Jaiprakash Power Ventures' second quarter revenue rose 5.1% year-on-year, while profit before exceptional items and tax climbed nearly 79%. A Rs 511 crore provision for a settlement with NARCL weighed on earnings this quarter. JP Power Ventures's consolidated net profit fell 81.7% year-on-year to Rs 33.34 crore in the quarter ended Sept 30, compared with Rs 182 crore in the year-ago period.
The decline followed a Rs 511 crore exceptional charge towards a proposed full-and-final settlement with the National Asset Reconstruction Company Ltd. (NARCL) over a corporate guarantee furnished by the company for loans to Jaiprakash Associates.
Net profit fell 81.7% to Rs 33.3 crore as compared to Rs 182 crore the previous year in the same period.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Revenue from operations increased 5.1% year-on-year to Rs 1,512.12 crore from Rs 1,438.30 crore. Total income rose to Rs 1,579.34 crore from Rs 1,478.49 crore.
The company's September-quarter earnings therefore reflect the impact of the settlement provision, even as profit before exceptional items and tax improved.
Jaiprakash Power Q2 Results - Cons, YoY
- Net profit down 81.7% at Rs 33.3 crore vs Rs 182 crore YoY
- Revenue up 5.1% at Rs 1,512 crore vs Rs 1,438 crore YoY
- EBITDA up 39.3% at Rs 656 crore vs Rs 471 crore YoY
- EBITDA margin at 43.4% vs 32.8% YoY
- One-time loss of Rs 511 crore in Q2
- Appoints Jigar Dalal as CFO from Nov. 1
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
