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Half Yearly Report

15th Nov 2010 08:06

RNS Number : 1614W

Reliance Infrastructure Limited

15 November 2010

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055
website:www.rinfra.com
Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2010
							(Rs. Crore)
Sr. No.	Particulars	Quarter ended		Half Year ended					Year ended
		30-Sep-10	30-Sep-09	30-Sep-10		30-Sep-09			31-Mar-10
		(un- audited)	(un- audited)	(un- audited)		(un-audited)			(un-audited)
1	(a) Net sales of Electrical Energy (Refer Note No 3)	1,557.16	1,643.80	3,135.40	3,499.09			6,367.76
	(b) Income from EPC and Contracts Business	807.17	928.08	1,364.32	1,480.01			3,414.86
	(c) Other Operating Income	74.77	77.68	167.42	116.79			244.64
	Total Operating Income	2,439.10	2,649.56	4,667.14	5,095.89			10,027.26
2	Expenditure
	(a) Cost of Electrical Energy purchased	629.34	881.08	1,489.19	1,865.92			3,321.94
	(b) Cost of Fuel	319.91	305.59	643.03	629.01			1,219.83
	(c) Tax on Sale of Electricity	33.93	39.90	72.97	82.15			154.13
	(d) Cost of Materials and Sub-contract
	Charges (EPC and Contracts)	685.73	811.60	1,117.22	1,252.34			2,882.55
	(e) Employees Cost	191.47	161.01	371.59	315.95			652.85
	(f) Depreciation	82.53	73.96	159.40	146.15			319.84
	(g) Other Expenditure	162.49	137.46	303.47	338.09			676.80
	Total Expenditure	2,105.40	2,410.60	4,156.87	4,629.61			9,227.94
3	Profit from operations before Other Income (net) and Interest	333.70	238.96	510.27	466.28			799.32
4	Other Income (net)	(50.79)	163.26	129.64	407.44			789.83
5	Profit before Interest	282.91	402.22	639.91	873.72			1,589.15
6	Interest and Finance Charges	60.04	73.96	121.35	177.62			292.21
7	Profit from Ordinary Activities before tax	222.87	328.26	518.56	696.10			1,296.94
8	Tax Expenses (net) (including Deferred Tax & Tax for earlier years)	52.38	21.36	101.83	72.62			145.25
9	Net Profit for the period	170.49	306.90	416.73	623.48			1,151.69
10	Paid-up Equity Share Capital (Face Value of Rs 10 per Share)	244.91	225.31	244.91	225.31			244.91
11	Reserves including Statutory Reserves excluding Revaluation Reserves

12	Earnings Per Share (* not annualised)
	(a) Basic (Rs.)	6.96 *	13.62 *	17.02 *	27.67 *	51.11
	(b) Diluted (Rs.)	6.87 *	13.37 *	16.79 *	27.10 *	50.32
13	Debt Service Coverage Ratio (*)			6.15	0.63	1.06
14	Interest Service Coverage Ratio (*)			6.15	6.81	5.44
15	Aggregate of Public Shareholding
	- Number of Shares	140,241,616	140,241,616	140,241,616	140,241,616	140,241,616
	- Percentage of Shareholding	57.27	62.26	57.27	62.26	57.27
16	Promoter and promoter group shareholding
	a) Pledged/Encumbered
	- Number of shares	-	8,568,576	-	8,568,576	-
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	-	10.08	-	10.08	-
	- Percentage of shares (as a % of the total share capital of the Company)	-	3.80	-	3.80	-
	b) Non-encumbered
	- Number of shares	104,628,646	76,460,070	104,628,646	76,460,070	104,628,646
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	89.92	100.00	89.92	100.00
	- Percentage of shares (as a % of the total share capital of the Company)	42.73	33.94	42.73	33.94	42.73

