Reliance Power declares maiden interim dividend

Reliance Power on Monday declared its maiden interim dividend of 10 percent, amounting to a total outgo of Rs.281 crore.

The company said that its board in a meeting held on Monday declared the maiden dividend which comes to about Re.1 per equity share of Rs.10 each.

The interim dividend was announced after the company reported a 36.57 percent jump in its net profit to Rs.345.63 crore for the quarter ended on September 30, on higher electricity generation.

The total income of the company increased by 51.58 percent to Rs.2,856.01 crore in the second quarter of current fiscal as against Rs.1,884.18 crore in the same quarter last year.

The company generated 11,053 million units in the quarter under review, compared to 3,157 million units in the same quarter last year.

Furthermore, the company's consolidated net profit during the first half of the current fiscal (April-September) rose by 38.71 percent to Rs.689.97 crore compared to Rs.497.42 crore in the year-ago period.

Reliance Power's consolidated net profit in the previous fiscal was Rs.1,028.32 crore.

According to the company, the interim dividend will be paid to the shareholders on or before December 9, 2015.

"The largest shareholder family of over 37 lakhs will benefit from the dividend payment," the company was quoted in a statement.

Currently, the company has an operating portfolio of 5,945 mega watts.