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Standalone results 30.09.2015

5th Nov 2015 07:00

RNS Number : 6306E

Reliance Infrastructure Limited

05 November 2015

RELIANCE INFRASTRUCTURE LIMITED
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
website:www.rinfra.com
CIN No. : L99999MH1929PLC001530
Standalone Statement of Financial Results for the quarter and half year ended September 30, 2015
	Part - I												Rs crore
Sr. No.	Particulars			Quarter ended					Half year ended				Year ended
				30-09-2015			30-06-2015	30-09-2014	30-09-2015		30-09-2014		31-03-2015
				(Unaudited)			(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)		(Audited)
1	Income from Operations
	(a) Net Sales / Income from Power Business			1,903.09			1,982.70	1,897.84	3,885.79		3,856.76		7,726.43
	(b) Income from EPC and Contracts Business			649.87			596.65	552.31	1,246.52		1,117.69		2,620.22
	(c) Other Operating Income			18.30			15.03	16.91	33.33		28.51		188.91
	Total Income from Operations			2,571.26			2,594.38	2,467.06	5,165.64		5,002.96		10,535.56
2	Expenses
	(a) Cost of Power purchased			870.66			913.42	832.66	1,784.08		1,847.40		3,685.18
	(b) Cost of Fuel			262.08			263.89	287.81	525.97		595.66		1,087.45
	(c) Tax on Sale of Electricity			-			-	-	-		-		-
	(c) Construction Materials Consumed and
	Sub-contracting Charges			397.34			480.85	421.41	878.19		825.45		2,036.02
	(d) Employee benefits expense			253.51			263.46	244.25	516.97		465.93		976.19
	(e) Depreciation and amortisation			100.13			121.35	120.39	221.48		210.14		486.86
	(f) Other Expenses			260.49			196.04	199.88	456.53		356.94		790.26
	Total Expenses			2,144.21			2,239.01	2,106.40	4,383.22		4,301.52		9,061.96
3	Profit from Operations before Other Income (net), finance costs and exceptional items			427.05			355.37	360.66	782.42		701.44		1,473.60
4	Other Income (net) (Refer Note 1 (b))			477.48			469.62	401.25	947.10		796.75		1,562.60
5	Profit from Ordinary Activities before finance costs and exceptional items			904.53			824.99	761.91	1,729.52		1,498.19		3,036.20
6	Finance Costs (Refer Note 1 (b))			404.00			406.13	353.96	810.13		688.27		1,518.14
7	Profit from Ordinary Activities before exceptional items			500.53			418.86	407.95	919.39		809.92		1,518.06
8	Exceptional Items			-			-	-	-		-		-
9	Profit from Ordinary Activities before tax			500.53			418.86	407.95	919.39		809.92		1,518.06
10	Tax Expenses (including Deferred Tax & Tax for earlier years)			115.00			89.00	51.90	204.00		132.40		(15.33)
11	Profit from Ordinary Activities after Tax			385.53			329.86	356.05	715.39		677.52		1,533.39
12	Extraordinary items			-			-	-	-		-		-
13	Profit for the period			385.53			329.86	356.05	715.39		677.52		1,533.39
14	Paid-up Equity Share Capital (Face Value of Rs 10 per Share)			263.03			263.03	262.58	263.03		262.58		263.03

