REG - Reliance Infra Ld - 3rd Quarter Results <Origin Href="QuoteRef">RLIN.NS</Origin>

Reliance InfrastructureAnnouncement

05/01/2016 13:16

RNS Number : 6304E
Reliance Infrastructure Limited
05 November 2015
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, 2015
Part - I





(Rs crore) 
Sr. No.
Particulars
Quarter Ended 

Half Year Ended 
Year Ended 


30-09-2015 
30-06-2015 
30-09-2014 
30-09-2015 
30-09-2014 
31-03-2015 


(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Audited) 
1
Income from Operations







(a) Net Sales / Income from Power Business
 3,086.16 
 3,124.49 
 3,243.85 
 6,210.65 
 6,596.04 
 12,973.82 

(b) Income from EPC and Contracts Business
 680.71 
 626.20 
 576.55 
 1,306.91 
 1,165.98 
 2,731.17 

(c) Net Sales / Income from Infrastructure Business 
 205.94 
 208.82 
 183.93 
 414.76 
 337.34 
 728.37 

(d) Net Sales from Cement Business (Net of Excise Duty)
 351.06 
 306.60 
 31.23 
 657.66 
 71.30 
 499.82 

(e) Other Operating Income 
 53.99 
 70.72 
 22.39 
 124.71 
 38.18 
 265.28 

Total Operating Income (Net)
 4,377.86 
 4,336.83 
 4,057.95 
 
8,714.69 
 8,208.84 
 
17,198.46 
2
Expenditure







 (a) Cost of Power Purchased
 1,819.36 
 1,836.23 
 1,892.80 
 
3,655.59 
 3,889.59 
 7,811.62 

 (b) Cost of Fuel and Materials Consumed
 445.20 
 416.08 
 306.61 
 
861.28 
 774.38 
 1,542.14 

 (c) Construction Materials Consumed and Sub-Contracting







 Charges 
 425.70 
 508.02 
 446.31 
 
933.72 
 873.99 
 2,134.27 

 (d) Purchase of stock-in-trade
 5.40 
 7.16 
 7.08 
 12.56 
 11.21 
 23.69 

 (e) Changes in inventories of finished goods, work-in-progress
 (16.11)
 2.11 
 1.40 
 (14.00)
 1.64 
 (29.83)

and stock-in-trade







 (f) Employee Benefits Expense
 325.51 
 334.92 
 301.46 
 
660.43 
 579.19 
 1,215.56 

 (g) Depreciation and amortisation 
 228.79 
 247.03 
 227.36 
 
475.82 
 369.39 
 832.83 

 (h) Other Expenses 
 541.15 
 483.71 
 377.47 
 
1,024.86 
 668.61 
 1,590.37 

Total Expenditure
 3,775.00 
 3,835.26 
 3,560.49 
 
7,610.26 
 7,168.00 
 
15,120.65 
3
Profit from operations before Other Income (net), Finance Costs and Exceptional Items
 602.86 
 501.57 
 497.46 
 
1,104.43 
 1,040.84 
 2,077.81 
4
Other Income (Refer Note 1 (b))
 463.51 
 492.47 
 429.13 
 
955.98 
 826.73 
 1,653.14 
5
Profit from Ordinary Activities before Finance Costs and Exceptional Items
 1,066.37 
 994.04 
 926.59 
 
2,060.41 
 1,867.57 
 3,730.95 
6
Finance Costs (Refer Note 1 (b))
 638.77 
 643.73 
 564.64 
1,282.50 
 1,045.39 
 2,347.32 
7
Profit from Ordinary Activities after Finance Costs but before Exceptional Items
 427.60 
 350.31 
 361.95 
 
777.91 
 822.18 
 1,383.63 
8
Exceptional Items 
 - 
 - 
 - 
 - 
 - 
 - 
9
Profit from Ordinary Activities before Tax
 427.60 
 350.31 
 361.95 
 
777.91 
 822.18 
 1,383.63 
10
Tax Expenses (including Deferred Tax and Tax for earlier years)
 137.92 
 110.18 
 52.81 
 
248.10 
 158.95 
 69.97 
11
Net Profit from Ordinary Activities after Tax 
 289.68 
 240.13 
 309.14 
529.81 
 663.23 
 1,313.66 
12
Extraordinary Items
 - 
 - 
 - 
 - 
 - 
 - 
13
Net Profit for the period
 289.68 
 240.13 
 309.14 
 
529.81 
 663.23 
1,313.66 

Share of Profit in Associates (net)
 143.46 
 143.09 
 96.58 
 
286.55 
 198.73 
411.74 

Minority Interest
 17.99 
 17.69 
 25.47 
 35.68 
 26.85 
74.78 
14
Net Profit after Taxes, Share of Profit in Associates and Minority Interest
 451.13 
 400.91 
 431.19 
 
852.04 
 888.81 
 
1,800.18 
15
Paid-up Equity Share Capital (Face Value of Rs 10 per Share) 
 263.03 
 263.03 
 262.58 
 
