Reliance Power reported benign earnings for its June quarter due to lower sales off-take. It has also commissioned the 45 megawatt wind plant in Vashpet
Reliance Power Ltd reported a flat net profit for the first quarter to end-June on lower sales. For the quarter to end-June, the Reliance-Anil Dhirubhai Ambani (R-ADA) group company said, its consolidated net profit remained flat at Rs240.06 crore from Rs239.50 crore, while its consolidated net sales declined 1.2% to Rs1,122.85 crore from Rs1,135.75, same period last year.
JP Chalasani, chief executive of Reliance Power, said, “The regulatory approval for selling power on the cost-plus basis from the 600 megawatts (MW) Butibori power project would page the way for substantially mitigating the sectoral challenges such as fuel and commercial risk for the plant and I am confident of improved performance once the off-take commences.”
During the quarter, the company commissioned the 45MW wind project in Vashpet. The company also generated a record 20 million units at its Dhursar solar plant. Meanwhile, its 1,200MW Rosa power plant operated at an availability of 100% at a plant load factor of 72%.
The company said that the construction activities are in progress for the second 660MW unit of the 3,960MW Sasan ultra mega power plant (UMPP) and the project is on track to be commissioned ahead of bid schedule. Similarly, the construction work is in full swing at the 100MW concentrated solar power project in Dhursar, Rajasthan, the R-ADA group company said.
Reliance Power closed Tuesday 3.5% down at Rs72.3 on the BSE, while the 30-share Sensex ended the day 1.3% down at 19,348.
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