RattanIndia Power reports Rs 66 crore loss in December quarter

The firm reported a consolidated net loss of Rs 66.09 crore in the December quarter

RattanIndia Power on Thursday reported a consolidated net loss of Rs 66.09 crore in the December quarter.

Its consolidated net profit was Rs 1,657.81 crore in the December 2019 quarter mainly due to certain exceptional items (gains), according to a regulatory filing.

Total income of the company for the quarter under review rose to Rs 742.04 crore from Rs 398.41 crore in same period a year ago.

The company had gained Rs 55.93 crore on account of modification in terms of new secur1ties issued to its erstwhile lenders under the terms of One Time Settlement proposal.

The erstwhile lenders of the company had assigned a debt of Rs 7,853.31 crore to Aditya Birla ARC Ltd (ABARC) out of which Rs 1,654.48 crore was waived and hence was recorded as an exceptional gain.

The company had also gained an amount of Rs, 1,126.17 crore on account of modification in terms of new facilities and equity shares issued to ABARC.

It had also gained a sum of Rs 272.62 crore on account of modification in terms of debt assigned by ABARC.

The company also settled its dues with IDBI Bank and ICICI Bank under One Time Settlement and a resultant gain of Rs 104.76 crore was recorded as exceptional item.

The impairment loss amounting to Rs 546.57 crore against capital work-in-progress was also recorded in third quarter of the previous fiscal.

The company is in the business of generation of electricity, which is an essential service.

About the impact of COVID-19, the company said that it believes that there is no impact on its ability to meet its liabilities as and when they fall due.