Last checked at 5 Nov 2015 07:00
Reliance Infrastructure Limited | |||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | |||||||
website: www.rinfra.com CIN L99999MH1929PLC001530 | |||||||
Statement of Consolidated Financial Results for the quarter and half year ended September 30, 2015 | |||||||
Part - I | (Rs crore) | ||||||
Sr. No. | Particulars | Quarter Ended | Half Year Ended | Year Ended | |||
30-09-2015 | 30-06-2015 | 30-09-2014 | 30-09-2015 | 30-09-2014 | 31-03-2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Income from Operations | ||||||
(a) Net Sales / Income from Power Business | 3,086.16 | 3,124.49 | 3,243.85 | 6,210.65 | 6,596.04 | 12,973.82 | |
(b) Income from EPC and Contracts Business | 680.71 | 626.20 | 576.55 | 1,306.91 | 1,165.98 | 2,731.17 | |
(c) Net Sales / Income from Infrastructure Business | 205.94 | 208.82 | 183.93 | 414.76 | 337.34 | 728.37 | |
(d) Net Sales from Cement Business (Net of Excise Duty) | 351.06 | 306.60 | 31.23 | 657.66 | 71.30 | 499.82 | |
(e) Other Operating Income | 53.99 | 70.72 | 22.39 | 124.71 | 38.18 | 265.28 | |
Total Operating Income (Net) | 4,377.86 | 4,336.83 | 4,057.95 |
8,714.69 | 8,208.84 |
17,198.46 | |
2 | Expenditure | ||||||
(a) Cost of Power Purchased | 1,819.36 | 1,836.23 | 1,892.80 |
3,655.59 | 3,889.59 | 7,811.62 | |
(b) Cost of Fuel and Materials Consumed | 445.20 | 416.08 | 306.61 |
861.28 | 774.38 | 1,542.14 | |
(c) Construction Materials Consumed and Sub-Contracting | |||||||
Charges | 425.70 | 508.02 | 446.31 |
933.72 | 873.99 | 2,134.27 | |
(d) Purchase of stock-in-trade | 5.40 | 7.16 | 7.08 |
12.56 | 11.21 | 23.69 | |
(e) Changes in inventories of finished goods, work-in-progress | (16.11) | 2.11 | 1.40 | (14.00) | 1.64 | (29.83) | |
and stock-in-trade | |||||||
(f) Employee Benefits Expense | 325.51 | 334.92 | 301.46 |
660.43 | 579.19 | 1,215.56 | |
(g) Depreciation and amortisation | 228.79 | 247.03 | 227.36 |
475.82 | 369.39 | 832.83 | |
(h) Other Expenses | 541.15 | 483.71 | 377.47 |
1,024.86 | 668.61 | 1,590.37 | |
Total Expenditure | 3,775.00 | 3,835.26 | 3,560.49 |
7,610.26 | 7,168.00 |
15,120.65 | |
3 | Profit from operations before Other Income (net), Finance Costs and Exceptional Items | 602.86 | 501.57 | 497.46 |
1,104.43 | 1,040.84 | 2,077.81 |
4 | Other Income (Refer Note 1 (b)) | 463.51 | 492.47 | 429.13 |
955.98 | 826.73 | 1,653.14 |
5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 1,066.37 | 994.04 | 926.59 |
2,060.41 | 1,867.57 | 3,730.95 |
6 | Finance Costs (Refer Note 1 (b)) | 638.77 | 643.73 | 564.64 |
1,282.50 | 1,045.39 | 2,347.32 |
7 | Profit from Ordinary Activities after Finance Costs but before Exceptional Items | 427.60 | 350.31 | 361.95 |
777.91 | 822.18 | 1,383.63 |
8 | Exceptional Items | - | - | - | - | - | - |
9 | Profit from Ordinary Activities before Tax | 427.60 | 350.31 | 361.95 |
777.91 | 822.18 | 1,383.63 |
10 | Tax Expenses (including Deferred Tax and Tax for earlier years) | 137.92 | 110.18 | 52.81 |
248.10 | 158.95 | 69.97 |
11 | Net Profit from Ordinary Activities after Tax | 289.68 | 240.13 | 309.14 |
529.81 | 663.23 | 1,313.66 |
12 | Extraordinary Items | - | - | - | - | - | - |
13 | Net Profit for the period | 289.68 | 240.13 | 309.14 |
529.81 | 663.23 |
1,313.66 |
Share of Profit in Associates (net) | 143.46 | 143.09 | 96.58 |
286.55 | 198.73 |
411.74 | |
Minority Interest | 17.99 | 17.69 | 25.47 |
35.68 | 26.85 |
