17th Nov 2014 09:40
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 half year ended September 30, 2014 | |||||||
Part - I | (` crore) | ||||||
Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended | |||
30-09-2014 | 30-06-2014 | 30-09-2013 | 30-09-2014 | 30-09-2013 | 31-03-2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Income from Operations | ||||||
(a) Net Sales / Income from Power Business | 3,243.85 | 3,352.19 | 3,501.49 | 6,596.04 | 7,085.68 | 13,547.14 | |
(b) Income from EPC and Contracts Business | 576.55 | 589.43 | 1,252.57 | 1,165.98 | 2,921.57 | 4,619.94 | |
(c) Net Sales / Income from Infrastructure Business (Net of Excise Duty) | 215.16 | 193.48 | 172.92 | 408.64 | 352.37 | 669.17 | |
(d) Other Operating Income | 22.39 | 15.79 | 50.30 | 38.18 | 70.11 | 197.43 | |
Total Operating Income (Net) | 4,057.95 | 4,150.89 | 4,977.28 | 8,208.84 | 10,429.73 | 19,033.68 | |
2 | Expenditure | ||||||
(a) Cost of Power Purchased | 1,892.80 | 1,996.79 | 2,181.64 | 3,889.59 | 4,441.02 | 7,889.52 | |
(b) Cost of Fuel and Materials Consumed | 297.45 | 464.73 | 370.11 | 762.18 | 813.85 | 1,949.89 | |
(c) Construction Materials Consumed and Sub-Contracting | |||||||
Charges | 446.31 | 427.68 | 1,077.57 | 873.99 | 2,517.00 | 3,926.21 | |
(d) Purchase of stock-in-trade | 7.08 | 4.13 | 1.20 | 11.21 | 1.20 | 2.04 | |
(e) Changes in inventories of finished goods, work-in-progress | 1.40 | 0.24 | 0.30 | 1.64 | 0.30 | (2.54) | |
and stock-in-trade | |||||||
(f) Employee Benefits Expense | 301.46 | 277.73 | 276.35 | 579.19 | 567.72 | 1,067.44 | |
(g) Depreciation and amortisation (Refer Note 4) | 227.36 | 142.03 | 142.04 | 369.39 | 278.17 | 534.08 | |
(h) Other Expenses | 386.63 | 294.18 | 306.43 | 680.81 | 601.23 | 1,370.24 | |
Total Expenditure | 3,560.49 | 3,607.51 | 4,355.64 | 7,168.00 | 9,220.49 | 16,736.88 | |
3 | Profit from operations before Other Income (net), Finance Costs and Exceptional Items | 497.46 | 543.38 | 621.64 | 1,040.84 | 1,209.24 | 2,296.80 |
4 | Other Income (net) (Refer Note 1 (b)) | 429.13 | 397.60 | 296.12 | 826.73 | 589.58 | 1,240.04 |
5 | Profit from Ordinary Activities before Finance Costs and Exceptional Items | 926.59 | 940.98 | 917.76 | 1,867.57 | 1,798.82 | 3,536.84 |
6 | Finance Costs (Refer Note 1 (b)) | 564.64 | 480.75 | 444.56 | 1,045.39 | 868.53 | 1,696.07 |
7 | Profit from Ordinary Activities after Finance Costs but before Exceptional Items | 361.95 | 460.23 | 473.20 | 822.18 | 930.29 | 1,840.77 |
8 | Exceptional Items | - | - | - | - | - | - |
9 | Profit from Ordinary Activities before Tax | 361.95 | 460.23 | 473.20 | 822.18 | 930.29 | 1,840.77 |
10 | Tax Expenses (including Deferred Tax and Tax for earlier years) | 52.81 | 106.14 | 134.60 | 158.95 | 233.85 | 274.33 |
11 | Net Profit from Ordinary Activities after Tax | 309.14 | 354.09 | 338.60 | 663.23 | 696.44 | 1,566.44 |
12 | Extraordinary Items | - | - | - | - | - | - |
13 | Net Profit for the period | 309.14 | 354.09 | 338.60 | 663.23 | 696.44 | 1,566.44 |
Share of Profit in Associates (net) | 96.58 | 102.15 | 88.82 | 198.73 | 149.36 | 353.11 | |
Minority Interest | 25.47 | 1.38 | (0.82) | 26.85 | (4.00) | (5.88) | |
14 | Net Profit after Taxes, Share of Profit in Associates and Minority Interest | 431.19 | 457.62 | 426.60 | 888.81 | 841.80 | 1,913.67 |
15 | Paid-up Equity Share Capital (Face Value of ` 10 per Share) | 262.58 | 262.58 | 263.03 | 262.58 | 263.03 | 262.58 |
16 | Reserves including Statutory Reserves excluding Revaluation Reserves | 25,658.16 | |||||
17 | Earnings Per Share (* not annualised) | ||||||
(a) Basic (`) | 16.40 * | 17.40 * | 16.22 * | 33.80 * | 32.00 * | 72.77 | |
(b) Diluted (`) | 16.40 * | 17.40 * | 16.22 * | 33.80 * | 32.00 * | 72.77 | |
Part - II Selected Information for the quarter ended September 30, 2014 | |||||||
A | Particulars of Shareholding | ||||||
1 | Public Shareholding | ||||||
- Number of Shares | 13,53,62,964 | 13,53,62,964 | 13,53,63,010 | 13,53,62,964 | 13,53,63,010 | 13,53,62,964 | |
