12th Nov 2012 07:00
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 half year ended September 30, 2012 | |||||||||||||||||||
Part - I | Rs. crore | ||||||||||||||||||
Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended | |||||||||||||||
30-Sep-12 | 30-Jun-12 | 30-Sep-11 | 30-Sep-12 | 30-Sep-11 | 31-Mar-12 | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||
1 | Income from Operations | ||||||||||||||||||
(a) Net Sales / Income from Electricity Business | 1,569.58 | 1,638.33 | 1,363.85 | 3,207.91 | 2,873.54 | 5,675.31 | |||||||||||||
(b) Income from EPC and Contracts Business | 1,918.40 | 1,774.94 | 2,430.90 | 3,693.34 | 4,315.76 | 11,678.14 | |||||||||||||
(c) Other Operating Income | 12.24 | 34.01 | 183.25 | 46.25 | 479.73 | 553.22 | |||||||||||||
Total Income from Operations | 3,500.22 | 3,447.28 | 3,978.00 | 6,947.50 | 7,669.03 | 17,906.67 | |||||||||||||
2 | Expenses | ||||||||||||||||||
(a) Cost of Electrical Energy purchased | 646.20 | 685.15 | 612.85 | 1,331.35 | 1,313.42 | 2,459.17 | |||||||||||||
(b) Cost of Fuel | 373.69 | 417.28 | 368.53 | 790.97 | 771.86 | 1,548.67 | |||||||||||||
(c) Construction Materials Consumed and | |||||||||||||||||||
Sub-contracting Charges | 1,634.81 | 1,471.80 | 1,873.00 | 3,106.61 | 3,375.58 | 9,737.69 | |||||||||||||
(d) Employee benefits expense | 192.45 | 243.89 | 202.74 | 436.34 | 413.84 | 740.48 | |||||||||||||
(e) Depreciation and amortisation | 92.19 | 113.04 | 63.84 | 205.23 | 132.76 | 267.77 | |||||||||||||
(f) Other Expenses | 199.55 | 169.34 | 209.47 | 368.89 | 384.39 | 745.77 | |||||||||||||
Total Expenses | 3,138.89 | 3,100.50 | 3,330.43 | 6,239.39 | 6,391.85 | 15,499.55 | |||||||||||||
3 | Profit from operations before Other Income (net), finance cost and exceptional items | 361.33 | 346.78 | 647.57 | 708.11 | 1,277.18 | 2,407.12 | ||||||||||||
4 | Other Income (net) | 345.67 | 258.62 | 112.63 | 604.29 | 221.89 | 658.74 | ||||||||||||
5 | Profit from Ordinary Activities before finance cost and exceptional items | 707.00 | 605.40 | 760.20 | 1,312.40 | 1,499.07 | 3,065.86 | ||||||||||||
6 | Finance Costs | 198.02 | 190.18 | 85.02 | 388.20 | 144.37 | 568.10 | ||||||||||||
7 | Profit from Ordinary Activities before exceptional items | 508.98 | 415.22 | 675.18 | 924.20 | 1,354.70 | 2,497.76 | ||||||||||||
8 | Exceptional Items | - | - | - | - | - | - | ||||||||||||
9 | Profit from Ordinary Activities before tax | 508.98 | 415.22 | 675.18 | 924.20 | 1,354.70 | 2,497.76 | ||||||||||||
10 | Tax Expenses (including Deferred Tax & Tax for earlier years) | 88.20 | 179.44 | 183.05 | 428.44 | 497.50 | |||||||||||||
11 | Profit after Tax | 414.13 | 327.02 | 495.74 | 741.15 | 926.26 | 2,000.26 | ||||||||||||
12 | Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) | 263.03 | 263.03 | 263.57 | 263.03 | 263.57 | 263.03 | ||||||||||||
13 | Reserves including Statutory Reserves excluding Revaluation Reserves | 17,773.36 | |||||||||||||||||
14 | Earnings Per Share (* not annualised) | ||||||||||||||||||
(a) Basic (Rs.) | 15.75* | 12.43* | 18.84* | 28.18* | 34.90* | 75.70 | |||||||||||||
(b) Diluted (Rs.) | 15.75* | 12.43* | 18.84* | 28.18* | 34.90* | 75.70 | |||||||||||||
15 | Debt Service Coverage Ratio (Refer Note 6 ) | 5.80 | 13.64 | 6.64 | |||||||||||||||
16 | Interest Service Coverage Ratio (Refer Note 6) | 5.80 | 13.64 | 6.64 | |||||||||||||||
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 |
48.43 |
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 quarter | NIL | ||||||||||||||||||
RELIANCE INFRASTRUCTURE LIMITED |
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Segment-wise Revenue, Results and Capital Employed |
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Rs. crore |
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Sr. No. | Particulars | Quarter ended | Half Year ended | Year ended |
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30-Sep-12 | 30-Jun-12 | 30-Sep-11 | 30-Sep-12 | 30-Sep-11 | 31-Mar-12 |
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(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
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1 | Segment Revenue |
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- Electricity Business | 1,579.68 | 1,657.29 | 1,545.99 | 3,236.97 | 3,348.22 | 6,217.80 |
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- EPC and Contracts Business | 1,920.54 | 1,789.99 | 2,432.01 | 3,710.53 | 4,320.81 | 11,688.87 |
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Total | 3,500.22 | 3,447.28 | 3,978.00 | 6,947.50 | 7,669.03 | 17,906.67 |
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Less : Inter Segment Revenue | - | - | - | - | - | - |
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Net Sales / Income from Operations | 3,500.22 | 3,447.28 | 3,978.00 | 6,947.50 | 7,669.03 | 17,906.67 |
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2 | Segment Results |
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Profit before Tax and Interest from each segment : |
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- Electricity Business | 209.90 | 179.75 | 279.46 | 389.65 | 662.09 | 1,063.25 |
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- EPC and Contracts Business | 183.72 | 185.11 | 412.83 | 368.83 | 668.59 | 1,480.82 |
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Total | 393.62 | 364.86 | 692.29 | 758.48 | 1,330.68 | 2,544.07 |
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- Finance Costs | (198.02) | (190.18) | (85.02) | (388.20) | (144.37) | (568.10) |
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- Interest Income | 201.39 | 194.57 | 125.23 | 395.96 | 172.94 | 513.99 |
