RInfra Q1 net grows 7% to Rs 439 cr, co eyes Rs 2L cr projects

New Delhi: Reliance Infrastructure (RInfra) today reported a 7.21 per cent rise in its consolidated net profit at Rs 438.80 crore for the quarter ended June.

The Anil Ambani-led infrastructure major had clocked a net profit of Rs 409.27 crore for the same quarter in 2015-16.

The company said it recorded a net profit of Rs 439 crore "in spite of defence business loss of Rs 50 crore in Q1 2016-17".

The company recorded an almost total income of Rs 7,640 crore during the quarter under review as against Rs 7,644 crore in the previous fiscal.

As on June 30, 2016, "the consolidated net worth of the company stood at Rs 25,920 crore and is conservatively financed with debt to equity of 1.3x".

The Mumbai distribution unit under its power business recovered "Rs 241-crore arrears in Q1 2016-17, totally recovered Rs 2,488 crore till date" and added 16,800 new consumers during the quarter.

The company said discussion is in "advanced stage with PSP Investments of Canada for 49 stake sale in Mumbai power business".

As far as power distribution in Delhi is concerned, it added 46,200 new consumers during the quarter and all projects are commissioned and revenue generating.

Its EPC (engineering, procurement and construction) business has an orderbook of Rs 2,720 crore and earned revenue of Rs 723 crore in April-June.

The company said it is "targetting opportunities worth Rs 2 lakh crore planned by the government across power, roads, railways, defence, ports and mega infrastructure projects" and has already submitted bids worth Rs 15,000 crore in the last three months.

In infrastructure space, it said the road business earned a revenue of "Rs 259 crore in Q1 2016-17, an increase of 27 per cent yoy" and all 11 road projects of 1,000 kms are now generating revenue.

According to RInfra, discussions are in advanced stage to monetise the entire road portfolio.

The company said Mumbai Metro earned a revenue of Rs 55 crore in the June quarter, an increase of 12 per cent over the same period last fiscal. Over 21 crore commuters travelled with 100 per cent train availability.

As for the cement business, R-Infra completes 100 per cent sale of its subsidiary to Birla Corporation for Rs 4,800 crore and the entire proceeds are utilised for debt reduction.

With reference to the Cabinet decision on arbitration, RInfra welcomed "the CCEA initiative to revive the construction sector". It has won arbitration award for two road projects -- NK Toll Road & DS Toll Road worth Rs 170 crore.

"Over Rs 14,000 crore is under advanced stage of arbitration," it said.