REG - Reliance Infra Ld - 1st Quarter Results (Consolidated) <Origin Href="QuoteRef">RLIN.NS</Origin>
06/09/2014 18:34
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RNS Number : 8227M
Reliance Infrastructure Limited
21 July 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 ended June 30, 2014
Part - I (` crore)
Sr. No. Particulars Quarter ended Year ended
30-06-2014 31-03-2014 30-06-2013 31-03-2014
(Unaudited) (Unaudited) (Unaudited) (Audited)
1 Income from Operations
(a) Net Sales / Income from Electricity Business 3,352.19 3,600.44 3,584.19 13,547.14
(b) Income from EPC and Contracts Business 589.43 882.81 1,669.00 4,619.94
(c) Net Sales / Income from Infrastructure Business (Net of Excise Duty) 193.48 177.97 179.45 669.17
(d) Other Operating Income 15.79 46.47 19.81 197.43
Total Operating Income (Net) 4,150.89 4,707.69 5,452.45 19,033.68
2 Expenditure
(a) Cost of Electrical Energy purchased 1,996.79 1,864.89 2,259.38 7,889.52
(b) Cost of Fuel and Materials Consumed 464.73 743.67 443.74 1,949.89
(c) Construction Materials Consumed and Sub-Contracting
Charges 427.68 735.70 1,439.43 3,926.21
(d) Purchase of stock-in-trade 4.13 1.00 0.42 2.04
(e) Changes in inventories of finished goods, work-in-progress 0.24 (2.53) 0.41 (2.54)
and stock-in-trade
(f) Employee Benefits Expense 277.73 240.35 291.37 1,067.44
(g) Depreciation and amortisation (Refer Note 4) 142.03 126.35 136.13 534.08
(h) Other Expenses 294.18 450.23 293.97 1,370.24
Total Expenditure 3,607.51 4,159.66 4,864.85 16,736.88
3 Profit from operations before Other Income (net), Finance Costs and Exceptional Items 543.38 548.03 587.60 2,296.80
4 Other Income (net) (Refer Note 1 (b)) 397.60 328.31 293.46 1,240.04
5 Profit from Ordinary Activities before Finance Costs and Exceptional Items 940.98 876.34 881.06 3,536.84
6 Finance Costs (Refer Note 1 (b)) 480.75 451.23 423.97 1,696.07
7 Profit from Ordinary Activities after Finance Costs but before Exceptional Items 460.23 425.11 457.09 1,840.77
8 Exceptional Items - - - -
9 Profit from Ordinary Activities before Tax 460.23 425.11 457.09 1,840.77
10 Tax Expenses (including Deferred Tax and Tax for earlier years) 106.14 (85.20) 99.25 274.33
11 Net Profit from Ordinary Activities after Tax 354.09 510.31 357.84 1,566.44
12 Extraordinary Items - - - -
13 Net Profit for the period 354.09 510.31 357.84 1,566.44
Share of Profit in Associates (net) 102.15 111.35 60.54 353.11
Minority Interest 1.38 (0.24) (3.18) (5.88)
14 Net Profit after Taxes, Share of Profit in Associates and Minority Interest 457.62 621.42 415.20 1,913.67
15 Paid-up Equity Share Capital (Face Value of ` 10 per Share) 262.58 262.58 263.03 262.58
16 Reserves including Statutory Reserves excluding Revaluation Reserves 25,658.16
17 Earnings Per Share (* not annualised)
(a) Basic (`) 17.40 * 23.63 * 15.79 * 72.77
(b) Diluted (`) 17.40 * 23.63 * 15.79 * 72.77
Part - II Selected Information for the quarter ended June 30, 2014
A Particulars of Shareholding
1 Public Shareholding
- Number of Shares 135,362,964 135,362,964 135,363,010 135,362,964
- Percentage of Shareholding 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 127,627,036 127,627,036 127,626,990 127,627,036
- Percentage of shares (as a % of the total shareholding 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
B Investor Complaints Quarter ended 30-06-2014
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 Year ended
30-06-2014 31-03-2014 30-06-2013 31-03-2014
(Unaudited) (Unaudited) (Unaudited) (Audited)
1 Segment Revenue
- Electricity Business 3,367.72 3,642.85 3,603.12 13,652.55
- EPC and Contracts Business 589.69 886.44 1,669.66 4,710.46
- Infrastructure Business 193.48 178.40 179.67 670.67
