Reliance Infra Q2 net down 4.7%

Reliance Infrastructure has reported a 4.7% year-on-year decline in Q2FY18 net profit to Rs 543.81 crore. Total income rose 5% y-o-y to Rs 7,621 crore. Earnings before interest, tax, depreciation and amortisation was up 6% y-o-y to Rs 2,256 crore. As on September 30, 2017, the consolidated net worth of the company stood at Rs 23,734 crore, the company said in a statement. During the quarter, the company’s RInfra infrastructure investment trust (InvIT) fund received approval from Sebi for its proposed initial public offer. The issue size is Rs 2,500 crore. RInfra’s order book stood at Rs 5,635 crore at the end of the second quarter. The company said it has bid for projects worth Rs 50,000 crore across power, transport and civil infrastructure. The company said it entered into a period of exclusivity with Adani Transmission during the quarter for the 100% sale of its integrated Mumbai power business. The company also completed the sale of its WRSS transmission project to Adani for Rs 1,000 crore. RInfra’s debt stands at about Rs 24,000 crore and the company is focusing on an asset-light model, getting rid of non-core businesses and aiming to reduce its debt pile to about Rs 20,000 crore. The company has sharpened its focus on the defence sector and kickstarted its joint venture manufacturing facility with Dassault Aviation at Nagpur during the quarter to manufacture components for Rafale jets.