10th Feb 2014 10:44
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, 2013 | |||||||
Part - I | (Rs crore) | ||||||
Sr. No. | Particulars | Quarter ended | Nine Months ended | Year ended | |||
31-12-2013 | 30-09-2013 | 31-12-2012 | 31-12-2013 | 31-12-2012 | 31-03-2013 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Income from Operations | ||||||
(a) Net Sales / Income from Electricity Business | 2,861.02 | 3,501.49 | 3,283.80 | 9,946.70 | 10,360.91 | 14,052.73 | |
(b) Income from EPC and Contracts Business | 815.56 | 1,252.57 | 1,840.28 | 3,737.13 | 5,391.91 | 7,659.21 | |
(c) Income from Infrastructure Business | 138.83 | 172.92 | 152.83 | 491.20 | 361.60 | 515.67 | |
(d) Other Operating Income | 80.85 | 50.30 | 18.93 | 150.96 | 79.78 | 153.94 | |
Total Operating Income | 3,896.26 | 4,977.28 | 5,295.84 | 14,325.99 | 16,194.20 | 22,381.55 | |
2 | Expenditure | ||||||
(a) Cost of Electrical Energy purchased | 1,583.61 | 2,181.64 | 1,999.35 | 6,024.63 | 6,579.98 | 8,695.34 | |
(b) Cost of Fuel | 392.37 | 370.11 | 379.70 | 1,206.22 | 1,193.64 | 1,725.35 | |
(c) Construction Materials Consumed and Sub-Contracting | |||||||
Charges | 673.51 | 1,077.57 | 1,584.33 | 3,190.51 | 4,623.23 | 6,533.31 | |
(d) Employee Benefits Expenses | 259.37 | 276.35 | 277.79 | 827.09 | 845.79 | 1,141.94 | |
(e) Depreciation and amortisation | 129.56 | 142.04 | 135.93 | 407.73 | 387.22 | 551.10 | |
(f) Other Expenses | 318.31 | 307.93 | 279.43 | 921.04 | 834.38 | 1,319.97 | |
Total Expenditure | 3,356.73 | 4,355.64 | 4,656.53 | 12,577.22 | 14,464.24 | 19,967.01 | |
3 | Profit from operations before Other Income (net),Finance Costs and Exceptional Items | 539.53 | 621.64 | 639.31 | 1,748.77 | 1,729.96 | 2,414.54 |
4 | Other Income (net) (Refer Note 2 (b)) | 322.15 | 296.12 | 306.44 | 911.73 | 885.65 | 1,051.43 |
5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 861.68 | 917.76 | 945.75 | 2,660.50 | 2,615.61 | 3,465.97 |
6 | Finance Costs (Refer Note 2 (b)) | 376.31 | 444.56 | 473.82 | 1,244.84 | 1,277.57 | 1,687.43 |
7 | Profit from Ordinary Activities before Exceptional Items | 485.37 | 473.20 | 471.93 | 1,415.66 | 1,338.04 | 1,778.54 |
8 | Exceptional Items (net) | - | - | 379.12 | - | 379.12 | 382.80 |
9 | Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest | 485.37 | 473.20 | 851.05 | 1,415.66 | 1,717.16 | 2,161.34 |
10 | Tax Expenses (net) | 125.68 | 134.60 | 204.75 | 359.53 | 413.68 | 202.64 |
11 | Profit after Tax but before Share in Associates and Minority Interest | 359.69 | 338.60 | 646.30 | 1,056.13 | 1,303.48 | 1,958.70 |
Share of Profit in Associates (net) | 92.40 | 88.82 | 81.22 | 241.76 | 218.76 | 294.50 | |
Minority Interest | (1.64) | (0.82) | 0.42 | (5.64) | (0.52) | (6.37) | |
12 | Profit after Tax, Share in Associates and Minority Interest | 450.45 | 426.60 | 727.94 | 1,292.25 | 1,521.72 | 2,246.83 |
13 | Profit after Tax, Share in Associates and Minority Interest before Exceptional Items (net of tax) (Refer Note 7) | 450.45 | 426.60 | 357.16 | 1,292.25 | 1,150.94 | 1,872.37 |
14 | Paid-up Equity Share Capital (Face Value of ` 10 per Share) | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 |
15 | Reserves including Statutory Reserves excluding Revaluation Reserves | 24,918.36 | |||||
16 | Earnings Per Share (* not annualised) | ||||||
(a) Basic (`) | 17.13 * | 16.22 * | 27.68* | 49.14 * | 57.86* | 85.42 | |
(b) Diluted (`) | 17.13 * | 16.22 * | 27.68* | 49.14 * | 57.86* | 85.42 | |
Part - II Selected Information for the quarter ended December 31, 2013 | |||||||
A | Particulars of Shareholding | ||||||
1 | Public Shareholding | ||||||
- Number of Shares | 135,362,964 | 135,363,010 | 135,363,010 | 135,362,964 | 135,363,010 | 135,363,010 | |
- 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 | 127,627,036 | 127,626,990 | 127,626,990 | 127,627,036 | 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 | 48.53 | 48.53 | 48.53 | 48.53 | |
B | Investor Complaints | Quarter ended 31-12-2013 | |||||
Pending at the beginning of the quarter |
Nil 11 11
Nil | ||||||
Received during the quarter | |||||||
Disposed of during the quarter | |||||||
Remaining unresolved at the end of the quarter | |||||||
Reliance Infrastructure Limited | |||||||
Consolidated Segment-wise Revenue, Results and Capital Employed | |||||||
(` crore) | |||||||
Sr. No. | Particulars | Quarter ended | Nine Months ended | Year ended | |||
31-12-2013 | 30-09-2013 | 31-12-2012 | 31-12-2013 | 31-12-2012 | 31-03-2013 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Segment Revenue | ||||||
- Electricity Business | 2,881.40 | 3,525.18 | 3,301.57 | 10,009.70 | 10,421.76 | 14,150.17 | |
- EPC and Contracts Business | 875.35 | 1,279.01 | 1,841.00 | 3,824.02 | 5,409.88 | 7,706.37 | |
- Infrastructure Business | 139.51 | 173.09 | 153.27 | 492.27 | 362.56 | 525.01 | |
Total | 3,896.26 | 4,977.28 | 5,295.84 | 14,325.99 | 16,194.20 | 22,381.55 | |
Less: Inter Segment Revenue | - | - | - | - | - | - | |
Net Sales / Income from Operations | 3,896.26 | 4,977.28 | 5,295.84 | 14,325.99 | 16,194.20 | 22,381.55 | |
2 | Segment Results | ||||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | |||||||
