Reliance Power, an energy company based in Mumbai, reported a net profit of Rs 321.79 crore for the quarter ending March 2023. This is a positive development for the company, which had suffered a consolidated net loss of Rs 657.89 crore during the same period last year as per BSE filing. Despite this profit, Reliance Power’s total income for the latest March quarter was lower at Rs 1,856.32 crore compared to Rs 1,878.40 crore in the same period last year due to various factors including the COVID-19 pandemic and its impact on global economies.
Reliance Power has been taking steps to reduce its reliance on coal-based power generation and diversify its portfolio of energy assets by exploring renewable sources of energy such as solar and offshore wind projects like a 750 MW solar project in Rajasthan and a 1.5 GW offshore wind project in Gujarat. Anil Ambani, Chairman of Reliance Power stated that their focus on clean energy aligns with India’s vision of achieving 450 GW of renewable energy by 2030 and they are committed to contributing towards this goal while creating value for stakeholders.
The announcement has been received positively by investors as Reliance Power’s stock price surged by 3.5% during early trading on Wednesday indicating that their strategy is paying off well and holds promise for future growth prospects.