Re­liance Power Q1 net profit rises 41pc

The Pak Banker - - COMPANIES/BOSS -

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 ul­tra mega power pro­ject (UMPP) in Mad­hya Pradesh.

Con­sol­i­dated net profit for the quar­ter ended 30 June rose to Rs.344.34 crore from Rs.244.35 crore in the year ear­lier quar­ter, Re­liance Power said in a state­ment. Net sales rose about 57% to Rs.2,750.9 crore from Rs.1,753.1 crore a year ear­lier.

Seven an­a­lysts polled by Bloomberg had ex­pected a profit of Rs.289.6 crore on sales of Rs.2,685.3 crore.

This was also the first quar­ter of "full oper­a­tions" for the com­pany's 3,960 megawatts (MW) Sasan pro­ject, which Re­liance Power has been com­mis­sion­ing in parts since 2013. The pro­ject gen­er­ated 6,948 mil­lion units of power dur­ing the quar­ter, the com­pany said.

Last month, the com­pany along with its sub­sidiary Sasan Power Ltd, which op­er­ates the Sasan UMPP, had jointly filed a writ pe­ti­tion in the Delhi high court chal­leng­ing a Union coal min­istry no­ti­fi­ca­tion that can­celled the al­lot­ment of one of its three cap­tive coal blocks.

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