1 Feb 2013 11:26
Reliance Infrastructure Limited | |||||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | |||||||||
website: www.rinfra.com | |||||||||
Statement of Consolidated Financial Results for the quarter and nine months ended December 31, 2012 | |||||||||
Part - I | (Rs. crore) | ||||||||
Sr. No. | Particulars | Quarter ended | Nine Months ended | Year ended | |||||
31-12-2012 | 30-09-2012 | 31-12-2011 | 31-12-2012 | 31-12-2011 | 31-03-2012 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Income from Operations | ||||||||
(a) Net Sales / Income from Electricity Business | 3,283.80 | 3,585.34 | 3,127.41 | 10,360.91 | 9,474.65 | 12,239.49 | |||
(b) Income from EPC and Contracts Business | 1,840.28 | 1,800.49 | 2,939.88 | 5,391.91 | 6,901.21 | 11,035.98 | |||
(c) Income from Infrastructure Business | 152.83 | 110.54 | 84.90 | 361.60 | 228.15 | 319.56 | |||
(d) Other Operating Income | 18.93 | 18.91 | 7.57 | 79.78 | 487.97 | 631.12 | |||
Total Operating Income | 5,295.84 | 5,515.28 | 6,159.76 | 16,194.20 | 17,091.98 | 24,226.15 | |||
2 | Expenditure | ||||||||
(a) Cost of Electrical Energy purchased | 1,999.35 | 2,330.25 | 1,869.87 | 6,579.98 | 6,043.15 | 7,812.87 | |||
(b) Cost of Fuel | 379.70 | 396.62 | 368.77 | 1,193.64 | 1,185.25 | 1,593.40 | |||
(c) Construction Materials Consumed and Sub-Contracting | |||||||||
Charges | 1,584.33 | 1,548.63 | 2,477.56 | 4,623.23 | 5,819.03 | 9,718.86 | |||
(d) Employee Benefits Expenses | 277.79 | 259.67 | 268.67 | 845.79 | 812.02 | 1,028.50 | |||
(e) Depreciation and amortisation (Refer Note 5) | 135.93 | 125.82 | 101.63 | 387.22 | 304.98 | 403.33 | |||
(f) Other Expenses | 279.43 | 309.93 | 379.37 | 834.38 | 989.28 | 1,343.25 | |||
Total Expenditure | 4,656.53 | 4,970.92 | 5,465.87 | 14,464.24 | 15,153.71 | 21,900.21 | |||
3 | Profit from operations before Other Income (net),Finance Costs and Exceptional Items | 639.31 | 544.36 | 693.89 | 1,729.96 | 1,938.27 | 2,325.94 | ||
4 | Other Income (net) | 248.96 | 282.34 | 159.80 | 790.15 | 460.21 | 814.42 | ||
5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 888.27 | 826.70 | 853.69 | 2,520.11 | 2,398.48 | 3,140.36 | ||
6 | Finance Costs | 416.34 | 404.34 | 327.76 | 1,182.07 | 795.08 | 1,335.94 | ||
7 | Profit from Ordinary Activities before Exceptional Items | 471.93 | 422.36 | 525.93 | 1,338.04 | 1,603.40 | 1,804.42 | ||
8 | Exceptional Items (Refer Note 6) | 379.12 | - | - | 379.12 | - | - | ||
9 | Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest | 851.05 | 422.36 | 525.93 | 1,717.16 | 1,603.40 | 1,804.42 | ||
10 | Tax Expenses (net) | 204.75 | 108.65 | 207.28 | 413.68 | 661.83 | 544.16 | ||
11 | Profit after Tax but before Share in Associates and Minority Interest | 646.30 | 313.71 | 318.65 | 1,303.48 | 941.57 | 1,260.26 | ||
Share of Profit in Associates (net) | 81.22 | 67.72 | 89.39 | 218.76 | 235.48 | 332.04 | |||
Minority Interest | 0.42 | 0.38 | 0.28 | (0.52) | (1.71) | (5.49) | |||
12 | Profit after Tax, Share in Associates and Minority Interest | 727.94 | 381.81 | 408.32 | 1,521.72 | 1,175.34 | 1,586.81 | ||
13 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) | 263.03 | 263.03 | 263.08 | 263.03 | 263.08 | 263.03 | ||
14 | Reserves including Statutory Reserves excluding Revaluation Reserves | 23,367.13 | |||||||
15 | Earnings Per Share (* not annualised) | ||||||||
(a) Basic (Rs.) | 27.68* | 14.52* | 15.51* | 57.86* | 44.41* | 60.05 | |||