- 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 | 12,76,27,036 | 12,76,27,036 | 12,76,26,990 | 12,76,27,036 | 12,76,26,990 | 12,76,27,036 | |
- 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 30-09-2014 | |||||
Pending at the beginning of the quarter | Nil | ||||||
Received during the quarter | 10 | ||||||
Disposed of during the quarter | 10 | ||||||
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 | |||
30-09-2014 | 30-06-2014 | 30-09-2013 | 30-09-2014 | 30-09-2013 | 31-03-2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Segment Revenue | ||||||
- Power Business | 3,277.49 | 3,367.72 | 3,525.18 | 6,645.21 | 7,128.30 | 13,652.55 | |
- EPC and Contracts Business | 576.78 | 589.69 | 1,279.01 | 1,166.47 | 2,948.67 | 4,710.46 | |
- Infrastructure Business | 215.17 | 193.48 | 173.09 | 408.65 | 352.76 | 670.67 | |
Total | 4,069.44 | 4,150.89 | 4,977.28 | 8,220.33 | 10,429.73 | 19,033.68 | |
Less: Inter Segment Revenue | 11.49 | - | - | 11.49 | - | - | |
Net Sales / Income from Operations | 4,057.95 | 4,150.89 | 4,977.28 | 8,208.84 | 10,429.73 | 19,033.68 | |
2 | Segment Results | ||||||
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment: | |||||||
- Power Business | 483.06 | 437.65 | 455.16 | 920.71 | 859.65 | 1,760.52 | |
- EPC and Contracts Business | 57.53 | 89.61 | 147.27 | 147.14 | 290.64 | 504.06 | |
- Infrastructure Business | 13.49 | 60.45 | 58.98 | 73.94 | 135.89 | 232.37 | |
Total | 554.08 | 587.71 | 661.41 | 1,141.79 | 1,286.18 | 2,496.95 | |
- Finance Costs | (564.64) | (480.75) | (444.56) | (1,045.39) | (868.53) | (1,696.07) | |
- Interest Income | 302.52 | 299.33 | 193.75 | 601.85 | 393.31 | 842.05 | |
net of expenditure | - Other un-allocable Income net of expenditure | 69.99 | 53.94 | 62.60 | 123.93 | 119.33 | 197.84 |
Profit before Tax, Share in Associates and Minority Interest | 361.95 | 460.23 | 473.20 | 822.18 | 930.29 | 1,840.77 | |
3 | Capital Employed | ||||||
- Power Business | 13,510.43 | 13,814.33 | 13,466.15 | 13,510.43 | 13,466.15 | 13,863.73 | |
- EPC and Contracts Business | 533.21 | 396.34 | 2,287.99 | 533.21 | 2,287.99 | 1,105.91 | |
- Infrastructure Business | 11,462.77 | 11,255.98 | 7,058.89 | 11,462.77 | 7,058.89 | 10,310.02 | |
- Unallocated Assets (net) | 2,534.07 | 2,107.62 | 3,297.46 | 2,534.07 | 3,297.46 | 1,863.78 | |
Total | 28,040.48 | 27,574.27 | 26,110.49 | 28,040.48 | 26,110.49 | 27,143.44 | |
Consolidated Statement of Assets and Liabilities | |||||||
(` crore) | |||||||
Sr. No. | Particulars | As at | As at | ||||
30-09-2014 | 31-03-2014 | ||||||
(Unaudited) | (Audited) | ||||||
A | Equity and Liabilities | ||||||
1 | Shareholders' Funds | ||||||
(a) Share Capital | 262.58 | 262.58 | |||||
(b) Reserves and Surplus | 27,777.90 | 26,880.86 | |||||
Shareholders' Funds | 28,040.48 | 27,143.44 | |||||
2 | Minority Interest | 235.49 | 252.43 | ||||
3 | Non-Current Liabilities | ||||||
(a) Long-term borrowings | 15,914.99 | 15,049.12 | |||||
(b) Deferred tax liabilities (Net) | 462.63 | 506.72 | |||||
(c) Other Long term liabilities | 3,191.75 | 3,039.70 | |||||
(d) Long term provisions | 396.90 | 396.01 | |||||
Non-Current Liabilities | 19,966.27 | 18,991.55 | |||||
4 | Current Liabilities | ||||||
(a) Short-term borrowings | 7,975.90 | 8,188.83 | |||||
(b) Trade payables | 6,368.09 | 6,540.23 | |||||
(c) Other current liabilities | 8,226.38 | 7,913.59 | |||||
(d) Short-term provisions | 529.50 | 482.99 | |||||
Current Liabilities | 23,099.87 | 23,125.64 | |||||
TOTAL - EQUITY AND LIABILITIES | 71,342.11 | 69,513.06 | |||||
B | Assets | ||||||
1 | Non-current Assets | ||||||
(a) Fixed assets | 22,416.38 | 21,548.14 | |||||
(b) Goodwill on Consolidation | 58.85 | 58.85 | |||||
(c) Non-current investments | 15,727.63 | 14,118.21 | |||||
(d) Long term loans and advances | 1,015.36 | 2,497.05 | |||||
(e) Other non-current assets | 7,481.88 | 7,637.33 | |||||
Non-Current Assets | 46,700.10 | 45,859.58 | |||||
