REG - Reliance Infra Ld - Annual Financial Report
22/06/2022 14:00
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RNS Number : 8347P Reliance Infrastructure Limited 22 June 2022
Reliance Infrastructure Limited
Registered Office: Reliance Centre, Ground Floor, 19 Walchand Hirachand Marg,
Ballard Estate, Mumbai 400 001
website: www.rinfra.com CIN L75100MH1929PLC001530
Statement of Consolidated Financial Results for the quarter and year ended
March 31, 2022
(Rs Crore)
Sr. No. Particulars Quarter Ended Year Ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Unaudited (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 9 Refer Note 9
1 Income from Operations 4,159.84 4,201.99 4,178.89 18,411.10 16,704.58
2 Other Income (net) (Refer Note 9) 307.77 79.46 3,681.92 721.45 4,210.31
Total Income 4,467.61 4,281.45 7,860.81 19,132.55 20,914.89
3 Expenses
Cost of Power Purchased 2,154.86 2,487.10 2,213.28 11,075.61 10,307.32
Cost of Fuel and Materials Consumed 5.13 5.64 4.96 19.99 13.76
Construction Material Consumed and Sub-Contracting Charges 507.30 289.55 722.31 1,443.52 1,444.09
Employee Benefit Expenses 280.49 280.99 378.59 1,086.35 1,091.37
Finance Costs 527.07 504.38 701.76 2,060.42 2,726.74
Late Payment Surcharge (Refer Note 9) (249.64) 552.93 547.96 1,418.95 2,142.78
Depreciation and Amortization Expenses 330.80 329.92 324.08 1,283.43 1,352.10
Other Expenses 431.13 378.15 346.75 1,538.99 1,465.64
Total Expenses 3,987.14 4,828.66 5,239.69 19,927.26 20,543.80
4 Profit before Rate Regulated Activities ,Exceptional Items and Tax (1+2-3) 480.47 (547.21) 2,621.12 (794.71) 371.09
5 Regulatory Income / (Expenses) (net of deferred tax) (921.98) 644.79 564.10 138.42 2,441.23
6 Profit / (Loss) before Exceptional Items and Tax (4+5) (441.51) 97.58 3,185.22 (656.29) 2,812.32
7 Exceptional Items Income/ (Expenses) (net) - - 30.86 - 126.34
8 Profit / (Loss) before tax (6+7) (441.51) 97.58 3,216.08 (656.29) 2,938.66
9 Tax Expenses
Current Tax 0.77 4.10 0.27 12.08 20.53
Deferred Tax (net) 2.66 1.38 (11.00) 11.27 (104.25)
Taxation for Earlier Years (net) (2.23) 0.21 0.01 (0.80) (83.38)
Total Tax Expenses 1.20 5.69 (10.72) 22.55 (167.10)
10 Profit / (Loss) before Share in associates and joint venture (8-9) (442.71) 91.89 3,226.80 (678.84) 3,105.76
11 Share of net Profit / (Loss) of associates and joint venture accounted for (122.37) (0.94) 2.98 (128.88) 9.89
using the equity method
12 Non Controlling Interest (115.95) 197.86 1,618.76 130.67 1,990.40
13 Net Profit/(Loss) for the period/year (10+11-12) (449.13) (106.91) 1,611.02 (938.39) 1,125.25
14 Other Comprehensive Income/(Loss) (OCI)
Remeasurements of net defined benefit plans : Gains / (Loss) 21.51 (5.58) (12.91) 4.72 (21.09)
Net movement in Regulatory Deferral Account balances related to OCI (24.22) 5.89 11.48 (6.81) 23.48
Income tax relating to the above (0.68) 0.09 0.59 (0.40) 0.34
Items that will be reclassified to Profit and Loss
Foreign currency translation Gain/(Loss) 0.73 (0.01) - 0.68 -
Other Comprehensive Income, net of taxes (2.66) 0.39 (0.84) (1.81) 2.73
15 Total Comprehensive Income/(Loss) for the period/year (567.74) 91.34 3,228.94 (809.53) 3,118.38
16 Profit / (Loss) attributable to :
(a) Owners of the Parent (449.13) (106.91) 1,611.02 (938.39) 1,125.25
(b) Non Controlling Interest (115.95) 197.86 1,618.76 130.67 1,990.40
(565.08) 90.95 3,229.78 (807.72) 3,115.65
17 Other Comprehensive Income/(Loss) attributable to :
(a) Owners of the Parent (0.97) 0.05 (1.70) (1.00) 1.19
(b) Non Controlling Interest (1.69) 0.34 0.86 (0.81) 1.54
(2.66) 0.39 (0.84) (1.81) 2.73
18 Total Comprehensive Income/(Loss) attributable to :
(a) Owners of the Parent (450.10) (106.86) 1,609.32 (939.39) 1,126.44
(b) Non Controlling Interest (117.64) 198.20 1,619.62 129.86 1,991.94
(567.74) 91.34 3,228.94 (809.53) 3,118.38
19 Paid up equity Share Capital (Face Value of ` 10/- each) 263.03 263.03
20 Other Equity 12,300.88 10,597.41
21 Earnings Per Equity Share ( in `) (face value of ` 10
each) (not
annualised for the quarter)
a) Earnings Per Equity Share
Basic & Diluted (17.08) (4.07) 61.26 (35.68) 42.79
b) Earnings Per Equity Share (before effect of withdrawal from scheme) : (Refer
Note 18)
Basic & Diluted (17.08) (4.07) 61.72 (35.68) 40.82
c) Earnings Per Equity Share (before regulatory activities) :
Basic & Diluted 17.98 (28.58) 39.81 (40.94) (50.04)
Reliance Infrastructure Limited
Consolidated Segment-wise Revenue, Results and Capital Employed
(Rs Crore)
Sr. No. Particulars Quarter Ended Year Ended
31-03-2022 31-12-2021 31-03-2021 31-03-2022 31-03-2021
(Unaudited) Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 9 Refer Note 9
1 Segment Revenue
- Power Business (Refer Note 9) 2,377.08 4,221.36 6,912.39 15,878.85 19,631.40
- Engineering and Construction Business 533.69 330.90 810.60 1,602.79 1,746.63
- Infrastructure Business 327.09 294.52 270.08 1,067.88 1,017.86
Total 3,237.86 4,846.78 7,993.07 18,549.52 22,395.89
Less: Inter Segment Revenue - - - - -
Net Sales / Income from Continuing Operations (Including Regulatory Income 3,237.86 4,846.78 7,993.07 18,549.52 22,395.89
/(Expense))
2 Segment Results
Profit before Interest, Tax, Share in Associates, Joint Venture and Non
Controlling Interest from each segment:
- Power Business (Refer Note 9) (367.43) 1,119.95 3,984.30 2,324.89 6,801.49
- Engineering and Construction Business (6.92) 11.86 51.21 35.33 163.79
- Infrastructure Business 37.99 58.20 45.65 114.95 100.76
Total (336.36) 1,190.01 4,081.16 2,475.17 7,066.04
- Finance Costs (527.07) (504.38) (701.76) (2,060.42) (2,726.74)
- Late Payment Surcharge 249.64 (552.93) (547.96) (1,418.95) (2,142.78)
- Interest Income 58.57 28.66 40.77 153.51 146.77
- Exceptional Item - - 30.86 - 126.34
