Reliance Industrial Infrastructure Q3 net profit down 1.5%
Reliance Industrial Infrastructure Ltd on Friday reported a decline of 1.5% in its standalone net profit for the third quarter (Q3) of 2017-18. The company’s net profit stood at Rs 2.67 crore for the quarter ended December 31, 2017, down from Rs 2.71 crore in the corresponding quarter of last fiscal.
According to the company, during the quarter ended December 31, 2017, RIIL’s total revenue was Rs 2,571 lakh as compared to Rs 2,380 lakh in the previous quarter for 2017-2018. It further added that during the nine months ended December 31, 2017, RIIL’s total revenue was Rs 7,433 lakh as compared to Rs 7.793 lakh in the corresponding period of 2016-2017.
“RIIL continues to provide infrastructure support services, namely transportation of petroleum products and water through pipelines, construction machinery on hire and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries,” the company said.
It also announced that it has no expansion plan on the anvil, and that income from hiring construction machineries decreased from Rs 2,637 lakh to Rs 1,8867 lakh on the Y-o-Y basis.
Reliance Industrial Infrastructure Limited is a Mukesh Ambani company and a Reliance Group enterprise. It is an industrial infrastructure company based in Mumbai. The company has set up a 200-millimetre diameter twin pipeline system that connects the Bharat Petroleum refinery at Mahul, Maharashtra to Reliance’s petrochemical complex at Patalaganga in Maharashtra. The pipeline carries petroleum products like Naptha and Kerosene.