Last checked at 17 Nov 2014 09:40
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 half year ended September 30, 2014 | |||||||||
Part - I | Rs. crore | ||||||||
Sr. No. | Particulars | Quarter ended | Half year ended | Year ended | |||||
30-09-2014 | 30-06-2014 | 30-09-2013 | 30-09-2014 | 30-09-2013 | 31-03-2014 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Income from Operations | ||||||||
(a) Net Sales / Income from Power Business | 1,897.84 | 1,958.92 | 1,560.79 | 3,856.76 | 3,171.63 | 6,595.23 | |||
(b) Income from EPC and Contracts Business | 552.31 | 565.38 | 1,237.52 | 1,117.69 | 2,891.19 | 4,597.01 | |||
(c) Other Operating Income | 16.91 | 11.60 | 33.49 | 28.51 | 47.92 | 164.69 | |||
Total Income from Operations | 2,467.06 | 2,535.90 | 2,831.80 | 5,002.96 | 6,110.74 | 11,356.93 | |||
2 | Expenses | ||||||||
(a) Cost of Power purchased | 832.66 | 1,014.74 | 575.42 | 1,847.40 | 1,230.22 | 2,485.19 | |||
(b) Cost of Fuel | 287.81 | 307.85 | 370.06 | 595.66 | 763.98 | 1,488.90 | |||
(c) Tax on Sale of Electricity | - | - | - | - | - | - | |||
(c) Construction Materials Consumed and | |||||||||
Sub-contracting Charges | 421.41 | 404.04 | 1,059.03 | 825.45 | 2,481.44 | 3,885.95 | |||
(d) Employee benefits expense | 244.25 | 221.68 | 199.64 | 465.93 | 414.72 | 823.11 | |||
(e) Depreciation and amortisation (Refer Note 4) | 120.39 | 89.75 | 84.69 | 210.14 | 167.48 | 342.07 | |||
(f) Other Expenses | 199.88 | 157.06 | 150.87 | 356.94 | 303.51 | 763.03 | |||
Total Expenses | 2,106.40 | 2,195.12 | 2,439.71 | 4,301.52 | 5,361.35 | 9,788.25 | |||
3 | Profit from Operations before Other Income (net), finance costs and exceptional items | 360.66 | 340.78 | 392.09 | 701.44 | 749.39 | 1,568.68 | ||
4 | Other Income (net) (Refer Note 1(b)) | 401.25 | 395.50 | 300.35 | 796.75 | 614.45 | 1,224.47 | ||
5 | Profit from Ordinary Activities before finance costs and exceptional items | 761.91 | 736.28 | 692.44 | 1,498.19 | 1,363.84 | 2,793.15 | ||
6 | Finance Costs (Refer Note 1(b)) | 353.96 | 334.31 | 231.62 | 688.27 | 448.79 | 996.21 | ||
7 | Profit from Ordinary Activities before exceptional items | 407.95 | 401.97 | 460.82 | 809.92 | 915.05 | 1,796.94 | ||
8 | Exceptional Items | - | - | - | - | - | - | ||
9 | Profit from Ordinary Activities before tax | 407.95 | 401.97 | 460.82 | 809.92 | 915.05 | 1,796.94 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | 51.90 | 80.50 | 115.00 | 132.40 | 195.00 | 209.00 | ||
11 | Profit from Ordinary Activities after Tax | 356.05 | 321.47 | 345.82 | 677.52 | 720.05 | 1,587.94 | ||
12 | Extraordinary items | - | - | - | |||||
13 | Profit for the period | 356.05 | 321.47 | 345.82 | 677.52 | 720.05 | 1,587.94 | ||
14 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) | 262.58 | 262.58 | 263.03 | 262.58 | 263.03 | 262.58 | ||
15 | Reserves including Statutory Reserves excluding Revaluation Reserves | 20,144.59 | |||||||
16 | Earnings Per Share (* not annualised) | ||||||||
(a) Basic (Rs.) | 13.54 * | 12.22 * | 13.15 * | 25.76 * | 27.38 * | 60.38 | |||
(b) Diluted (Rs.) | 13.54 * | 12.22 * | 13.15 * | 25.76 * | 27.38 * | 60.38 | |||
17 | Debt Service Coverage Ratio (Refer Note 5) | 1.04 | 1.92 | 2.11 | |||||
18 | Interest Service Coverage Ratio (Refer Note 5) | 3.15 | 5.30 | 5.17 | |||||
Part - II Selected Information for the quarter ended September 30, 2014 | |||||||||
A | Particulars of Shareholding | ||||||||
1 | Public Shareholding | ||||||||
