Shares of RattanIndia Power slumped 6 percent on July 26 after the company reported widening losses and shrinking margins for the June quarter.
The company's consolidated revenue was up merely 1 percent on-year at Rs 847.27 crore, while net loss widened to Rs 549.36 crore during Q1 of FY24 from Rs 389.3 crore. Its EBITDA (earnings before interest, tax, depreciation and amortisation) declined 28 percent on-year to Rs 156.75 crore.
At 9:36am, shares of the company were trading 5.6 percent lower at Rs 4.88 on the BSE. The scrip had hit a 52-week low of Rs 2.80 and a 52-week high of Rs 6.10. The stock has shot up around 60 percent in the past three months.
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Operating margins of the company contracted to 18.5 percent in the June quarter from 26 percent a year ago. This was mainly because of higher cost of fuel, power and water consumed along with rise in employee benefit expenses.
RattanIndia Power is a private power generation company with an installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra.
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