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: Reliance Energy Centre, Santa Cruz (East), Mumbai 400 055
website:www.rinfra.com
Segment-wise Revenue, Results and Capital Employed
						(Rs. Crore)
Sr. No.	Particulars	Quarter ended		Half Year ended		Year ended
		30-Sep-10	30-Sep-09	30-Sep-10	30-Sep-09	31-Mar-10
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
1	Segment Revenue
	- Electrical Energy	1,606.71	1,675.36	3,233.32	3,555.85	6,505.41
	- EPC and Contracts Business	832.39	974.20	1,433.82	1,540.04	3,521.85
	Total	2,439.10	2,649.56	4,667.14	5,095.89	10,027.26
	Less : Inter Segment Revenue	-	-	-	-	-
	Net Sales / Income from Operations	2,439.10	2,649.56	4,667.14	5,095.89	10,027.26
2	Segment Results
	- Electrical Energy	275.99	148.26	376.95	325.14	548.53
	- EPC and Contracts Business	64.82	91.81	148.69	145.91	283.77
	Total	340.81	240.07	525.64	471.05	832.30
	- Interest and Finance Charges	(60.04)	(73.96)	(121.35)	(177.62)	(292.21)
	- Interest Income	31.78	72.00	157.44	108.75	268.29
	- Other un-allocable Income net of expenditure	(89.68)	90.15	(43.17)	293.92	488.56
	Profit before Tax	222.87	328.26	518.56	696.10	1,296.94

3	Capital Employed

	- Electrical Energy	6,023.32	5,262.90	6,023.32	5,262.90	5,300.58
	- EPC and Contracts Business	356.74	303.03	356.74	303.03	417.78
	- Unallocated Corporate Assets (net)	9,170.58	7,899.03	9,170.58	7,899.03	9,434.27
	Total	15,550.64	13,464.96	15,550.64	13,464.96	15,152.63

Standalone Statement of Assets and Liabilities
			(Rs. Crore)
Sr. No.	Particulars	As at	As at
		30-09-2010	30-09-2009
		(unaudited)	(unaudited)

1	Shareholders' funds
	(a) Share Capital	244.92	225.32
	(b) Equity Warrants Issued and Subscribed	541.08	996.23
	(c) Reserves and Surplus	14,764.64	12,243.41
		15,550.64	13,464.96
2	Loan Funds	4,658.33	4,313.67
3	Deferred Tax Liability (net)	178.00	188.09
	Total	20,386.97	17,966.72

1	Fixed Assets	4,089.49	3,937.44
2	Investments	8,356.39	9,560.60
3	Current Assets, Loans and Advances
	(a) Inventories	197.72	252.65
	(b) Sundry Debtors	1,873.87	1,568.35
	(c) Cash and Bank Balances	438.59	451.66
	(d) Other Current Assets	1,629.59	1,367.21
	(e) Loans and Advances	12,165.71	7,059.64
		16,305.48	10,699.51
4	Less: Current Liabilities and Provisions
	(a) Current Liabilities	7,549.95	5,580.73
	(b) Provisions	814.44	650.10
		8,364.39	6,230.83
5	Net Current Assets	7,941.09	4,468.68
	Total	20,386.97	17,966.72

Notes:

1. The final determination in the matter of Standby Charges payable to The Tata Power Company Limited (TPC) is pending before 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).

2. 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.

3. 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 billed to the consumers as per the revised Tariff from September, 2010 and has also accounted the additional revenue of Rs. 247.81 crore representing unbilled portion for the period April 1, 2010 to August 31, 2010 (including Rs. 162.01 crore in respect of the period April 1, 2010 to June 30, 2010) during the quarter ended September 30, 2010 and has been included in Annual Revenue Requirement (ARR) filed for 2010-11 with MERC.

4. 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 has since been sanctioned by the Bombay High Court 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. The Scheme will be effective upon receipt of remaining approvals and therefore no disclosure has been made with regard to discontinuing operations.

5. There were no exceptional / extraordinary items during the quarter and half year ended September 30, 2010.

6. 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 on Long Term Debt

7. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2010: opening: Nil; additions: 3; disposals: 3; closing: Nil

8. The above standalone results for the quarter and half year ended September 30, 2010 have been subjected to a "Limited Review" by the auditors of the Company, as per the listing agreement entered into with the stock exchanges in India.

9. After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on November 12, 2010.

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

11. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended September 30, 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 12, 2010 Chairman

