Reliance Inf S Regulatory News (RIFS)

RNS Number : 3166Q

Reliance Infrastructure Limited

31 July 2010

 

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055
website:www.rinfra.com
Standalone unaudited financial results for the quarter ended June 30, 2010
				(Rs. Crore)
Sr. No.	Particulars	3 months ended		Year ended
		30-Jun-10	30-Jun-09	31-Mar-10
		(unaudited)	(unaudited)	(unaudited)
1	(a) Net sales of Electrical Energy (Refer Note No 3)	1,578.24	1,855.29	6,367.76
	(b) Income from EPC and Contracts Division	557.14	551.93	3,414.86
	(c) Other Operating Income	92.66	39.11	244.64
	Total Operating Income	2,228.04	2,446.33	10,027.26
2	Expenditure
	(a) Cost of Electrical Energy purchased	859.85	984.83	3,321.94
	(b) Cost of Fuel	323.12	323.42	1,219.83
	(c) Tax on Sale of Electricity	39.04	42.25	154.13
	(d) Cost of Materials and Sub-contract
	Charges (EPC and Contracts)	431.49	440.74	2,882.55
	(e) Employees Cost	180.12	154.94	652.85
	(f) Depreciation	76.86	72.20	319.84
	(g) Other Expenditure	140.98	200.63	676.80
	Total Expenditure	2,051.46	2,219.01	9,227.94
3	Profit from operations before Other Income (net) and Interest	176.58	227.32	799.32
4	Other Income (net)	180.43	244.18	789.83
5	Profit before Interest	357.01	471.50	1,589.15
6	Interest and Finance Charges	61.31	103.67	292.21
7	Profit from Ordinary Activities before tax	295.70	367.83	1,296.94
8	Tax Expenses (net) (including Deferred Tax & Tax for earlier years)	49.45	51.26	145.25
9	Net Profit for the period	246.25	316.57	1,151.69
10	Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)	244.91	225.31	244.91
11	Reserves including Statutory Reserves excluding Revaluation Reserves
12	Earnings Per Share (* not annualised)
	(a) Basic (Rs.)	10.06 *	14.05 *	51.11
	(b) Diluted (Rs.)	9.93 *	14.05 *	48.68
13	Aggregate of Public Shareholding
	- Number of Shares	140,241,616	140,241,616	140,241,616
	- Percentage of Shareholding	57.27	62.26	57.27
14	Promoter and promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	-	37,238,281	-
	- Percentage of shares (as a % of the total shareholding	-	43.79	-
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	-	16.53	-
	b) Non-encumbered
	- Number of shares	104,628,646	47,790,365	104,628,646
	- Percentage of shares (as a % of the total shareholding	100.00	56.21	100.00
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	42.73	21.21	42.73

 

 

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055.
website:www.rinfra.com
Standalone segment-wise revenue, results and capital employed
Sr. No.	Particulars	3 months ended		(Rs. Crore)
				Year ended
		30-Jun-10	30-Jun-09	31-Mar-10
		(unaudited)	(unaudited)	(unaudited)
1	Segment Revenue
	- Electrical Energy	1,626.60	1,880.49	6,505.41
	- EPC and Contracts Division	601.44	565.84	3,521.85
	Total	2,228.04	2,446.33	10,027.26
	Less : Inter Segment Revenue	-	-	-
	Net Sales / Income from Operations	2,228.04	2,446.33	10,027.26
2	Segment Results
	Profit before Tax and Interest from each segment :
	- Electrical Energy	100.97	176.89	548.53
	- EPC and Contracts Division	83.87	54.10	283.77
	Total	184.84	230.99	832.30
	- Interest and Finance Charges	(61.31)	(103.67)	(292.21)
	- Interest Income	125.67	36.74	268.29
	- Other un-allocable Income
	net of expenditure	46.50	203.77	488.56
	Profit before Tax	295.70	367.83	1,296.94
3	Capital Employed
	- Electrical Energy	5,709.53	5,239.87	5,300.58
	- EPC and Contracts Division	384.11	279.85	417.78
	- Unallocated Corporate Assets (net)	9,295.72	6,652.62	9,433.82
	Total	15,389.36	12,172.34	15,152.18

 

Notes to Standalone financial statements :

 

1. The final determination in the matter of Standby Charges payable to The Tata Power Company Limited (TPC) is pending before the Supreme Court for final hearing. The Company has so far fully accounted the liability of Rs. 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).

