JPVL reports Rs 133.69 cr net profit in Q2

Jaiprakash Power Ventures Ltd today reported standalone net profit of Rs 133.69 crore for quarter ended on September 30.
"The company has reported a net profit of Rs 133.69 core for the quarter ended September 30, 2015 where as the same was at Rs 299.81 crore for the quarter ended September 30, 2014," JPVL said in a BSE filing.
It said the figures of the current quarter or period are not comparable with figures of the corresponding quarter or period in the previous year (in view of certain transactions or sale of assets).
The company has concluded the sale of Himachal Baspa Power Company Ltd (HBPCL) to JSW Energy Ltd at an enterprise value of Rs 9,700 crores reduced by mutually agreed adjustments, including inter-alia Rs 300 crores which is payable upon receipt of certain additional consents and approvals related to the Karcham Wangtoo hydro electric project.

The project debt of Baspa hydro electric plant and Karcham Wangtoo hydro electric plant has been transferred to HBPCL.
The proceeds from sale were utilised for reducing company's debts including retirement of USD 75 million to FCCB (Foreign Currency Convertible Bonds) holders.

Further, the company has also paid a compensation of Rs 150 crores to HBPCL. Profit and loss from these plants shall accrue to HBPCL from September 1, 2015, it added.
As per company's financial results, its total income increased to Rs 1,279.68 crore for the quarter under review, from Rs 1,207.32 crore in the same period last fiscal.

The firm now has aggregate power generation capacity of 2,220 MW comprising of Hydro (400 MW) and Thermal (1820 MW), it added.