26th Jan 2009 07:00
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RELIANCE INFRASTRUCTURE LIMITED |
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Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055. |
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Website:www.rinfra.com |
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unaudited financial results for the quarter and nine months ended December 31, 2008 |
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(Rs.Crore) |
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Sr. No. |
Particulars |
3 Months ended |
9 Months ended |
Year ended |
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31-12-2008 |
31-12-2007 |
31-12-2008 |
31-12-2007 |
31-03-2008 |
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(Audited) |
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1 |
(a) Net Sales of Electrical Energy (See Note No 5) |
1,965.53 |
1,229.41 |
5,730.14 |
3,774.25 |
4,919.87 |
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(b) Income from EPC and Contracts |
681.72 |
276.08 |
1,550.04 |
896.97 |
1,393.30 |
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(c) Other Operating Income |
70.38 |
25.99 |
179.19 |
61.71 |
135.25 |
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Total Operating Income |
2,717.63 |
1,531.48 |
7,459.37 |
4,732.93 |
6,448.42 |
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2 |
Expenditure |
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(a) Cost of Electrical Energy purchased |
1,233.90 |
648.17 |
3,533.87 |
1,968.50 |
2,487.69 |
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(b) Cost of Fuel |
258.17 |
249.90 |
862.40 |
721.23 |
1,015.52 |
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(c) Tax on Sale of Electricity |
38.81 |
33.05 |
117.46 |
102.05 |
131.58 |
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(d) Cost of Materials and Sub-contract |
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Charges (EPC and Contracts) |
587.70 |
233.12 |
1,276.20 |
746.95 |
1,193.83 |
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(e) Employees Cost |
143.58 |
93.74 |
394.30 |
297.74 |
397.24 |
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(f) Depreciation (See Note No 3) |
58.94 |
56.60 |
182.16 |
170.31 |
222.94 |
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(g) Other Expenditure |
143.47 |
117.07 |
400.13 |
349.11 |
459.79 |
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Total Expenditure |
2,464.57 |
1,431.65 |
6,766.52 |
4,355.89 |
5,908.59 |
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3 |
Profit from operations before Other Income (Net) and Interest |
253.06 |
99.83 |
692.85 |
377.04 |
539.83 |
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4 |
Other Income (net) (See Note No 6) |
143.58 |
265.62 |
455.50 |
711.69 |
920.63 |
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5 |
Profit before Interest |
396.64 |
365.45 |
1,148.35 |
1,088.73 |
1,460.46 |
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6 |
Interest and Finance Charges |
86.54 |
85.44 |
229.25 |
240.16 |
308.76 |
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7 |
Profit from Ordinary Activities before tax |
310.10 |
280.01 |
919.10 |
848.57 |
1,151.70 |
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8 |
Provision for Taxation : |
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- Current Tax |
39.00 |
41.50 |
112.07 |
105.50 |
137.15 |
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- Deferred Tax |
15.00 |
24.76 |
35.50 |
58.64 |
17.22 |
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- Fringe Benefit Tax |
1.50 |
1.65 |
4.50 |
4.50 |
6.00 |
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9 |
Profit before tax adjustments for earlier years |
254.60 |
212.10 |
767.03 |
679.93 |
991.33 |
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Tax adjustment for earlier years |
3.41 |
(89.50) |
(25.67) |
(93.31) |
(93.30) |
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10 |
Net Profit for the period |
251.19 |
301.60 |
792.70 |
773.24 |
1,084.63 |
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11 |
Paid-up Equity Share Capital |
227.81 |
236.54 |
227.81 |
236.54 |
235.62 |
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(Face Value of Rs. 10 per Share) |
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12 |
Reserves including Statutory Reserves excluding Revaluation Reserves |
10,024.16 |
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13 |
Earnings Per Share (* not annualised) |
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(a) Basic (Rs.) |
10.84 * |
12.97 * |
34.27 * |
33.40 * |
46.85 |
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(b) Diluted (Rs.) |
10.64 * |
12.75 * |
33.65 * |
32.69 * |
45.68 |
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14 |
Aggregate of Public Shareholding |
