RInfra's 2016-17 net profit soars up by 88%

Mumbai: Reliance Infrastructure (RInfra) on Saturday reported an exponential rise of 88 per cent in its consolidated net profit for the entire financial year 2016-17.

The company's consolidated net profit rose to Rs 1,425 crore from Rs 760 crore reported in 2015-16.

According to RInfra, its total income for the financial year under review stood at Rs 28,222 crore from Rs 28,462 crore earned during 2015-16.

The firm's earnings before interest, taxes, depreciation and amortisation (EBITDA) during the last financial year increased by 11 per cent to Rs 8,274 crore from Rs 7,435 crore in 2015-16.

The company's consolidated net worth stood at Rs 23,348 crore at the end of March 31, 2017.

The firm's Board of Directors has recommended a dividend of Rs 9 per equity share for 2016-17.

Besides, the company reported a consolidated net profit of Rs 41 crore for the fourth quarter (Q4) of 2016-17 from a net loss of Rs 327 crore reported for the corresponding quarter of 2015-16.

In addition, RInfra's total income during the quarter under review stood at Rs 6,145 crore.

The Q4 EBITDA increased by 12 per cent to Rs 1,793 crore from Rs 1,601 crore in the corresponding quarter of 2015-16.

Among other highlights, the company's power distribution business added more than 2.3 lakh new customers in the metros of Delhi and Mumbai in 2016-17.

The firm's power distribution business in Mumbai recovered Rs 894 crore arrears in the financial year under review.

"Discussion in advanced stage to monetise stake in Mumbai power business," the company said in a statement.

The infra major maintains its lead as being the largest private sector distributor of power in the country, serving 68.9 lakh consumers.

The company's EPC (engineering, procurement and construction) business earned a revenue of Rs 2,492 crore in 2016-17. Its order book stood at Rs 5,960 crore.

"Won EPC contract for setting-up 2 x 250 MW thermal power plants worth Rs 3,675 crore in Rajasthan from Neyveli Lignite Corporation," the statement said.

The company has also bagged an EPC contract to build 66 km road project worth Rs 711 crore in Tamil Nadu.

"Targeting opportunities worth Rs 2 lakh crore planned by Government across power, roads, railways, defence, ports and mega infrastructure projects," the statement said.

In the infrastructure segment, the company said that all of its 11 road projects of 4,370 lane kms are revenue generating.

The infrastructure major pointed out: "RInfra InvIT fund has filed DRHP with SEBI for its road assets - Received NHAI approval for transfer of road assets to the fund."

The company further said that it has won arbitration award for two road projects -- NK Toll Road and DS Toll Road worth Rs 170 crore.

"Over Rs 14,000 crore is under advanced stage of arbitration," the statement said.

The company added that its defence manufacturing business has entered into a strategic partnership agreement with Dassault Aviation.

"Dassault Reliance Aerospace Ltd JV with Reliance holding 51 per cent has received CCI clearance - JV will play major role in meeting the offset obligation of Rs 30,000 crore for "Rafale 36" contract," the statement said.

The company mentioned that its Reliance Defence and Engineering Ltd (RDEL) has become the only shipyard in India selected by the US Navy to repair it's ships in Indian Ocean Region.

"Only private sector company selected to build Naval Offshore Patrol Vessel for Indian Navy. Signed contract to build 14 Fast Patrol Vessels for Indian Coast Guard," the statement said.

The company added that it has obtained 27 industrial licenses for missiles, ammunition, land, naval systems and helicopters.