Jaiprakash Power Ventures Q2 loss at Rs 161 cr

Jaiprakash Power Ventures today reported a standalone net loss of Rs 161.67 crore for the quarter ended September 30, 2016.
"The company has posted a net loss of Rs 161.67 crore for the quarter ended September 30, 2016 where as the same was at net profit of Rs 168.82 crore for the quarter ended September 30, 2015," Jaiprakash Power Ventures Ltd said in BSE filing.
Total income stood at Rs 688.49 crore for the quarter under review compared to Rs 1,183.92 crore in the same period last year.
"The financial results for the quarter/period ended September 30, 2016 are in respect of 400 MW Jaypee Vishnuprayag hydro electric plant, 500 MW Jaypee Bina Thermal Power Plant, 1320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP), Jaypee Nigrie Cement Grinding Unit and Amelia (North) Coal Mine," the company said.

It said the financial results for the quarter ended September 30, 2015 also include operating results for 300 MW Baspa II hydro electric plant and 1091 MW Karcham Wangtoo HE plant.
The company concluded the sale of these plants to JSW Ltd on September 1, 2015, hence the figures of the current quarter are not comparable with figures of the corresponding period in the previous year, it said.
In a separate filing, the company said that its board has decided to sell its shares in Sangam Power Generation Company Ltd (SPGCL), which was implementing 2X660 MW Karchana Thermal Power Project at Allahabad.

In view of non-implementation of the project for reasons beyond its control, the company proposed to transfer it to the state government through Uttar Pradesh Rajya Utpadan Nigam Ltd and Uttar Pradesh Power Corporation by way of sale of shares in SPGCL.