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Consolidated unaudited results Sept 30 2013

13th Nov 2013 12:13

RNS Number : 9316S

Reliance Infrastructure Limited

13 November 2013

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 half year ended September 30, 2013
Part - I																	(` crore)
Sr. No.			Particulars	Quarter ended						Half Year ended							Year ended
				30-09-2013		30-06-2013		30-09-2012		30-09-2013				30-09-2012			31-03-2013
				(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)			(Audited)
1			Income from Operations
			(a) Net Sales / Income from Electricity Business	3,501.49		3,584.19		3,585.34		7,085.68				7,077.11			14,052.73
			(b) Income from EPC and Contracts Business	1,252.57		1,669.00		1,800.49		2,921.57				3,551.63			7,659.21
			(c) Income from Infrastructure Business	172.92		179.45		110.54		352.37				208.77			515.67
			(d) Other Operating Income	50.30		19.81		18.91		70.11				60.85			153.94
			Total Operating Income	4,977.28		5,452.45		5,515.28		10,429.73				10,898.36			22,381.55
2			Expenditure
			(a) Cost of Electrical Energy purchased	2,181.64		2,259.38		2,330.25		4,441.02				4,580.63			8,695.34
			(b) Cost of Fuel	370.11		443.74		396.62		813.85				813.94			1,725.35
			(c) Construction Materials Consumed and Sub-Contracting
			Charges	1,077.57	1,439.43				1,548.63			2,517.00			3,038.90			6,533.31
			(d) Employee Benefits Expenses	276.35	291.37				259.67			567.72			568.00			1,141.94
			(e) Depreciation and amortisation	142.04	136.13				125.82			278.17			251.29			551.10
			(f) Other Expenses	307.93	294.80				309.93			602.73			554.95			1,319.97
			Total Expenditure	4,355.64	4,864.85				4,970.92			9,220.49			9,807.71			19,967.01
3			Profit from operations before Other Income (net),Finance Costs and Exceptional Items	621.64	587.60				544.36			1,209.24			1,090.65			2,414.54
4			Other Income (net) (Refer Note 2 (b) & 4)	296.12	293.46				282.34			589.58			579.21			1,051.43
5			Profit from Ordinary Activities before Finance Costs and Exceptional Items	917.76	881.06				826.70			1,798.82			1,669.86			3,465.97
6			Finance Costs (Refer Note 2 (b))	444.56	423.97				404.34			868.53			803.75			1,687.43
7			Profit from Ordinary Activities before Exceptional Items	473.20	457.09				422.36			930.29			866.11			1,778.54
8			Exceptional Items (net)	-	-				-			-			-			382.80
9			Profit from Ordinary Activities before Tax, Share in Profit / (Loss) of Associates and Minority Interest	473.20	457.09				422.36			930.29			866.11			2,161.34
10			Tax Expenses (net)	134.60	99.25				108.65			233.85			208.93			202.64
11			Profit after Tax but before Share in Profit / (Loss) of Associates and Minority Interest	338.60	357.84				313.71			696.44			657.18			1,958.70
			Share in Profit of Associates (net)	88.82	60.54				67.72			149.36			137.54			294.50
			Minority Interest	(0.82)	(3.18)				0.38			(4.00)			(0.94)			(6.37)
12			Profit after Tax, Share in Profit / (Loss) of Associates and Minority Interest	426.60	415.20				381.81			841.80			793.78			2,246.83
13			Paid-up Equity Share Capital (Face Value of ` 10 per Share)	263.03	263.03				263.03			263.03			263.03			263.03
14			Reserves including Statutory Reserves excluding Revaluation Reserves															24,918.36
15			Earnings Per Share (* not annualised)
			(a) Basic (`)	16.22 *	15.79 *				14.52*			32.00 *			30.18*			85.42
			(b) Diluted (`)	16.22 *	15.79 *				14.52*			32.00 *			30.18*			85.42
Part - II Selected Information for the quarter ended September 30, 2013
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares			135,363,010	135,363,010				135,363,010			135,363,010			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			127,626,990	127,626,990				127,626,990			127,626,990			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 30-09-2013
	Pending at the beginning of the quarter			Nil
	Received during the quarter			24
	Disposed of during the quarter			24
	Remaining unresolved at the end of the quarter			Nil
Reliance Infrastructure Limited
Consolidated Segment-wise Revenue, Results and Capital Employed
																			(` crore)
Sr. No.		Particulars		Quarter ended									Half Year ended						Year ended
				30-09-2013			30-06-2013		30-09-2012				30-09-2013			30-09-2012			31-03-2013
				(Unaudited)			(Unaudited)		(Unaudited)				(Unaudited)			(Unaudited)			(Audited)

1		Segment Revenue
		- Electricity Business		3,525.18			3,603.12		3,601.76				7,128.30			7,120.19			14,150.17
		- EPC and Contracts Business		1,279.01			1,669.66		1,802.64				2,948.67			3,568.88			7,706.37
		- Infrastructure Business		173.09			179.67		110.88				352.76			209.29			525.01
		Total		4,977.28			5,452.45		5,515.28				10,429.73			10,898.36			22,381.55
		Less: Inter Segment Revenue		-			-		-				-			-			-
		Net Sales / Income from Operations		4,977.28			5,452.45		5,515.28				10,429.73			10,898.36			22,381.55

