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.