs 74.26 crore a year ago, mainly due to higher finance cost and an exceptional adjustment. The consolidated loss in June quarter after cash profit was at Rs 77 crore, the company said in a BSE filing

According to the statement, cash profit for June quarter was Rs 257 crore. Since the group follows accelerated depreciation, it reported a net loss. Management uses cash profit as an important metric of intrinsic performance.

The interest and other borrowing costs during the quarter stood at Rs 250 crore, up by Rs 57 crore primarily on account of charging of interest to profit and loss account as compared to capitalization of interest in previous quarters being in project phases and additional debt on account of ramp up of capacity.

About exceptional adjustment, the company said that during the quarter, the group refinanced its earlier borrowing of Rs 5,844 crore through issuance of secured senior notes (USD denominated bonds) and rupee term loans from a bank and financial institutions.

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