Mumbai : Reliance Infrastructure 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…”
Other income 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 while total income from operations declined 15 per cent to Rs 19,033.68 crore from Rs 22,374.52 crore.