Adani Green Energy reported widening of third quarter net loss to Rs 128 crore

Adani Green Energy Ltd (AGEL) reported widening of its consolidated net loss at Rs 128 crore during the quarter ended december 31, 2019 on Tuesday.

Adani Green Energy Ltd in a BSE filing posted a net loss of Rs 118 crore in the year-ago-quarter.

During the October-December period of the ongoing fiscal, the company said, its total income rose to Rs 523.20 crore, from Rs 470.94 crore a year ago.

The total expenses were at Rs 618.10 crore in the period under review, as compared to Rs 613.24 crore in October-December quarter of the preceding fiscal.

The Adani Group firm in a statement said, “interest and other borrowing cost for Q3 FY20 is Rs 290 crore as compared to Rs 277 crore on year-on-year basis. The group also refinanced its earlier borrowings through issuance of secured senior notes (USD denominated bonds) and rupee term loans from a bank and financial institutions”.

On account of such refinancing activities, the group has incurred one-time expenses aggregating to Rs 173 crore for nine month of FY20 out of which Rs 74 crore incurred during Q3 FY20.

These expenses comprise of prepayment charges, unamortised portion of other borrowing cost related to earlier borrowings and cost of premature termination of derivative contracts.

AGEL Chairman Gautam Adani in a statement said “We are committed to creating a greener future and our new initiative coming together to support the engagement and participation of the power sector.”