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Reliance Power Shares Touch Lifetime Low On Reporting Massive Quarterly Loss
Reliance Power reported a net loss of Rs 3,558.5 crore for the March-ended quarter, mainly due to impairments worth over Rs 4,000 crore recognised by the company on account of its stalled projects. In the same period last year, it posted a net profit of Rs 189.21 crore.
For the full fiscal year 2018-19, the Anil-Ambani group company reported a net loss of Rs 2,951.82 crore as against net profit Rs 840.46 crore in the previous year.
Shares of Reliance Power on Monday morning slumped as much as 21 percent to a lifetime low of Rs 4.85 apiece on NSE.
In a filing on BSE, the company said that its total income during the year has declined to Rs 8,534.26 crore from Rs 9,871.01 crore a year earlier.
Reliance Power made a one-time exercise of booking impairment and write-offs worth Rs 4,170 crore in the January-March quarter.
"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," it said.
Meanwhile, another Anil Ambani group company, Reliance Infra informed a delay in releasing its earnings results for the March quarter. The results were scheduled to be declared on 7 June.
"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," the company said in a filing.
