Last checked at 2 Jun 2016 07:58
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | ||||||||
website:www.rinfra.com | ||||||||
CIN No. : L99999MH1929PLC001530 | ||||||||
Statement of Standalone Results for the quarter and year ended March 31, 2016 | ||||||||
Part - I | Rs crore | |||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2016 | 31-12-2015 | 31-03-2015 | 31-03-2016 | 31-03-2015 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Income from Operations | |||||||
(a) Net Sales / Income from Power Business | 1,783.55 | 1,933.11 | 1,854.85 | 7,602.45 | 7,726.43 | |||
(b) Income from EPC and Contracts Business (Refer Note 4) | 871.96 | 451.48 | 805.37 | 2,569.96 | 2,620.22 | |||
(c) Other Operating Income | 125.96 | 16.08 | 141.61 | 175.37 | 188.91 | |||
Total Income from Operations | 2,781.47 | 2,400.67 | 2,801.83 | 10,347.78 | 10,535.56 | |||
2 | Expenses | |||||||
(a) Cost of Power Purchased | 788.47 | 898.56 | 899.64 | 3,471.11 | 3,685.18 | |||
(b) Cost of Fuel | 200.80 | 250.73 | 194.63 | 977.50 | 1,087.45 | |||
(c) Construction Materials Consumed and | ||||||||
Sub-contracting Charges | 327.09 | 248.47 | 664.88 | 1,453.75 | 2,036.02 | |||
(d) Employee Benefits Expense | 254.00 | 257.72 | 267.70 | 1,028.69 | 976.19 | |||
(e) Depreciation and Amortisation | 131.42 | 135.67 | 177.65 | 488.57 | 486.86 | |||
(f) Other Expenses | 247.48 | 179.09 | 208.31 | 883.10 | 790.26 | |||
Total Expenses | 1,949.26 | 1,970.24 | 2,412.81 | 8,302.72 | 9,061.96 | |||
3 | Profit from Operations before Other Income (net), finance costs and exceptional items | 832.21 | 430.43 | 389.02 | 2,045.06 | 1,473.60 | ||
4 | Other Income (net) (Refer Note 2 (b)) | 509.61 | 601.56 | 377.76 | 2,058.27 | 1,562.60 | ||
5 | Profit from Ordinary Activities before finance costs and exceptional items | 1,341.82 | 1,031.99 | 766.78 | 4,103.33 | 3,036.20 | ||
6 | Finance Costs (Refer Note 2 (b)) | 525.64 | 453.51 | 465.14 | 1,789.28 | 1,518.14 | ||
7 | Profit from Ordinary Activities before exceptional items | 816.18 | 578.48 | 301.64 | 2,314.05 | 1,518.06 | ||
8 | Exceptional Items (Refer Note 5) | 40.97 | - | - | 40.97 | - | ||
9 | Profit from Ordinary Activities before tax | 775.21 | 578.48 | 301.64 | 2,273.08 | 1,518.06 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | 46.26 | 37.00 | (148.33) | 287.26 | (15.33) | ||
11 | Profit from Ordinary Activities after Tax | 728.95 | 541.48 | 449.97 | 1,985.82 | 1,533.39 | ||
12 | Extraordinary items | - | - | - | - | - | ||
13 | Profit for the period | 728.95 | 541.48 | 449.97 | 1,985.82 | 1,533.39 | ||
14 | Paid-up Equity Share Capital (Face Value of Rs 10 per Share) | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | ||
15 | Reserves (including Statutory Reserves excl Revaluation Reserves) | 21,025.89 | 20,428.93 | |||||
16 | Earnings Per Share (* not annualised) | |||||||
(a) Basic (Rs) | 27.72 * | 20.59 * | 17.11 * | 75.51 | 58.31 | |||
(b) Diluted (Rs) | 27.72 * | 20.59 * | 17.11 * | 75.51 | 58.31 | |||
17 | Debenture Redemption Reserve | 600.98 | 459.87 | |||||
18 | Net Worth | 15,960.68 | 15,407.78 | |||||
19 | Debt Service Coverage Ratio (Refer Note 9) | 1.07 | 1.40 | |||||
20 | Interest Service Coverage Ratio (Refer Note 9) | 3.58 | 3.15 | |||||
21 | Debt Equity Ratio (Refer Note 9) | 0.80 | 0.81 | |||||
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Segment-wise Revenue, Results and Capital Employed | ||||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2016 | 31-12-2015 | 31-03-2015 | 31-03-2016 | 31-03-2015 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Segment Revenue | |||||||