2		Segment Results
		Profit before Interest, Tax, Share in Associates and Minority Interest from each segment:
		- Electricity Business		455.16			404.49		348.91		859.65			701.69			1,528.12
		- EPC and Contracts Business		147.27			143.37		169.82		290.64			344.95			836.20
		- Infrastructure Business		58.98			76.91		56.11		135.89			92.50			243.47
		Total		661.41			624.77		574.84		1,286.18			1,139.14			2,607.79
		- Finance Costs		(444.56)			(423.97)		(404.34)		(868.53)			(803.75)			(1,687.43)
		- Interest Income		193.75			199.56		211.68		393.31			412.12			921.35
		- Other un-allocable Income net of (expenditure)		62.60			56.73		40.18		119.33			118.60			319.63
		Profit before Tax, Share in Associates and Minority Interest		473.20			457.09		422.36		930.29			866.11			2,161.34
3		Capital Employed
		- Electricity Business		13,466.15			15,764.32		14,218.81		13,466.15			14,218.81			15,473.52
		- EPC and Contracts Business		2,287.99			1,899.31		3,209.00		2,287.99			3,209.00			1,564.47
		- Infrastructure Business		7,058.89			11,306.39		8,513.13		7,058.89			8,513.13			10,592.02
		- Unallocated Assets (net)		3,297.46			(2,536.55)		(807.64)		3,297.46			(807.64)			(1,509.00)
		Total		26,110.49			26,433.47		25,133.30		26,110.49			25,133.30			26,121.01

Consolidated Statement of Assets and Liabilities
			(` crore)
Sr. No.	Particulars	As at	As at
		30-09-2013	31-03-2013
		(Unaudited)	(Audited)
A.	I. Equity and Liabilites

1	Shareholders' Funds
	(a) Share Capital	263.03	263.03
	(b) Reserves and Surplus	25,847.46	25,857.98
	Shareholders' Funds	26,110.49	26,121.01


2	Minority Interest	243.41	231.22

3	Non-Current Liabilities
	(a) Long-term borrowings	10,754.15	12,635.71
	(b) Deferred tax liabilities (Net)	608.13	565.23
	(c) Other Long term liabilities	3,113.56	3,469.08
	(d) Long term provisions	392.80	418.41
	Non-Current Liabilities	14,868.64	17,088.43

4	Current Liabilities
	(a) Short-term borrowings	8,666.23	7,978.47
	(b) Trade payables	6,074.40	6,812.64
	(c) Other current liabilities	6,893.56	7,913.45
	(d) Short-term provisions	287.89	350.74
	Current Liabilities	21,922.08	23,055.30

	TOTAL - EQUITY AND LIABILITIES	63,144.62	66,495.96

B	Assets

1	Non-current Assets
	(a) Fixed assets	17,096.74	21,182.29
	(b) Goodwill on Consolidation	27.03	74.80
	(c) Non-current investments	11,666.23	10,033.95
	(d) Long term loans and advances	2,821.03	2,347.68
	(e) Other non-current assets	7,304.01	9,521.68
	Non-Current Assets	38,915.04	43,160.40

2	Current Assets
	(a) Current investments	3,158.74	2,934.28
	(b) Inventories	340.32	470.72
	(c) Trade receivables	5,119.80	3,757.88
	(d) Cash and Bank Balances	390.45	492.42
	(e) Short-term loans and advances	12,178.31	13,295.05
	(f) Other current assets	3,041.96	2,385.21
	Current Assets	24,229.58	23,335.56

	TOTAL - ASSETS	63,144.62	66,495.96

Notes:

1. Delhi Airport Metro Express Private Limited (DAMEPL), an 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 which has already begun. 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 1,300.72 crore in DAMEPL.

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 296.94 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2013.

b) In respect of the net foreign exchange losses including losses on derivative instruments aggregating to Rs 138.31 crore and Rs 333.91 crore (including Rs 95.02 crore and Rs 180.79 crore attributable to finance cost) for the quarter and half year ended September 30, 2013 respectively, the Company has debited the same in the Consolidated Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve as permitted 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. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and half year ended September 30, 2013 would have been lower by Rs 138.31 crore and Rs 333.91 crore respectively.

3. During the quarter the Parent Company received a Multi Year Tariff Order from MERC approving the revenue gap of Rs 2,463.18 Crore for the period upto March 31, 2012. The MERC also approved carrying cost of Rs 1,403.65 Crore for the period upto March 31, 2013 on the above revenue gap. Such carrying cost will be accounted for by the Parent Company on the basis of recovery through the Tariff approved by MERC w.e.f. September 1, 2013.

4. At the end of the quarter ended September 30, 2013, while retaining economic interest at the same level the Parent Company has diluted its control and legal ownership of shares of Reliance Cement Company Private Limited to 19%, of SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each to 49%. Consequently, these companies have ceased to be subsidiaries and as a result their accounts are not required to be and are not consolidated with the accounts of the Parent Company. Similarly, the Parent Company's equity holding in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited, has without diluting the economic interest been reduced to 28.82%. The loss of Rs 9.03 crore on sale of these shares is included in Other Income (net).

5. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter ended September 30, 2013 can be viewed on the websites of the Company, National Stock Exchange of India Limited and BSE Limited at www.rinfra.com, www.nseindia.com, www.bseindia.com respectively. Key standalone financial information is given below:

(Rscrore)

Particulars	Quarter ended (Unaudited)			Half year ended (Unaudited)		Year ended (Audited)
Particulars	September 30, 2013	June 30, 2013	September 30, 2012	September 30, 2013	September 30, 2012	March 31, 2013
Total Operating Income	2,831.80	3,278.94	3,500.22	6,110.74	6,947.50	14,322.03
Profit before Tax	460.82	454.23	508.98	915.05	924.20	2,143.23
Profit after Tax	345.82	374.23	414.13	720.05	741.15	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 November 11, 2013.

7. There were no extraordinary items during the quarter ended September 30, 2013.

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: November 11, 2013 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BJBBTMBABBJJ

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