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Reliance Power profit up 11%

business Updated: May 27, 2011 22:49 IST
HT Correspondent

Reliance Power, a part of the Anil Dhirubhai Ambani Group, on Friday announced an 11% increase year-on-year in its net profit at Rs 760.4 crore for the financial year ended March 31, 2011. The company, India's largest private sector player in power sector, had reported a net profit of Rs 683.9 crore in the last financial year (2010-11).

Total income of the company jumped by 124% at Rs 1,893 crore as compared to R843.4 crore during the corresponding period in the previous fiscal.

Encouraged by the result, shares of the company rose about 5% to close at R116 on the Bombay Stock Exchange (BSE).

Reliance Power currently has an operational capacity of 600 MW at its Rosa thermal power plant in Uttar Pradesh. It plans to hike this capacity to 5,000 MW by 2012, it said.

The company is also executing three ultra mega power projects at Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh) and Tilaiya (Jharkhand). These projects are of 4,000-MW capacity each.

"The first 660-MW unit of the Sasan (4x660) project is likely to be commissioned in 2012" said the company in a filing to BSE.