Reliance Infrastructure Q3 profit down 20% to Rs301 crore
Reliance Infra reported 19.6% fall in consolidated net profit at Rs301.38 crore for the quarter ended 31 December 2017 as against Rs374.82 crore in the corresponding quarter a year earlier
New Delhi: Reliance Infrastructure on Wednesday reported 19.6% fall in consolidated net profit at Rs301.38 crore for the quarter ended 31 December 2017. The company’s consolidated net profit in the year-ago period stood at Rs374.82 crore, it said in a BSE fling.
However, the company said in a statement that its consolidated net profit is Rs410 crore ($64 million) in the said quarter against Rs375 crore in the year-ago period, registering an increase of 9% prior to Indian Accounting Standards (Ind AS) adjustment in the third quarter.
Total income went down to Rs6,345.97 crore from Rs6,484.45 crore in the year-ago period.
Income from EPC and contract business dropped to Rs181.46 crore from Rs751.11 crore. Consolidated net profit in April-December period this fiscal was down to Rs1,179.36 crore, from Rs1,384.21 crore.
Reliance Infra said it had an order book of Rs10,500 crore as on 31 December 2017. It is targeting an order book of Rs50,000 crore by 2018-19. It won two projects worth Rs5,000 crore comprising 750 MW combined cycle power plant and 500 MMSCFD floating storage regasification unit based LNG terminal in Bangladesh.
It also won EPC contract worth Rs882 crore for six laning of 70 km Aurangabad -Bihar-Jharkhand border road in Bihar. Revenue from roads business was Rs281 crore in the third quarter, up 15% year-on-year.
The company expects Delhi-Agra and Pune-Satara projects to be completed in 2018. About Mumbai Metro One, it said its revenue was Rs76 crore, registering an increase of 27% year-on-year.
About defence business it said it has strategic partnership agreement with Dassault Aviation. The Dassault Reliance Aerospace Ltd JV has 51% stake of Reliance. The JV will play a major role in meeting the offset obligation of Rs30,000 crore for “Rafale 36” contract. The foundation stone was laid for the manufacturing facility in Mihan, Nagpur (Maharashtra). The JV will also represent unequalled Foreign Direct Investment (FDI) of over €100 million by Dassault- largest Defence FDI in one location in India.
It also said Reliance Infra has won Delhi Metro arbitration award against DMRC worth Rs5,000 crore including interest. The Delhi high court has reserved order for the above arbitration claim. It also won arbitration award for two road projects i.e. NK Toll Road & DS Toll Road worth Rs170 crore.
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.
- Lenders accept ArcelorMittal resolution plan for Essar Steel
- #MeToo: Publicis India sacks executive creative director Ishrath Nawaz
- IFC launches $1 billion masala bond programme to aid India investments
- ICICI Securities reports 3.22% rise in Q2 profit at ₹134.22 crore
- Facebook hires Nick Clegg as head of global affairs
Editor's Picks »
- Policy rethink and higher volumes to aid container shippers
- DCB Bank delivers a strong Q2 but pressure on margins foreseen
- Havells India: Rising costs give a jolt to profitability in September quarter
- All’s well at Mindtree, except for high client concentration risk
- India’s rising steel demand is making companies starry-eyed