Anil Ambani, Reliance Group chairman, appears to be making a comeback these days. Recently, one of his companies became debt-free. Now, Reliance Power has posted a consolidated net profit of Rs 2,878.15 crore in the July-September quarter of this financial year. Last year in the same quarter, it had reported a net loss of Rs 237.76 crore. On Wednesday, the market cap of the company reached Rs 14646 crore.
The company's total income dipped to Rs 1,962.77 crore in the quarter under review, from Rs 2,116.37 crore in the same period a year ago. However, the company said in a regulatory filing on Tuesday that it gained Rs 3,230.42 crore on the deconsolidation of a subsidiary.
During the July-September quarter, Reliance Power has settled Rs 3,872 crore guarantor obligations for its subsidiary Vidarbha Industries Power Ltd (VIPL). "... The entire obligations of the Parent Company (Reliance Power) as a guarantor on behalf of VIPL stands fully settled resulting in the release and discharge of corporate guarantee, undertakings, and all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3,87,204 lakh," the regulatory filing said.
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Accordingly, VIPL ceases to be a subsidiary of Reliance Power with effect from September 17, 2024, it added. The firm said it has settled all disputes with CFM Asset Reconstruction Private Limited (CFM).
Reliance Power Ltd, a part of the Reliance Group, is one of the leading private-sector power generation and coal resources companies in India. The company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro, and renewable energy, with an operating portfolio of 5,300 megawatts.
(With inputs from PTI)
