Reliance Energy Q2 net up 34%

Reliance Energy Q2 net up 34%

Mumbai: Anil Ambani Group firm Reliance Energy Ltd today notched a 34.17% rise in net profit at Rs250.08 crore for the second quarter ended 30 September, against Rs186.39 crore for the same period last year.

Total income rose 13.65% to ,799.92 crore for the quarter from 1,583.70 crore in the year-ago period, the company said in a statement.

While the company’s income from sale of electrical energy in the quarter rose 40% to Rs1,259.45 crore, its income from EPC and contracts declined 44% to Rs282.28 crore as against Rs502.71 crore in Q2 FY07.

The company’s net profit for the half-year ended 30 September grew 30% at Rs472 crore against Rs363 crore in the corresponding period last year.

The total income during the six-month period rose to 3,712 crore from 2,900 crore in the previous period last year, up 28%.

The energy sales during the half year were Rs2,543 crore, up 40% against Rs1,823 crore in the comparable period last year.

Its consumer base in Mumbai supply area increased by about 0.02 lakh to 26 lakh customers during the period under review, the statement said.

The annualised earnings per share stood at Rs41.3.

Reliance Power, the company’s 51% subsidiary, has filed draft prospectus with marker regulator Sebi for IPO of 130 crore equity shares of Rs2 each. The company expects to raise nearly $3 billion (Rs12,000 crore) through the offering.