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Reliance Infra Q3 results: Net profit drops 77% to Rs 80 crore

Read more at economictimes.indiatimes.com

(RInfra) on Monday reported 76.8 per cent decline in its consolidated net profit at Rs 80.08 crore for the quarter ended December 31, 2020.

The company had posted consolidated net profit of Rs 345.51 crore in the year-ago period, RInfra said in a filing to BSE.

The consolidated income from operations of the company during October-December period dropped to Rs 3,831.69 crore, over Rs 3,954.92 crore in the corresponding quarter of the previous fiscal, it said.

In a statement, the company said that its “Q3 FY’21 consolidated net profit (is) at Rs 80 crore.”

The company said it has completed the sale of Delhi Agra Toll Road to Cube Highways and Infrastructure III Pte Ltd for enterprise value of Rs 3,600 crore.

Proceeds from sale of Delhi Agra Toll Road and Parbati Koldam Transmission Company are utilised entirely for debt reduction, it said.

The company said that it has Rs 60,000 crore of receivables pending for 5-10 years before various forums, including regulatory and arbitration tribunal.

RInfra is an infrastructure company, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

Read more at economictimes.indiatimes.com

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