Reliance Infrastructure Limited
Registered Office: Reliance Energy Center, Santa Cruz (East), Mumbai 400 055
website: www.rinfra.com
Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2010
						(Rs. crore)
Sr. No.	Particulars	Quarter Ended		Half Year Ended		Year Ended
		30-09-2010	30-09-2009	30-09-2010	30-09-2009	31-03-2010
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
1	(a) Net Sales of Electrical Energy (Refer Note No 3)	3,255.56	2,965.82	6,561.58	5,999.17	11,298.39
	(b) Income from EPC and Contracts Division	686.49	932.33	1,086.13	1,494.78	3,197.63
	(c) Income from Toll Collections	12.37	-	24.51	-	25.34
	(d) Other Operating Income	88.27	76.30	194.17	151.09	343.46
	Total Operating Income	4,042.69	3,974.45	7,866.39	7,645.04	14,864.82
2	Expenditure
	(a) Cost of Electrical Energy purchased	2,017.37	1,848.44	4,227.84	3,765.55	6,953.37
	(b) Cost of Fuel	319.98	402.37	737.80	888.13	1,580.81
	(c) Tax on Sale of Electricity	73.64	76.74	145.48	146.97	265.86
	(d) Cost of Materials and Sub-contract Charges (EPC and Contracts)	563.64	822.50	866.10	1,272.63	2,706.06
	(e) Employees Cost	243.05	281.20	476.06	489.79	946.52
	(f) Depreciation	125.66	113.14	245.25	220.75	472.44
	(g) Other Expenditure	207.64	182.22	387.76	418.03	891.89
	Total Expenditure	3,550.98	3,726.61	7,086.29	7,201.85	13,816.95
3	Profit from operations before Other Income (Net) and Interest	491.71	247.84	780.10	443.19	1,047.87
4	Other Income (net)	(26.14)	146.90	175.81	401.44	824.85
5	Profit before Interest	465.57	394.74	955.91	844.63	1,872.72
6	Interest and Finance Charges	152.02	131.06	289.27	288.03	525.13
7	Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest	313.55	263.68	666.64	556.60	1,347.59
8	Tax Expenses (net) (including Deferred Tax & Tax for earlier years)	61.50	25.08	127.88	93.68	149.83
9	Net Profit for the period but before Share in Associates and Minority Interest	252.05	238.60	538.76	462.92	1,197.76
	Share of Profit in Associates (net)	108.14	86.25	196.74	217.58	321.45
	Minority Interest	(0.01)	(0.02)	(0.02)	(0.02)	0.18
10	Net Profit for the period after Share in Associates and Minority Interest	360.18	324.83	735.48	680.48	1,519.39
11	Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)	244.91	225.31	244.91	225.31	244.91
12	Reserves including Statutory Reserves excluding Revaluation Reserves
13	Earnings Per Share (* not annualised)
	(a) Basic (Rs.)	14.71*	14.42*	30.04*	30.20*	67.43
	(b) Diluted (Rs.)	14.51*	14.12*	29.62*	29.57*	66.39
14	Aggregate of Public Shareholding
	- Number of Shares	140,241,616	140,241,616	140,241,616	140,241,616	140,241,616
	- Percentage of Shareholding	57.27	62.26	57.27	62.26	57.27
15	Promoter and promoter group shareholding
	(a) Pledged / Encumbered
	- Number of shares	-	8,568,576	-	8,568,576	-
	- Percentage of shares (as a % of the total shareholding	-	10.08	-	10.08	-
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)	-	3.80	-	3.80	-
	(b) Non-encumbered
	- Number of shares	104,628,646	76,460,070	104,628,646	76,460,070	104,628,646
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	89.92	100.00	89.92	100.00
	- Percentage of shares (as a % of the total share capital of the Company)	42.73	33.94	42.73	33.94	42.73

Consolidated Segment-wise Revenue, Results and Capital Employed
						(Rs. crore)
Sr. No.	Particulars	Quarter Ended		Half Year Ended		Year Ended
		30-09-2010	30-09-2009	30-09-2010	30-09-2009	31-03-2010
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

