Adani Power suffers profit loss of US$48m in 4Q16

Five years of "enormous losses" for Adani.

Insitute for Energy Economics and Financial Analysis (IEEFA) reported that Adani Power Ltd reports another net loss of US$48 million in the three months through December.

This puts the company as the proposed cornerstone customer in a plan to build the massive Adani Enterprises Carmichael coal project in Queensland on track for its fifth year of enormous losses since FY2012.

Here's more from IEEFA:

The latest numbers highlight the strategic weakness of new import coal-fired power generation in the Indian market, where declining real wholesale electricity tariffs are increasingly the norm and import coal is losing market share to lower-cost domestic coal and ever more cost-competitive renewable energy sources.

These trends are gaining momentum at the same time growth in electricity demand is falling below expectations due to rapid energy and grid efficiency gains.

With shares of Adani Power down 60 percent over the past five years, the recent losses highlight how—with US$7.3 billion in net debt and a string of losses on existing imported coal-fired power generation—Adani Power is neither a credible nor bankable offtake counterparty for the Carmichael coal proposal.

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