Reliance Inf S Regulatory News (RIFS)

6 Nov 2006 07:00

Reliance Energy Ld04 November 2006 RELIANCE ENERGY LIMITED Registered Office: Reliance Energy Center,Santa Cruz (East),Mumbai 400 055. Website:www.rel.co.in Unaudited Financial Results for the Quarter ended 30th September, 2006 (Rs.in crore) Sr. No. Quarter ended Half Year ended Year ended Particulars 30-09-2006 30-09-2005 30-09-2006 30-09-2005 31-3-2006 1 Net Sales of 904.92 806.04 1,822.49 1,588.68 3,179.04 Electrical Energy 2 Income from EPC and 502.72 233.40 739.98 399.84 840.03 Contracts 3 Other Income 175.89 121.92 337.21 257.28 588.81 1,583.52 1,161.36 2,899.67 2,245.80 4,607.88 4 Total Expenditure (a) Cost of Electrical 334.35 295.35 648.07 570.66 1,087.56 Energy purchased (b) Cost of 214.87 187.98 449.21 392.67 812.10 Fuel (c) Tax on 31.49 28.80 62.92 57.81 114.00 Electricity (d) Cost of Materials and Sub-contract Charges (EPC and Contracts) 439.73 169.95 630.95 303.48 608.61 (e) Staff 74.91 62.97 143.44 128.28 236.55 Cost (f) Other Expenses and 134.57 95.58 306.94 175.92 422.98 Provisions 5 Interest and Finance 67.03 54.09 112.96 97.41 195.98 Charges 6 Depreciation 63.54 87.06 125.44 168.78 348.63 (See Note No 2) 7 Profit before 223.03 179.58 419.74 350.79 781.47 Tax 8 Provision for Taxation : Current Tax 33.90 26.61 59.40 39.51 85.62 Deferred Tax 1.38 (8.10) (4.77) (7.35) (39.33) Fringe Benefit 1.35 1.50 2.10 2.40 4.29 Tax Tax adjustment for earlier (0.00) - 0.00 0.03 80.55 years 9 Profit after 186.40 159.57 363.00 316.20 650.34 Tax 10 Paid up Equity 213.17 201.94 213.17 201.94 212.36 Share Capital (Face Value Rs. 10/- per Share) 11 Reserves including Statutory Reserves 6820.51 excluding Revaluation Reserves 12 Earnings per share (On Net Profit)(* not annualised) - Basic (Rs.) 8.76 * 7.99 * 17.05 * 16.14 32.70 - Diluted (Rs.) 8.50 * 7.71 * 16.60 * 15.39 31.46 13 Aggregate of Non-Promoter Share Holding - - No.of 149,219,586 98,984,288 149,219,586 98,984,288 98,984,388 Shares -Percentage of Share 70.01 49.03 70.01 49.03 46.62 holding Segment-wise Revenue,Results and Capital Employed (Rs.in crore) Quarter ended Half Year ended Year ended Particulars 30-09-2006 30-09-2005 30-09-2006 30-09-2005 31-3-2006 1.Segment Revenue (Net Sales/Income) - ElectricalEnergy 915.98 820.33 1,850.02 1,611.23 3,249.96 - EPC andContracts 503.30 240.75 745.48 408.37 865.45 - Others 0.10 0.39 0.27 0.89 5.15 Gross Turnover 1,419.38 1,061.47 2,595.77 2,020.49 4,120.56 Less:InterSegmentRevenue 0.00 0.00 0.31 - 0.15 Net Turnover 1,419.38 1,061.47 2,595.46 2,020.49 4,120.41 2.Segment Results Profit before Tax and Interestfrom each segment : - ElectricalEnergy 104.05 90.64 237.01 168.62 363.71 - EPC andContracts 23.31 46.46 38.44 58.38 121.56 - Others (0.02) 0.14 (0.03) 0.34 3.58 Total SegmentResults 127.34 137.24 275.42 227.34 488.85 - Interest andFinanceExpense (67.03) (54.09) (112.96) (97.41) (195.98) - InterestIncome 152.24 90.81 300.36 203.32 462.96 - Other un-allocableIncome net offexpenditure 10.46 5.62 (43.09) 17.54 25.65 Profit beforeTax 223.01 179.58 419.73 350.79 781.47 3.Capital Employed - ElectricalEnergy 3074.63 2986.02 3,074.63 2,986.02 3,066.09 - EPC andContracts 348.57 104.25 348.57 104.25 360.75 - Others 2.00 -0.58 2.00 (0.58) 2.19 Total SegmentCapitalEmployed 3,425.20 3,089.69 3,425.20 3,089.69 3,429.03 Notes:1. a. In the matter of standby charges, Maharashtra Electricity RegulatoryCommission (MERC) had passed an order dated 31st May, 2004 as