Anil Ambani promoted Reliance Power, which is setting up close to 34,000 mega watt(Mw) of power generation capacity, has posted a net profit of Rs 194.5 crore for the quarter ended September 30, 5.2 times higher than the Rs 37.2 crore net profit for the corresponding quarter, last year.
Reliance Power, which is yet to start any of its planned power projects, said on Tuesday the company has cash and liquid balances worth Rs 9,514 crore. The company had raised Rs 11,563.20 crore from its initial public offer in February, 2008.
Total income grew 4.32 times to Rs 246.1 crore for the quarter, from Rs 56.9 crore for the quarter ended September 30, 2008, said Reliance Power.
Commissioning activities are in advanced stage for the first phase of 600 Mw Rosa project in Uttar Pradesh and synchronization of the first unit is targeted soon. The unit is likely to commence commercial operations well ahead of its March 2010 schedule, said the press release.
Construction work has commenced for the 600 Mw expansion at Rosa and construction activities for the 600 Mw Butibori project in Maharashtra is progressing as per schedule. Main plant construction activities are progressing in full swing for the 4000 Mw Sasan ultra mega power project (UMPP) in Madhya Pradesh and significant progress has also been made on coal mine development.
Project development activities have been put on fast track for the 4000 Mw Chitrangi power project in Madhya Pradesh and significant progress has been achieved with regard to obtaining land, water and environmental clearances for the project, said the release.
International Competitive Bidding (ICB) for engineering, procurement and construction of 8,000 Mw of gas power projects are also on, said the release.