(b) Diluted (Rs.) | 27.68* | 14.52* | 15.51* | 57.86* | 44.41* | 60.05 | |||
Part - II Selected Information for the quarter ended December 31, 2012 | |||||||||
A | Particulars of Shareholding | ||||||||
1 | Public Shareholding | ||||||||
- Number of Shares | 135,363,010 | 135,363,010 | 135,408,272 | 135,363,010 | 135,408,272 | 135,363,010 | |||
- Percentage of Shareholding | 51.47 | 51.47 | 51.48 | 51.47 | 51.48 | 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 | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 | 127,626,990 | |||
- 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 | 48.52 | 48.53 | 48.52 | 48.53 | |||
B | Investor Complaints | Quarter ended 31-12-2012 | |||||||
Pending at the beginning of the quarter | Nil | ||||||||
Received during the quarter | 26 | ||||||||
Disposed of during the quarter | 26 | ||||||||
Remaining unresolved at the end of the quarter | Nil | ||||||||
Reliance Infrastructure Limited | |||||||||
Consolidated Segment-wise Revenue, Results and Capital Employed | |||||||||
(Rs. crore) | |||||||||
Sr. No. | Particulars | Quarter ended | Nine Months ended | Year ended | |||||
31-12-2012 | 30-09-2012 | 31-12-2011 | 31-12-2012 | 31-12-2011 | 31-03-2012 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Segment Revenue | ||||||||
- Electricity Business | 3,301.57 | 3,601.76 | 3,134.27 | 10,421.76 | 9,956.83 | 12,858.05 | |||
- EPC and Contracts Business | 1,841.00 | 1,802.64 | 2,940.59 | 5,409.88 | 6,907.00 | 11,047.77 | |||
- Infrastructure Business | 153.27 | 110.88 | 84.90 | 362.56 | 228.15 | 320.33 | |||
Total | 5,295.84 | 5,515.28 | 6,159.76 | 16,194.20 | 17,091.98 | 24,226.15 | |||
Less: Inter Segment Revenue | - | - | - | - | - | - | |||
Net Sales / Income from Operations | 5,295.84 | 5,515.28 | 6,159.76 | 16,194.20 | 17,091.98 | 24,226.15 | |||
2 | Segment Results | ||||||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | |||||||||
- Electricity Business | 435.09 | 348.91 | 447.17 | 1,136.78 | 1,397.45 | 1,650.90 | |||
- EPC and Contracts Business | 179.09 | 169.82 | 314.88 | 524.01 | 685.74 | 916.79 | |||
- Infrastructure Business | 78.67 | 56.11 | (21.22) | 171.18 | (34.22) | (61.50) | |||
Total | 692.85 | 574.84 | 740.83 | 1,831.97 | 2,048.97 | 2,506.19 | |||
- Finance Costs | (416.34) | (404.34) | (327.76) | (1,182.07) | (795.08) | (1,335.94) | |||
- Interest Income | 265.88 | 211.68 | 140.67 | 678.00 | 358.21 | 560.69 | |||
- Other un-allocable Income net of expenditure | 308.66 | 40.18 | (27.81) | 389.26 | (8.70) | 73.48 | |||
Profit before Tax, Share in Associates and Minority Interest | 851.05 | 422.36 | 525.93 | 1,717.16 | 1,603.40 | 1,804.42 | |||
3 | Capital Employed | ||||||||
- Electricity Business | 15,086.63 | 14,218.81 | 12,524.19 | 15,086.63 | 12,524.19 | 13,834.25 | |||
- EPC and Contracts Business | 3,439.24 | 3,209.00 | 3,511.42 | 3,439.24 | 3,511.42 | 2,816.57 | |||
- Infrastructure Business | 9,584.70 | 8,513.13 | 9,252.83 | 9,584.70 | 9,252.83 | 9,720.04 | |||
- Unallocated Assets (net) | (1,954.75) | (807.64) | (420.79) | (1,954.75) | (420.79) | (2,236.20) | |||
Total | 26,155.82 | 25,133.30 | 24,867.65 | 26,155.82 | 24,867.65 | 24,134.66 | |||
Notes:
1. The final determination in the matter of Standby Charges payable for the years 1998-99 to 2003-04 to The Tata Power Company Limited (TPC) is pending before the Supreme Court for final hearing. The Parent Company has so far fully accounted the liability of Rs. 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).
