Reliance Power, Anil Ambani led company engaged in development and operation of power projects, today reported a rise of 1.67% in its consolidated net profit to Rs 2.44 billion as compared to Rs 2.40 billion in the same period last year.

Analysts, on average, expected Reliance Power to report a profit of Rs 2.73 billion on sales of Rs 16.53 billion.

Net sales of the company increased by 56.24% to Rs 17.53 billion for the quarter ended Jun. 30, 2014 from Rs 11.22 billion in the year ago period due to higher net sales during the quarter.

Shares of the company declined Rs 1.65, or 1.68%, to settle at Rs 96.70. The total volume of shares traded was 1,822,755 at the BSE (Friday).