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Quarterly Consolidated Results 30.09.12

12th Nov 2012 07:00

RNS Number : 8371Q

Reliance Infrastructure Limited

12 November 2012

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, 2012

Part - I								(Rs. crore)
Sr. No.		Particulars	Quarter ended			Half Year ended		Year ended
			30-09-2012	30-06-2012	30-09-2011	30-09-2012	30-09-2011	31-03-2012
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1		Income from Operations
		(a) Net Sales from Electricity Business	3,585.34	3,491.77	3,260.11	7,077.11	6,300.07	12,239.49
		(b) Income from EPC and Contracts Business	1,800.49	1,751.14	2,211.31	3,551.63	3,961.33	11,035.98
		(c) Income from Infrastructure Business	110.54	98.23	77.24	208.77	143.25	319.56
		(d) Other Operating Income	18.91	41.94	180.25	60.85	469.79	631.12
		Total Operating Income	5,515.28	5,383.08	5,728.91	10,898.36	10,874.44	24,226.15
2		Expenditure
		(a) Cost of Electrical Energy purchased	2,330.25	2,250.38	2,209.76	4,580.63	4,115.50	7,812.87
		(b) Cost of Fuel	396.62	417.32	368.58	813.94	816.48	1,593.40
		(c) Construction Materials Consumed and Sub-Contracting
		Charges	1,548.63	1,490.27	1,847.54	3,038.90	3,341.47		9,718.86
		(d) Employee Beneifts Expenses	259.67	308.33	267.47	568.00	543.35		1,028.50
		(e) Depreciation	125.82	125.47	100.93	251.29	203.35		403.33
		(f) Other Expenses	309.93	245.02	333.21	554.95	609.91		1,343.25
		Total Expenditure	4,970.92	4,836.79	5,127.49	9,807.71	9,630.06		21,900.21
3		Profit from operations before Other Income (net),Finance Costs and Exceptional Items	544.36	546.29	601.42	1,090.65	1,244.38		2,325.94
4		Other Income (net)	282.34	258.85	126.43	541.19	300.41		814.42
5		Profit from Ordinary Activities before Finance Costs and Exceptional Items	826.70	805.14	727.85	1,631.84	1,544.79		3,140.36
6		Finance Costs	404.34	361.39	250.70	765.73	467.32		1,335.94
7		Profit from Ordinary Activities before Exceptional Items	422.36	443.75	477.15	866.11	1,077.47		1,804.42
8		Exceptional Items	-	-	-	-	-		-
9		Profit from Ordinary Activities before Tax, Share in Associates and Minority Interest	422.36	443.75	477.15	866.11	1,077.47		1,804.42
10		Tax Expenses (net)	108.65	100.28	183.25	208.93	454.55		544.16
11		Profit after Tax but before Share in Associates and Minority Interest	313.71	343.47	293.90	657.18	622.92		1,260.26
		Share of Profit in Associates (net)	67.72	69.82	68.42	137.54	146.09		332.04
		Minority Interest	0.38	(1.32)	(0.69)	(0.94)	(1.99)		(5.49)
12		Profit after Tax, Share in Associates and Minority Interest	381.81	411.97	361.63	793.78	767.02		1,586.81
13		Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)	263.03	263.03	263.57	263.03	263.57		263.03
14		Reserves including Statutory Reserves excluding Revaluation Reserves							23,367.13
15		Earnings Per Share (* not annualised)
		(a) Basic (Rs.)	14.52*	15.66*	13.74*	30.18*	29.15*		60.05
		(b) Diluted (Rs.)	14.52*	15.66*	13.74*	30.18*	29.15*		60.05
Part - II Selected Information for the quarter ended September 30, 2012
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares		135,363,010	135,363,010	135,893,272	135,363,010	135,893,272		135,363,010
	- Percentage of Shareholding		51.47	51.47	51.57	51.47	51.57		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	48.43	48.53	48.43		48.53

B	Investor Complaints		Quarter ended 30-09-2012


	Pending at the beginning of the quarter		Nil
	Received during the quarter		8
	Disposed of during the quarter		8
	Remaining unresolved at the end of the quarter		Nil

Reliance Infrastructure Limited

Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
website: www.rinfra.com

Consolidated Segment-wise Revenue, Results and Capital Employed
					(Rs. crore)
Sr. No.	Particulars	Quarter ended			Half Year ended	Year ended
		30-09-2012	30-06-2012	30-09-2011	30-09-2012	30-09-2011			31-03-2012
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)			(Audited)

1	Segment Revenue

	- Electricity Business	3,601.76	3,518.43	3,439.34	7,120.19	6,764.78			12,858.05
	- EPC and Contracts Business	1,802.64	1,766.24	2,212.33	3,568.88	3,966.41			11,047.77
	- Infrastructure Business	110.88	98.41	77.24	209.29	143.25			320.33
	Total	5,515.28	5,383.08	5,728.91	10,898.36	10,874.44			24,226.15
	Less: Inter Segment Revenue	-	-	-	-	-			-
	Net Sales / Income from Operations	5,515.28	5,383.08	5,728.91	10,898.36	10,874.44			24,226.15

