R-Infra posts 14% fall in Q4 profit at Rs.621 crore1 min read . Updated: 20 May 2014, 11:03 AM IST
The fall in profit is largely due to a drop in sales of various business segments of the company
Net profit fell to ₹ 621.42 crore for the three months ended 31 March from Rs721.44 crore in the year earlier. The decline was largely due to a drop in sales of various business segments of the company.
Total operating revenue of the company fell 24% to ₹ 4707.69 crore from ₹ 187.35 crore a year ago.
R-Infra’s profit beat analysts’ estimates. A Bloomberg poll of earnings estimates pegged R-Infra’s net profit at Rs.499.1 crore and net sales at Rs4,285.9 crore.
R-Infra posted a 2.29% year-on-year decline in revenue from the electricity business to Rs3642.85 crore for the quarter while it registered a 61.4% drop in the EPC (engineering, procurement and construction) and contract business at Rs886.44 crore.
The infrastructure business reported a 9.8% rise to ₹ 178.4 crore.
Meanwhile, the company said it had completed all project works needed for the launch of a modern metro rail network in Mumbai.
“Trial runs for the entire Versova-Andheri-Ghatkopar stretch completed successfully. Final approval from Indian Railway Board awaited. Project to start commercial operations within Q1FY15," the company said in a statement.
Mumbai Metro One Pvt. Ltd’s (MMOPL), a consortium led by R-Infra, needs a certificate from the commissioner of Metro rail safety, the last statutory approval it requires to start operations.
The 12 km-line linking the eastern and the western suburbs of Mumbai will give residents a public transport alternative to traffic-heavy road connections. Packed suburban commuter trains offer little by way of passenger comfort and only run in a north-south direction, along the length of the island and its suburbs.
Shares of R-Infra gained 17.24% to close at Rs731.75 on Monday on the BSE, while the benchmark index, Sensex gained 1% to close at 24,363.05 points.