Reliance Power (RPOWER) Q4 08/09 earnings summary

Executive summary

• FY09 marked major project-finance and development milestones across a 33,480 MW generation pipeline; there were no operating power projects, so income remained investment-led.

• Standalone net profit rose to Rs 2,489.04 million from Rs 946.69 million; consolidated profit after tax and minority interest was Rs 2,445.10 million.

Financial highlights

• Standalone total income was Rs 3,347.16 million versus Rs 1,328.67 million; profit before tax was Rs 2,564.74 million versus Rs 1,014.39 million.

• Standalone net profit was Rs 2,489.04 million versus Rs 946.69 million; EPS was Rs 1.04 versus Rs 0.17, with prior-year EPS adjusted for the bonus issue.

• Consolidated total income was Rs 3,603.79 million versus Rs 1,328.93 million; profit before tax and minority interest was Rs 2,570.24 million versus Rs 921.49 million.

• Consolidated profit after tax and minority interest was Rs 2,445.10 million versus Rs 853.79 million; EPS was Rs 1.02 versus Rs 0.15, with prior-year EPS adjusted for the bonus issue.

Outlook and guidance

• Rosa Stage 1 was scheduled to commission in FY10, with construction reported ahead of schedule; Rosa Stage 2 was targeted to start generation by March 2012.

• Sasan’s first unit was scheduled for December 2011 and full commissioning by March 2013, with the timetable advanced by more than three years against the original PPA schedule.

• Krishnapatnam’s first unit was scheduled for September 2013 and full commissioning for October 2015; early financial closure was a priority.

• The longer-term plan targeted over 30,000 MW of added capacity in 7–8 years; the overall development portfolio stood at 33,480 MW.