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RInfra’s Q4 2017-18 consolidated net profit zooms by 291%

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Mumbai, April 23 (IANS) Reliance Infrastructure (RInfra) on Monday reported an exponential rise of 291 per cent in its consolidated net profit for the fourth quarter of 2017-18.

According to the company, the consolidated net profit increased to Rs 160 crore from Rs 41 crore reported for the corresponding period of previous fiscal.

“If we exclude Mumbai Metro loss of Rs 43 crore and RNaval loss of Rs 130 crore in Q4 FY18, Net Profit would have been higher by 135 per cent YoY to Rs 333 crore,” the company said in a statement.

The company’s consolidated total income during the quarter under review increased by 12 per cent to Rs 6,737 crore ($1 billion).

In addition, the firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) during Q4 rose by 50 per cent to Rs 2,399 crore ($368 million).

On a financial year basis, RInfra reported a consolidated net profit of Rs 1,339 crore ($206 million) for 2017-18.

“FY18 net profit of Rs 1,888 crore ($290 million) — up 1 per cent (prior to Mumbai Metro loss of Rs 238 crore and RNAVAL loss of Rs 311 crore),” the statement said.

As per RInfra’s statement, its total income for the financial year under review stood grew by three per cent to Rs 28,724 crore ($4.4 billion).

“Consolidated net worth of Rs 24,219 crore ($3.7 billion) and book value of Rs 921 ($14) per share at the end of FY18,” the statement said.

Among the key highlights of the quarter, the EPC (engineering, procurement and construction) business has a current order book stood at Rs 20,500 crore. It has “won projects worth Rs 15,700 crore in last 1 year”.

In the road infrastructure segment, the company’s revenue increased by 13 per cent to Rs 1,093 crore.

“Expect Delhi-Agra and Pune-Satara projects to be completed in 2018,” the statement said.

Further, RInfra earned revenue worth Rs 291 crore in FY18 from its Mumbai Metro One project.

In defence manufacturing space, the company’s JV Dassault Reliance Aerospace is expected to play a major role in meeting the offset obligation of Rs 30,000 crore for “Rafale 36” contract.

In terms of arbitration, the company won an arbitration award against DMRC worth Rs 5,300 crore including interest.

“Received Rs 306 crore as immediate relief to ensure than no account of lenders of DAMEPL turns NPA. Hon’ble Delhi HC has directed DMRC to service entire debt of DAMEPL worth Rs 1,618 crore,” the statement said.

“Arbitration award won for 48 MW Goa power plant against Government of Goa worth Rs 292 crore.”

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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