Ahmedabad-based private power producer, Torrent Power Ltd has reported standalone net loss of ₹42 crore for the third quarter ended December 2013, against the profit of ₹95 crore in the corresponding quarter last year.

The company’s standalone income increased from ₹1,882 crore in December 2012 quarter to ₹1,978 crore in the quarter under review.

On consolidated basis, Torrent Power has posted net loss of ₹35.5 crore for the quarter against the profit of ₹95.6 crore in the same period last year. The company’s consolidated total income from operations stood at ₹2,005.10 crores, up by 5.24 per cent from ₹1,905.23 crores in the comparable quarter of previous year.

For the nine-month period of the current fiscal, the company registered net loss of ₹72 crore as against the profit of ₹365 crore in the corresponding period last year, while total income for nine months, increased to ₹6,477 crore from ₹ 6,234 crore last year.

According to the company, several factors were responsible for poor performance on consolidated basis.

The continued non-supply of domestic gas from KG-D6 basin has adversely impacted the PLF at the Company’s SUGEN Mega Power Plant, which has reduced from 35.95 per cent in Q3 FY 2012-13 to 21.13 per cent in Q3 FY 2013-14, the company stated in a statement after the announcement of financial results on Saturday evening.

“Such reduced supply of power from SUGEN Mega Power Plant to the Company’s regulated distribution areas at Ahmedabad and Surat necessitated purchase of short term power, whose cost could not be passed on fully under the revised FPPPA mechanism, resulting into an additional impact to the tune of approximately ₹35 crores,” it said.

The company’s under-recovery stood at approximately ₹100 crores of fixed cost of SUGEN expansion as its tariff is yet to be adopted by the state power regulator.

“AT&C loss at Bhiwandi has increased from 25.51 per cent in Q3 FY 12-13 to 29.03 per cent in Q3 FY 13-14,” the company said.

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