Reliance Power hits new low

There was no surprise in this, yet the market has reacted pretty strongly to the huge loss posted by Reliance Power.

The Anil Ambani company posted a net loss of Rs.2952 crore for FY19 v/s profit of Rs.840 crore in FY18. Total income declined from Rs.9871 crore to Rs.8534 crore though other income increased to Rs 332.95 crore in FY19 v/s Rs 27 8.28 crore in FY18.

The company said that the 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.

Reliance Power ended Q4FY19 with a net loss of Rs.3575 crore v/s net profit of Rs.189 crore (YoY).

The stock price has tanked today, figuring among the top three losers currently, hitting an all-time new low at Rs.4.71.