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.
The retail arm of Reliance Industries Ltd had posted a pre-tax profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 2,312 crore in the October-December period a year ago
This is the second acquisition of an iconic hotel by Reliance in less than a year. In April last year, Reliance acquired Stoke Park Ltd in the UK