R-Infra Q3 net soars 49% at Rs 375 crore

Reliance Infrastructure (R-Infra) on Monday posted an impressive 49 per cent jump in consolidated net profit for the third quarter ended December at Rs 375 crore, as compared to the profit after tax of Rs 251.50 crore in the same quarter of 2015-16.

The company's total operating income during the quarter in consideration came in at Rs 5,815.69 crore, as against Rs 6,199.48 crore in the same quarter of the previous year.

Its total expenditure increased to Rs 5,775.23 crore during the third quarter, as against the Rs 5,407.82 crore spent in the same quarter of 2015-16.

"As on December 31, 2016, the consolidated net worth of the company stood at Rs 31,616 crore with debt to equity of 0.93x," R-Infra said in a statement here.

The company said its Mumbai power distribution business recovered arrears of Rs 231 crore in the third quarter of 2016-17, making for a total recovery of Rs 2,926 crore till date.

The Mumbai distribution company has added 16,400 new consumers in the December quarter with the number of total consumers reaching the 29.7 lakh mark.

"Discussions are in advanced stage with PSP Investments of Canada for 49 percent stake sale in Mumbai power business," the statement said.

Its Delhi distribution subsidiary has added 45,000 new consumers in the quarter with the total number of consumers coming in at 38.8 lakh and activated over 200 rooftop solar net metering connections with sanctioned load of 7,000 kw, the statement added.

R-Infra said it has executed a share purchase agreement with Adani Transmission for "100 per cent sale of WRSSS transmission assets and Parbati Koldam project, respectively".

On its engineering, procurement and construction (EPC) business, the company said it had orders worth Rs 5,540 crore, and revenue of Rs 753 crore during the quarter in question.

The company won an "EPC contract for setting up 2x250 MW thermal power plants worth Rs 3,675 crore in Rajasthan from Neyveli Lignite Corporation and is targeting opportunities worth Rs 2 lakh crore planned by the government across power, roads, railways, defence, ports and mega infrastructure projects".

All of the company's 11 road projects of 1,000 km are now revenue generating, it said.

"R-Infra InvIT fund has filed DRHP with Sebi for 10 projects with issue size of Rs 3,000 crore and an option to retain up to 25 percent oversubscription," the statement added.

Reliance Infrastructure stock closed on Monday at Rs 535.45 a share, down 6.65 points, or 1.23 per cent, on its previous close on the BSE.

--IANS

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