(FE)
Reliance Power reported a loss of Rs 3,558.5 crore in March quarter, on a standalone basis, mainly on impairments worth more than Rs 4,000 crore recognised by the company on account of its stalled projects. The firm had a profit of Rs 189 crore in the corresponding quarter in FY18. According to a senior company official, Reliance Power has accounted for impairments worth Rs 552.4 crore against the Indonesian coal mine which the firm had procured for the stalled 4,000 MW power project at Krishnapatnam, Andhra Pradesh. Another Rs 276.4 crore of impairment stemmed from its 2,250 MW gas-based power plant at Samalkot in Andhra, which was decommissioned due to shortage of the fuel. The firm has also written off receivables worth Rs 492 crore to the 1,200 MW Rosa unit. It also registered impairment of Rs 1,419 crore on its 100 MW solar project in Dhursar, Rajasthan, which failed to reach commercial viability. As per sources, the plant load factor of this solar plant is around 10-12%, against the expectation of 18-20%.
The impairment figures (of around Rs 4,000 crore) were adjusted to Rs 3,153.2 crore as it withdrew Rs 1,017 crore from its general reserve. At the end of the March quarter, the net worth stood at Rs 17,377.5 crore, down 18% year-on-year. Utilisation levels of the the company’s two plants, Roja and 600 MW Butibori units, remained very low in the quarter, while the 3,960 MW Sasan unit, which fetches low margins as it sells electricity at very low costs, got PLF of 95%.
