RattanIndia Power posts 212% increase in Q3 PAT at Rs104.44cr

21 Jan 2022 , 02:46 PM

RattanIndia Power Limited (RPL) has posted a standalone net profit of Rs104.44cr in Q3FY22 compared to Rs33.44cr in Q3FY21, an increase of 212% yoy. The EBITDA of Rs298.72 in Q3FY22. With this, the net profit and EBITDA of RPL in the current fiscal till Q3 stand at Rs210.84cr and Rs826.74cr respectively. Revenue from operations increased to Rs804.79cr in Q3FY22 compared to Rs303.86cr in Q3FY21.

“RPL has demonstrated excellent operating performance in current FY 2021-22 amidst COVID-19 and acute coal shortage in the country affecting coal-based thermal power plants. Amravati Thermal Power Plant has achieved the Plant Load Factor (PLF) of 74% and Plant Availability Factor (PAF) of 85% up to Q3 in current fiscal and stands out as one of the best thermal power plants in Maharashtra in operating performance,” company said in a filing on Friday.

The 1350 MW Amravati Thermal Power Plant has been supplying its entire power to MSEDCL under 25-year term PPAs based on long-term coal linkage from South-Eastern Coalfields Limited for entire contracted capacity. Amravati Plant is one of the best constructed plants with time tested units supplied by BHEL.

Since its commissioning in 2015, RPL has been generating annual EBITDA of ~Rs1000cr. Pursuant to debt rationalization in December 2019, RPL has successfully paid back ~Rs.2001cr (principal and interest) in last eight quarters (Jan 2020 – December 2021) including Rs450cr as prepayment. As on December 31, 2021, the external secured term debt obligations of the company stand reduced at Rs1953cr.

“RPL aims to continue the deleveraging process in coming quarters buoyed by the improved competitiveness of the plant and its favourable position in the Merit Order stack of Maharashtra, making the plant akin to a must-run plant.

RPL’s claims of Regulatory Assets/Receivables of ~Rs4000cr including some of which are at final stages of realisation, would further accelerate the process of deleveraging,” company added.

Vibhav Agarwal, Managing Director RattanIndia Power said “RPL is a turn-around story in Indian power sector with superlative operating performance. The company has showcased how stressed thermal assets can be resolved efficiently and put to use in the service of the nation.”

The Company is regularly engaging with lenders of its subsidiary Sinnar Thermal Power Limited for resolution of its Sinnar Thermal Power Plant in light of increasing demand of power.

At around 2.50 pm, Rattanindia Power Ltd was trading at Rs7.40 per share down by Rs0.11 or 1.46% from its previous closing of Rs7.51 per share on the BSE.