New Delhi: Turning profitable, Reliance Defence and Engineering on Saturday posted a net profit of Rs 102.4 crore for the quarter ended on March 31, 2016, largely on account of increase in deferred tax credit.
The company had reported a net loss of Rs 158.28 crore in the same quarter of 2014-15.
Total income from operations increased to Rs 94.73 crore in the January-March quarter of 2015-16 fiscal from Rs 50.36 crore in the same quarter of the 2014-15 fiscal, the company said in a regulatory filing.
The deferred tax credit to the company in the fourth quarter of current fiscal jumped to Rs 272.14 crore from Rs 178.12 crore in the same quarter of the previous year.
For the year ended March 31, 2016, its net loss widened to Rs 528.6 crore, from that of Rs 341.1 crore for the year ended March 31, 2015.
Total Income decreased to Rs 345.95 crore for the year ended March 31, 2016, from Rs 862 crore for the year ended March 31, 2015.
The company has bagged contracts to build warships for Indian Navy. It has one of the largest shipbuilding infrastructure in India.