 "Anil Ambani")
Anil Ambani-promoted Reliance Infrastructure (R-Infra) reported a 34% rise in its net profit helped by tax and exceptional gains from the sale of its cement assets.
For the July-September period this year, R-Infra reported a net profit of Rs 570.55 crore, 34% higher from Rs 462.32 crore reported in the same period last year. Total income from operations in the second quarter declined 8% to Rs 6972.89 crore from Rs 7560.89 crore, earned in the corresponding quarter a year back. Total expenses fell 2% to Rs 6,023 crore from Rs 6,154 crore on a quarter-to-quarter basis.
For the July-September period this year, R-Infra reported a net profit of Rs 570.55 crore, 34% higher from Rs 462.32 crore reported in the same period last year. Total income from operations in the second quarter declined 8% to Rs 6972.89 crore from Rs 7560.89 crore, earned in the corresponding quarter a year back. Total expenses fell 2% to Rs 6,023 crore from Rs 6,154 crore on a quarter-to-quarter basis.
The company also reported an exceptional gain of Rs 85.58 crore due to profits realized from the sale of its cement division to Birla Corporation Ltd. In addition to the exceptional gain, the company also saw a tax gain of Rs 25.66 crore in the quarter, ending on September, 2016.
The companys's earnings before interest, taxation, depreciation and ammoritsation also witnessed a slight increase to Rs 1,779 crore from Rs 1,724 crore in the corresponding quarter in 2015.
“The company had an encouraging quarter,” said Lalit Jalan, chief executive officer (CEO) of R-Infra.
“The company has placed bids for Rs 15,000 crore worth of engineering, procurement and construction (EPC) orders in the last three months. The asset monetization drive for the road and power assets are progressing on satisfactorily,” Jalan added.
The company’s total consolidated debt, as on Septemer-end this year, stands at Rs 26,650 crore. In the last quarter, the company also entered into an agreement with Adani Transmission Ltd to sell three of its transmission assets for an estimated Rs 2,000 crore. Proceeds from the sale would be used to reduce debt.
Segment-wise, the company reported an income of Rs 6,062 crore from the power distribution and transmission business, which is also the highest contributor to its total operating income. Income from its EPC business declined to Rs 514 crore from Rs 876 crore a year ago with the company's EPC orderbook currently standing at Rs 2,191 crore.
For its roads business, the company expects to receive around 75% of Rs 170 crore it has won as arbitration for two road projects. “ From our discussions with the National Highways Authority of India (NHAI), over the next one month we should see the realization of 75% of the money,” Jalan added.
