Reliance Infrastructure, part of the Anil Ambani-led Reliance Group, has posted over 10% rise in its first quarter net profit at Rs. 457.62 crore after sub-contracting charges dropped significantly.
The company's sub-contracting charges in the April-June quarter plummeted to Rs. 427.68 crore from Rs. 1,439.43 crore in the same period, last fiscal, Reliance Infrastructure said in a regulatory filing to the stock exchanges.
The company had posted a net profit of Rs. 415.20 crore in the corresponding quarter of the last financial year.
Reliance Infrastructure's other income rose to Rs. 397.60 crore from Rs. 293.48 crore, last fiscal.
The company's income from operations declined to Rs. 4,150.89 crore, in April-June period this year, from Rs. 5,452.45 crore in the last fiscal.
Mumbai Metro's operations, a service operated by Reliance Infrastructure through its special purpose vehicle Mumbai Metro One Pvt Ltd, started in the first week of June this year.
As many as 2.4 lakh commuters travelled on the first day of commencement of operations.
Shares of the company closed at Rs. 766.50, down 2.58% on the BSE.