- Power Business | 1,846.46 | 1,941.40 | 1,988.93 | 7,702.85 | 7,894.27 | |||
- EPC and Contracts Business | 935.01 | 459.27 | 812.90 | 2,644.93 | 2,641.29 | |||
Total | 2,781.47 | 2,400.67 | 2,801.83 | 10,347.78 | 10,535.56 | |||
Less : Inter Segment Revenue | - | - | - | - | - | |||
Net Sales / Income from Operations | 2,781.47 | 2,400.67 | 2,801.83 | 10,347.78 | 10,535.56 | |||
2 | Segment Results | |||||||
Profit before Tax and Interest from each segment : | ||||||||
- Power Business | 365.55 | 338.66 | 419.12 | 1,404.47 | 1,404.44 | |||
- EPC and Contracts Business | 548.09 | 148.89 | 23.25 | 888.51 | 274.47 | |||
Total | 913.64 | 487.55 | 442.37 | 2,292.98 | 1,678.91 | |||
- Finance Costs | (525.64) | (453.51) | (465.14) | (1,789.28) | (1,518.14) | |||
- Interest Income | 390.56 | 348.28 | 272.59 | 1,473.72 | 1,099.47 | |||
- Exceptional Item - Unallocable segment (Refer Note 5) | (40.97) | - | - | (40.97) | - | |||
- Other Un-allocable Income net of Expenditure | 37.63 | 196.16 | 51.82 | 336.64 | 257.82 | |||
Profit before Tax | 775.21 | 578.48 | 301.64 | 2,273.08 | 1,518.06 | |||
3 | Capital Employed | |||||||
- Power Business | 7,708.67 | 7,906.36 | 9,263.58 | 7,708.67 | 9,263.58 | |||
- EPC and Contracts Business | (2,879.25) | 69.44 | 935.98 | (2,879.25) | 935.98 | |||
- Unallocated Assets (net) | 16,880.71 | 14,365.57 | 10,987.84 | 16,880.71 | 10,987.84 | |||
Total | 21,710.13 | 22,341.37 | 21,187.40 | 21,710.13 | 21,187.40 | |||
Standalone Statement of Assets and Liabilities | ||||||||
Particulars | As at | As at | ||||||
31-03-2016 | 31-03-2015 | |||||||
(Audited) | (Audited) | |||||||
A. EQUITY AND LIABILITIES | ||||||||
(1) Shareholders' Funds | ||||||||
(a) Share capital | 263.03 | 263.03 | ||||||
(b) Reserves and Surplus | 21,447.10 | 20,924.37 | ||||||
| ||||||||
Shareholder's Funds | 21,710.13 | 21,187.40 | ||||||
(2) Non-Current Liabilities | ||||||||
(a) Long-term borrowings | 10,540.06 | 8,546.32 | ||||||
(b) Deferred tax liabilities (Net) | 356.39 | 297.39 | ||||||
(c) Other Long term liabilities | 2,133.75 | 2,627.16 | ||||||
(d) Long term provisions | 380.00 | 380.00 | ||||||
Non-current Liabilities | 13,410.20 | 11,850.87 | ||||||
(3) Current Liabilities | ||||||||
(a) Short-term borrowings | 3,904.22 | 7,058.02 | ||||||
(b) Trade payables | 4,562.32 | 3,895.09 | ||||||
(c) Other current liabilities | 6,617.82 | 5,008.43 | ||||||
(d) Short-term provisions | 959.64 | 570.77 | ||||||
Current Liabilities | 16,044.00 | 16,532.31 | ||||||
TOTAL EQUITY AND LIABILITIES | 51,164.33 | 49,570.58 | ||||||
B. ASSETS | ||||||||
(1) Non-current assets | ||||||||
(a) Fixed assets | 7,877.13 | 7,701.74 | ||||||
(b) Non-current investments | 17,939.93 | 14,875.38 | ||||||
(c) Long term loans and advances | 894.29 | 474.40 | ||||||
(d) Other non-current assets | 2,739.23 | 3,807.51 | ||||||
Non-current Assets | 29,450.58 | 26,859.03 | ||||||
(2) Current assets | ||||||||
(a) Current investments | 3,212.79 | 3,231.33 | ||||||
(b) Inventories | 424.96 | 386.62 | ||||||
(c) Trade receivables | 2,404.40 | 5,190.61 | ||||||
(d) Cash and bank balances | 256.09 | 145.63 | ||||||
(e) Short-term loans and advances | 13,334.33 | 10,766.05 | ||||||
(f) Other current assets | 2,081.18 | 2,991.31 | ||||||
Current Assets | 21,713.75 | 22,711.55 | ||||||
TOTAL ASSETS | 51,164.33 | 49,570.58 | ||||||
Notes:
1. The Board has recommended dividend of Rs 8.50 per equity share for the year 2015-16
