Reliance Power Limited
NSE Symbol RPOWER
CONSOLIDATED RESULTS
FOR 3RD QTR ENDING DEC,2010
RELIANCE POWER LIMITED has declared its third quarter consolidated Results for Q/E December,2010.
Net Sales at Rs.251 cr is up by 48.96 % compared to Q2 FY 11 and By 80.35% compared to Q1 FY 11. It can be seen that the Net sales on consolidated basis is improving with each quarter.
Total Expenditure is Rs.197 Cr – up by 10.89% compared to Q2 FY 11 and by 28.27% compared to Q1 FY11.
Profit from Operations is Rs.53.92 cr, compared to Rs.(-)9.30 cr in Q2 FY11 and Rs.(-)14.54 cr in Q1 FY 11 and Rs.(-)26.90 cr in Q3 FY 10.
Other Income is LOWER at Rs.104 cr – compared to Rs.344 cr in Q2 FY11; Rs.287 cr in Q1 FY 11 and Rs.179 Cr in Q3 FY 10. There is a steel fall in other Income in current qtr (Q3FY11).
Interest Expenditure is Higher Rs.69 cr; compared to Rs.50 cr in Q2 FY 11; and Rs.29 cr in Q1 FY 11.
Tax Expense is LOWER at Rs.(-)54 cr – compared to Rs.50 cr in Q2 FY 11; Rs.49 cr in Q1 FY 11; and Rs.19 cr in Q3 FY 10.
Consolidated Net Profit is Rs.144 cr – down by 38.84% from Q2 FY11 ; down by 26.51% from Q1 FY 11 and up by 7.46% from Q3 FY 10. Main reason seems to be lower other income in Q3 FY11.
Paid-up Equity has gone up to Rs.2805.08 cr in current qtr , compared to Rs.2396.80 cr in Q2 FY 11.
Public shareholding (%) has gone up to 19.58% in Q3 FY 11 from 15.22% in Q2 FY 11.
Basic EPS (in Rs.) on the increased Equity is Rs.0.52; compared to Rs.0.98 in Q2 (on lower equity); Rs.0.82 in Q1 FY 11; and Rs.0.56 in Q3 FY 10.
The company’s profitability hinges on Fast Execution of its current projects and steering clear of environmental and other problems with Government.
What we understand is - in 2011, there is no additional capacity likely to come in. In FY12, both units of Rosa are likely to come in with 600 MW in Dec’ 2012 and March 2012. Butibori unit will also come in. After that, the Samalkot gas-based based plant will be commissioned. FY13 onwards, other capacities will be commissioned in a regular stream. The company does not expect any hitch in getting gas allocations needed for its projects.
As each Plant gets commissioned, the sales and Profits will keep making quantum leaps, as usually happens with power projects. The company is seriously substituting cheaper external credit in place of costlier local credits – to reduce interest costs. This will stand the company well, for the long term.
KEY HIGH LIGHTS
4,000 MW Sasan UMPP in Madhya Pradesh becomes the world’s largest power generation plant to be registered with Clean Development Mechanism Executive Board (CDM-EB) of United Nations Framework Convention on Climate Change (UNFCCC). The registration with CDM-EB allows Reliance Power’s Sasan Project to earn certified emission reduction (CER) credits. The Project will generate approximately 22.5 Million CERs for the initial 10 years of operation. At the prevailing prices, the expected incremental revenue from the sale of CERs is over ` 2,000 crore.
600 MW Rosa Power Plant Phase I in Uttar Pradesh is now running consistently at its rated capacity after resolution of issues related to non availability of coal and evacuation system.
The 2,400 MW gas based power plant at Samalkot is on track to begin commissioning by year end. The first two gas turbines will be shipped from USA in May 2011. It will be India’s largest gas based plant and is being executed in the shortest ever time period.
The coal based power projects of over 20,000MW are progressing as planned.
Development of Sasan and Tilaiya coal mines is on schedule to meet the commissioning timelines of the respective power plants. The first batch of coal mining equipment for Sasan coal mines will be shipped from USA in March 2011.
Memorandum of Understanding (MOU) has been signed with Government of Indonesia for development of company’s captive coal mines in Indonesia and associated infrastructure facilities for transportation of coal. This will ensure a reliable long term supply of coal for the 4,000 MW Krishnapatnam UMPP
Exploratory work has commenced in all the four CBM blocks of the Company and drilling work has started in the Sohagpur block in Madhya Pradesh.
