RInfra net up 8 percent at Rs 405 cr on new road projects

hidden August 11, 2011 13:59:10 IST
RInfra net up 8 percent at Rs 405 cr on new road projects

Mumbai: Reliance Infrastructure on Thursday said consolidated net profit for the fiscal first quarter rose 8 percent, beating market expectations as it secured new road projects in Asia's third largest economy.

The Mumbai-based firm, controlled by billionaire Anil Ambani, reported net profit of Rs 405 crore  ($89.5 million) for the quarter ended in June compared with a profit of Rs 375 crore a year earlier.

RInfra net up 8 percent at Rs 405 cr on new road projects

The Mumbai-based firm, controlled by billionaire Anil Ambani, reported net profit of Rs 405 crore. Reuters

A poll of brokerages had estimated net profit for the quarter at Rs 370 crore, according to Thomson Reuters.

Reliance Infra started out as a power distributor in India's financial capital, but has transformed itself into a complete infrastructure player as India looks spend $1 trillion between 2012 and 2017 to revamp its roads, railways and ports.

Shares in the company, valued at $2.7 billion, have fallen 44 percent so far in 2011, compared with an 18 percent drop in India's benchmark index.

Reuters

 

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