2 | Current Assets | ||||||
(a) Current investments | 3,313.67 | 4,162.22 | |||||
(b) Inventories | 411.86 | 518.69 | |||||
(c) Trade receivables | 5,351.12 | 5,019.67 | |||||
(d) Cash and Bank Balances | 733.65 | 652.35 | |||||
(e) Short-term loans and advances | 11,343.85 | 10,471.40 | |||||
(f) Other current assets | 3,487.86 | 2,829.15 | |||||
Current Assets | 24,642.01 | 23,653.48 | |||||
TOTAL - ASSETS | 71,342.11 | 69,513.06 | |||||
Notes:
1. 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 ` 252.64 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2014.
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 ` 41.97 crore and ` 41.91 crore (net off of foreign exchange loss of `110.50 crore and ` 161.78 crore attributable to finance cost) for the quarter and half year ended September 30, 2014 respectively has been debited to Consolidated Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and half year ended September 30, 2014 would have been lower by ` 41.97 crore and ` 41.91 crore respectively. The treatment prescribed under the Scheme overrides the relevant provision of Accounting Standard 5 (AS-5) 'Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies'.
2. 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 ` 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 been continuing. 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 ` 63.32 crore and ` 122.67 crore in the current quarter and half year ended September 30, 2014 respectively. 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 `1,572.88 crore in DAMEPL as at September 30, 2014.
3. The Board of directors, vide resolution dated November 11, 2013, had 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. The Hon'ble High Court at Mumbai vide its order dated July 15, 2014 has sanctioned the said Scheme subject to obtaining the requisite approvals. Pending the receipt of requisite approvals, no effect of the Scheme has been given in the financial statements.
4. Pursuant to the option given in notification dated August 29, 2014 issued by Ministry of Corporate Affairs (MCA) relating to assets whose life has expired as on March 31, 2014, the WDV of those assets amounting to ` 4.75 Crore, which was charged off to General Reserves during the previous quarter is now charged off to Consolidated Statement of Profit and Loss.
5. Unrealised gains amounting to ` 13.65 crore during the quarter ended September 30, 2014, pertaining to Engineering Procurement and Construction contracts entered into with associate companies, have not been eliminated as prescribed by a 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 Scheme not prescribed the above treatment the Profit after tax and carrying cost of associate would have been lower by ` 13.65 crore respectively. This treatment overrides the relevant provisions of Accounting Standard 23 (AS -23) 'Accounting for Investments in Associates in Consolidated Financial Statements".
6. 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%. In view of above dilution, the figures of the current quarter and half year ended September 30, 2014 are not comparable with the figures for the corresponding quarter and half year respectively.
7. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and half year ended September 30, 2014 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:
(` crore)
Particulars | Quarter ended (Unaudited) | Half year ended (Unaudited) | Year ended (Audited) | |||
September 30, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | March 31, 2014 | |
Total Operating Income | 2,467.06 | 2,535.90 | 2,831.80 | 5,002.96 | 6,110.74 | 11,356.93 |
Profit before Tax | 407.95 | 401.97 | 460.82 | 809.92 | 915.05 | 1,796.94 |
Profit after Tax | 356.05 | 321.47 | 345.82 | 677.52 | 720.05 | 1,587.94 |
8. 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 12, 2014.
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: November 12, 2014 Chairman
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