Jaiprakash Power reports higher-than-expected Q1 net loss
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Mumbai: Jaiprakash Power Ventures Ltd on Monday reported a standalone net loss of Rs.196.16 crore in the June quarter, against a Rs.66.96 crore net profit a year ago, as costs rose and power generation fell.
The power producer said standalone net sales in the first quarter fell 37.8% to Rs.750.41 crore from Rs.1,207.40 crore a year earlier. The figures were far worse than a net loss of Rs.74.8 crore on net sales of Rs.904.1 crore estimated by one analyst polled by Bloomberg.
The figures are not comparable with the year-earlier quarter, Jaiprakash Power said, since two of the plants which brought revenue last year—the 300 MW Baspa plant and 1091 MW Karcham Wangtoo plant—have since been sold to JSW Energy Ltd.
Restricted operations of the Nigrie super thermal plant, higher costs at the Amelia coal mine and cheaper merchant power hurt the company, Jaiprakash Power said in a statement.
Lower demand depressed power generation at the Bina thermal plant, Jaiprakash Power said. Total expenses during the quarter rose about 21% to Rs.567.65 crore from Rs.468.90 crore a year ago.
The results include revenues from the 400 MW Vishnuprayag plant, the 500 MW Bina thermal power plant, the 1320 MW Nigrie super thermal power plant, the Nigrie cement grinding unit, and the Amelia coal mine.
Jaiprakash Power has a total generation capacity of 2220 MW comprising 400 MW of hydropower and 1820 MW of thermal power.
The company’s shares closed up 2.88% at Rs.6.07 each on the BSE on Monday. The results were announced after market hours.