74.78 | |
14 | Net Profit after Taxes, Share of Profit in Associates and Minority Interest | 451.13 | 400.91 | 431.19 |
852.04 | 888.81 |
1,800.18 |
15 | Paid-up Equity Share Capital (Face Value of Rs 10 per Share) | 263.03 | 263.03 | 262.58 |
263.03 | 262.58 |
263.03 |
16 | Reserves including Statutory Reserves excluding Revaluation Reserves |
25,908.54 | |||||
17 | Earnings Per Share (* not annualised) | ||||||
(a) Basic (Rs) | 17.15* | 15.24 * | 16.40 * | 32.39 * | 33.80 * | 68.45 | |
(b) Diluted (Rs) | 17.15* | 15.24 * | 16.40 * | 32.39 * | 33.80 * | 68.45 | |
Part - II Selected Information for the quarter and half year ended September 30, 2015 | |||||||
A | Particulars of Shareholding | ||||||
1 | Public Shareholding | ||||||
- Number of Shares | 13,53,62,964 | 13,53,62,964 | 13,53,62,964 |
13,53,62,964 | 13,53,62,964 |
13,53,62,964 | |
- Percentage of Shareholding | 51.47 | 51.47 | 51.47 | 51.47 | 51.47 |
51.47 | |
2 | Promoter and promoter group shareholding | ||||||
(a) Pledged / Encumbered | |||||||
- Number of shares | 6,08,64,675 | 4,53,64,675 | - |
6,08,64,675 | - |
3,90,00,000 | |
- Percentage of shares (as a % of the total shareholding | 47.69 | 35.54 | - | 47.69 | - |
30.56 | |
of promoter and promoter group) | |||||||
- Percentage of shares (as a % of the total share capital of the Company) | 23.14 | 17.25 | - | 23.14 | - |
14.83 | |
(b) Non-encumbered | |||||||
- Number of shares | 6,67,62,361 | 8,22,62,361 | 12,76,27,036 |
6,67,62,361 | 12,76,27,036 |
8,86,27,036 | |
- Percentage of shares (as a % of the total shareholding | 52.31 | 64.46 | 100.00 | 52.31 | 100.00 |
69.44 | |
of promoter and promoter group) | |||||||
- Percentage of shares (as a % of the total share capital of the Company) | 25.39 | 31.28 | 48.53 | 25.39 | 48.53 |
33.70 | |
B | Investor Complaints | Quarter ended 30- 09- 2015 | |||||
Pending at the beginning of the quarter | Nil | ||||||
Received during the quarter | 8 | ||||||
Disposed of during the quarter | 8 | ||||||
Remaining unresolved at the end of the quarter | Nil | ||||||
Reliance Infrastructure Limited | |||||||
Consolidated Segment-wise Revenue, Results and Capital Employed | |||||||
(Rs crore) | |||||||
Sr. No. | Particulars | Quarter Ended | Half Year Ended | Year Ended | |||
30-09-2015 | 30-06-2015 | 30-09-2014 | 30-09-2015 | 30-09-2014 | 31-03-2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Segment Revenue | ||||||
- Power Business | 3,116.62 | 3,147.41 | 3,277.49 | 6,264.03 | 6,645.21 |
13,228.39 | |
- EPC and Contracts Business | 682.24 | 628.83 | 576.78 | 1,311.07 | 1,166.47 |
2,752.36 | |
- Infrastructure Business | 211.59 | 213.17 | 183.94 | 424.76 | 344.72 |
742.94 | |
- Cement Business | 379.11 | 356.50 | 31.23 | 735.61 | 63.93 |
518.82 | |
Total | 4,389.57 | 4,345.91 | 4,069.44 | 8,735.48 | 8,220.33 |
17,242.51 | |
Less: Inter Segment Revenue | 11.71 | 9.08 | 11.49 | 20.79 | 11.49 |
44.05 | |
Net Sales / Income from Operations | 4,377.86 | 4,336.83 | 4,057.95 | 8,714.69 | 8,208.84 |
17,198.46 | |
2 | Segment Results | ||||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | |||||||
- Power Business | 463.12 | 441.50 | 483.06 | 904.62 | 920.71 |
1,873.56 | |
- EPC and Contracts Business | 129.72 | 65.06 | 57.53 | 194.78 | 147.14 |
302.16 | |
- Infrastructure Business | 39.81 | 40.75 | 14.81 | 80.56 | 75.49 |
150.74 | |
- Cement Business | 21.53 | 14.25 | (1.32) | 35.78 | (1.55) | (37.81) | |
