Reliance Power March quarter profit jumps on lower tax expense
A shareholder speaks on a mobile phone while attending the annual general meeting of Reliance Capital in Mumbai. Image Source: Reuters
Reliance Power posted more than a three-fold increase in March quarter consolidated profit, helped by a 40% fall in tax expenses during the period.
The company, which is part of billionaire Anil Ambani`s Reliance Group, reported a consolidated profit of Rs 2.16 billion ($33.53 million) for the quarter ended March 31, 2017, the company said.
Fourth-quarter consolidated revenue from operations stood little changed at Rs 24.66 billion.
The company had posted a rise in its quarterly profit in three of the four quarters preceding March quarter, according to Thomson Reuters data.
On Thursday, the stock of Reliance Power closed down 1.35% or Rs 0.65 at Rs 47.35 on the BSE.