JP Power Ventures dips on weak Q3 earnings

Q3 net loss at Rs 98 crore against profit of Rs 60 crore in a year ago quarter due to lower water availability and problems at Bina plant.

Jaiprakash Power Ventures has dipped 6% to Rs 37.90 after reporting a net loss of Rs 98 crore for the third quarter ended December 2012 (Q3) against profit of Rs 60 crore in the same quarter previous year due to lower water availability and problems at Bina plant.

“Total income from operations grew 8% at Rs 427 crore on year-on-year basis (yoy),” JP Power Ventures said in a statement.

EBITDA (earnings before interest, tax, depreciation and amortization) declined 25% yoy to Rs 268 crore and operating profit margin slipped more than 2,000 points to 63% versus 95% during the same period.

The results are not comparable yoy because the company has started commercial operations of its first unit of 250 MW at the ended of August 2012, it added.

The stock opened at Rs 39.95 and touched low of Rs 37.55 on the NSE. A combined 1.72 million shares have changed hands on the counter till early noon deals on both the exchanges.