20th May 2013 08:09
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710 | ||||||||
website:www.rinfra.com | ||||||||
Standalone Statement of Financial Results for the quarter and year ended March 31, 2013 | ||||||||
Part - I | Rs crore | |||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2013 | 31-12-2012 | 31-03-2012 | 31-03-2013 | 31-03-2012 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Income from Operations | |||||||
(a) Net Sales / Income from Electricity Business | 1,547.86 | 1,516.30 | 1,282.27 | 6,272.07 | 5,675.31 | |||
(b) Income from EPC and Contracts Business | 2,304.90 | 1,926.01 | 4,382.27 | 7,924.25 | 11,678.14 | |||
(c) Other Operating Income | 66.56 | 12.90 | 65.86 | 125.71 | 553.22 | |||
Total Income from Operations | 3,919.32 | 3,455.21 | 5,730.40 | 14,322.03 | 17,906.67 | |||
2 | Expenses | |||||||
(a) Cost of Electrical Energy purchased | 538.50 | 598.40 | 545.42 | 2,468.25 | 2,459.17 | |||
(b) Cost of Fuel | 408.02 | 379.63 | 408.08 | 1,578.61 | 1,548.67 | |||
(c) Construction Materials Consumed and | ||||||||
Sub-contracting Charges | 1,951.65 | 1,620.99 | 3,884.03 | 6,679.26 | 9,737.69 | |||
(d) Employee benefits expense | 221.93 | 197.87 | 136.16 | 856.13 | 740.48 | |||
(e) Depreciation and amortisation (Refer Note 6) | 88.83 | 97.99 | 73.55 | 392.05 | 267.77 | |||
(f) Other Expenses (Refer Note 7) | 286.62 | 168.50 | 146.50 | 824.02 | 745.77 | |||
Total Expenses | 3,495.55 | 3,063.38 | 5,193.74 | 12,798.32 | 15,499.55 | |||
3 | Profit from operations before Other Income (net), finance cost and exceptional items | 423.77 | 391.83 | 536.66 | 1,523.71 | 2,407.12 | ||
4 | Other Income (net) | 137.44 | 277.64 | 168.47 | 1,080.56 | 658.74 | ||
5 | Profit from Ordinary Activities before finance cost and exceptional items | 561.21 | 669.47 | 705.13 | 2,604.27 | 3,065.86 | ||
6 | Finance Costs | 190.21 | 239.78 | 176.11 | 879.38 | 568.10 | ||
7 | Profit from Ordinary Activities before exceptional items | 371.00 | 429.69 | 529.02 | 1,724.89 | 2,497.76 | ||
8 | Exceptional Items (Refer Note 8 & 9) | - | 418.34 | - | 418.34 | - | ||
9 | Profit from Ordinary Activities before tax | 371.00 | 848.03 | 529.02 | 2,143.23 | 2,497.76 | ||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | (228.00) | 188.66 | (129.16) | 143.71 | 497.50 | ||
11 | Profit after Tax | 599.00 | 659.37 | 658.18 | 1,999.52 | 2,000.26 | ||
12 | Paid-up Equity Share Capital (Face Value of ` 10 per Share) | 263.03 | 263.03 | 263.03 | 263.03 | 263.03 | ||
13 | Reserves including Statutory Reserves excluding Revaluation Reserves | 19,033.00 | 17,882.91 | |||||
14 | Earnings Per Share (* not annualised) | |||||||
(a) Basic (`) | 22.78* | 25.07* | 25.03* | 76.03 | 75.70 | |||
(b) Diluted (`) | 22.78* | 25.07* | 25.03* | 76.03 | 75.70 | |||
15 | Debt Service Coverage Ratio (Refer Note 10) | 1.58 | 6.60 | |||||
16 | Interest Service Coverage Ratio (Refer Note 10) | 5.33 | 7.24 | |||||
Part - II Selected Information for the quarter and year ended March 31, 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 | |||
- Percentage of Shareholding | 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 | |||
- Percentage of shares (as a % of the total shareholding | 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 | |||
B | Investor Complaints | Quarter ended 31-03-2013 | ||||||
Pending at the beginning of the quarter | NIL | |||||||
Received during the quarter | 34 | |||||||
Disposed of during the quarter | 34 | |||||||
Remaining unresolved at the end of the quarter | NIL | |||||||
RELIANCE INFRASTRUCTURE LIMITED | ||||||||
Segment-wise Revenue, Results and Capital Employed | ||||||||
Rs crore | ||||||||
