BackR-Power profit up 1.7% in June quarter, misses estimates
Net sales increased 56% to `1,753.07 crore in the three months ended 30 June
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Mumbai: Reliance Power Ltd (R-Power), the power generation arm of Anil Ambani-led Reliance Group, said profit rose 1.7% to ₹ 244.3 crore in the quarter ended June from a year earlier, missing analyst estimates.
A Bloomberg survey of earnings estimates of nine analysts had expected R-Power’s net sales at ₹ 1,744.7 crore, and profit at ₹ 295 crore.
Net sales increased 56% to ₹ 1,753.07 crore in the three months ended 30 June. The company, in a press statement, did not give reasons for the increase in sales and the marginal profit growth.
The company’s primary power generating asset in Rosa in Uttar Pradesh generated 2,464 units, operating at 104% capacity, the company said in a statement. Its 40 megawatt (MW) Dhursar solar photovoltaic plant in Rajasthan generated a record 19.5 million units in the quarter.
The results were announced after trading ended for the day.
Shares of R-Power dropped 1.68% to close at ₹ 96.70 apiece, while the BSE power index lost 1.34% to close at 2,227.73 points and the benchmark Sensex index gained 0.31% to close at 25,641.56 points.
Reliance Power has sued HT Media Ltd, publisher of Mint, in the Bombay high court over a 12 May front-page story in Mint that it disputed. HT Media is contesting the case.
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