Reliance Power, an Anil Dhirubhai Ambani Group company, posted an increase of 11% in consolidated net profit to R760 crore for the full year ended March 31, 2011 against R684 crore last year.
The total income for the period increased to R1,055 crore from R 21 crore on the back of sale of energy from two units of the generating plant at Rosa, Uttar Pradesh (UP). Revenues from power generation was R1,024 crore against R21 crore last year.
The company’s revenues from project management, supervision and support services for generation and allied processes was R 31 crore in the year ended March 31, 2011. There was no income from this head last year.
On a standalone basis, the company’s net profit for the full year ended March 31, 2011 remained flat at R275 crore against R273 crore recorded last year. Total income for the period increased 300% to R36 crore from R8.5 crore last year.
Net profit for the fourth quarter ended March 31, 2011 was up by 75% to Rs 63 crore from R36 crore in the corresponding quarter last year. Total income also increased by 87% to Rs 101 crore against R54 crore same quarter last year.
Reliance Power currently has an operational capacity of 600mw at its Rosa thermal power plant in Uttar Pradesh. It plans to hike this capacity to 5,000 MW by 2012, company said in a statement.
The first unit of the 3,960 MW coal-based Sasan Ultra Mega Power Project is expected to be commissioned in 2012, it said. Approval for the mining plan for producing 40 million tonnes per annum from Tilaiya coal mines has been received from the government and development activities are under progress, it further added.
The company is also constructing a 2,400 mw gas-based power project at Samalkot in Andhra Pradesh, which is likely to be commissioned by this year-end. Reliance Power’s shares closed up 4.84% on Friday at R115.85 on the Bombay Stock Exchange.