28th May 2015 10:29
Reliance Infrastructure Limited | ||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | ||||||
website: www.rinfra.com CIN L99999MH1929PLC001530 | ||||||
Statement of Consolidated Financial Results for the quarter and year ended March 31, 2015 | ||||||
Part - I | (Rs crore) | |||||
Sr. No. | Particulars | Quarter Ended | Year Ended | |||
31-03-2015 | 31-12-2014 | 31-03-2014 | 31-03-2015 | 31-03-2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||
1 | Income from Operations | |||||
(a) Net Sales / Income from Power Business | 3,112.40 | 3,265.38 | 3,600.44 | 12,973.82 | 13,547.14 | |
(b) Income from EPC and Contracts Business | 837.18 | 728.01 | 882.81 | 2,731.17 | 4,619.94 | |
(c) Net Sales / Income from Infrastructure Business | 177.61 | 187.05 | 138.14 | 709.37 | 597.42 | |
(d) Net Sales from Cement Business (Net of Excise Duty) | 296.82 | 158.07 | 39.83 | 518.82 | 71.75 | |
(e) Other Operating Income | 194.20 | 32.90 | 46.47 | 265.28 | 197.43 | |
Total Operating Income (Net) | 4,618.21 | 4,371.41 | 4,707.69 | 17,198.46 | 19,033.68 | |
2 | Expenditure | |||||
(a) Cost of Power Purchased | 2,112.48 | 1,809.56 | 1,864.89 | 7,811.62 | 7,889.52 | |
(b) Cost of Fuel and Materials Consumed | 328.86 | 438.90 | 743.67 | 1,542.14 | 1,949.89 | |
(c) Construction Materials Consumed and Sub-Contracting | ||||||
Charges | 686.68 | 573.61 | 735.70 | 2,134.27 | 3,926.21 | |
(d) Purchase of stock-in-trade | 7.33 | 5.15 | 1.20 | 23.69 | 2.04 | |
(e) Changes in inventories of finished goods, work-in-progress | (16.43) | (15.04) | 0.30 | (29.83) | (2.54) | |
and stock-in-trade | ||||||
(f) Employee Benefits Expense | 319.51 | 316.85 | 240.35 | 1,215.56 | 1,067.44 | |
(g) Depreciation and amortisation | 244.42 | 219.01 | 126.35 | 832.83 | 534.08 | |
(h) Other Expenses | 457.78 | 463.88 | 447.20 | 1,590.37 | 1,370.24 | |
Total Expenditure | 4,140.63 | 3,811.92 | 4,159.66 | 15,120.65 | 16,736.88 | |
3 | Profit from operations before Other Income (net), Finance Costs and Exceptional Items | 477.58 | 559.49 | 548.03 | 2,077.81 | 2,296.80 |
4 | Other Income (Refer Note 2 (b)) | 409.42 | 416.99 | 328.31 | 1,653.14 | 1,240.04 |
5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 887.00 | 976.48 | 876.34 | 3,730.95 | 3,536.84 |
6 | Finance Costs (Refer Note 2 (b)) | 683.46 | 618.47 | 451.23 | 2,347.32 | 1,696.07 |
7 | Profit from Ordinary Activities after Finance Costs but before Exceptional Items | 203.54 | 358.01 | 425.11 | 1,383.63 | 1,840.77 |
8 | Exceptional Items (Refer Note 4) | - | - | - | - | - |
9 | Profit from Ordinary Activities before Tax | 203.54 | 358.01 | 425.11 | 1,383.63 | 1,840.77 |
10 | Tax Expenses (including Deferred Tax and Tax for earlier years) | (116.97) | 27.99 | (85.20) | 69.97 | 274.33 |
11 | Net Profit from Ordinary Activities after Tax | 320.51 | 330.02 | 510.31 | 1,313.66 | 1,566.44 |
12 | Extraordinary Items | - | - | - | - | - |
13 | Net Profit for the period | 320.51 | 330.02 | 510.31 | 1,313.66 | 1,566.44 |
Share of Profit in Associates (net) | 110.70 | 102.31 | 111.35 | 411.74 | 353.11 | |
Minority Interest | 27.90 | 20.04 | (0.24) | 74.78 | (5.88) | |
14 | Net Profit after Taxes, Share of Profit in Associates and Minority Interest | 459.11 | 452.37 | 621.42 | 1,800.18 | 1,913.67 |
15 | Paid-up Equity Share Capital (Face Value of Rs 10 per Share) | 263.03 | 263.03 | 262.58 | 263.03 | 262.58 |
16 | Reserves including Statutory Reserves excluding Revaluation Reserves | 25,908.54 | 25,105.66 | |||
17 | Earnings Per Share (* not annualised) | |||||
(a) Basic (Rs) | 17.46 * | 17.20 * | 23.63 * | 68.45 | 72.77 | |
