RInfra Q1 net profit up 21 pc at Rs 280 cr

Reliance Infrastructure (RInfra) on Thursday reported 21.07 per cent rise in its consolidated net profit to Rs 280.35 crore for the second quarter ended September 30.

The company had posted a consolidated net profit of Rs 231.55 crore in the corresponding quarter of the previous fiscal, RInfra said in a BSE filing.

Its total income during July-September quarter declined to Rs 6,357.97 crore, as against Rs 7,182.76 crore in the year-ago period.

Total expenses rose to Rs 5,835.40 crore during the quarter as against Rs 5,760.16 crore in the corresponding quarter of the previous fiscal.

"Over 61,700 new households added in Delhi Discoms i.e. BRPL and BYPL," RInfra said, adding that the total households stand at 43.2 lakh.

During the quarter under review, revenue to the tune of Rs 284 crore came from road projects, an increase of 7 per cent against the corresponding quarter of the previous fiscal.

The revenue from Mumbai Metro One grew by 10 per cent year-on-year to Rs 92 crore.

"All the 16 Lenders of Reliance Infrastructure signed the Inter Creditor Agreement (ICA) on July 6, 2019. Company achieved standstill for 180 days as per ICA. Company plans to implement its Resolution Plan well within this period by monetising assets," the company said in a statement.

The sale of Delhi Agra (DA) toll road for enterprise value of Rs 3,600 crore to Cube Highways and Infrastructure III Pte Ltd is on track for closure, it added.

RInfra is one of the major infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and defence sector.

RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; ten road projects on build, operate and transfer (BOT) basis.