Anil Ambani-group company Reliance Power has reported a loss of ₹3,558.51 crore for the March-ended quarter, as compared to the same period last year when it reported a profit of ₹189.21 crore.

This was due to impairment and higher finance costs incurred by the Mumbai-based power company. The company reported ₹4,170.19 crore as impairment loss, of which ₹1,017.02 crore was reduced through withdrawal from its general reserves.

Reliance Power announced its March results after a one-day delay from its June 7 date to report them.

In its statement to BSE, the company said, “The meeting of the audit committee commenced on June 7 and got adjourned to June 8, 2019. Consequently, the board meeting of the company also stood adjourned to June 8.”

For the whole year, Reliance Power posted a loss of ₹2,951 crore against a profit of ₹840 crore a year ago.

Revenues for the quarter went down by 27.3 per cent at ₹1,687 crore, as against ₹2,321 crore in the year-ago period. For the whole year, revenues were at ₹8,534 crore, down 13.5 per cent compared to the ₹9,871 crore for the previous year.

Further, the one-time impairment of gas-based and concentrated solar power (CSP) assets, which was included in exceptional items, impacted profits for the year. Reliance Power also stated that the impairment of gas-based power assets done after seven years due to non-availability of gas. For the CSP asset, impairment was after five years due to the technology being commercially unviable.

Some of the positives included the 3,960-MW Sasan UMPP in Madhya Pradesh generating 32,877 million units operating at plant load factor of 95 per cent, highest among all the thermal plants in the country. The Captive coal mines of the Sasan UMPP produced 18 million tonnes of coal, highest among the private sector players, the company said.

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