January 29, 2024
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JP Power Q3 Profit at Rs 1729 crore & sales up 82%
Jaiprakash Power Ventures Ltd (JP Power) on Thursday ported a net profit of Rs 1,728.50 crore for the December quarter compared with a profit of Rs 686.60 crore in the September and a loss of Rs 2,179.70 crore in the same quarter last year.
The company said its revenue for the quarter was up 82.36 per cent at Rs 2,190.32 crore compared with Rs 1,201.05 crore YoY. Power segment revenue for the quarter stood at Rs 1,530.53 crore, coal segment at Rs 235.37 crore and sands mining at Rs 659.87 crore.
Ahead of its earnings, climbed 4.96 per cent to close at Rs 16.93 on BSE.
In respect of Vishnuprayag Hydro Electric Plant (VHEP), the company said the water availability in the first half of the financial year is normally higher compared with the second half of the financial year. As such, the power generation in the first two quarters lies 70-75 per cent of the annual power generation, while balance 30-25 per cent is generated in the last two quarters.
JP Power said it had given the corporate guarantee (CG) to State Bank of India (SBI) of $150 million against loans granted by SBI to Jaiprakash Associates Limited (JAL) for which fair valuation as of December 31, 2023 has not been done as per the applicable Ind-AS.
In the earlier years, the company had accounted for impact of the Framework Agreement with its lenders for debt restructuring in earlier year. The company had initiated process for the release of the guarantee provided to SBI and also is in process of the discussion with SBI.
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