Anil Ambani-promoted Reliance Power, which is setting up a power generation capacity of close to 34,000 Mw, reported 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 operationalise any of its planned power projects, said on Tuesday the company has cash and liquid balances of Rs 9,514 crore. The company had raised Rs 11,563.20 crore from its initial public offer in January, 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, Reliance Power said.
Commissioning activities are in an advanced stage for the first phase of the 600-Mw Rosa I project in Uttar Pradesh and synchronisation of the first unit would be completed soon. The unit is likely to commence commercial operations well ahead of its March-2010 schedule, the press release said.
Construction work has commenced for the 600-Mw expansion at Rosa and construction activities for the 600-Mw Butibori project in Maharashtra are also progressing as per schedule. Main plant construction activities are progressing in full swing for the 4,000-Mw Sasan ultra mega power project (UMPP) in Madhya Pradesh and significant progress has also been made on coal mine development, the release said.
