Reliance Infra net loss narrows to Rs 47 cr in Jan-Mar quarter

Reliance Infrastructure Ltd on Friday reported narrowing of consolidated net loss at Rs 46.53 crore for the quarter ended March 31, 2021.

The company had reported a consolidated net loss of Rs 153.84 crore in the year-ago period, it said in a filing to the BSE.

The company's consolidated income during the January-March quarter increased to Rs 4,610.72 crore over Rs 4,012.87 crore in the year-ago period, the filing said.

The company further said that Covid-19 continues to spread across the globe and India and it has impacted business by way of interruption in construction activities, operations of metros, toll collections, supply chain disruption, unavailability of personnel and closure/lockdown of various facilities, among others.

"Further to reduce the impact of cash flows of the group, it has availed moratorium on term loans with respect to certain subsidiaries (Delhi Discoms and selected toll road companies) as per RBI guidelines, wherever applicable," the company said.

In a statement, the company said it aims to be zero debt by end of FY'22 based of liquidity events.

In FY'21, the standalone debt reduced by 33 per cent to Rs 3,808 crore vis-a-vis Rs 5,701 crore in FY'20, the statement said.

Reliance Infrastructure is one of the leading infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

Reliance Infra is a leading player in providing engineering and construction services for developing power, infrastructure, metro and road projects.

The company through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis. RInfra is also a leading utility company having presence of power businesses i.e. power distribution.