Tuesday, July 19, 2005

Reliance Energy posts 42% growth in q1

RELIANCE Energy Ltd (REL) one of the leading brand names of India posted a net profit at Rs 156.63 crore for the first quarter of 2005-06, registering a 42-per cent growth over Rs 110.01 crore in the first quarter last year. The surge in profits came even as the utility brands income from its core activity - sale of electricity - fell during the period to Rs 783.24 crore from Rs 799.2 crore. The bulk of profits seems to have come from the Rs 58-crore rise in other income, mainly interest income, which stood at Rs 134.76 crore against Rs 76.92 crore last year. There was a rise in income from EPC and contracts at Rs 166.44 crore (Rs 143.58 crore). Thus, the total income for the quarter stood at Rs 1,084 crore, up 6 per cent from Rs 1,020 crore. The cost of energy purchased decreased 6 per cent to Rs 275 crore, owing to lower per unit cost. Reliance Energy Ltd shares dipped Rs 6.15 to close at Rs 650.40. The company ranks third among Indian private sector companies in terms of net worth that stood at Rs 6,514 crore as on June 30, 2005.