Reliance Power logs 12% rise in net profit

Reliance Power Ltd reported a 12 per cent rise in its net profit for the April-June quarter on better operational performance and lower expenses. For the period, the company reported a consolidated net profit of Rs 340.04 crore, 12 per cent higher from Rs 302.64 crore of the corresponding quarter, a year ago. For the same period, net sales remained almost flat at Rs 2,360.23 crore against Rs 2,341.64 crore reported a year ago.

The company's financial performance for the June ended quarter was above the Street expectations. In a Bloomberg poll, seven analysts estimated consolidated revenue of Rs 2,857.2 crore and six analysts estimated a net income of Rs 328.6 crore.

The company's expenses for the June ended quarter fell three per cent to Rs 1,683.4 crore from Rs 1,729.35 crore reported in the same period a year ago. Tax expenses for the company was almost half at Rs 78.52 crore from Rs 132.54 crore spent a year ago. Earnings before interest, tax, depreciation and amortisation was at Rs 1,142 crore. About its operations, the company said, plant load factor (PLF) for its Sasan Ultra Mega Power Project was at 92.6 per cent, Rosa and Butibori power plant at 103 per cent. This was higher than the all India PLF of 54 per cent for July 2016, according to data available with Central Electricity Authority (CEA). At present, Reliance Power operates a total power generation capacity of 5,945 megawatts in India. Reliance Power closed at Rs 51.50 per share, 3.74 per cent down from its previous close of Rs 53.50 per share.