Final Results

Notes:

1. The Board has recommended a dividend of Rs.7.30 per equity share for the year 2011-12.

2. The final determination in the matter of Standby Charges payable for the years 1998-99 to 2003-04 to The Tata Power Company Limited (TPC) is pending before the Supreme Court for final hearing. The Parent 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 Parent 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. Pursuant to the approval of the Board of Directors for buy-back of Equity shares under Section 77A of the Companies Act, 1956, The Parent Company bought-back 45,262 equity shares during the quarter ended March 31, 2012. Consequently the paid-up capital stands reduced to Rs. 263.03 crore.

5. Pursuant to the clarification provided by the Ministry of Corporate Affairs vide circular dated May 31, 2011 and based on the legal opinion obtained, the Group has provided for depreciation in respect of its electricity business following the rates as well as methodology notified by the Electricity Regulators retrospectively w.e.f April 1, 2009 as against Schedule XIV to the Companies Act, 1956 during the quarter ended June 30, 2011. Accordingly, depreciation of Rs. 225.67 crore for the years 2009-10 and 2010-11 was written back during the previous quarter ended June 30, 2011 and included in other operating income. Similarly, the depreciation charge for the current quarter and year ended March 31, 2012 is lower and profit before tax is higher by Rs.16.54 crore and Rs.61.19 crore respectively on account of such change.

6. Pursuant to the Scheme of Arrangement sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated April 20, 2012, with appointed date as February 1, 2012, Reliance Energy Limited (REL), Reliance Energy Generation Limited (REGL), Reliance Goa and Samalkot Power Limited (RGSPL), Reliance Infraventures Limited (RIVL) and Reliance Property Developers Limited (RPDPL), wholly owned subsidiaries of the Parent Company, amalgamated with the Parent Company; and Reliance Infrastructure Engineers Private Limited (RIEPL), a wholly owned subsidiary of the Parent Company, with appointed date as April 1, 2011 demerged its container business into the Parent Company. There is no impact on consolidated financial statements on account of the said merger as the transaction gets eliminated on consolidation being a transaction between parent and subsidiary except for increase in capital reserve of Rs. 1,212.60 crore (Net) and reduction in General Reserve by Rs. 987.00 crore. The treatment has been referred to by the Auditors in their report. Had the Scheme not prescribed this treatment, General Reserve would have been higher and Capital Reserve would have been lower by Rs. 1,212.60 crore.

7. Pursuant to the option exercised by the Board of Directors of the Parent Company, being an option available under the Scheme of Amalgamation of Reliance Infraprojects Limited (RIPL), a wholly owned subsidiary, with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated March 30, 2011, with appointed date as April 1, 2010, during the quarter and year withdrawn Rs. 933.42 crore from Provision for Extraordinary and Exceptional items, created out of the General Reserve, and credited to the Profit & Loss account, to offset the Cancellation on Investments and Write off of Bad Debts and Income Accrued on Investment, determined as exceptional items by the Board of Directors in terms of the aforesaid scheme. The treatment has been referred to by the Auditors in their report.

8. During the year, in line with the notification dated December 29, 2011 issued by the Ministry of Corporate Affairs, the Group has exercised the option given in the Paragraph 46A of the Accounting Standard-11 "The Effects of Changes in Foreign Exchange Rates" of capitalising the foreign exchange loss/gain arising on long term foreign currency monetary items relating to acquisition of depreciable capital assets and depreciating the same over the balance life of such assets and in other cases amortising the foreign exchange loss/gain over the balance period of such long term foreign currency monetary items. Accordingly, the Group has capitalised foreign exchange losses (net) of Rs.59.73 crore relating to acquisition of depreciable capital assets and carried forward unamortised portion of Rs.109.55 crore relating to other cases, as on March 31, 2012, and the same is grouped under 'other non-current liabilities. Had the Group followed earlier practice of charging off exchange differences in statement of profit and loss account, the profit before tax for the year ended March 31, 2012 would have been higher by Rs.101.59 crore and profit for the quarter ended March 31, 2012 would have been lower by Rs.50.39 crore.

