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Thursday, Jan 20, 2005

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Reliance Energy Q3 net rises 152%

Our Bureau

Mumbai , Jan. 19

OTHER income, including income from sale of securities and interest earnings, to the tune of Rs 206 crore has helped Reliance Energy Ltd to report a 152 per cent jump in its third quarter net profit.

The company has posted a PAT of Rs 134.22 crore as against Rs 53.41 crore in the year ago period. However, REL has restated the third quarter net profit for the previous year. Last year the company had reported a third quarter net profit of Rs 93 crore.

According to the company, last year's figures were realigned by removing six months' unaudited figures of two of its subsidiaries BSES Andhra Power Ltd and Reliance Salgaonkar Power Company Ltd for the period ended September 30, 2003. Both these companies were amalgamated with REL with effect from April 1, 2003, as per the orders of Mumbai and Andhra Pradesh High Courts.

REL on Wednesday announced an interim dividend of Rs 1.10 per share entailing an outgo of Rs 23 crore.

Total income, including sales, income from engineering contracts and other income for the quarter, was Rs 1,134.75 crore, up by 26 per cent from Rs 899.94 crore.

According to company officials, REL has earned substantial interest from its Rs 5,200-crore cash balance deployed in various funds and securities.

Total expenditure for the third quarter stood at Rs 869.49 crore (Rs 726.42 crore). REL paid interest charges of Rs 35.58 crore (Rs 19.56 crore) and depreciation outgo was Rs 84.06 crore (Rs 81.37 crore).

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