Reliance Power Faces Major Loss Despite Revenue Increase

Reliance Power Ltd reported a consolidated loss of Rs 397.66 crore in the March quarter, primarily due to increased fuel costs. Despite an increase in total income to Rs 2,193.85 crore, the company's annual losses widened to Rs 2,068.38 crore. The board approved issuance of FCCBs and QIP securities.

Reliance Power Ltd on Saturday reported a consolidated loss of Rs 397.66 crore during the March quarter, mainly on account of increased cost of fuel consumed. It had posted Rs 321.79 crore profit in the year-ago period, the company said in an exchange filing. The company's total income, however, increased to Rs 2,193.85 crore from Rs 1,853.32 crore a year ago. Among expenses, its cost of fuel consumed increased to Rs 953.67 crore during the quarter from Rs 823.47 crore in the January-March period in 2022-23. For the full fiscal year, the company's losses widened to Rs 2,068.38 crore from Rs 470.77 crore loss in FY23. The board of the company also ''approved authorisations of members for issuance of foreign currency convertible bonds (FCCBs) and securities through qualified institutional placement (QIP). These shall be in terms of the applicable rules, regulations, guidelines, and laws, including Securities and Exchange Board of India''. Reliance Power has close to 6,000 MW of operational power generation assets.

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