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Standalone Results for the qtr ended Sept 30 2014

17th Nov 2014 09:40

RNS Number : 1820X

Reliance Infrastructure Limited

17 November 2014

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, 2014
	Part - I							Rs. crore
Sr. No.	Particulars		Quarter ended			Half year ended		Year ended
			30-09-2014	30-06-2014	30-09-2013	30-09-2014	30-09-2013	31-03-2014
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Income from Operations
	(a) Net Sales / Income from Power Business		1,897.84	1,958.92	1,560.79	3,856.76	3,171.63	6,595.23
	(b) Income from EPC and Contracts Business		552.31	565.38	1,237.52	1,117.69	2,891.19	4,597.01
	(c) Other Operating Income		16.91	11.60	33.49	28.51	47.92	164.69
	Total Income from Operations		2,467.06	2,535.90	2,831.80	5,002.96	6,110.74	11,356.93
2	Expenses
	(a) Cost of Power purchased		832.66	1,014.74	575.42	1,847.40	1,230.22	2,485.19
	(b) Cost of Fuel		287.81	307.85	370.06	595.66	763.98	1,488.90
	(c) Tax on Sale of Electricity		-	-	-	-	-	-
	(c) Construction Materials Consumed and
	Sub-contracting Charges		421.41	404.04	1,059.03	825.45	2,481.44	3,885.95
	(d) Employee benefits expense		244.25	221.68	199.64	465.93	414.72	823.11
	(e) Depreciation and amortisation (Refer Note 4)		120.39	89.75	84.69	210.14	167.48	342.07
	(f) Other Expenses		199.88	157.06	150.87	356.94	303.51	763.03
	Total Expenses		2,106.40	2,195.12	2,439.71	4,301.52	5,361.35	9,788.25
3	Profit from Operations before Other Income (net), finance costs and exceptional items		360.66	340.78	392.09	701.44	749.39	1,568.68
4	Other Income (net) (Refer Note 1(b))		401.25	395.50	300.35	796.75	614.45	1,224.47
5	Profit from Ordinary Activities before finance costs and exceptional items		761.91	736.28	692.44	1,498.19	1,363.84	2,793.15
6	Finance Costs (Refer Note 1(b))		353.96	334.31	231.62	688.27	448.79	996.21
7	Profit from Ordinary Activities before exceptional items		407.95	401.97	460.82	809.92	915.05	1,796.94
8	Exceptional Items		-	-	-	-	-	-
9	Profit from Ordinary Activities before tax		407.95	401.97	460.82	809.92	915.05	1,796.94
10	Tax Expenses (including Deferred Tax & Tax for earlier years)		51.90	80.50	115.00	132.40	195.00	209.00
11	Profit from Ordinary Activities after Tax		356.05	321.47	345.82	677.52	720.05	1,587.94
12	Extraordinary items		-		-			-
13	Profit for the period		356.05	321.47	345.82	677.52	720.05	1,587.94
14	Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)		262.58	262.58	263.03	262.58	263.03	262.58
15	Reserves including Statutory Reserves excluding Revaluation Reserves							20,144.59
16	Earnings Per Share (* not annualised)
	(a) Basic (Rs.)		13.54 *	12.22 *	13.15 *	25.76 *	27.38 *	60.38
	(b) Diluted (Rs.)		13.54 *	12.22 *	13.15 *	25.76 *	27.38 *	60.38
17	Debt Service Coverage Ratio (Refer Note 5)					1.04	1.92	2.11
18	Interest Service Coverage Ratio (Refer Note 5)					3.15	5.30	5.17
	Part - II Selected Information for the quarter ended September 30, 2014
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares		13,53,62,964	13,53,62,964	13,53,63,010	13,53,62,964	13,53,63,010	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		-	-	-	-	-	-
	- 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		12,76,27,036	12,76,27,036	12,76,26,990	12,76,27,036	12,76,26,990	12,76,27,036
	- 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	48.53	48.53	48.53	48.53
B	Investor Complaints		Quarter ended 30-09-2014
	Pending at the beginning of the quarter		Nil
	Received during the quarter		10
	Disposed off during the quarter		10
	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			Half year ended		Year ended
			30-09-2014	30-06-2014	30-09-2013	30-09-2014	30-09-2013	31-03-2014
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1	Segment Revenue
	- Power Business		1,914.54	1,970.29	1,567.84	3,884.83	3,192.48	6,669.49
	- EPC and Contracts Business		552.52	565.61	1,263.96	1,118.13	2,918.26	4,687.44
	Total		2,467.06	2,535.90	2,831.80	5,002.96	6,110.74	11,356.93
	Less : Inter Segment Revenue		-	-	-	-	-	-
	Net Sales / Income from Operations		2,467.06	2,535.90	2,831.80	5,002.96	6,110.74	11,356.93

