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Anil Ambani's Reliance Power suffers Rs 2,951 crore loss in FY19

Reliance Power on Saturday reported a net loss of Rs 2,951.82 crore for the financial year 2018-19 as against net profit of Rs 840.46 crore in FY18; total income during the fiscal declined to Rs 8,534.26 crore from Rs 9,871.01 crore a year earlier

twitter-logo BusinessToday.In   New Delhi     Last Updated: June 9, 2019  | 21:28 IST
Anil Ambani's Reliance Power suffers Rs 2,951 crore loss in FY19
Reliance Power posted a net loss of Rs 3,575.38 crore during March quarter of FY19

Anil Ambani-led Reliance Power, the power generation and coal resources company, on Saturday reported a net loss of Rs 2,951.82 crore for the financial year 2018-19 as against net profit of Rs 840.46 crore in FY18.

"Total income during the fiscal declined to Rs 8,534.26 crore from Rs 9,871.01 crore a year earlier," Reliance Power said in a filing to the Bombay Stock Exchange.

The other income increased to Rs 332.95 crore in FY19 versus Rs 27 8.28 crore in FY18, it said.

"One-time impairment of gas-based and concentrated solar power (CSP) assets impacted profit for the year as an exceptional item. Excluding the one-time charges for the impairment of gas-based and CSP assets, profit for the year stands at Rs 197 crore," RPower said.

During January-March quarter, the Navi Mumbai-headquartered company posted a net loss of Rs 3,575.38 crore versus a net profit of Rs 189.21 crore in the same quarter last year.

The total income of the company fell to Rs 1,687.86 crore during Q4 FY19 as compared to Rs 2,321.68 crore in Q4 FY18.

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Meanwhile, Reliance Infrastructure (RInfra) has delayed earnings release for the March quarter. The Anil Ambani group company was scheduled to declare its results on June 7 but failed to do so.

"The board of the company will meet on June 14 to consider and approve to consider and approve audited financial results for the quarter and financial year ended March 31, 2019 and dividend, if any," RInfra said in an exchange filing.

The investors turned jittery ahead of earnings numbers, with Reliance Infrastructure shares plunged to a 15-year low of Rs 72.80, down 14.30 per cent in intra-day on BSE on Friday. The stock has tumbled as much as 25 per cent in the last two trading days.

In a similar trend, Reliance Power share price fell 6.23 per cent to close at Rs 6.17 apiece at BSE on Friday ahead of March quarter results.

Edited by Chitranjan Kumar

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