Reliance Energy Q1 net rises 25%

Reliance Energy Q1 net rises 25%
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First Published: Wed, Jul 18 2007. 05 47 PM IST
Updated: Wed, Jul 18 2007. 05 47 PM IST
Mumbai: Reliance Energy Ltd., the power major owned by the Anil Dhirubhai Ambani Group, has posted net profit rise of 25% in the first quarter.
Net profit rose to Rs222 crore in the quarter ended 30 June, up from Rs177 crore in the corresponding period last year, the Mumbai-based company said in a statement to the Bombay Stock Exchange.
Total income rose 50% to Rs1,984 crore against Rs1,326 crore in the April-June 2006 quarter. Of this, the company earned Rs1,285 by way of sales of electrical energy, up 41% from the year-ago period, while interest income and forex gains garnered Rs360 crore.
However, one concern for the company is the rising cost of power purchased for distribution, which rose 113% for the April-June quarter to Rs671 crore.
The company reported an annualized earnings per share of Rs38.8 for the quarter, while the net worth of the company as of 30 June 2007 was Rs9,556 crore.
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First Published: Wed, Jul 18 2007. 05 47 PM IST