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Updated: July 30, 2013 16:06 IST

Reliance Power Q1 net profit flat at Rs 240 crore

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Reliance Power on Tuesday said its consolidated net profit remained flat at Rs 240 crore in the first quarter ended June 30.

The company had reported a profit of Rs 239.5 crore in the corresponding quarter of the previous financial year, Reliance Power said in a statement.

Total income declined to Rs 1,206 crore in the quarter as against Rs 1,252 crore in the same period last fiscal.

Reliance Power, which has a generation capacity of 2,545 MW, said construction work is in progress for the second 660 MW unit of the 3,960 MW Sasan ultra mega power project and the plant is on track to start ahead of the bid schedule.

“Regulatory approval for selling power on cost—plus basis from the 600 MW Butibori power project would pave the way for substantially mitigating the sectoral challenges such as fuel and commercial risks for the plant and I am confident of improved performance once the offtake commences,” J.P. Chalasani, Chief Executive Officer of Reliance Power, said in the statement.

The company’s 45 MW wind project in Vashpet in Maharashtra was commissioned in June.

Construction work is in progress at a 100 MW solar power project at Dhursar in Rajasthan, which is expected to be commissioned this year. The project has received approval for carbon credits.

The company plans to develop coal bed methane based generation capacity, the statement added.

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