2. 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 depreciable assets / long term monetary items, as the case may be. Accordingly, the Company has carried forward unamortised portion of net gain of Rs 258.29 crore to "Foreign Currency Monetary Items Translation Difference Account" as on March 31, 2016.
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 loss of Rs 101.02 crore and Rs 242.82 crore (net off of foreign exchange loss of Rs 35.69 crore and Rs 252.50 crore attributable to finance cost) for the quarter and year ended March 31, 2016 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 year ended March 31, 2016 would have been lower by Rs 101.02 crore and Rs 242.82 crore 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'. This matter has been referred to by the Auditors in their report.
3. The Board of Directors at its meeting held on March 16, 2016 approved the Scheme of restructuring envisaging transfer of various operating divisions of the Company, namely Dahanu Thermal Power Station (DTPS), Goa Power Station, Samalkot Power Station, Mumbai Power Transmission Division, Mumbai Power Distribution Division and Windmill Division (together considered as Power Business) to its resulting wholly owned subsidiary viz Reliance Electric Generation & Supply Private Limited with effect from April 1, 2016 subject to sanction by the Hon'able Bombay High Court and other requisite approvals. The Company has disclosed below the information in accordance with the requirement of Accounting Standard-24 'Discontinuing Operations' (AS-24) specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 as amended.
(Rs in crore)
Particulars | Quarter Ended (Unaudited) | Year Ended (Audited) | |||
March 31, 2016 | December 31, 2015 | March 31, 2015 | March 31, 2016 | March 31, 2015 | |
Net Assets | (750.93) | 764.74 | |||
Revenue | 1,826.92 | 1,911.13 | 1,793.34 | 7,534.46 | 7,835.38 |
Profit Before Tax | 187.68 | 133.98 | 190.63 | 597.78 | 756.34 |
Profit After Tax | 142.69 | 101.86 | 170.23 | 454.49 | 675.40 |
4. During the year ended March 31, 2016 in respect of its EPC and Contracts business, the Company has changed its policy of determining the stage of completion of a contract from progress billing raised as a proportion of total contract value to cost incurred till date as a proportion of estimated total project cost. Accordingly, the profit before tax for the quarter and year ended March 31, 2016 is lower by Rs 120.93 crore.
5. Pursuant to the Scheme of amalgamation of Reliance Cement Works Private Limited with Western Region Transmission (Maharashtra) Private Limited (WRTM) wholly owned subsidiary of the Company, which was subsequently amalgamated with the Company with effect from April 1, 2013, the Board of Directors of the Company during the quarter and year ended March 31, 2016 determined an amount of Rs 948.62 crore as Exceptional items being bad debts of Rs 143.97 crore in respect of Goa Power Station and investment write off of Rs 804.65 crore comprising of Rs 355.56 crore of Delhi Airport Metro Express Private Limited, Rs 305 crore of Mumbai Metro One Private Limited and Rs 144.09 crore of GF Toll Road Private Limited which was debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve and credited to the Statement of Profit and Loss. Had such withdrawal not been done, the Profit before tax for the quarter and year ended March 31, 2016 would have been lower by Rs 948.62 crore 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'. This matter has been referred to by the Auditors in their report.