- Other un-allocable Income net of expenditure 113.71 (63.78) 313.01 194.40 469.03
(441.51) 97.58 3,216.08 (656.29) 2,938.66
Profit before Tax
3 Segment Assets
Power Business 31,650.63 32,385.18 31,020.89 31,650.63 31,020.89
Engineering and Construction Business 3,545.36 4,897.29 4,551.52 3,545.36 4,551.52
Infrastructure Business 12,748.29 13,202.25 14,841.59 12,748.29 14,841.59
Unallocated Assets 13,002.63 12,381.98 10,052.26 13,002.63 10,052.26
60,946.91 62,866.70 60,466.26 60,946.91 60,466.26
Non Current Assets held for sale 1,742.32 1,741.01 1,697.15 1,742.32 1,697.15
Total Assets 62,689.23 64,607.71 62,163.41 62,689.23 62,163.41
4 Segment Liabilities
Power Business 19,927.68 23,502.67 19,392.75 19,927.68 19,392.75
Engineering and Construction Business 3,589.06 4,650.29 4,458.10 3,589.06 4,458.10
Infrastructure Business 4,588.00 4,144.12 4,664.03 4,588.00 4,664.03
Unallocated Liabilities 20,649.66 19,584.81 21,463.46 20,649.66 21,463.46
48,754.40 51,881.89 49,978.34 48,754.40 49,978.34
Liabilities relating to assets held for sale 1,370.92 1,368.64 1,324.63 1,370.92 1,324.63
Total Liabilities 50,125.32 53,250.53 51,302.97 50,125.32 51,302.97
Reliance Infrastructure Limited
Consolidated Statement of Assets and Liabilities
(Rs Crore)
Particulars As at As at
March 31, 2022 March 31, 2021
(Audited) (Audited)
Refer Note 9
Non-current assets
Property, plant and equipment 8,792.01 8,765.69
Capital work-in-progress 860.45 874.96
Goodwill on Consolidation 76.75 76.75
Concession intangible assets 8,940.90 9,461.71
Other Intangible assets 1,192.08 1,200.36
Intangible assets under development 1,337.67 1,149.82
Financial assets
Investments 4,853.50 1,768.10
Trade receivables 11.51 86.37
Loans 0.41 0.53
Other financial assets 322.23 286.30
Deferred tax assets (net) 130.03 169.27
Advance Tax Assets (net) 44.51 82.03
Other non current assets 119.09 160.88
26,681.14 24,082.77
Current assets
Inventory 66.26 72.66
Financial assets
Investments 2.80 0.99
Trade receivables 4,113.57 3,925.57
Cash and cash equivalents 981.66 632.18
Bank Balance other than Cash and cash equivalents 259.71 293.69
Loans 4,673.80 5,216.97
Other financial assets 2,373.11 4,304.72
Current Income Tax Assets 75.62 26.25
Other current assets 1,118.88 1,515.80
13,665.41 15,988.83
Assets classified as held for sale 1,742.32 1,697.15
Regulatory deferral account debit balances and related deferred tax balances 20,600.36 20,394.66
Total assets 62,689.23 62,163.41
Equity
Share capital 263.03 263.03
Other equity 12,300.88 10,597.41
Equity attributable to the owners of the Company 12,563.91 10,860.44
Non Controlling Interest 3,927.17 3,774.72
Total Equity 16,491.08 14,635.16
Non-current liabilities
Financial Liabilities
Borrowings 5,452.25 6,472.90
Lease Liabilities 63.67 63.08
Trade payables
Total outstanding dues to Micro and Small Enterprises - -
Total outstanding dues to Others 15.49 18.16
Other financial liabilities 2,600.54 2,416.20
Provisions 684.53 659.10
Deferred tax liabilities 398.63 426.51
Other non-current liabilities 3,087.21 3,091.92
12,302.32 13,147.87
Current liabilities
Financial Liabilities
Borrowings 7,194.92 7,357.14
Lease Liabilities 7.00 14.10
Trade payables
Total outstanding dues to Micro and Small Enterprises 108.50 60.26
Total outstanding dues to Others 16,773.32 16,407.31
Other financial liabilities 4,996.45 4,582.45
Other current liabilities 2,808.34 3,932.35
Provisions 168.07 256.71
Current tax liabilities (net) 468.31 445.43
32,524.91 33,055.75
Liabilities relating to assets held for sale 1,370.92 1,324.63
Total Equity and Liabilities 62,689.23 62,163.41
Notes:
1. The Consolidated Financial Results of Reliance Infrastructure Limited
(the 'Parent Company'), its subsidiaries (together referred to as the
"Group"),associates and joint ventures for the quarter and year ended March
31, 2022 have been prepared in accordance with Indian Accounting Standards
(Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with
Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the
Companies (Indian Accounting Standards) (Amendment) Rules, 2016.
2. COVID-19 pandemic has impacted business across the globe and India,
causing significant disturbance and slowdown of economic activities. The Group
has considered all possible impact of COVID-19 in preparation of the
consolidated financial results, including assessment of the recoverability of
financial and non financial assets based on the various internal and external
information and assumptions relating to economic forecasts up to the date of
approval of these financial results. The aforesaid assessment is based on
projections and estimations which are dependent on future development
including government policies. Any changes due to the changes in
situations/circumstances will be taken into consideration, if necessary, as
and when it crystallizes.
3. The Parent Company at its Board Meeting dated September 25, 2021 has
approved issue of unsecured foreign currency convertible bonds (FCCBs) upto
U.S.$100 million maturing at the end of 10 years and 1 day from the issue date
or the date of the FCCBs being fully paid up, whichever is later, with a
coupon rate of 4.5% p.a. on private placement basis. The FCCBs shall be
convertible into approximately 6.64 crore equity shares of Rs.10 each of the
Parent Company in accordance with the terms of the FCCBs, at a price of Rs.
111 (including a premium of Rs. 101) per equity share.
4. Hon'ble Supreme Court on September 9, 2021 upheld the arbitral award in
favour of Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary
of the Parent Company, in the matter of the dispute between DAMEPL and Delhi
Metro Rail Corporation Limited (DMRC), arising due to the termination of the
Concession Agreement for Delhi Airport Metro Express Line Project by DAMEPL.
