Balephi Hydropower (BHL) Reports Net Loss of Rs. 23.72 crores in Q3 of FY 2079/80; Management Attributes RCOD Issue with NEA To Losses
Mon, May 15, 2023 1:21 PM on Latest,
Balephi Hydropower Limited (BHL) has published its third quarter report for the current fiscal year with a Net Loss of Rs. 23.72 crores. Earlier, in the third quarter of the previous FY 2078/79, the company had recorded a Net Loss of Rs. 6.06 lakhs.
The administrative expenses of the company have increased massively in Q3 of the current fiscal year and amounts to Rs. 25.59 lakhs. The company has had to bear the financial cost of Rs. 31.19 crores up to the third quarter of FY 079/80.
The hydropower company has an Earning per Share(EPS) of Rs. -17.30 and a below par Net Worth of Rs. 81.93.
The company has generated a revenue of Rs. 35.93 crores from the sale of power until Q3 of the ongoing fiscal year.
According to the management analysis of the company, the NEA had charged the company significant penalties for exceeding Required Commercial Operation Date (RCOD) in line with the PPA agreement.
The company claims that once the RCOD matter under process is resolved, the company will realize sufficient revenue in cash to meet its financial and operational obligations. Additionally, the company plans to issue right shares which is expected to ease the cash flow of the company.
Earlier, the meeting of the board of directors of BHL held on Falgun 12, 2079 had decided to submit a proposal for approval in the next annual general meeting of the company for the issuance of rights shares in the ratio of 1 equal to 0.5 from the then paid- up capital of Rs. 1.827 Arba. Hence, after the right issue at 50%, the enhanced paid-up capital of the company will be Rs. 2.74 Arba.
The closing price of the company at the end of Q3 for this fiscal year was Rs. 321.
BHL has managed to increase its paid-up capital by 10.50 % which is Rs. 1.82 Arba.
| Particulars (In Rs '000) | Balephi Hydropower | ||
|---|---|---|---|
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 1,827,970.00 | 1,654,312.80 | 10.50% |
| Reserve & Surplus | -330,253.84 | -93,640.32 | |
| Property, Plant & Equipment | 105,652.68 | 121,145.45 | -12.79% |
| Advances & Deposits | 4,041.85 | 492,963.03 | -99.18% |
| Trade Receivables | 61,562.93 | ||
| Revenue from Power Sales | 359,339.21 | ||
| Administrative Expenses | 2,559.25 | 301.08 | 750.04% |
| Finance Expenses | 311,952.17 | ||
| Net Profit/Loss | -237,219.97 | -606.45 | |
| EPS (In Rs.) | -17.30 | -0.07 | 23500.12% |
| Net Worth per Share (In Rs.) | 81.93 | 94.34 | -13.15% |
| Qtr End Market Price | 321 | - | - |
