Reliance Power logs 29 percent rise in income

Mumbai, Nov 12;

Reliance Power, a part of the Anil Ambani-led group, Wednesday reported a 29-percent jump in its total and a marginal increase in net profit for the second quarter of this financial year, over the like period of the previous year.

The company said it registered a total income of Rs.1,885 crore ($306 million), while its earnings before tax, depreciation and other appropriations were Rs.597 crore ($97 million, up 38 percent.

Its net profits for the period stood at Rs.253 crore ($41 million).

The results were announced after the close of markets. On the Bombay Stock Exchange, the company’s scrip had opened at Rs.76.20 and touched the day’s high of Rs.76.45 before ending at Rs.74.55, with a losss of Rs.1.10, or 1.45.

Among the other highlights of the second quarter, the company said its Rosa power plant in Uttar Pradesh generated 2,319 million units during the second quarter of the current financial year, operating at a plant load factor of 88 percent.

This apart, both its Butibori power plant in Maharashtra, which became fully operational since April, and the solar plant in Rajasthan were operating at 100 percent capacity.

At the Sasan ultra mega power project in Madhya Pradesh, a total capacity of 3,300 mw out of 3,960 mw is already operational along with the 20 million tonne per annum coal mine.

The final 660-mw unit out of the five will go on stream by year end, the company said.

Earlier in the day, Reliance Power had said in a statement that it has commissioned a 100-MW solar project in Rajasthan at a cost of Rs.2,100 crore, and synchronised the supplies from it to the grid.

The company said this is the world’s largest in the solar power space using the latest technology available today in renewable energy and has been set up along side its 40-MW photo-voltaic project in the Jaisalmer district of Rajasthan.

(IANS)