DMRC was consequently directed to pay termination payment and other
compensation, totaling to Rs. 2,945 crore plus pre-award and post-award
interest up to the date of payment to DAMEPL. DAMEPL had filed execution
petition dated September 10, 2021 before Hon'ble Delhi High Court seeking
execution of the Award against DMRC. In view of the above, DAMEPL has
continued to prepare its financial results on a 'Going Concern' basis.
DMRC had deposited Rs.1,000 crore on December 8, 2021, Rs. 600 crore on
February 23, 2022 and Rs. 166.44 crore on March 14, 2022, in the escrow
account of DAMEPL, as per Hon'ble Delhi High Court's interim orders from time
to time. DAMEPL has utilised the amount for its debt repayments. Hon'ble High
Court of Delhi on March 10, 2022, in its Final Order, directed DMRC to make
payment of Rs. 824.10 crore within two weeks' time and the remaining amount in
two equal instalments on or before April 30, 2022 and May 31, 2022
respectively.
Being aggrieved by a particular paragraph of the judgment dated March 10,
2022, DAMEPL filed a Special Leave Petition before Hon'ble Supreme Court,
limited to the issue of interest on pre-award interest, which was dismissed on
May 5, 2022. DAMEPL is evaluating the judgment and contemplates to go for
review against the judgment and will be filing suitable proceedings for speedy
realization of the sums receivable.
5. Certain subsidiaries and associates, which have continued to prepare
its financial results on a 'Going Concern' basis and related disclosures made
in their separate financial results for the quarter and year ended March 31,
2022.The details thereof together with the reasons for preparation of the
respective financial results on 'Going Concern' basis are summarised below:
a) Mumbai Metro One Private Limited (MMOPL), a subsidiary of the Parent
Company, its net worth has been eroded, its current liabilities have exceeded
its current assets and it has an overdue obligations payable to its lenders.
MMOPL is taking a number of steps to improve overall commercial viability
which will result in an improvement in its cash flows and enable to meet its
financial obligations. It had shown year-on-year growth in passenger traffic
and its revenue had been sufficient to recover its operating costs and
EBITA(Earnings before Interest, Tax and Amortization),had been positive until
shutdown of metro operations ordered by government authorities due to COVID-19
pandemic. Metro operations were suspended for about seven months during
financial year 2020-21 and ridership continued to be lower thereafter due to
COVID lockdown. However, MMOPL is entitled to get the extension of the
concession period to compensate the continuing revenue loss. Additionally, the
overall infrastructure facility has a long useful life and the remaining
period of concession is approximately 24 years. The Parent Company will
endeavour to provide necessary support to enable MMOPL to operate as a going
concern and accordingly, the financial results of MMOPL have been prepared on
a 'Going Concern' basis.
b) The loan accounts of GF Toll Road Private Limited (GFTR),a wholly
owned subsidiary of the Parent Company, have been classified as Non-Performing
Asset (NPA) by its consortium lenders. While there are some over dues relating
to principal amount, GFTR has been regular in paying the monthly interest and
it has paid interest upto March 31, 2022. GFTR is at an advanced stage of
implementing restructuring/Resolution Plan (RP).Further GFTR has filed
arbitration claims and is confident of a favourable outcome, which will
further improve its financial position. In view of the above, GFTR continues
to prepare its financial results on a 'Going Concern' basis.
c) The current liabilities of TK Toll Road Private Limited (TKTR), a
wholly owned subsidiary of the Parent Company, exceeded its current assets.
TKTR is undertaking number of steps which will result in improvement of cash
flows and enable it to meet its financial obligations. The revenue of TKTR
have been sufficient to recover its operating costs and EBITA (Earnings before
Interest, Tax & Amortisation), which have been positive since commencement
of its operation. Additionally, it has long concession period extending upto
financial year 2038 and its existing cash flow issues on account of mismatch
in the repayment schedule vis-a-vis the concession period.
TKTR is in active discussions with its lenders for debt resolution/one time
settlement scheme. Further, TKTR has filed arbitration claims worth Rs. 1,606
crore and is confident of a favourable outcome, which will further improve the
financial position. Notwithstanding the dependence on above said material
uncertain events, TKTR continues to prepare its financial results on a 'Going
Concern' basis.
d) The Current Liabilities of TD Toll Road Private Limited (TDTR), a
wholly owned subsidiary of the Parent Company, exceeded its current assets.
TDTR is undertaking a number of steps which will result in an improvement in
its cash flows and enable it to meet its financial obligations. The revenue of
TDTR has been sufficient to recover its operating costs and EBITA (Earnings
before Interest, Tax & Amortisation),which has been positive since the
commencement of its operation. Additionally, it has a long concession period
extending upto financial year 2038 and its current cash flow issue is on
account of mismatch in the repayment schedule vis-a-vis the concession period.
One of the lenders, invoked the insolvency process under the Insolvency and
Bankruptcy Code, 2016 (IBC) against it, before Hon'ble National Company Law
Tribunal (NCLT), Mumbai Bench, for non-payment of interest and instalments
payable under the Rupee Term Loan Agreement. The said petition was admitted
and Resolution Professional (RP) appointed. The Parent Company's Appeal
against the said Order of Hon'ble NCLT was negatived by Hon'ble National
Company Law Appellate Tribunal (NCLAT). ThereafterCommittee of Creditors (CoC)
was constituted. The RP invited and received bids from prospective applicants
and the Parent Company also submitted ano ffer for debt resolution under
Section 12A of the IBC. The CoC has accepted the bid of one of the resolution
applicants and has submitted the same to NCLT for its approval. The Parent
Company understands that its proposal is better than the bid accepted by the
CoC and has filed an application with NCLT to give directions to CoC to
consider OTS offer made by the Parent Company.
Further TDTR has received, arbitral award in the financial year 2018 worth Rs.
158.45 crore plus post award interest, which will strengthen its financial
position.A Civil Appeal to set aside the impugned order of Hon'ble NCLAT was
filed by one of the Directors of TDTR before Hon'ble Supreme Court. An
Interlocutory Application was filed in the said Civil Appeal, which was heard
on January 3, 2022 and the Hon'ble Supreme Court granted a stay against the
NCLT proceedings till further order.Notwithstanding the dependence on above
said material uncertain events, TDTR continues to prepare its financial
results on a 'Going Concern' basis.
e) In case of JR Toll Road Private Limited (JRTR), a wholly owned
subsidiary of the Parent Company, the net worth has eroded as at March 31,
2022. However the revenues of JRTR have been sufficient to recover the
operating costs and the EBITA (Earnings before Interest, Tax &
Amortisation) has been positive since the commencement of the operations. JRTR
is undertaking a number of steps which will result in an improvement in cash
flows and enable the Company to meet its financial obligations comfortably.