1	Segment Revenue (Net Sales / Income)

	- Electrical Energy	3,318.17	2,993.77	6,685.36	6,087.96	11,534.48
	- EPC and Contracts Division	711.73	978.93	1,155.69	1,555.33	3,304.78
	- Roads	12.48	1.75	24.62	1.75	25.34
	- Others	0.31	-	0.73	-	0.22
	Total	4,042.69	3,974.45	7,866.39	7,645.04	14,864.82
	Less: Inter Segment Revenue	-	-	-	-	-
	Net Sales / Income from Operations	4,042.69	3,974.45	7,866.39	7,645.04	14,864.82
2	Segment Results
	Profit before Tax, Interest, Share in Associates and Minority Interest from each segment:
	- Electrical Energy	429.45	186.45	665.94	313.76	828.56
	- EPC and Contracts Division	65.65	82.64	120.55	137.27	240.95
	- Roads	5.65	(0.96)	11.49	(1.08)	15.50
	- Others	(1.92)	0.02	(2.50)	(0.04)	(2.31)
	Total	498.83	268.15	795.48	449.91	1,082.70
	- Interest and Finance Charges	(152.02)	(131.06)	(289.27)	(288.03)	(525.13)
	- Interest Income	28.39	72.87	159.56	111.22	292.23
	- Other un-allocable Income net of expenditure	(61.65)	53.72	0.87	283.50	497.79
	Profit before Tax, Share in Associates and Minority Interest	313.55	263.68	666.64	556.60	1,347.59
3	Capital Employed
	- Electrical Energy	7,185.42	5,943.01	7,185.42	5,943.01	6,075.43
	- EPC and Contracts Division	361.78	300.18	361.78	300.18	421.67
	- Roads	112.11	81.53	112.11	81.53	107.03
	- Others	1,831.38	1,323.72	1,831.38	1,323.72	1,471.88
	- Unallocated Corporate Assets (net)	12,061.32	11,002.96	12,061.32	11,002.96	12,628.50
	Total	21,552.01	18,651.40	21,552.01	18,651.40	20,704.51

Unaudited Consolidated Statement of Assets and Liabilities
			(Rs. crore)
Sr. No.	Particulars	As at	As at
		30-09-2010	30-09-2009
		(unaudited)	(unaudited)

1	Shareholders' funds
	(a) Share Capital	244.91	225.31
	(b) Equity Warrants Issued and Subscribed	541.08	996.23
	(c) Reserves and Surplus	20,766.02	17,429.86
		21,552.01	18,651.40
2	Minority Interest	127.55	124.72
3	Loan Funds	10,972.62	7,615.66
4	Deferred Tax Liability (net)	177.22	201.72
	Total	32,829.40	26,593.50

1	Fixed Assets	13,016.30	9,520.79
2	Investments	12,296.54	13,517.66
3	Current Assets, Loans and Advances
	(a) Inventories	325.11	381.98
	(b) Sundry Debtors	2,460.09	1,995.90
	(c) Cash and Bank Balances	578.28	567.28
	(d) Other Current Assets	1,752.09	1,457.07
	(e) Loans and Advances	13,177.47	7,681.33
		18,293.04	12,083.56
4	Less: Current Liabilities and Provisions
	(a) Current Liabilities	9,382.95	7,192.10
	(b) Provisions	1,393.53	1,336.41
		10,776.48	8,528.51
5	Net Current Assets	7,516.56	3,555.05
	Total	32,829.40	26,593.50

Notes:

1. The final determination in the matter of Standby Charges payable 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).

2. 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.

3. 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 of the Parent Company after considering the contents of the report submitted by Administrative Staff College of India (ASCI) appointed by MERC. Accordingly the Parent Company has billed to the consumers as per the revised Tariff from September, 2010 and has also accounted the additional revenue of Rs. 247.81 crore representing unbilled portion for the period April 1, 2010 to August 31, 2010 (including Rs. 162.01 crore in respect of the period April 1, 2010 to June 30, 2010) during the quarter ended September 30, 2010 and has been included in Annual Revenue Requirement (ARR) filed for 2010-11 with MERC.

4. 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 Parent 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 has since been sanctioned by the Bombay High Court subject to the Parent 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. The Scheme will be effective upon receipt of remaining approvals and therefore no disclosure has been made with regard to discontinuing operations.

5. There were no exceptional / extraordinary items during the quarter and half year ended September 30, 2010.

6. Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2010: opening: Nil; additions: 3; disposals: 3; closing: Nil

7. The Company has opted to publish consolidated financial results for the year 2010-11. Standalone financial results, for the quarter and half year ended September 30, 2010 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.comand www.bseindia.comrespectively. Key standalone financial information is given below:

(Rs. Crore)

Particulars	Quarter ended (Unaudited)		Half year ended (Unaudited)		Year ended (Unaudited)
Particulars	September 30, 2010	September 30, 2009	September 30, 2010	September 30, 2009	March 31, 2010
Total Operating Income	2,439.10	2,649.56	4,667.14	5,095.90	10,027.26
Profit before Tax	222.86	328.26	518.55	696.10	1,296.94
Profit after Tax	170.48	306.90	416.72	623.48	1,151.69

8. After review by the Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on November 12, 2010.

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

10. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended September 30, 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 12, 2010 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR DELBFBFFEFBQ

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