Mumbai: There has been a 314 per cent increase in Reliance Energy Ltd''s net profit for the quarter ended March 31, 2004. The quarterly profit stood at Rs 103.79 crore compared to Rs 25.07 crore last year.
Net sales increased by 35.5 per cent to Rs 876.56 crore (Rs 646.87 crore), led by a 39 per cent increase in electricity sales at Rs 650.49 crore (Rs 468.72 crore).
Mr Anil Ambani, Chairman and Managing Director, REL told press persons, the increase in sales was primarily because of an increase in the number of billed consumers and reduction in commercial and technical losses.
The company''s board has announced a final dividend of Rs 1.50 per share on equity shares for 2003-04. It had already paid interim dividend of Rs 3 per share during the year.
Total expenses for the quarter were up 20.55 per cent to Rs 669.68 crore (Rs 227.17crore). There was a substantial increase in cost of materials, staff costs and depreciation during the quarter. " We have concluded a successful voluntary retirement scheme in Delhi where 4,500 employees accepted the package within seven days. This resulted in higher staff costs," Mr Ambani said.