RESULTS TABLE :
| Q3 FY 11 | ||||
| Net Sales | 25129.36 | 16869.4 | 13933.6 | - |
| DIF %1 | 251 | 48.96 | 80.35 | |
| Raw Materials | 13275.58 | 9972.07 | 7356.9 | - |
| Employees Cost | 1961.96 | 1534.56 | 1608.33 | 1211.04 |
| Depreciation | 774.44 | 3749.27 | 2375.05 | 16.11 |
| Other Expenditure | 3724.89 | 2543.45 | 4047.22 | 1462.83 |
| Total Expenditure | 19736.87 | 17799.35 | 15387.5 | 2689.98 |
| DIF %2 | 197 | 10.89 | 28.27 | |
| Profit from Operations | 5392.49 | -929.91 | -1453.9 | -2690 |
| Other Income | 10383.78 | 34371.6 | 28741 | 17915.8 |
| Profit bef. INT& EI | 15776.27 | 33441.68 | 27287.01 | 15225.8 |
| Interest | 6852.45 | 4990.22 | 2896.07 | - |
| Profit after Int. BB EI | 8923.82 | 28451.46 | 24390.94 | 15225.8 |
| Profit before tax | 8923.82 | 28451.5 | 24390.9 | 15225.8 |
| Tax Expense | -5437.16 | 4971.5 | 4850.34 | 1861.25 |
| Net Profit | 14360.98 | 23479.96 | 19540.6 | 13364.55 |
| Minority Interest | 0.05 | -0.05 | - | - |
| Consolidated Net Profit | 14360.93 | 23480.01 | 19540.6 | 13364.55 |
| DIF %3 | 144 | -38.84 | -26.51 | 7.46 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 |
| Paid-up Equity | 280508.26 | 239680 | 239680 | 239680 |
| Basic EPS (in Rs.) | 0.52 | 0.98 | 0.82 | 0.56 |
| Public holding (%) | 19.58 | 15.22 | 15.22 | 15.22 |
ANNOUNCEMENTS
TO THE EXCHANGE
14-02-2011 Reliance Power Limited has informed the Exchange vide its notes to Accounts in the unaudited financial results for the quarter ended December 31, 2010 (taken on record by the Board of Directors of the Company at its meeting held on February 14, 2010) that: The Initial Public Offer (IPO) proceeds have been utilised.
14-02-2011 Reliance Power Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 1179.88 lacs for quarter ending on 31-DEC-2010. Net Profit / (Loss) of Rs. 3488.88 lacs for the quarter ending on 31-DEC-2010 against Rs. 2838.69 lacs for the quarter ending on 30-SEP-2010.
14-02-2011 Reliance Power Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 25129.36 lacs for quarter ending on 31-DEC-2010 against Rs. 16869.44 lacs for the quarter ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 14360.93 lacs for the quarter ending on 31-DEC-2010 against Rs. 23480.01 lacs for the quarter ending on 30-SEP-2010.
03-02-2011 Reliance Power Limited has informed the Exchange regarding a press release dated February 03, 2011, titled "Reliance Power's 4,000 MW Sasan Power Project in Madhya Pradesh, gets approval for carbon credits".
15-12-2010 Reliance Power Limited has informed the Exchange regarding a media release dated December 15, 2010, regarding conclusion of largest project financing by Chinese Banks in respect of Company's 3960 MW Sasan Ultra Mega Power Project (UMPP).
15-12-2010 Reliance Power Limited has informed the Exchange that the wholly owned subsidiary Rajasthan Sun Technique Energy Private Limited has been awarded through competitive bidding a Letter of Intent (LOl) by NTPC Vidhyut Vyapar Nigam Limited (NVVNL) for purchase of 100 MW of Solar Power under the Jawaharlal Nehru National Solar Mission (JNNSM). The sale of power would be from the Solar Thermal Power Project being set up by the Company in the State of Rajasthan.
12-11-2010 Reliance Power Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 16869.44 lacs for quarter ending on 30-SEP-2010 against Rs. 13933.56 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 23480.01 lacs for the quarter ending on 30-SEP-2010 against Rs. 19540.6 lacs for the quarter ending on 30-JUN-2010.