The Company is also in discussion with its lender for restructuring of its
loans and the proposal is at an advance stage of implementation. . Further the
Company has filed arbitration claim worth of Rs. 239 crore and is confident of
favourable outcome, which will further improve the financial position of the
Company. Notwithstanding the dependence on above said material uncertain
events, JRTR continues to prepare the financial statements on a 'Going
Concern' basis.
f) Notwithstanding the dependence on these materials uncertain events
including achievement of debt resolution and restructuring of loans, time
bound monetisation of assets as well as favourable and timely outcome of
various claims, the Group is confident that such cash flows along with DAMEPL
arbitral award would enable it to service its debt, realise its assets and
discharge its liabilities, including devolvement of any guarantees/support to
certain entities including the subsidiaries and associates in the normal
course of its business. The Parent Company has repaid substantial debt during
the previous financial year vis a vis certain debts repayment in the current
financial year and is confident of meeting of balance obligations.
Accordingly, the consolidated financial results of the Group have been
prepared on a "Going Concern" basis.
6. KM Toll Road Private Limited (KMTR), a subsidiary of the Parent
Company, has terminated the Concession Agreement with National Highways
Authority of India (NHAI) for KandlaMundra Road Project (Project) on May 7,
2019, on account of Material Breach and Event of Default under the provisions
of the Concession Agreement (Agreement) by NHAI. The operation of the Project
has been taken over by NHAI. In terms of the provisions of the Agreement, NHAI
is liable to pay a termination payment to KMTR, as the termination has arisen
owing to NHAI's Event of Default and it has also raised further claims towards
damages for the breaches of NHAI. KMTR has invoked dispute resolution process
under clause 44 of the Agreement. Subsequently on August 24, 2020 NHAI has
releasedRs.181.21 crore towards termination payment, which was utilized toward
debt servicing.
As a part of the dispute resolution, KMTR has invoked arbitration and it is
confident of a fair outcome. KMTR filed its statement of claims before
Arbitral Tribunal claiming termination payment of Rs. 866.14 crore as the
termination has arisen owing to NHAI's Event of Default (this amount is
arrived at after adjusting the amount of aforementioned payment received from
NHAI). KMTR has also filed further claims of Rs. 981.63 crore towards damages
for the breaches of NHAI as per the Agreement. Pending final outcome of the
dispute resolution process and as legally advised, the claims for the
Termination Payment are considered fully enforceable.
Notwithstanding the dependence on the above material uncertain events, KMTR
continues to prepare its financial results on a "Going Concern" basis. The
Group is confident of recovering its entire investments in KMTR of Rs. 544.94
crore and hence, no provision for impairment is considered in the financial
results. The Investmentsin the KMTR are classified as Non Current Assets held
for sale as per Ind AS 105, "Non-Current Assets Held for Sale and Discontinued
Operations".
7. Delhi Electricity Regulatory Commission (DERC) has issued Tariff Orders
for truing up revenue gap upto March 31, 2020 vide its various Tariff Orders
from September 29, 2015 to September30, 2021 with certain disallowances, for
two subsidiaries of the Parent Company, namely, BSES Rajdhani Power Limited
(BRPL) and BSES Yamuna Power Limited (BYPL) (Delhi Discoms). Delhi Discoms
have filed appeals against these Orders before Hon'ble Appellate Tribunal for
Electricity (APTEL). Based on legal opinion the impacts of such disallowances,
which are subject matter of appeal, have not been considered in the
computation of regulatory assets for the respective years. This matter has
been referred to by Delhi Discoms auditors in their report as an Emphasis of
Matter.
8. Delhi Discoms has received notice from power utilities for regulation
(suspension) of power supply on February 1, 2014 due to delay in payments. The
Delhi Discoms filed a Writ Petition against the notice before the Hon'ble
Supreme Court (SC) and prayed for suitable direction from Hon'ble SC to DERC
for providing cost reflective tariff and giving a roadmap for liquidation of
the accumulated Regulatory Assets. The Hon'ble SC in its interim order
directed the Delhi Discoms to pay the current dues (w.e.f. January 1, 2014).
On July 3, 2014 the court took note that Delhi Discoms paid 100% payment of
its current dues. All contentions and disputes were kept open to be considered
later. The Delhi Discoms sought modification of the said order so as to allow
them to pay 70% of the current dues which was allowed by Hon'ble SC in respect
of Delhi Power Utilities only on May 12, 2016. On April 11, 2019 new interim
application have been filed by Delhi Power Utilities in pending contempt
petitions of 2015 alleging non compliance of Supreme Court Order regarding
payment of current dues. On November 28, 2019, Counsel for Delhi Power
Utilities requested for early hearing of the Contempt petitions. These matters
along with Writ Petitions were listed on January 7, 2020 before Hon'ble Court.
The Hon'ble Court on the request of Delhi Discoms directed that, all connected
matters be tagged with Writ and Contempt Petitions. An application was filed
by Delhi Discoms in November 2021 for early hearing of Two Tariff Appeals
(filed by DERC) and other matters connected with the Writ Petition. The
appeals filed by DERC were heard on November 30, 2021 and December 1, 2021.
Hon'ble SC by Order dated December 1, 2021 dismissed the aforesaid Tariff
Appeals and another Civil Appeal filed by DERC, holding that no substantial
questions of law are involved. Hon'ble SC has directed listing of matters on
January 25, 2022 and further on May 10, 2022, however, the matter got
adjourned. Next date of hearing is not fixed. DERC has also filed compliance
report in Civil Appeal No 884 / 980 of 2010. This matter has been referred to
by Delhi Discoms auditors in their report as an Emphasis of Matter.
9. The Ministry of Power (MoP), Government of India vide its advisory
dated August 20, 2020 and notification dated February 22, 2021 on Late Payment
Surcharge (LPSC),notified that LPSC on power purchase overdue is linking to
marginal cost of fund based on lending rate of State Bank of India, which
works out to 12% p.a. Delhi Discoms had booked LPSC till financial year
2020-21 based on the terms of respective Power Purchase Agreement (PPA),
applicable regulations of Central Electricity Regulatory Commission
(CERC)/Delhi Electricity Regulatory Commission (DERC) and /or agreed terms
with power Generators/Transmitters and MoP Rules.
Consequent to the above advisory/notification, Delhi Discoms have been
reworked LPSC retrospectively and excess LPSC provision have been written back
in their current financial statements and restated the previous financial year
figures, in accordance with the requirement of Ind AS-8"Accounting Policies,
Changes in Accounting Estimates and Errors" and Ind AS-1 "Presentation of
Financial Statements".
