Shares of Reliance Power soared as much as 16% to 52-week high of Rs 60.50 on the National Stock Exchange today, two days after its arm bagged a solar power project order from a Navratna public sector firm, SJVN. The order is for a 350-megawatt inter-state transmission system-connected solar power project coupled with a 175 MW/700 MWh (megawatt-hour) battery energy storage system.
The stock continued its Thursday rally today and has risen nearly 20% in these two days. At 02:46 PM, shares of the company were more than two-times their 52-week low level.
Reliance Power is set to add 600 MW of solar capacity and 700 MWh of battery storage to its portfolio through this project, further strengthening its position in clean energy. With this, the company’s green energy pipeline will grow 2.4 gigawatts of solar and over 2.5 GWh of battery energy storage. This will make the company the largest player in India for integrated solar and storage solutions, Reliance Power said in an exchange filing.
The company’s arm, Reliance NU Energies, won this project in a highly competitive SJVN auction, a 25-year contract at Rs 3.33/kWh. The auction saw strong demand, with 19 bidders and 18 of them qualified for the final round, Reliance Power said.
Reliance Power booked a consolidated net profit of Rs 126 crore, against a loss of Rs 397.56 crore in the year-ago quarter. This was mainly driven by a sharp drop in expenses, which fell to Rs 1,998.49 crore from Rs 2,615.15 crore a year ago. Meanwhile, its total income also slipped slightly to Rs 2,066 crore from Rs 2,193.85 crore a year ago.
For the full FY25, the company’s consolidated net profit was Rs 2,947.83 crore, compared to a Rs 2,068.38 crore loss in FY24. It also completed its debt servicing of Rs 5,338 crore in 12 months.