2. The final determination in respect of the claim by TPC of Rs. 323.87 crore, along with interest based on the Orders passed by MERC / Appellate Tribunal for Electricity (ATE) towards difference in energy charge and minimum offtake charges for energy supplied by TPC at 220 kV interconnection is pending before Supreme Court for final hearing. The Parent Company has complied with the interim order direction of depositing Rs. 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.
3. Pursuant to the Scheme of Amalgamation of Reliance Infraprojects Limited sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated March 30, 2011,derivative (losses) / gains for the year debited / credited to Statement of Profit and Loss may be withdrawn from / transferred to General Reserve. The loss arising from derivative contracts for the quarter and nine months ended December 31, 2012 is Rs. 16.38 crore and Rs. 27.08 crore respectively. The Parent Company has decided to give impact of the said derivative loss and its corresponding adjustment in terms of the Scheme by withdrawal from General Reserve in Statement of Profit and Loss at the year end.
4. 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.180.02 crore to "Foreign Currency Monetary Items Translation Difference Account" as on December 31, 2012.
5. During the quarter, the Parent Company revalued its freehold land, building and plant and machinery located at Goa, Samalkot and Chitradurga w.e.f. April 1, 2012 and incremental value on revaluation amounting to Rs. 495.69 crore has been credited to Revaluation Reserve. Consequent to revaluation, there is an additional charge of depreciation of Rs.19.62 crore for the quarter and nine months ended December 31, 2012 and equivalent amount has been withdrawn from the Revaluation Reserve, which has no impact on the profit for the quarter.
6. During the quarter, the Parent Company has sold 5,30,51,807 equity shares of Reliance Power Limited (RPower), an associate company, resulting in reduction of Parent Company's interest in RPower from 38.41% to 36.52%. The exceptional item represent profit of Rs.379.12 crore on sale of these shares. The increase in the book value of the shares of RPower held by the Parent Company consequent upon changes in the equity of RPower from items not included in the Statement of Profit and Loss of RPower were reflected as Capital Reserve in the consolidated financial statements. The profit of Rs.379.12 crore includes Rs.192.86 crore being proportionate realised gains now transferred from such Capital Reserve.
7. There were no extraordinary items during the quarter and nine months ended December 31, 2012.
8. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter ended December 31, 2012 can be viewed on the websites of the Company, National Stock Exchange of India Limited and Bombay Stock Exchange Limited at www.rinfra.com, www.nseindia.com and www.bseindia.comrespectively. Key standalone financial information is given below:
(Rs. crore)
Particulars | Quarter ended (Unaudited) | Nine Months ended (Unaudited) | Year ended (Audited) | |||
December 31, 2012 | September 30, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 | March 31, 2012 | |
Total Operating Income | 3,455.21 | 3,500.22 | 4,507.24 | 10,402.71 | 12,176.27 | 17,906.67 |
Profit before Tax | 848.03 | 508.98 | 614.04 | 1,772.23 | 1,968.74 | 2,497.76 |
Profit after Tax | 659.37 | 414.13 | 415.82 | 1,400.52 | 1,342.08 | 2,000.26 |
9. After review by the Audit Committee, the Board of Directors of the Company has approved the consolidated financial results at their meeting held on January 28, 2013.
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: January 28, 2013 Chairman
Reliance Inf S (RIFS)