263.03 
 262.58 
 
263.03 
16
Reserves including Statutory Reserves excluding Revaluation Reserves





 
25,908.54 
17
Earnings Per Share (* not annualised)







 (a) Basic (Rs)
17.15* 
15.24 * 
16.40 * 
32.39 * 
33.80 * 
68.45 

 (b) Diluted (Rs)
17.15* 
15.24 * 
16.40 * 
32.39 * 
33.80 * 
 68.45 
Part - II Selected Information for the quarter and half year ended September 30, 2015






A
Particulars of Shareholding






1
Public Shareholding







 - Number of Shares
 13,53,62,964 
 13,53,62,964 
 13,53,62,964 
 
13,53,62,964 
 13,53,62,964 
 
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
 6,08,64,675 
 4,53,64,675 
 - 
 
6,08,64,675 
 - 
 
3,90,00,000 

- Percentage of shares (as a % of the total shareholding
 47.69 
 35.54 
 - 
 47.69 
 - 
 
30.56 

of promoter and promoter group)







- Percentage of shares (as a % of the total share capital of the Company)
 23.14 
 17.25 
 - 
 23.14 
 - 
 
14.83 

(b) Non-encumbered 







- Number of shares
 6,67,62,361 
 8,22,62,361 
 12,76,27,036 
 
6,67,62,361 
 12,76,27,036 
 
8,86,27,036 

- Percentage of shares (as a % of the total shareholding
 52.31 
 64.46 
 100.00 
 52.31 
 100.00 
69.44 

of promoter and promoter group)







- Percentage of shares (as a % of the total share capital of the Company)
 25.39 
 31.28 
 48.53 
 25.39 
 48.53 
 
33.70 
B
Investor Complaints
Quarter ended30-09-2015













Pending at the beginning of the quarter
Nil






Received during the quarter
8






Disposed of during the quarter
8






Remaining unresolved at the end of the quarter
Nil 





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







(Rs crore) 
Sr. No.
Particulars
Quarter Ended 

Half Year Ended 
Year Ended 


30-09-2015 
30-06-2015 
30-09-2014 
30-09-2015 
30-09-2014 
31-03-2015 


(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Audited) 
1
Segment Revenue 







 - Power Business
 3,116.62 
 3,147.41 
 3,277.49 
 6,264.03 
 6,645.21 
 
13,228.39 

 - EPC and Contracts Business
 682.24 
 628.83 
 576.78 
 1,311.07 
 1,166.47 
2,752.36 

 - Infrastructure Business
 211.59 
 213.17 
 183.94 
 424.76 
 344.72 
 
742.94 

 - Cement Business
 379.11 
 356.50 
 31.23 
 735.61 
 63.93 
 
518.82 

Total
 4,389.57 
 4,345.91 
 4,069.44 
 8,735.48 
 8,220.33 
 
17,242.51 

Less: Inter Segment Revenue
 11.71 
 9.08 
 11.49 
 20.79 
 11.49 
44.05 

Net Sales / Income from Operations
 4,377.86 
 4,336.83 
 4,057.95 
 8,714.69 
 8,208.84 
 
17,198.46 
2
Segment Results







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






 - Power Business
 463.12 
 441.50 
 483.06 
 904.62 
 920.71 
 
1,873.56 

 - EPC and Contracts Business
 129.72 
 65.06 
 57.53 
 194.78 
 147.14 
302.16 

 - Infrastructure Business
 39.81 
 40.75 
 14.81 
 80.56 
 75.49 
150.74 

 - Cement Business
 21.53 
 14.25 
 (1.32)
 35.78 
 (1.55)
 (37.81)

Total
 654.18 
 561.56 
 554.08 
 1,215.74 
 1,141.79 
 
2,288.65 

 - Finance Costs
 (638.77)
 (643.73)
 (564.64)
 (1,282.50)
 (1,045.39)
(2,347.32)

 - Interest Income
 371.32 
 382.93 
 302.52 
 754.25 
 601.85 
1,189.30 
 net of expenditure
 - Other un-allocable Income net of expenditure
 40.87 
 49.55 
 69.99 
 90.42 
 123.93 
253.00 

Profit before Tax, Share in Associates and Minority Interest
 427.60 
 350.31 
 361.95 
 777.91 
 822.18 
 
1,383.63 
3
Capital Employed







 - Power Business
 11,982.79 
 12,637.87 
 13,510.43 
 
11,982.79 
 13,510.43 
 
13,437.21 

 - EPC and Contracts Business
 340.72 
 503.70 
 533.21 
 340.72 
 533.21 
 
902.04 

 - Infrastructure Business
 9,338.37 
 9,096.95 
 8,265.07 
 9,338.37 
 8,265.07 
8,249.18 

- Cement Business
 3,196.67 
 3,188.16 
 3,197.70 
 3,196.67 
 3,197.70 
3,154.53 

 - Unallocated Assets (net) 
 2,981.52 
 1,962.40 
 2,534.07 
 2,981.52 
 2,534.07 
 
