Reliance Power Ltd’s consolidated net loss widened to ₹292 crore in the third quarter against ₹97 crore in the year ago quarter as total expenses exceeded total income.
Consolidated financial results of Reliance Power include the results of 36 subsidiaries (including step-down subsidiaries) and three associates.
Total income nudged up 4 per cent year-on-year to ₹1,936 crore (₹1,859 crore in the year ago period). Total expenses rose 12 per cent year-on-year to ₹2,126 crore (₹1,900 crore in the year ago period).
As per the notes to accounts, during this quarter and subsequent to the quarter ended December 31, 2022, the parent company (Reliance Power) issued and allotted about 22.85 crore and 10.65 crore fully paid up equity shares of ₹10 each to Reliance infrastructure Ltd upon exercise of its right to convert equivalent number of warrants held by it and underlying payments have been made by conversion of debt.
Consequently, 39.49 crore warrants remain unexercised. Accordingly, warrant subscription amount remains forfeited. The aforesaid equity shares shall rank pari-passu in all respects with the existing equity shares of the parent company, as per the notes to accounts.
It said, “During the quarter, in continuation of the ongoing discussions for settlement with one of its lenders, the parent company has been granted time till January 31, 2023 for concluding actions pursuant to the settlement.”
“The lender had invoked security available to it, which is pending to be settled against outstanding term loan and non-convertible debentures and accordingly no effect against invocation has been given in the books of account,” the notes to accounts added.