Reliance Inf S Regulatory News (RIFS)

19 Jul 2007 13:22

Reliance Energy Ld19 July 2007 RELIANCE ENERGY LIMITED----------------------------------------------------Registered Office: Reliance Energy Center, Santa Cruz (East), Mumbai 400 055.----------------------------------------------------Website: www.rel.co.in---------------------------------------------------- Unaudited Financial Results for Quarter ended 30th June, 2007---------------------------------------------------- (Rs. in crore) ----------Sr. Quarter Ended Year endedNo. Particulars 30-06-2007 30-06-2006 31-03-2007 -------------- --------------- ---------- ---------- ---------- Audited 1 Net Sales of Electrical Energy 1,285.40 911.58 3,610.95 ----- -------------- --------------- ---------- ---------- ---------- 2 Income from EPC and Contracts 338.61 237.27 2,082.00 ----- --------------------------- ---------- ---------- ---------- ---------- 3 Other Income 359.92 177.12 882.30 ----- -------------- --------------- ---------- ---------- ---------- 1,983.93 1,325.97 6,575.25 ----- -------------- --------------- ---------- ---------- ---------- 4 Total Expenditure ----- -------------- --------------- ---------- ---------- ---------- (a) Cost of Electrical Energy purchased 671.10 313.71 1,532.43 ----- --------------------------- ---------- ---------- ---------- ---------- (b) Cost of Fuel 272.24 234.33 921.27 ----- -------------- --------------- ---------- ---------- ---------- (c) Tax on Electricity 35.30 31.44 124.62 ----- -------------- --------------- ---------- ---------- ---------- (d) Cost of Materials and Sub-contract ----- --------------------------- ---------- ---------- ---------- Charges (EPC and Contracts) 291.67 191.22 1,840.62 ----- --------------------------- ---------- ---------- ---------- ---------- (e) Staff Cost 99.63 68.55 313.53 ----- -------------- --------------- ---------- ---------- ---------- (f) Other Expenses and Provisions (See Note No 3) 216.48 182.19 480.03 ----- --------------------------- ---------- ---------- ---------- ---------- 5 Interest and Finance Charges 69.29 45.93 250.32 ----- -------------- --------------- ---------- ---------- ---------- 6 Depreciation (See Note No 2) 58.13 61.89 240.06 ----- -------------- --------------- ---------- ---------- ---------- 7 Profit before Tax 270.09 196.71 872.37 ----- -------------- --------------- ---------- ---------- ---------- 8 Provision for Taxation : ----- -------------- --------------- ---------- ---------- ---------- Current Tax 30.30 25.50 90.15 ----- -------------- --------------- ---------- ---------- ---------- Deferred Tax 16.88 (6.15) 27.15 ----- -------------- --------------- ---------- ---------- ---------- Fringe Benefit Tax 1.35 0.75 4.77 ----- -------------- --------------- ---------- ---------- ---------- Tax adjustment for earlier years - - (51.15) ----- --------------------------- ---------- ---------- ---------- ---------- 9 Profit after Tax 221.56 176.61 801.45 ----- -------------- --------------- ---------- ---------- ---------- 10 Paid up Equity Share Capital 228.57 212.36 228.57 ----- -------------- --------------- ---------- ---------- ---------- (Face Value Rs. 10/- per Share) ----- --------------------------- ---------- ---------- ---------- 11 Reserves including Statutory Reserves excluding 8,412.73 ----- Revaluation Reserves ---------- ---------- ---------- --------------------------- 12 Earnings per share (On Net Profit)(* not annualised) ----- --------------------------- ---------- ---------- ---------- ---------- - Basic (Rs.) 9.69* 8.32* 37.20 ----- -------------- --------------- ---------- ---------- ---------- - Diluted (Rs.) 9.39* 8.14* 36.27 ----- -------------- --------------- ---------- ---------- ---------- 13 Aggregate of Public Share Holding - ----- --------------------------- ---------- ---------- ---------- ---------- - No.of Shares 149,501,662 98,984,388 149,803,562 ----- -------------- --------------- ---------- ---------- ---------- - Percentage of Share holding 65.42 46.62 65.55 ----- --------------------------- ---------- ---------- ---------- ---------- ----- -------------- --------------- ---------- ---------- ----------Segment-wise Revenue, Results and Capital Employed---------------------------------------------------- (Rs. in -------------- --------------- ---------- ---------- crore) ---------- Quarter Ended Year ended Particulars 30-06-2007 30-06-2006 31-03-2007----------------- --------------- ---------- ---------- ---------- ---------- Audited 1 Segment Revenue----------------- --------------- ---------- ---------- ----------(Net Sales/Income) - Electrical Energy 1,298.59 934.04 3,741.79 ----------------- --------------- ---------- ---------- ---------- - EPC and Contracts 339.77 242.18 2,094.56 ----------------- --------------- ---------- ---------- ---------- - Others 0.02 0.17 0.27 ----------------- --------------- ---------- ---------- ----------Gross Turnover 1,638.38 1,176.39 5,836.62----------------- --------------- ---------- ---------- ----------Less:InterSegmentRevenue - 0.30 0.30----------------- --------------- ---------- ---------- ----------Net Turnover 1,638.38 1,176.09 5,836.32----------------- --------------- ---------- ---------- ---------- ---------- 2 Segment Results----------------- --------------- ---------- ---------- ----------Profit before Tax and Interest from each segment :------------------------------ ---------- ---------- ---------- ---------- - Electrical Energy 88.89 132.96 323.49 ----------------- --------------- ---------- ---------- ---------- - EPC and Contracts 17.24 15.13 122.62 ----------------- --------------- ---------- ---------- ---------- - Others (0.06) (0.01) 0.01 ----------------- --------------- ---------- ---------- ----------Total SegmentResults 106.07 148.08 446.12----------------- --------------- ---------- ---------- ---------- ---------- - Interest