Published: Wed, September 14, 2016
Economy | By Melissa Porter

Reliance Power Q1 net up 12 per cent

Reliance Power Q1 net up 12 per cent

It had posted a net profit of Rs 58.42 crore in the year-ago period, Mumbai-based developer had said in a regulatory filing.

Its income from operations dipped 47.22 per cent for the quarter under review at Rs 1,810.75 crore, compared with Rs 3,431.14 crore in the year-ago period.

Earnings before interest, taxes, depreciation and amortisation increased 5.3 percent to Rs 1,142 crore from Rs 1,084.2 crore year-on-year.

On standalone front, the company's net profit of Rs 397.23 crore, increased by 7.66% yoy.

The total income was also down to Rs 2748 crore from Rs 2765 crore.

During the quarter under review, the company's Sasan UMPP (Ultra Mega Power Project) in Madhya Pradesh generated 8,003 million units, operating at availability of 92.6 per cent.

The Mumbai distribution unit under its power business recovered "Rs 241-crore arrears in Q1 2016-17, totally recovered Rs 2,488 crore till date" and added 16,800 new consumers during the quarter.

Earlier this year, in one of the biggest deals in the domestic cement industry, debt-ridden Jaypee Group had announced part sale of its cement business to Kumarmangalam Birla-led Ultratech for Rs 15 900 crore.

On September 12, the share price of Reliance Power declined by 4.77 per cent on bourses; and closed at Rs 51.5 on an intraday basis.

According to RInfra, discussions are in advanced stage to monetise the entire road portfolio. It has won arbitration award for two road projects - NK Toll Road & DS Toll Road worth Rs 170 crore.

The company added that it has acquired the management control of Reliance Defence & Engineering Ltd (RDEL) erstwhile Pipavav Defence and Offshore Engineering Company Ltd and executed sub concession agreement valid upto 2046.

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