R-Power stock up nearly 5% on good Q3 numbers

Net profit for the quarter grew 30%, aided by record generation at 1,200 mega-watt Rosa plant

Reliance Power surged nearly 5% on the Bombay Stock Exchange (BSE) today following announcement of its third quarter results during market hours. R-Power's consolidated net profit increased 30% to Rs 266 crore on an over two-fold growth in operating revenues to Rs 1,464 crore in the quarter ended December 2012.

The BSE Sensex, meanwhile, was up 159.48 points or 0.8% at 20,083.26.

The stock hit a high of Rs 94.85 and a low of Rs 88.55 during the day. The stock had hit a 52-week high of Rs 139.40 on 6 March 2012 and a low of Rs 75.50 on 31 August 2012.

The stock had underperformed the market over the past one month till 24 January 2013, sliding 2.82% versus the Sensex's 3.47% rise. The scrip had also underperformed the market in the past one quarter, declining 10.36% as against Sensex's 6.49% surge.

The company has an equity capital of Rs 2,805.13 crore, with a face value per share of Rs 10.

Commenting on the company's Q3 performance, J.P. Chalasani, chief executive officer, Reliance Power said, "The third quarter has proved to be an excellent one for the company as we turned in outstanding operational and financial numbers.

The net profit for the quarter grew 30%, aided by record generation from our 1,200 mega-watt Rosa power plant. On the construction side, pre-commissioning activities have started at our 3,960 mega-watt Sasan ultra mega power project and the project is all set to be commissioned in this quarter, well ahead of the bid schedule."