Shares of Reliance Power fell over 23 percent on Monday after the company reported weak results for March- quarter and FY19 results. the company posted a net loss of Rs 3,575.38 crore in Q4 as compared to a net profit of Rs 189.21 crore in the same quarter last year.
For FY19, the Anil Ambani Group company reported a net loss of Rs 2,951.82 crore as against a net profit of Rs 840.46 crore in FY18.
The stock fell as much as 23.6 percent to Rs 4.7 per share on BSE in intra-day deals. At 11:45 AM, the stock was trading 13.8 percent lower at Rs 5.28 per share as compared to a 0.3 percent (117 points) rise in BSE Sensex to 39,732.
The company postponed its March-quarter results. It was supposed to report the results on June 7. “The meeting of the audit committee commenced on June 7 and got adjourned to June 8, 2019. Consequently, the board meeting of the company also stood adjourned to June 8,” the company said in a regulatory filing.
A combination of impairment, higher finance costs and lower income led to a loss in the March quarter for the company. The impairment also included a revised view on its solar and gas-based power assets. Total income in the quarter declined to Rs 1,687.86 crore from Rs 2,321.68 crore.
For the March quarter, the company took an impairment of Rs 4,170 crore, of which Rs 1,017 crore was reduced through withdrawal from its general reserves. Auditors in their report stated annual losses could have been higher had the company not withdrawn proceeds from its general reserves.