and Finance Expense (69.29) (45.93) (250.32) ----------------- --------------- ---------- ---------- ---------- - Interest Income 142.57 148.11 599.98 ----------------- --------------- ---------- ---------- ---------- - Other un-allocable Income ----------------- --------------- ---------- ---------- ----------net ofexpenditure 90.74 (53.55) 76.59----------------- --------------- ---------- ---------- ----------Profit beforeTax 270.09 196.71 872.37----------------- --------------- ---------- ---------- ---------- ---------- ----- -------------- --------------- ---------- ---------- ----------3 Capital Employed----------------- --------------- ---------- ---------- ---------- ---------- ----- -------------- --------------- ---------- ---------- ---------- - Electrical Energy 3,033.60 3,158.76 2,842.36 ----------------- --------------- ---------- ---------- ---------- - EPC and Contracts 453.13 266.93 422.32 ----------------- --------------- ---------- ---------- ---------- - Others 1.73 2.12 1.81 ----------------- --------------- ---------- ---------- ----------Total SegmentCapitalEmployed 3,488.46 3,427.81 3,266.49----------------- --------------- ---------- ---------- ---------- Notes: 1. a. In the matter of standby charges, Maharashtra Electricity Regulatory Commission (MERC) had passed an order dated May 31, 2004 as under: i. The total liability for the financial years 1998-99 to 2003-04 was determined at Rs. 515.60 crore which had been debited to the Profit and Loss Account up to March 31, 2005. ii. The Tata Power Company Limited (TPC) to refund an amount of Rs. 321.13 crore (net of interest of Rs. 1.17 crore) to the Company for the said period plus interest at 10 per cent per annum commencing from April 1, 2004 till the date of payment. b. The Company and TPC filed appeals before the Hon'ble High Court of Bombay. As an interim order, the Hon'ble High Court of Bombay granted stay of payment by TPC, but directed TPC to provide a Bank Guarantee of Rs. 313.93 crore in favour of the Hon'ble High Court of Bombay. Disposing both the petitions, the Hon'ble High Court of Bombay held that the issues should be adjudicated within four months of the order of the Hon'ble Bombay High Court by the Appellate Tribunal for Electricity (ATE). In the interregnum, the parties to continue to pay in terms of the interim order, subject to adjustments on adjudication. c. Both TPC and the Company filed Special Leave Petitions in the Supreme Court against the Order of Hon'ble High Court of Bombay. While disposing of these petitions, the Hon'ble Supreme Court directed the TPC to file an appeal before the ATE. TPC thereafter filed an appeal before the ATE. d. While disposing of the appeal, ATE has passed an order dated December 20, 2006 as under: i. The total liability of standby charges for the financial years 1998-99 to 2003-04 was determined at Rs. 500 crore. ii. TPC to refund Rs. 354 crore (inclusive of interest of Rs.15 crore up to March 31, 2004) to the Company plus interest at 10% per cent per annum commencing from 1st April, 2004 till the date of payment. e. TPC filed an appeal in the Hon'ble Supreme Court being Appeal No.415 of 2007. The Hon'ble Supreme Court passed an interim order dated February 7, 2007 granting stay of the impugned order of the ATE subject to the condition that, TPC furnish a bank guarantee of the sum of Rs. 227 crore and, in addition, deposit a sum of Rs. 227 crore with the Registrar General of the Court which can be withdrawn by the Company subject to the Company giving an undertaking to the Court that in the event of the appeal being decided against the Company, wholly or in part, the amount as may be found refundable by the Company shall be refunded to TPC without demur together with interest as may be determined by the Court. The Company accordingly withdrew the amount of Rs. 227 crore after complying with the conditions specified and has accounted the said amount as other liabilities pending final adjustment. Moreover, pending final order of the Hon'ble Supreme Court, the Company has not accounted for the reduction in standby charges liability of Rs.15.60 crore as well as interest amount determined by ATE as payable by TPC to the Company. 2. The Company had revalued its Plant and Machinery located at Dahanu during the financial year 2003-04 and the depreciation figures shown in the unaudited financial results are net of effect of revaluation since the corresponding amount is withdrawn from the Revaluation Reserve which does not have impact on profit for the quarter. 3. The Company has changed the accounting policy with effect from April 1, 2007, whereby the foreign exchange derivative instruments are revalued at fair values at reporting period end and any profit or loss arising on the revaluation is recognized in the Profit and Loss Account. Accordingly, an amount of Rs. 82.67 crore is charged to the Profit and Loss Account during the quarter ended June 30, 2007 on revaluation of foreign exchange derivative instruments due to the change in the accounting policy. The impact of the change in the accounting policy is not ascertainable for previous period / year. 4. Tax Liability has been provided on the basis of Minimum Alternate Tax calculations. 5. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended June 30, 2007: opening: Nil: additions: 83 disposals: 83 closing: Nil 6. The above results for the quarter ended 30th June, 2007, 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. 7. After review by the Audit Committee, the Board of Directors of the Company took the above results on record at their meeting held on July 18, 2007. 8. 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 18, 2007 Chairman This information is provided by RNS The company news service from the London Stock Exchange