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- Number of Shares |
142,741,616 |
154,474,210 |
142,741,616 |
154,474,210 |
151,501,619 |
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- Percentage of Shareholding |
62.67 |
65.32 |
62.67 |
65.32 |
64.05 |
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segment-wise revenue, results and capital employed |
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(Rs.Crore) |
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Sr. No. |
Particulars |
3 Months ended |
9 Months ended |
Year ended |
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31-12-2008 |
31-12-2007 |
31-12-2008 |
31-12-2007 |
31-03-2008 |
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(Audited) |
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1 |
Segment Revenue |
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- Electrical Energy |
2,031.23 |
1,250.97 |
5,885.25 |
3,825.54 |
5,004.04 |
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- EPC and Contracts |
686.40 |
280.51 |
1,574.12 |
907.37 |
1,444.36 |
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- Others |
- |
- |
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0.02 |
0.02 |
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Total |
2,717.63 |
1,531.48 |
7,459.37 |
4,732.93 |
6,448.42 |
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Less : Inter Segment Revenue |
- |
- |
- |
- |
- |
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Net Sales / Income from Operations |
2,717.63 |
1,531.48 |
7,459.37 |
4,732.93 |
6,448.42 |
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2 |
Segment Results |
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Profit before Tax and Interest from each segment : |
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- Electrical Energy |
222.99 |
97.33 |
590.93 |
337.94 |
456.24 |
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- EPC and Contracts |
39.80 |
25.37 |
122.47 |
76.09 |
132.03 |
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- Others |
(0.01) |
(0.02) |
(0.04) |
(0.10) |
(0.98) |
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Total |
262.78 |
122.68 |
713.36 |
413.93 |
587.29 |
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- Interest and Finance Charges |
(86.54) |
(85.44) |
(229.25) |
(240.16) |
(308.76) |
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- Interest Income |
59.92 |
134.77 |
265.61 |
402.20 |
515.81 |
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- Other un-allocable Income |
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net of expenditure |
73.94 |
108.00 |
169.38 |
272.60 |
357.36 |
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Profit before Tax |
310.10 |
280.01 |
919.10 |
848.57 |
1,151.70 |
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3 |
Capital Employed |
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- Electrical Energy |
4,842.18 |
3,345.88 |
4,842.18 |
3,345.88 |
3,570.46 |
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- EPC and Contracts |
(1,015.11) |
311.19 |
(1,015.11) |
311.19 |
597.27 |
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- Others |
0.82 |
1.72 |
0.82 |
1.72 |
0.84 |
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- Unallocated Corporate Assets (net) |
8,019.00 |
7,233.20 |
8,019.00 |
7,233.20 |
7,518.39 |
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Total |
11,846.89 |
10,891.99 |
11,846.89 |
10,891.99 |
11,686.96 |
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Notes:
In the matter of Standby Charges, the Company had accounted liabilities in its books of accounts in the year ended March 31, 2005 based on the Maharashtra Electricity Regulatory Commission (MERC) order dated May 31, 2004. Pending final determination of the matter by the Hon'ble Supreme Court, the Company has not accounted for the reduction of Rs 15.60 crore in standby charges liability from Rs 515.60 crore determined by MERC as well as interest amount payable by The Tata Power Company Limited (TPC) to the Company (at 10% per annum commencing from April 1, 2004 till the date of payment) as per the Appellate Tribunal for Electricity (ATE) order dated December 20, 2006. As per the Supreme Court interim order dated February 7, 2007, TPC has furnished a bank guarantee for Rs 227 crore and also deposited Rs 227 crore with the Court which the Company has withdrawn and accounted as other liabilities pending final adjustment. The matter is awaiting listing with the Supreme Court for final hearing.
(a) Difference in the energy charge for energy supplied by TPC at 220 kV interconnection for the period March 2001 to May 2004 along with interest at 24% per annum up to December 31, 2007, and
(b) Minimum offtake charges for energy for the years 1998-99 to 1999-2000 along with interest at 24% per annum up to December 31, 2007.
