Reliance Power Q1 net profit rises 41pc
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.