Mumbai– Reliance Infrastructure on Saturday reported a 34 per cent rise in its consolidated net profit for the second quarter (Q2) of 2016-17 (FY17).
The company’s consolidated net profit for Q2 rose to Rs 571 crore from Rs 426 crore in the corresponding quarter of last fiscal.
“Q2 FY17 Net Profit of Rs 571 crore (US$ 86 million) against Rs 426 crore in Q2 FY16, an increase of 34%, including exceptional gain of Rs 86 crore in Q2 FY17,” the company was quoted as saying in a statement.
“Excluding the same, Net Profit is higher by 14%.”
However, the company’s consolidated total income for the quarter under review declined marginally to Rs 7,429 crore from Rs 7,560 crore earned during Q2 of 2015-16.
The company’s consolidated net worth stood at Rs 28,148 crore at the end of the quarter under review.
The firm’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by three per cent to Rs 1,779 crore from Rs 1,724 crore in the corresponding quarter of last fiscal.
Among other highlights, the company’s power distribution business added 59,700 new customers in the metros of Delhi and Mumbai in Q2 of FY17.
The company maintains its lead as being the largest private sector distributor of power in the country, serving 68 lakh consumers.
In addition, the company’s power distribution business in Mumbai recovered Rs 221 crore arrears in the period under review.
In the infrastructure segment, the company said that its Mumbai Metro project’s revenues in the quarter under review increased by 13 per cent year-on-year (YoY) to Rs 61 crore.
The company’s road sector operations’ revenue grew by 13 per cent on YoY basis to Rs 237 crore in the quarter ended September 30, 2016.
All of its 11 road projects of 1,000 kms are revenue generating, the company said.
The infrastructure major pointed out: “Discussion in advanced stage to monetise entire road portfolio.”
The company’s EPC (engineering, procurement and construction) business earned a revenue of Rs 524 crore in the quarter under review. Its order book stood at Rs 2,191 crore.
“Targeting opportunities worth Rs 2 lakh crore planned by Government across power, roads, railways, defence, ports and mega infrastructure projects,” the statement said.
“Already submitted bids worth Rs 15,000 crore in last three months.”
In addition, the company said that it has won arbitration award for two road projects — NK Toll Road and DS Toll Road worth Rs 170 crore.
“Over Rs 14,000 crore is under advanced stage of arbitration,” the statement said.
The company added that its defence manufacturing business has entered into a strategic partnership agreement with Dassault Aviation to execute offset contracts worth Rs 30,000 crore for 36 Rafale fighter jets.