Accordingly, the Parent Company has restated the figures of quarter and year
ended March 31, 2021 related to Balance Sheet, Statement of Profit and Loss,
Statement of Changes in Equity, Profit and Loss and Cash Flow Statement in the
current year financial statements for the reasons as stated above.
10. Vidarbha Industries Power Limited(VIPL), a wholly owned subsidiary of
Reliance Power, an associate of the Parent Company has incurred operating
losses during the current period as well as in the previous year and its
current liabilities exceeds its current assets. VIPL's ability to meet its
obligation is dependent on outcome of material uncertain events pending before
various forum i.e. Appellate Tribunal for Electricity (APTEL), Hon'ble Supreme
Court (SC). Lender's Application filed under Section 7 of the Insolvency and
Bankruptcy Code, 2016 (IBC)pending before Hon'ble National Company Law
Tribunal (NCLT). VIPL has been in discussion with all its lenders for a
resolution outside the Corporate Insolvency Resolution Process (CIRP). In view
of the above, accounts of the VIPL have been prepared on a "Going Concern"
basis. This has been referred by VIPL auditors in their report as a
qualification.
11. The lenders of VIPL had entered into an Inter-Creditor Agreement (ICA)
on July 6, 2019 for debt resolution and VIPL had subsequently submitted debt
resolution plan on various occasions to its lenders for their review and
approval. The proposed debt resolution plan among other proposals included a
proposal for waiver of entire interest outstanding on the loan. The ICA
expired on January 3, 2020. Post the expiry of ICA, VIPL has been pursuing
debt resolution with its lenders.
VIPL is confident of an early resolution including the proposal of waiver of
outstanding interest to its lenders. Pending the outcome of the debt
resolution, the VIPL has not provided interest for the quarter and year ended
March 31, 2022 of Rs. 102.71 crore and Rs. 358.08 crore respectively. VIPL has
also not provided interest for the previous year 2020-21 amounting to Rs.
340.78 crore. The same shall be considered in subsequent period on completion
of resolution with its lenders. This has been referred by VIPL auditors in
their report as a qualification.
12. The Parent Company has net receivables aggregating to Rs.1,677 crore
from Reliance Power Group as at March 31,2022. Management has recently
performed an impairment assessment of these receivables by considering
inter-alia the valuations of the underlying subsidiaries of Reliance Power
which are based on their value in use (considering discounted cash flows) and
valuations of other assets of Reliance Power/its subsidiaries based on their
fair values, which have been determined by external valuation experts. The
determination of the value in use/fair value involves significant management
judgement and estimates on the various assumptions including relating to
growth rates, discount rates, terminal value, time that may be required to
identify buyers, negotiation discounts etc. Accordingly, based on the
assessment, impairment of said receivables is not considered necessary by the
Management.
13. The Reliance Group of companies of which the Parent Company is a part,
supported an independent company, in which the Parent Company holds less than
2% of equity shares ("EPC Company") to inter-alia undertake contracts and
assignments for the large number of varied projects in the fields of Power
(Thermal, Hydro and Nuclear), Roads, Cement, Telecom, Metro Rail, etc. which
were proposed and/or under development by the Reliance Group. To this end
along with other companies of the Reliance Group the Parent Company funded EPC
Company by way of project advances, subscription to debentures and inter
corporate deposits. The total exposure of the Parent Company as on March 31,
2022 was Rs. 6,526.82 crore, net of provision of Rs. 3,972.17 crore and the
Parent Company has also provided corporate guarantees aggregating of Rs. 1,775
crore. The activities of EPC Company have been impacted by the reduced project
activities of the companies of the Reliance Group. While the Parent Company is
evaluating the nature of relationship; if any, with the independent EPC
Company, based on the analysis carried out in earlier years, the EPC Company
has not been treated as related party.
Given the huge opportunity in the EPC field particularly considering the
Government of India's thrust on infrastructure sector coupled with increasing
project and EPC activities of the Reliance Group, the EPC Company with its
experience will be able to achieve substantial project activities in excess of
its current levels, thus enabling the EPC Company to meet its obligations.
Based on the available facts, the provision made will be adequate to deal with
any contingency relating to recovery from the EPC Company. The Company has
further provided corporate guarantees of Rs.4,895.87 crore on behalf of
certain companies towards their borrowings. As per the reasonable estimate of
the Management of the Company, it does not expect any obligation against the
above guarantee amount.
14. The listed non convertible debentures of Rs. 1,064.29 crore as on March
31, 2022 are secured by way of first pari-passu charge on certain fixed assets
and investments. There are certain shortfalls in the security cover.
15. During the quarter, the Parent Company has sold its entire investments
in its wholly owned subsidiary i.e. Utility Infrastructure & Works Private
Limited
16. In the financial year 2019-20, the Group had adjusted the loss on
invocation / mark to market (required to be done due to invocation of shares
by the lenders) of Rs. 5,312.02 Crore against the capital reserve/capital
reserve on consolidation. The auditors in their report had mentioned that the
above treatment is not in accordance with the Ind AS 1, "Presentation of
Financial Statements", Ind AS 109, "Financial Instruments" and Ind AS 28,
"Investment in Associates and Joint Ventures".
17. The Group operates in three segments, namely, Power, Engineering and
Construction (E&C) and Infrastructure. Power segment comprises of
generation, transmission and distribution of power at various locations.
E&C segment renders comprehensive, value added services in construction,
erection and commissioning and Infrastructure includes businesses with respect
to development, operation and maintenance of toll roads, metro rail transit
systems and airports.
18. Other income for the quarter and year ended March 31, 2022 includes ;
(i) Foreign exchange gain of Rs.26.94 crore and 55.23 crore
respectively. The Corresponding impact during the previous period and year was
considered in the General Reserve. Figures for the previous periods and year
are not comparable with quarter and year ended March 31, 2022 to that extent.
(ii) Gain of Rs. 127.97 crore, on transfer of participating interest
in one of the joint operation by Parent Company i.e. RInfra-Astaldi JV.
19. The figures for the quarter ended March 31, 2022 and March 31, 2021 are
the balancing figures between the audited figures in respect of the full
financial year and the published year to date figures up to the nine months of
the respective financial year. The previous financial year/period figures have
been regrouped wherever necessary to confirm to current half year and year
ended presentation.
20. The Code on Social Security, 2020 relating to employee benefits during
employment and post- employment benefits has received presidential assent.
However the effective date of the code and final rules are yet to be notified.
The Group will assess the impact once the subject rules are notified and will
give appropriate impact in its financial statements in the period in which,
the Code becomes effective.
21. After review by the Audit Committee, the Board of Directors of the
Parent Company has approved the consolidated audited financial results at
their meeting held on May 13, 2022.