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- Other un-allocable Income net of expenditure | 111.99 | 45.97 | (57.32) | 157.96 | (4.55) | 7.80 |
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Profit before Tax | 508.98 | 415.22 | 675.18 | 924.20 | 1,354.70 | 2,497.76 |
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3 | Capital Employed |
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- Electricity Business | 7,462.49 | 7,277.73 | 6,873.78 | 7,462.49 | 6,873.78 | 7,248.12 |
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- EPC and Contracts Business | 2,397.19 | 3,712.51 | 2,745.18 | 2,397.19 | 2,745.18 | 2,803.95 |
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- Unallocated Assets (net) | 9,427.46 | 7,822.33 | 8,819.40 | 9,427.46 | 8,819.40 | 8,488.81 |
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Total | 19,287.14 | 18,812.57 | 18,438.36 | 19,287.14 | 18,438.36 | 18,540.88 |
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Standalone Statement of Assets and Liabilities |
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Rs. crore |
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Particulars | As at | As at |
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30-Sep-12 | 31-Mar-12 |
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A. EQUITY AND LIABILITIES |
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(1) Shareholders' Funds |
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(a) Share capital | 263.03 | 263.03 |
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(b) Reserves and Surplus | 19,024.11 | 18,277.85 |
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Shareholder's Funds | 19,287.14 | 18,540.88 |
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(2) Non-Current Liabilities |
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(a) Long-term borrowings | 4,111.91 | 4,599.38 |
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(b) Deferred tax liabilities (Net) | 479.52 | 449.52 |
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(c) Other Long term liabilities | 5,898.45 | 4,929.87 |
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(d) Long term provisions | 380.00 | 380.00 |
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Non-current Liabilities | 10,869.88 | 10,358.77 |
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(3) Current Liabilities |
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(a) Short-term borrowings | 5,267.06 | 4,548.35 |
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(b) Trade payables | 3,056.36 | 3,824.62 |
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(c) Other current liabilities | 5,974.66 | 5,879.70 |
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(d) Short-term provisions | 14.68 | 227.27 |
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Current Liabilities | 14,312.76 | 14,479.94 |
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TOTAL EQUITY AND LIABILITIES | 44,469.78 | 43,379.59 |
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B. ASSETS |
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(1) Non-current assets |
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(a) Fixed assets | 6,875.39 | 7,753.88 |
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(b) Non-current investments | 10,169.36 | 9,859.31 |
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(c) Long term loans and advances | 955.29 | 1,655.69 |
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(d) Other non-current assets | 4,158.01 | 3,996.92 |
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Non-current Assets | 22,158.05 | 23,265.80 |
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(2) Current assets |
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(a) Current investments | 2,515.94 | 2,925.75 |
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(b) Inventories | 251.09 | 309.40 |
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(c) Trade receivables | 5,555.16 | 4,565.59 |
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(d) Cash and cash equivalents | 471.30 | 686.07 |
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(e) Short-term loans and advances | 11,328.42 | 10,141.49 |
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(f) Other current assets | 2,189.82 | 1,485.49 |
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Current Assets | 22,311.73 | 20,113.79 |
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TOTAL ASSETS | 44,469.78 | 43,379.59 |
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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 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. 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 Company has decided to give impact of the said derivative loss and its corresponding adjustment in terms of the Scheme by withdrawal from General Reserve in Statement of Profit and Loss at the year end.
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 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 Company. The Board of Directors of the 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 Company.
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. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on November 6, 2012.The statutory auditors have carried out a limited review of the financial result of the Company, as per listing agreement entered into with the stock exchanges in India.
8. There were no exceptional / extraordinary items during the quarter and half year ended September 30, 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
Related Shares:
Reliance Inf S