9. There are no extraordinary items during the quarter and year ended March 31, 2012.

10. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and year ended March 31, 2012 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 and www.bseindia.comrespectively. Key standalone financial information is given below:

(Rs. crore)

11. After review by the Audit Committee, the Board of Directors of the Company have approved the aforesaid financial results at their meeting held on May 25, 2012.

12. Figures for the current quarter ended March 31, 2012 and March 31, 2011 are the balancing figures between audited figures in respect of full financial year and reviewed figures up to third quarter of the relevant financial year.

13. 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 25, 2012 Chairman

MEDIA RELEASE

CONSOLIDATED TOTAL OPERATING INCOME OF Rs 7,135 CRORE

(US$ 1.4 BILLION) FOR THE QUARTER - AN INCREASE OF 90%

CONSOLIDATED NET PROFIT STABLE AT Rs 411 CRORE (US$ 81 MILLION) FOR THE QUARTER

CONSOLIDATED TOTAL OPERATING INCOME OF Rs 24,272 CRORE

(US$ 4.8 BILLION) FOR THE YEAR - AN INCREASE OF 59%

CONSOLIDATED NET PROFIT AT Rs 1,587 CRORE (US$ 312 MILLION)

 FOR THE YEAR - AN INCREASE OF 2%

CONSOLIDATED EPC REVENUE OF Rs 11,048 CRORE (US$ 2.2 BILLION) FOR THE YEAR

- AN INCREASE OF 3.7 TIMES

CONSOLIDATED BOOK VALUE OF Rs 918 (US$ 18) PER SHARE

AND NET WORTH OF Rs 24,135 CRORE (US$ 4.7 BILLION)

RECOMMENDED DIVIDEND OF Rs 7.30 PER SHARE

COMPANY BOUGHT BACK 44.3 LAKH SHARES WORTH Rs 234 CRORE (US$ 46 MILLION)

PROJECT STATUS

§ 5 ROAD PROJECTS ALREADY OPERATIONAL - ADDITIONAL 3 PROJECTS TO START IN NEXT 3 MONTHS

§ DELHI METRO COMPLETED ONE YEAR OF OPERATION

§ MUMBAI METRO LINE 1 TO START OPERATION WITHIN FY13

Mumbai, May 25, 2012: Reliance Infrastructure Limited (RInfra) today announced its audited financial results for the year ended March 31, 2012. The highlights are:

Consolidated - Quarter ended March 31, 2012

·; Total Operating Income of Rs 7,135 crore (US$ 1.4 billion), against Rs 3,758 crore in the corresponding quarter of previous year, an increase of 90%

·; Net Profit stable at Rs 411 crore (US$ 81 million) compared to corresponding quarter of previous year

Consolidated - Year ended March 31, 2012

·; Total Operating Income of Rs 24,272 crore (US$ 4.8 billion), against Rs 15,220 crore in the previous year, an increase of 59%

·; Net Profit of Rs 1,587 crore (US$ 312 million), against Rs 1,552 crore in the previous year, an increase of 2%

·; Cash Profit of Rs 2,342 crore (US$ 460 million), against Rs 1,981 crore in the previous year, an increase of 18%

·; Cash Earnings Per Share (Cash EPS) of Rs 88.6 against Rs 79.2 in the previous year

·; Earnings Per Share (EPS) of Rs 60.0 against Rs 62.0 in the previous year

On Consolidated basis, the net worth of the Company stood at Rs 24,135 crore (US$ 4.7 billion) and book value per share at Rs 918 as on March 31, 2012. The Company is conservatively financed with debt to equity ratio of 0.74 as on March 31, 2012.

At the meeting held today, the Board has recommended dividend of Rs 7.30 per share for the year ended March 31, 2012.

The Company have infused Rs 4,363 crore of equity in various infrastructure SPV's till March 31, 2012

The Company enjoys the top end ratings of 'AA+' and 'AA' from CRISIL and FITCH respectively.