2. The final determination in respect of the claim by TPC of Rs. 323.87 crore, along with interest based on the Orders passed by MERC / Appellate Tribunal for Electricity (ATE) towards difference in energy charge and minimum offtake charges for energy supplied by TPC at 220 kV interconnection is pending before Supreme Court for final hearing. The Company has complied with the interim order direction of depositing Rs. 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.

3. (a) The tariff to be levied effective from June 1, 2009 by the Company has been increased for certain categories by MERC by its order dated June 15, 2009 (new tariff order). However, MERC has by its order dated July 15, 2009 temporarily stayed implementation of the increased tariffs sanctioned by it in respect of certain consumer categories, while directing that the tariff reductions specified in its new tariff order be given effect to. In accordance with the principle of prudence and as a conservative measure, the Company has not accrued the additional net sales of electrical energy of Rs. 104.06 crore for the quarter ended June 30, 2010, to which it is entitled as per the new tariff order. If these sales had been taken into account, the profit before tax for the quarter ended June 30, 2010 would have been higher to that extent.

 

(b) Unbilled / unrecovered Fuel Adjustment Charges (FAC) have been accrued considering base energy costs as per new tariff order and revenue in respect of unrecovered power purchase / fuel expenses have been accrued considering base energy costs as per the previous tariff order. Both of these if not recovered in the current year, would be recovered through future tariff determination in accordance with the electricity regulations.

 

4. The Scheme of Restructuring envisaging transfer of various operating divisions of the Company, namely Dahanu thermal power station division, Goa and Samalkot power station division, power transmission division, power distribution division (together considered under electrical segment), toll roads division and real estate division (together considered under other operations segment) to its respective resulting six wholly owned subsidiaries has since been sanctioned by the Bombay High Court subject to the Company receiving requisite approvals and the same has been filed with the Registrar of Companies on September 14, 2009. The Scheme will be effective upon receipt of remaining approvals and therefore no disclosure has been made with regard to discontinuing operations.

 

5. The Committee of Directors, as authorised by the Board of the Company, at its meeting held on May 27, 2010, has decided to sell three Power plants namely 48MW Goa Power Plant, 220 MW Samalkot Power Plant and 165 MW Kochi Power Plant by transfer of holding of Reliance Goa and Samalkot Power Limited in its wholly owned subsidiary Reliance Energy Generation Limited and of BSES Kerala Power Limited in the Company to Reliance Power Limited. This is subject to receipt of requisite approvals and therefore, no effect of the same has been given in the accounts and also no disclosure has been made with regard to discontinuing operations.

6. During the quarter, Talcher - II Transmission Company Limited, North Karanpura Transmission Company Limited, Reliance Sealink One Private Limited, HK Toll Road Private Limited and DA Toll Road Private Limited have become subsidiaries / step-down subsidiaries of the Company.

 

7. There were no exceptional / extraordinary items during the quarter ended June 30, 2010.

 

8. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended June 30, 2010: opening: Nil; additions: 18; disposals: 18; closing: Nil

 

9. The above standalone results for the quarter ended June 30, 2010 have been subjected to a "Limited Review" by the auditors of the Company, as per the listing agreement entered into with the stock exchanges in India.

10. After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on July 30, 2010.

 

11. Figures of the previous year / period have been regrouped / reclassified wherever considered necessary.

For and on behalf of the Board of Directors

 

 

 

Place: Mumbai Anil D. Ambani

Date: July 30, 2010 Chairman

 

 

