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Rel Infra logs 10 per cent rise in profit

business Updated: Jan 29, 2010 22:10 IST
HT Correspondent
HT Correspondent
Hindustan Times
Rel Infra logs 10 per cent rise in profit

Despite a sudden decrease in sales income, the Anil Ambani group flagship Reliance Infrastructure Ltd, earlier known as Reliance Energy, reported a 10 per cent increase in its net profit at Rs 277 crore for the third quarter ended December 31, 2009 .

The company had a profit of Rs 251 crore for the same period of the previous year.

Total income of the company, which also has interests in engineering and construction, fell by 12.5 per cent to

Rs 2,503 crore in the quarter from Rs 2,861 crore a year ago. Income from electricity sales — its main source of income — came down from Rs 1,965 crore to Rs 1,600 crore due to lower realisation and consumption.

Similarly, its income from EPC and contract division also decreased to Rs 634.84 crore as compared to Rs 681.72 crore for the same of the previous year.

For the nine months it reported a net profit of Rs 900.59 crore from Rs 792.70 crore a year ago, up 13.6 per cent.

The company said the final determination in the matter of standby charges payable to Tata Power is pending listing with the Supreme Court for final hearing. The company has so far fully accounted the liability of Rs 515.60 crore as determined by the Maharashtra Electricity Regulatory Authority.

Similarly, the final determination in respect to the claim by Tata Power of Rs 323.87 crore alone with interest towards difference in energy changes is pending with the supreme court, it said.