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Audited Financial Results

2nd Dec 2010 10:15

RNS Number : 2512X

Reliance Infrastructure Limited

02 December 2010

Reliance Infrastructure Limited
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055.
website:www.rinfra.com

Audited financial results for the year ended March 31, 2010
						(Rs. crore)
Sr.No.	Particulars	Standalone		Consolidated
		31-Mar-10	31-Mar-09	31-Mar-10			31-Mar-09
1	(a) Net sales of Electrical Energy (Refer Note No 4)	6,367.76	7,183.09	11,298.41			10,091.60
	(b) Income from EPC and Contracts Division	3,414.85	2,436.76	3,197.63			2,463.62
	(c) Income from Toll Collections			25.34			-
	(d) Other Operating Income	244.65	248.76	343.44			343.41
	Total Operating Income	10,027.26	9,868.61	14,864.82			12,898.63
2	Expenditure
	(a) Cost of Electrical Energy purchased	3,321.94	4,253.99	6,953.37			6,216.88
	(b) Cost of Fuel	1,219.83	1,166.78	1,580.81			1,709.55
	(c) Tax on Sale of Electricity	154.13	152.96	265.86			206.92
	(d) Cost of Materials and Sub-contract
	Charges (EPC and Contracts Division)	2,882.55	1,966.49	2,706.06			2,007.00
	(e) Employees Cost	652.86	536.62	946.52			631.46
	(f) Depreciation	319.84	244.88	472.44			330.38
	(g) Other Expenditure	676.79	760.84	891.89			717.37
	Total Expenditure	9,227.94	9,082.56	13,816.95			11,819.56
3	Profit from operations before Other Income (net) and Interest	799.32	786.05	1,047.87			1,079.07
4	Other Income (net)	789.83	737.88	824.85			697.81
5	Profit before Interest	1,589.15	1,523.93	1,872.72			1,776.88
6	Interest and Finance Charges	292.21	330.50	525.13			439.42
7	Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest	1,296.94	1,193.43	1,347.59			1,337.46
8	Tax Expenses (including Fringe Benefit Tax, Deferred Tax & Tax for earlier years)	145.25	54.55	149.83			78.32
9	Profit after Tax but before Share in Associates and Minority Interest	1,151.69	1,138.88	1,197.76			1,259.14
	Share of Profit in Associates (net)			321.45			93.37
	Minority Interest			0.18			0.72
10	Profit after Tax, Share in Associates and Minority Interest	1,151.69	1,138.88	1,519.39			1,353.23
11	Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)	244.92	226.06	244.92			226.06
12	Reserves including Statutory Reserves excluding Revaluation Reserves	13,830.35	10,308.14	19,382.22			15,298.30
13	Earnings Per Share
	(a) Basic (Rs.)	51.11	49.45	67.43			58.75
	(b) Diluted (Rs.)	50.32	48.54	66.39			57.68
14	Debt Service Coverage Ratio (Refer Note No 10)	1.06
15	Interest Service Coverage Ratio (Refer Note No 10)	5.44
16	Aggregate of Public Shareholding
	- Number of Shares	140,241,616	141,395,121	140,241,616			141,395,121
	- Percentage of Shareholding	57.27	62.44	57.27			62.44
17	Promoter and promoter group shareholding
	a) Pledged/Encumbered
	- Number of shares	-	37,238,281	-			37,238,281
	- Percentage of shares (as a % of the total shareholding	-	43.79	-			43.79
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	-	16.45	-			16.45
	b) Non-encumbered
	- Number of shares	104,628,646	47,790,365	104,628,646			47,790,365
	- Percentage of shares (as a % of the total shareholding	100.00	56.21	100.00			56.21
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	42.73	21.11	42.73			21.11


Segment-wise revenue, results and capital employed
					(Rs. crore)
	Particulars	Standalone		Consolidated
		31-Mar-10	31-Mar-09	31-Mar-10			31-Mar-09
1	Segment Revenue
	- Electrical Energy	6,505.41	7,369.64	11,534.48			10,372.71
	- EPC and Contracts Division	3,521.85	2,498.97	3,304.78			2,525.92
	- Roads			25.34			-
	- Others			0.22			-
	Total	10,027.26	9,868.61	14,864.82			12,898.63
	Less : Inter Segment Revenue	-	-	-			-
	Net Sales / Income from Operations	10,027.26	9,868.61	14,864.82			12,898.63

