New Delhi: Jaiprakash Power Ventures on Saturday reported a net loss of ₹ 57.62 crore for the fourth quarter ended 31 March 2018. The company had posted a net loss of ₹ 229.39 crore in the same period of the previous fiscal.
Sales from operations for the fourth quarter stood at ₹ 16.65 crore for the fourth quarter. It stood at ₹ 699.99 crore in the same period of 2016-17 fiscal.
For the year ended 31 March, the company reported a consolidated net loss of Rs1,690.35 crore as compared with Rs1,293.86 crore in the 2016-17 period.
“The financial performance and cash flows of the company have been adversely impacted by the overall stress in the power sector and also due to specific challenges faced by the company in the previous years in the thermal power plants," the company said in a regulatory filing.
The operations of thermal power projects have been impacted on account of revised tariff guidelines adopted by Madhya Pradesh Electricity Regulatory Commission (MPERC) for 2016-17 to 2018-19, it added.
In order to overcome the financial stress, the company lenders are in a process of formulating a revival plan, Jaiprakash Power Ventures said. The company has aggregate power generation capacity of 2,220 MW comprising of Hydro (400 MW) and thermal (1,820 MW).