Small-cap business Reliance Industrial Infrastructure Ltd. ended today’s trading session with a market value of $1,268 Cr. Reliance Industrial Infrastructure Limited is part of the Reliance Group. Its main business is industrial infrastructure. Its main operations include the transportation of petroleum products and raw water through its pipelines, as well as the rental of construction equipment and other infrastructure support services. The corporation primarily conducts business in the Maharashtrian regions of Mumbai and Rasayani, as well as the Gujarati provinces of Jamnagar and Surat.
In a filing to the stock exchange today, Reliance Industrial Infra said, “The Board of Directors has recommended, pending approval by shareholders at the upcoming 35th Annual General Meeting, a dividend of 3.50 per fully paid-up equity share of 10/- each, totaling 528.50 Lakh for the financial year ended March 31, 2023.”
Consolidated, the company’s net income increased by 5.85% year over year to $20.80 Cr during the quarter ended March 2023 from the reported $19.65 Cr during the quarter ended March 2022. The company’s income from services increased by 7.56% year over year, from 16.39 to 17.63 Cr in the fourth quarter of FY23.
Profit before depreciation, interest, and taxes (PBDIT) for Reliance Industrial Infrastructure increased to 4.80 Cr in Q4FY23, up 25% year-over-year from 3.84 Cr in the corresponding quarter of FY22. Profit after tax (PBT) increased to 3.74 Cr, up 177% year-over-year from 1.35 Cr.
Reliance Industrial Infrastructure said that its consolidated net profit increased by 988% year over year to Rs 11.54 Cr and that its EPS increased from Rs 0.71 in Q4 FY22 to Rs 2.40 in Q4 FY23.
Reliance Industrial Infrastructure stated that it continues to offer Reliance Industries Group infrastructure support services, such as the pipeline transportation of petroleum products and raw water, construction equipment rental, and other support services, with a sizable portion going to Reliance Industries Limited.
Reliance Industrial Infrastructure’s shares closed at $837.10 a share today on the NSE, up 0.12% from the previous closing of $836.10. The stock’s 52-week high was $1,257.00 on October 11, 2022, and its 52-week low was $716.00 on June 20, 2022. The company reported that during Q3FY23, promoter shareholding was 45.43%, FIIs held 0.78%, DIIs held 0.03%, and the public held 53.76%.
A R Ramachandran, Co-Founder & Trainer-Tips2trades, commented on the stock’s technical outlook by saying that “Even if Q4FY23 results are strong with decent revenue growth, profits are higher mainly due to an extraordinary item which could limit upside in the stock price.”On the daily charts, the 870-890 zone presents strong resistance for Reliance Industrial Infrastructure. In the short term, a daily closure below support at 811 could result in a lower objective of 730.