BackReliance Power Q1 net profit rises 41% to `344 crore, beats estimates
Profit in June quarter got a boost from an increase in production at the Sasan ultra mega power project in Madhya Pradesh
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Anil Ambani-led Reliance Power Ltd on Tuesday beat analysts’ projections to post a 41% rise in June quarter net profit, aided by increased production at its Sasan power project in Madhya Pradesh.
Consolidated net profit for the quarter ended 30 June rose to ₹ 344.34 crore from ₹ 244.35 crore in the year earlier quarter, Reliance Power said in a statement. Net sales rose about 57% to ₹ 2,750.9 crore from ₹ 1,753.1 crore a year earlier.
Seven analysts polled by Bloomberg had expected a profit of ₹ 289.6 crore on sales of ₹ 2,685.3 crore.
This was also the first quarter of full operations for the company’s 3,960 megawatt (MW) Sasan project, which Reliance Power had been commissioning in parts since 2013. The project generated 6,948 million units of power during the quarter, the company said.
Last month, the firm along with subsidiary Sasan Power Ltd had jointly filed a writ petition in the Delhi high court challenging a coal ministry notification that cancelled the allotment of one of its three captive coal mines.
After the Chhatrasal coal field allocation was cancelled, only two—Moher and Moher-Amlohri district extension—are functioning. Last week, the high court sought a response from the centre by 6 October in response to the firm’s writ petition.
As on 30 June, Reliance Power operates power capacity of 5,945MW across its projects based on coal, gas, hydro and renewable energy. As on 31 March, the company’s total debt stood at ₹ 30,780.72 crore.
Reliance Power shares rose 2.53% to close at ₹ 44.60 on BSE on Tuesday, while the benchmark Sensex fell 0.84% to 27,866.09 points.
From the beginning of the year, the stock has fallen 27.61%, while the Sensex has gained 1.33%.
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.
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