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Tech World Tech World Reliance Infra posts 25% growth in net profit
Tech World Tech World Reliance Infra posts 25% growth in net profit
| Reliance Infra posts 25% growth in net profit |
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| Written by Heman Kothari |
| Friday, 31 July 2009 15:26 |
 Anil Ambani-controlled ADAG's arm Reliance Infrastructure reported 25.3 per cent growth in its net profit for the first quarter of current financial year ended June 30, on account of high energy sales and better utilization of power generating plants. Its net profit stood at Rs 317 crore in the first quarter, as compared to Rs 253 crore in the previous quarter.Reliance Infrastructure reported 12 per cent increase in its revenue to Rs 2,691 crore for Q1. The company's CEO, Lalit Jalan said: "It's a whole infrastructure company in the making where we play in the entire electricity space across generation, distribution and transmission. We are also building roads, sea links, metros, airports and other businesses." The company, which supplies power to most parts of suburban Mumbai, is currently working on 11 projects worth Rs 13,500 crore in India - most of them scheduled for completion within two years. It sold 2761 million units of energy in first quarter, which is 9 per cent more than its previous power sale. A statement by the company reflected, "Owing to a decrease in fuel cost. Reliance Infrastructure availed of this opportunity to bank 150 megawatt of power at higher price in (fiscal fourth quarter) and used in this quarter at lower price." Shares of company surged 1.80 per cent to close down at Rs 1,185.10 on the Bombay Stock Exchange. |