RInfra sees 3-fold rise in infra revenue in fiscal 2013
Anil Ambani-promoted Reliance Infrastructure (RInfra) has said it is expecting almost three-fold rise in revenue from the infra vertical to Rs 1,000 crore in fiscal 2013.
"We are looking at a revenue of Rs 1,000 crore from the infrastructure vertical this fiscal, to double the same to Rs 2,000 crore by FY14 as by then we expect to complete most of the road projects apart from the metro projects," RInfra chief executive Lalit Jalan has said.
This vertical had contributed only 1.5 per cent to its topline last fiscal. Notably, the infra vertical was the biggest drag on the company's net income as well as topline last fiscal, with a revenue of just Rs 366 crore out of its turnover of Rs 24,272 crore.
Driven down by a dismal show by the infrastructure vertical, RInfra had reported a flat net profit at Rs 411.46 crore for the March quarter, despite a whopping 90 per cent jump in operating income.
For the full fiscal of FY12, its net profit rose just 2.27 per cent to Rs 1,586.81 crore, while operating income grew 59.47 per cent to Rs 24,271.80 crore.
Profitability was also blunted by the rise in expenditure and finance costs. While total expenditure rose over 84 per cent to Rs 6,740 crore, its financing costs were up over two times to Rs 419.30 crore during the quarter.
"Standalone profit has almost doubled, but on a consolidated basis net income was flat because of the infra projects which are in early stages. That is the reason we are being weighed down by our infra portfolio," Jalan had said while announcing the results.
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