Key Highlights

§ Mumbai Distribution : 

§ Plan to recover Regulatory Assets alongwith carrying cost at SBI PLR submitted to MERC - Approval expected shortly

§ Cross Subsidy Surcharge (CSS) levied on migrated consumers - Received CSS of Rs 50 crore in FY12

§ Tariff revision process is underway by MERC - Approval expected shortly

§ Delhi Distribution : 

§ Fuel Price Adjustment Surcharge of 6% and 7% for BRPL and BYPL respectively (2 discoms of Delhi) approved by DERC and already implemented

§ Implemented Tariff hike of 22% wef September 01, 2011

§ Financial package of Rs 5,100 crore implemented by IDBI bank - Promoters invested Rs 1,020 crore as Equity infusion

v RInfra - Rs 520 crore (51% share)

v Delhi Government - Rs 500 crore (49% share)

§ Tariff revision is underway by DERC - Entire process upto consumer hearing is over; Approval expected very shortly

§ Transmission :

§ Mumbai Transmission project :

v 4 Multi storied compact Extra High Voltage (EHV) stations charged in FY12 - This saves 90% of land space compared to the conventional one.

v 7 Extra High Voltage (EHV) stations charged till date - This will enable additional flow of 300 MW of power to load source in Mumbai

v All Stations registered high availability of 99.77%

§ WRSS project (1,500 km in Gujarat & Maharashtra) :

v 5 out of 9 transmission lines are commissioned and revenue generating

v Project to be fully operational within 2012

§ EPC : 

§ EPC revenue of Rs 11,048 crore for the year - an increase of 3.7 times

§ Order book of Rs 17,280 crore as on March 31, 2012

§ Orderbook of EPC business comprises of:

v 6 power projects : 9,900 MW

v 1 transmission project : 1,500 Kms

v 6 road projects : 570 Kms

§ Road Projects : Operating / Developing 11 road projects of ~1,000 kms with project outlay of ~Rs 12,000 crore

§ 5 road projects operational and additional 3 projects to generate revenue in next 3 months

§ 10 road projects to be operational within 2012

§ First road developer in the country to introduce:

v "Mobile Environment Monitoring System" - Focusing on Green Road concept

v "Enterprise Toll Management System" - For online monitoring of Toll plazas, MIS etc.

§ Metro Projects : Operating / Developing 3 metro rail projects in Mumbai and Delhi with a total stretch of 67 kms, having 45 stations

§ Reliance Metro Airport Link in Delhi (23 kms & 6 Stations) :

v Daily commuters : ~20,000

v Retail deals closed for ~60,000 sqft with key players at New Delhi Railway station and Shivaji Stadium station

v Advertisement deals executed with some unique campaigns like full train internal branding by Air India and campaigns by Gujarat tourism

§ Reliance Metro Line I in Mumbai (12 kms & 12 stations) : 

v Final testing of major equipment commenced

v 3 out of 16 rolling stock have been received - Balance to be received within FY13

v More than 90% of civil work is completed - All critical structure work on schedule

v Project scheduled to be commissioned within FY13

§ Cement : Developing plants of 5 million tons each in Maharashtra and Madhya Pradesh (MP)

§ Grinding and Blending unit at Butibori (Maharashtra) is nearing completion - To be commissioned by Q2FY13

§ Construction in full swing at Maihar (MP) plant of 5 mtpa

v All regulatory clearances in place

v Major orders placed for Plant & Machinery

v COD of plant by Q3FY14

§ Buy-Back : Bought-back 44.3 lakh shares of Rs 234 crore in FY12

Reliance Infrastructure Limited

Reliance Infrastructure Ltd (RInfra) is the largest infrastructure company developing projects, through various Special Purpose Vehicles, in several high growth areas in Infrastructure sector i.e. Roads, Metro rail, Airports, etc. The Company is also leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution, EPC and Trading.

The Company is developing two metro rail projects in Mumbai and operating Airport Metro Express in Delhi; awarded twelve road projects with total length of 1,000 kms; operate and maintain five airports in Maharashtra and developing 2 cement plants of 5 Mn tons each in Maharashtra and Madhya Pradesh.

RInfra generates 940 MW of power through its five power stations; distributes power to over 5.6 million consumers in Mumbai and Delhi; developing five transmission projects including first Independent Private Transmission project in India.

RInfra also provides Engineering, Procurement and Construction (EPC) for developing power & road projects and currently have an orderbook of Rs. 17,280 crore.