Thursday, Jaiprakash Hydro Power Ltd., a part of Jaypee Group owns and operates the 300MW Baspa-II Hydroelectric Project in Himachal Pradesh, reported net loss for the fourth-quarter, compared to profit last year, hurt by adjustment of multi year tariff for the earlier periods. The company, however, posted a lower net profit for the fiscal year.
The Kandaghat, Himachal Pradesh-based company posted fourth-quarter net loss of Rs.25.52 crore or Re.0.52 per share, compared with a net profit of Rs.28.86 crore or Re.0.59 per share in the fourth-quarter of 2008.
The company said the results for the quarter included charges of Rs.27.57 crore towards adjustment of multi year tariff for the fiscal year 2004 to fiscal 2008 as per Himachal Pradesh Electricity Regulatory Commission and Rs.21.89 crore towards tariff adjustment for the period April 1, 2004 to December 31, 2008. The results for the previous year quarter included a gain of Rs.6.72 crore towards insurance claim related to earlier years.
Excluding charges, the net profit for the quarter was Rs.24.04 crore, up 9% from Rs.22.14 crore in the year-ago quarter.
The company's quarterly net revenue grew 3% to Rs.46.55 crore from Rs.45.19 crore in the prior year quarter, while revenue from sales of verified emission reductions or VERs and other operating income amounted to Rs.14.26 crore, compared with Rs.19.72 crore in the year-ago quarter.
For the first twelve months, Jaiprakash Hydro posted a net profit of Rs.142.85 crore, down 33% from Rs.213.40 crore for the comparable period last year.
The company said the results for the year included a one-time gain of Rs.20.64 crore towards refund of interest from PFC for earlier years and a charge of Rs.27.67 crore towards adjustment of multi year tariff for the fiscal 2004 to fiscal 2008. The results for the previous year included a gain of Rs.60.65 crore towards insurance claim related to earlier years.
Excluding gain/charge, the company's net profit for the fiscal year fell 2% to Rs,149.88 crore from Rs.152.75 crore in the previous year.
For the fiscal year, the total revenue, including sales of VERs and other operating income plummeted 7% to Rs.317.91 crore from Rs.342.50 crore in the corresponding period a year-ago.
During the year, the company said the energy generation was 1,131.46 million units, up from 1,121.26 million units in the preceding year.
The company said its board has recommended a final dividend of 7.5% or Re.0.75 on equity share of Rs.10 each for the fiscal year 2008.
The company said its board had designated R.S. Kuchhal, as Joint President (Finance) and Company Secretary and also the Compliance Officer of the company effecting April 1, 2009.
At the BSE, Jaiprakash Hydro closed Thursday's trading at Rs.41.65, up by Re.0.45 or 1.09% on a volume of 38.28 lakh shares. The stock touched an intraday high of Rs.45.45 and a low of Rs.41.10.
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