Reliance Power posts 42% rise in profit

MUMBAI: Reliance Power reported a 42% year-on-year increase in net profit of Rs 204 crore for the third quarter of 2011-12, driven by higher power generation and other income.

The power utility’s total operating revenue in the December quarter stood at Rs 457 crore, up 82% year-on-year.

“Our 600 megawatts Rosa plant continues to run at high operational efficiency and financial profitability. The third 300 mw unit at Rosa has been successfully commissioned three months ahead of power purchase agreement schedule,” said Chief Executive Officer JP Chalasani.

Reliance Power said that the gas turbines of the 2,400 mw Samalkot Project are ready for synchronization and power generation and the company was hopeful of getting gas allocation for the Samalkot unit. “What is important is—are we there to get the gas? And we’re there. We are optimistic about getting gas,” said Chalsani.

Company’s other income, which is primarily the returns on its mutual fund investments, more than doubled to Rs 217 crore in October-December from Rs 104 crore a year ago. Reliance Power currently has an operational capacity of 900 megawatts at its Rosa power project in Uttar Pradesh.

The company said that it would commission the last unit at Rosa and scale up the capacity to 1,200 mw by March. The company, which is executing three out of the four 4,000-mw ultra mega power projects, said that its Sasan Ultra Mega Power Project in Madhya Pradesh is likely to commission first unit ahead of schedule by December 2012.