REG - Reliance Infra Ld - Consolidated Unaudited results Sept 30 2014 <Origin Href="QuoteRef">RLIN.NS</Origin>

Reliance InfrastructureAnnouncement

17/11/2014 10:40

RNS Number : 1816X
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 L99999MH1929PLC001530 








Statement of Consolidated Financial Results for the quarter and half year ended September 30, 2014
Part - I





(` 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
3,243.85 
 3,352.19 
3,501.49 
 6,596.04 
 7,085.68 
13,547.14 

(b) Income from EPC and Contracts Business
576.55 
 589.43 
1,252.57 
 1,165.98 
 2,921.57 
4,619.94 

(c) Net Sales / Income from Infrastructure Business (Net of Excise Duty)
215.16 
 193.48 
172.92 
 408.64 
 352.37 
 669.17 

(d) Other Operating Income 
22.39 
 15.79 
 50.30 
 38.18 
 70.11 
 197.43 

Total Operating Income (Net)
4,057.95 
 4,150.89 
4,977.28 
 8,208.84 
 10,429.73 
19,033.68 
2
Expenditure







 (a) Cost of Power Purchased
1,892.80 
 1,996.79 
2,181.64 
 3,889.59 
 4,441.02 
7,889.52 

 (b) Cost of Fuel and Materials Consumed
297.45 
 464.73 
370.11 
 762.18 
 813.85 
1,949.89 

 (c) Construction Materials Consumed and Sub-Contracting







 Charges 
446.31 
 427.68 
1,077.57 
 873.99 
 2,517.00 
3,926.21 

 (d) Purchase of stock-in-trade
 7.08 
 4.13 
 1.20 
 11.21 
 1.20 
 2.04 

 (e) Changes in inventories of finished goods, work-in-progress
 1.40 
 0.24 
 0.30 
 1.64 
 0.30 
 (2.54)

and stock-in-trade







 (f) Employee Benefits Expense
301.46 
 277.73 
276.35 
 579.19 
 567.72 
1,067.44 

 (g) Depreciation and amortisation (Refer Note 4)
227.36 
 142.03 
142.04 
 369.39 
 278.17 
 534.08 

 (h) Other Expenses 
386.63 
 294.18 
306.43 
 680.81 
 601.23 
1,370.24 

Total Expenditure
3,560.49 
 3,607.51 
4,355.64 
 7,168.00 
 9,220.49 
 16,736.88 
3
Profit from operations before Other Income (net), Finance Costs and Exceptional Items
497.46 
 543.38 
621.64 
 1,040.84 
 1,209.24 
2,296.80 
4
Other Income (net) (Refer Note 1 (b))
429.13 
 397.60 
296.12 
 826.73 
 589.58 
1,240.04 
5
Profit from Ordinary Activities before Finance Costs and Exceptional Items
926.59 
 940.98 
917.76 
 1,867.57 
 1,798.82 
3,536.84 
6
Finance Costs (Refer Note 1 (b))
564.64 
 480.75 
444.56 
 1,045.39 
 868.53 
1,696.07 
7
Profit from Ordinary Activities after Finance Costs but before Exceptional Items
361.95 
 460.23 
473.20 
 822.18 
 930.29 
1,840.77 
8
Exceptional Items 
 - 
 - 
 - 
 - 
 - 
 - 
9
Profit from Ordinary Activities before Tax
361.95 
 460.23 
473.20 
 822.18 
 930.29 
 1,840.77 
10
Tax Expenses (including Deferred Tax and Tax for earlier years)
52.81 
 106.14 
134.60 
 158.95 
 233.85 
 274.33 
11
Net Profit from Ordinary Activities after Tax 
309.14 
 354.09 
338.60 
 663.23 
 696.44 
1,566.44 
12
Extraordinary Items
 - 
 - 
 - 
 - 
 - 
 - 
13
Net Profit for the period
309.14 
 354.09 
338.60 
 663.23 
 696.44 
1,566.44 

Share of Profit in Associates (net)
96.58 
 102.15 
 88.82 
 198.73 
 149.36 
 353.11 