2	Segment Results
	Profit before Interest, Tax, Share in Associates and Minority Interest from each segment:
	- Electricity Business	348.91	352.78	425.91	701.69		950.28	1,650.90
	- EPC and Contracts Business	169.82	175.13	230.21	344.95		370.86	916.79
	- Infrastructure Business	56.11	36.39	(7.50)	92.50		(13.00)	(61.50)
	Total	574.84	564.30	648.62	1,139.14		1,308.14	2,506.19
	- Finance Costs	(404.34)	(361.39)	(250.70)	(765.73)		(467.32)	(1,335.94)
	- Interest Income	211.68	200.44	126.05	412.12		217.54	560.69
	- Other un-allocable Income net of expenditure	40.18	40.40	(46.82)	80.58		19.11	73.48
	Profit before Tax, Share in Associates and Minority Interest	422.36	443.75	477.15	866.11		1,077.47	1,804.42

3	Capital Employed
	- Electricity Business	14,218.81	13,982.84	12,494.02	14,218.81		12,494.02	13,834.25
	- EPC and Contracts Business	2,421.00	3,735.98	2,726.94	2,421.00		2,726.94	2,816.57
	- Infrastructure Business	8,513.13	7,816.63	9,296.64	8,513.13		9,296.64	9,720.04
	- Unallocated Assets (net)	(19.64)	(885.16)	(100.79)	(19.64)		(100.79)	(2,236.20)
	Total	25,133.30	24,650.29	24,416.81	25,133.30		24,416.81	24,134.66

Consolidated Statement of Assets and Liabilities
			(Rs. crore)
Sr. No.	Particulars	As at	As at
		30-09-2012	31-03-2012
		(Unaudited)	(Audited)

A.	I. Equity and Liabilites

1	Shareholders' Funds
	(a) Share Capital	263.03	263.03
	(b) Reserves and Surplus	24,870.27	23,871.63
	Shareholders' Funds	25,133.30	24,134.66

2	Minority Interest	214.42	205.66

3	Non-Current Liabilities
	(a) Long-term borrowings	10,605.86	11,700.30
	(b) Deferred tax liabilities (Net)	484.97	451.09
	(c) Other Long term liabilities	6,728.17	5,599.14
	(d) Long term provisions	389.92	389.60
	Non-Current Liabilities	18,208.92	18,140.13

4	Current Liabilities
	(a) Short-term borrowings	6,594.27	6,416.09
	(b) Trade payables	6,163.01	6,233.97
	(c) Other current liabilities	7,842.08	6,007.48
	(d) Short-term provisions	62.89	271.92
	Current Liabilities	20,662.25	18,929.46

	TOTAL - EQUITY AND LIABILITIES	64,218.89	61,409.91

B	Assets

1	Non-current Assets
	(a) Fixed assets	17,683.08	18,625.89
	(b) Goodwill on Consolidation	78.27	78.25
	(c) Non-current investments	10,101.12	9,247.80
	(d) Long term loans and advances	2,845.35	3,366.93
	(e) Other non-current assets	8,927.08	8,260.58
	Non-Current Assets	39,634.90	39,579.45

2	Current Assets
	(a) Current investments	2,632.56	3,053.71
	(b) Inventories	329.58	377.86
	(c) Trade receivables	6,343.30	4,894.24
	(d) Cash and cash equivalents	745.34	1,377.03
	(e) Short-term loans and advances	11,958.15	10,439.86
	(f) Other current assets	2,575.06	1,687.76
	Current Assets	24,583.99	21,830.46

	TOTAL - ASSETS	64,218.89	61,409.91

Notes:

1. 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).

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. Pursuant to the Scheme of Amalgamation of Reliance Infraprojects Limited sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated March 30, 2011,derivative (losses) / gains for the year debited / credited to Statement of Profit and Loss may be withdrawn from / transferred to General Reserve. The gain / (loss) arising from derivative contracts for the quarter and half year ended September 30, 2012 is Rs. 40.47 crore and (Rs.10.70 crore) respectively. The Parent Company has decided to give impact of the said derivative (loss)/ gain and its corresponding adjustment in terms of the Scheme by withdrawal from/ transferred to General Reserve in Statement of Profit and Loss at the year end.

4. 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 Company has carried forward unamortised portion of net gain of Rs.143.52 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2012.

5. During the quarter, Reliance Bhavnagar Power Private Limited and Reliance Jamnagar Power Private Limited have become wholly owned subsidiaries of the Parent Company. The Board of Directors of the Parent Company in their meeting held on August 14, 2012 has approved the Scheme of Amalgamation of the above companies and Reliance Infrastructure Engineers Private Limited, another wholly owned subsidiary with the Parent Company.

6. There were no extraordinary items during the quarter ended September 30, 2012.

7. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter ended June 30, 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.com respectively. Key standalone financial information is given below:

(Rs. crore)

Particulars	Quarter ended (Unaudited)			Six Months ended (Unaudited)		Year ended (Audited)
Particulars	September 30, 2012	June 30, 2012	September 30, 2011	September 30, 2012	September 30, 2011	March 31, 2012
Total Operating Income	3,500.22	3,447.28	3,978.00	6,947.50	7,669.03	17,906.67
Profit before Tax	508.98	415.22	675.18	924.20	1,354.70	2,497.76
Profit after Tax	414.13	327.02	495.74	741.15	926.26	2.000.26

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 6, 2012.

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 6, 2012 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

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