REL net up 35% in FY08
Total income grew 14 per cent to Rs 7,501 crore, as against Rs 6,575 crore in FY07, according to consolidated figures announced today. In the fourth quarter ended March 31, the net profit grew 31 per cent to Rs 311 crore from Rs 237 crore in the corresponding period a year ago.
Effective today, the company has renamed itself Reliance Infrastructure.
Aggregate sales of electricity stood at 9,292 million units in FY08, an increase of 6 per cent as compared with 8,766 million units in the previous year.
Revenues from energy sales during FY08 stood at Rs 4,920 crore as against Rs 3,611 crore in 2006-07.
Reliance Energy shares gained 4.95 per cent (Rs 67.20) to close the day at Rs 1,426.10 on the Bombay Stock Exchange.
During FY08, the customer base in the Mumbai increased by 0.13 million to 2.63 million. Its Dahanu Thermal Power Station achieved a plant load factor (PLF) of 101.5 per cent.
"We expect Reliance Infrastructure to perform well in the years ahead since we are executing infrastructure projects worth about Rs 16,000 crore in two years besides various Reliance Power projects," Lalit Jalan, director, said at a news conference in Mumbai today. The company is developing two metro rail projects in Mumbai and Delhi, five road projects in Tamil Nadu, two SEZs and a business district in Hyderabad.
"The new name reflects the current nature of our business and our vision and focus to emerge as a premier infrastructure company," Jalan said.
Regarding the Trans-Harbour link project, Jalan said it was awaiting the letter of intent from the state government.
The company is developing real estate on either side of the Nhava Sheva port and at Sewri for the project.
Reliance Power Transmission, which will execute the Western Region System Strengthening (WRSS) and the Parbati Coal Dam project, Reliance Trading, and Reliance Infraventures, which is executing 10 infrastructure projects, will become subsidiaries of Reliance Infrastructure. The existing power-generating assets at Dahanu, Goa, Sialkot and Kerala will remain with Reliance Infrastructure.
The company gained about Rs 1 crore from its exposure to derivatives. The engineering, procurement and construction division has orders worth Rs 7,850 crore, an increase of 50 per cent over the previous year. "The company has cash and cash equivalents of Rs 9,596 crore," Jalan added.