Reliance Infrastructure quarter net profit flat at Rs 415 crore

Written by Press Trust of India | New Delhi | Updated: Jul 31 2013, 08:01am hrs
Reliance Infrastructure today reported a marginal growth in net profit at Rs 415 crore for the quarter ended June 30, 2013. The company had reported a net profit of Rs 412 crore in the corresponding quarter of previous year.

"The operations of Reliance Metro Airport Line in Delhi (23 km and 6 stations) were handed over to Delhi Metro Railway Corporation (DMRC) with effect from July 1, 2013," Reliance Infrastructure said in a statement.

"The termination was owing to DMRC's failure to cure substantial defects in civil structure designed and built by them and on account of 'Material Breach' and 'Event of Default'," the company said.

It added that the claims for termination payment are fully justified and enforceable and the company is confident of receiving the entire investment in Delhi Airport Metro Express Private Ltd (DAMEPL).

Total income of the company stood at Rs 5,452 crore as against Rs 5,383 crore in the corresponding quarter of previous year, it said.

Reliance Infrastructure's road projects earned a revenue to the tune of Rs 162 crore in first quarter of the current fiscal, the statement said.

The company is also involved in the power sector. It generated 1,311 million units in the quarter and traded 1,281 million units in the same period, the statement said.

The company's order-book for the EPC (Engineering, Procurement and Construction) business stood at Rs 8,890 crore as on June 30, 2013.

Reliance Infrastructure is also developing two cement plants of 5 million tonnes each in Maharashtra and Madhya Pradesh. Maihar unit in Madhya Pradesh is slated to be commissioned in the current year.

The company is engaged in developing projects in several areas in the Infrastructure sector i.e. Roads, Metro Rail, Cement and Airports.