Reliance Infra Q2 profit rises 34% to Rs571 crore
New Delhi: Reliance Infrastructure Ltd on Saturday reported 33.8% rise in consolidated net profit at Rs.570.5 crore for the quarter ended 30 September.
The company had posted a consolidated net profit of Rs.426.3 crore in the corresponding quarter of previous fiscal, Reliance Infra said in a filing to BSE. Total income from operations of the Anil Ambani-led infrastructure major declined to Rs.6,972.8 crore in the September quarter from Rs.7,560.8 crore in the year-ago period.
“As on September 30, 2016, the consolidated networth of the company stood at Rs 28,148 crore with debt to equity of 0.95x,” the company said in a statement. The Mumbai distribution unit under its power business recovered “Rs 221 crore arrears in Q2 FY17; Totally recovered Rs 2,709 crore till date,” and added 14,100 new consumers during the quarter.
As far as power distribution in Delhi is concerned, it added 45,600 new consumers during the second quarter of the ongoing fiscal. The company further said that it signed binding term sheet with Adani Transmission Ltd for sale of three transmission assets i.e. WRSSS (B&C) and Parbati Koldam and added that “all projects are commissioned and revenue generating.”
Its EPC (engineering, procurement and construction) business has an orderbook of 2,191 crore and earned revenue of Rs.524 crore in July-September quarter of FY17. The company said it is targeting opportunities worth “Rs 2 lakh crore planned by government across power, roads, railways, defence, ports and mega infrastructure projects” and submitted bids worth Rs.15,000 crore in the last three months.
In infrastructure space, it said the road business earned a revenue of “Rs 237 crore in Q2 FY 17, an increase of 13 per cent YoY” and all 11 road projects of 1,000km are now revenue generating.
The company further said that discussion are in advanced stage to monetise entire road portfolio. It said Mumbai Metro earned a revenue of Rs.61 crore in the July-September quarter, an increase of 13% over the same period last fiscal. Over 22 crore commuters travelled with 100% train availability.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.