Jaiprakash Power Ventures today reported a net loss of Rs 157.62 crore for the fourth quarter ended March 31, 2018.
The company had posted a net loss of Rs 229.39 crore in the same period of the previous fiscal.
Sales from operations for the fourth quarter stood at Rs 716.65 crore for the fourth quarter. It stood at Rs 699.99 crore in the same period of 2016-17 fiscal.
For the year ended March 31, the company reported a consolidated net loss of Rs 1,690.35 crore as compared with Rs 1,293.86 crore in the 2016-17 period.
"The financial performance and cash flows of the company have been adversely impacted by the overall stress in the power sector and also due to specific challenges faced by the company in the previous years in the thermal power plants," the company said in a regulatory filing.
The operations of thermal power projects have been impacted on account of revised tariff guidelines adopted by Madhya Pradesh Electricity Regulatory Commission (MPERC) for 2016-17 to 2018-19, it added.
In order to overcome the financial stress, the company lenders are in a process of formulating a revival plan, Jaiprakash Power Ventures said.
The company has aggregate power generation capacity of 2,220 MW comprising of Hydro (400 MW) and thermal (1,820 MW).
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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