RattanIndia Power Ltd (RPL) consolidated net loss widened to Rs 386.69 crore in the December quarter, compared to the same period a year ago, due non-operation of Nashik thermal power plant.
The company had reported a consolidated net loss of Rs 69.09 crore in the quarter ended on December 31, 2020, the company said in a regulatory filing.
The widening of the consolidated loss in the December quarter was ''due to non-operation of Nashik Thermal Power Plant (Sinnar Thermal Power Ltd). That exposure has no bearing on parent RattanIndia Power Ltd,'' a company spokesperson said.
The consolidated results of RPL also includes the financials of Sinnar Thermal Power Limited (STPL), which is a subsidiary of RattanIndia Power Ltd and is a separate SPV holding Sinnar Thermal Power Plant, the spokesperson said.
All units of Sinnar Thermal Power Plant at Nashik are commissioned, but not operational at present.
STPL's debt exposure is ring fenced and has no bearing on the parent RattanIndia Power Ltd. There are no obligations of RattanIndia Power Ltd on debt repayment of STPL in any manner whatsoever, the spokesperson added.
Total consolidated income of the company fell to Rs 857.15 crore in the quarter under review, from Rs 742.04 crore in the same period a year ago.
However, the company's standalone net profit jumped three-fold to Rs 104.44 crore in the third quarter of this fiscal, from Rs 33.44 crore in the quarter ended in December 2020.
Total standalone income of the firm also rose to Rs 855.18 crore in the quarter under review, from Rs 389.89 crore a year ago.
''RPL is a turn-around story in the Indian power sector with superlative operating performance. The company has showcased how stressed thermal assets can be resolved efficiently and put to use in the service of the nation,'' Vibhav Agarwal, Managing Director RattanIndia Power said.
RPL has demonstrated excellent operating performance in current FY 2021-22 amidst COVID-19 and acute coal shortage in the country affecting coal based thermal power plants.
Amravati Thermal Power Plant has achieved the Plant Load Factor (PLF) of 74 per cent and Plant Availability Factor (PAF) of 85 per cent up to Q3 in current fiscal and stands out as one of the best thermal power plants in Maharashtra in operating performance, it stated.
The 1,350 MW Amravati Thermal Power Plant has been supplying its entire power to MSEDCL under 25-year term PPAs (power purchase agreement) based on long-term coal linkage from South-Eastern Coalfields Limited for the entire contracted capacity, it stated.
Pursuant to debt rationalization in December 2019, RPL has successfully paid back Rs 2,001 crore (principal and interest) in the last eight quarters (January 2020 to December 2021) including Rs 450 crore as prepayment, it informed.
As on December 31, 2021, the external secured term debt obligations of the company stand reduced at Rs 1,953 crore, it said.
RPL aims to continue the deleveraging process in coming quarters buoyed by the improved competitiveness of the plant and its favourable position in the Merit Order stack of Maharashtra, making the plant akin to a must-run plant.
RPL's claims of Regulatory Assets/Receivables of Rs 4,000 crore including some of which are at final stages of realisation, would further accelerate the process of deleveraging, it said.
(With inputs from PTI)
