Reliance Infrastructure Q3FY14 Net Profit Jumps 26% to Reach Rs. 450 Crore
Nutan Gupta / 07 Feb 2014
Reliance Infrastructure (Rinfra), which is the largest infrastructure company developing projects, through various Special Purpose Vehicles (SPVs), in several high growth areas in the infrastructure sector, announced its financial results yesterday (6 February) for the quarter and nine-month period ended 31 December, 2013 posting a net profit of Rs. 450 crore.
The total income for the Anil Ambani Group firm Reliance Infrastructure for the quarter ended 31 December, 2013 came in at Rs. 4218 crore as against Rs. 5602 crore in the corresponding quarter of previous year, showing a decline of 24.71%. The company generated revenue of Rs. 875 crore from the Engineering, Procurement and Construction (EPC) business and had an order book of Rs. 7500 crore as on December 31, 2013. The Q3FY14 net profit stood at Rs. 450 crore as compared to Rs. 357 crore in the corresponding quarter last fiscal, an increase of 26%.
"In Q3FY13, there was an exceptional item of Rs 379 crore pertaining to sale of RPower shares through Offer For Sale mechanism, which resulted in a net profit of Rs 728 crore," the statement said.
The company recovered MERC approved Rs. 228 crore arrears and Rs. 136 crore cross subsidy surcharge in Mumbai distribution business during the quarter. 90% HT power consumption has been switched back to Rinfra. The company has also added 43000 new consumers in Mumbai and Delhi distribution in the current quarter. The statement also added that the Mumbai Metro Project will start commercial operations within FY 14.
Coming to the business of road projects, the company generated revenues of Rs. 140 crore in the current quarter as against Rs. 153 crore in the corresponding quarter of previous year. "This decrease is mainly due to re-arrangement of holding in TD Toll Road & SU Toll Road," the statement said adding that 9 out of 11 road projects are revenue generating.
The Civil work is complete at the Reliance Metro Line in Mumbai and signal testing and system integration process has completed. Trial runs are being conducted regularly on the entire Versova-Andheri-Ghatkopar corridor which is 12 kms and covers 12 stations and the safety certification process is underway with approvals already being received from relevant authorities.
On the cement business front, Rinfra is developing two plants of 5 million tons each in Maharashtra and Madhya Pradesh (MP). The company is currently catering to key cement markets in Nagpur, Wardha, Amravati, chindwara etc and plans to expand its presence in the central, eastern and northern markets of India.
As on December 31, 2013, the consolidated Net worth of the company stood at Rs. 26622 crore with the book value of Rs. 1012 per share and is conservatively financed with debt to equity of 0.78.
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