Jaiprakash Power Ventures clocks Q1 net loss of Rs 95.52 cr

NEW DELHI, Jul 27: Jaiprakash Power Ventures Ltd on Saturday reported a consolidated net loss of Rs 95.52 crore for the first quarter ended June 2019.

The company had reported a net profit of Rs 19.75 crore for the April-June period a year ago, Jaiprakash Power Ventures Ltd (JPVL) said in a statement.

Total income during the quarter under review was down 4.08 per cent to Rs 1,084.64 crore as against Rs 1,130.79 crore in the corresponding quarter of the previous fiscal.

Total expenses stood at Rs 1,242.65 crore as against Rs 1,161.15 crore.

JPVL’s revenue from power segment was at Rs 1,078.58 crore as against Rs 1,114.49 crore.

While revenue from coal was at Rs 103.95 crore as against Rs 149.44 crore.

Meanwhile, in a separate filing, the company said that it has sought fresh approval from shareholders to issue CCPs (Cumulative Compulsory Convertible Preference Shares) up to an amount of Rs 4,000 crore in one or more tranches.

The board of the company in its meeting held on Saturday approved it.

JPVL had already received nod from its shareholders in September 28, 2018 but had to renew it as the allotment of CCPs has to be completed in 12 months.

Besides, the board has also approved conversion of its outstanding loans of Corporation Bank into NCD of Rs 25 crore, carrying interest of 9.50 per annum, which would be redeemable within a period of 10 years from the date of implementation of the resolution plan.

It has also approved loans of Canara Bank into cumulative redeemable preference shares (CRPS) carrying a dividend of 9.50 percent per annum for an amount of Rs 12.02 crore. (PTI)