The Hindu Business Line : Reliance Energy Q1 net up 22 pc; to pay Rs 1.10 interim

RELIANCE Energy Ltd (REL) has reported a 22 per cent jump in net profit for the first quarter ended June 30 at Rs 102.87 crore against Rs 84.60 crore in the same period last year.

The company announced an interim dividend of Rs 1.10 per equity share for the quarter, amounting to a payout of Rs 23 crore.

REL's turnover for the first quarter including power sales, income from EPC and contracts and other income stood at Rs 1,019.70 crore, 21 per cent higher than Rs 804.04 crore last year.

Electricity sales accounted for Rs 799.20 crore (Rs 651.27 crore), EPC contracts Rs 143.58 crore (Rs 112.44 crore), while other income - mostly interest earnings - stood at Rs 76.92 crore (Rs 40.33 crore).

Basic earnings per share during the quarter fell to Rs 5.95 (Rs 6.40).

The company sold 2,180 million units of power during the quarter under review, 12 per cent higher than 1,945 million units last year.

REL added 26,000 new customers in Mumbai, taking the total number up to 23.55 lakh, a release said.

Total expenditure for the quarter stood at Rs 795.45 crore (Rs 636.56 crore), with interest payments more than doubling to Rs 30.63 crore (Rs 10.36 crore).

Depreciation increased to Rs 81.06 crore (Rs 65.01 crore). It included an additional charge for depreciation of Rs 33.21 crore on plant and machinery at the company's Dahanu power plant, according to the release.

Investment as on June 30 included Rs 25.23 crore towards cost of acquiring equity shares of the company's three electricity distribution companies in Orissa, it added.

During the quarter, REL allotted 91.95 lakh equity shares on a preferential basis to the promoters and 9.99 lakh equity shares on conversion of 0.5 per cent foreign currency convertible bonds.

Accordingly, the company's paid-up equity share capital went up from Rs 175.26 crore to Rs 185.46 crore and the share premium account from Rs 2,326.09 crore to Rs 2,928.76 crore, leading to increase in net worth by Rs 612.87 crore, the release said.

Aggregate non-promoter shareholding in the company has gone up to 49.79 per cent during the quarter against 41.76 per cent last year.

REL filed a special leave petition in the Supreme Court on July 5, 2004 against a Mumbai High Court order directing Tata Power Company to provide a bank guarantee worth Rs 313.93 crore to REL, in the longstanding dispute of sharing of MSEB's standby charges.

REL has sought cash refund instead of bank guarantee from Tata Power.

The Supreme Court is expected to hear the appeal on July 26.