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.
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.
Reliance Cement Company, the cement subsidiary of Reliance Infrastructure, on Monday commercially launched its product and said it would initially focus its marketing efforts in the Vidarbha region
The company had posted a net profit of Rs 415.20 crore in the corresponding quarter of the last financial year.<br />