1,231.51 

Total
 27,840.07 
 27,389.08 
 28,040.48 
 
27,840.07 
 28,040.48 
 
26,974.47 
Consolidated Statement of Assets and Liabilities 









(Rs crore)




Sr. No.
Particulars
As at 
As at 






30-09-2015 
31-03-2015 






(Unaudited) 
(Audited) 




A
Equity and Liabilities














1
Shareholders' Funds







(a) Share Capital 
 263.03 
 263.03 





(b) Reserves and Surplus 
 27,577.04 
 26,711.44 





Shareholders' Funds
 27,840.07 
 26,974.47 




2
Minority Interest
 157.79 
 192.37 












3
Non-Current Liabilities







(a) Long-term borrowings
 16,840.32 
 16,172.52 





(b) Deferred tax liabilities (Net)
 335.34 
 310.01 





(c) Other Long term liabilities
 2,814.98 
 3,053.84 





(d) Long term provisions
 401.75 
 399.81 





Non-Current Liabilities
 20,392.39 
 19,936.18 




4
Current Liabilities







(a) Short-term borrowings
 7,805.09 
 7,853.45 





(b) Trade payables
 8,356.33 
 7,329.81 





(c) Other current liabilities
 7,442.68 
 7,920.40 





(d) Short-term provisions
 1,103.02 
 635.85 





Current Liabilities
 24,707.12 
 23,739.51 





TOTAL - EQUITY AND LIABILITIES
 73,097.37 
 70,842.53 




B
Assets














1
Non-current Assets







(a) Fixed assets
 23,580.55 
 22,868.21 





(b) Goodwill on Consolidation
 58.85 
 58.85 





(c) Non-current investments
 14,904.54 
 14,247.62 





(d) Long term loans and advances
 870.65 
 905.23 





(e) Other non-current assets
 7,864.70 
 8,074.30 





Non-Current Assets
 47,279.29 
 46,154.21 




2
Current Assets







(a) Current investments
 3,534.70 
 3,370.36 





(b) Inventories
 541.68 
 607.55 





(c) Trade receivables
 5,198.78 
 5,484.06 





(d) Cash and Bank Balances
 781.12 
 533.39 





(e) Short-term loans and advances
 12,138.37 
 11,609.25 





(f) Other current assets
 3,623.43 
 3,083.71 





Current Assets
 25,818.08 
 24,688.32 





TOTAL - ASSETS
 73,097.37 
 70,842.53 




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 depreciable assets / long term monetary items, as the case may be. The Group has carried forward unamortised portion of net gain of Rs 276.36 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2015. 
2. 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 Rs 38.94 crore and Rs 38.72 crore (net off of foreign exchange loss of Rs73.03 crore and Rs143.51 crore attributable to finance cost) for the quarter and half year ended September 30, 2015 has been debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had such withdrawal not been done, the Profit before tax for the quarter and half year ended September 30, 2015 would have been lower by Rs 38.94 crore and Rs 38.72 respectively and General Reserve would have been higher by an equivalent amount. The treatment prescribed under the Scheme overrides the relevant provisions of Accounting Standard 5 (AS-5) "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies". 
3.  Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Parent 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. 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 is 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 Rs 69.41 crore and Rs 226.26 crore during the quarter and half year ended September 30, 2015. The total investment made by the Parent Company in DAMEPL upto September 30, 2015 amounts to Rs 1,928.36 crore.
 The Parent Company had reviewed the progress in settlement of various claims and also on overall review of financial position of DAMEPL, the Company considered it prudent to write off Rs 1,258.20 crore out of above investment during the previous year ended March 31, 2015. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. 
4. Unrealised gains amounting to Rs 56.22 crore and Rs 62.58 crore during the quarter and half year ended September 30, 2015, 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 relevant provisions of Accounting Standard 23 (AS -23) ''Accounting for Investments in Associates in Consolidated Financial Statements" been followed, the Profit after tax and carrying cost of associate for the quarter and half year ended September 30, 2105 would have been lower by Rs 56.22 and Rs 62.58 crore respectively.
5. During the quarter, Reliance Smart Cities Pvt. Ltd.has been incorporated as subsidiary of the Parent Company.
6. The Company has opted to publish consolidated financial results. Standalone financial results, for the quarter and half year ended September 30, 2015 can be viewed on the websites of the Company, National Stock Exchange of India Limited and BSE Limited at www.rinfra.com, www.nseindia.com, www.bseindia.com respectively. Key standalone financial information is given below:
 
 (Rs crore)
Particulars
Quarter ended (Unaudited)
Half year ended (Unaudited)
Year ended (Audited)
September 30, 2015
June 30, 2015
September 30, 2014
September 30, 2015
September 30, 2014
March 31, 2015
Total Operating Income
2,571.26
2,594.38
2,467.06
5,165.64
5,002.96
10,535.56
Profit before Tax
500.53
418.86
407.95
919.39
809.92
1,518.06
Profit after Tax
385.53
329.86
356.05
715.39
677.52
1,533.39
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 November 4, 2015. 
8. There were no exceptional and extraordinary items during the quarter and half year ended September 30, 2015.
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 4, 2015  Chairman

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