Companies

Reliance Power reports ₹2 cr loss for June quarter

PTI New Delhi | Updated on July 30, 2020 Published on July 30, 2020

Reliance Power posted a net loss of ₹2,951.82 crore for FY19   -  PUNIT PARANJPE

Reliance Power on Thursday posted a consolidated net loss of ₹1.88 crore for the quarter ended June 30, 2020.

In the year-ago same period, the company logged a profit of ₹36.19 crore, a regulatory filing said.

Total income of the company fell to ₹2,137.10 crore in the first quarter from ₹2,163.39 crore in the year-ago period, it said.

The consolidated net loss of the company in 2019-20 was ₹4,255.37 crore. Total income was ₹8,202.41 crore.

The group is engaged in only one segment -- Generation of Power -- and hence, there is no separate reportable segment.

The company said the group is confident of meeting its obligations by generating sufficient cash flows through time bound monetisation of gas-based power plant equipment and other assets of certain subsidiaries, as also realize the amount from ongoing regulatory or arbitration claims.

Considering the dependence on these material uncertain events and realisation of assets, the group is confident that such cash flows would enable it to service debt and discharge its liabilities in normal course of business. Accordingly, the consolidated financial results of the group have been prepared on a going concern basis, it added.

About Covid-19 situation, it said, “So far, the group has been able to sustain its power plant and honour commitments under the various power purchase agreements.....the demand is beginning to bounce back to its normal level on gradual lifting of lockdown restrictions.”

Further, the extent to which the Covid-19 pandemic will impact the group’s results, will depend on future developments, which are highly uncertain, it added.

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Published on July 30, 2020
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