OREANDA-NEWS. Reliance Power Limited, a Reliance Group company, announced its un-audited financial results for the quarter ended December 31, 2012. The company’s Board of Directors approved the financial results at its meeting here.

Performance highlights include:

Q3 FY12-13

Q3 FY11-12

Operating Revenues

1,464 crore (USD 267 million)

457 crore (USD 83 million)

Other Income

122 crore (USD 22 million)

217 crore (USD 40 million)

Total Income

1,586 crore (USD 289 million)

674 crore (USD 123 million)

Net Profit

266 crore (USD 49 million)

204 crore (USD 37 million)

Announcing the results, J.P. Chalasani, the Chief Executive Officer of Reliance Power, said: “The third quarter has proved to be an excellent one for the company as we turned in outstanding operational and financial numbers. The net profit for the quarter grew 30% aided by record generation from our 1,200 MW Rosa power plant. On the construction side, pre-commissioning activities have started at our 3,960 MW Sasan Ultra Mega Power Project and the project is all set to be commissioned in this quarter, well ahead of the bid schedule”.

Q3 FY2012-13 HIGHLIGHTS

Operating Capacities

• 1,200 MW Rosa Power Plant in UP generated 2,407 million units (MUs) in this quarter (as against 987 MUs the previous year).

• Operating revenues almost tripled to 1,312 crore (from f457 crore the previous year).

• The second 300 MW unit of the Butibori project has been synchronised and is ready for full load operations. The first 300 MW unit was synchronised in Q1 FY2012-13.

• The 40 MW Dhursar solar PV plant in Rajasthan generated a record 15.2 million units in this quarter which resulted in a net profit of12 crore.

Capacities under Construction

• Pre-commissioning activities are in progress for the first 660 MW unit of the 3960 MW Sasan UMPP and the project is on track to be commissioned well ahead of bid schedule.

• The associated captive coal mine of the project, the Chhatrasal mine, with a capacity of 5 MTPA, received Stage I forest clearance in November 2012.

• Coal production has already commenced from the project’s other captive coal mines, the 20 MTPA Moher and Moher Amlori Extn. mines.

• Construction work is in full swing at the 100 MW Concentrated Solar Power (CSP) project in Dhursar, Rajasthan and the project is expected to be commissioned in Q1 FY14. This will be the first large CSP plant to be commissioned under the government’s National Solar Mission.

• The 45 MW wind project in Maharashtra is in its final stages of implementation and the project is expected to be commissioned by the end of March 2013.

Successful Offer for Sale (OFS)

In December 2012, the promoters of the Company successfully conducted an offer for sale (OFS) of 5.42% of the share capital of the Company. The OFS was oversubscribed 1.6 times with a cumulative commitment of 2,300 crore. Pursuant to the OFS, the public shareholding in Reliance Power has increased to 25%, thereby improving liquidity, apart from meeting regulatory requirements more than 6 months ahead of the deadline of June 30, 2013 fixed by SEBI.

About Reliance Power Limited

Reliance Power Limited, a part of Reliance Group, is India's leading private sector power generation company. The company has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with an operating portfolio of 1,840 MW. The company also has the largest captive coal reserves in the private sector, estimated at more than two billion tonnes. Besides, the company has purchased three coal mines in Indonesia and also has plans to develop coal bed methane based generation capacity.