Reliance Power today posted a two per cent rise in net profit to Rs 240 crore for the quarter ended September, aided by increase in capacity addition.

The company saw a 121 per cent rise in operating revenue at Rs 1,079 crore (Rs 488 crore), with IPO proceeds being increasingly deployed in its core business.

R Power’s other income dropped substantially to Rs 102 crore (Rs 263 crore) in the quarter ended September 30. Proceeds from the IPO total Rs 11,563 crore, of which the company has utilised Rs 11,557 crore.

J.P. Chalasani, Chief Executive Officer, said: “Revenue from operating assets grew 121 per cent to Rs 1,079 crore. The company also made strides in the development of the 3,960-MW Sasan ultra mega power project with the light-up of the boiler of the first 660 MW, supercritical unit.

“Coal production from the associated coal mines has also started and the project is set to be commissioned in the coming weeks.”

Chalasani said about one lakh tonnes of coal have been mined so far.

R Power’s 40 MW Dhursar solar PV plant in Rajasthan generated 13.8 million units.

The first 300 MW unit of the Butibori project in Maharashtra has been synchronised.

The boiler light up for the second unit has been done and the project would also be commissioned by this year end.

Civil works is on for the 100 MW concentrated solar power project in Dhursar, Rajasthan. It is expected to be commissioned by May, 2013.

On the 4,000-MW Krishnapatnam power project, he said the procurers and the generator were in discussions and need to report back to court on November 22, on the progress made on the tariff hike sought by R Power.

On Monday, the company scrip closed flat at Rs 97.30 on the BSE.

shanker.s@thehindu.co.in

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