Reliance Energy Reports net profit of Rs 363 Crore (US$ 79 million)

• RELIANCE ENERGY REPORTS NET PROFIT OF Rs 363 CRORE (US$ 79 MILLION) - AN INCREASE OF 15% FOR THE HALF YEAR
• TOTAL INCOME OF Rs 2,900 CRORE (US$ 631 MILLION) - UP 29 %
• EPC DIVISION TURNOVER OF Rs 740 CRORE (US$161 MILLION)-UP 85%
• EPC ORDERBOOK POSITION AT Rs 2,366 CRORE (US$ 515 MILLION)

Mumbai, 19th October 2006: Reliance Energy Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a profit after tax of Rs 1863.90 million for the quarter ended September 30, 2006 as compared to Rs 1595.70 million for the quarter ended September 30, 2005. Total Income has increased from Rs 11613.60 million for the quarter ended September 30, 2005 to Rs 15837.00 million for the quarter ended September 30, 2006. The performance highlights are:

• Net Profit of Rs 363 crore (US$ 79 million), against Rs 316 crore in the corresponding previous period, an increase of 15 %
• Total Income of Rs 2,900 crore (US$ 631 million), against Rs 2,246 crore in the corresponding previous period, an increase of 29 %
• Cash Profit of Rs 488 crore (US$ 106 million), against Rs 485 crore in the corresponding previous period,
• The Company ranks among Top 5 Indian private sector companies in terms of net worth. As on 30th September 2006, the net worth of the company stood at Rs 8,264 crore (US$ 1.8 billion).
• The Company remains debt free at the net level, and enjoys the top-end ratings of ‘AAA’ and ‘Ind AAA’ by CRISIL and FITCH, respectively.

Energy Sales:

The Company’s aggregate revenues from energy sales during the six months were Rs 1,823 crore (US$ 397 million) against Rs 1,589 crore in the corresponding previous period, an increase of 15 %.

The aggregate sales of electrical energy were 4,416 million units compared to 4,164 million units in the corresponding previous period, an increase of 6 %.

During the period under review, the consumer base in Mumbai Supply area increased by about 0.5 lakh to 25.4 lakh consumers.

Financial Review:

The total sales of electrical energy during the six months were Rs 1,823 crore (US$ 397 million), against Rs 1,589 crore in the corresponding previous period, an increase of 15 %.

The turnover of the EPC and Contracts Division was Rs 740 crore (US$ 161 million), against Rs 400 crore in the corresponding previous period, an increase of 85 %. The Division had an order book position of about Rs 2,366 crore (US$ 515 million) as on 30th September 2006.

Other Income for the period under review was Rs 337 crore (US$ 73 million), an increase of 31 %, mainly representing interest income.

During the period under review, the total income of the Company was Rs 2,900 crore (US$ 631 million), against Rs 2,246 crore in the corresponding previous period, an increase of 29 %.

The company’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased to Rs 658 crore (US$ 143 million), against Rs 617 crore in the corresponding previous period, an increase of 6 %.

Interest expenditure was Rs 113 crore (US$ 25 million), which was partly compensated by higher other income of Rs 80 crore.

Depreciation was at Rs 125 crore (US$ 27 million) as against Rs 169 crore for the corresponding previous period.

The corporate tax liability, including the deferred taxes, for the six months was Rs 57 crore (US$ 12 million), as against Rs 35 crore in the corresponding previous period.

Net profit for the six months recorded an increase of 15 % to Rs 363 crore (US$ 79 million) from Rs 316 crore in the corresponding previous period.

Source : Equity Bulls

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