Minority Interest
25.47 
 1.38 
(0.82)
 26.85 
 (4.00)
 (5.88)
14
Net Profit after Taxes, Share of Profit in Associates and Minority Interest
431.19 
 457.62 
426.60 
 888.81 
 841.80 
1,913.67 
15
Paid-up Equity Share Capital (Face Value of ` 10 per Share) 
262.58 
 262.58 
263.03 
 262.58 
 263.03 
 262.58 
16
Reserves including Statutory Reserves excluding Revaluation Reserves





 25,658.16 
17
Earnings Per Share (* not annualised)







 (a) Basic (`)
16.40 * 
17.40 * 
16.22 * 
33.80 * 
32.00 * 
 72.77 

 (b) Diluted (`)
16.40 * 
17.40 * 
16.22 * 
33.80 * 
32.00 * 
 72.77 
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 of during the quarter
10






Remaining unresolved at the end of the quarter
Nil 





Reliance Infrastructure Limited 
Consolidated Segment-wise Revenue, Results and Capital Employed







(` 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
3,277.49 
3,367.72 
3,525.18 
6,645.21 
7,128.30 
13,652.55 

 - EPC and Contracts Business
576.78 
 589.69 
1,279.01 
1,166.47 
2,948.67 
4,710.46 

 - Infrastructure Business
215.17 
 193.48 
 173.09 
 408.65 
 352.76 
670.67 

Total
4,069.44 
4,150.89 
4,977.28 
8,220.33 
10,429.73 
19,033.68 

Less: Inter Segment Revenue
11.49 
 - 
 - 
 11.49 
 - 
 - 

Net Sales / Income from Operations
4,057.95 
4,150.89 
4,977.28 
8,208.84 
10,429.73 
19,033.68 
2
Segment Results







Profit before Interest, Tax, Share in Associates and Minority Interest from each segment:






 - Power Business
483.06 
 437.65 
 455.16 
 920.71 
 859.65 
1,760.52 

 - EPC and Contracts Business
57.53 
 89.61 
 147.27 
 147.14 
 290.64 
504.06 

 - Infrastructure Business
13.49 
 60.45 
 58.98 
 73.94 
 135.89 
232.37 

Total
554.08 
 587.71 
 661.41 
1,141.79 
1,286.18 
2,496.95 

 - Finance Costs
(564.64)
(480.75)
(444.56)
(1,045.39)
(868.53)
(1,696.07)

 - Interest Income
302.52 
 299.33 
 193.75 
 601.85 
 393.31 
842.05 
 net of expenditure
 - Other un-allocable Income net of expenditure
69.99 
 53.94 
 62.60 
 123.93 
 119.33 
197.84 

Profit before Tax, Share in Associates and Minority Interest
361.95 
 460.23 
 473.20 
 822.18 
 930.29 
1,840.77 
3
Capital Employed







 - Power Business
13,510.43 
13,814.33 
13,466.15 
13,510.43 
13,466.15 
13,863.73 

 - EPC and Contracts Business
533.21 
 396.34 
2,287.99 
 533.21 
2,287.99 
1,105.91 

 - Infrastructure Business
11,462.77 
11,255.98 
7,058.89 
11,462.77 
7,058.89 
10,310.02 

 - Unallocated Assets (net) 
2,534.07 
2,107.62 
3,297.46 
2,534.07 
3,297.46 
1,863.78 

Total
28,040.48 
27,574.27 
26,110.49 
28,040.48 
26,110.49 
27,143.44 








Consolidated Statement of Assets and Liabilities







(` crore) 




Sr. No.
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 
27,777.90 
26,880.86 





