Last checked at 13 Nov 2013 12:13
Reliance Infrastructure Limited |
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Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 |
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website: www.rinfra.com |
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Statement of Consolidated Financial Results for the quarter and half year ended September 30, 2013 |
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Part - I | (` crore) |
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Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended |
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30-09-2013 | 30-06-2013 | 30-09-2012 | 30-09-2013 | 30-09-2012 | 31-03-2013 |
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(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
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1 | Income from Operations |
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(a) Net Sales / Income from Electricity Business |
3,501.49 | 3,584.19 | 3,585.34 |
7,085.68 |
7,077.11 |
14,052.73 |
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(b) Income from EPC and Contracts Business |
1,252.57 | 1,669.00 | 1,800.49 |
2,921.57 |
3,551.63 |
7,659.21 |
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(c) Income from Infrastructure Business |
172.92 | 179.45 | 110.54 |
352.37 |
208.77 |
515.67 |
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(d) Other Operating Income |
50.30 | 19.81 | 18.91 |
70.11 |
60.85 |
153.94 |
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Total Operating Income |
4,977.28 | 5,452.45 | 5,515.28 | 10,429.73 | 10,898.36 |
22,381.55 |
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2 | Expenditure |
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(a) Cost of Electrical Energy purchased |
2,181.64 | 2,259.38 | 2,330.25 |
4,441.02 |
4,580.63 |
8,695.34 |
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(b) Cost of Fuel |
370.11 | 443.74 | 396.62 |
813.85 |
813.94 |
1,725.35 |
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(c) Construction Materials Consumed and Sub-Contracting |
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Charges | 1,077.57 | 1,439.43 | 1,548.63 | 2,517.00 | 3,038.90 | 6,533.31 |
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(d) Employee Benefits Expenses | 276.35 | 291.37 | 259.67 | 567.72 | 568.00 | 1,141.94 |
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(e) Depreciation and amortisation | 142.04 | 136.13 | 125.82 | 278.17 | 251.29 | 551.10 |
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(f) Other Expenses | 307.93 | 294.80 | 309.93 | 602.73 | 554.95 | 1,319.97 |
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Total Expenditure | 4,355.64 | 4,864.85 | 4,970.92 | 9,220.49 | 9,807.71 | 19,967.01
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3 | Profit from operations before Other Income (net),Finance Costs and Exceptional Items | 621.64 | 587.60 | 544.36 | 1,209.24 | 1,090.65 | 2,414.54 |
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4 | Other Income (net) (Refer Note 2 (b) & 4) | 296.12 | 293.46 | 282.34 | 589.58 | 579.21 | 1,051.43 |
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5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 917.76 | 881.06 | 826.70 | 1,798.82 | 1,669.86 | 3,465.97 |
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6 | Finance Costs (Refer Note 2 (b)) | 444.56 | 423.97 | 404.34 | 868.53 | 803.75 | 1,687.43 |
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7 | Profit from Ordinary Activities before Exceptional Items | 473.20 | 457.09 | 422.36 | 930.29 | 866.11 | 1,778.54 |
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8 | Exceptional Items (net) | - | - | - | - | - | 382.80 |
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9 | Profit from Ordinary Activities before Tax, Share in Profit / (Loss) of Associates and Minority Interest | 473.20 | 457.09 | 422.36 | 930.29 | 866.11 | 2,161.34 |
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10 | Tax Expenses (net) | 134.60 | 99.25 | 108.65 | 233.85 | 208.93 | 202.64 |
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11 | Profit after Tax but before Share in Profit / (Loss) of Associates and Minority Interest | 338.60 | 357.84 | 313.71 | 696.44 | 657.18 | 1,958.70 |
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Share in Profit of Associates (net) | 88.82 | 60.54 | 67.72 | 149.36 | 137.54 | 294.50 |
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Minority Interest | (0.82) | (3.18) | 0.38 | (4.00) | (0.94) | (6.37) |
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12 | Profit after Tax, Share in Profit / (Loss) of Associates and Minority Interest | 426.60 | 415.20 | 381.81 | 841.80 | 793.78 | 2,246.83 |
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13 | Paid-up Equity Share Capital (Face Value of ` 10 per Share) | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 |
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14 | Reserves including Statutory Reserves excluding Revaluation Reserves | 24,918.36 |
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15 | Earnings Per Share (* not annualised) |
