Reliance Power Q4 net zooms three-fold at Rs 216 crore

Mumbai, April 13 (IANS) Reliance Power on Wednesday posted a whopping over 250 per cent surge in consolidated net profit for the fourth quarter ended March 31 at Rs 216 crore, boosted by a 40 per cent fall in tax expenses during the period.

The company had recorded a profit of Rs 61.6 crore in the same period of fiscal 2015-16.

Reliance Power's consolidated revenue during the quarter in question came in at Rs 2,466 crore, which was almost unchanged from the revenue during the corresponding quarter of the previous fiscal.

The company had registered a rise in its net profit in three of the four quarters preceding March quarter.

Net profit for the whole of 2016-17 at Rs 1104 crore was a 23 per cent rise over the PAT of Rs 895 crore posted for 2015-16.

Among the operational highlights during the last fiscal, Reliance Power said its 3,960 MW ultra mega power project (UMPP) at Sasan in Madhya Pradesh generated 29,476 million units operating at availability of 86 per cent.

"Captive coal mines of Sasan UMPP produced 17 million tonnes of coal, highest among the private sector players in the country," the company said in a statement.

Earlier this week, Reliance Power executed project agreements with Bangladesh Power Development Board (BPDB) for Phase I of the 750 MW liquefied natural gas (LNG) power project at Meghnaghat, near Dhaka, worth $1 billion, out of a total proposed investment of $3 billion.

The Reliance Power stock closed on Thursday at Rs 47.35 a share, down 1.35 per cent, 0.65 per cent over its previous close on the BSE.

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