Mumbai, Sep 13 (IANS) Reliance Infrastructure on Tuesday reported a seven per cent rise in its consolidated net profit for the first quarter (Q1) of 2016-17 (FY17).
The company’s consolidated net profit for Q1 rose to Rs 439 crore from Rs 409 crore in the corresponding quarter of the last fiscal.
According to the company, the net profit of Rs 439 crore was achieved despite defence business loss of Rs 50 crore in Q1 FY17.
However, the company’s consolidated total income for the quarter under review declined marginally to Rs 7,640 crore from Rs 7,644 crore earned during Q1 of 2015-16.
The company’s consolidated net worth stood at Rs 25,920 crore at the end of the quarter under review.
The firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased by four per cent to Rs 1,751 crore from Rs 1,691 crore in the corresponding quarter of last fiscal.
Among other highlights, the company’s power distribution business added 63,000 new customers in the metros of Delhi and Mumbai in Q1 of FY17.
The company maintains its lead as being the largest private sector distributor of power in the country, serving 67.4 lakh consumers.
In addition, the company’s power distribution business in Mumbai recovered Rs 241 crore arrears in the period under review.
For the infrastructure segment, the company said that its Mumbai Metro project’s revenues in the quarter under review increased by 12 per cent year-on-year (YoY) to Rs 55 crore.
The company’s road sector operations’ revenue grew by 27 per cent on YoY basis to Rs 259 crore in the quarter ended June 30, 2016.
All of its 11 road projects are revenue generating, the company said.
The infrastructure major also pointed out: “Discussion in advanced stage to monetise entire road portfolio.”
In the cement business, the company completed 100 per cent sale of its subsidiary to Birla Corporation for Rs 4,800 crore.
“Entire proceeds utilised for debt reduction,” the company said in a statement.
The company’s EPC (engineering, procurement and construction) business earned a revenue of Rs 723 crore in the quarter under review. Its order book stood at Rs 2,720 crore.
“Targeting opportunities worth Rs 2 lakh crore planned by Government across power, roads, railways, defence, ports and mega infrastructure projects,” the statement said.
“Already submitted bids worth Rs 15,000 crore in last 3 months.”
In addition, the company said that it has won arbitration award for two road projects — NK Toll Road and DS Toll Road worth Rs 170 crore.
“Over Rs 14,000 crore is under advanced stage of arbitration,” the statement said.
The company added that it has acquired the management control of Reliance Defence & Engineering Ltd (RDEL) erstwhile Pipavav Defence and Offshore Engineering Company Ltd and executed sub concession agreement valid upto 2046.
The company has received 27 industrial licenses for missiles, ammunition, land and naval systems.
“Focus on Air Defence Systems including Missiles and Large Aerostats via joint venture with Rafael Advanced Systems Ltd (Israel) – Opportunity worth US$ 10 billion over next 10 years,” the statement added.
“Focus on aircraft manufacturing through partnership agreement with Antonov (Ukraine) for military and civil use – opportunity worth US$ 5 billion over next 10 years.”
Further, the company said that it is looking to tap into the large scale ammunition market globally and in India. The firm is eyeing opportunities worth $10 billion over next 10 years in the segment.