10th Feb 2014 10:39
RELIANCE INFRASTRUCTURE LIMITED | |||||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | |||||||||
website:www.rinfra.com | |||||||||
Standalone Statement of 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 | 1,635.84 | 1,560.79 | 1,516.30 | 4,807.47 | 4,724.21 | 6,272.07 | |||
(b) Income from EPC and Contracts Business | 825.39 | 1,237.52 | 1,926.01 | 3,716.58 | 5,619.35 | 7,924.25 | |||
(c) Other Operating Income | 75.06 | 33.49 | 12.90 | 122.98 | 59.15 | 125.71 | |||
Total Income from Operations | 2,536.29 | 2,831.80 | 3,455.21 | 8,647.03 | 10,402.71 | 14,322.03 | |||
2 | Expenses | ||||||||
(a) Cost of Electrical Energy purchased | 562.57 | 575.42 | 598.40 | 1,792.79 | 1,929.75 | 2,468.25 | |||
(b) Cost of Fuel | 379.38 | 370.06 | 379.63 | 1,143.36 | 1,170.60 | 1,578.61 | |||
(c) Construction Materials Consumed and | |||||||||
Sub-contracting Charges | 687.97 | 1,059.03 | 1,620.99 | 3,169.41 | 4,727.60 | 6,679.26 | |||
(d) Employee benefits expense | 205.49 | 199.64 | 197.87 | 620.21 | 634.21 | 856.13 | |||
(e) Depreciation and amortisation | 87.33 | 84.69 | 97.99 | 254.81 | 303.22 | 392.05 | |||
(f) Other Expenses | 185.96 | 150.87 | 168.50 | 489.47 | 537.39 | 824.02 | |||
Total Expenses | 2,108.70 | 2,439.71 | 3,063.38 | 7,470.05 | 9,302.77 | 12,798.32 | |||
3 | Profit from Operations before Other Income (net), finance costs and exceptional items | 427.59 | 392.09 | 391.83 | 1,176.98 | 1,099.94 | 1,523.71 | ||
4 | Other Income (net) (Refer Note 2(b)) | 302.67 | 300.35 | 300.81 | 917.12 | 943.12 | 1,080.56 | ||
5 | Profit from Ordinary Activities before finance costs and exceptional items | 730.26 | 692.44 | 692.64 | 2,094.10 | 2,043.06 | 2,604.27 | ||
6 | Finance Costs (Refer Note 2(b)) | 244.03 | 231.62 | 262.95 | 692.82 | 689.17 | 879.38 | ||
7 | Profit from Ordinary Activities before exceptional items | 486.23 | 460.82 | 429.69 | 1,401.28 | 1,353.89 | 1,724.89 | ||
8 | Exceptional Items | - | - | 418.34 | - | 418.34 | 418.34 | ||
9 | Profit from Ordinary Activities before tax | 486.23 | 460.82 | 848.03 | 1,401.28 | 1,772.23 | 2,143.23 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | 118.00 | 115.00 | 188.66 | 313.00 | 371.71 | 143.71 | ||
11 | Profit after Tax | 368.23 | 345.82 | 659.37 | 1,088.28 | 1,400.52 | 1,999.52 | ||
12 | Profit after Tax before exceptional items (net of tax) (Refer Note 6) | 368.23 | 345.82 | 249.37 | 1,088.28 | 990.52 | 1,589.52 | ||
13 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | ||
14 | Reserves including Statutory Reserves excluding Revaluation Reserves | 19,033.00 | |||||||
15 | Earnings Per Share (* not annualised) | ||||||||
(a) Basic (Rs.) | 14.00* | 13.15* | 25.07* | 41.38* | 53.25* | 76.03 | |||
(b) Diluted (Rs.) | 14.00* | 13.15* | 25.07* | 41.38* | 53.25* | 76.03 | |||
Part - II Selected Information for the quarter and nine months 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 | |||||||||
Segment-wise Revenue, Results and Capital Employed | |||||||||
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 | Segment Revenue | ||||||||
- Electricity Business | 1,651.14 | 1,567.84 | 1,528.59 | 4,843.62 | 4,765.56 | 6,342.56 | |||
- EPC and Contracts Business | 885.15 | 1,263.96 | 1,926.62 | 3,803.41 | 5,637.15 | 7,979.47 | |||
Total | 2,536.29 | 2,831.80 | 3,455.21 | 8,647.03 | 10,402.71 | 14,322.03 | |||
Less : Inter Segment Revenue | - | - | - | - | - | - | |||
Net Sales / Income from Operations | 2,536.29 | 2,831.80 | 3,455.21 | 8,647.03 | 10,402.71 | 14,322.03 | |||
2 | Segment Results | ||||||||
Profit before Tax and Interest from each segment : | |||||||||
- Electricity Business | 343.68 | 281.16 | 233.50 | 873.84 | 623.15 | 825.15 | |||
- EPC and Contracts Business | 121.56 | 150.70 | 211.56 | 417.73 | 580.39 | 889.27 | |||
Total | 465.24 | 431.86 | 445.06 | 1,291.57 | 1,203.54 | 1,714.42 | |||
- Finance Costs | (244.03) | (231.62) | (262.95) | (692.82) | (689.17) | (879.38) | |||
- Interest Income | 198.84 | 171.32 | 251.29 | 550.87 | 647.25 | 862.58 | |||
- Other un-allocable Income net of expenditure | 66.18 | 89.26 | 414.63 | 251.66 | 610.61 | 445.61 | |||
Profit before Tax | 486.23 | 460.82 | 848.03 | 1,401.28 | 1,772.23 | 2,143.23 | |||
3 | Capital Employed | ||||||||
- Electricity Business | 7,864.73 | 8,239.67 | 8,114.34 | 7,864.73 | 8,114.34 | 8,131.27 | |||
- EPC and Contracts Business | 2,688.28 | 2,301.50 | 3,418.44 | 2,688.28 | 3,418.44 | 1,578.77 | |||
- Unallocated Assets (net) | 10,609.72 | 10,209.17 | 8,884.03 | 10,609.72 | 8,884.03 | 10,525.61 | |||
Total | 21,162.73 | 20,750.34 | 20,416.81 | 21,162.73 | 20,416.81 | 20,235.65 | |||
Notes:
1. At the end of the quarter ended September 30, 2013, the 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.
2. 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. 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 Company sanctioned by the Hon'ble High Court of Judicature at Bombay, the Company 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 lossess 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), SPV of the 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 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 upto December 31, 2013. 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.1,477.32 crore in DAMEPL.
4. The Board of Directors of the Company in their meeting held on November 11, 2013 has 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.
5. After review by the Audit Committee, the Board of Directors of the Company has approved the standalone financial results at their meeting held on February 6, 2014. The statutory auditors have carried out a limited review of the financial results for the quarter ended December 31, 2013 of the Company, as per listing agreement entered into with the stock exchanges in India.
6. 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 418.34 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 12 of the results for the purpose of comparison only.
7. 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.
8. 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
Related Shares:
Reliance Inf S