Reliance Infrastructure Q3 net profit declines 20% to Rs 3 billion

Reliance Infrastructure on Wednesday reported 19.6 per cent fall in consolidated net profit at Rs 3.01 billion for the quarter ended December 31, 2017.

The company's consolidated net profit in the year-ago period stood at Rs 3.74 billion, it said in a BSE filing.

However, the company said in a statement that its consolidated net profit is Rs 4.1 billion ($64 million) in the said quarter against Rs 3.75 billion in the year-ago period, registering an increase of 9 per cent prior to IND-AS adjustment in the third quarter.

Total income went down to Rs 63.45 billion from Rs 64.84 billion in the year-ago period. Income from EPC and contract business dropped to Rs 1.81 billion from Rs 7.51 billion.

Consolidated net profit in April-December period this fiscal was down to Rs 11.79 billion, from Rs 13.84 billion.

The company said it had an order book of Rs 105 billion as on December 31, 2017. It is targeting an order book of Rs 50,000 by 2018-19.

It won two projects worth Rs 50 billion 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 Rs 8.82 billion for six laning of 70 km Aurangabad -Bihar-Jharkhand border road in Bihar.

Revenue from roads business was Rs 2.81 billion in the third quarter, up 15 per cent 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 Rs 760 million, registering an increase of 27 per cent year-on-year.

About defence business, it said it has a strategic partnership agreement with Dassault Aviation. The Dassault Reliance Aerospace Ltd JV has 51 per cent stake of Reliance. The JV will play a major role in meeting the offset obligation of Rs 300 billion 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 of over 100 million euros by Dassault- largest Defence FDI in one location in India.

It also said RInfra has won Delhi Metro arbitration award against DMRC worth Rs 50 billion 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 Rs 1.7 billion.