Reliance Power posts 94 percent income growth

Reliance Power, a part of the Anil Ambani-led group, Monday reported a 94 percent rise in total income for the fourth quarter of 2012-13 at Rs.1,265 crore ($233 million) and a 15-percent increase in new profit at Rs.266 crore ($49 million).

For the year as a whole, the company reported a total income of Rs.5,284 crore ($971 million), up 91 percent, and a net profit of Rs.1,011 crore ($186 million), up 17 percent.

"The year 2012-13 saw us achieve significant landmarks in the development of our flagship 3,960-MW Sasan Ultra Mega Power Project -- the largest integrated power plant and coal mining project in the world," said J.P. Chalasani, chief executive.

"We commenced coal production from our 20 million tonne per annum Moher mines in record time in September 2012. This will become the largest coal mine in the country in terms of volume handled. We also commissioned our first 660 MW, super-critical unit of the Sasan ultra mega power project in March 2013."

According to Chalasani, the period under review (2012-13)also saw the first full year operation of the 1,200 mega watt (MW) Rosa project in Uttar Pradesh which generated eight billion units (BUs) as against 4.3 BUs in the previous year.

The company also generated 60 million units at its 40 MW solar power plant in Rajasthan which resulted in a net profit of Rs.24 crore.

"Our operating revenues increased by 144 percent and net profit increased by 17 percent in FY12-13," Chalasani said.

The company further said the first unit of the 3,960 MW Sasan UMPP was commissioned in March 2013 and that the construction work is in full swing for the remaining units of the plant.

It added that the 45 MW wind project in Maharashtra is in its final stages of implementation and is expected to be commissioned shortly.