Total | 654.18 | 561.56 | 554.08 | 1,215.74 | 1,141.79 |
2,288.65 | |
- Finance Costs | (638.77) | (643.73) | (564.64) | (1,282.50) | (1,045.39) |
(2,347.32) | |
- Interest Income | 371.32 | 382.93 | 302.52 | 754.25 | 601.85 |
1,189.30 | |
net of expenditure | - Other un-allocable Income net of expenditure | 40.87 | 49.55 | 69.99 | 90.42 | 123.93 |
253.00 |
Profit before Tax, Share in Associates and Minority Interest | 427.60 | 350.31 | 361.95 | 777.91 | 822.18 |
1,383.63 | |
3 | Capital Employed | ||||||
- Power Business | 11,982.79 | 12,637.87 | 13,510.43 |
11,982.79 | 13,510.43 |
13,437.21 | |
- EPC and Contracts Business | 340.72 | 503.70 | 533.21 | 340.72 | 533.21 |
902.04 | |
- Infrastructure Business | 9,338.37 | 9,096.95 | 8,265.07 | 9,338.37 | 8,265.07 |
8,249.18 | |
- Cement Business | 3,196.67 | 3,188.16 | 3,197.70 | 3,196.67 | 3,197.70 |
3,154.53 | |
- Unallocated Assets (net) | 2,981.52 | 1,962.40 | 2,534.07 | 2,981.52 | 2,534.07 |
1,231.51 | |
Total | 27,840.07 | 27,389.08 | 28,040.48 |
27,840.07 | 28,040.48 |
26,974.47 | |
Consolidated Statement of Assets and Liabilities | |||||||
(Rs crore) | |||||||
Sr. No. | Particulars | As at | As at | ||||
30-09-2015 | 31-03-2015 | ||||||
(Unaudited) | (Audited) | ||||||
A | Equity and Liabilities | ||||||
1 | Shareholders' Funds | ||||||
(a) Share Capital | 263.03 | 263.03 | |||||
(b) Reserves and Surplus | 27,577.04 | 26,711.44 | |||||
Shareholders' Funds | 27,840.07 | 26,974.47 | |||||
2 | Minority Interest | 157.79 | 192.37 | ||||
3 | Non-Current Liabilities | ||||||
(a) Long-term borrowings | 16,840.32 | 16,172.52 | |||||
(b) Deferred tax liabilities (Net) | 335.34 | 310.01 | |||||
(c) Other Long term liabilities | 2,814.98 | 3,053.84 | |||||
(d) Long term provisions | 401.75 | 399.81 | |||||
Non-Current Liabilities | 20,392.39 | 19,936.18 | |||||
4 | Current Liabilities | ||||||
(a) Short-term borrowings | 7,805.09 | 7,853.45 | |||||
(b) Trade payables | 8,356.33 | 7,329.81 | |||||
(c) Other current liabilities | 7,442.68 | 7,920.40 | |||||
(d) Short-term provisions | 1,103.02 | 635.85 | |||||
Current Liabilities | 24,707.12 | 23,739.51 | |||||
TOTAL - EQUITY AND LIABILITIES | 73,097.37 | 70,842.53 | |||||
B | Assets | ||||||
1 | Non-current Assets | ||||||
(a) Fixed assets | 23,580.55 | 22,868.21 | |||||
(b) Goodwill on Consolidation | 58.85 | 58.85 | |||||
(c) Non-current investments | 14,904.54 | 14,247.62 | |||||
(d) Long term loans and advances | 870.65 | 905.23 | |||||
(e) Other non-current assets | 7,864.70 | 8,074.30 | |||||
Non-Current Assets | 47,279.29 | 46,154.21 | |||||
2 | Current Assets | ||||||
(a) Current investments | 3,534.70 | 3,370.36 | |||||
(b) Inventories | 541.68 | 607.55 | |||||
(c) Trade receivables | 5,198.78 | 5,484.06 | |||||
(d) Cash and Bank Balances | 781.12 | 533.39 | |||||
(e) Short-term loans and advances | 12,138.37 | 11,609.25 | |||||
(f) Other current assets | 3,623.43 | 3,083.71 | |||||
Current Assets | 25,818.08 | 24,688.32 | |||||
TOTAL - ASSETS | 73,097.37 | 70,842.53 | |||||
Notes:
1. a) The Group has opted for amortising the foreign exchange fluctuation gain / (loss) on the long term foreign currency monetary items over the balance life of depreciable assets / long term monetary items, as the case may be. The Group has carried forward unamortised portion of net gain of Rs 276.36 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2015.