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055
website:www.rinfra.com
Unaudited Consolidated Financial Results for the quarter ended June 30, 2010
				(Rs. crore)
Sr. No.	Particulars	Quarter Ended		Year Ended
		30-06-2010	30-06-2009	31-03-2010
		(Unaudited)	(Unaudited)	(Unaudited)
1	(a) Net Sales of Electrical Energy (Refer Note No 3)	3,306.02	3,033.35	11,298.39
	(b) Income from EPC and Contracts Division	399.64	562.45	3,197.63
	(c) Other Operating Income	118.03	74.79	368.80
	Total Operating Income	3,823.69	3,670.59	14,864.82
2	Expenditure
	(a) Cost of Electrical Energy purchased	2,210.47	1,917.11	6,953.37
	(b) Cost of Fuel	417.82	485.76	1,580.81
	(c) Tax on Sale of Electricity	71.85	70.23	265.86
	(d) Cost of Materials and Sub-contract
	Charges (EPC and Contracts)	302.46	450.13	2,706.06
	(e) Employees Cost	233.00	208.59	946.52
	(f) Depreciation	119.59	107.61	472.44
	(g) Other Expenditure	180.14	165.81	891.89
	Total Expenditure	3,535.33	3,405.24	13,816.95
3	Profit from operations before Other Income (Net) and Interest	288.36	265.35	1,047.87
4	Other Income (net)	201.96	184.54	824.85
5	Profit before Interest	490.32	449.89	1,872.72
6	Interest and Finance Charges	137.24	156.97	525.13
7	Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest	353.08	292.92	1,347.59
8	Tax Expenses (net) (including Deferred Tax & Tax for earlier years)	66.38	68.59	149.83
9	Net Profit for the period but before Share in Associates and Minority Interest	286.70	224.33	1,197.76
	Share of Profit in Associates (net)	88.60	131.33	321.45
	Minority Interest	(0.01)	-	0.18
10	Net Profit for the period after Share in Associates and Minority Interest	375.29	355.66	1,519.39
11	Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)	244.91	225.31	244.91
12	Reserves including Statutory Reserves excluding Revaluation Reserves
13	Earnings Per Share (* not annualised)
	(a) Basic (Rs.)	15.33*	15.79*	67.43
	(b) Diluted (Rs.)	15.14*	15.79*	64.22
14	Aggregate of Public Shareholding
	- Number of Shares	140,241,616	140,241,616	140,241,616
	- Percentage of Shareholding	57.27	62.26	57.27
15	Promoter and promoter group shareholding
	(a) Pledged / Encumbered
	- Number of shares	-	37,238,281	-
	- Percentage of shares (as a % of the total shareholding	-	43.79	-
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	-	16.53	-
	(b) Non-encumbered
	- Number of shares	104,628,646	47,790,365	104,628,646
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	56.21	100.00
	- Percentage of shares (as a % of the total share capital of the Company)	42.73	21.21	42.73

 

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055
website:www.rinfra.com
Consolidated Segment-wise Revenue, Results and Capital Employed
				(Rs. crore)
Sr. No.	Particulars	Quarter Ended		Year Ended
		30-06-2010	30-06-2009	31-03-2010
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue (Net Sales / Income)
	- Electrical Energy	3,367.17	3,094.19	11,534.48
	- EPC and Contracts Division	443.96	576.40	3,304.78
	- Roads	12.14	-	25.34
	- Others	0.42	-	0.22
	Total	3,823.69	3,670.59	14,864.82
	Less: Inter Segment Revenue	-	-	-
	Net Sales / Income from Operations	3,823.69	3,670.59	14,864.82
2	Segment Results
	Profit before Tax, Interest, Share in Associates and Minority Interest from each segment:
	- Electrical Energy	236.50	127.31	828.56
	- EPC and Contracts Division	54.90	54.63	240.95
	- Roads	5.84	(0.12)	15.50
	- Others	(0.57)	(0.06)	(2.31)
	Total	296.67	181.76	1,082.70
	- Interest and Finance Charges	(137.24)	(156.97)	(525.13)
	- Interest Income	131.17	38.36	292.23
	- Other un-allocable Income net of expenditure	62.48	229.77	497.79
	Profit before Tax, Share in Associates and Minority Interest	353.08	292.92	1,347.59
3	Capital Employed
	- Electrical Energy	6,550.60	6,063.45	6,002.58
	- EPC and Contracts Division	492.97	284.20	520.82
	- Roads	139.49	72.03	107.03
	- Others	1,970.03	1,300.35	1,967.68
	- Unallocated Corporate Assets (net)	12,023.47	9,586.75	12,106.40
	Total	21,176.56	17,306.78	20,704.51

 

Notes to Consolidated Financial Statements:

 

1. The final determination in the matter of Standby Charges payable to The Tata Power Company Limited (TPC) is pending before the Supreme Court for final hearing. The Parent Company has so far fully accounted the liability of Rs. 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).

