Jaiprakash Power Ventures Q3 loss narrows to Rs 95.89 cr on lower expenses

JPVL has aggregate power generation capacity of 2,220 MW comprising of Hydro (400 MW) and Thermal (1,820 MW).

Jaiprakash Power Ventures Ltd's (JPVL) loss narrowed to Rs 95.89 crore in the December 2018 quarter as compared to the year-ago period, mainly due to better revenues and lower expenses.

Its standalone net loss was Rs 194.41 crore in the quarter ended December 2017, according to a statement by the company.

The company's total income rose to Rs 998.67 crore in the quarter from Rs 970.17 crore a year ago. Besides, the total expenses came down to Rs 1,079.47 crore in the quarter, from Rs 1,192.58 crore a year ago.

The company said the results for the quarter are in respect of 400 MW Jaypee Vishnuprayag Hydro Electric Plant (VHEP), 500 MW Jaypee Bina Thermal Power Plant (JBTPP), 1,320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP), Jaypee Nigrie Cement Grinding Unit and Amelia (North) Coal Mine.

The company has aggregate power generation capacity of 2,220 MW comprising of Hydro (400 MW) and Thermal (1,820 MW).

It said in respect of hydropower plant, the water availability in the first half of the financial year is higher as compared to the second half. As such, the power generation in the first two quarters (based on past experience/ data) lies between 70 and 75 per cent of the annual power generation, while the remaining 25 to 30 per cent is generated in third and fourth quarter.

It also talked about insufficient availability of coal and non-availability of long-term power purchase agreements (PPAs) for its thermal power plants.

The lenders' shareholding stood at 51 per cent as on February 18, 2017, which reduced to 49.25 per cent as on December 31, 2018, of the company's paid-up capital, it stated.

The lenders that are holding the company's equity share capital had to offload the shareholding as per the RBI guidelines. The lenders had invited bids for divestment of part of their equity in the company. Since the response was not satisfactory, lenders closed the process, it added.

It also said that currently, resolution/ revival plan is under consideration of lender(s) as per the revised RBI guidelines issued on February 12, 2018, for the stressed assets.