Reliance Infrastructure posted a 10% year-on-year increase in the consolidated net profit for the June quarter to nearly R458 crore, on account of a sharp increase in the share of profit from associates, barring which the y-o-y net profit would have remained flat. The share of profit from associates jumped close to 70% y-o-y to R102 crore.
The company’s consolidated total operating income was lower by nearly 24% to R4,150.89 crore y-o-y as the income from EPC and contract business is down by nearly 65% to R589.43 crore with most of the projects undertaken by RInfra being in the last leg of completion, and no new ones getting added as yet.
The company’s total expenses stood at R3,607.51 crore, leading to an operating profit of R543.38, lower by 7.5% y-o-y. However, a more than R100 crore increase in the other income to R397.60 led to a rise in profit before finance costs and exceptional items. Finance costs of the company stood at R480.75 crore a rise of 13% from the year-ago period. Consequently, RInfra’s profit before tax remained flat at R460.23 crore.
Revenue from power business was R3,367.72 crore, a fall of 6.5% y-o-y. Lalit Jalan, director (corporate strategy and affairs), Reliance Group, said that the revenue has increased y-o-y but the reduced number was an impact of divestment of its stake in the Delhi distribution business ? where the company cut its stake from 49% to 28% in FY14.
