BF Utilities announces Q2, FY11 results; narrows net loss to Rs. 292.85 lakhs

BF Utilities announces Q2, FY11 results
BF Utilities announced its standalone results for the quarter ended March 31, 2011 on May 11, 2011. Net loss of the company narrowed down from Rs. 504 lakhs to Rs. 292.85 lakhs. This means that the net loss was brought down by 41.89%.

Net sales increased 86.24%, from Rs. 103.35 lakhs to Rs. 192.48 lakhs, taking the total income up from Rs. 105.35 lakhs to Rs. 193 lakhs, a growth of 83.2%. But this effect was offset by the increases in total expenditure and interest & financial charges.

Expenditure increased from Rs. 334.81 lakhs to Rs. 397 lakhs while interest & financial charges increased from Rs. 56.77 lakhs to Rs. 78.45 lakhs. Increase in expenditure was on account of the increase in operation and maintenance cost of wind mills from Rs. 73.38 lakhs to Rs. 141.83 lakhs, an increase of 93.28%.

The main reason for the decline in net loss was the absence of charges on exceptional items in Q2, FY11. These include the power and retrospective rate adjustment charges, that amounted to Rs. 128.45 last year, and pre-operative expenses pending allocation written off, that was Rs. 90.95 in the previous year. Both these charges are nil for the same quarter this year.

Taking the year to date figures for the current period, the net loss decreased by 12.23%, from Rs. 659.13 lakhs to Rs. 578.49 lakhs. Net sales dipped 6.82%, from Rs. 382.38 lakhs to Rs. 356.3 lakhs. Other income also showed a decrease from Rs. 4.89 lakhs to Rs. 0.52 lakhs.

However, on account of the increase in operation and maintenance cost of wind mills from Rs. 150.07 lakhs to Rs. 305.83 lakhs, the total expenditure increased by 15.51%, to Rs. 810.83 lakhs. Again, the decline in net loss was on account of the absence of charges on the two exceptional items.

The financial results also state that, “Power generation business is subject to seasonal variations in winds, hence the results of the quarter do not necessarily indicate trend for full years" performance."

Read more about: results, bf utilities, nse, bse, infrastructures
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