2. b) Pursuant to the option exercised under the Scheme of Amalgamation of Reliance Infraprojects Limited with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay, net foreign exchange loss of Rs 38.94 crore and Rs 38.72 crore (net off of foreign exchange loss of Rs73.03 crore and Rs 143.51 crore attributable to finance cost) for the quarter and half year ended September 30, 2015 has been debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had such withdrawal not been done, the Profit before tax for the quarter and half year ended September 30, 2015 would have been lower by Rs 38.94 crore and Rs 38.72 respectively and General Reserve would have been higher by an equivalent amount. The treatment prescribed under the Scheme overrides the relevant provisions of Accounting Standard 5 (AS-5) "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies".
3. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Parent Company, had terminated the Concession Agreement with Delhi Metro Rail Corporation (DMRC) for the Delhi Airport Metro Line, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by DMRC. The operations were taken over by DMRC with effect from July 1, 2013. As per the terms of the Concession Agreement, DMRC is now liable to pay DAMEPL a Termination Payment, which is estimated at Rs 2,823 crore, as the termination has arisen owing to DMRC's Event of Default. The matter has been referred to arbitration and the process for the same is continuing. Pending final outcome of the arbitration, the Parent Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs 69.41 crore and Rs 226.26 crore during the quarter and half year ended September 30, 2015. The total investment made by the Parent Company in DAMEPL upto September 30, 2015 amounts to Rs 1,928.36 crore.
The Parent Company had reviewed the progress in settlement of various claims and also on overall review of financial position of DAMEPL, the Company considered it prudent to write off Rs 1,258.20 crore out of above investment during the previous year ended March 31, 2015. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable.
4. Unrealised gains amounting to Rs 56.22 crore and Rs 62.58 crore during the quarter and half year ended September 30, 2015, pertaining to Engineering Procurement and Construction contracts entered into with associate companies, have not been eliminated as prescribed by a Scheme of Amalgamation between Reliance Bhavnagar Power Private Limited and Reliance Jamnagar Power Private Limited and Reliance Infrastructure Engineers Private Limited with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay in February 2013. The Parent Company considers that the prescribed accounting treatment leads to a more accurate reflection of the results of the working of the Parent Company. Had the relevant provisions of Accounting Standard 23 (AS -23) ''Accounting for Investments in Associates in Consolidated Financial Statements" been followed, the Profit after tax and carrying cost of associate for the quarter and half year ended September 30, 2105 would have been lower by Rs 56.22 and Rs 62.58 crore respectively.
5. During the quarter, Reliance Smart Cities Pvt. Ltd.has been incorporated as subsidiary of the Parent Company.
6. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and half year ended September 30, 2015 can be viewed on the websites of the Company, National Stock Exchange of India Limited and BSE Limited at www.rinfra.com, www.nseindia.com, www.bseindia.com respectively. Key standalone financial information is given below:
(Rs crore)
Particulars | Quarter ended (Unaudited) | Half year ended (Unaudited) | Year ended (Audited) | |||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | March 31, 2015 | |
Total Operating Income | 2,571.26 | 2,594.38 | 2,467.06 | 5,165.64 | 5,002.96 | 10,535.56 |
Profit before Tax | 500.53 | 418.86 | 407.95 | 919.39 | 809.92 | 1,518.06 |
Profit after Tax | 385.53 | 329.86 | 356.05 | 715.39 | 677.52 | 1,533.39 |
7. After review by the Audit Committee, the Board of Directors of the Company has approved the consolidated financial results at their meeting held on November 4, 2015.
8. There were no exceptional and extraordinary items during the quarter and half year ended September 30, 2015.
9. Figures of the previous period / year have been regrouped / reclassified wherever considered necessary.
For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani
Date: November 4, 2015 Chairman