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Reliance Industrial Infrastructure Ltd (RIIL) on 15 October announced its quarterly results for recently ended September 2022 quarter. The RIIL reported 11.4 per cent drop in the second quarter net profit on flattish revenue.
The firm reported a net profit of ₹2.26 crore in July-September which was 11.4 per cent lower than ₹2.55 crore net profit in the same period last year, the company said in a stock regulatory filing.
RIIL’s total income in the quarter ended September 30, 2022 stood at ₹2,120 crore, which was 0.2 percent up from ₹2,116.23 crore in the year-ago period.
However, the RIIL’s profit was 61 per cent higher than ₹1.40 crore net profit in the preceding April-June quarter.
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Its income from hiring construction machineries increased to ₹374.13 lakh from ₹369.77 lakh, while the income from other support services increased to ₹482.89 lakh in Q2FY2023 from ₹447.31 lakh.
The firm added that the income from product transportation service decreased to ₹804.78 lakh from ₹857.05 lakh. And the consolidated net profit declined to ₹226.35 lakh in Q2FY2023 from ₹255.39 lakh.
“The company continues to provide infrastructure support services namely transportation of petroleum products and raw water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries Limited,” it said.
On Friday, stocks of RIIL dropped 1.88% or 21.45 points to 1117.70 at BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
