Last checked at 21 May 2014 07:01
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | ||||||||
website:www.rinfra.com | ||||||||
CIN No. : L99999MH1929PLC001530 | ||||||||
Standalone Statement of Financial Results for the quarter and year ended March 31, 2014 | ||||||||
Part - I | Rs. crore | |||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2014 | 31-12-2013 | 31-03-2013 | 31-03-2014 | 31-03-2013 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Income from Operations | |||||||
(a) Net Sales / Income from Electricity Business | 1,787.76 | 1,635.84 | 1,547.86 | 6,595.23 | 6,272.07 | |||
(b) Income from EPC and Contracts Business | 880.43 | 825.39 | 2,304.90 | 4,597.01 | 7,924.25 | |||
(c) Other Operating Income | 41.71 | 75.06 | 66.56 | 164.69 | 125.71 | |||
Total Income from Operations | 2,709.90 | 2,536.29 | 3,919.32 | 11,356.93 | 14,322.03 | |||
2 | Expenses | |||||||
(a) Cost of Electrical Energy purchased | 692.40 | 562.57 | 538.50 | 2,485.19 | 2,468.25 | |||
(b) Cost of Fuel | 345.54 | 379.38 | 408.02 | 1,488.90 | 1,578.61 | |||
(c) Tax on Sale of Electricity | - | - | - | - | - | |||
(c) Construction Materials Consumed and | ||||||||
Sub-contracting Charges | 716.54 | 687.97 | 1,951.65 | 3,885.95 | 6,679.26 | |||
(d) Employee benefits expense | 202.90 | 205.49 | 221.93 | 823.11 | 856.13 | |||
(e) Depreciation and amortisation | 87.26 | 87.33 | 88.83 | 342.07 | 392.05 | |||
(f) Other Expenses | 273.56 | 185.96 | 286.62 | 763.03 | 824.02 | |||
Total Expenses | 2,318.20 | 2,108.70 | 3,495.55 | 9,788.25 | 12,798.32 | |||
3 | Profit from Operations before Other Income (net), finance costs and exceptional items | 391.70 | 427.59 | 423.77 | 1,568.68 | 1,523.71 | ||
4 | Other Income (net) (Refer Note 3(b)) | 307.35 | 302.67 | 137.44 | 1,224.47 | 1,080.56 | ||
5 | Profit from Ordinary Activities before finance costs and exceptional items | 699.05 | 730.26 | 561.21 | 2,793.15 | 2,604.27 | ||
6 | Finance Costs (Refer Note 3(b)) | 303.39 | 244.03 | 190.21 | 996.21 | 879.38 | ||
7 | Profit from Ordinary Activities before exceptional items | 395.66 | 486.23 | 371.00 | 1,796.94 | 1,724.89 | ||
8 | Exceptional Items (net) | - | - | - | - | 418.34 | ||
9 | Profit from Ordinary Activities before tax | 395.66 | 486.23 | 371.00 | 1,796.94 | 2,143.23 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | (104.00) | 118.00 | (228.00) | 209.00 | 143.71 | ||
11 | Profit after Tax | 499.66 | 368.23 | 599.00 | 1,587.94 | 1,999.52 | ||
12 | Profit after Tax before exceptional items (net of tax) (Refer Note 8) | 499.66 | 368.23 | 599.00 | 1,587.94 | 1,589.52 | ||
13 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)(Refer Note 5) | 262.58 | 263.03 | 263.03 | 262.58 | 263.03 | ||
14 | Reserves including Statutory Reserves excluding Revaluation Reserves | 20,144.59 | 19,033.00 | |||||
15 | Earnings Per Share (* not annualised) | |||||||
(a) Basic (Rs.) | 19.00* | 14.00* | 22.78* | 60.38 | 76.03 | |||
(b) Diluted (Rs.) | 19.00* | 14.00* | 22.78* | 60.38 | 76.03 | |||
16 | Debt Service Coverage Ratio (Refer Note 6) | 2.11 | 1.58 | |||||
17 | Interest Service Coverage Ratio (Refer Note 6) | 5.17 | 5.33 | |||||
Part - II Selected Information for the quarter and year ended March 31, 2014 | ||||||||
A | Particulars of Shareholding | |||||||
1 | Public Shareholding | |||||||
- Number of Shares | 135,362,964 | 135,362,964 | 135,363,010 | 135,362,964 | 135,363,010 | |||
- Percentage of Shareholding | 51.47 | 51.47 | 51.47 | 51.47 | 51.47 | |||
2 | Promoter and promoter group shareholding | |||||||
a) Pledged/Encumbered | - | |||||||
- Number of shares | - | - | - | - | - | |||
- Percentage of shares (as a % of the total shareholding | - | - | - | - | ||||
of promoter and promoter group) | - | |||||||
- Percentage of shares (as a % of the total share capital of the Company) | - | - | - | - | ||||
b) Non-encumbered | ||||||||
- Number of shares | 127,627,036 | 127,627,036 | 127,626,990 | 127,627,036 | 127,626,990 | |||
- Percentage of shares (as a % of the total shareholding | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||
