Anil Ambani-promoted Reliance Infrastructure reported a profit of Rs 41 crore against a loss of Rs 327 crore in the same period a year ago, on the back of improved operational performance. The company plans to launch its planned Infrastructure investment Trust (InvIT)in May.
The company’s total income fell to Rs 5,249.65 crore, from Rs 6,098.45 crore largely due to reduced income from its engineering, procurement and construction segment. Owing to reduction in EPC projects, the company expenses also declined to Rs 6,476.06 crore from Rs 7,266.31 crore in the same period a year ago.
“Revenue from the EPC segment will improve steadily from here on in the current financial year,” said Lalit Jalan, chief executive officer for the company. The company has bid for projects with Rs 11,000 crore, including an expression of interest in the Shivaji Statue project off Mumbai.
On the planned InvIT, Jalan said the company has received the required approvals from National Highway Authority of India (NHAI) for transfer to the InvIT and will look to launch it in May. “One project has approval from the Haryana government, NHAI has approved 100 per cent transfer of six road projects and 49 per cent transfer for three projects which have not completed two years on operations,” Jalan said.
The company will once again apply to markets regulator Securities and Exchange Board of India with the changes. Jalan added the amount to be raised through the InvIT will also be lower due to the 49 per cent clause for the three road projects.
For the full financial year 2016-2017 the company reported total income of Rs 28,222 crore and a net profit of Rs 1,425 crore, a rise of 88 per cent.
Earnings before interest, taxation, depreciation and ammortisation or Ebitda for the full year stood at Rs 8,274 crore, up 11 per cent.