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(a) Basic (`) | 16.22 * | 15.79 * | 14.52* | 32.00 * | 30.18* | 85.42 |
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(b) Diluted (`) | 16.22 * | 15.79 * | 14.52* | 32.00 * | 30.18* | 85.42 |
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Part - II Selected Information for the quarter ended September 30, 2013 |
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A | Particulars of Shareholding |
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1 | Public Shareholding |
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- Number of Shares | 135,363,010 | 135,363,010 | 135,363,010 | 135,363,010 | 135,363,010 | 135,363,010 |
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- Percentage of Shareholding | 51.47 | 51.47 | 51.47 | 51.47 | 51.47 | 51.47 |
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2 | Promoter and promoter group shareholding |
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(a) Pledged / Encumbered |
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- Number of shares | - | - | - | - | - | - |
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- Percentage of shares (as a % of the total shareholding | - | - | - | - | - | - |
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of promoter and promoter group) |
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- Percentage of shares (as a % of the total share capital of the Company) | - | - | - | - | - | - |
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(b) Non-encumbered |
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- Number of shares | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 |
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- Percentage of shares (as a % of the total shareholding | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
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of promoter and promoter group) |
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- Percentage of shares (as a % of the total share capital of the Company) | 48.53 | 48.53 | 48.53 | 48.53 | 48.53 | 48.53 |
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B | Investor Complaints | Quarter ended 30-09-2013 |
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Pending at the beginning of the quarter | Nil |
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Received during the quarter | 24 |
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Disposed of during the quarter | 24 |
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Remaining unresolved at the end of the quarter | Nil |
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Reliance Infrastructure Limited | ||||||||||||||||||||
Consolidated Segment-wise Revenue, Results and Capital Employed | ||||||||||||||||||||
(` crore) | ||||||||||||||||||||
Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended | ||||||||||||||||
30-09-2013 | 30-06-2013 | 30-09-2012 | 30-09-2013 | 30-09-2012 | 31-03-2013 | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||
1 | Segment Revenue | |||||||||||||||||||
- Electricity Business | 3,525.18 | 3,603.12 | 3,601.76 | 7,128.30 | 7,120.19 | 14,150.17 | ||||||||||||||
- EPC and Contracts Business | 1,279.01 | 1,669.66 | 1,802.64 | 2,948.67 | 3,568.88 | 7,706.37 | ||||||||||||||
- Infrastructure Business | 173.09 | 179.67 | 110.88 | 352.76 | 209.29 | 525.01 | ||||||||||||||
Total | 4,977.28 | 5,452.45 | 5,515.28 | 10,429.73 | 10,898.36 | 22,381.55 | ||||||||||||||
Less: Inter Segment Revenue | - | - | - | - | - | - | ||||||||||||||
Net Sales / Income from Operations | 4,977.28 | 5,452.45 | 5,515.28 | 10,429.73 | 10,898.36 | 22,381.55 | ||||||||||||||
2 | Segment Results | |||||||||||||||||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | ||||||||||||||||||||
- Electricity Business | 455.16 | 404.49 | 348.91 | 859.65 | 701.69 | 1,528.12 | ||||||||||||||
- EPC and Contracts Business | 147.27 | 143.37 | 169.82 | 290.64 | 344.95 | 836.20 | ||||||||||||||
- Infrastructure Business | 58.98 | 76.91 | 56.11 | 135.89 | 92.50 | 243.47 | ||||||||||||||
Total | 661.41 | 624.77 | 574.84 | 1,286.18 | 1,139.14 | 2,607.79 | ||||||||||||||
- Finance Costs |
(444.56) | (423.97) | (404.34) | (868.53) | (803.75) |
(1,687.43) | ||||||||||||||
- Interest Income |
193.75 | 199.56 | 211.68 |
393.31 |
412.12 |
921.35 | ||||||||||||||
| - Other un-allocable Income net of (expenditure)
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62.60 | 56.73 | 40.18 |
119.33 |
118.60 |
319.63 | |||||||||||||
Profit before Tax, Share in Associates and Minority Interest |
473.20 | 457.09 | 422.36 |
930.29 |
866.11 |
2,161.34 | ||||||||||||||
3 | Capital Employed | |||||||||||||||||||
- Electricity Business |
13,466.15 | 15,764.32 | 14,218.81 | 13,466.15 | 14,218.81 |
15,473.52 | ||||||||||||||
- EPC and Contracts Business |
2,287.99 | 1,899.31 | 3,209.00 | 2,287.99 |
3,209.00 |
1,564.47 | ||||||||||||||
- Infrastructure Business |
7,058.89 | 11,306.39 | 8,513.13 | 7,058.89 |
8,513.13 |
10,592.02 | ||||||||||||||
- Unallocated Assets (net) |
3,297.46 | (2,536.55) | (807.64) | 3,297.46 | (807.64) |
(1,509.00) | ||||||||||||||
