REL's net profit higher at Rs 30.16 cr for FY-07 Q3

Mumbai, Jan 17 (UNI) Private energy major Reliance Energy Limited (REL) has posted a profit after tax of Rs 30.16 crore for the quarter ended December 31, 2007, as compared to Rs 20.10 crore for the quarter ended December 31, 2006.

The total income has increased to Rs 185.34 crore for the quarter ended December 31, 2007, from Rs 182.04 crore for the quarter ended December 31, 2006, a release said.

Meanwhile, REL scrip rose 1.05 per cent (pc) to Rs 2,286 on Bombay Stock Exchange (BSE) on posting 50.02 pc rise in net profit to Rs 301.6 in the third quarter of December 2007.

The company announced the results during market hours today as BSE Sensex was up 65.25 points or 0.37 pc to 19,937.95.

Brokers said ''On BSE, 9.64 lakh shares were traded in the counter. The stock had an average daily volume of 14.91 lakh shares in the past one quarter. The stock hit a high of Rs 2,350 and a low of Rs 2,171.35 so far during the day. The stock had hit a 52 week high of Rs 2,631.70 on January 10 this year and a 52 week low of Rs 448.20 on March 5 last year.'' The scrip of India's second largest power utility by revenue had outperformed the market over the past one month till yesterday, rising 18.7 pc as compared to the Sensex's return of 4.13 pc. It also outperformed the market in the past one quarter, rising 19.02 pc as compared to the Sensex's rise of 10.39 pc. The company's current equity is Rs 236.50 crore. Face value per share is Rs 10.

The current market price of Rs 2,286 discounts its Q2 September 2007 annualised EPS of Rs 43.76 by a PE multiple of 52.23.

Reliance Energy's total income inched up 1.81 pc to Rs 1,853.41 crore in Q3 December 2007 over Q3 December 2006.

REL is engaged in generating, transmitting and distributing electricity. It also provides electrical contracting, engineering, procurement and construction contracts and computer services.

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