REL net up 42.37% to Rs 156.63 cr

The Anil Ambani-controlled Reliance Energy today posted a 42.37 per cent rise in net profit of Rs 156.63 crore for the quarter ended June 30, 2005 compared with Rs 110.01 crore for the corresponding quarter in the previous financial year.

Total income has increased 6.34 per cent to Rs 1,084.44 crore for the quarter ended June 30, 2005 from Rs 1019.70 crore in the year-ago period.

The board has approved payment of quarterly dividend of 12 per cent, that is Rs 1.20 per equity share of the company. The above dividend will be paid to the shareholders on or after August 03, 2005, it said.

The company's depreciation has grown up at Rs 81.72 for this year's first quarter compared with Rs 81.06 crore during the corresponding quarter in previous year. This was due to the revaluation of its Dahanu plant located in Maharashtra which has resulted in an additional charge for depreciation, said the company in a release.