Bad news for Anil Ambani, his company's loss widens to Rs 3298 crore in 3 months, its business is...

Anil Ambani seems to be making a comeback these days. Many of his Reliance companies have reduced their debt or become debt-free. However, his Reliance Infrastructure received a piece of bad news on Saturday after it reported a widening of consolidated net loss to Rs 3,298.35 crore in the December quarter (from October to December). Presently, the company has a market cap of Rs 9878 crore, as of February 14. It had clocked a net loss of Rs 421.17 crore in the year-ago period, the company said in an exchange filing.

Reliance Infra's total income, however, rose to Rs 5,129.07 crore from Rs 4,717.09 crore in the same period a year ago. Its expenses declined to Rs 4,963.23 crore from Rs 5,068.71 crore in the third quarter of the previous fiscal. After the news, Reliance Infra's share price settled at Rs 248.25 on Friday. The Anil Ambani-led company is engaged in the business of providing engineering and construction services for power, roads, metro rail, and other infrastructure sectors.

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Part of the Reliance Group, Reliance Infra is involved in power generation, infrastructure, construction and defence. In September last year, the company announced that it had slashed its debt by 87 per cent to Rs 475 crore. In stock exchange filings and press statements, Reliance Infra said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. It cleared outstanding dues of LIC, ICICI Bank and other lenders. It paid Rs 600 crore to LIC to settle all outstanding.