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Jaiprakash Power Posts Rs 134 Crore Profit in Q2

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Jaiprakash Power Posts Rs 134 Crore Profit in Q2
New Delhi: Jaiprakash Power Ventures Ltd on Monday reported a standalone net profit of Rs 133.69 crore for the fiscal second quarter that ended on September 30, 2015.

"The company has reported a net profit of Rs 133.69 core for the quarter ended September 30, 2015 whereas the same was at Rs 299.81 crore for the quarter ended September 30, 2014," JPVL said in a filing to the BSE.

It said that in view of certain transactions or sale of assets, the figures of the quarter ended September 30, 2015 were not comparable with the corresponding three-month period a year ago.

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 hydroelectric project.

The project debt of Baspa hydroelectric plant and Karcham Wangtoo hydroelectric plant has been transferred to HBPCL.

The proceeds from sale were utilized for reducing company's debts including retirement of $75 million to FCCB (foreign currency convertible bonds) holders.

Further, the company has also paid a compensation of Rs 150 crore to HBPCL. Profit and loss from these plants shall accrue to HBPCL from September 1, 2015, it added.

According to 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 year.

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

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