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Reliance Infrastructure reports decline in Q1 profits

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Reliance Infrastructure reports decline in Q1 profits
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Mumbai: Reliance Infrastructure Tuesday declared that its standalone net profit declined 24 percent year-on-year to Rs.327 crore in the quarter ended June 2012.

The company has posted a profit after tax of Rs.327 crore for the quarter ended June 30, 2012, as compared to Rs.430 crore for the quarter ended June 30, 2011.

Total income has decreased from Rs.3,800 crore for the quarter ended June 30, 2011, to Rs.3,705 crore for the quarter ended June 30, 2012.

Total income from operations increased 6.6 percent to Rs.3,447.3 crore from Rs.3,691 crore during the same period.

The group has posted a consolidated profit of Rs.421 crore for the quarter ended June 30, 2012, as compared to Rs.405 crore for the quarter ended June 30, 2011.

Other income rose 136.6 percent to Rs.258.6 crore in the first quarter of financial year 2012-13 from Rs.109.3 crore in a year ago period while the finance cost rose to Rs.190.18 crore from Rs.59.37 crore year on year.

Electricity and EPC (engineering procurement and construction) and contracts business contribution declined to Rs.1,657.29 crore and Rs.1,790 crore from Rs.1,802.33 crore and Rs.1,888.80 crore year on year, respectively. The company has orders worth Rs.15,560 crore as of June 30, under this segment.

The company has implemented a tariff hike of 21 percent in Delhi with effect from July 1 as per orders of the Delhi Electricity Regulatory Commission.

Reliance Infratructure has been operating or developing 11 road projects of around 1,000 km with project outlay of Rs.12,000 crore. It earned revenues of Rs.98 crore from this division in first quarter of 2012-13.

The company announced that 95 percent of civil work in Mumbai Metro Rail Line 1, which is 12 km long and has 12 stations, has been completed by end of June 30, 2012.

It has been developing two cement plants of 5 million tonnes each in Maharashtra and Madhya Pradesh.

Post the declaration of quarterly results, the company's share price increased 1.35 percent to Rs.528.05 on the Bombay Stock Exchange.

IANS

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