Sr. No. | Particulars | Quarter ended | Year ended | |||||
31-03-2013 | 31-12-2012 | 31-03-2012 | 31-03-2013 | 31-03-2012 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | ||||
1 | Segment Revenue | |||||||
- Electricity Business | 1,577.00 | 1,528.59 | 1,343.86 | 6,342.56 | 6,217.80 | |||
- EPC and Contracts Business | 2,342.32 | 1,926.62 | 4,386.54 | 7,979.47 | 11,688.87 | |||
Total | 3,919.32 | 3,455.21 | 5,730.40 | 14,322.03 | 17,906.67 | |||
Less : Inter Segment Revenue | - | - | - | - | - | |||
Net Sales / Income from Operations | 3,919.32 | 3,455.21 | 5,730.40 | 14,322.03 | 17,906.67 | |||
2 | Segment Results | |||||||
Profit before Tax and Interest from each segment : | ||||||||
- Electricity Business | 202.00 | 233.50 | 120.80 | 825.15 | 1,063.25 | |||
- EPC and Contracts Business | 308.88 | 211.56 | 456.92 | 889.27 | 1,480.82 | |||
Total | 510.88 | 445.06 | 577.72 | 1,714.42 | 2,544.07 | |||
- Finance Costs | (190.21) | (239.78) | (176.11) | (879.38) | (568.10) | |||
- Interest Income | 215.33 | 251.29 | 201.68 | 862.58 | 513.99 | |||
- Other un-allocable Income net of expenditure | (165.00) | 391.46 | (74.27) | 445.61 | 7.80 | |||
Profit before Tax | 371.00 | 848.03 | 529.02 | 2,143.23 | 2,497.76 | |||
3 | Capital Employed | |||||||
- Electricity Business | 8,131.27 | 8,114.34 | 7,248.12 | 8,131.27 | 7,248.12 | |||
- EPC and Contracts Business | 1,578.77 | 3,418.44 | 2,803.95 | 1,578.77 | 2,803.95 | |||
- Unallocated Assets (net) | 10,525.61 | 8,884.03 | 8,598.36 | 10,525.61 | 8,598.36 | |||
Total | 20,235.65 | 20,416.81 | 18,650.43 | 20,235.65 | 18,650.43 | |||
Standalone Statement of Assets and Liabilities | ||||||||
Rs crore | ||||||||
Particulars | As at | As at | ||||||
31-03-2013 | 31-03-2012 | |||||||
(Audited) | (Audited) | |||||||
A. EQUITY AND LIABILITIES | ||||||||
(1) Shareholders' Funds | ||||||||
(a) Share capital | 263.03 | 263.03 | ||||||
(b) Reserves and Surplus | 19,972.62 | 18,387.40 | ||||||
|
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Shareholder's Funds | 20,235.65 | 18,650.43 | ||||||
(2) Non-Current Liabilities |
| |||||||
(a) Long-term borrowings | 3,881.04 | 4,599.38 | ||||||
(b) Deferred tax liabilities (Net) | 554.52 | 449.52 | ||||||
(c) Other Long term liabilities | 2,997.60 | 4,820.32 | ||||||
(d) Long term provisions | 401.30 | 380.00 | ||||||
Non-current Liabilities | 7,834.46 | 10,249.22 | ||||||
(3) Current Liabilities |
| |||||||
(a) Short-term borrowings | 6,407.29 | 4,548.35 | ||||||
(b) Trade payables | 3,783.96 | 3,824.62 | ||||||
(c) Other current liabilities | 5,657.17 | 5,879.70 | ||||||
(d) Short-term provisions | 290.95 | 227.27 | ||||||
Current Liabilities | 16,139.37 | 14,479.94 | ||||||
TOTAL EQUITY AND LIABILITIES | 44,209.48 | 43,379.59 | ||||||
B. ASSETS |
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(1) Non-current assets |
| |||||||
(a) Fixed assets | 7,349.48 | 7,753.88 | ||||||
(b) Non-current investments | 10,496.57 | 9,859.31 | ||||||
(c) Long term loans and advances | 572.65 | 1,655.69 | ||||||
(d) Other non-current assets | 4,048.13 | 3,996.92 | ||||||
Non-current Assets | 22,466.83 | 23,265.80 | ||||||
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(2) Current assets |
| |||||||
(a) Current investments | 2,804.86 | 2,925.75 | ||||||
(b) Inventories | 367.28 | 309.40 | ||||||
(c) Trade receivables | 3,249.25 | 4,565.59 | ||||||
(d) Cash and cash equivalents | 118.65 | 686.07 | ||||||
(e) Short-term loans and advances | 13,056.69 | 10,141.49 | ||||||
(f) Other current assets | 2,145.92 | 1,485.49 | ||||||
Current Assets | 21,742.65 | 20,113.79 | ||||||
TOTAL ASSETS | 44,209.48 | 43,379.59 | ||||||
Notes:
