The company once again disappointed; a loss was very much expected but what came in was much above estimates. For Q4FY13, the company posted a consolidated net loss at Rs.586 crore comared to the net loss of Rs.285 crore in Q4FY12 but lower than the net loss of Rs.619 crore in Q3Fy13. A forex gain of Rs.41 crore also helped. The company has once again laid the blame fair and square on rising price of imported coal. Its fuel and power cost at rs.1314 crore was flat sequentially but YoY was up 53%. The company had an EBIT of Rs.10 crore but the gargantuan interest outgo pushed the company deeper into the red.

The company, as at 31^st March 2013, had a consolidated debt of Rs.37,603 crore. Interest outgo for the year was at Rs.1703 crore, up 93% and for Q4, it was at Rs.500 crore. With such a high interest expense, it does not come as a surprise that the company is in the red. The company sold six billion units in fourth quarter FY13 as against 3.5 billion units in Q4FY12. Looking ahead, it has signed additional fuel supply agreement (FSA) with SECL for Tiroda and thus FSA for Tiroda Plant is for 4.2 MMT. The company currently has 10.6 MMT of FSA for Mundra and Tiroda power projects. Adani Power Maharashtra’s 660 MW unit went on stream and Adani Power Rajasthan’s 660 MW was synchronized during the quarter. All said and done, the recent CERC ruling for price revision was a welcome move for the company but unless the price revision actually comes in, there is no real comfort in the stock.