(b) Diluted (Rs) | 17.46 * | 17.20 * | 23.63 * | 68.45 | 72.77 | |
Part - II Selected Information for the quarter and year ended March 31, 2015 | ||||||
A | Particulars of Shareholding | |||||
1 | Public Shareholding | |||||
- Number of Shares | 13,53,62,964 | 13,53,62,964 | 13,53,62,964 | 13,53,62,964 | 13,53,62,964 | |
- Percentage of Shareholding | 51.47 | 51.47 | 51.47 | 51.47 | 51.47 | |
2 | Promoter and promoter group shareholding | |||||
(a) Pledged / Encumbered | ||||||
- Number of shares | 3,90,00,000 | 3,45,00,000 | - | 3,90,00,000 | - | |
- Percentage of shares (as a % of the total shareholding | 30.56 | 27.03 | - | 30.56 | - | |
of promoter and promoter group) | ||||||
- Percentage of shares (as a % of the total share capital of the Company) | 14.83 | 13.12 | - | 14.83 | - | |
(b) Non-encumbered | ||||||
- Number of shares | 8,86,27,036 | 9,31,27,036 | 12,76,27,036 | 8,86,27,036 | 12,76,27,036 | |
- Percentage of shares (as a % of the total shareholding | 69.44 | 72.97 | 100.00 | 69.44 | 100.00 | |
of promoter and promoter group) | ||||||
- Percentage of shares (as a % of the total share capital of the Company) | 33.70 | 35.41 | 48.53 | 33.70 | 48.53 | |
B | Investor Complaints | Quarter ended 31-03-2015 | ||||
Pending at the beginning of the quarter | Nil | |||||
Received during the quarter | 9 | |||||
Disposed of during the quarter | 9 | |||||
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 | Year Ended | |||
31-03-2015 | 31-12-2014 | 31-03-2014 | 31-03-2015 | 31-03-2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||
1 | Segment Revenue | |||||
- Power Business | 3,299.25 | 3,283.92 | 3,642.85 | 13,228.39 | 13,652.55 | |
- EPC and Contracts Business | 844.76 | 741.13 | 886.44 | 2,752.36 | 4,710.46 | |
- Infrastructure Business | 201.66 | 196.56 | 138.57 | 742.94 | 598.92 | |
- Cement Business | 296.82 | 158.07 | 39.83 | 518.82 | 71.75 | |
Total | 4,642.49 | 4,379.68 | 4,707.69 | 17,242.51 | 19,033.68 | |
Less: Inter Segment Revenue | 24.28 | 8.27 | - | 44.05 | - | |
Net Sales / Income from Operations | 4,618.21 | 4,371.41 | 4,707.69 | 17,198.46 | 19,033.68 | |
2 | Segment Results | |||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | ||||||
- Power Business | 451.83 | 501.03 | 490.44 | 1,873.56 | 1,760.52 | |
- EPC and Contracts Business | 50.43 | 104.59 | 87.31 | 302.16 | 504.06 | |
- Infrastructure Business | 46.31 | 28.95 | 52.26 | 150.74 | 242.09 | |
- Cement Business | (12.22) | (24.05) | (5.75) | (37.81) | (9.72) | |
Total | 536.35 | 610.52 | 624.26 | 2,288.65 | 2,496.95 | |
- Finance Costs | (683.46) | (618.47) | (451.23) | (2,347.32) | (1,696.07) | |
- Interest Income | 292.05 | 295.40 | 232.17 | 1,189.30 | 842.05 | |
- Other un-allocable Income net of expenditure | 58.60 | 70.56 | 19.91 | 253.00 | 197.84 | |
Profit before Tax, Share in Associates and Minority Interest | 203.54 | 358.01 | 425.11 | 1,383.63 | 1,840.77 | |
3 | Capital Employed | |||||
- Power Business | 13,922.33 | 12,674.14 | 13,863.73 | 13,922.33 | 13,863.73 | |
- EPC and Contracts Business | 902.04 | 686.12 | 1,105.91 | 902.04 | 1,105.91 | |
- Infrastructure Business | 8,249.18 | 7,899.94 | 6,760.05 | 8,249.18 | 6,760.05 | |
- Cement Business | 3,154.53 | 3,177.77 | 2,997.47 | 3,154.53 | 2,997.47 | |
- Unallocated Assets (net) | 746.39 | 3,628.50 | 1,863.78 | 746.39 | 1,863.78 | |
Total | 26,974.47 | 28,066.47 | 26,590.94 | 26,974.47 | 26,590.94 | |
Consolidated Statement of Assets and Liabilities | |||
(Rs crore) | |||
Sr. No. | Particulars | As at | As at |
31-03-2015 | 31-03-2014 | ||
(Audited) | (Audited) | ||
A | Equity and Liabilities | ||
1 | Shareholders' Funds | ||
(a) Share Capital | 263.03 | 262.58 | |
