Anil Ambani-promoted Reliance Power reported a 6.2% decline in consolidated net profit at R272 crore on the back of nearly 20% drop in electricity generation compared to the corresponding quarter a year ago.
The company had posted a net profit of R290 crore in the second quarter of the last fiscal, according to Ind-AS.
For July-September quarter, the firm generated 8,937 million units (MU) compared to 11,103 MU in the same period a year ago. The decline in generation was largely contributed to by RPower’s 4,000 MW ultra mega power plant in Sasan, Madhya Pradesh. The plant generated 5,798 MUs, down 26% compared to last year.
The demand of electricity has remained subdued this fiscal owing to financially stressed state-owned power distribution companies. The same is reflected in the Sasan UMPP generation as it provides power to seven states including Madhya Pradesh, Uttar Pradesh, Punjab, Delhi, Haryana, Rajasthan and Uttarakhand.
Total income for the company decreased to R2,562 crore, a fall of nearly 7% compared to the comparable quarter last year.