Total 4,150.89 4,707.69 5,452.45 19,033.68
Less: Inter Segment Revenue - - - -
Net Sales / Income from Operations 4,150.89 4,707.69 5,452.45 19,033.68
2 Segment Results
Profit before Interest, Tax, Share of Profit in Associates and Minority Interest from each segment:
- Electricity Business 437.65 490.44 404.49 1,760.52
- EPC and Contracts Business 89.61 87.31 143.37 504.06
- Infrastructure Business 60.45 46.51 76.91 232.37
Total 587.71 624.26 624.77 2,496.95
- Finance Costs (480.75) (451.23) (423.97) (1,696.07)
- Interest Income 299.33 232.17 199.56 842.05
net of expenditure - Other un-allocable Income net of expenditure 53.94 19.91 56.73 197.84
Profit before Tax, Share of Profit in Associates and Minority Interest 460.23 425.11 457.09 1,840.77
3 Capital Employed
- Electricity Business 13,814.33 13,863.73 15,764.32 13,863.73
- EPC and Contracts Business 396.34 1,105.91 1,899.31 1,105.91
- Infrastructure Business 11,255.98 10,310.02 10,754.12 10,310.02
- Unallocated Assets (net) 2,107.62 1,863.78 (1,984.28) 1,863.78
Total 27,574.27 27,143.44 26,433.47 27,143.44
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 `233.13 crore to "Foreign Currency Monetary
Items Translation Difference Account" as on June 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 gain of `
0.06 crore(net of foreign exchange loss `51.28 crore attributable to finance
cost) for the quarter ended June 30, 2014 has been credited to Consolidated
Statement of Profit and Loss and an equivalent amount has been transferred to
General Reserve. Had the Scheme not prescribed this treatment, the profit
before tax for the quarter ended June 30, 2014 would have been higher by `0.06
crore. 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 already begun. 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 `59.35 crore in the current quarter ended June 30, 2014. 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 `1,509.56 crore in DAMEPL as at June 30, 2014.
3. Unrealised gains amounting to ` 76.27 crore during the quarter ended
June 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 ` 76.27 crore
respectively. This treatment overrides the relevant provisions of Accounting
Standard 23 (AS -23) 'Accounting for Investments in Associates in Consolidated
Financial Statements".
4. During the quarter, the useful life of the fixed assets other than in
respect of Electricity business has been revised in accordance with Part-C of
Schedule II to the Companies Act, 2013. Accordingly depreciation expense for
the quarter ended June 30, 2014 is higher by ` 3.88 crore. Similarly, in case
of assets whose life has been completed as on March 31, 2014, the carrying
value (net of residual value) of those assets amounting to `4.75 crore has
been debited to General Reserve.
5. 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 are not comparable with the figures for the corresponding
quarter.
6. The Company has opted to publish consolidated financial results.
Standalone financial results, for the quarter ended June 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) Year ended (Audited)
June 30, 2014 March 31, 2014 June 30, 2013 March 31, 2014
Total Operating Income 2,535.90 2,709.90 3,278.94 11,356.93
Profit before Tax 401.97 395.66 454.23 1,796.94
Profit after Tax 321.47 499.66 374.23 1,587.94
7. After review by the Audit Committee, the Board of Directors of the
Company has approved the consolidated financial results at their meeting held
on July 18, 2014.
8. 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: July 18, 2014
Chairman
This information is provided by RNS
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