Reliance Industrial Infrastructure Ltd (RIIL) on Wednesday reported a rise of 12.6 per cent in its consolidated net profit for the third quarter (Q3) of financial year 2019-20.

The company’s net profit during the quarter under review increased to Rs2.46 crore from Rs2.18 crore in the corresponding period of the previous fiscal.

However, the company’s total income fell to Rs24.42 crore from Rs25.02 crore on a Y-o-Y basis.

On a standalone basis, RIIL’s net profit rose to Rs2.08 crore, a rise of 9.3 per cent, from Rs1.90 crore reported for the corresponding period of the previous fiscal.

“The company continues to provide infrastructure support services, namely transportation of petroleum products and water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries Limited,” RIIL said in a regulatory filing. “The company presently does not have any expansion plans on the anvil.”

Earlier Reliance Industries, L&T and Minda Industries, Cholamandalam Investment and Finance Company (CIFC) and KEC International among others have been recommended as the ‘New Year Stock Picks’ for 2020 by a leading brokerage. An Axis Securities’ report recommended stocks of firms like Reliance Industries, L&T, Cholamandalam Investment and Finance Company (CIFC), Minda Industries (MIL) and KEC International amongst others as the ‘New Year Stock Picks 2020’.

Axis Securities in investment rationale on RIL said: “Reliance’s (Petchem) execution of projects like ROGC, petcoke gasifiers, ethane imports, polyester expansion, coker expansion and downstream integration are expected to fetch higher gross refining margins and petchem margin than historical levels in an accelerating global growth and IMO environment.

Indo-Asian News Service