Reliance Power FY'10 profit grows 9.6%

The power business arm of the Anil Ambani-led ADAG group, Reliance Power Limited (RPL), has reported a 9.6% rise in its net profit, which reached Rs 273.23 crore, from Rs 248.9 crore recorded a year ago. The total income of the company also increased from Rs 334.71 crore, in the 2008-09 fiscal, to Rs 388.07 crore in the fiscal-ended March 31, 2010. On consolidated basis, the group has posted a three-fold growth in its net profit, which jumped to Rs 683.89 crore, from Rs 244.50 crore registered in the previous fiscal.

During the 2009-10 fiscal, the company achieved commercial operation of its first power generation unit at Rosa in the Shahjahanpur district of Uttar Pradesh. The project has been proposed to be developed in two stages of 600 MW, each. RPL has entered into a power-purchase-agreement (PPA) for sale of the entire 600 MW of power that would be generated by Stage-I of the project to Uttar Pradesh Power Corporation Limited (UPPCL). The company is currently developing 16 large and medium sized power projects, with a combined planned installed capacity of 33,780 MW, one of the largest portfolios of power generation assets under development in India.