2	Segment Results
	Profit before Tax and Interest from each segment :
	- Power Business		358.80	295.21	281.16	654.01	530.16	1,238.00
	- EPC and Contracts Business		58.48	89.91	150.70	148.39	296.17	521.48
	Total		417.28	385.12	431.86	802.40	826.33	1,759.48

	- Finance Costs		(353.96)	(334.31)	(231.62)	(688.27)	(448.79)	(996.21)
	- Interest Income		278.12	276.43	171.32	554.55	352.03	750.58
	- Other un-allocable Income net of expenditure		66.51	74.73	89.26	141.24	185.48	283.09
	Profit before Tax		407.95	401.97	460.82	809.92	915.05	1,796.94

3	Capital Employed

	- Power Business		7,613.28	7,854.79	8,239.67	7,613.28	8,239.67	8,086.06
	- EPC and Contracts Business		696.59	568.87	2,301.50	696.59	2,301.50	1,275.78
	- Unallocated Assets (net)		13,641.39	13,169.42	10,209.17	13,641.39	10,209.17	11,930.53
	Total		21,951.26	21,593.08	20,750.34	21,951.26	20,750.34	21,292.37

Standalone Statement of Assets and Liabilities
				Rs. crore
	Particulars		As at	As at
			30-09-2014	31-03-2014
			(Unaudited)	(Audited)
	A. EQUITY AND LIABILITIES

	(1) Shareholders' Funds
	(a) Share capital		262.58	262.58
	(b) Reserves and Surplus		21,688.68	21,029.79

		Shareholder's Funds	21,951.26	21,292.37

	(2) Non-Current Liabilities
	(a) Long-term borrowings		7,580.09	6,712.38
	(b) Deferred tax liabilities (Net)		439.52	482.52
	(c) Other Long term liabilities		2,795.37	2,667.05
	(d) Long term provisions		380.00	380.00
		Non-current Liabilities	11,194.98	10,241.95

	(3) Current Liabilities
	(a) Short-term borrowings		7,081.00	7,346.10
	(b) Trade payables		3,644.75	3,856.35
	(c) Other current liabilities		5,827.03	5,954.79
	(d) Short-term provisions		470.78	434.77
		Current Liabilities	17,023.56	17,592.01

	TOTAL EQUITY AND LIABILITIES		50,169.80	49,126.33
	B. ASSETS
	(1) Non-current assets
	(a) Fixed assets		6,477.72	6,509.07
	(b) Non-current investments		16,269.40	13,449.83
	(c) Long term loans and advances		769.50	2,250.96
	(d) Other non-current assets		3,601.46	3,857.54
		Non-current Assets	27,118.08	26,067.40

	(2) Current assets
	(a) Current investments		3,194.95	4,102.05
	(b) Inventories		238.37	360.60
	(c) Trade receivables		5,014.19	4,722.34
	(d) Cash and bank balances		371.96	201.97
	(e) Short-term loans and advances		10,895.48	10,090.19
	(f) Other current assets		3,336.77	3,581.78
		Current Assets	23,051.72	23,058.93

	TOTAL ASSETS		50,169.80	49,126.33

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 such items. Accordingly, the Company has carried forward unamortised portion of net gain of Rs. 252.64 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2014.

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. 41.97 crore and Rs. 41.91 crore (net off of foreign exchange loss of Rs.110.50 crore and Rs. 161.78 crore attributable to finance cost) for the quarter and half year ended September 30, 2014 respectively has been debited to Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and half year ended September 30, 2014 would have been lower by Rs. 41.97 crore and Rs. 41.91 crore respectively. 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.

2. Delhi Airport Metro Express Private Limited (DAMEPL), 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 and 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 has been 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. 63.32 crore and Rs.122.67 crore in the current quarter and half year ended September 30, 2014 respectively. As legally advised, the claims for the Termination Payment are considered fully enforceable and the Company is confident of recovering its entire investment of Rs.1,572.88 crore in DAMEPL as at September 30, 2014. This matter has been referred to by the Auditors in their report.

3. The Board of directors, vide resolution dated November 11, 2013, had approved the Scheme of Amalgamation of two wholly owned subsidiaries of the company viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited with the Company. The Hon'ble High Court at Mumbai vide its order dated July 15, 2014 has sanctioned the said Scheme subject to obtaining the requisite approvals. Pending the receipt of requisite approvals, no effect of the Scheme has been given in the accounts.

4. Pursuant to the option given in notification dated August 29, 2014 issued by Ministry of Corporate Affairs (MCA) relating to assets whose life has expired as on March 31, 2014, the WDV of those assets amounting to Rs. 4.75 Crore, which was charged off to General Reserves during the previous quarter is now charged off to Statement of Profit and Loss.

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. 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 12, 2014. The statutory auditors have carried out a limited review of the financial results for the quarter ended September 30, 2014 of the Company, as per listing agreement entered into with the stock exchanges in India.

7. 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 12, 2014 Chairman

This information is provided by RNS

The company news service from the London Stock Exchange

END

IMSGCBDBRGBBGSR

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