Reliance Power Q2 net up 2% to Rs.240 crore
RPower reported a net profit of Rs 240 crore for the second quarter ended September, compared with Rs 235 crore a year earlier. Net sales more than doubled to Rs 1,079 crore.
Capacity addition in the quarter helped offset a spike in fuel costs and lower other income. Other income fell to R102 crore from Rs 263 crore last year as the company put more money into project development.
Power and fuel costs rose to R637 crore from R289 crore in the year ago period, as it imported more coal — a trend that has squeezed profits across the industry — and paid for fuel at its upcoming Butibori project in Maharashtra.
The company said its 1,200-MW Rosa power plant in UP generated 1,655 million kilowatt-hours in the quarter versus 1,004 kilowatt-hours the previous year.
CEO JP Chalasani said in a media statement that the company is taking “rapid strides” in the development of its Sasan power project, which is expected to be commissioned “in the next few weeks”.
RPower had started coal production from its 20 million tonnes per year Moher and Moher-Amlohri mines in September, six months ahead of schedule. The coal mines were transferred to RPower when it won the competitive bidding process for the ultra mega power plant in 2007.
The project came
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