Reliance Power posts 30 percent jump in Q3 profits

Mumbai, Jan 25 (IANS) Reliance Power Friday announced a 30 percent rise in net profit for the quarter ended December 2012 year-on-year, beating street estimates.

The profit after tax (PAT) rose to Rs.266 crore as against Rs.204 crore in the like period a year ago.

The net profit was aided by record generation from the 1,200 MW Rosa power plant (Uttar Pradesh), J.P. Chalasani, company chief executive, said.

Sales increased to Rs.1,464 crore from Rs.457 crore year-on-year, while EBITDA jumped by 252 percent to Rs.493 crore.

The company's total income grew over two-fold at Rs.1,586 crore for the September-December period. It had reported a total income of Rs.674 crore in the third quarter of the previous fiscal.

"The third quarter has proved to be an excellent one for the company as we turned in outstanding operational and financial numbers," Chalasani said

"Pre-commissioning activities have started at our 3,960 MW Sasan Ultra Mega Power Project and the project is all set to be commissioned in this quarter, well ahead of the bid schedule." Chalasani added.

The company said coal production has already begun from the Sasan project's other captive coal mines - the 20 MTPA (million tonnes per annum) Moher and Moher Amlori Extension mines.

The company's 40 MW Dhursar solar photo-voltaic plant in Rajasthan generated a record 15.2 MUs in this quarter which resulted in a net profit of Rs.12 crore.

It said said construction was on at the 100 MW Concentrated Solar Power (CSP) project, a part of the government's National Solar Mission.in Dhursar, and the project is expected to be commissioned in first quarter of financial year 2014.

Work in the company's 45 MW wind project in Maharashtra is in its final stages, and the project is expected to be commissioned by the end of March.

Reliance Power shares were up 5.19 percent at Rs. 94.20 in late afternoon trade on the Bombay Stock Exchange (BSE).

Matches

MORE TOP STORIES TODAY

Pietersen to miss Delhi's first game

Pietersen to miss Delhi's first game

The former England batsman will have to lead the franchise as he is out of the match against Bangalore with a finger injury. More »

On the BCCI's prohibitive media guidelines

On the BCCI's prohibitive media guidelines

An obsession with controlling information manifests itself in many ways. More »

Kallis, Narine star in Knight Riders’ crushing win

Kallis, Narine star in Knight Riders’ crushing win

An all-round display saw Knight Riders thump Mumbai Indians by 41 runs in the IPL-7 opener. More »

Gavaskar wants a clean IPL

Gavaskar wants a clean IPL

"Integrity is non-negotiable..." says the BCCI's interim chief ahead of Season 7 of the tainted league. More »

'Yak' Kallis still on top of his game

'Yak' Kallis still on top of his game

The 38-year-old South African veteran turned it on for Kolkata Knight RIders in the opening match of IPL-7. More »

Srinivasan named in fixing report: SC

Srinivasan named in fixing report: SC

The court emphasised that the tainted administrator can no longer work for the BCCI. More »

'If you do the wrong thing it will be found out'

'If you do the wrong thing it will be found out'

'Everyone knows what is right and what is wrong and if you do the wrong thing it will be found out' More »

Why I'm not looking forward to the IPL

Why I'm not looking forward to the IPL

Welcome to another season of a league that many watch but few trust. More »

Johnson may quit T20s for Tests

Johnson may quit T20s for Tests

Australia's Mitchell Johnson may quit limited-overs cricket to prolong his test career with an eye on the 2015 Ashes series in England, the fast bowler… More »

There's a lot going on: Fleming

There's a lot going on: Fleming

He experienced anxious moments in the lead-up to the tournament as the courts decided on whether to suspend the franchise, he said, but stressed that the… More »

Nepal players call off boycott

Nepal players call off boycott

Thaw in relations after formation of an advisory committee that would work in tandem with the Cricket Association of Nepal. More »

Latif couldn’t work with tainted players

Latif couldn’t work with tainted players

Former Pakistan cricket captain Rashid Latif said Tuesday he turned down the job of national chief selector because he could not work with ex-players tainted… More »

We are not over-confident: Bailey

We are not over-confident: Bailey

Indian Premier League — George Bailey-led Kings XI Punjab will face Chennai Super Kings on Friday. More »

Taxing issue — BCCI hits roadblock

Taxing issue — BCCI hits roadblock

MoU between BCCI & its units to avoid double taxation delayed after a few decline to share details. More »

Big runs expected, with bat and ball

Big runs expected, with bat and ball

Royal Challengers Bangalore: Their main concern, once again, is the fast bowling More »

Black Caps pick rookie duo for West Indies

Black Caps pick rookie duo for West Indies

New Zealand selectors included two new caps in a 15-man Test squad named Tuesday to tour the West Indies, with injury-hit spinner Dan Vettori's future… More »

The stage is set for IPL-7 to start

The stage is set for IPL-7 to start

The Preview — Defending champions Mumbai Indians take on Kolkata Knight Riders More »

Srinivasan appeals to court to allow BCCI comeback

Srinivasan appeals to court to allow BCCI comeback

He was aggrieved by the allegations against him during the hearing. More »

India: cricket's Brazil

India: cricket's Brazil

They are tough to beat with a big talent base exposed to good facilities. (CYCSPL) More »

Delhi Daredevils say no to gifts

Delhi Daredevils say no to gifts

Franchises are doing their bit to refurbish the image of the tainted league. More »

India-Pakistan Test series likely in 2015

India-Pakistan Test series likely in 2015

The revival of Indo-Pak Test ties could take place in UAE. More »

Klinger on his exit from South Australia

Klinger on his exit from South Australia

Michael Klinger has revealed he felt compelled to leave South Australia after being told he would be only a fringe part of the Redbacks' plans for next season, and disputed the suggestion that he left… More »

Kohli hopes to end RCB trophy drought

Kohli hopes to end RCB trophy drought

'This time around we will hope to go few more steps ahead and actually get that trophy' More »

Gavaskar can help IPL regain glory

Gavaskar can help IPL regain glory

Apart from the foreign players a lot of behind-the-scene activity has taken place in selecting the Indian domestic players. More »