Reliance Power quarterly net profit rises 42 percent

Reliance Power Ltd. Monday posted an increase of 42 percent in consolidated net profit at Rs.203.87 crore for the quarter ended Dec 31 against Rs.143.61 crore during the like period of the previous financial year.

Total income stood at Rs.674 crore during the quarter under review, up 90 percent compared to Rs.355 crore during the year ago period, the company said in a statement.

The operating revenue of the company also rose 82 percent at Rs.457 crore during the quarter under review against Rs.251 crore in the 2010-11 quarter.

The company said its capacities under construction includes entire 1,200 MW Rosa project which is set to be operational by March 2012.

“Our 600 MW Rosa plant continues to run at high operational efficiency and financial profitability. The third 300 MW unit at Rosa has been successfully commissioned three months ahead of PPA schedule,” said J.P. Chalasani, chief executive officer, Reliance Power.

“Gas turbines of the 2,400 MW Samalkot project are ready for synchronization and power generation and we are well on track to become a 5,000 MW operating company by end of 2012,” he added.

The statement said that the operating revenues from the 600 MW Rosa plant has almost doubled to Rs.441 crore from Rs.241 crore in the previous year.

The company said that the pre-commissioning activities have commenced for the first 300 MW unit of the 600 MW Butibori project in Maharashtra and the unit is expected to be commissioned by March 2012.

It added that the the construction activities at the 3,960 MW Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh was progressing as per schedule and the first unit is expected to be commissioned by December 2012.