R-Power Q1 net profit at Rs 263 cr

Anil Ambani promoted Reliance Power Limited, which is yet to start power production, has posted a net profit of Rs 263.31 crore for the first quarter of 2009-10, on a total income of Rs 335.51 crore during the period.

The company, which had mobilised over Rs 11,000 crore through its initial public offer (IPO), has a cash and liquid balance of Rs 9,585.39 crore, said a press release.

Work on the 600 mega watt (Mw) Rosa Phase I project is ahead of schedule and is expected to start operations by the end of this year. Financial closure has been achieved for a total generation capacity of close to 5,000 Mw involving a capital outlay of over Rs 25,000 crore, during the quarter.

R-Power had achieved financial closure for the 4,000 MW Sasan Ultra Mega Power Project (UMPP) in April and 600 Mw Rosa Phase II and 300 Mw Butibori, a few weeks ago. The capacity at Butibori Power Plant is being expanded by another 300 Mw and the project is targeted for commissioning by March 2012. Work on the 600 Mw Rosa Phase I project is ahead of schedule and is expected to start operations by the end of this year. Rosa Phase II is expected to be commissioned before March 2012. Land acquisition process, obtaining of environmental clearance and water linkage to help commence construction of the 4,000 Mw Chitrangi Power Project is also on, said the release.