By IANS,
Mumbai: Private electricity generator, Reliance Power, part of the Anil Dhirubhai Ambani Group (ADAG), Friday reported a 21 percent rise in net profits at Rs.234.8 crore ($52.3 million) for the quarter ended Sep 30, compared to the previous corresponding period last fiscal.
It had made a net profit of Rs.194.53 crore in the July-September 2009 quarter.
The total income of the ADAG company increased 108 percent to Rs.512.41 crore during the second quarter of the current fiscal, Reliance Power said in a regulatory filing.
In one of the largest such orders of its kind, Reliance Power had recently awarded a $10-billion contract to China’s Shanghai Electric Corp (SEC) to provide power plant equipment of 32,000 MW capacity.
It also gave a contract worth Rs.3,375 crore to General Electric for supply of six gas turbines and three steam turbines for its 2,400 MW Samalkot project in Andhra Pradesh.
The company also tied up financing for a number of its projects during the quarter. It signed memorandum of understanding (MoU) with leading Chinese banks for Rs.54,000 crore to finance its purchase of equipment from SEC.
In another MoU with Export-Import Bank of the US, Reliance Power ensured funding worth Rs.22,500 crore over the next three years for its various projects.
Reliance Power on its own and through subsidiaries has a portfolio of 37,000 MW of power generation capacity, both operational as well as under development.