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Reliance Energy Q3 net up 155% news
Our Corporate Bureau
20 January 2005
Mumbai: Reliance Energy Ltd (REL) has registered a 155 per cent rise in net profit to Rs135 crore for the third quarter ended December 31, 2004, compared with Rs53 crore for the quarter ended December 31, 2003.

Total Income increased from Rs900 crore in the quarter ended December 31, 2004, to Rs1,135 crore for the quarter ended December 31, 2004, thereby registering a 26 per cent growth.

The REL board approved quarterly dividend of Rs1.10 per equity share, amounting to a payout of Rs23.1 crore for the third quarter ended December 31, 2004.

Total dividend payment for the nine months is Rs3.30 per share, amounting to a payout of Rs69.5 crore.

For the nine months ended December 2004, total income registered an increase of 11 per cent to Rs3,003 crore, against Rs2,706 crore. Net profit, during the nine months stood at Rs366 crore, against Rs267 crore in the corresponding previous period thereby registering an increase of 37 per cent.

According to a company release, the net profit of Rs366 crore has been arrived at after taking into consideration expenses aggregating Rs95 crore for the nine months. The release added that excluding this, the net profit would have been higher at Rs461 crore, an increase of 73 per cent.

During the period under review, the equity capital of the company has increased by Rs10.4 crore to Rs185.6 crore, consequent upon preferential allotment of equity shares to the Reliance group, and part conversion of outstanding foreign currency convertible bonds (FCCBs).

The company in its notice to the BSE re-affirmed its commitment to the implementation of the Dhirubhai Ambani Energy City (DAEC). A 3,740mw power project at Dadri, Uttar Pradesh, is being set up at an estimated capital outlay of Rs11,000 crore.

The REL board noted that Reliance Industries, the principal promoter, has confirmed that gas from the KG-D6 gas fields will be available as feedstock for the DAEC project.

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Reliance Energy Q3 net up 155%