Anil Ambani Group firm Reliance Infrastructure on Thursday reported 26 percent jump in its third quarter net profit on gains made from at sale of shares of a group firm.
New Delhi: Anil Ambani Group firm Reliance Infrastructure on Thursday reported 26 percent jump in its third quarter net profit on gains made from at sale of shares of a group firm.
Net profit in October-December at Rs 450 crore was up 26 percent over Rs 357 crore net profit in the same period of the last financial year, Reliance Infrastructure said in a statement Thursday.
"In third quarter of 2013-14 there was an exceptional item of Rs 379 crore pertaining to sale of RPower shares through Offer For Sale mechanism, which resulted in a net profit of Rs 728 crore," it said.
Turnover, however, slipped to Rs 4,218 crore from Rs 5,602 crore in Q3 of last fiscal.
Reliance Infrastructure generated a revenue of Rs 875 crore from its EPC (Engineering, Procurement and Construction) business, which had an order book of Rs 7,500 crore at the end of December 2013.
Revenues from the company's road projects was Rs 140 crore against Rs 153 crore in the corresponding quarter of previous year (2012-13).
"The fall (in revenue) is mainly due to re-arrangement of holding in TD Toll Road & SU Toll Road (Reliance Infrastructure's two units)," the statement said adding 9 out of the company's 11 road projects are revenue generating.
"Civil work is complete at Reliance Metro Line in Mumbai and signal testing and System integration process has completed. Trial runs are being conducted regularly on the entire Versova-Andheri-Ghatkopar corridor which is 12 kms long and covers 12 stations," the company said.
It added that the safety certification process is underway and approvals have been received from relevant authorities.
"Project is in advance stages to start commercial operations within the current financial year," it said.
On the cement business front, Reliance Infrastructure is developing two plants of 5 million tons a year capacity each in Maharashtra and Madhya Pradesh. The plant in Madhya Pradesh will start commercial production within the current fiscal.
The company is currently catering to key cement markets in Nagpur, Wardha, Amravati, Chindwara and plans to expand its presence in the central, eastern and northern markets of India.
As on December 31, 2013, the consolidated networth of the company stood at Rs 26,622 crore, the statement said.
The company, which is one of the power distributors in Mumbai, recovered arrears of Rs 228 crore during the period from its 62 lakh consumers in the city.
The company's Western Region Strengthening transmission project in Maharashtra was commissioned during Q3 and two transmission lines of 570 kms Pune-Parli (311 kms) and Pune-Aurangabad (261 kms) were operationalised in Maharashtra.