Reliance Infra, DMRC go into arbitration

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By Rajiv Ranjan Singh  www.dnaindia.com

After remaining closed for seven months, Delhi Airport Metro, the Reliance Infrastructure showpiece project, has commenced operations and the company is seeking damages from the Delhi Metro Rail Corporation (DMRC), said Lalit Jalan, chief executive officer, Reliance Infra.

An arbitration team is assessing revenue losses incurred on account of seven month of closure, loss due to faulty civil structure and delay in repair work.

“We have demanded compensation for losses on various accounts but the matter is pending for arbitration, so I will not comment further,” he said.

The high-speed Delhi Metro track (permissible speed is 120 km per hour) is currently operating at 50 km per hour.

“Within a couple of weeks we will seek consent from DMRC for running trains at 80 km per hour,” said a company spokeperson.

The company registered an exceptional income of Rs379 crore through sale of Reliance Power shares that lifted its net profit 78% to Rs728 crore in the December quarter.

But excluding this exceptional income, the company posted a net profit of Rs428 crore (as 20% minimum alternate tax is deducted on Rs379 crore for calculating net profit on Reliance Power share sale), a 5% year-on-year rise.

In December quarter, the company’s operating income declined 14%to Rs5,296 crore as against Rs6,160 crore posted a year ago; Jalan attributed the decline to lesser income from EPC business.

EPC revenues fell to Rs2,940 crore to Rs1,840 crore, a fall of 59% or Rs1,100 crore. However, the overall revenues fell by `864 crore, showing that company earned more revenues from other businesses. More info

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