According to reports, Anil Ambani’s Reliance Power on Tuesday posted a 22% increase in net profit at Rs 240 crore for the April-June quarter on the back of its solar power business in Rajasthan and thermal unit in Uttar Pradesh. The company had reported a net profit of Rs 196 crore in the last year’s corresponding period. But, a company statement said, the firm’s net profit fell from Rs 65 crore to Rs 47 crore on a standalone basis.
“The 1,200 mw Rosa plant in UP has generated over two billion units of electricity this quarter… The 40 mw solar plant that we have built in Rajasthan has contributed to the bottomline in the first quarter,” company CEO J P Chalasani said in the statement.
Total income rose 82% at Rs 1,252 crore during the quarter from Rs 689 crore in the same period of 2011-12. On standalone basis, however, it decreased from Rs 119.5 crore for the quarter ended June 30, 2011, to Rs 73 crore for the quarter under review. Operating income of the company more than doubled at Rs 1,136 crore from Rs 542 crore in the same period last fiscal.halasani said work on the Sasan ultra-mega power project in MP and the associated coal mines is in full swing. Bank of China, China Development Bank and Export Import Bank of China have approved loans of $1.1 billion (Rs 6,200 crore) for the Sasan project.