Reliance Infrastructure posts net profit of Rs 41 crore in Q4
Anil Ambani-led Reliance Infrastructure on Saturday reported consolidated net profit of Rs 40.94 crore for the March quarter against a net loss of Rs 327.41 crore a year ago.
The company's total income for the January-March 2017 declined to Rs 6,145 crore from Rs 6,910 crore a year-ago.
"It was an encouraging quarter. The infrastructure sector, which had been through trouble is now starting to pick up. We have already bagged two orders worth Rs 4,386 crore in the last four months in the EPC business and going forward we continue to see a similar trend," RInfra CEO Lalit Jalan told reporters here.
The company won an EPC contract for setting-up two 250 MW thermal power plants worth Rs 3,675 crore in Rajasthan from Neyveli Lignite Corporation and a Rs 711 crore road project from NHAI in Tamil Nadu.
"Our current order book stands at Rs 5,960 crore and revenue at Rs 2,492 crore in FY17. We are targeting opportunities worth Rs 2 trillion annually planned by government across power, roads, railways, ports and mega infrastructure projects," he said.
For the year FY2016-17, the company clocked total revenue of Rs 28,222 crore, while its net profit stood at Rs 1425 crore.
During the year, the company added over 2.3 lakh consumers in its Mumbai and Delhi distribution regions. It also recovered Rs 894 crore arrears in Mumbai distribution, the company said in a statement.
"We also filed the DRHP with the SEBI for launching investment trust for our road assets. We have received approvals from the NHAI for our nine roads and one from the Haryana government. We will be submitting the approvals from the authority to the SEBI for its final nod next week.
"Once we get the final approval from the SEBI, we will launch the first InvIT in the second half of May this year," Jalan said.
During the year, RInfra executed share purchase agreement and signed a term sheet with Adani Transmission for 100 per cent sale of WRSSS transmission assets and Parbati Koldam project, respectively.
"With these two deals, the debt of the company is expected to reduce by Rs 2,000 crore," he said.
The company also received clearance from the Competition Commission of India for joint venture with Dassault Aviation. "This JV will play a major role in meeting offset obligation worth Rs 30000 crore for Rafale 36 contract," Jalan said.
During the year, the company won arbitration for two road projects worth Rs 170 crore and over Rs 14000 crore is under advanced stages of arbitration.
"We also completed the 100 per cent sale of the cement business to Birla Corporation for Rs 4800 crore," he said.
Jalan further said its Reliance Defence and Engineering Ltd (RDEL) has signed contract to build 14 fast patrol vessels for Indian Coast Guard and is the only private sector shipyard to deliver Panamax class vessel.
"The company has also submitted bids and expressed interest in various naval programmes worth Rs 38,000 crore," he added.