 "Anil Ambani")
Anil Ambani-owned Reliance Power Ltd reported a 6% fall in its consolidated net profit in the July-September 2016 ended period due to weaker operational performance.
For the September 2016 ended quarter, Reliance Power reported a net profit of Rs 272.07 crore, 6% lower from Rs 290.19 crore reported in the same period a year back. Income from operations in the second quarter fell 11% to Rs 2,082.23 crore, against Rs 2,329.85 crore reported in the same period a year back. The company's expenses for the September-ended quarter fell 13% to Rs 1,474.71 crore.
Finance costs for the company rose 14% to Rs 693.64 crore, against Rs 606.56 crore reported a year back in the same period.
The power producer missed the Street expectations for the September 2016 ended quarter. In a Bloomberg poll, five analysts estimated a net profit of Rs 301.2 crore and six analysts estimated revenue at Rs 2,556 crore. Earninge before interest, tax, depreciation and ammortisation or Ebitda was at Rs 1,144 crore.
On its operational assets, the company said its Sasan ultra mega power plant (UMPP) had an availability of 70%, the Rosa power plant at 97% and Butibori power plant at 90%. The company did not disclose the plant load factors for these units, which is an indicator of how much of the capacity was utilised to generate power.
