Infra firm RIIL drops 4% on weak Q2FY16 earnings

Shares of Reliance Industrial Infrastructure Ltd (RIIL) fell 4 per cent on BSE on weak Q2 earnings for the fiscal year 2015-16.

The stock ended the day flat at Rs 335.90 after hitting an intraday low of Rs 325, down 4.04%, on the Bombay Stock Exchange (BSE) .

The infrastructure firm reported 30 per cent decline in its net profit at Rs 4.16 crore as compared to Rs 5.42 crore in the year-ago period.

Income from operations declined to Rs 21.48 crore during July-September quarter of current financial year from Rs 23.79 crore in the year-ago period.  

RIIL is mainly engaged in the business of setting up and operating industrial infrastructure and provides infra support services to RIL.

Its main activities are providing services for transportation of petroleum products and raw water through its pipelines and other infrastructure support services.

The company has its operations mainly in Mumbai and Rasayani regions of Maharashtra besides, Surat and Jamnagar belts of Gujarat.

(With inputs from PTI)