Reliance Power on Friday reported a consolidated net profit of Rs 72.56 crore for the March 2021 quarter, mainly due to lower expenses.
The company had posted a consolidated net loss of Rs 4,206.38 crore in the quarter ended March 2020, it said in a BSE filing.
The total income of the company stood at Rs 1,691.19 crore in the March quarter compared to Rs 1,902.03 crore a year ago.
For fiscal 2020-21, the company's consolidated net profit was Rs 228.63 crore, compared to Rs 4,076.59 crore in 2019-20.
The total income was Rs 8,388.60 crore in 2020-21 as against Rs 8,202.41 crore in the previous fiscal.
"During the quarter ended September 2020, RPSCL (Rosa Power Supply Company Ltd an arm of RPower) had created a contingency provision of Rs 244 crore against various matters pending before regulatory authorities.
"Based on developments and current assessment, the management is of the view that the said provision is no longer required and accordingly the provision has been reversed during the quarter ended March 31, 2021. Impact of the said reversal is under General Administration and other expenses for the quarter ended March 31, 2021," the company said.
The general administration and other expenses of the company in the March quarter came down to Rs 6.23 crore from Rs 618.80 crore in the corresponding period a year ago.
The company's statement said that its net worth in FY21 stood at Rs 12,246 crore and it has reduced debt by Rs 3,108 crore.
The debt-equity ratio has improved from 2.41:1 times in FY20 to 2.08:1 times in FY21.
About the COVID-19 situation, it said: "In view of power generation being considered as the essential activity as also given the experience of sustaining its operation successfully during the pandemic year, the Group is confident of another year of successful operations with the support from its power procurers and other stakeholders".
Reliance Power Limited, a part of the Reliance Group, is India's leading private sector power generation and coal resources company.
The company has one of the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.