During the quarter and year ended March 31, 2016, Reliance Sea Link One Private Limited (RSOPL), subsidiary of the Company, has terminated the concession agreement in relation to implementation of Western Freeway Sea Link with the Maharashtra State Road Development Corporation Limited and accordingly the Company has written off the advances given to RSOPL of Rs 40.97 crore as Exceptional item.
6. During the quarter ended March 31, 2016 Reliance E-Generation and Management Private Limited has been incorporated as subsidiary of the Company.
7. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Company, had terminated the Concession Agreement with Delhi Metro Rail Corporation (DMRC) for the Delhi Airport Metro Line and 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 Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs 64.00 crore and Rs 358.76 crore during the quarter and year March 31, 2016. The total investment made by the Company in DAMEPL upto March 31, 2016 amounts to Rs 2,060.86 crore.
The 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 355.56 crore during the year out of the above investment. An amount of Rs 1,258.20 crore was also written off during the previous year ended March 31, 2015. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. This matter has been referred to by the Auditors in their report.
8. The Board of Directors in their meeting held on February 8, 2016, approved the Scheme of amalgamation of wholly owned subsidiary, Reliance Concrete Private Limited with Company. Since the Scheme has not yet been sanctioned by the Hon'able High Court, the subsidiary has not been merged with the Company.
9. 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
· Debt / Equity Ratio = Total Debt / Equity
10. The listed non convertible debentures aggregating Rs 4,392.33 crore as on March 31, 2016 are secured by way of first pari passu charge on the Company's certain fixed assets and Regulatory Assets, second mortgage on Company's certain fixed assets and pledge of certain investments and asset cover thereof exceeds hundred percent of the principal amount of the said debentures.
11. Details of due datewise obligations in respect of Secured Non Convertible debentures outstanding as on March 31, 2016 are as follows:
Sr. No. | Particulars | ISIN No. | Previous Date (1st October, 2015 till 31st March, 2016)* | Next Date (1st April , 2016 till 30th September, 2016)* | ||
Principal | Interest | Principal | Interest | |||
1. | NCD Series 3 | INE036A07039 | N.A. | N.A. | N.A. | 19th August, 2016 |
2. | NCD Series 4 | INE036A07096 | N.A. | 1st March, 2016 | N.A. | 2nd April, 2016 |
3. | NCD Series 5 | INE036A07104 | N.A. | 27th January, 2016 | N.A. | N.A. |
4. | NCD Series 6 | INE036A07112 | 27th January, 2016 | 27th January, 2016 | N.A. | N.A. |
5. | NCD Series 8 | INE036A07120 | 30th March, 2016 | 30th March, 2016 | N.A. | N.A. |
6. | NCD Series 9 | INE036A07138 | N.A. | 30th March, 2016 | N.A. | N.A. |
7. | NCD Series 10 | INE036A07146 | N.A. | 30th March, 2016 | N.A. | N.A. |
8. | NCD Series 11A | INE036A07153 | N.A. | N.A. | N.A. | 15th June, 2016 |
9. | NCD Series 11B | INE036A07161 | N.A. | N.A. | N.A. | 15th June, 2016 |
10. | NCD Series 11C | INE036A07195 | N.A. | N.A. | N.A. | 29h June, 2016 |
11. | NCD Series 11D | INE036A07203 | N.A. | N.A. | N.A. | 29h June, 2016 |
12. | NCD Series 12A | INE036A07179 | N.A. | N.A. | N.A. | 15th June, 2016 |
13. | NCD Series 12B | INE036A07187 | N.A. | N.A. | N.A. | 15th June, 2016 |
14. | NCD Series 12C | INE036A07211 | N.A. | N.A. | N.A. | 29h June, 2016 |
15. | NCD Series 12D | INE036A07229 | N.A. | N.A. | N.A. | 29h June, 2016 |