Total |
26,110.49 | 26,433.47 | 25,133.30 | 26,110.49 | 25,133.30 |
26,121.01 | ||||||||||||||
Consolidated Statement of Assets and Liabilities | |||
(` crore) | |||
Sr. No. | Particulars | As at | As at |
30-09-2013 | 31-03-2013 | ||
(Unaudited) | (Audited) | ||
A. | I. Equity and Liabilites | ||
1 | Shareholders' Funds | ||
(a) Share Capital | 263.03 | 263.03 | |
(b) Reserves and Surplus | 25,847.46 | 25,857.98 | |
Shareholders' Funds | 26,110.49 | 26,121.01 | |
2 | Minority Interest | 243.41 | 231.22 |
3 | Non-Current Liabilities | ||
(a) Long-term borrowings | 10,754.15 | 12,635.71 | |
(b) Deferred tax liabilities (Net) | 608.13 | 565.23 | |
(c) Other Long term liabilities | 3,113.56 | 3,469.08 | |
(d) Long term provisions | 392.80 | 418.41 | |
Non-Current Liabilities | 14,868.64 | 17,088.43 | |
4 | Current Liabilities | ||
(a) Short-term borrowings | 8,666.23 | 7,978.47 | |
(b) Trade payables | 6,074.40 | 6,812.64 | |
(c) Other current liabilities | 6,893.56 | 7,913.45 | |
(d) Short-term provisions | 287.89 | 350.74 | |
Current Liabilities | 21,922.08 | 23,055.30 | |
TOTAL - EQUITY AND LIABILITIES | 63,144.62 | 66,495.96 | |
B | Assets | ||
1 | Non-current Assets | ||
(a) Fixed assets | 17,096.74 | 21,182.29 | |
(b) Goodwill on Consolidation | 27.03 | 74.80 | |
(c) Non-current investments | 11,666.23 | 10,033.95 | |
(d) Long term loans and advances | 2,821.03 | 2,347.68 | |
(e) Other non-current assets | 7,304.01 | 9,521.68 | |
Non-Current Assets | 38,915.04 | 43,160.40 | |
2 | Current Assets | ||
(a) Current investments | 3,158.74 | 2,934.28 | |
(b) Inventories | 340.32 | 470.72 | |
(c) Trade receivables | 5,119.80 | 3,757.88 | |
(d) Cash and Bank Balances | 390.45 | 492.42 | |
(e) Short-term loans and advances | 12,178.31 | 13,295.05 | |
(f) Other current assets | 3,041.96 | 2,385.21 | |
Current Assets | 24,229.58 | 23,335.56 | |
TOTAL - ASSETS | 63,144.62 | 66,495.96 | |
Notes:
1. Delhi Airport Metro Express Private Limited (DAMEPL), an SPV of the Parent Company, has 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 have been 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 which has already begun. As legally advised, the claims for the Termination Payment are considered fully enforceable, and the Parent Company is confident of recovering its entire investment of Rs 1,300.72 crore in DAMEPL.
2. 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 such items. Accordingly, the Group has carried forward unamortised portion of net gain of Rs 296.94 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2013.
b) In respect of the net foreign exchange losses including losses on derivative instruments aggregating to Rs 138.31 crore and Rs 333.91 crore (including Rs 95.02 crore and Rs 180.79 crore attributable to finance cost) for the quarter and half year ended September 30, 2013 respectively, the Company has debited the same in the Consolidated Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve as permitted 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. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and half year ended September 30, 2013 would have been lower by Rs 138.31 crore and Rs 333.91 crore respectively.
3. During the quarter the Parent Company received a Multi Year Tariff Order from MERC approving the revenue gap of Rs 2,463.18 Crore for the period upto March 31, 2012. The MERC also approved carrying cost of Rs 1,403.65 Crore for the period upto March 31, 2013 on the above revenue gap. Such carrying cost will be accounted for by the Parent Company on the basis of recovery through the Tariff approved by MERC w.e.f. September 1, 2013.
4. At the end of the quarter ended September 30, 2013, while retaining economic interest at the same level the Parent Company has diluted its control and legal ownership of shares of Reliance Cement Company Private Limited to 19%, of SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each to 49%. Consequently, these companies have ceased to be subsidiaries and as a result their accounts are not required to be and are not consolidated with the accounts of the Parent Company. Similarly, the Parent Company's equity holding in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited, has without diluting the economic interest been reduced to 28.82%. The loss of Rs 9.03 crore on sale of these shares is included in Other Income (net).
5. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter ended September 30, 2013 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:
(Rscrore)
Particulars | Quarter ended (Unaudited) | Half year ended (Unaudited) | Year ended (Audited) | |||
September 30, 2013 | June 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | March 31, 2013 | |
Total Operating Income | 2,831.80 | 3,278.94 | 3,500.22 | 6,110.74 | 6,947.50 | 14,322.03 |
Profit before Tax | 460.82 | 454.23 | 508.98 | 915.05 | 924.20 | 2,143.23 |
Profit after Tax | 345.82 | 374.23 | 414.13 | 720.05 | 741.15 | 1,999.52 |
6. 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 11, 2013.
7. There were no extraordinary items during the quarter ended September 30, 2013.
8. 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 11, 2013 Chairman