2	Segment Results
	Profit before Tax, Interest, Share in Associates and Minority Interest from each segment :
	- Electrical Energy	548.53	624.24	828.56			721.85
	- EPC and Contracts Division	283.77	204.24	240.95			185.50
	- Roads			15.50			-
	- Others			(2.31)			(2.98)
	Total	832.30	828.48	1,082.70			904.37
	- Interest and Finance Charges	(292.21)	(330.50)	(525.13)			(439.42)
	- Interest Income	268.29	338.81	292.23			371.51
	- Other un-allocable Income
	net of expenditure	488.56	356.64	497.79			501.00
	Profit before Tax, Share in Associates and Minority Interest	1,296.94	1,193.43	1,347.59			1,337.46

3	Capital Employed
	- Electrical Energy	5,300.58	4,814.35	6,075.43			5,708.40
	- EPC and Contracts Division	417.78	155.06	421.67			159.27
	- Roads			107.03			62.56
	- Others			1,471.88			1,181.56
	- Unallocated Corporate Assets (net)	9,433.83	6,938.03	12,628.05			9,785.81
	Total	15,152.19	11,907.44	20,704.06			16,897.60

Statement of Assets and Liabilities
							(Rs. crore)
Sr. No.	Particulars	Standalone		Consolidated
		As at	As at	As at			As at
		31-03-2010	31-03-2009	31-03-2010			31-03-2009

1	Shareholders' funds
	(a) Share Capital	244.92	226.07	244.92			226.07
	(b) Equity Warrants Issued and Subscribed	541.08	783.49	541.08			783.49
	(c) Reserves and Surplus	14,366.19	10,897.88	19,918.06			15,888.04
		15,152.19	11,907.44	20,704.06			16,897.60
2	Minority Interest			114.68			111.60
3	Loan Funds	4,114.90	7,332.18	8,583.88			10,105.35
4	Deferred Tax Liability (net)	157.71	193.95	156.94			211.34
	Total	19,424.80	19,433.57	29,559.56			27,325.89

1	Fixed Assets	4,079.41	3,904.59	11,218.54			9,027.66
2	Investments	10,019.57	12,147.10	13,659.14			15,936.41
3	Current Assets, Loans and Advances
	(a) Inventories	269.15	440.68	389.78			560.64
	(b) Sundry Debtors	1,742.93	1,523.33	2,249.62			1,927.78
	(c) Cash and Bank Balances	301.82	251.01	449.43			458.27
	(d) Other Current Assets	1,421.26	1,012.05	1,560.47			1,077.54
	(e) Loans and Advances	8,219.37	5,576.56	8,590.59			5,545.31
		11,954.53	8,803.63	13,239.89			9,569.54
4	Less: Current Liabilities and Provisions
	(a) Current Liabilities	5,646.72	4,655.50	7,042.09			5,912.73
	(b) Provisions	981.99	766.25	1,515.92			1,294.99
		6,628.71	5,421.75	8,558.01			7,207.72
5	Net Current Assets	5,325.82	3,381.88	4,681.88			2,361.82
	Total	19,424.80	19,433.57	29,559.56			27,325.89

Notes:

1. Interim dividend of Rs. 7.10 per Equity Share for the year 2009-10 having been already paid, the Board of Directors do not propose to pay any final dividend and the interim dividend is treated as final dividend for the financial year 2009-10.

2. The final determination in the matter of Standby Charges payable to The Tata Power Company Limited (TPC) is pending listing with the Supreme Court for final hearing. The Company has so far fully accounted the liability of Rs. 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).

3. The final determination in respect of the claim by TPC of Rs. 323.87 crore, along with interest based on the Orders passed by MERC / Appellate Tribunal for Electricity (ATE) towards difference in energy charge and minimum offtake charges for energy supplied by TPC at 220 kV interconnection is pending before Supreme Court for final hearing. The Company has complied with the interim order direction of depositing Rs. 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.

4. MERC vide its order dated September 9, 2010 has vacated the interim order dated July 15, 2009 setting aside the stay on the tariff determined vide its Order dated June 15,2009 for the Mumbai distribution business after considering the contents of the report submitted by Administrative Staff College of India (ASCI) appointed by MERC. Accordingly the Company has started billing to the consumers as per the revised Tariff from September, 2010. In accordance with the principle of prudence and as a conservative measure, the Company has not accrued the additional net sales of electrical energy of Rs. 193.84 crore for the year ended March 31, 2010, to which it is entitled as per the new tariff order.

