Gets a big boost from interest earned on IPO money.
Anil Ambani-promoted Reliance Power has posted a net profit of Rs 244.5 crore for the year ended March 2009, compared with Rs 85.37 crore in the previous year.
The company, which is yet to start any of its planned power projects, said it received a total income of Rs 360.38 crore during the year. Company sources said that since Reliance Power was yet to start generating income from power generation, the income mainly came from interest accrued on its initial public offer (IPO) proceeds.
The company said it had utilised Rs 2,948.04 crore from the proceeds of its IPO, which was worth Rs 11,563.20 crore. The rest of the funds are parked in liquid and fixed maturity funds.
The company had a total expenditure of Rs 103.35 crore during the year, more than double the Rs 40.74 crore last year. The company had announced financial closure for its Rs 19,400 crore Sasan Ultra Mega Power Project this week.
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