BSES net zooms 539% to Rs 93.27 crore

BSES (soon to be rechristened Reliance Energy), the power arm of the Reliance group, has reported a 538.83 per cent jump in net profit for the third quarter ended December 31, 2003 at Rs 93.27 crore from Rs 14.60 crore in the corresponding quarter of the previous year.

The BSES board also approved the payment of a quartile dividend of Rs 1 per share amounting to Rs 15 crore for the quarter ended December 31, 2003.

Net sales rose 58.31 per cent while other income shot up by 154.35 per cent. Net sales of energy for the quarter ended December 31, 2003 rose to Rs 899.22 crore (Rs 567.99 crore).

Other income increased to Rs 44.13 crore (Rs 17.35 crore). Income from the EPC and contracts division rose by 57.79 per cent to Rs 150.33 crore (Rs 95.27 crore).

The company's income has been substantially bolstered by the amalgamation of BSES Andhra Power (BAPL) and Reliance Salgaocar Power Company (RSPCL) with itself with effect from April 1, 2003.

BSES reported a 94.31 per cent rise in net profits for the nine months ended December 31, 2003 at Rs 266.70 crore against Rs 137.25 crore for the corresponding period of the previous year. Total income rose 27 per cent to Rs 2,706 crore (Rs 2,130 crore).