5. The Committee of Whole-time Directors at its meeting held on February 25, 2009 approved the Scheme of Restructuring envisaging transfer of various operating divisions of the Company, namely Dahanu thermal power station division, Goa and Samalkot power station division, power transmission division, power distribution division (together considered under electrical segment), toll roads division and real estate division (together considered under other operations segment) to its respective resulting six wholly owned subsidiaries with effect from March 31, 2009 has since been sanctioned by the Bombay High Court on September 09, 2009 subject to the Company receiving requisite approvals and the same has been filed with the Registrar of Companies on September 14, 2009. Implementation of the said scheme in the financial statements is contingent upon receipt of requisite approvals. Accordingly the disclosures in respect of continuing and discontinuing operations are as under:

Rs. crore

Particulars	March 31, 2010		March 31, 2009
Particulars	Continuing Operations	Discontinuing Operations	Continuing Operations	Discontinuing Operations
Total Assets	16,897.42	9,156.09	16,581.94	8,273.38
Total Liabilities	7,016.64	3,884.68	8,764.74	4,183.14
Net Assets	9,880.78	5,271.41	7,817.20	4,090.24

Total Income	4,256.62	6,651.44	3,585.40	7,373.39
Total Expenses	3,560.12	6,051.00	3,059.88	6,705.48

Profit before tax	696.50	600.44	525.52	667.91
Income Tax Expenses	61.43	83.82	(36.31)	90.86
Profit after tax from operating activities	635.07	516.62	561.83	577.05

Subsequent to year end, the Committee of Directors, at its meeting held on May 27, 2010, have approved sale of (i) investment in BSES Kerala Power Limited, a wholly owned subsidiary and (ii) investment of Reliance Energy Generation Limited (a wholly owned subsidiary) in Reliance Goa and Samalkot Power Limited to Reliance Power Limited upon implementation of the above Scheme.

6. During the year, pursuant to the approval of the shareholders through postal ballot, the Company made an allotment of 4.29 crore warrants to one of the promoters AAA Project Ventures Private Limited (AAAPVL). The warrant holder will be entitled to apply for one equity share of the Company of Rs. 10 each for every warrant held, at any time but on or before 18 months from the date of allotment of warrants. The Company received an amount of Rs. 996.23 crore from AAAPVL towards initial subscription of 4.29 crore warrants being 25% of the total amount. Subsequently, the Company received an application for conversion of 1.96 crore warrants into shares along with the balance amount of Rs.1,365.47 crore. The Company allotted 1.96 crore equity shares to AAAPVL against conversion of said warrants.

7. During the year, Reliance Airport Developers Pvt. Ltd., Latur Airport Pvt. Ltd., Baramati Airport Pvt. Ltd., Nanded Airport Pvt. Ltd., Yavatmal Airport Pvt. Ltd., Osmanabad Airport Pvt. Ltd., Reliance Cementation Pvt. Ltd., Reliance Cement & Infra Pvt. Ltd., Reliance Cement Corporation Pvt. Ltd. , Reliance Cement Works Pvt. Ltd. , KM Toll Road Pvt. Ltd. and PS Toll Road Pvt. Ltd. have become subsidiaries of the Company. There is no material impact on the financial results on account of the same.

8. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended March 31, 2010: opening: Nil; additions: 21; disposals: 21; closing: Nil.

9. There were no exceptional / extraordinary items during the year ended March 31, 2010

10. Ratios have been computed as under:

·; Debt Service Coverage Ratio = Earnings before Interest and Tax / (Interest on Long Term Debt + Principal Repayment of Long Term Debt)

·; Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest Expense

11. After review by the Audit Committee, the Board of Directors of the Company have approved the Standalone and Consolidated financial results at their meeting held on November 22, 2010.

12. Figures of the previous year / period have been regrouped / reclassified wherever considered necessary.

13. There has not been any significant change in or any special factor influencing the business activities of the Company during the year ended March 31, 2010 except as specifically mentioned in the above Notes.

For and on behalf of the Board of Directors

Place: Mumbai Anil D. Ambani

Date: November 22, 2010 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

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