Reliance Power (RPOWER) Q4 12/13 earnings summary

Executive summary

• Operational capacity doubled from 1,240 MW to 2,545 MW during FY13, led by additions at Butibori, Sasan, Dhursar and Vashpet.

• Consolidated total income was ₹5,284 crore vs ₹2,767 crore; net profit was ₹1,011 crore vs ₹867 crore, and EPS was ₹3.61 vs ₹3.09.

• Coal mining began at Moher and Moher-Amlohri in September 2012; the first 660 MW Sasan unit was commissioned ahead of schedule in March 2013.

Financial highlights

• Consolidated total income rose to ₹5,284 crore from ₹2,767 crore; profit before tax was ₹1,200 crore vs ₹952 crore, and profit after tax was ₹1,011 crore vs ₹867 crore.

• Consolidated sale of energy was ₹4,925 crore vs ₹1,958 crore; finance costs increased to ₹585 crore from ₹298 crore.

• Standalone income was ₹658 crore vs ₹532 crore and standalone profit after tax was ₹514 crore vs ₹311 crore.

Outlook and guidance

• A 100 MW concentrated solar power project in Rajasthan was scheduled for commissioning in FY14; the 45 MW Vashpet wind project was expected in the second half of 2013.

• The 2,400 MW Samalkot gas project had nearly 1,000 MW installed, but generation awaited government gas allocation.

• The second 300 MW Butibori unit and 45 MW Vashpet wind project were expected to commission during FY14, taking operational capacity to 2,545 MW.