Mumbai: Reliance Power (RPower) Friday posted over 30.26 percent growth in net profit for December quarter at Rs 265.58 crore on account of improved operational performance.
The Anil Ambani-led company had recorded a net profit of Rs 204 crore in the same period, last fiscal.
RPower's total income for the quarter grew over two-fold to Rs 1,586 crore for the October-December period.
"The increase in revenue is a reflection of the better performance of the 1,200-mw Rosa plant in UP, which is fully operational and operating at a plant load factor of 103 percent," RPower Chief Executive JP Chalasani told reporters here.
The Rosa plant generated 2,407 million units (MUs) during the period, as against 987 MUs in the same period last fiscal, while its 40 mw solar PV plant in Rajasthan generated a record 15.2 million units during the quarter.
Investors appeared to cheer the better-than-expected earnings and RPower scrip jumped 5.42 percent to Rs 94.40 on the BSE, whose main gauge Sensex rallied nearly one percent to a two-year high ahead of the monetary policy announcement on Tuesday, where it is widely expected that RBI will ease lending rates.
Commenting on the numbers, IndiaNivesh Securities Research head Daljeet S Kohli said the RPower earnings are much ahead of the market expectations.
"We believe the company's capacity addition will drive its growth going ahead. However, in near-term higher international fuel prices, tariff issue of UMPPs and any delay in capacity addition will be key concern for the stock," Kohli said.
Chalasani said the first unit of the 3,960 MW Sasan ultra mega power project is expected to commence operations in the next few weeks. Besides, the 100 mw solar CSP project in Rajasthan is also set to be commissioned in the first quarter of FY'14.
"This project will be the first and only large concentrated solar power plant in the country under the National Solar Mission," he said.
Meanwhile, coal production has already commenced from the project's other captive coal mines, the 20 mtpa (million tonne per annum) Moher and Moher Amlori extension mines.
The company has synchronised the second unit of 600 MW Butibori project and the entire project is expected to commission in the next fiscal, he said.
On the progress of the company's first Rs 6,000-crore worth 700 MW Tato II hydro project in Arunachal, Chalasani said: "We have already received environment and techno-economic clearances and are in the process of signing power purchase agreements with Delhi and Mumbai discoms.
"We will soon attain financial closure for this and we expect the work on the project to be commissioned in this quarter," he said.
The company's 45 mw wind project in Maharashtra is in its final stages of implementation and is expected to be commissioned by end March, he added.
First Published: Friday, January 25, 2013, 21:43