Reliance Infrastructure today reported a near 14 per cent decline in consolidated net profit for the fourth quarter ended March 31, 2014 at Rs 621.42 crore due to decline in revenues which fell by 24 per cent to Rs 4,707.69 crore.
The Anil Ambani-led company had reported a net profit of Rs 721.44 crore in the fourth quarter of FY'13.
"Decline in income from the engineering business has impacted profits. But our income from infrastructure business has improved and this fiscal we expect almost all our ongoing projects to be operational and and revenue generating," company's Chief Executive Lalit Jalan told reporters here.
Revenues from the EPC business declined to Rs 882.81 crore from Rs 2,267.30 crore year-ago.
"We expect an uptick in the EPC segment in future mainly because our group company Reliance Power is likely to commence the second phase of its various projects. We are also expecting some road and power projects from other agencies to come up for bidding," he said, adding, "In future, we may also look at projects overseas..."
Its other income during the quarter more than doubled to Rs 328.31 crore from Rs 165.77 crore as it could carry forward forex losses worth Rs 51.20 crore after it amalgamated Reliance Infraprojects with the parent company.
For the full year, the company reported a marginal increase in net profit at Rs 1,913.67 crore against Rs 1,872.37 crore the previous fiscal while total income from operations declined 15 per cent to Rs 19,033.68 crore from Rs 22,374.52 crore.
The company added 75,000 new customers on its Mumbai distribution network during the year taking the total to 29.1 lakh and also regained all its high-tension customers who had moved to Tata Power's network in the last four years, Jalan said.
RInfra recovered arrears of Rs 498 crore in FY14 out of the Rs 925-crore per annum approved by the Maharashtra Electricity Regulatory Commission to recover for six years. It also recovered Rs 289 crore cross subsidy surcharge during the year.
The company added 2,15,000 new consumers on its Delhi distribution network in the year taking the total to 34.0 lakh. During the year, it also received approvals of power purchase cost adjustment surcharge of seven per cent from the Delhi Electricity Regulatory Commission which has been effective from February 1.
RInfra said its Western region strengthening transmission project in Maharashtra has now fully commissioned.
Its EPC order book as of March 31 stood at Rs 6,615 crore. He said all its 11 toll road projects will become operational in this fiscal.
