Reliance Industrial Infrastructure Ltd (RIIL), a subsidiary of Reliance Industries, displayed a robust financial performance in the July-September quarter of the fiscal year 2024, driving its stock value to a nearly 2% surge. The company reported a significant 40.70% year-on-year jump in its consolidated net profit, reaching Rs 3.18 crore, compared to Rs 2.26 crore in the corresponding quarter last year.
Despite a marginal decrease of 1.70% in consolidated total income, which stood at Rs 20.84 crore, RIIL showcased its financial resilience. The company’s consolidated profit before depreciation, interest, and taxes (PBDIT) rose by 25.75% year-on-year, reaching Rs 5.86 crore, while the profit before tax (PBT) witnessed an impressive surge of 64.66% year-on-year, reaching Rs 5.22 crore during Q2FY24.
RIIL reported an income of Rs 14.36 crore from its product transportation service, other support services, and hiring construction machinery, a slight decrease from Rs 16.61 crore in Q2 FY2022-23.
At 11:45 am the shares of the company were trading 1.66% higher against the previous close at ₹2,263.50
Ambani Nextgen Joins RIL Board, Shareholders Approve Appointment
Additionally, during the Annual General Meeting, RIIL witnessed significant shareholder approval. The resolution for the appointment of non-executive directors received majority votes. Isha Ambani’s appointment as Non-Executive Director was approved with an overwhelming 98.21% votes, while Akash Ambani and Anant Ambani’s appointments were approved with 98.06% and 92.75% votes respectively. The induction of Ambani Nextgen into the RIL Board marked a pivotal moment, further strengthening the company’s governance and leadership.
