Jaiprakash Power Ventures PAT jumps 700%

Jaiprakash Power Ventures Limited, a unit of the Jaypee Group, has reported a net profit of Rs 137.21 crore for the financial year 2014-15 at the company’s 20th Annual General Meeting held at Waknaghat near Shimla 

on Saturday. 

Addressing the members, Suren Jain, Managing Director of the company informed that during FY15, the company had registered over 48 per cent increase in total income while the profit after tax had jumped over 700 percent from Rs 19.73 crore registered during 2013-14 to Rs 137.21 crore, this fiscal.  Suren Jain further informed that the company’s five power plants had generated about 10,420 million units of electricity during the year which was being supplied to various northern and central 

region states. 

Jaiprakash Power Ventures Limited owned three hydro power plants in Himachal Pradesh and Uttrakhand besides two thermal power plants in Madhya Pradesh with a total installed capacity of 3611 <g data-gr-id="18">mw</g>. Suren Jain further informed that as per the decision of the Board of Directors in its meeting held on 15th November, 2014, the company had approved the transfer of operations of its two operating hydro power plants namely 1091 <g data-gr-id="20">mw</g> Karcham Wangtoo Hydro Electric Plant and 300 <g data-gr-id="21">mw</g> Baspa-II Hydro Electric Plant to its subsidiary named Himachal Baspa Power Company Limited. Further, under a Securities Purchase Agreement, the entire securities of the subsidiary had now been transferred to JSW Energy Limited at <g data-gr-id="12">a Enterprise</g> Value of Rs 9,700 crore. 

“The disinvestment proceeds by <g data-gr-id="10">sale</g> of the two plants will help the company in deleveraging <g data-gr-id="11">it’s</g> Balance Sheet including reduction of debt and interest out go,” Suren Jain said.