Lower expenses boost RInfra net 19.6%

Reliance Infrastructure Tuesday reported a 19.6 percent rise in consolidated net for the June quarter at Rs 299.15 crore boosted by regulatory income and lower expenses. Consolidated total income for the quarter rose to Rs 6,074 crore from Rs 5,980.43 crore.

"On year-on-year basis, profit rose 19.59 percent, but it would have been much higher at 211 percent if we take out the profit emerging from the Mumbai power business that was sold to Adani Transmission," a company official explained. During the quarter, the company added over 51,000 new households added in Delhi discoms taking the total to 42.8 lakh households. AT&C loss remained below 9 percent in Delhi discoms backed by high operational efficiencies.

The company further said has completed the soil investigation and engineering works for the Rs 7000 crore and 17.7 km Versova-Bandra Sea Link project in partnership with Fugro and Dar Al Handasah. RInfra said all the 16 lenders have signed the inter- creditor agreement on July 6 and the company has a standstill agreement with them for 180 days.

"The company plans to implement the resolution plan well within this period by monetizing assets. We also announced plan to monetize Reliance Center office in Santacruz East by way of long-term lease and utilize 100 per cent of proceeds only for debt reduction," the release said. RInfra's sale of Delhi-Agra toll road for enterprise value of Rs 3,600 crore to Cube Highways is on track to close by September-end.

The RInfra counter tanked around 5 percent at Rs 45.05 on the bse on a day when the benchmark plunged 1.7 percent. PTI PSK BEN BEN.