of promoter and promoter group) | ||||||||
- Percentage of shares (as a % of the total share capital of the Company) | 48.53 | 48.53 | 48.53 | 48.53 | 48.53 | |||
B | Investor Complaints | Quarter ended 31-03-2014 | ||||||
Pending at the beginning of the quarter | Nil | |||||||
Received during the quarter | 2 | |||||||
Disposed of during the quarter | 2 | |||||||
Remaining unresolved at the end of the quarter | Nil | |||||||
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Segment-wise Revenue, Results and Capital Employed | ||||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2014 | 31-12-2013 | 31-03-2013 | 31-03-2014 | 31-03-2013 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Segment Revenue | |||||||
- Electricity Business | 1,825.87 | 1,651.14 | 1,577.00 | 6,669.49 | 6,342.56 | |||
- EPC and Contracts Business | 884.03 | 885.15 | 2,342.32 | 4,687.44 | 7,979.47 | |||
Total | 2,709.90 | 2,536.29 | 3,919.32 | 11,356.93 | 14,322.03 | |||
Less : Inter Segment Revenue | - | - | - | - | - | |||
Net Sales / Income from Operations | 2,709.90 | 2,536.29 | 3,919.32 | 11,356.93 | 14,322.03 | |||
2 | Segment Results | |||||||
Profit before Tax and Interest from each segment : | ||||||||
- Electricity Business | 364.16 | 343.68 | 202.00 | 1,238.00 | 825.15 | |||
- EPC and Contracts Business | 103.75 | 121.56 | 308.88 | 521.48 | 889.27 | |||
Total | 467.91 | 465.24 | 510.88 | 1,759.48 | 1,714.42 | |||
- Finance Costs | (303.39) | (244.03) | (190.21) | (996.21) | (879.38) | |||
- Interest Income | 199.71 | 198.84 | 215.33 | 750.58 | 862.58 | |||
- Other un-allocable Income net of expenditure | 31.43 | 66.18 | (165.00) | 283.09 | 445.61 | |||
Profit before Tax | 395.66 | 486.23 | 371.00 | 1,796.94 | 2,143.23 | |||
3 | Capital Employed | |||||||
- Electricity Business | 8,086.06 | 7,864.73 | 8,131.27 | 8,086.06 | 8,131.27 | |||
- EPC and Contracts Business | 1,275.78 | 2,688.28 | 1,578.77 | 1,275.78 | 1,578.77 | |||
- Unallocated Assets (net) | 11,930.53 | 10,609.72 | 10,525.61 | 11,930.53 | 10,525.61 | |||
Total | 21,292.37 | 21,162.73 | 20,235.65 | 21,292.37 | 20,235.65 | |||
Standalone Statement of Assets and Liabilities | ||||||||
Rs. crore | ||||||||
Particulars | As at | As at | ||||||
31-03-2014 | 31-03-2013 | |||||||
(Audited) | (Audited) | |||||||
A. EQUITY AND LIABILITIES | ||||||||
(1) Shareholders' Funds | ||||||||
(a) Share capital (Refer Note 5) | 262.58 | 263.03 | ||||||
(b) Reserves and Surplus (Refer Note 5) | 21,029.79 | 19,972.62 | ||||||
|
| |||||||
Shareholder's Funds | 21,292.37 | 20,235.65 | ||||||
(2) Non-Current Liabilities | ||||||||
(a) Long-term borrowings | 6,712.38 | 3,881.04 | ||||||
(b) Deferred tax liabilities (Net) | 482.52 | 554.52 | ||||||
(c) Other Long term liabilities | 2,667.05 | 2,997.60 | ||||||
(d) Long term provisions | 380.00 | 380.00 | ||||||
Non-current Liabilities | 10,241.95 | 7,813.16 | ||||||
(3) Current Liabilities | ||||||||
(a) Short-term borrowings | 7,346.10 | 6,407.29 | ||||||
(b) Trade payables | 3,856.35 | 3,783.96 | ||||||
(c) Other current liabilities | 5,954.79 | 5,657.17 | ||||||
(d) Short-term provisions | 434.77 | 312.25 | ||||||
Current Liabilities | 17,592.01 | 16,160.66 | ||||||
TOTAL EQUITY AND LIABILITIES | 49,126.33 | 44,209.48 | ||||||
B. ASSETS | ||||||||
(1) Non-current assets | ||||||||
(a) Fixed assets | 6,509.07 | 7,349.48 | ||||||
(b) Non-current investments | 13,449.83 | 10,496.57 | ||||||
(c) Long term loans and advances | 2,250.96 | 572.65 | ||||||
(d) Other non-current assets | 3,857.54 | 4,048.13 | ||||||
Non-current Assets | 26,067.40 | 22,466.83 | ||||||
| ||||||||
(2) Current assets | ||||||||
(a) Current investments | 4,102.05 | 2,804.86 | ||||||
(b) Inventories | 360.60 | 367.28 | ||||||
(c) Trade receivables | 4,722.34 | 3,249.25 | ||||||
(d) Cash and bank balances | 201.97 | 118.65 | ||||||
(e) Short-term loans and advances | 10,090.19 | 13,056.69 | ||||||
(f) Other current assets | 3,581.78 | 2,145.92 | ||||||
Current Assets | 23,058.93 | 21,742.66 | ||||||
