This Article is From May 14, 2013

Reliance Infra standalone Q4 net at Rs 599 crore on tax write-back

Reliance Infrahas reported higher than expected net profit in the January to March quarter on the back of Rs 228 crore in tax write-back.

The Anil Ambani promoted firm reported a standalone net profit of Rs 599 crore in the March quarter, down 9 per cent from Rs 658 crore in the corresponding quarter of last fiscal.

Standalone sales slumped 32 per cent to Rs 3,919 crore in the March quarter from Rs 5,730 crore a year ago.

A poll of brokers had estimates Reliance Infra to report a net profit of Rs 332 crore on sales of Rs 3,402 crore.

Reliance Infra shares dropped to a low of Rs 378.20 post the results announcement. The stock traded 0.7 per cent lower at Rs 384.65 as of 1.30 p.m.