21st Jul 2014 07:00
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 ended June 30, 2014 | |||||||
Part - I | Rs. crore | ||||||
Sr. No. | Particulars | Quarter ended | Year ended | ||||
30-06-2014 | 31-03-2014 | 30-06-2013 | 31-03-2014 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Income from Operations | ||||||
(a) Net Sales / Income from Electricity Business | 1,958.92 | 1,787.76 | 1,610.84 | 6,595.23 | |||
(b) Income from EPC and Contracts Business | 565.38 | 880.43 | 1,653.67 | 4,597.01 | |||
(c) Other Operating Income | 11.60 | 41.71 | 14.43 | 164.69 | |||
Total Income from Operations | 2,535.90 | 2,709.90 | 3,278.94 | 11,356.93 | |||
2 | Expenses | ||||||
(a) Cost of Electrical Energy purchased | 1,014.74 | 692.40 | 654.80 | 2,485.19 | |||
(b) Cost of Fuel | 307.85 | 345.54 | 393.92 | 1,488.90 | |||
(c) Construction Materials Consumed and | |||||||
Sub-contracting Charges | 404.04 | 716.54 | 1,422.41 | 3,885.95 | |||
(d) Employee benefits expense | 221.68 | 202.90 | 215.08 | 823.11 | |||
(e) Depreciation and amortisation (Refer Note 3) | 89.75 | 87.26 | 82.79 | 342.07 | |||
(f) Other Expenses | 157.06 | 273.56 | 152.64 | 763.03 | |||
Total Expenses | 2,195.12 | 2,318.20 | 2,921.64 | 9,788.25 | |||
3 | Profit from Operations before Other Income (net), finance costs and exceptional items | 340.78 | 391.70 | 357.30 | 1,568.68 | ||
4 | Other Income (net) (Refer Note 1(b)) | 395.50 | 307.35 | 314.10 | 1,224.47 | ||
5 | Profit from Ordinary Activities before finance costs and exceptional items | 736.28 | 699.05 | 671.40 | 2,793.15 | ||
6 | Finance Costs (Refer Note 1(b)) | 334.31 | 303.39 | 217.17 | 996.21 | ||
7 | Profit from Ordinary Activities before exceptional items | 401.97 | 395.66 | 454.23 | 1,796.94 | ||
8 | Exceptional Items | - | - | - | - | ||
9 | Profit from Ordinary Activities before tax | 401.97 | 395.66 | 454.23 | 1,796.94 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | 80.50 | (104.00) | 80.00 | 209.00 | ||
11 | Profit Ordinary Activities after Tax | 321.47 | 499.66 | 374.23 | 1,587.94 | ||
12 | Extraordinary items | - | - | - | - | ||
13 | Profit for the period | 321.47 | 499.66 | 374.23 | 1,587.94 | ||
14 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) | 262.58 | 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.) | 12.22 * | 19.00 * | 14.23 * | 60.38 | |||
(b) Diluted (Rs.) | 12.22 * | 19.00 * | 14.23 * | 60.38 | |||
Part - II Selected Information for the quarter ended June 30, 2014 | |||||||
A | Particulars of Shareholding | ||||||
1 | Public Shareholding | ||||||
- Number of Shares | 135,362,964 | 135,362,964 | 135,363,010 | 135,362,964 | |||
- Percentage of Shareholding | 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 | |||
- Percentage of shares (as a % of the total shareholding | 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 | |||
B | Investor Complaints | Quarter ended 30-06-2014 | |||||
Pending at the beginning of the quarter | Nil | ||||||
Received during the quarter | 10 | ||||||
Disposed of 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 | Year ended | ||||
30-06-2014 | 31-03-2014 | 30-06-2013 | 31-03-2014 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1 | Segment Revenue | ||||||
- Electricity Business | 1,970.29 | 1,825.87 | 1,624.64 | 6,669.49 | |||
- EPC and Contracts Business | 565.61 | 884.03 | 1,654.30 | 4,687.44 | |||
Total | 2,535.90 | 2,709.90 | 3,278.94 | 11,356.93 | |||
Less : Inter Segment Revenue | - | - | - | - | |||
Net Sales / Income from Operations | 2,535.90 | 2,709.90 | 3,278.94 | 11,356.93 | |||
2 | Segment Results | ||||||
Profit before Tax and Interest from each segment : | |||||||
- Electricity Business | 295.21 | 364.16 | 249.00 | 1,238.00 | |||
- EPC and Contracts Business | 89.91 | 103.75 | 145.47 | 521.48 | |||
Total | 385.12 | 467.91 | 394.47 | 1,759.48 | |||
- Finance Costs | (334.31) | (303.39) | (217.17) | (996.21) | |||
- Interest Income | 276.43 | 199.71 | 180.71 | 750.58 | |||
- Other un-allocable Income net of expenditure | 74.73 | 31.43 | 96.22 | 283.09 | |||
Profit before Tax | 401.97 | 395.66 | 454.23 | 1,796.94 | |||
3 | Capital Employed | ||||||
- Electricity Business | 7,854.79 | 8,086.06 | 8,346.61 | 8,086.06 | |||
- EPC and Contracts Business | 568.87 | 1,275.78 | 1,911.63 | 1,275.78 | |||
- Unallocated Assets (net) | 13,169.42 | 11,930.53 | 10,234.09 | 11,930.53 | |||
Total | 21,593.08 | 21,292.37 | 20,492.33 | 21,292.37 | |||
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. 233.13 crore to "Foreign Currency Monetary Items Translation Difference Account" as on June 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 gain of Rs. 0.06 crore (net off of foreign exchange loss of Rs. 51.28 crore attributable to finance cost) for the quarter ended June 30, 2014 has been credited to Statement of Profit and Loss and an equivalent amount has been transferred to General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter June 30, 2014 would have been higher by Rs. 0.06 crore. 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 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. 59.35 crore in the current quarter ended June 30, 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.1,509.56 crore in DAMEPL as at June 30, 2014. This matter has been referred to by the Auditors in their report.
3. During the quarter, the useful life of the fixed assets other than in respect of Electricity business has been revised in accordance with Part-C of Schedule II to the Companies Act, 2013. Accordingly depreciation expense for the quarter ended June 30, 2014 is higher by Rs. 3.88 crore. Similarly, in case of assets whose life has been completed as on March 31, 2014, the carrying value (net of residual value) of those assets amounting to Rs. 4.74 crore has been debited to General Reserve.
4. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on July 18, 2014. The statutory auditors have carried out a limited review of the financial results for the quarter ended June 30, 2014 of the Company, as per listing agreement entered into with the stock exchanges in India.
5. 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: July 18, 2014 Chairman
Related Shares:
Reliance Inf S