Rel Power Q3: Analysts expect PAT to grow 22% to Rs 249 cr

Reliance Power is set to declare its results for the third quarter of financial year 2012-13 on Friday. Analysts on an average expect consolidated profit after tax to grow by 22.2 percent year-on-year and 3.7 percent quarter-on-quarter to Rs 249 crore in the quarter due to Rosa unit, according to CNBC-TV18 poll.

Net sales are seen going up by 2.7 times YoY and 17.2 percent QoQ to Rs 1,264 crore from Rs 467 crore during the same period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to rise by 2.8 times YoY and 6.4 percent QoQ to Rs 418 crore in October-December quarter.
EBITDA margin is seen improving 100 basis points YoY to 33.1 percent in third quarter, but on quarter-on-quarter basis that is likely to fall by 335 basis points.
Year-on-year results are not comparable as company commissioned its Rosa unit.
Analysts expect plant load factor (PLF) to remain healthy because of acute winter in the north and full availability of both units for Rosa.
Rosa units are working at near capacity utilizations; therefore analysts expect PLFs for Rosa for Q3 at 90-92 percent in December quarter as against 65 percent in September quarter.
Second quarter generation was weak due to planned outages / maintenance shutdown by the company.
Butibori is not yet declared commissioned and therefore no profit/loss is expected from Butibori.
Investors should watch out for fuel supply at Rosa and clarity on fuel supply at Butibori; mining cost at Sasan; update on Tilaiya mine land acquisition; and Sasan’s date of commissioning COD.