01-11-2010 Reliance Power Limited has informed the Exchange regarding a Media Release dated October 29, 2010 titled "RNRL merger with RPower to take effect"
28-10-2010 Reliance Power Limited has informed the Exchange regarding a media release dated October 28, 2010, titled "Reliance Power places world's largest BTG order with Shanghai Electric Group (SEC) for its coal based power projects".
30-07-2010 Reliance Power Limited has informed the Exchange vide its notes to Accounts in the unaudited financial results for the quarter ended June 30, 2010 (taken on record by the Board of Directors of the Company at its meeting held on July 30, 2010) that: The Initial Public Offer (IPO) proceeds have been utilised for the objects stated in the prospectus dated January 19, 2008.
30-07-2010 Reliance Power Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 13933.66 lacs for quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 19540.6 lacs for the quarter ending on 30-JUN-2010. -
08-07-2010 Reliance Power Limited has informed the Exchange regarding a press release dated July 08, 2010, titled "Reliance Power's 4,000 MW Krishnapatnam UMPP achieves financial closure".
05-07-2010 Reliance Power Limited has informed the Exchange that the Board of Directors of the Company has on July 04, 2010 approved amalgamation of Reliance Natural Resources Limited ('RNRL') with Reliance Power Limited (Reliance Power), a group company, through a Scheme of amalgamation. The scheme envisages an exchange ratio of 1 equity share of Reliance Power for every 4 (four) equity shares of RNRL. The exchange ratio is based on the valuation made by KPMG. The proposed Scheme will be subject to all necessary permissions and approvals as may be required. Further the Company has submitted a copy of press release dated July 04, 2010 titled "Reliance Natural Resources Ltd. (RNRL) to merge with Reliance Power Ltd. in an over Rs. 50,000 crore (US$ 11 Billion) all stock deal".
17-06-2010 Reliance Power Limited has informed the Exchange that "300 MW - Unit II of Rosa Power Project has been successfully synchronized to the UP State Grid on June 15, 2010 and has commenced the generation of power. The 300 MW - Unit I of the Rosa Power Project was synchronized to the grid on December 28, 2009 and has been in operations since then. Reliance Power's wholly owned subsidiary Rosa Power Supply Company Limited is setting up 1,200 MW Rosa Power Project in Shahjahanpur District of U.P."
10-06-2010 Reliance Power Limited has informed the Exchange that the Company's wholly owned subsidiary, Reliance Coal Resources Limited, has entered into Share Purchase Agreements to acquire the entire share capital of two coal companies in Indonesia. These two Indonesian companies own three coal mines in Indonesia. The coal from these mines will be used in the Krishnapatnam Ultra Mega Power Project and other power projects of the group.
28-05-2010 Reliance Power Limited has informed the Exchange that the Committee of Directors, as authorized by the Board of the Company at its meeting held on May 27, 2010, has taken the following decisions: 1) To purchase the entire share capital of BSES Kerala Power Ltd (BKPL) which owns and operates the 165 MW thermal power station at Kochi from Reliance Infrastructure Limited. 2) To purchase the entire share capital of Reliance Goa and Samalkot Power Limited (RGSPL) held by Reliance Energy Generation Limited, the wholly owned subsidiary of Reliance Infrastructure Limited. In terms of the scheme of arrangement of Reliance Infrastructure Limited sanctioned by the Bombay High Court, the 48 MW power plant at Goa and the 220MW power plant at Samalkot in Andhra Pradesh would be transferred to and vested in RGSPL. M/s. KPMG India Pvt Ltd who have been appointed for valuation, have carried out valuation of BKPL as also the Goa and the Samalkot plants of RGSPL. The agreement to sell the shares will be given effect to after obtaining the requisite approvals, as may be required in this behalf and completion of all formalities related thereto. Further the Company has submitted to the Exchange a copy of the press release issued in this regard by the Company jointly with Reliance Infrastructure Limited.
15-05-2010 Reliance Power Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 2072.36 lacs for year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 68389.49 lacs for the year ending on 31-MAR-2010 against Rs. 24450.97 lacs for the year ending on 31-MAR-2009.
29-01-2010 Reliance Power Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. (0) lacs for quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 13364.55 lacs for the quarter ending on 31-DEC-2009 against Rs. 19453.22 lacs for the quarter ending on 30-SEP-2009.
30-12-2009 Reliance Power Limited has informed the Exchange regarding a media release dated December 30, 2009, titled "Reliance Power's 1200 MW Rosa project commences power generation."
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