22. Key standalone financial information is given below.
(Rs. in crore)
Particulars Quarter Ended Year Ended
(Unaudited) (Audited)
31-Mar-22 31-Dec-21 31-Mar-21 31-Mar-22 31-Mar-21
Total Operating Income 436.06 320.21 776.87 1,467.37 1,689.15
Profit /(Loss) before Tax (68.56) (192.49) 110.27 (363.96) (111.52)
Total Comprehensive Income/(Loss) (70.83) (193.27) 126.69 (369.20) (18.87)
For and on behalf of the Board of Directors
Place:
Mumbai
Punit Garg
Date: May 13,
2022
Executive Director and Chief Executive Officer
Auditor's Report on the consolidated financial results of Reliance
Infrastructure Limited for the quarter and year ended March 31, 2022 pursuant
to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015
Independent Auditor's Report
To the Board of Directors of Reliance Infrastructure Limited ("the Holding
Company")
Report on the Audit of Consolidated Financial Results
Disclaimer of Opinion
We were engaged to audit the accompanying consolidated financial results of
Reliance Infrastructure Limited (hereinafter referred to as the 'the Holding
Company") and its subsidiaries (Holding Company and its subsidiaries together
referred to as "the Group"), its associates and jointly controlled entities
for the quarter and year ended March 31, 2022, ("consolidated financial
results","the Statement") attached herewith, being submitted by the Holding
Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended
('Listing Regulations').
Because of the substantive nature and significance of the matter described in
the "Basis for Disclaimer of Opinion", we have not been able to obtain
sufficient appropriate audit evidence to provide the basis of our opinion as
to whether these consolidated financial results:
(i) Include the results of the entities listed in Annexure 1;
(ii) are presented in accordance with the requirements of Regulation 33 of
the Listing Regulations in this regard; and
(iii) give a true and fair view in conformity with the applicable Indian
Accounting Standards, and other accounting principles generally accepted in
India, of net loss and other comprehensive loss and other financial
information of the Group for the quarter and year ended March 31, 2022.
Basis for Disclaimer of Opinion
1. We refer to Note 13 to the consolidated financial results regarding
the Holding Company has exposure in an EPC Company as on March 31, 2022
aggregating to Rs. 6526.82Crore (net of provision of Rs. 3,972.17Crore).
Further, the Company has also provided corporate guarantees aggregating to Rs.
1,775Crore on behalf of the aforesaid EPC Company towards borrowings of the
EPC Company.
According to the Management of the Holding Company, these amounts have been
funded mainly for general corporate purposes and towards funding of working
capital requirements of the party which has been engaged in providing
Engineering, Procurement and Construction (EPC) services primarily to the
Holding Company and its subsidiaries and its associates and the EPC Company
will be able to meet its obligation.
As referred to in the above note, the Holding Company has further provided
Corporate Guarantees of Rs. 4,895.87Crore in favour of certain companies
towards their borrowings.According to the Management of the Company these
amounts have been given for general corporate purposes.
We were unable to evaluate about the relationship, the recoverability and
possible obligation towards the Corporate Guarantee given. Accordingly, we are
unable to determine the consequential implications arising therefrom in the
consolidated financial results.
2. We refer to Note 16 of the consolidated financial results wherein the
loss on invocation of shares and/or fair valuation of shares of investments
held in Reliance Power Limited (RPower) aggregating to Rs. 5,312.02 Crore for
the year ended March 31, 2020 was adjusted against the capital reserve/
capital reserve on consolidation as against charging the same in the Statement
of Profit and Loss. The said treatment of loss on invocation and fair
valuation of investments was not in accordance with the Ind AS 28 "Investment
in Associates and Joint Venture", Ind AS 1 "Presentation of Financial
Statements" and Ind AS 109 "Financial Instruments". Had the Company followed
the above Ind AS's the Net Worth of the Company as at March 31, 2021 and March
31, 2022 would have been lower by Rs. 5,312.02 Crore.
3. We refer to Note no. 11 of the Statement regarding non provision of
interest amounting to Rs. 102.71Crore and Rs. 358.08Crore for the quarter
and Year ended March 31, 2022 and Rs. 340.78Croreup to March 31, 2021 on
the borrowings of Vidarbha Industries Power Limited (VIPL)a wholly owned
subsidiary company of Reliance Power Limited (RPower) . VIPL has not provided
for the interest for the reasons stated in the aforesaid note. The said non
provision of the interest expenses on borrowings of VIPL is not in accordance
with the provisions of Ind AS 23 "Borrowing Cost" and Ind AS 1 "Presentation
of Financial Statements". Had the interest been provided by VIPL, the share of
Loss from associate in the Consolidated Financial Statement of the group would
increased by Rs.23.01Crore and Rs.60.49Crore for the quarter and year ended
March 31, 2022 and Capital Reserve reduced by Rs. 96.06 Crore as at March 31,
2022 and Rs. 156.55Crore being reduced from the investment in the associates.
4. We draw attention to Note no. 10 of the Statement which sets out
the fact that, Vidarbha Industries Power Limited (VIPL) has incurred losses
during the quarter and year ended March 31, 2022 as well as during the
previous years, its current liabilities exceeds current assets, Power Purchase
Agreement with Adani Electricity Mumbai Limited stands terminated w.e.f.
December 16, 2019, its plant remaining un-operational since January 15, 2019
and one of the lenders filed an application under the provision of Insolvency
and Bankruptcy Code. These events and conditions indicate material uncertainty
exists that may cast a significant doubt on the ability of VIPL to continue as
a going concern. However the financial results of VIPL have been prepared on
a going concern basis for the factors stated in the aforesaid note. The
auditors of VIPL are unable to obtain sufficient and appropriate audit
evidence regarding management's use of the going concern assumption in the
preparation of consolidated financial results, in view of non-provisioning of
interest as explained in paragraph 3 above together with the events and
conditions more explained in the note 11 of the Statement does not adequately
support the use of going concern assumption in preparation of the unaudited
financial results of VIPL.This has been referred by RPower auditors in their
report as a qualification.
As a result of the matters described in paragraph 1,2,3and 4 above, we were
not able to obtain sufficient appropriate evidence to provide a basis of our
Opinion on the consolidated financial results.
Material Uncertainty Related to Going Concern
We draw attention to Note 4.5 and 6to the consolidated financial results in
respect of:
1. Mumbai Metro One Private Limited (MMOPL) whose net worth has been
eroded and, as at the year end, MMOPL's current liabilities exceeded its
current assets. These events or conditions, along with other matters as set
forth in Note 5(a) to the consolidated financial results, indicate that a
material uncertainty exists that may cast significant doubt on MMOPL's ability
to continue as a going concern. However, the financial statements of MMOPL
have been prepared on a going concern basis for the reasons stated in the said
Note.