under: i. The total liability for the financial years 1998-99 to 2003-04 wasdetermined at Rs. 515.60 crore which had been debited to the Profit & LossAccount up to 31st March, 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 plusinterest at 10 per cent per annum commencing from 1st April, 2004 till the dateof payment. As an interim order, the Hon'ble High Court of Bombay granted stayof payment by TPC, but directed TPC to provide a Bank Guarantee of Rs. 313.93crore in favour of the Hon'ble High Court of Bombay. b. The Hon'ble High Court of Bombay has disposed of both the petitions, thepetition filed by TPC and the petition filed by the Company, by holding that theissues should be adjudicated within four months of the order of the Hon'bleBombay High Court by the Appellate Tribunal for Electricity. In the interregnum,the parties to continue to pay in terms of the interim order, subject toadjustments on adjudication. c. The Company's Special Leave Petitions against the interim and final orders ofthe Hon'ble High Court of Bombay have been admitted by the Hon'ble Supreme Courtand TPC has also filed a Special Leave Petition before the Supreme Courtchallenging the final order passed by the Hon'ble Bombay High Court. The Hon'bleSupreme Court has since disposed of both the Special Leave Petitions withdirection to TPC to file an appeal before the Appellate Tribunal for Electricity(ATE). TPC thereafter filed an appeal before the ATE and the final judgement ofthe ATE is awaited. 2. The Company had revalued its Plant & Machinery located at Dahanu during thefinancial year 2003-04 and the depreciation figures shown in the unauditedfinancial results are net of effect of revaluation since the correspondingamount is withdrawn from the Revaluation Reserve which does not have impact onprofit for the quarter. 3. Pursuant to the Scheme of Amalgamation and Arrangement between RelianceEnergy Ventures Limited ("REVL") and the Company, REVL stands amalgamated withthe Company with effect from 17th July, 2006, the date on which the certifiedcopies of the said Order were filed with Registrar of Companies (ROC),Maharashtra, Mumbai. To give effect to the Scheme of Amalgamation, the Companyduring the quarter issued 8,10,057 Equity Shares. Accordingly, the paid-upEquity Share Capital of the Company stands increased from Rs.212.36 crore toRs.213.17 crore. 4. Wage agreements with unionised employees and officers expired on 30thJune, 2006 and 31st March, 2006 respectively. Negotiations with the unionisedcategory are in progress for a settlement, which will be effective from 1stJuly, 2006. Pending settlement, a provision on an estimated basis has been madein the accounts for the quarter. 5. The Company, during the quarter ended 30th September, 2006 received 9investor complaints and they were resolved. There were no complaints pending atthe beginning of the quarter. 6. The statutory auditors of the Company have carried out the "Limited Review"of the results for the quarter ended 30th September, 2006 as per the listingagreements entered into with the stock exchanges in India. 7. After review by the Audit Committee, the Board of Directors of theCompany took the above results on record at their Meeting held on 19th October,2006. 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. AmbaniDate: 19th October, 2006 Chairman & Managing Director This information is provided by RNS The company news service from the London Stock Exchange