- Number of Shares | 13,53,62,964 | 13,53,62,964 | 13,53,63,010 | 13,53,62,964 | 13,53,63,010 | 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 | - | - | - | - | - | - | |||
- 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 | 12,76,27,036 | 12,76,27,036 | 12,76,26,990 | 12,76,27,036 | 12,76,26,990 | 12,76,27,036 | |||
- Percentage of shares (as a % of the total shareholding | 100.00 | 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 | 48.53 | |||
B | Investor Complaints | Quarter ended 30-09-2014 | |||||||
Pending at the beginning of the quarter | Nil | ||||||||
Received during the quarter | 10 | ||||||||
Disposed off during the quarter | 10 | ||||||||
Remaining unresolved at the end of the quarter | Nil | ||||||||
RELIANCE INFRASTRUCTURE LIMITED | |||||||||
Segment-wise Revenue, Results and Capital Employed | |||||||||
Rs. crore | |||||||||
Sr. No. | Particulars | Quarter ended | Half year ended | Year ended | |||||
30-09-2014 | 30-06-2014 | 30-09-2013 | 30-09-2014 | 30-09-2013 | 31-03-2014 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Segment Revenue | ||||||||
- Power Business | 1,914.54 | 1,970.29 | 1,567.84 | 3,884.83 | 3,192.48 | 6,669.49 | |||
- EPC and Contracts Business | 552.52 | 565.61 | 1,263.96 | 1,118.13 | 2,918.26 | 4,687.44 | |||
Total | 2,467.06 | 2,535.90 | 2,831.80 | 5,002.96 | 6,110.74 | 11,356.93 | |||
Less : Inter Segment Revenue | - | - | - | - | - | - | |||
Net Sales / Income from Operations | 2,467.06 | 2,535.90 | 2,831.80 | 5,002.96 | 6,110.74 | 11,356.93 | |||
2 | Segment Results | ||||||||
Profit before Tax and Interest from each segment : | |||||||||
- Power Business | 358.80 | 295.21 | 281.16 | 654.01 | 530.16 | 1,238.00 | |||
- EPC and Contracts Business | 58.48 | 89.91 | 150.70 | 148.39 | 296.17 | 521.48 | |||
Total | 417.28 | 385.12 | 431.86 | 802.40 | 826.33 | 1,759.48 | |||
- Finance Costs | (353.96) | (334.31) | (231.62) | (688.27) | (448.79) | (996.21) | |||
- Interest Income | 278.12 | 276.43 | 171.32 | 554.55 | 352.03 | 750.58 | |||
- Other un-allocable Income net of expenditure | 66.51 | 74.73 | 89.26 | 141.24 | 185.48 | 283.09 | |||
Profit before Tax | 407.95 | 401.97 | 460.82 | 809.92 | 915.05 | 1,796.94 | |||
3 | Capital Employed | ||||||||
- Power Business | 7,613.28 | 7,854.79 | 8,239.67 | 7,613.28 | 8,239.67 | 8,086.06 | |||
- EPC and Contracts Business | 696.59 | 568.87 | 2,301.50 | 696.59 | 2,301.50 | 1,275.78 | |||
- Unallocated Assets (net) | 13,641.39 | 13,169.42 | 10,209.17 | 13,641.39 | 10,209.17 | 11,930.53 | |||
Total | 21,951.26 | 21,593.08 | 20,750.34 | 21,951.26 | 20,750.34 | 21,292.37 | |||
Standalone Statement of Assets and Liabilities | |||||||||
Rs. crore | |||||||||
Particulars | As at | As at | |||||||
30-09-2014 | 31-03-2014 | ||||||||
(Unaudited) | (Audited) | ||||||||
A. EQUITY AND LIABILITIES | |||||||||
(1) Shareholders' Funds | |||||||||
(a) Share capital | 262.58 | 262.58 | |||||||
(b) Reserves and Surplus | 21,688.68 | 21,029.79 | |||||||
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Shareholder's Funds | 21,951.26 | 21,292.37 | |||||||
(2) Non-Current Liabilities | |||||||||
(a) Long-term borrowings | 7,580.09 | 6,712.38 | |||||||
(b) Deferred tax liabilities (Net) | 439.52 | 482.52 | |||||||
(c) Other Long term liabilities | 2,795.37 | 2,667.05 | |||||||
(d) Long term provisions | 380.00 | 380.00 | |||||||
Non-current Liabilities | 11,194.98 | 10,241.95 | |||||||
(3) Current Liabilities | |||||||||
(a) Short-term borrowings | 7,081.00 | 7,346.10 | |||||||
(b) Trade payables | 3,644.75 | 3,856.35 | |||||||
