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R-Power clocks Rs 263-crore net profit in Q1

Reliance Power Ltd, which is yet to start generation, has posted a net profit of Rs 263.3 crore for the first quarter of 2009-10, on a total income of Rs 335.5 crore during the period.

The company, which had mobilised over Rs 11,000 crore through its initial public offer (IPO), has a cash and liquid balance of Rs 9,585.4 crore, said a press release.

Work on its 600 Mw Rosa Phase-I project is ahead of schedule and is expected to start operations by year-end. Financial closure was achieved during the quarter for a total generation capacity of close to 5,000 Mw, in three projects involving a capital outlay of over Rs 25,000 crore.

The projects are the 4,000 Mw Sasan Ultra Mega Power Project (UMPP) (closure in April) and the 600 Mw Rosa Phase-II and 300 Mw Butibori, a few weeks earlier.

The capacity at Butibori is being expanded by another 300 Mw and the project is targeted for commissioning by March 2012.

The land acquisition process, obtaining of environmental clearance and water linkage to help commence construction of the 4,000 Mw Chitrangi Power Project is also on, said the press release.
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