2. GF Toll Road Private Limited (GFTR) due to the inability of GFTR to
repay the overdue amount of instalments, the lenders have classified GFTR as a
Non-Performing Asset (NPA). The events and conditions along with the other
matters as set forth in Note 5(b) to the consolidated financial results,
indicate that a material uncertainty exists that may cast significant doubt on
GFTR ability to continue as a going concern. However, the financial statements
of GFTR have been prepared on a going concern basis for the reasons stated in
the said Note.
3. TK Toll Road Private Limited (TKTR), which indicates that TKTR has
incurred a net loss during theyear ended March 31, 2022and as on date the
current liabilities exceed the current assets. These conditions along with
other matters set forth in Note 5(c) to the consolidated financial results,
indicate that a material uncertainty exists that may cast significant doubt on
TKTR's ability to continue as a going concern. However, the financial
statements of TKTR have been prepared on a going concern basis for the reasons
stated in the said Note.
4. TD Toll Road Private Limited (TDTR), which indicates that TDTR has
incurred a net loss during the year ended March 31, 2022 and as on date the
current liabilities exceed the current assets. These conditions along with
other matters set forth in Note 5(d) to the consolidated financial results,
indicate that a material uncertainty exists that may cast significant doubt on
TDTR's ability to continue as a going concern. However, the financial
statements of TDTR have been prepared on a going concern basis for the reasons
stated in the said Note.
5. JR Toll Road Private Limited (JRTR), which indicates that JRTR has
incurred a net loss during the year ended March 31, 2022 and as on date the
current liabilities exceed the current assets. These conditions along with
other matters set forth in Note 5(e) to the consolidated financial results,
indicate that a material uncertainty exists that may cast significant doubt on
JRTR's ability to continue as a going concern. However, the financial
statements of JRTR have been prepared on a going concern basis for the reasons
stated in the said Note.
6. KM Toll Road Private Limited (KMTR), has terminated the Concession
Agreement with National Highways Authority of India (NHAI) for KandlaMundra
Road Project (Project) on May 7, 2019, and accordingly the business operations
of the Company post termination date has ceased to continue. These conditions
alongwith the other matters set forth in Note 6 indicate that material
uncertainty exists that may cast significant doubt on KMTR's ability to
continue as a going concern. However, the financial statements of KMTR have
been prepared on a going concern basis for the reasons stated in the said
Note.
7. Delhi Airport Metro Express Private Limited (DAMEPL) which has
significant accumulated losses and a special leave petition in relation to an
Arbitration Award is pending with the Honorable Supreme Court of India. These
events and conditions as more fully described in Note 4to the consolidated
financial results indicate that a material uncertainty exists that may cast a
significant doubt on DAMEPL's ability to continue as a going concern. The
auditors of DAMEPL have referred this matter in the 'Emphasis of Matters'
paragraph in their report.
8. Additionally the auditors of certain subsidiaries and associates have
highlighted material uncertainties related to going concern / emphasis of
matter paragraph in their respective audit reports.
The Holding Company has outstanding obligations to lenders and is also an
guarantor for its subsidiaries and as stated in paragraphs 1 to 8 above in
respect of the subsidiaries and associates of the Holding Company, the
consequential impact of these events or conditions, along with other matters
as set forth in Note 5(f)to the consolidated financial results, indicate that
a material uncertainty exists that may cast significant doubt on the Group's
ability to continue as a going concern.
Our opinion is not modified in respect of the above matters.
Emphasis of Matter Paragraph
1. We draw attention to Note 12 to the Statement which describes the
impairment assessment in accordance with Ind AS 36 "Impairment of assets"
/ Ind AS 109 "Financial Instruments" performed by the Company in respect of
net receivables of Rs.1,677 Crore as at March 31,2022 from Reliance Power
Limited associate of the company and its Subsidiaries ("RPower Group") .
This assessment involves significant management judgment and estimates on the
valuation methodology and various assumptions used in determination of value
in use/fair value by independent valuation experts / management as more fully
described in the aforesaid note. Based on management's assessment and
independent valuation reports, no impairment is considered necessary on the
receivables by the management . Our Conclusion on the Statement is not
modified in respect of above matter.
2. We draw attention to Note 6 to the consolidated financial results
with respect to KMTR has terminated the concession agreement with NHAI on May
7, 2019 and accordingly, the business operations of the Company post
termination date has ceased to continue. No provision for impairment in values
of assets of the Company has been considered in the financial statements of
KMTR for the reasons stated in the said note.
3. We draw attention to Note 7 to the Statement with regard to Delhi
Electricity Regulatory Commission (DERC) Tariff Order received by BSES
Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL) (Delhi
Discoms), subsidiaries of the Parent Company, wherein Delhi Discoms has
preferred appeals before Hon'ble Appellate Tribunal for Electricity
("APTEL") against disallowances by Delhi Electricity Regulatory Commission
("DERC") in various tariff orders. As stated in note and on the basis of legal
opinion, the Delhi Discoms has, in accordance with Ind AS 114 (and it's
predecessor AS) treated such amount as they ought to be treated as in terms
of accepted regulatory frameworkin the carrying value of Regulatory Deferral
Account Balance as at March 31, 2022.Our conclusion on the Statement is not
modified in respect of this matter
4. We draw attention to Note 8 to the Statement with regards to
outstanding balances payable to Delhi State utilities and timely recovery of
accumulated regulatory deferral account balance by Delhi Discoms in respect of
which the matter is pending before Hon'ble Supreme Court. Our conclusion on
the Statement is not modified in respect of this matter.
5. We draw attention to Note no. 2 to the consolidated financial
results, as regards to the management evaluation of COVID - 19 impact on the
future performance of the Group.Our opinion is not modified in respect of the
above matters.
Board of Directors' Responsibilities for the Consolidated Financial Results
The consolidated financial results, which is the responsibility of the Holding
Company's Management and approved by the Board of Directors of the Holding
Company, has been prepared on the basis of the consolidated financial
statements. The Holding Company's Board of Directors are responsible for the
preparation and presentation of these consolidated financial results that give
a true and fair view of the net profit/ loss and other comprehensive income
and other financial information of the Group including its associates and
jointly controlled entities in accordance with the Indian Accounting Standards
prescribed under Section 133 of the Act read with relevant rules issued
thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations. The respective Board
of Directors of the companies included in the Group and of its associates and
jointly controlled entities are responsible for maintenance of adequate
accounting records in accordance with the provisionsof the Act for
safeguarding of the assets of the Group and its associates and jointly
controlled entities and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the consolidated financial results that give a true and fair
view and are free from material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation of the consolidated
financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of
Directors of the companies included in the Group and of its associates and
jointly controlled entities are responsible for assessing the ability of the
Group and its associates and jointly controlled entities to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate the Group or to cease operations, or has
no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and
of its associates and jointly controlled entities are responsible for
overseeing the financial reporting process of the Group and of its associates
and jointly controlled entities.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our responsibility is to conduct an audit of the Group'sconsolidated financial
results in accordance with Standards on Auditing and to issue an auditor's
report. However, because of the matter described in the Basis for Disclaimer
of Opinion section of our report, we were not able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion on these
consolidated financial statements.
