RInfra’s Q3 consolidated net profit up 9%
Mumbai, Jan. 31 (IANS): Reliance Infrastructure (RInfra) on Wednesday reported a rise of 9 per cent in its consolidated net profit for the third quarter of 2017-18.
According to the company, its net profit increased to Rs 410 crore from Rs 375 crore reported for the corresponding quarter of previous fiscal.
The company’s consolidated total income during the quarter under review stood at Rs 6,634 crore ($1 billion).
In addition, the firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) during Q3 stood at Rs 2,138 crore ($335 million).
Among the key highlights of the quarter, the company’s EPC (engineering, procurement and construction) business had an order book of Rs 10,500 crore as on December 31.
“Won 2 projects worth Rs 5,000 crore comprising of 750 MW combined cycle power plant and 500 MMSCFD floating storage regasification unit based LNG terminal in Bangladesh,” the company said in a statement.
“Won EPC contract worth Rs 882 crore to build 70 km six laning Aurangabad-Bihar-Jharkhand border road project in Bihar.”
Industry observers pointed out that RInfra has been able to successfully diversify its EPC portfolio over the last year, with its current order-book including projects where it has emerged as “L1”, standing well over Rs 16,500 crore. The company is targeting order-book of Rs 50,000 crore by FY19.
Sources have said that RInfra has recently emerged as the lowest bidder in NTPC tender for flue gas de-sulphurisation (FGD) works for its 1,500 MW (3 x 500 MW) power plant in Jhajjar, Haryana.
In the road infrastructure segment, the company’s revenue increased by 15 per cent to Rs 281 crore.
“Expect Delhi Agra and Pune-Satara projects to be completed in 2018,” the statement said.
Further, RInfra earned revenue worth Rs 76 crore in Q3 FY18 from its Mumbai Metro One project.
In defence manufacturing space, the company’s JV Dassault Reliance Aerospace is expected to play a major role in meeting the offset obligation of Rs 30,000 crore for “Rafale 36” contract.
“Foundation stone laid for the manufacturing facility in Mihan, Nagpur (Maharashtra). JV will also represents unequalled Foreign Direct Investment of over 100 million Euros by Dassault Aviation – Largest Defence FDI in one location in India,” the statement added.