Reliance Power's July-September quarter earnings missed analysts' expectations on Tuesday with consolidated net profit rising 36.8 percent year-on-year to Rs 346 crore and revenue up 55 percent to Rs 2,766 crore. It was driven by Sasan thermal power project that became fully operational in 2015.
Sasan ultra mega power projects in Madhya Pradesh generated 7,922 million units, operating at availability of 90 percent, says the Anil Dhirubhai Ambani Group company in its filing, adding Rosa Power plant in UP generated 2,187 million units operating at a plant load factor of 83 percent.
Additionally, its Butibori power plant in Maharashtra generated 944 million units, operating at 88 percent availability and a plant load factor of 71 percent.
According to analysts polled by CNBC-TV18, profit was estimated at Rs 400 crore and revenue of Rs 2,890 crore for the quarter with operating profit up 115 percent and margin expansion of 1092 basis points.
Operating profit (earnings before interest, tax, depreciation and amortisation) more than doubled to Rs 1,221 crore in quarter ended September 2015 compared to Rs 597 crore in year-ago period. Margin in same period expanded 1060 basis points to 44.1 percent.
Depreciation cost doubled to Rs 264.6 crore from Rs 132.8 crore on completion of Sasan UMPP. Operational expenses shot up 37.2 percent to Rs 1,809.4 crore on yearly basis.
Other income during the quarter declined 10.9 percent to Rs 90 crore while finance cost increased 134.3 percent to Rs 611.6 crore compared to year-ago period.
At 15:03 hours IST, the scrip of Reliance Power was quoting at Rs 49.70, down Rs 0.10, or 0.20 percent on the BSE.
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