RInfra’s standalone Q1 net profit up 5%

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Mumbai, Aug 2 (IANS) Reliance Infrastructure (RInfra) on Tuesday reported a rise of 5 per cent in its standalone net profit for the first quarter (Q1) of 2017-18.

The company’s standalone net profit rose to Rs 417 crore from Rs 397 crore reported for the corresponding quarter of 2016-17.

According to RInfra, its standalone total income for quarter under review increased by 2 per cent to Rs 3,209 crore from Rs 3,147 crore earned during Q1, 2016-17.

The firm’s EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 16 per cent to Rs 1,449 crore from Rs 1,253 crore.

Besides, the company reported a consolidated net profit of Rs 344 crore for Q1 of 2017-18.

In addition, RInfra’s consolidated total income was up 4 per cent at Rs 7,848 crore during the quarter under review.

The Q1 consolidated EBITDA increased by 14 per cent to Rs 2,303 crore from Rs 2,023 crore in the corresponding quarter of 2016-17.

Among other highlights, the company’s power distribution business added more than 74,000 new customers in the metros of Delhi and Mumbai in Q1, 2017-18.

The firm’s power distribution business in Mumbai recovered Rs 251 crore arrears in the quarter under review.

“Discussion in advanced stage to monetise stake in Mumbai power business,” the company said in a statement.

The infra major maintains its lead as being the largest private sector distributor of power in the country, serving 70 lakh consumers.

The company’s EPC (engineering, procurement and construction) business earned a revenue of Rs 591 crore in Q1, 2017-18. Its order book stood at Rs 5,721 crore.

“Won EPC contract to build 66 kms NHAI road project worth Rs 711 crore in Tamil Nadu,” the statement said.

“Targeting opportunities worth Rs 2 lakh crore p.a. planned by government across power, roads, railways including metro rail, ports and mega infrastructure projects.”

In the infrastructure segment, the company said that it has earned revenue worth Rs 270 crore from all of its 11 revenue generating assets.

The infrastructure major pointed out: “Delhi Agra and Pune Satara toll road is expected to be completed by Q3 FY18.”

“RInfra InvIT fund receives SEBI approval for its proposed IPO – issue size of Rs 2,500 crore with option to retain upto 25 per cent oversubscription.”

Further, the company said that its “Mumbai Metro One” earned a revenue of Rs 63 crore in Q1 FY18 – representing an increase of 15 per cent on a year-on-year (YoY) basis.

In terms of arbitration award, the company said it has won Delhi Metro arbitration award against DMRC worth Rs 4,700 crore including interest.

“Arbitration award won for 2 road projects i.e. NK Toll Road and DS Toll Road worth Rs 170 crore,” the statement said.

The company added that its defence manufacturing business has entered into a strategic partnership agreement with Dassault Aviation.

“Dassault Reliance Aerospace Ltd JV with Reliance holding 51 per cent – JV will play major role in meeting the offset obligation of Rs 30,000 crore for “Rafale 36″ contract,” the statement said.

The company mentioned that its Reliance Defence and Engineering Ltd (RDEL) has become the only shipyard in India selected by the US Navy to repair it’s ships in Indian Ocean Region.

“Only private sector company building naval offshore patrol vessels for Indian Navy. RDEL simultaneously launches two naval offshore patrol vessels – first private sector shipyard in India to launch warships for Indian Navy,” the statement said.

“Signed contract to build 14 fast patrol vessels for Indian Coast Guard. Only private sector shipyard to deliver Panamax Ice class vessel.”

–IANS

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