- Electricity Business | 410.43 | 455.16 | 435.09 | 1,270.08 | 1,136.78 | 1,528.12 | |
- EPC and Contracts Business | 126.11 | 147.27 | 179.09 | 416.75 | 524.01 | 836.20 | |
- Infrastructure Business | 49.97 | 58.98 | 78.67 | 185.86 | 171.18 | 243.47 | |
Total | 586.51 | 661.41 | 692.85 | 1,872.69 | 1,831.97 | 2,607.79 | |
- Finance Costs | (376.31) | (444.56) | (473.82) | (1,244.84) | (1,277.57) | (1,687.43) | |
- Interest Income | 216.57 | 193.75 | 265.88 | 609.88 | 678.00 | 921.35 | |
net of expenditure | - Other un-allocable Income net of (expenditure) | 58.60 | 62.60 | 366.14 | 177.93 | 484.76 | 319.63 |
Profit before Tax, Share in Associates and Minority Interest | 485.37 | 473.20 | 851.05 | 1,415.66 | 1,717.16 | 2,161.34 | |
3 | Capital Employed | ||||||
- Electricity Business | 13,233.67 | 13,466.15 | 15,086.63 | 13,233.67 | 15,086.63 | 15,473.52 | |
- EPC and Contracts Business | 2,675.29 | 2,287.99 | 3,439.24 | 2,675.29 | 3,439.24 | 1,564.47 | |
- Infrastructure Business | 7,453.45 | 7,058.89 | 9,584.70 | 7,453.45 | 9,584.70 | 10,592.02 | |
- Unallocated Assets (net) | 3,259.66 | 3,297.46 | (1,954.75) | 3,259.66 | (1,954.75) | (1,509.00) | |
Total | 26,622.07 | 26,110.49 | 26,155.82 | 26,622.07 | 26,155.82 | 26,121.01 | |
Notes:
1. At the end of the quarter ended September 30, 2013, the Parent Company had diluted its holding in Reliance Cement Company Private Limited to 19%, in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each to 49% and in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited to 28.82%. Certain requisite approvals in respect of the same are awaited. In view of above dilution, the figures of the current quarter and nine months are not comparable with the figures for the corresponding periods.
2. a) 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. 278.01 crore to "Foreign Currency Monetary Items Translation Difference Account" as on December 31, 2013.
b) Pursuant to the option exercised under the Scheme of Amalgamation of Reliance Infraprojects Limited with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay, the Group has transferred net foreign exchange gains of Rs 72.95 crore for the quarter ended December 31, 2013 to General Reserve. Similarly the net foreign exchange losses, including losses on derivative instruments, of Rs. 260.96 crore (including Rs. 271.33 crore attributable to finance cost) for the nine months ended December 31, 2013 has been withdrawn from General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and nine months ended December 31, 2013 would have been higher by Rs.72.95 crore and lower by Rs. 260.96 crore respectively.
3. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Parent Company, has 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. The operations have been 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 Parent Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs. 176.60 crore in the current quarter and Rs. 247.40 crore up to ended December 31, 2013. As legally advised, the claims for the Termination Payment are considered fully enforceable and the Parent Company is confident of recovering its entire investment of Rs.1,477.32 crore in DAMEPL.
4. The Board of Directors of the Parent Company in their meeting held on November 11, 2013 has approved the Scheme of Amalgamation of two wholly owned subsidiaries of the Parent Company viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited with the Parent Company.
5. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter ended December 31, 2013 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, www.bseindia.com respectively. Key standalone financial information is given below:
(Rs. crore)
Particulars | Quarter ended (Unaudited) | Nine Months ended (Unaudited) | Year ended (Audited) | |||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | March 31, 2013 | |
Total Operating Income | 2,536.29 | 2,831.80 | 3,455.21 | 8,647.03 | 10,402.71 | 14,322.03 |
Profit before Tax | 486.23 | 460.82 | 848.03 | 1,401.28 | 1,772.23 | 2,143.23 |
Profit after Tax | 368.23 | 345.82 | 659.37 | 1,088.28 | 1,400.52 | 1,999.52 |
6. After review by the Audit Committee, the Board of Directors of the Company has approved the consolidated financial results at their meeting held on February 6, 2014.
7. There were no exceptional and extraordinary items during the quarter and nine months ended December 31, 2013. However there was an exceptional profit of Rs 379.12 crore (pre tax) pertaining to profit on sale of shares of Reliance Power Limited for the corresponding quarter and nine months ended December 31, 2012. The additional disclosure of figures for "profit after tax before exceptional items (net of tax)" has been made under serial number 13 of consolidated results for the purpose of comparison only.
8. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended December 31,2013, except as specifically mentioned in the above Notes."
9. 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: February 6, 2014 Chairman
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Reliance Inf S