Anil Ambani-promoted power utility Reliance Infrastructure has posted a net profit of Rs 251.1 crore for the quarter ended December 2008, 16.6 per cent less from Rs 301.6 crore for the corresponding previous year quarter.
Company officials said the company had provisioned about Rs 90 crore in tax adjustments for previous years in the previous year quarter net profits. Excluding this, the current quarter figures are better by 20 per cent, when compared to last year quarter actual net profits of Rs 212 crore, they said.
Total income has increased by 59 per cent from Rs 1,797 crore for the previous year quarter to Rs 2,861 crore for the quarter ended December 2008.
"We have been buying power at high costs but our realisations have also increased correspondingly to post better sales, though margins are less," said a top official.
The company has bought back 87.60 lakh shares aggregating Rs 796 crore till date, as part of an earlier approved share buyback plan for Rs 2,000 crore. For the nine months ended December 2008, Reliance Infrastructure also provided for estimated unrealized loss of Rs 232 crore on account of revaluation of foreign exchange derivative instruments.
Its revenues from energy sales were Rs 5,730 crore for the nine months, compared to Rs 3,774 crore in the corresponding period of previous year, with an increase of 52 per cent.
During the last quarter, the customer base in Mumbai supply area increased by 0.3 lakh to
26.8 lakh customers, in spite of the prevailing open access regime, said a press release.