Shareholders' Funds
28,040.48 
27,143.44 












2
Minority Interest
235.49 
 252.43 












3
Non-Current Liabilities







(a) Long-term borrowings
15,914.99 
15,049.12 





(b) Deferred tax liabilities (Net)
462.63 
 506.72 





(c) Other Long term liabilities
3,191.75 
3,039.70 





(d) Long term provisions
396.90 
 396.01 





Non-Current Liabilities
19,966.27 
18,991.55 












4
Current Liabilities







(a) Short-term borrowings
7,975.90 
8,188.83 





(b) Trade payables
6,368.09 
6,540.23 





(c) Other current liabilities
8,226.38 
7,913.59 





(d) Short-term provisions
529.50 
 482.99 





Current Liabilities
23,099.87 
23,125.64 













TOTAL - EQUITY AND LIABILITIES
71,342.11 
69,513.06 




B
Assets






1
Non-current Assets







(a) Fixed assets
22,416.38 
21,548.14 





(b) Goodwill on Consolidation
58.85 
 58.85 





(c) Non-current investments
15,727.63 
14,118.21 





(d) Long term loans and advances
1,015.36 
2,497.05 





(e) Other non-current assets
7,481.88 
7,637.33 





Non-Current Assets
46,700.10 
45,859.58 




2
Current Assets







(a) Current investments
3,313.67 
4,162.22 





(b) Inventories
411.86 
 518.69 





(c) Trade receivables
5,351.12 
5,019.67 





(d) Cash and Bank Balances
733.65 
 652.35 





(e) Short-term loans and advances
11,343.85 
10,471.40 





(f) Other current assets
3,487.86 
2,829.15 





Current Assets
24,642.01 
23,653.48 













TOTAL - ASSETS
71,342.11 
69,513.06 




Notes: 
1. a) The Group 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 Group has carried forward unamortised portion of net gain of ` 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 Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay, net foreign exchange loss of ` 41.97 crore and ` 41.91 crore (net off of foreign exchange loss of `110.50 crore and ` 161.78 crore attributable to finance cost) for the quarter and half year ended September 30, 2014 respectively has been debited to Consolidated 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 ` 41.97 crore and ` 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'.
2. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Parent Company, 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 ` 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 Parent Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded ` 63.32 crore and ` 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 Parent Company is confident of recovering its entire investment of `1,572.88 crore in DAMEPL as at September 30, 2014.
3. The Board of directors, vide resolution dated November 11, 2013, had approved the Scheme of Amalgamation of two wholly owned subsidiaries of the Parent Company viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited with the Parent 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 financial statements.
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 ` 4.75 Crore, which was charged off to General Reserves during the previous quarter is now charged off to Consolidated Statement of Profit and Loss.
5. Unrealised gains amounting to ` 13.65 crore during the quarter ended September 30, 2014, pertaining to Engineering Procurement and Construction contracts entered into with associate companies, have not been eliminated as prescribed by a Scheme of Amalgamation between Reliance Bhavnagar Power Private Limited and Reliance Jamnagar Power Private Limited and Reliance Infrastructure Engineers Private Limited with the Parent Company sanctioned by the Hon'ble High Court of Judicature at Bombay in February 2013. The Parent Company considers that the prescribed accounting treatment leads to a more accurate reflection of the results of the working of the Parent Company. Had the Scheme not prescribed the above treatment the Profit after tax and carrying cost of associate would have been lower by ` 13.65 crore respectively. This treatment overrides the relevant provisions of Accounting Standard 23 (AS -23) 'Accounting for Investments in Associates in Consolidated Financial Statements".
6. Towards the end of the quarter ended September 30, 2013, the Parent Company had diluted its holding in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited each from 100% to 49% and in the two joint ventures, BSES Rajdhani Power Limited and BSES Yamuna Power Limited from 49% to 28.82%. In view of above dilution, the figures of the current quarter and half year ended September 30, 2014 are not comparable with the figures for the corresponding quarter and half year respectively.
7. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and half year ended September 30, 2014 can be viewed on the websites of the Company, National Stock Exchange of India Limited and Bombay Stock Exchange Limited at www.rinfra.com, www.nseindia.com, www.bseindia.com respectively. Key standalone financial information is given below:
(` crore)
Particulars
Quarter ended (Unaudited)
Half year ended (Unaudited)
Year ended (Audited)
September 30, 2014
June 30, 2014
September 30, 2013
September 30, 2014
September 30, 2013
March 31, 2014
Total Operating Income
2,467.06
2,535.90
2,831.80
5,002.96
6,110.74
11,356.93
Profit before Tax
407.95
401.97
460.82
809.92
915.05
1,796.94
Profit after Tax
356.05
321.47
345.82
677.52
720.05
1,587.94
8. After review by the Audit Committee, the Board of Directors of the Company has approved the consolidated financial results at their meeting held on November 12, 2014. 
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 12, 2014  Chairman

This information is provided by RNS
The company news service from the London Stock Exchange
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