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Mumbai, Jan. 17 Riding on a major tax credit of Rs 89.50 crore, Reliance Energy Ltd has clocked a 50.02 per cent growth in profits for the third quarter at Rs 301.60 crore, up from Rs 201.03 crore in the year ago quarter.

The amount of Rs 89.50 crore consists of income-tax refunds relating to assessments for the previous years, a company official said. The operating income has fallen to Rs 1,505.49 crore from Rs 1,533.69 crore. The income from EPC and contracts business has fallen to Rs 276.08 crore from Rs 612.63 crore.

The official said that said that since EPC and contracts business is spread over the financial year some of the contracts are already fulfilled and, therefore, the revenue is reflected in the earlier quarters.

The company has changed the accounting policy with effect from April 1, 2007, whereby the foreign exchange derivative instruments are re-valued therefore Rs 60.02 crore has been credited for the quarter to the profit and loss account on revaluation.

REL’s aggregate revenue from energy sales during the nine months was Rs 3,774 crore against Rs 2,726 crore in the corresponding previous period, an increase of 38 per cent.

The aggregate sales of electrical energy were 7,197 million units compared to 6,637 million units in the corresponding previous period, an increase of 8 per cent. During the quarter, the consumer base in Mumbai Supply area increased by about 0.17 lakh to 26.15 lakh consumers.

At the closing of the trading on the BSE, the company’s shares closed down 2.38 per cent at Rs 2,212.70, over the previous close of Rs 2,266.60.

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