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Speaking to CNBC-TV18's Latha Venkatesh & Sonia Shenoy, CEO Vneet Jaain said the with the commissioning of the fifth unit, expected by June-end, the company's installed base will reach around 9,300 MW by the end of first quarter of current financial year.
He said the company has been able to install all power projects within the said timeline.
On financials, Jaain said there are various issues like domestic coal supplies, higher cost of imported coal, rupee depreciation, which are impacting the power industry as a whole. However, with the recent development and positive actions initiated by the central government and regulatory bodies, investors are seeing a positive signal in the market.
Below is the interview of Vneet Jaain, CEO, Adani Power with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: What is the total capacity now and what is the total capacity utilisation?
A: Our installed base at present is 8,620 Mega Watt (MW) consisting of 8,580 MW thermal and 40 MW solar. All the units of Mundra and Kawai power plant have been commissioned. For Tiroda, four out of five units have been commissioned and the fifth unit will be commissioned by June end this year. Therefore, by the end of first quarter of current financial year our installed base will be around 9,300 MW. We were the first one in the country who have set up a super critical thermal unit and at present operate in 11 super critical units, largest among private and government companies. Our availability of the units is more than 85 percent.
Latha: What about the financials even the last three quarters have been losses so how will Q4 be, when do you get into the black?
A: The financials of Adani Power are not the exceptional circumstance but is the sector issue; all the companies whether in private or government are bleeding financially. There are large number of issues such as domestic coal supplies, the higher cost of imported coal, rupee depreciation, poor financial health of distribution companies, higher cost of capital which is impacting the power industry as a whole.
However, with the recent development and positive actions initiated by the central government and regulatory bodies, the investors are seeing a positive signal in the market but is left to be seen the actual implementation of all these actions on ground and despite such a challenging environment we have gone ahead with our implementation plan and install all our projects as per schedule because we are in the business, not for a short-term but for long-term commitment for nation building. We are hopeful that in the coming quarters we will see the positive outcome on ground.
Sonia: You said 9,300 MW by the end of Q1 FY15. So, can you give us some visibility on how the revenues and the bottomline will pan out post Q2, will it still continue to be in losses and what could be the revenue profile be like?
A: It is not possible for me right now to give any number but the positive things will happen because in the last few months the rupee have also appreciated, the imported coal price issue, the FOB prices have reduced and therefore I cannot give any actual number per se right now.
Latha: The Central Electricity Regulatory Commission (CERC) order which was positive for you has been challenged. Now what is the position? You will have to continue with the old tariffs until it is resolved?
A: The issues being faced by power sector are not limited only to the private companies, the government companies are facing lot of challenges and they are equally bleeding. We believe the government authorities are aware of the issues in hand which necessitates such an order besides the power supply from Mundra will continue to remain competitive even with compensated tariff as compared to the power procurement from other sources by the state of Gujarat and Haryana.
Latha: At the moment what you will get, you will not get new tariff, right?
A: This order has is the challenge and this is a right of all the stakeholders that they can appeal and this is such a vibrant regulatory environment which allows -- anybody can challenge, issues can be focused, resolved.
Latha: With the old tariff will you be able to continue to supply power or will it be extremely bleeding for you, too bigger liability for you because whatever it is at the moment you will not get the new tariff?
A: Sustaining operations in such an environment is absolutely a big challenge. However, as in the past since we believe in the long-term relationship we continue supply power from Mundra and we will continue further also.
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