We are independent of the Group in accordance with the Code of Ethics and
provisions of the Act that are relevant to our audit of the consolidated
financial statements in India under the Act, and we have fulfilled our other
ethical responsibilities in accordance with the Code of Ethics and the
requirements under the Act.
Other Matters
1. The consolidated financial results include the audited financial
results of 44 subsidiaries, whose financial statements/financial information
reflect total assets of Rs.40660.73Croreas at March 31, 2022, total revenue of
Rs. 3631.14 Croreand Rs. 16434.70Crore, net profit/(loss) after tax of Rs.
(269.82)Croreand Rs. 42.64Crore and total comprehensive income of Rs.
(268.14)Crore and Rs. 46.11Crorefor the quarter and year ended March 31,
2022respectively and cash flows inflow of Rs. 318.35Crore for the year ended
March 31, 2022, as considered in the consolidated financial results. The
consolidated financial results also includes the Group's share of net
profit/(loss) after tax of Rs. (122.37)Crore and Rs. (128.88)Croreand total
comprehensive income of Rs. (120.19)Croreand Rs. (127.59)Crorefor the quarter
and year ended March 31, 2022 respectively as considered in the consolidated
financial results in respect of 6associates and 1 Joint Ventures, which have
been audited by their respective independent auditors. The independent
auditors' reports on financial statements/financial information of these
entities have been furnished to us and our opinion on the consolidated
financial results, in so far as it relates to the amounts and disclosures
included in respect of these entities, is based solely on the report of such
auditors and the procedures performed by us are as stated in paragraph above.
2. The consolidated financial results include the unaudited financial
results of 4subsidiaries, whose financial statements/financial information
reflect total assets of Rs.435.97Croreas at March 31, 2022, total revenue of
Rs. 83.60Croreand Rs. 155.24Crore,net profit/(loss) after tax of Rs.
6.94Croreand Rs. 22.62Crore and total comprehensive income of Rs. 7.01Crore
and Rs. 22.69Crorefor the quarter and year ended March 31, 2022 respectively
and cash flows of Rs. 52.07Crore for the year ended March 31, 2022, as
considered in the consolidated financial results. The consolidated financial
results also includes the Group's share of net profit/(loss) after tax and
total comprehensive income of Rs. Nil for the quarter and year ended March 31,
2022 respectively as considered in the consolidated financial results in
respect of unaudited financial statements of 1 associate.These unaudited
financial statements / financial information have been furnished to us by the
Board of Directors and our opinion on the consolidated financial results, in
so far as it relates to the amounts and disclosures included in respect of
these subsidiaries and associates is based solely on such unaudited financial
statements/financial information. In our opinion and according to the
information and explanations given to us by the Board of Directors, these
financial statements/financial information are not material to the Group.
Our opinion on the consolidated financial results is not modified in respect
of the above matters with respect to our reliance on the work done and the
reports of the other auditors and the financial results/financial information
certified by the Board of Directors.
The consolidated financial results include the results for the quarter ended
March 31, 2022being the balancing figure between the audited figures in
respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the currentfinancial year which were
subject to limited review by us,as required under the Listing Regulations.
ForChaturvedi& Shah LLP
Chartered Accountants
Firm's Registration No:101720W/W100355
ParagD. Mehta
Partner
Membership No:113904
UDIN:
Date: 13(th) May, 2022
Place: Mumbai
Annexure 1
Reliance Infrastructure Limited
The consolidated financial results include the results of the following
entities:
A. Subsidiaries (Including step-down subsidiaries)
Sr. No. Name of the Company
1. Reliance Power Transmission Limited
2. Reliance Airport Developers Limited
3. BSES Kerala Power Limited
4. Mumbai Metro One Private Limited
5. Reliance Energy Trading Limited
6. ParbatiKoldam Transmission Company Limited (upto January 08 ,2021)
7. DS Toll Road Limited
8. NK Toll Road Limited
9. KM Toll Road Private Limited
10. PS Toll Road Private Limited
11. HK Toll Road Private Limited
12. DA Toll Road Private Limited (upto December 31, 2020)
13. GF Toll Road Private Limited
14. CBD Tower Private Limited
15. Reliance Cement Corporation Private Limited
16. Utility Infrastructure & Works Private Limited (Upto March 30,2022)
17. Reliance Smart Cities Limited
18. Reliance Energy Limited
19. Reliance E-Generation and Management Private Limited
20. Reliance Defence Limited
21. Reliance Defence Systems Private Limited
22. Reliance Cruise and Terminals Limited
23. BSES Rajdhani Power Limited
24. BSES Yamuna Power Limited
25. Mumbai Metro Transport Private Limited
26. JR Toll Road Private Limited
27. Delhi Airport Metro Express Private Limited
28. SU Toll Road Private Limited
29. TD Toll Road Private Limited
30. TK Toll Road Private Limited
31. North Karanpura Transmission Company Limited
32. Talcher II Transmission Company Limited
33. Latur Airport Limited
34. Baramati Airport Limited
35. Nanded Airport Limited
36. Yavatmal Airport Limited
37. Osmanabad Airport Limited
38. Reliance Defence and Aerospace Private Limited
39. Reliance Defence Technologies Private Limited
40. Reliance SED Limited
41. Reliance Propulsion Systems Limited
42. Reliance Defence System and Tech Limited
43. Reliance Defence Infrastructure Limited
44. Reliance Helicopters Limited
45. Reliance Land Systems Limited
46. Reliance Naval Systems Limited
47. Reliance Unmanned Systems Limited
48. Reliance Aerostructure Limited
49. Reliance Aero Systems Private Limited
50. Dassault Reliance Aerospace Limited
51. Reliance Armaments Limited
52. Reliance Ammunition Limited
53. Reliance Velocity Limited
54. Reliance Property Developers Private Limited
55. Thales Reliance Defence Systems Limited
56. Tamil Nadu Industries Captive Power Company Limited
57. Reliance Global Limited
B. Associates
Sr. No. Name of the Company
1. Reliance Power Limited (w.e.f July 15, 2021)
2. Metro One Operations Private Limited
3. Reliance Geo Thermal Power Private Limited
4. RPL Photon Private Limited
5. RPL Sun Technique Private Limited
6. RPL Sun Power Private Limited
7. Gullfoss Enterprises Private Limited
C. Joint Venture
Sr. No. Name of the Company
1. Utility Powertech Limited
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