Brookfield Infrastructure to invest Rs 25,215 cr for acquisition of 100% stake in Reliance Jio Infratel
Reliance Industrial Infrastructure lost 1.03% to Rs 438.05 after consolidated profit before tax fell 16.8% to Rs 2.68 crore in Q3 December 2019 over Q3 December 2018.
On a consolidated basis, Reliance Industrial Infrastructure's consolidated net profit jumped 12.8% to Rs 2.46 crore on 5.7% decline in net sales to Rs 19.98 crore in Q3 December 2019 over Q3 December 2018.
Tax expense slumped 46.7% to Rs 0.98 crore in Q3 December 2019 over Q3 December 2018. The Q3 result was announced after market hours yesterday, 15 January 2020.
Consolidated income from services fell 5.7% to Rs 19.98 crore in Q3 December 2019 as against Rs 21.18 crore in Q3 December 2018.
The firm provides infrastructure support services namely transportation of petroleum products and water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries. It presently does not have any expansion plans on the anvil.
The stock surged 51.73% in the past one month.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)