Reliance Power posts Rs 12 cr net profit in June quarter

Reliance Power has posted a consolidated net profit of Rs 12.28 crore for the quarter ended June 30, 2021.

In the year-ago quarter, the company had logged a loss of Rs 1.88 crore, Reliance Power said in a regulatory filing on Monday.

However, the total income of the company fell to Rs 2,062.59 crore in the first quarter of this fiscal, from Rs 2,137.10 crore in the year-ago period, it said.

Its expenses were at Rs 1,971.21 crore, lower from Rs 2,054.83 crore a year ago.

As the second wave of COVID-19 has substantially diminished, the demand for electricity has nearly bounced back to normal levels in line with the resumption of economic activities since the easing of lockdown in various states, the company said.

The second wave impacted distribution utilities in terms of demand for electricity, consumption mix, resultant average tariff realization, bill collections from consumers, and significantly reduced level of subsidy support from respective state governments. This in turn impacted monthly bill collections by generation companies.

The company further said it will continue the assessment of economic and financial risks arising on account of the COVID-19 pandemic.

In a statement, Reliance Power said "in spite of the ongoing pandemic it has reduced debt by Rs 1,031 crore and is on track to reduce debt by Rs 3,200 crore in FY22."

The company also informed its 3,960 MW (megawatt) Sasan Ultra Mega Power Project has achieved 97.3 per cent plant load factor (PLF).