Reliance Power on Tuesday posted 22 per cent jump in net profit at Rs 240 crore for the April-June quarter, helped by its solar power business in Rajasthan and thermal unit in Uttar Pradesh.
The company had reported net profit of Rs 196 crore in the April-June quarter of the last financial year (2011-12), Reliance Power said in a statement.
On a standalone basis, however, the company's net profit fell from Rs 65 crore to Rs 47 crore.
The total income of the company showed a rise of 82 per cent at Rs 1,252 crore during the quarter, from Rs 689 crore in the same period of 2011-12.
However, on standalone basis, it decreased from Rs 119.5 crore for the quarter ended June 30, 2011, to Rs 73 crore for the quarter ended June 30, 2012, RPower said.
The operating income of the company jumped more than doubled at Rs 1,136 crore, from Rs 542 crore in the same period last fiscal.
"Our performance in this quarter has been highly satisfactory both in terms of revenue as well as profit growth. The 1,200 MW Rosa plant in Uttar Pradesh has been operating at a high operational efficiency and it generated over 2 billion units of electricity this quarter," J.P. Chalasani, Chief Executive Officer of Reliance Power, said in the statement.
He added, "The 40 MW solar photovoltaic plant that we have built in Rajasthan has contributed to the bottom-line in the first quarter."
Work at the Sasan UMPP in Madhya Pradesh and the associated coal mines is in full swing. Coal production is set to begin before the commissioning of the first unit of the Sasan UMPP, Chalasani said.
China has approved loans of USD 1.1 billion (Rs 6,200 cr) from Bank of China, China Development Bank and the Export Import Bank of China for the Sasan project.
The Sasan project has also secured loans of USD 800 million (Rs 4,500 cr) from US-Exim Bank and Standard Chartered Bank.
The company's current power generation capacity is 1,540 MW from all sources of energy including coal, gas and hydro.