Reliance Power Q3 net up 42% to Rs 204 cr

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Reliance Power Q3 net up 42% to Rs 204 cr
Press Trust of India / New Delhi Feb 13, 2012, 13:53

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Anil Ambani Group company Reliance Power today reported 42% increase in consolidated net profit at Rs 204 crore for the quarter ended December 31, 2011.

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The company had reported a consolidated net profit of Rs 144 crore in the year ago period.

"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," Reliance Power Chief Executive Officer J P Chalasani said.

The company in a statement said that the operating revenues from the 600 MW Rosa Phase I has almost doubled to Rs 441 crore from Rs 241 crore in the previous year and the net profit for the plant has also increased to Rs 75 crore from Rs 40 crore in the previous year.

The consolidated operating revenues of the company for the December quarter stood at Rs 457 crore, a 82% jump from its corresponding period last year when it stood at Rs 251 crore.

Reliance Power said the entire 1,200 MW Rosa project is set to be operational by March 2012, while, the construction activities at the 3,960 MW Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh progressing as per schedule and the first unit is expected to be commissioned ahead of schedule by December 2012.

"Gas turbines of the 2,400 MW Samalkot Project are ready for synchronisation and power generation and we are well on track to become a 5,000 MW operating company by end of 2012." Chalasani added.

Further, 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.

The project is expected to be fully commissioned by the middle of the year, Reliance Power said.

Shares of the company jumped over 1.61% in morning trade to touch a high of Rs 107 on the BSE. It was later trading at Rs 105.80, up 0.47% at 1204 hours on BSE.