Reliance Power Ltd's Q2FY19 consolidated net profit declines 7.5% yoy to Rs252cr

The company’s consolidated revenue stood at Rs2,283cr, flat yoy but down 0.1% qoq.

Nov 02, 2018 06:11 IST India Infoline Research Team

Reliance Power Ltd Q2FY19

Consolidated Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 2,283.09 0.0
EBITDA 1,116.68 [6.1]
EBITDA Margin (%) 48.9 [321]
Net Profit (adjusted) 251.90 [7.5]
***EBITDA margin change is bps
Reliance Power posted muted set of numbers for Q2FY19. Revenue came in flat at Rs2,283cr against Rs2,282cr in Q2FY18. EBITDA stood at Rs1,117cr, down 6.1% yoy and up 2.6% on qoq basis. EBIDTA margin declined by 321bps yoy and expanded by 125bps qoq to 48.9% qoq. Net Profit stood at Rs252cr, down 7.5% yoy and up 6.6% qoq.
  • Power generation for Q2FY19 stood at ~9,834mn units, with a Plant Load Factor (PLF) of ~83%.
  • Coal production at Sasan stood at 4.14mn tonnes for Q2FY19.
  • Sasan UMPP generated 7,604mn units in Q2FY19 with the plant operating at a PLF of ~87%. The PLF were down from 98% in previous quarter on account of planned maintenance shutdown of two units during the quarter.
  • Rosa Power Plant generated 1,360mn units, operating at a PLF of 85%.
  • Butibori Power Plant generated 806mn units, operating at a PLF of 66%.
  • The 40MW Dhursar Solar plant generated 16.7mn units, operating at a PLF of 19%.
  • The 45MW wind plant in Vashpet generated 35mn units, operating at a PLF of 35%.
  • The 100MW Concentrated Solar plant at Dhursar generated 12.77mn units.
  • EBITDA margin contraction on yoy basis was largely on account of 249bps yoy increase in fuel cost.
  • Depreciation cost was higher by ~6% yoy, Finance cost was lower by 3.6% yoy, other income was lower by 1.8% yoy, while effective tax rate was lower at 20.4% vs. 27.6% in Q2FY18.

Technical View:

Reliance Power Ltd ended at Rs. 31.30, up by 0.1 points or 0.32% from its previous closing of Rs. 31.20 on the BSE.
The scrip opened at Rs. 32 and touched a high and low of Rs. 32.10 and Rs. 31.15 respectively. A total of 1,14,84,715 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.

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