Reliance Power (RPOWER) Q4 13/14 earnings summary

Executive summary

• Operational capacity nearly doubled to 4,525 MW in FY14 from 2,545 MW, including three additional 660 MW Sasan units commissioned within four months.

• Consolidated total income rose to ₹5,546 crore from ₹5,284 crore; net profit was ₹1,027 crore versus ₹1,011 crore.

• Sasan’s captive Moher and Moher Amlohri mines began producing coal, with peak capacity of 20 million tonnes annually.

Financial highlights

• Consolidated total income was ₹5,545.91 crore, up from ₹5,283.77 crore; profit after tax was ₹1,026.67 crore versus ₹1,011.46 crore.

• Consolidated profit before tax was ₹1,238.81 crore versus ₹1,199.61 crore; EPS was ₹3.66 versus ₹3.61.

• Standalone PAT fell to ₹56.48 crore from ₹513.93 crore; prior-year PAT included exceptional income of ₹407.25 crore.

• Consolidated sale of energy was ₹5,111.88 crore; other income was ₹371.16 crore.

Outlook and guidance

• The 100 MW Dhursar solar CSP project was expected to begin operations in FY15; renewable plans included 40 MW operating solar PV and 45 MW wind capacity.

• FY15 Indian GDP growth was projected at 5.5%, with stronger economic activity expected to support power demand.

• The remaining two 660 MW Sasan units were in advanced construction and expected to be commissioned in the coming year.