Reliance Power’s quarterly profit beat analyst expectations as net sales rose 35% in the quarter ended September 30, overcoming the nearly 32% increase in power and fuel expenses during the same period.
Four of the company’s power plants are operating at above 80% plant load factor, with two of them at 100%, according to a statement issued.
The 600MW Butibori power plant, which supplies power to the Mumbai distribution business, and the 40 MW solar plant located in Dhursar in Rajasthan, registered a PLF of 100%.
The power utility company reported a second quarter profit of Rs 253 crore and an operating revenue of Rs 1,783 crore. It’s net profit was nearly flat year-on-year (y-o-y). Analysts expected a profit of Rs 236 crore on sales of Rs 1,670 crore, according to a poll conducted by Bloomberg.
Reliance Power’s finance costs rose 57% y-o-y to Rs 261.08 crore.
The company, which does not have a CEO at the helm since the exit of JP Chalasani in December, said 3,300MW of its 3,960 MW Sasan Ultra Mega Power Project (UMPP) project was fully operational, with the last unit expected to be commissioned by the end of FY15.