(c) Other current liabilities | 5,827.03 | 5,954.79 | |||||||
(d) Short-term provisions | 470.78 | 434.77 | |||||||
Current Liabilities | 17,023.56 | 17,592.01 | |||||||
TOTAL EQUITY AND LIABILITIES | 50,169.80 | 49,126.33 | |||||||
B. ASSETS | |||||||||
(1) Non-current assets | |||||||||
(a) Fixed assets | 6,477.72 | 6,509.07 | |||||||
(b) Non-current investments | 16,269.40 | 13,449.83 | |||||||
(c) Long term loans and advances | 769.50 | 2,250.96 | |||||||
(d) Other non-current assets | 3,601.46 | 3,857.54 | |||||||
Non-current Assets | 27,118.08 | 26,067.40 | |||||||
(2) Current assets | |||||||||
(a) Current investments | 3,194.95 | 4,102.05 | |||||||
(b) Inventories | 238.37 | 360.60 | |||||||
(c) Trade receivables | 5,014.19 | 4,722.34 | |||||||
(d) Cash and bank balances | 371.96 | 201.97 | |||||||
(e) Short-term loans and advances | 10,895.48 | 10,090.19 | |||||||
(f) Other current assets | 3,336.77 | 3,581.78 | |||||||
Current Assets | 23,051.72 | 23,058.93 | |||||||
TOTAL ASSETS | 50,169.80 | 49,126.33 | |||||||
Notes:
1. 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. 252.64 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 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 loss of Rs. 41.97 crore and Rs. 41.91 crore (net off of foreign exchange loss of Rs.110.50 crore and Rs. 161.78 crore attributable to finance cost) for the quarter and half year ended September 30, 2014 respectively 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 half year ended September 30, 2014 would have been lower by Rs. 41.97 crore and Rs. 41.91 crore respectively. The treatment prescribed under the Scheme overrides 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.
2. Delhi Airport Metro Express Private Limited (DAMEPL), SPV of the 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 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 has been 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. 63.32 crore and Rs.122.67 crore in the current quarter and half year ended September 30, 2014 respectively. 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.1,572.88 crore in DAMEPL as at September 30, 2014. This matter has been referred to by the Auditors in their report.
3. The Board of directors, vide resolution dated November 11, 2013, had approved the Scheme of Amalgamation of two wholly owned subsidiaries of the company viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited with the Company. The Hon'ble High Court at Mumbai vide its order dated July 15, 2014 has sanctioned the said Scheme subject to obtaining the requisite approvals. Pending the receipt of requisite approvals, no effect of the Scheme has been given in the accounts.
4. Pursuant to the option given in notification dated August 29, 2014 issued by Ministry of Corporate Affairs (MCA) relating to assets whose life has expired as on March 31, 2014, the WDV of those assets amounting to Rs. 4.75 Crore, which was charged off to General Reserves during the previous quarter is now charged off to Statement of Profit and Loss.
5. 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
6. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on November 12, 2014. The statutory auditors have carried out a limited review of the financial results for the quarter ended September 30, 2014 of the Company, as per listing agreement entered into with the stock exchanges in India.
7. 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 12, 2014 Chairman