Reliance Infra Q2 net profit near flat, at Rs 431 crore

Reliance Infrastructure, a part of the Anil Dhirubhai Ambani Group, has reported near flat net profit for the second quarter of this financial year, but indicated this could have been higher but for the loss on account of the Metro rail project in Mumbai.

The company said its net profit for the period under review was up 1 per cent at Rs 431 crore, but that the same was higher by 14 per cent at Rs 488 crore without taking into account the loss of Rs 57 crore on the metro project during the quarter.

Nevertheless, it said the consolidated net worth stood at Rs 28,040 crore ($2.5 billion) translating into a book value of Rs 1,068 per share at the end of the quarter ended September 30.

Among the other highlights, the company launched its cement in six states with a capacity of 5.8 million tonnes per annum, even as 77,500 new customers were added in the metros of Delhi and Mumbai in the second quarter.

In addition, the electricity tariff regulator in Delhi has approved a hike of 8.3 per cent for Reliance Infrastructure and approved the recovery of Rs 2,100 crore in arrears, including the carrying cost of power.

The company maintains its lead as being the largest private sector distributor of power in the country, serving 6.4 million customers.

Reliance Infrastructure reported its results after the close of trading hours. Shares of the company closed Wednesday at Rs 636.95, down 0.99 per cent.