(b) Reserves and Surplus | 26,711.44 | 26,328.36 | |
Shareholders' Funds | 26,974.47 | 26,590.94 | |
2 | Minority Interest | 192.37 | 252.43 |
3 | Non-Current Liabilities | ||
(a) Long-term borrowings | 16,172.52 | 15,049.12 | |
(b) Deferred tax liabilities (Net) | 310.01 | 506.72 | |
(c) Other Long term liabilities | 3,053.84 | 3,048.49 | |
(d) Long term provisions | 399.81 | 395.99 | |
Non-Current Liabilities | 19,936.18 | 19,000.32 | |
4 | Current Liabilities | ||
(a) Short-term borrowings | 7,853.45 | 8,184.21 | |
(b) Trade payables | 7,329.81 | 6,517.18 | |
(c) Other current liabilities | 7,920.40 | 7,907.17 | |
(d) Short-term provisions | 635.85 | 475.44 | |
Current Liabilities | 23,739.51 | 23,084.00 | |
TOTAL - EQUITY AND LIABILITIES | 70,842.53 | 68,927.69 | |
B | Assets | ||
1 | Non-current Assets | ||
(a) Fixed assets | 22,868.21 | 21,031.43 | |
(b) Goodwill on Consolidation | 58.85 | 58.85 | |
(c) Non-current investments | 14,247.62 | 14,118.21 | |
(d) Long term loans and advances | 905.23 | 2,522.36 | |
(e) Other non-current assets | 8,074.30 | 7,382.24 | |
Non-Current Assets | 46,154.21 | 45,113.09 | |
2 | Current Assets | ||
(a) Current investments | 3,370.36 | 4,162.22 | |
(b) Inventories | 607.55 | 518.69 | |
(c) Trade receivables | 5,484.06 | 4,993.94 | |
(d) Cash and Bank Balances | 533.39 | 650.35 | |
(e) Short-term loans and advances | 11,609.25 | 10,330.57 | |
(f) Other current assets | 3,083.71 | 3,158.83 | |
Current Assets | 24,688.32 | 23,814.60 | |
TOTAL - ASSETS | 70,842.53 | 68,927.69 | |
Notes:
1. The Board has recommended dividend of Rs 8 per equity share for the year 2014-15.
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 241.65 crore to "Foreign Currency Monetary Items Translation Difference Account" as on March 31, 2015.
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, net foreign exchange loss of Rs 65.71 crore and Rs 135.45 crore (net off of foreign exchange loss of Rs 3.78 crore and Rs 236.11 crore attributable to finance cost) for the quarter and the year ended March 31, 2015 respectively has been debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had the relevant provisions of Accounting Standard 5 (AS-5) 'Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies' been followed, the Profit before tax would have been lower by Rs 65.71 crore and Rs 135.45 crore for the quarter and the year ended March 31, 2015 respectively. This matter has been referred to by the Auditors in their report.
3. The Hon'ble High Court of Judicature at Bombay vide order dated July 15, 2014, had approved the Scheme of Amalgamation of two wholly owned Subsidiaries of the Parent Company viz. Western Region Transmission (Maharashtra) Private Limited (WRTM) and Western Region Transmission (Gujarat) Private Limited (WRTG) with the Company w.e.f. April 1, 2013 (appointed date). All requisite approvals have been obtained, however certain procedural formalities with Central Electricity Regulatory Commission (CERC) are required to be completed. Pending completion of procedural formalities, the parent Company has given effect to the substance of the Scheme and accordingly these Subsidiaries have been amalgamated with the Parent Company during the quarter ended March 31, 2015. There is no impact on consolidated financial statements on account of the said amalgamation as the transaction gets eliminated on consolidation being a transaction between a Parent and Subsidiaries except for increase in Capital Reserve of Rs 613.74 crore and reduction in General Reserve by Rs 606.49 crore. This matter has been referred to by the Auditors in their report.
