• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai , Oct. 19

RELIANCE Energy has reported 24.4 per cent increase in net profit for the second quarter ended September 30, 2005 on the back of moderately higher electricity sales and significantly higher income and results from its EPC and contracts business.

The company's net profit for the quarter amounted to Rs 159.57 crore, as against Rs 128.13 crore reported for the corresponding quarter of the previous fiscal.

Total income at Rs 1,161.36 crore (Rs 878.99 crore)was 32.2 per cent higher. Of this electricity sales constituted Rs 809.49 crore, up 15 per cent.

Income from EPC and contracts at Rs 233.4 crore (Rs 88.02 crore) rose 165 per cent; and other income, at Rs 118.47 crore, increased 36.4 per cent. Other income consisted mainly of interest income, said a news release from the company.

Segment results from the electrical energy business rose to Rs 92.72 crore, up from Rs 78.99 crore, while the EPC and contracts business reported results of Rs 44.38 crore, more than four times the results of Rs 9.42 crore recorded in the corresponding year-ago quarter.

The company's interest and finance charges for the quarter more than doubled to Rs 55.27 crore, while depreciation was marginally higher at Rs 87.06 crore (Rs 83.73 crore).

Profit before tax recorded a rise of 27.3 per cent, at Rs 179.58 crore.

Net profit for the half year currently ended recorded an increase of 37 per cent, rising to Rs 316 crore from Rs 231 crore year-on-year. Total income for the period rose 18 per cent, to Rs 2,246 crore.

For the half year, the company bought 2,177 million units of electricity from external sources which is 23 per cent higher compared to the previous corresponding period, but the cost of energy purchased increased only 8 per cent to Rs 571 crore, owing to lower per unit cost, said the company.

The EPC division's order book position is Rs 3,500 crore, said the news release.

The company's share price fell 3.25 per cent today to close at Rs 510 on BSE.

Directors: Reliance Energy Ltd has informed BSE that the board of directors of the company at its meeting held on October 19, 2005, has accepted the resignation of Mr Gautam Doshi from the board.

Further the company informed that the board also accepted the resignation of Mr K.H. Mankad as whole time director of the company, However, Mr Mankad would continue as Head of Finance.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Wipro Consumer Care revenues grow 24%

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line