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Reliance Infrastructure slumps after dismal Q4 earnings

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Reliance Infrastructure was down 10.29% to Rs 53.20 at 09:46 IST on the BSE after the company reported Q4 results after market hours on Friday, 14 June 2019.

Meanwhile, the S&P BSE Sensex was down by 172.13 points, or 0.44% to 39,279.94.

On the BSE, 8.79 lakh shares were traded in the counter so far compared with average daily volumes of 36.34 lakh shares in the past two weeks. The stock had hit a high of Rs 54.60 so far during the day. It hit a 52-week high of Rs 488.50 on 3 September 2018. The stock has hit an intraday low and a 52-week low of Rs 52.70 today, 17 June 2019.

On a consolidated basis, Reliance Infrastructure reported net loss of Rs 3301 crore in Q4 March 2019 as against net profit of Rs 133.66 crore in Q4 March 2018. Net sales rose 30.48% to Rs 4012.65 crore in Q4 March 2019 over Q4 March 2018.

The company reported net loss of Rs 2426.82 crore in the year ended March 2019 as against net profit of Rs 1339.50 crore in the year ended March 2018. Net sales rose 7.79% to Rs 19279 crore in the year ended March 2019 over the year ended March 2018.

The company said net loss was largely a result of one time impairment of Reliance Naval and Engineering acquired in 2016, which was already NPA company. The amount could be written back upon successful debt resolution of R-Naval pursuant to the new RBI circular, the firm added.

The company said it aims to be zero debt in the next financial year or earlier based on liquidity events.

Reliance Infrastructure is an infrastructure company, developing projects through various special purpose vehicles (SPVs) in several sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 17 2019. 09:46 IST
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