POWER

Reliance Power posts Rs 72.56 cr profit in March quarter

Reliance Power on Friday reported a consolidated net profit of Rs 72.56 crore for the March 2021 quarter, mainly due to lower expenses. The company had posted a consolidated net loss of Rs 4,206.38 crore in the quarter ended March 2020, it said in a BSE filing.

The total income of the company stood at Rs 1,691.19 crore in the March quarter compared to Rs 1,902.03 crore a year ago. For fiscal 2020-21, the company’s consolidated net profit was Rs 228.63 crore, compared to Rs 4,076.59 crore in 2019-20. The total income was Rs 8,388.60 crore in 2020-21 as against Rs 8,202.41 crore in the previous fiscal.

“During the quarter ended September 2020, RPSCL (Rosa Power Supply Company Ltd an arm of RPower) had created a contingency provision of Rs 244 crore against various matters pending before regulatory authorities.

“Based on developments and current assessment, the management is of the view that the said provision is no longer required and accordingly the provision has been reversed during the quarter ended March 31, 2021.

Source
ET Energy World
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