Reliance Power stake sale helps RInfra post 78% higher Q3 net
During the quarter, the company sold 5.3 crore equity shares of Reliance Power, its associate company, reducing RInfra's stake in it to 36.52% from 38.41%. The profit of R418.34 crore from the sale has been shown as exceptional items, company said. Excluding this, the group's consolidated net profit grew a moderate 5% to R428 crore. Total income during the period declined by 12% to R5,545 crore from R6,320 crore, a year ago.
Consolidated total operating income also declined by 14% to R5,296 crore against R6,160 crore in the same period last year. “The infrastructure segment has contributed to the topline and operating profit. However, as EPC (engineering, procurement and construction) turnover was lower than last year’s, the operating income is lower,” Lalit Jalan, CEO, Reliance Infrastructure told newspersons.
Among its infrastructure projects, RInfra restarted operations on Delhi's Airport Metro line after it was closed last year on account of faulty civil construction. At present, the metros are being operated at half the speed of 50 kmph against the earlier 105 kmph. Jalan said that since the line has just commenced, it is being run at a lower speed. Eventually, the earlier speed will be achieved. As for the metro line in Mumbai, it is expected to commence from mid-2013.
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