Mumbai: Reliance Power Ltd on Wednesday said net profit in the December quarter rose 14.4% as its plants performed better, but the earnings failed to meet market expectations.
The Anil Ambani-led power producer reported a consolidated net profit of Rs275.70 crore, against Rs241.06 crore a year ago. Net sales rose 14.2% to Rs2,456.31 crore in the quarter from Rs2,150.49 crore a year earlier.
Both profit and sales missed analysts’ estimates. Five analysts polled by Bloomberg had expected Reliance Power to report a consolidated net profit of Rs354.8 crore on net sales of Rs2,715.40 crore.
Reliance Power’s 3,960 megawatt (MW) Sasan ultra mega power plant (UMPP) in Madhya Pradesh generated 7,718 million units during the quarter, operating at a plant availability factor of 89%, while the Rosa power plant in Uttar Pradesh generated 2,165 million units at 96%.
The Butibori power plant in Maharashtra generated 1,032 million units at availability of 97%, the company said in a statement. The rest of generation was contributed by the 40 MW Dhursar Solar PV plant in Rajasthan, a 45 MW wind capacity in Maharashtra, and a 100 MW concentrated solar power project in Rajasthan.
Total expenses in the quarter rose about 18.2% to Rs1,891.23 crore from Rs1,600.24 crore a year earlier.
Reliance Power operates nearly 6,000 MW of power capacity across its projects based on coal, gas, hydro and renewable energy.
Reliance Power shares closed up 0.55% at Rs46.05 on the BSE on Wednesday. The results were announced after market hours.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.