Reliance Power (RPOWER) Q4 11/12 earnings summary

Executive summary

• FY11-12 consolidated total income was ₹2,767 crore vs ₹1,918 crore; net profit was ₹867 crore vs ₹760 crore, with EPS of ₹3.09 vs ₹2.94.

• 1,540 MW was operational; Rosa reached 1,200 MW and a 40 MW solar PV plant was commissioned, while major projects remained under development.

Financial highlights

• Consolidated revenue from operations rose to ₹2,019.21 crore from ₹1,054.76 crore; total revenue was ₹2,766.78 crore vs ₹1,918.03 crore.

• Consolidated profit after tax was ₹866.78 crore vs ₹760.44 crore; basic and diluted EPS was ₹3.09 vs ₹2.94.

• Consolidated long-term borrowings rose to ₹14,262.71 crore from ₹5,525.26 crore; fixed assets increased to ₹28,369.02 crore from ₹9,134.73 crore.

Outlook and guidance

• The first 660 MW Sasan UMPP unit was expected to be commissioned in FY12-13; captive mine production was expected to begin before the plant’s first unit.

• The 2,400 MW Samalkot gas project awaited government allocation of domestic gas; the 100 MW CSP project was scheduled for 2013 and a 45 MW wind farm for 2012.

• The 300 MW second Butibori unit was expected to be commissioned in the coming months; the full 600 MW plant was expected online in 2012.