Anil Ambani\'s Reliance Power declares result after delay\, RInfra defers yet again

Anil Ambani's Reliance Power declares result after delay, RInfra defers yet again

Reliance Power on Saturday reported a net loss of Rs 2,951.82 crore for the financial year 2018-19 as against net profit of Rs 840.46 crore in FY18; total income during the fiscal declined to Rs 8,534.26 crore from Rs 9,871.01 crore a year earlier

Reliance Power posted a net loss of Rs 3,575.38 crore during March quarter of FY19

Anil Ambani-led Reliance Anil Dhirubhai Ambani group (ADAG), which is going through rough patches, has delayed earnings release for the March quarter for Reliance Infrastructure (RInfra) and Reliance Power (RPower).

Both the Anil Ambani group companies were scheduled to declare their results on June 7 but failed to do so. RPower announced its March quarter results on June 8, while RInfra is yet to announce its earnings numbers.

"The meeting of the Audit Committee commenced June 07, 2019, for review and recommendation of the Audited Financial Results for the quarter & FY ended March 31, 2019 to the Board & got adjourned to June 08, 2019. The Board Meeting also stood adjourned to June 8, 2019," RPower said in a filing to the Bombay Stock Exchange.

Meanwhile, RInfra, in a filing to BSE, said that its board will meet on June 14 to consider and approve to consider and approve audited financial results for the quarter and financial year ended March 31, 2019 and dividend, if any.

Reliance Power, the power generation and coal resources company, on Saturday reported a net loss of Rs 2,951.82 crore for the financial year 2018-19 as against net profit of Rs 840.46 crore in FY18. Total income during the fiscal declined to Rs 8,534.26 crore from Rs 9,871.01 crore a year earlier.

The other income increased to Rs 332.95 crore in FY19 versus Rs 27 8.28 crore in FY18, it said.

"One-time impairment of gas-based and concentrated solar power (CSP) assets impacted profit for the year as an exceptional item. Excluding the one-time charges for the impairment of gas-based and CSP assets, profit for the year stands at Rs 197 crore," RPower said.

During January-March quarter, the Navi Mumbai-headquartered company posted a net loss of Rs 3,575.38 crore versus a net profit of Rs 189.21 crore in the same quarter last year.

The total income of the company fell to Rs 1,687.86 crore during Q4 FY19 as compared to Rs 2,321.68 crore in Q4 FY18.

The investors turned jittery ahead of earnings numbers, with Reliance Infrastructure shares plunged to a 15-year low of Rs 72.80, down 14.30 per cent in intra-day on BSE on Friday. The stock has tumbled as much as 25 per cent in the last two trading days.

In a similar trend, Reliance Power share price fell 6.23 per cent to close at Rs 6.17 apiece at BSE on Friday ahead of March quarter results.

Edited by Chitranjan Kumar