Anil Dhirubhai Ambani Group company Reliance Power today posted a 20.6 per cent increase in its net profit for the September quarter at Rs 235 crore, as compared to Rs 194 crore in the same quarter last year. Revenues doubled to Rs 512 crore as compared to Rs 246 for the corresponding quarter last year.
The company is developing 37,000 Mw of power projects. Its present operational capacity is 600 Mw. The stock fell by 3.5 per cent in today's trade, to Rs 182 per share.
During the quarter, the company gave orders worth Rs 45,000 crore for boiler, turbine and generator equipment for 30,000 Mw to Chinese equipment maker Shanghai Electric. It also entered into a strategic co-operation agreement with Shanghai Electric for long-term supply of spares, manpower training, operation and maintenance support, and after-sales service.
In addition, the company entered into a financing agreement worth Rs 54,000 crore with Bank of China, China Development Bank, Industrial and Commercial Bank of China and Export Import Bank of China for the imports mentioned.
