Mumbai: Anil Ambani-led Reliance Power on Friday recorded its maiden operating profit showing an 11 per cent surge in its consolidated net profit to Rs 760.44 for the 2010-11 fiscal. (Agencies)
The company, which had been using the IPO funds for investments and reported its numbers from performance on those investments also doubled its net profit for the quarter ended March 31 to Rs 186.63-crore.
Its operating income for the entire fiscal stood at Rs 1,055-crore while the operating profit stood at Rs 416-crore.
"You cannot generate right from day one in the power sector...to create any large company takes time," the company's Chief Executive, J P Chalasani, told reporters here.
Chalasani said that the company is on track to achieve its stated target of having a 5,000 MW capacity by end of 2012, including the 2,400 mw it intends to produce from the gas-fired Samalkot power project.
RPower has already embarked its work on the project in Andhra Pradesh and hence will get the gas supplies, Chalasani said.
"People said, show us the plant, gas will come. Plant is there, so obviously gas will come...whatever the EGOM needed, it has happened.
"Reasonable assumption is that as and when the EGOM meeting happens, you get the gas," he said,adding that once the approval comes in, RPower will be at par with any other priority company who has been allotted gas.
Mumbai: Anil Ambani-led Reliance Power on Friday recorded its maiden operating profit showing an 11 per cent surge in its consolidated net profit to Rs 760.44 for the 2010-11 fiscal.