RIIL Q1 results: Net profit drops 2%

New Delhi: Reliance Industrial Infrastructure Ltd (RIIL) on Tuesday reported a 2 per cent drop in the firm's June quarter net profit mostly due to the impact of COVID-19 on business.

Consolidated net profit in April-June at Rs 2.05 crore was lower than Rs 2.09 crore in the same period a year ago, the company said in a statement.

Turnover fell 30 per cent to Rs 16.95 crore.


Standalone net profit declined 6.3 per cent to Rs 1.6 crore while turnover was down 30 per cent at Rs 16.95 crore.

"The company has taken into account the possible impacts of COVID-19 in preparation of the standalone financial results, including but not limited to its assessment of liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenues and on cost budgets," the company said.

During the quarter, it resulted in lower equipment hire income and its associated costs.

"Post commencement of unlocking of the lockdown, the company's operations have gradually improved," it said.