Reliance Power said on Thursday that the company recorded a 252% rise in net profit in the fourth quarter to Rs 216.9 crore.
Reliance Power said on Thursday that the company recorded a 252% rise in net profit in the fourth quarter to Rs 216.9 crore. The company was significantly helped by a 40% drop in tax expenses to Rs 69 crore in this quarter. Revenue from operations was nearly unchanged at Rs 2,466.5 crore. Lower fuel and finance costs also helped the company to cut its expenses by about 3% to Rs 2,311 crore in the quarter. For FY17, Reliance Power recorded a more than 23% rise profit to Rs 1,104 crore. Its annual tax expenses dropped by 42% to Rs 321.3 crore.
The Anil Ambani-led company generated Rs 10,396 crore revenue from power production in the fiscal. At a time when private power plants are struggling with dwindling plant load factors due to low electricity demand, the average plant load factor (PLF) at the company’s thermal power plants was 77%. Overall private sector PLF in FY17 was merely at 56.17%.
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The PLF of its 1,200-MW Rosa power plant in Uttar Pradesh improved to 75% from 67% in the FY16, generating 7,914.2 million units (MU). Generation at the 600-MW Butibori power plant in Maharashtra fell to 3,742 MU, from 4,030 MU in the same period a year ago. The 3,960-MW Sasan ultra mega power plant in Madhya Pradesh generated 29,414 MU, a fall from 31262.3 MU a year ago. However, the PLF of the plant maintained an impressive rate of 85%.
Reliance Power, with a portfolio of nearly 6 GW across thermal coal and renewable energy projects, is a part of Reliance Group.