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Sector
Industrials
Size
Small Cap
Market Cap £123.8m
Enterprise Value £695.2m
Revenue £1.58bn
Position in Universe 780th / 3108

Reliance Infra Ld - 1st Quarter Results (Standalone Results)

Mon 21st July, 2014 7:00am
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RNS Number : 8228M
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 No. : L99999MH1929PLC001530                                                                                                                                                     
 Standalone Statement of Financial Results for the quarter ended June 30, 2014                                                                                                                         
                                                                                              Part - I                                                                                                                                                     Rs. 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                                               1,958.92  1,787.76                  1,610.84     6,595.23     
                                                                                              (b) Income from EPC and Contracts Business                                                     565.38    880.43                    1,653.67     4,597.01     
                                                                                              (c) Other Operating Income                                                                               11.60                     41.71        14.43        164.69       
                                                                                              Total Income from Operations                                                                             2,535.90                  2,709.90     3,278.94     11,356.93    
 2                                                                                            Expenses                                                                                                                                                                  
                                                                                              (a) Cost of Electrical Energy purchased                                                        1,014.74  692.40                    654.80       2,485.19     
                                                                                              (b) Cost of Fuel                                                                                         307.85                    345.54       393.92       1,488.90     
                                                                                              (c) Construction Materials Consumed and                                                                                                                      
                                                                                              Sub-contracting Charges                                                                                  404.04                    716.54       1,422.41     3,885.95     
                                                                                              (d) Employee benefits expense                                                                            221.68                    202.90       215.08       823.11       
                                                                                              (e) Depreciation and amortisation (Refer Note 3)                                               89.75     87.26                     82.79        342.07       
                                                                                              (f) Other Expenses                                                                                       157.06                    273.56       152.64       763.03       
                                                                                              Total Expenses                                                                                           2,195.12                  2,318.20     2,921.64     9,788.25     
 3                                                                                            Profit from Operations before Other Income (net), finance costs and exceptional items  340.78  391.70    357.30                    1,568.68     
 4                                                                                            Other Income (net) (Refer Note 1(b))                                                                     395.50                    307.35       314.10       1,224.47     
 5                                                                                            Profit from Ordinary Activities before finance costs and exceptional items             736.28  699.05    671.40                    2,793.15     
 6                                                                                            Finance Costs (Refer Note 1(b))                                                                          334.31                    303.39       217.17       996.21       
 7                                                                                            Profit from Ordinary Activities before exceptional items                               401.97  395.66    454.23                    1,796.94     
 8                                                                                            Exceptional Items                                                                                        -                         -            -            -            
 9                                                                                            Profit from Ordinary Activities before tax                                                     401.97    395.66                    454.23       1,796.94     
 10                                                                                           Tax Expenses (including Deferred Tax & Tax for earlier years)                          80.50   (104.00)  80.00                     209.00       
 11                                                                                           Profit Ordinary Activities after Tax                                                                     321.47                    499.66       374.23       1,587.94     
 12                                                                                           Extraordinary items                                                                                      -                         -            -            -            
 13                                                                                           Profit for the period                                                                                    321.47                    499.66       374.23       1,587.94     
 14                                                                                           Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)                          262.58  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.)                                                                                          12.22 *                   19.00 *      14.23 *      60.38        
                                                                                              (b) Diluted (Rs.)                                                                                        12.22 *                   19.00 *      14.23 *      60.38        
                                                                                              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                                                              
 Segment-wise Revenue, Results and Capital Employed                                                                                                                                                    
                                                                                                                                                                                                                                                           Rs. 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                                                                                   1,970.29                  1,825.87     1,624.64     6,669.49     
                                                                                              - EPC and Contracts Business                                                                             565.61                    884.03       1,654.30     4,687.44     
                                                                                              Total                                                                                                    2,535.90                  2,709.90     3,278.94     11,356.93    
                                                                                              Less : Inter Segment Revenue                                                                             -                         -            -            -            
                                                                                              Net Sales / Income from Operations                                                                       2,535.90                  2,709.90     3,278.94     11,356.93    
                                                                                                                                                                                                                                                                        
 2                                                                                            Segment Results                                                                                                                                                           
                                                                                              Profit before Tax and Interest from each segment :                                                                                              
                                                                                              - Electricity Business                                                                                   295.21                    364.16       249.00       1,238.00     
                                                                                              - EPC and Contracts Business                                                                             89.91                     103.75       145.47       521.48       
                                                                                              Total                                                                                                    385.12                    467.91       394.47       1,759.48     
                                                                                                                                                                                                                                                                        
                                                                                              - Finance Costs                                                                                          (334.31)                  (303.39)     (217.17)     (996.21)     
                                                                                              - Interest Income                                                                                        276.43                    199.71       180.71       750.58       
                                                                                              - Other un-allocable Income net of expenditure                                                 74.73     31.43                     96.22        283.09       
                                                                                              Profit before Tax                                                                                        401.97                    395.66       454.23       1,796.94     
                                                                                                                                                                                                                                                                        
 3                                                                                            Capital Employed                                                                                                                                                          
                                                                                                                                                                                                                                                                        
                                                                                              - Electricity Business                                                                                   7,854.79                  8,086.06     8,346.61     8,086.06     
                                                                                              - EPC and Contracts Business                                                                             568.87                    1,275.78     1,911.63     1,275.78     
                                                                                              - Unallocated Assets (net)                                                                               13,169.42                 11,930.53    10,234.09    11,930.53    
                                                                                              Total                                                                                                    21,593.08                 21,292.37    20,492.33    21,292.37    
                                                                                                                                                                                                                                                                        
 
 
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. 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 Company sanctioned by the Hon'ble High
Court of Judicature at Bombay, net foreign exchange gain of Rs. 0.06 crore
(net off of foreign exchange loss of Rs. 51.28 crore attributable to finance
cost) for the quarter ended June 30, 2014 has been credited to 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 June 30, 2014 would have been higher by Rs. 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', 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 already begun.
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. 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 Company is confident of recovering its
entire investment of Rs.1,509.56 crore in DAMEPL as at June 30, 2014. This
matter has been referred to by the Auditors in their report. 
 
3.     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 Rs. 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 Rs. 4.74
crore has been debited to General Reserve. 
 
4.    After review by the Audit Committee, the Board of Directors of the
Company has approved the Standalone financial results at their meeting held on
July 18, 2014. The statutory auditors have carried out a limited review of the
financial results for the quarter ended June 30, 2014 of the Company, as per
listing agreement entered into with the stock exchanges in India. 
 
5.    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 
 
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