2. The final determination in respect of the claim by TPC of Rs. 323.87 crore, along with interest based on the Orders passed by MERC / Appellate Tribunal for Electricity (ATE) towards difference in energy charge and minimum offtake charges for energy supplied by TPC at 220 kV interconnection is pending before Supreme Court for final hearing. The Parent Company has complied with the interim order direction of depositing Rs. 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.

3. (a) The tariff to be levied effective from June 1, 2009 by the Parent Company has been increased for certain categories by MERC by its order dated June 15, 2009 (new tariff order). However, MERC has by its order dated July 15, 2009 temporarily stayed implementation of the increased tariffs sanctioned by it in respect of certain consumer categories, while directing that the tariff reductions specified in its new tariff order be given effect to. In accordance with the principle of prudence and as a conservative measure, the Parent Company has not accrued the additional net sales of electrical energy of Rs. 104.06 crore for the quarter ended June 30, 2010, to which it is entitled as per the new tariff order. If these sales had been taken into account, the profit before tax for the quarter ended June 30, 2010 would have been higher to that extent.

 

(b) Unbilled / unrecovered Fuel Adjustment Charges (FAC) have been accrued considering base energy costs as per new tariff order and revenue in respect of unrecovered power purchase / fuel expenses have been accrued considering base energy costs as per the previous tariff order. Both of these if not recovered in the current year, would be recovered through future tariff determination in accordance with the electricity regulations.

 

4. Unaudited financial results of Reliance Infrastructure Limited (Standalone) are as under :

(Rs. Crore)

Particulars	Quarter ended (Unaudited)		Year ended (Unaudited)
	June 30, 2010	June 30, 2009	March 31, 2010
Total Operating Income	2,228.04	2,446.33	10,027.26
Profit before Tax	295.70	367.83	1,296.94
Profit after Tax	246.25	316.57	1,151.69

 

5. The Scheme of Restructuring envisaging transfer of various operating divisions of the Parent Company, namely Dahanu thermal power station division, Goa and Samalkot power station division, power transmission division, power distribution division ( together considered under electrical segment), toll roads division and real estate division (together considered under other operations segment) to its respective  resulting six wholly owned subsidiaries has since been sanctioned by the Bombay High Court subject to the Parent Company receiving requisite approvals and the same has been filed with the Registrar of Companies on September 14, 2009. The Scheme will be effective upon receipt of remaining approvals and therefore no disclosure has been made with regard to discontinuing operations.

 

6. The Committee of Directors, as authorised by the Board of the Parent Company, at its meeting held on May 27, 2010, has decided to sell three Power plants namely, 48MW Goa Power Plant, 220MW Samalkot Power Plant and 165MW Kochi Power Plant, by transfer of holding of Reliance Goa and Samalkot Power Limited in Reliance Energy Generation Limited and of BSES Kerala Power Limited in the Parent Company to Reliance Power Limited. This is subject to requisite approvals and therefore no effect of the same has been given in the accounts and also no disclosure has been made with regard to discontinuing operations.

7. During the quarter, Talcher - II Transmission Company Limited, North Karanpura Transmission Company Limited, Reliance Sealink One Private Limited, HK Toll Road Pvt. Ltd. and DA Toll Road Pvt. Ltd. have become subsidiaries / step-down subsidiaries of the Parent Company. There is no material impact on the financial results on account of the same.

 

8. There were no exceptional / extraordinary items during the quarter ended June 30, 2010.

 

9. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended June 30, 2010: opening: Nil; additions: 18; disposals: 18; closing: Nil

 

10. The Company has opted to publish consolidated financial results for the year 2010-11. Standalone financial results, for the quarter ended June 30, 2010 can be viewed on the websites of the Company, National Stock Exchange of India Limited and Bombay Stock Exchange Limited at www.rinfra.com, www.nseindia.comand www.bseindia.comrespectively.

11. After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on July 30, 2010.

 

12. Figures of the previous year / period have been regrouped / reclassified wherever considered necessary.

For and on behalf of the Board of Directors

 

 

 

Place: Mumbai Anil D. Ambani

Date: July 30, 2010 Chairman

 

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