Reliance Power’s quarterly profit beat Street estimates with a narrow margin, with sales missing analyst expectations as operational costs along with fuel and power costs jumped year-on-year.
The Anil Dhirubhai Ambani group company reported fourth quarter profit of R268.9 crore and net sales of R1,296.1 crore. Analysts polled by Bloomberg expected a profit of R1,339.89 crore on sales of R248.6 crore.
Operational costs for the quarter ended March 31 jumped nearly 73% to R30.67 crore y-o-y while power and fuel costs rose about 9% to R734.82 crore.
Reliance Power’s 1,200 MW Rosa plant — the thermal power project located in Shahjahanpur, Uttar Pradesh — had a plant load factor (PLF) of 95% during the quarter, up from the 84% in the October to December quarter.
Its 40 MW solar plant located in Dhursar in Rajasthan had a PLF of 20.6%, a marginal improvement over the previous quarter performance while its 45 MW wind project at Vashpet in Maharashtra operated at a PLF of 12%.
During the quarter, the company’s 600MW Butibori power plant became fully operational and will supply power to Reliance Infrastructure’s power distribution business in Mumbai.
The company, which does not have a CEO at its helm since the exit of JP Chalasani in December, said construction is in ongoing in the remaining three units in the Sasan Ultra Mega Power Project in Madhya Pradesh and expects it to be fully operational in FY15.