4. Pursuant to the Scheme of amalgamation between WRTM and Reliance Cement Works Private Limited sanctioned by the Hon'ble High Court of judicature at Bombay on April 25, 2014, wherein as per the Scheme WRTM or its successors was permitted to offset any extra ordinary / exceptional items, as determined by Board of directors, debited in the Statement of Profit and Loss by a corresponding withdrawal from General Reserve.
The Company being the successor of WRTM, the Board of Directors of the Company, in terms of the aforesaid Scheme, during the quarter and year ended March 31, 2015 determined an amount of Rs 1,317.66 crore as Exceptional items being write off of certain investments of Rs 1,317.66 crore debited the same to Statement of Profit and Loss and withdrew an equivalent amount from General Reserve and credited to the Statement of Profit and Loss. The treatment prescribed under the Scheme overrides the relevant provisions 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.
5. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Parent Company, 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 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 Rs2,823 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 is continuing. 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 87.16 crore and Rs 251.89 crore in the quarter and the year ended March 31, 2015.
During the quarter, the Company has reviewed the progress in settlement of various claims and also on overall review of financial position of DAMEPL, the Company has considered it prudent to write off Rs 1,258.20 crore, out of total investment of Rs 1,702.10 crore in DAMEPL. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. This matter has been referred to by the Auditors in their report.
6. Unrealised gains amounting to Rs 16.26 crore and Rs 132.19 crore for the quarter and year ended March 31, 2015 respectively, pertaining to Engineering Procurement and Construction contracts entered into with associate companies, have not been eliminated as prescribed by Scheme of Amalgamation between Reliance Bhavnagar Power Private Limited and Reliance Jamnagar Power Private Limited and Reliance Infrastructure Engineers Private Limited with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay in February 2013. The Parent Company considers that the prescribed accounting treatment leads to a more accurate reflection of the results of the working of the Parent Company. Had the relevant provisions of Accounting Standard 23 (AS -23) 'Accounting for Investments in Associates in Consolidated Financial Statements' been followed, the Profit after tax of Rs 16.26 crore and Rs 132.19 crore for the quarter and year ended March 31, 2015 and carrying cost of associate at the year ended March 31, 2015 would have been lower by Rs 132.19 crore. The treatment prescribed under the Scheme overrides the relevant provisions of Accounting Standard 5 (AS-23) 'Accounting for Investments in Associates in Consolidated Financial Statement', which has been referred to by the Auditors in their report.
7. Towards the end of the quarter ended September 30, 2013, the Parent Company had diluted its holding in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each from 100% to 49% and in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited from 49% to 28.82%. During the quarter ended March 31, 2014, the Parent Company restored its holding in Reliance Cement Company Private Limited to 100%, which was diluted to 19% during the quarter ended September 30, 2013. In view of above, the figures of year ended March 31, 2015 are not comparable with the figures for the corresponding periods.
8. During the quarter, Reliance Defence Systems Private Limited, Reliance Defence Technologies Private Limited, Reliance Defence and Aerospace Private Limited and Reliance Defence Limited, have become subsidiaries of the Parent Company and Reliance Cement & Infra Private Limited ceased to be a subsidiary of the Parent Company.
9. The Parent Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and year ended March 31, 2015 can be viewed on the websites of the Parent 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) | Year ended (Audited) | |||
March 31, 2015 | December 31, 2014 | March 31,2014 | March 31, 2015 | March 31, 2014 | |
Total Operating Income | 2,801.83 | 2,730.77 | 2,709.90 | 10,535.56 | 11,356.93 |
Profit before Tax | 301.64 | 406.50 | 395.66 | 1,518.06 | 1,796.94 |
Profit after Tax | 449.97 | 405.90 | 499.66 | 1,533.39 | 1,587.93 |
10. After review by the Audit Committee, the Board of Directors of the Parent Company has approved the consolidated financial results at their meeting held on May 27, 2015.
11. 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:May 27, 2015 Chairman
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