TOTAL ASSETS | 49,126.33 | 44,209.48 | ||||||
Notes:
1. The Board has recommended dividend of Rs. 7.50 per equity share for the year 2013-14.
2. During the current quarter, the Company has restored its holding in Reliance Cement Company Private Limited to 100%, which was diluted to 19% during the quarter ended September 30, 2013.
Towards the end of the quarter ended September 30, 2013, the Company had diluted its holding in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each from 100% to 49% and in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited from 49% to 28.82%. Certain requisite approvals in respect of the same are awaited and the management expects to receive them in due course.
3. a) The Company 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 Company has carried forward unamortised portion of net gain of Rs. 238.48 crore to "Foreign Currency Monetary Items Translation Difference Account" as on March 31, 2014.
b) Pursuant to the option exercised under the Scheme of Amalgamation of Reliance Infraprojects Limited with the Company sanctioned by the Hon'ble High Court of Judicature at Bombay, net foreign exchange losses including losses of derivative instruments of Rs. 51.20 crore (including Rs. 89.99 crore attributable to finance cost) for the quarter ended March 31, 2014 and Rs. 312.16 crore (including Rs. 361.32 crore attributable to finance cost) for the year ended March 31, 2014 has been debited to Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and year ended March 31, 2014 would have been lower by Rs. 51.20 crore and Rs. 312.16 crore respectively. The treatment prescribed under the Scheme override the relevant provision of Accounting Standard 5 (AS-5) 'Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies', which has been referred to by the Auditors in their report.
4. Delhi Airport Metro Express Private Limited (DAMEPL), SPV of the Company, 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 has already begun. Pending final outcome of the arbitration, the Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs. 28.10 crore in the current quarter and Rs.275.50 crore upto March 31, 2014. As legally advised, the claims for the Termination Payment are considered fully enforceable and the Company is confident of recovering its entire investment of Rs.1,450.20 crore in DAMEPL as at March 31, 2014. This matter has been referred to by the Auditors in their report.
5. The financial statements of RInfra ESOS Trust as at 31st March, 2014 has been consolidated with Standalone Financial Results of the Company in terms of SEBI (ESOS and ESPS) Guidelines, 1999 and recent opinion of the Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India (the ICAI). Consequently, the paid up share capital and securities premium of the Company are net of Rs. 0.45 crore and Rs.36.40 crore respectively being the value of 4,50,000 equity shares held by the trust.
6. Ratios have been computed as under:
· Debt Service Coverage Ratio = Earnings before Interest and Tax / (Interest on Long Term Debt + Principal Repayment of Long Term Debt due within one year)
· Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest on Long Term Debt
7. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on May 19, 2014.
8. There were no exceptional and extraordinary items during the quarter and year ended March 31, 2014. However there was an exceptional profit of Rs 418.34 crore (pre tax) pertaining to profit on sale of shares of Reliance Power Limited for the corresponding year ended March 31, 2013. The additional disclosure of figures for "profit after tax before exceptional items (net of tax)" has been made under serial number 12 of the results for the purpose of comparison only.
9. Figures for the current quarter ended March 31, 2014 and March 31, 2013 are the balancing figures between the audited figures in respect of the full financial year and the reviewed figures up to the third quarter of the relevant financial year.
10. 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: May 19, 2014 Chairman