16. | NCD Series 13A | INE036A07237 | N.A. | N.A. | N.A. | 26th July, 2016 |
17. | NCD Series 13B | INE036A07245 | N.A. | N.A. | N.A. | 26th July, 2016 |
18. | NCD Series 14 | INE036A07252 | N.A. | N.A. | N.A. | 6th August, 2016 |
19. | NCD Series 16 | INE036A07278 | N.A. | 31st October, 2015 | N.A. | N.A. |
20. | NCD Series 17 | INE036A07286 | N.A. | 12th November, 2015 | N.A. | N.A. |
21. | NCD Series 18 | INE036A07294 | N.A. | 21st January, 2016 | N.A. | 21st April, 2016 |
22. | NCD Series 19 | INE036A07302 | N.A. | 21st January, 2016 | N.A. | N.A. |
23. | NCD Series 20B | INE036A07328 | 28th March, 2016 | 28th March, 2016 | N. A. | N. A. |
24. | NCD Series 20C | INE036A07336 | N.A. | N.A. | N.A. | N.A. |
25. | NCD Series 20D | INE036A07344 | N.A. | N.A. | N.A. | N.A. |
26. | NCD Series 20E | INE036A07351 | N.A. | N.A. | N.A. | N.A. |
24. | NCD Series 21B | INE036A07427 | 23rd March, 2016 | 23rd March, 2016 | N. A. | N. A. |
25. | NCD Series 21C | INE036A07393 | N. A. | 28th March, 2016 | 25th April, 2016 | 25th April, 2016 |
26. | NCD Series 21D | INE036A07401 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
27. | NCD Series 23B | INE036A07385 | 23rd March, 2016 | 23rd March, 2016 | N. A. | N. A. |
28. | NCD Series 25A | INE036A07443 | N. A. | 28th March, 2016 | 25th April, 2016 | 25th April, 2016 |
29. | NCD Series 25B | INE036A07450 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
30. | NCD Series 25C | INE036A07468 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
31. | NCD Series 25D | INE036A07476 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
32. | NCD Series 25E | INE036A07484 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
33. | NCD Series 25F | INE036A07492 | N. A. | 28th March, 2016 | N. A. | 25th April, 2016 |
34. | NCD Series 26 | INE036A07500 | N. A. | 29th February, 2016 | N. A. | 30th May, 2016 |
*Interest and Principal amount of above debentures have been paid.
12. Company's long term rating by India Ratings & Research Pvt. Ltd. has been retained as IND A+/RWN & IND AA-(SO)/RWN; rating by CARE Ratings has been retained as CARE A+/RWN; rating by CRISIL and Brickworks Ratings has changed from CRISIL A/RWN to CRISIL A-/RWN and BWR AA/stable to BWR AA-/stable respectively.
13. The Company operates in two business segments namely Power and Engineering, Procurement, Construction (EPC) and Contracts. Power segment comprise of generation, transmission and distribution business and EPC segment renders comprehensive, value added service in construction, erection and commissioning.
14. In terms of SEBI circular CIR/CFD/CMD/56/2016 dated May 27, 2016, the company hereby declare that the auditors have issued audit reports with unmodified opinion on the annual audited standalone financial results for the year ended March 31, 2016.
15. 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 28, 2016.
16. The figures of the current quarter ended March 31, 2016 and March 31, 2015 are balancing figures between audited figures in respect of the full financial year and the reviewed year to date figures upto the third quarter of the relevant financial year.
17. Figures of the previous period / year have been regrouped / reclassified wherever considered necessary. The results for the quarter ended March 31, 2016 include the figures of the two amalgamated subsidiaries Viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited which were amalgamated with effect from April 1, 2014 and effect of which was given in the quarter ended March 31, 2015. Hence, figures for the quarter ended March 31, 2016 are not comparable to those of quarter ended March 31, 2015.
For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani
Date: May 28, 2016 Chairman