15	Reserves including Statutory Reserves excluding Revaluation Reserves												20,428.93
16	Earnings Per Share (* not annualised)
	(a) Basic (Rs)			14.66 *			12.54 *	13.54 *	27.20 *		25.76 *		58.31
	(b) Diluted (Rs)			14.66 *			12.54 *	13.54 *	27.20 *		25.76 *		58.31
17	Debt Service Coverage Ratio (Refer Note 5)								1.01		1.04		1.40
18	Interest Service Coverage Ratio (Refer Note 5)								3.28		3.15		3.15
	Part - II Selected Information for the quarter ended September 30, 2015
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares			13,53,62,964			13,53,62,964	13,53,62,964	13,53,62,964		13,53,62,964		13,53,62,964
	- Percentage of Shareholding			51.47			51.47	51.47	51.47		51.47		51.47
2	Promoter and promoter group shareholding
	a) Pledged/Encumbered
	- Number of shares			6,08,64,675			4,53,64,675	-	6,08,64,675		-		3,90,00,000
	- Percentage of shares (as a % of the total shareholding			47.69			35.54	-	47.69		-		30.56
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)			23.14			17.25	-	23.14		-		14.83
	b) Non-encumbered
	- Number of shares			6,67,62,361			8,22,62,361	12,76,27,036	6,67,62,361		12,76,27,036		8,86,27,036
	- Percentage of shares (as a % of the total shareholding			52.31			64.46	100.00	52.31		100.00		69.44
	of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the Company)			25.39			31.28	48.53	25.39		48.53		33.70
B	Investor Complaints			Quarter ended 30-09-2015
	Pending at the beginning of the quarter			Nil
	Received during the quarter			8
	Disposed off during the quarter			8
	Remaining unresolved at the end of the quarter			Nil
	Segment-wise Revenue, Results and Capital Employed
														Rs crore
	Sr. No.	Particulars		Quarter ended						Half year ended				Year ended
				30-09-2015		30-06-2015		30-09-2014		30-09-2015		30-09-2014		31-03-2015
				(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	1	Segment Revenue

		- Power Business		1,919.87		1,995.12		1,914.54		3,914.99		3,884.83		7,894.27
		- EPC and Contracts Business		651.39		599.26		552.52		1,250.65		1,118.13		2,641.29
		Total		2,571.26		2,594.38		2,467.06		5,165.64		5,002.96		10,535.56
		Less : Inter Segment Revenue		-		-		-		-		-		-
		Net Sales / Income from Operations		2,571.26		2,594.38		2,467.06		5,165.64		5,002.96		10,535.56

	2	Segment Results
		Profit before Tax and Interest from each segment :
		- Power Business		352.68		347.58		358.80		700.26		654.01		1,404.44
		- EPC and Contracts Business		127.96		63.57		58.48		191.53		148.39		274.47
		Total		480.64		411.15		417.28		891.79		802.40		1,678.91

		- Finance Costs		(404.00)		(406.13)		(353.96)		(810.13)		(688.27)		(1,518.14)
		- Interest Income		368.25		366.63		278.12		734.88		554.55		1,099.47
		- Other un-allocable Income net of expenditure		55.64		47.21		66.51		102.85		141.24		257.82
		Profit before Tax		500.53		418.86		407.95		919.39		809.92		1,518.06

	3	Capital Employed

		- Power Business		8,163.26		8,625.82		7,613.28		8,163.26		7,613.28		9,263.58
		- EPC and Contracts Business		372.32		543.18		696.59		372.32		696.59		935.98
		- Unallocated Assets (net)		13,369.17		12,355.42		13,641.39		13,369.17		13,641.39		10,987.84
		Total		21,904.75		21,524.42		21,951.26		21,904.75		21,951.26		21,187.40
		Standalone Statement of Assets and Liabilities						Rs crore
		Particulars			As at			As at
					30-09-2015			31-03-2015
					(Unaudited)			(Audited)
		A. EQUITY AND LIABILITIES

		(1) Shareholders' Funds
		(a) Share capital			263.03			263.03
		(b) Reserves and Surplus			21,641.72			20,924.37

			Shareholder's Funds		21,904.75			21,187.40

		(2) Non-Current Liabilities
		(a) Long-term borrowings			8,580.73			8,546.32
		(b) Deferred tax liabilities (Net)			318.39			297.39
		(c) Other Long term liabilities			2,347.59			2,627.16
		(d) Long term provisions			380.00			380.00
			Non-current Liabilities		11,626.71			11,850.87

