Mumbai, May 24 (IBNS) Anil Ambani-led Reliance Power Limited posted a net profit of Rs 231 crore ($ 45 million) in the March quarter as against Rs 186 crore, registering an increase of better than expected 24 percent. Reliance Power stocks shot up soon after.
The consolidated net jumped 40 per cent in Q4 as against Rs 165.2 crore in the corresponding period a year ago.
The Q4 total income of Rs 653 crore ($ 128 million) is an increase of 9 percent, according to Reliance Power Limited which announced its financial results for the quarter and year ended March 31, 2012 on Thursday.
The FY12 total income of Rs 2767 crore ($ 541 million) is an increase of 46 percent.
The FY12 operating revenues of Rs 2019 crore ($ 395 million) is an increase of 91 percent.
The company's Board of Directors approved the financial results at its meeting here Thursday.
Announcing the results, J.P. Chalasani, the Chief Executive Officer of Reliance Power, said; "We have successfully completed commissioning of the 1,200 MW Rosa plant in Uttar Pradesh four months ahead of PPA schedule again showcasing our strong project execution abilities."
"The 600 MW Rosa Phase I plant operated at an availability of over 86% for the year and generated net profit of Rs 335 crore. We have successfully commissioned India's largest Solar photovoltaic project, a 40 MW project in Rajasthan, in just 129 days and are well on track to become a 5,000 MW operating company by end of 2012," he said.
. 600 MW Rosa Phase I operated at a PLF of 80.3% generating 4,233 million units (MUs) of power compared with 2,843 MUs in the previous year.
. Operating revenues from Phase I has almost doubled to Rs 1,931 crore from Rs 1,023 crore in the previous year.
. Net profit for Phase I at Rs 335 crore from Rs 131 crore in the previous year.
. 600 MW Rosa Phase II commissioned in March 2012, four months ahead of ahead of PPA schedule
. 40 MW Solar PV project commissioned in March 2012 in a record time of just 129 days from start of construction. The project was fully financed by debt from US-Exim and ADB.
Capacities under Construction:
. Steam blowing has been completed for the first 300 MW unit of the 600 MW Butibori project in Maharashtra and the unit is expected to be synchronized in this quarter.
. Two of the gas turbines of India's largest gas-based project - the 2,400 MW Samalkot Power Project in Andhra Pradesh synchronized while two more gas turbines tested at Full Speed No Load (FSNL).