Reliance Infra's profits surge this quarter
Anil Ambani-led Reliance Infrastructure posted a 34% surge in profits for their second quarter in the financial year 2016-2017. The company's profits rose to Rs.571 crore in Q2 from Rs.426 crore in the second quarter last year. The Rs.28,148 crore-worth company saw its total income dip to touch Rs.7,429 crore from Rs.7,560 crore earned in Q2 last year.
Reliance Infrastructure is an energy company that is part of the Reliance Anil Dhirubai Ambani Group. Pitched to be the largest private sector power and construction company, it has diversified interests across power plants, natural gas exploration, transportation, metro rail, airports, defence, and toll roads. The company was established in 2002, and is presently led by Anil Ambani.
Reliance Infra's Q1 sees profits rise 7.22%
In the first quarter for the financial year 2016-2017 for the energy giant, the company clocked a net profit of Rs.438.80 crore. Reliance Infrastructure scripted a rise of 7.22% this year from its profit of Rs.409.27 crore garnered in the quarter in June 2015. The sales for the company rose nearly 2.58% to touch Rs.7033 crore compared with Rs.6856 crore in Q1 June 2015.
Reliance Infrastructure sees power business increase
The company's power distribution business gained 59,700 customers in Delhi and Mumbai during the second quarter. The country's largest power distributor currently has around 68 lakh customers. The company's Mumbai metro project's revenue increased by around 13% from last year. Its 11 road projects are also generating robust revenues, the company said, while it is contemplating options to monetize their road portfolio.
Reliance Infra eyeing massive expansion
"Targeting opportunities worth Rs 2 lakh crore planned by Government across power, roads, railways, defence, ports and mega infrastructure projects. Already submitted bids worth Rs 15,000 crore in last three months," the company's statement said.