Reliance Infra's Q3 net profit up 2 percent

Reliance Infrastructure on Wednesday reported a rise of two percent in its consolidated net profit for the third quarter (Q3) of the current 2015-16 fiscal.

The company's consolidated net profit for Q3 stood at Rs.463 crore from Rs.452 crore in the corresponding quarter of the last fiscal.

According to the company, the Q3 net profit of Rs.463 crore was achieved despite Mumbai Metro and the cement business incurring a loss of Rs.49 crore and Rs.44 crore, respectively.

The company's total income for the quarter under review stood at Rs.4,395 crore.

The company's consolidated net worth stood at Rs.28,202 crore at the end of the quarter under review.

The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs.1,294 crore.

Among other highlights, the company's power distribution business added 75,600 new customers in the metros of Delhi and Mumbai in Q3 of 2015-16.

The company maintains its lead as being the largest private sector distributor of power in the country, serving 66.5 lakh consumers.

In addition, the company's power distribution business in Mumbai recovered Rs.216 crore arrears in the period under review.

For the infrastructure segment, the company said that its Mumbai Metro project earned revenues worth Rs.52 crore in the quarter under review.

The company's road sector operations earned revenue worth Rs.168 crore in the quarter ended December 31, 2015.

All of its 11 road projects are revenue generating, the company said.

The infrastructure major also pointed out that it plans to monetise the entire road portfolio and that the due diligence process is in advanced stage.

In the cement business, the company earned revenue worth Rs.376 crore in Q3 from 5.6 million tonne per annum (MTPA) operational capacity.

The company's cement business caters to key markets in Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, West Bengal and Vidarbha region.

In addition, the company is in advance stages to monetise its 5.6 mtpa cement capacity and related assets, and expects binding offer by end of this financial year.

The company's EPC (engineering, procurement and construction) business earned a revenue of Rs.492 crore in the quarter under review.

Its order book stood at Rs.3,660 crore as on December 31, 2015.

The company added that it has acquired the management control of Pipavav Defence and Offshore Engineering -- which is the largest ever acquisition in the defence sector in India.

Recently, the company was allotted 290 acres land in Mihan, near Nagpur in Maharashtra, to manufacture aerospace equipment and naval combat systems.

Further, the company said it is in discussion with a large number of international defence majors for strategic partnerships.