ADAG firms show profits, shares hold | business | Hindustan Times
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ADAG firms show profits, shares hold

business Updated: Feb 15, 2011 00:06 IST
HT Correspondent
HT Correspondent
Hindustan Times
Anil Ambani

Leaving behind an ugly week when its stocks got battered amid a controversy over market manipulation, four companies of the Anil Ambani-led Reliance ADA Group — Reliance Capital, Reliance Infra, Reliance Communications and Reliance Power — on Monday announced profit growth for the third quarter ended December 2010.

Reliance Communications (RCom) saw its Q3 net profit grow 7.7% to R480 crore while Reliance Infra reported a 10% growth in net profit at R405 crore.

Reliance Power’s profit grew 7.5% at R144 crore, while Reliance Capital which is the smallest in terms of profit numbers, showed the highest

year-on-year growth of 68% among the four companies at R106 crore.

The combined revenue of the four entities stood at R10,472 crore against R10,073 crore made in December 2009, up 4%.

The result announcements saw the share prices of listed group companies rise between 0.3% and 3% during the day. Last Wednesday, they had plunged between 9% and 19% which the company blamed on rumours being spread by its rivals.

In line with its announcement on Wednesday, Reliance Infra declared a share buyback offer of up to R1,000 crore and bolstering investors, said it achieved financial closure of 22 projects with a total outlay of R30,500 crore in the previous quarter.

It also said that Delhi Metro airport link will soon start commercial operations while its Solar-Karad transmission line and the Pune-Satara road toll project were revene positive.

RCom said it would roll out 3G services in 13 telecom circles including Delhi, Mumbai, Kolkota and Chandigarh by the end of March 2011.

Reliance Power, which has big plans for future said that the company would achieve its stated target of generating 5,000-MW power by the end of 2012.

About the uncertainty on gas supply from RIL’s KG D-6 for the Samalkot project JP Chalasani, CEO, RPower said, “We do have a back-up plan which we will reveal only when the time comes.”

Reliance Capital aims to get a banking licence this year.