Reliance Industrial Infrastructure Ltd (RIIL), a Reliance Group company, has reported a 51.22 per cent decline in its net profit which was at Rs 279 crore for the quarter ended March 2016 compared to Rs 572 crore in the corresponding period last year.
The Mumbai-based company also saw total revenue decline marginally by 1.33 per cent which was at Rs 2,521 crore in its fourth quarter of FY’16 as against Rs 2,555 crore in the same quarter last year.
The company’s income from operations stood at Rs 2,277 crore, an increase of 1.88 per cent.
For the year ended March 2016, the company’s net profit slipped by 30.40 per cent at Rs 1,536 crore.
The company also said its total revenue was up by 0.95 per cent at Rs 10,089 crore in FY 2015-16. The increase was primarily on account of increase in income from product transportation through pipeline and increase in other income.
The board of directors have recommended a dividend of Rs 3.50 per fully paid up equity share of Rs 10 each, aggregating Rs 6.36 crore payout including dividend distribution tax.
RIIL provides 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.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
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