		(3) Current Liabilities
		(a) Short-term borrowings			7,042.50			7,058.02
		(b) Trade payables			4,444.64			3,895.09
		(c) Other current liabilities			5,110.28			5,008.43
		(d) Short-term provisions			1,032.14			570.77
			Current Liabilities		17,629.56			16,532.31
		TOTAL EQUITY AND LIABILITIES			51,161.02			49,570.58
		B. ASSETS
		(1) Non-current assets
		(a) Fixed assets			7,702.59			7,701.74
		(b) Non-current investments			15,417.52			14,875.38
		(c) Long term loans and advances			506.91			474.40
		(d) Other non-current assets			3,688.04			3,807.51
			Non-current Assets		27,315.06			26,859.03

		(2) Current assets
		(a) Current investments			3,448.12			3,231.33
		(b) Inventories			303.22			386.62
		(c) Trade receivables			4,729.35			5,190.61
		(d) Cash and bank balances			549.57			145.63
		(e) Short-term loans and advances			11,788.82			10,766.05
		(f) Other current assets			3,026.88			2,991.31
			Current Assets		23,845.96			22,711.55
		TOTAL ASSETS			51,161.02			49,570.58

Notes:

1. a) 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 depreciable assets / long term monetary items, as the case may be. The Company has carried forward unamortised portion of net gain of Rs 276.36 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2015.

b) Pursuant to the option exercised under the Scheme of Amalgamation of Reliance Infraprojects Limited with the Company sanctioned by the Hon'ble High Court of Judicature at Bombay, net foreign exchange loss of Rs 38.94 crore and Rs 38.72 crore (net off of foreign exchange loss of Rs 73.03 crore and Rs 143.51 crore attributable to finance cost) for the quarter and half year ended September 30, 2015 has been debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had such withdrawal not been done, the Profit before tax for the quarter and half year ended September 30, 2015 would have been lower by Rs 38.94 crore and Rs 38.72 respectively and General Reserve would have been higher by an equivalent amount. The treatment prescribed under the Scheme overrides the relevant provisions of Accounting Standard 5 (AS-5) "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies". This matter has been referred to by the Auditors in their report.

2. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Company, had terminated the Concession Agreement with Delhi Metro Rail Corporation (DMRC) for the Delhi Airport Metro Line, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by DMRC. The operations were taken over by DMRC with effect from July 1, 2013. As per the terms of the Concession Agreement, DMRC is now liable to pay DAMEPL a Termination Payment, which is estimated at Rs 2,823 crore, as the termination has arisen owing to DMRC's Event of Default. The matter has been referred to arbitration and the process for the same is continuing. Pending final outcome of the arbitration, the Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs 69.41 crore and Rs 226.26 crore during the quarter and half year ended September 30, 2015. The total investment made by the Company in DAMEPL upto September 30, 2015 amounts to Rs 1,928.36 crore.

The Company had reviewed the progress in settlement of various claims and also on overall review of financial position of DAMEPL, the Company considered it prudent to write off Rs 1,258.20 crore out of above investment during the previous year ended March 31, 2015. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. This matter has been referred to by the Auditors in their report.

3. 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 4, 2015. The statutory auditors have carried out a limited review of the financial results for the quarter ended September 30, 2015 of the Company, as per listing agreement entered into with the stock exchanges in India.

4. During the quarter, Reliance Smart Cities Pvt. Ltd.has been incorporated as subsidiary of the Company.

5. 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 due within one year)

· Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest on Long Term Debt

6. There were no exceptional and extraordinary items during the quarter and half year ended September 30, 2015.

7. Figures of the previous period / year have been regrouped / reclassified wherever considered necessary. The results for the quarter and half year ended September 30, 2015 include the figures of the two amalgamated subsidiaries Viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited which were amalgamated with effect from April 1, 2014 and effect of which was given in the quarter ended March 31, 2015 and are therefore not comparable with the corresponding previous periods.

For and on behalf of the Board of Directors

Place: Mumbai Anil D. Ambani

Date: November 4, 2015 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGLBDBGDGBGUU

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