In an appeal filed by the Company, ATE held that the amount in the matter (a) above is payable by the Company along with interest at State Bank of India prime lending rate for short term borrowings. The matter (b) is remanded to MERC for redetermination. The Company has filed an appeal against the said order before the Supreme Court, which while admitting the appeal, has restrained TPC from taking any coercive action in respect of the matter stated at Sr. No. (a) above and TPC has also filed an appeal against the said order.
3. The Company had revalued its Plant and Machinery located at Dahanu during the financial year 2003-04 and the depreciation figures shown in the unaudited financial results are net of effect of revaluation since the corresponding amount is withdrawn from the Revaluation Reserve which does not have impact on profit for the quarter.
4. Pursuant to the sanction of the Hon'ble High Court of Bombay of the scheme of amalgamation between Reliance Projects Finance Private Limited (RPFPL), a wholly owned subsidiary and the Company, RPFPL has been amalgamated with the Company with appointed date as April 1, 2007. The Profit after Tax of RPFPL of Rs 66.19 crore for the year ended March 31, 2008 has been added to the balance of the Profit and Loss account as on April 1, 2008 of the Company. On account of the above amalgamation, Profit before tax for the quarter and nine months ended December 31, 2008 is higher by Rs 2.90 crore and Rs. 45.58 crore respectively.
5. Based on the tariff order received from the regulator, the Company has accounted regulatory assets representing the revenue gap to be recovered through future tariff determination. Due to the said change in the accounting policy, the sales revenue and Profit after Tax have increased by Rs. 89 crore and Rs.78.91 crore respectively for the quarter ended December 31, 2008 and by Rs. 267 crore and Rs. 246.82 crore respectively for the nine months ended December 31, 2008. Fuel adjustment charges (FAC) recoverable are continued to be accounted as revenue in the period in which corresponding costs are incurred. Unrecovered FAC amount, if any, which is recoverable through future tariff determination, will be carried forward as regulatory assets at the end of the financial year.
6. Pursuant to the clarification issued by the Institute of Chartered Accountants of India on March 29, 2008 on accounting of derivatives, the Company has for the quarter and nine months ended December 31, 2008 provided for estimated unrealised loss of Rs. 153.05 crore and Rs. 231.81 crore respectively on account of revaluation of foreign exchange derivative instruments at fair values at reporting period end. Profit or Loss on such foreign exchange derivative instruments will be crystallised / realised only on expiry of such instruments in subsequent financial years. The figures of other income are net of above adjustments. Had the Company made no such provision, the net profit for the quarter and nine months ended December 31, 2008 would have been higher by Rs.135.71 crore and Rs.205.55 crore respectively.
7. Pursuant to the approval of the Board of Directors for buy-back of Equity shares under Section 77A of the Companies Act, 1956, the Company bought-back 31,00,000 and 78,08,500 equity shares during the quarter and nine months ended December 31, 2008. Consequently the paid-up capital stands reduced to Rs. 227.77 crore.
8. The Company's application for compounding in respect of its ECB of USD 360 million has been deemed by RBI as never to have been made subsequent to the withdrawal of the compounding application. Accordingly, there is no liability in respect of the compounding fee of Rs. 124.68 crore earlier specified by RBI. The Company is legally advised that it is in compliance with the regulations under FEMA. Accordingly, no provision is considered necessary in this regard.
9. During the quarter, GF Toll Road Private Limited became a subsidiary of the Company.
10. Tax Liability has been provided on the basis of Minimum Alternate Tax calculations.
11. There were no exceptional/extraordinary items during the quarter/nine months ended December 31, 2008.
12. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2008: opening: Nil: additions: 143 disposals: 143 closing: Nil.
13. The above results for the quarter and nine months ended December 31, 2008, have been subjected to a "Limited Review" by the auditors of the Company, as per the listing agreement entered into with the stock exchanges in India.
14. After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on January 22, 2009.
15. Figures of the previous year / period have been regrouped / reclassified wherever considered necessary.
16. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended December 31, 2008, except as specifically mentioned in the above Notes.
For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani
Date: January 22, 2009 Chairman
Related Shares:
Reliance Inf S