JPVL reports Rs 352.85-crore loss in March quarter

Jaiprakash Power Ventures Ltd reported a standalone net loss of Rs 352.85 crore for the March quarter mainly on account of non-availability of fuel, plant shut down and pending tariff determination.

The company had posted a net loss of Rs 141.54 crore for the corresponding period a year ago, the company said in a BSE filing.

Total standalone income of the company stood at Rs 574.65 crore for the quarter, while the same was at Rs 987.51 crore in the the January-March period a year ago.

The company said that the results during the current quarter have been impacted due to pending final tariff determination of the 1,320 Mw Jaypee Nigrie Super Thermal Power project and non-availability of coal at the plant in March 2016.

Besides, the company said that the Jaypee Nigrie Super Thermal Power project's operations were restricted as long-term power purchase agreement is yet to be tied up.

The other reason which affected the results was the inclusion of interest cost in the operational expenditure due to commissioning of Unit-2 of 660 Mw at the Jaypee Nigrie project from February 21, 2015, which was earlier capitalised in the same quarter of previous year.

The company also said that the generation at Bina Thermal Power Plant has been adversely affected due to 'backdown' instructions from State Load Dispatch Centre from time to time due to lower demand of power.

It also said that the Vishnuprayag hydro electric plant was shut down from February 20 to March 11 this year according to instructions of UPPCL for maintenance of transmission lines.

The company had also reported a standalone net loss of Rs 294.5 crore in FY 2015-16, whereas the same was at a net profit of Rs 137.21 crore in the previous fiscal.

Total standalone income was Rs 3,970.67 crore during FY 2016, whereas the same was at Rs 4,061.92 crore in FY2014-15.

The group has also reported a consolidated net loss of Rs 290.95 crore for fiscal 2016, whereas the company posted a net profit of Rs 151.09 crore in fiscal 2015.

Total consolidated income is Rs 4,190.75 crore for the fiscal 2016, whereas the same was at Rs 4,224.98 crore a year ago.

The company said that financial results under review are for the quarter/period in respect of the 400 Mw Jaypee Vishnuprayag hydro electric plant, 500 Mw Jaypee Bina Thermal Power Plant, Jaypee Nigrie Super Thermal Power Project, Jaypee Nigrie Cement Grinding Unit and Amelia Coal Mine.

The results for the period ended March 31, 2016, also include operating results for 300 Mw Baspa II hydro electric Plant and 1,091 Mw Karcham Wangtoo hydro electric Plant up to August 31, 2015, as the company concluded the sale of these Plants to JSW Ltd with effect from September 1, 2015.

Hence, the figures of the current quarter and period are not comparable with figures of the corresponding quarter and period in the previous year. Previous quarter and period figures have been regrouped and reclassified wherever necessary, it said.

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