The company had posted a profit of Rs 266 crore in the same quarter a year earlier.
Total income dropped to Rs 1,484 crore from Rs 1,586 crore in the corresponding period last year, Reliance Power said in a statement.
Finance costs rose to Rs 180 crore from Rs 149.26 crore a year earlier.
The second 660 MW unit of the company's 4,000 MW ultra mega power project at Sasan in Madhya Pradesh was commissioned in January. The third 660 MW unit is at an advanced stage of construction and is expected to be commissioned in this quarter, according to the statement.
Reliance Power has power projects worth 3,205 MW based on coal, gas, hydro and renewable energy.
The company has captive coal reserves estimated at 2 billion tonnes and is developing three coal mines in Indonesia. It is also developing coal bed methane blocks in India.