Reliance Energy Q1 net profit at Rs.221.56 Crores

Reliance Energy Ltd has announced the Un-Audited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after tax of Rs 2215.60 million for the quarter ended June 30, 2007 as compared to Rs 1766.10 million for the quarter ended June 30, 2006. Total Income has increased from Rs 13259.70 million for the quarter ended June 30, 2006 to Rs 19839.30 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.9.69 in Q1 2007-2008 compared to Rs.8.32 in Q1 2006-2007.The Company has changed the accounting policy with effect from April 01, 2007, whereby the Foreign exchange derivative instruments are revalued at fair values at reporting period end and any profit or less arising en the revaluation is recognized in the Profit and Loss Account. Accordingly, an amount of Rs 826.70 million is charged to the Profit and Loss Account during the quarter ended June 30, 2007 on revaluation of foreign exchange derivative Instruments due to the change in the accounting policy. The impact of the change in the accounting policy is not ascertainable for previous period / year.

The stock closed the day at Rs.688.75, down by Rs.9.80 or 1.40%. The stock hit an intraday high of Rs.719 and low of Rs.677. The total traded quantity was 1058277 compared to 2 week average of 837953.

Source : Equity Bulls

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