Mumbai: Reliance Power Ltd said third quarter profit, including that of its units, rose 30% as the company boosted power production at its Rosa plant in Uttar Pradesh.
Net profit rose to Rs 266 crore in the three months ended 31 December from Rs 204 crore in the year earlier, the company said.
Total income more than doubled to Rs 1,586 crore from Rs 674 crore. Power production at its 1,200 megawatts (MW) Rosa plant rose to 2,400 million units in the third quarter from 987 million units last fiscal.
“The net profit for the quarter grew 30% aided by record generation from our 1,200MW Rosa power plant. On the construction side, pre-commissioning has started at our Sasan ultra mega power project and it is all set to be commissioned this quarter, well ahead of the bid schedule,” said J.P. Chalasani, chief executive of Reliance Power. The Sasan project has a capacity of 3,960MW.
Promoters sold a 5.42% stake in December 2012 to comply with the Securities and Exchange Board of India’s guidelines to bring the minimum public shareholding in non-state listed companies to 25%.
Reliance Power rose 5.42% to Rs 94.40 on Friday on BSE. The benchmark Sensex rose 0.90% to 20,103.53 points.
Reliance Power has sued HT Media Ltd, publisher of Mint, in the Bombay high court over a 12 May 2010 front-page story in Mint t hat it disputed. HT Media is contesting the case.