Jaiprakash Power Ventures FY15 net up seven-fold at Rs 137 cr

Total income of the company up 48% for the year

Jaiprakash Power Ventures Ltd, a Jaypee Group company, on Saturday reported a net profit of Rs.137.21 crore for 2014-15.

The company registered over 48 percent increase in total income, said managing director Suren Jain in an official statement.

The profit after tax jumped over 700 percent from Rs.19.73 crore registered during 2013-14 to Rs.137.21 crore this fiscal, he said.

The company's five power plants generated about 10,420 million units of electricity during the year which was being supplied to various northern and central region states.

Jaiprakash Power Ventures Ltd. owns three hydropower plants in Himachal Pradesh and Uttarakhand besides two thermal power plants in Madhya Pradesh with a total installed capacity of 3,611 Mw.

Jain said as per the decision of the board of directors, the company approved the transfer of operations of its two operating hydropower plants - 1,091-Mw Karcham Wangtoo Hydro Electric Plant and 300 MW Baspa-II Hydro Electric Plant to its subsidiary named Himachal Baspa Power Company Limited.

Under a securities purchase agreement, all the securities of the subsidiary have now been transferred to JSW Energy Ltd, at a enterprise value of Rs 9,700 crore adjusted for mutually agreed adjustments, the statement added.