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Sunday, June 16, 2024

Reliance Power records loss of ₹397 crore in fourth quarter

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In Short:

Reliance Power Ltd reported a loss of ₹397.66 crore in the March quarter due to increased fuel costs. The company’s total income rose to ₹2,193.85 crore. For the full fiscal year, losses widened to ₹2,068.38 crore. The board approved the issuance of foreign currency convertible bonds and securities. Reliance Power has around 6,000 MW of operational power assets.


Reliance Power Reports Loss in March Quarter

Reliance Power Ltd has revealed a consolidated loss of ₹397.66 crore during the March quarter, mainly due to increased fuel costs. This is a big shift from the ₹321.79 crore profit reported in the same period last year.

Financial Performance

  • Total Income: The company’s total income increased to ₹2,193.85 crore from ₹1,853.32 crore a year ago.
  • Cost of Fuel: The cost of fuel consumed surged to ₹953.67 crore during the quarter from ₹823.47 crore in the same period last year.
  • Annual Loss: For the full fiscal year, the company’s losses widened to ₹2,068.38 crore from ₹470.77 crore loss in the previous year.

Strategic Moves

The company’s board has approved the issuance of foreign currency convertible bonds (FCCBs) and securities through qualified institutional placement (QIP), subject to relevant rules and regulations, including those of the Securities and Exchange Board of India.

Reliance Power currently boasts close to 6,000 MW of operational power generation assets in its portfolio.

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