1. The Board has recommended dividend of ` 7.40 per equity share for the year 2012-13.
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 Company has so far fully accounted the liability of ` 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).
3. The final determination in respect of the claim by TPC of ` 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 ` 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of ` 9.98 crore.
4. The Company 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 ` 156.22 crore to "Foreign Currency Monetary Items Translation Difference Account" as on March 31, 2013.
5. During the quarter, Reliance Cement and Infra Private Limited has become wholly owned subsidiary of the Company, and the Company has disposed of its entire shareholding in its subsidiary Noida Global SEZ Private Limited.
6. During the quarter ended December 31, 2012, the Company had revalued its freehold land, building and plant and machinery located at Goa, Samalkot and Chitradurga w.e.f. April 1, 2012 and incremental value on revaluation amounting to ` 495.69 crore has been credited to Revaluation Reserve. Consequent to revaluation, there is an additional charge of depreciation of ` 6.42 crore and ` 26.05 crore respectively for the quarter and year ended March 31, 2013 and equivalent amount has been withdrawn from the Revaluation Reserve, which has no impact on the profit for the quarter and year ended on that date.
7. Pursuant to the Scheme of Amalgamation sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated February 22, 2013, with appointed date as February 1, 2013, Reliance Bhavnagar Power Private Limited (RBPPL), Reliance Infrastructure Engineers Private Limited (RIEPL) and Reliance Jamnagar Power Private Limited (RJPPL), wholly owned subsidiaries of the Company, amalgamated with the Company. The following accounting treatment, inter alia, has been given to give effect to the Scheme:
a) All Assets and Liabilities amounting to ` 1,149.77 crore (Net) of the Subsidiaries have been recorded in the books of the Company at their respective fair value and corresponding equivalent amount is credited to the Capital Reserve.
b) Investments in RBPPL, RIEPL and RJPPL amounting to ` 1,147.32 crore have been written off in the Statement of Profit and Loss and an equivalent amount has been withdrawn from the General Reserve.
Had the Scheme not prescribed the above treatment and the Company followed the accounting treatment prescribed under Accounting Standard 14 (AS-14) 'Accounting for Amalgamation', General Reserve would have been higher and Capital Reserve would have been lower by ` 1,147.32 crore, which has been referred to by the Auditors in their report.
8. Pursuant to the option exercised by the Board of Directors of the Company, being an option available under the Scheme of Amalgamation of Reliance Infraprojects Limited (RIPL), a wholly owned subsidiary, with the 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, the Company during the quarter and year ended March 31, 2013 has withdrawn ` 692.53 crore from Provision for Extraordinary and Exceptional Items, created out of the General Reserve, and credited to the Statement of Profit & Loss account, to offset the Write off of Bad Debts, loss on sale of investment and loss on derivative instruments, determined as exceptional items by the Board of Directors in terms of the aforesaid Scheme. 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', which has been referred to by the Auditors in their report.
9. Exceptional items include profit of ` 418.34 crore on sale of equity shares of Reliance Power Limited (RPower), an associate Company, resulting in reduction of the Company's interest in RPower from 38.41% to 36.52%.
10. 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
11. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on May 14, 2013.
12. There were no extraordinary items during the quarter and year ended March 31, 2013.
13. Figures for the current quarter ended March 31, 2013 and March 31, 2012 are the balancing figures between the audited figures in respect of the full financial year and the reviewed figures up to the third quarter of the relevant financial year.
14. 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 14, 2013 Chairman
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