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MUMBAI: Reliance Energy Ltd has reported a 22.7 per cent increase in net profit for the third quarter ended December 31, 2005. This is largely due to lower expenditure and is despite a flat growth in total income for the quarter.

Net profit for the quarter amounted to Rs 164.64 crore (Rs 134.22 crore). Total income was at Rs 1,137.63 crore (Rs 1,134.75 crore).

Total expenditure fell by 6.9 per cent to Rs 809.01 crore (Rs 869.49 crore). In particular, expenditure was lower on electrical energy purchased and cost of materials and sub-contracting.

Net sales of electricity fetched Rs 815.28 crore, up 10 per cent from a year ago. Income from EPC and contracts, at Rs 173.07 crore (Rs 190.74 crore), showed a decline. Other income too was recorded lower at Rs 149.28 crore (Rs 205.62 crore).

Interest and finance charges increased to Rs 46.74 crore, from Rs 35.58 crore. Depreciation was recorded at Rs 90.72 crore (Rs 84.06 crore).

Profit before tax amounted to Rs 191.16 crore, 31 per cent higher year-on-year. Provision for tax amounted to Rs 35.52 crore (Rs 4.02 crore).

Reliance Energy slid by 1.56 per cent on BSE, losing Rs 9.50 during the day to close at Rs 599.90.

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