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Higher volumes and tariff growth in its electricity business, besides eight of its toll roads generating revenues helped Reliance Infrastructure post a 76 per cent rise in net profit at Rs 726 crore (Rs 411 crore) for the quarter ended March 31, 2013.
However, revenues were down to Rs 6,187 crore (Rs 7,135 crore).
R Infra’s electricity business revenues were Rs 3,728 crore (Rs 2,902 crore) and earnings before tax and interest stood at Rs 391 crore against Rs 253 crore.
For FY13, total income was Rs 22,381 crore (Rs 24, 216 crore) and net profit Rs 2,246 crore (Rs 1,586 crore). This year’s profit includes an exceptional item of Rs 379.12 crore due to sale of shares of Reliance Power.
Lalit Jalan, Chief Executive Officer, said the Maharashtra Electricity Regulatory Commission had allowed recovery of Rs 750 crore from about one lakh customers who had migrated to Tata Power from R Infra network.
R Infra is also awaiting tariff orders for its electricity distribution business in Mumbai and Delhi, which he said would lead to higher income this year.
Eight of its toll road projects are operational and revenues earned were Rs 525 crore for the year. Two more road projects were ready and the company was awaiting clearances for toll collection from the National Highways Authority of India.
On Tuesday, R Infra scrip was marginally up at Rs 389.45 on the BSE.
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