REG - Reliance Infra Ld - 1st Quarter Results (Standalone Results) <Origin Href="QuoteRef">RLIN.NS</Origin>
06/09/2014 18:34
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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
This information is provided by RNS
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