Reliance Infra seeks compensation from DMRC

Reliance Infrastructure and the Delhi Metro Rail Corporation (DMRC) are locked in an arbitration proceeding over the former's demand of compensation for losses on account of closure of Delhi Airport Metro service for seven months. The service, which was closed for seven months owing to faulty civil structure and delay in repair work, resumed operations recently. The high-speed Delhi Metro track (permissible speed is 120 km per hour) is currently operating at 50 km per hour. It is learnt that Reliance Infra would seek consent from DMRC for running trains at 80 km per hour within a couple of weeks. Meanwhile, Reliance Infra registered an exceptional income of Rs 379 crore through sale of Reliance Power shares that lifted its net profit 78 percent to Rs 728 crore in the December quarter. But excluding this exceptional income, the company posted a net profit of Rs 428 crore (as 20 percent minimum alternate tax is deducted on Rs 379 crore for calculating net profit on Reliance Power share sale), a 5 percent year-on-year rise.