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Sector
Industrials
Size
Small Cap
Market Cap £89.3m
Enterprise Value £657.1m
Revenue £1.57bn
Position in Universe 849th / 3109

Reliance Infra Ld - Annual Financial Report

Mon 14th September, 2020 11:13am
RNS Number : 9003Y
Reliance Infrastructure Limited
14 September 2020
 

RELIANCE INFRASTRUCTURE LIMITED

Registered Office: Reliance Center, Ground Floor, 19, Walchand Hiranchand Marg, Ballard Estate, Mumbai 400 001

website:www.rinfra.com      CIN : L75100MH1929PLC001530

Statement of Standalone Financial Results for the quarter and year ended March 31, 2020

 

 

 

 

 

 

 

 

Sr.  No.

Particulars

 

 

 

 

 Rs Crore

Quarter ended

Year ended

Year ended

31-03-2020

31-12-2019

31-03-2019

31-03-2020

31-03-2019

refer note 18

Unaudited

refer note 18

Audited

Audited

 

 

 

 

 

 

 

 

1

Income from Operations

       358.50

        385.08

        327.96

    1,319.07

       986.08

2

Other Income (net) (Refer note 3 and 4)

       339.76

        571.36

        473.79

    2,019.64

    2,595.28

 

Total Income

       698.26

        956.44

        801.75

    3,338.71

    3,581.36

3

Expenses

 

 

 

 

 

 

 

(a) Construction Materials Consumed and Sub-contracting Charges

       305.70

        304.81

        193.00

    1,040.15

       578.12

 

(b) Employee Benefits Expense

           4.97

          15.91

         29.35

        86.24

       168.75

 

(c) Finance Costs

       280.51

        208.27

        181.01

      918.15

    1,210.93

 

(d) Depreciation and Amortisation Expense

         16.64

          16.16

         19.89

        65.31

         81.83

 

(e) Other Expenses

         84.65

          35.74

         75.52

      233.24

       438.38

 

Total Expenses

       692.47

        580.89

        498.77

    2,343.09

    2,478.01

4

Profit before Exceptional Items and Tax (1+2-3)

           5.79

        375.55

        302.98

      995.62

    1,103.35

5

Exceptional Items (Net)

              -  

               -  

    (1,981.34)

             -  

   (6,181.34)

6

Profit /(Loss) before tax (4+5)

           5.79

        375.55

    (1,678.36)

      995.62

   (5,077.99)

7

Tax Expenses

 

 

 

 

 

 

 - Current Tax

           1.85

               -  

              -  

          4.35

              -  

 

 - Deferred Tax (net)

        (26.37)

           (4.69)

           6.00

       (40.06)

        (27.00)

 

 - Tax adjustment for earlier years (net)

              -  

               -  

        (20.11)

          0.06

      (163.76)

8

Net (Loss) / Profit for the period/year from Continuing Operations (6-7)

         30.31

        380.24

    (1,664.25)

    1,031.27

   (4,887.23)

9

Net Profit for the period/year from Discontinued Operations (refer note 16)

              -  

               -  

              -  

 

    3,973.84

10

Net Profit/(Loss) for the period/year (8+9)

         30.31

        380.24

    (1,664.25)

    1,031.27

      (913.39)

11

Other Comprehensive Income

 

 

 

 

 

 

Items that will not be reclassified to Profit and Loss

 

 

 

 

 

 

Remeasurement of net defined benefit plans - (gain)/loss

          (1.84)

               -  

          (1.62)

         (2.94)

          (8.62)

 

Income Tax relating to the above

              -  

               -  

           1.50

             -  

           3.00

 

 

 

           1.84

               -  

           0.12

          2.94

           5.62

12

Total Comprehensive Income/(Loss) (10+11)

         32.15

        380.24

    (1,664.13)

    1,034.21

      (907.77)

13

Paid-up Equity Share Capital (Face value of ` 10 per share)

 

 

 

      263.03

       263.03

14

Other Equity

 

 

 

  10,183.98

   14,027.85

15

Earnings Per Share (* not annualised) (Face value of 10 per share)

 

 

 

 

 

 

(a) Basic and Diluted Earnings per Share (in ` ) (for Continuing Operations)

 1.15*

14.46*

 (63.28)*

 39.21*

      (185.83)

 

(b) Basic and Diluted Earnings per Share (in ` ) (for Discontinued Operations)

              -  

               -  

              -  

             -  

       151.10

 

(c) Basic and Diluted Earnings per Share (in ` )-before effect of withdrawl of scheme

 4.53*

 14.84*

 (311.09)*

 44.59*

      (278.99)

 

(d) Basic and Diluted Earnings per Share (in ` )-after effect of withdrawl of scheme

 1.15*

14.46*

 (63.28)*

 39.21*

        (34.73)

16

Debenture Redemption Reserve

 

 

 

      212.98

       165.02

17

Net Worth

 

 

 

 

    9,665.25

    8,489.63

18

Debt Service Coverage Ratio (Refer Note 12)

 

 

 

          0.88

           1.45

19

Interest Service Coverage Ratio (Refer Note 12)

 

 

 

          3.07

           4.41

20

Debt Equity Ratio (Refer Note 12)

 

 

 

          0.55

           0.43

 

 

 

 

RELIANCE INFRASTRUCTURE LIMITED

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment-wise Revenue, Results and Capital Employed

 

 

 

 

 

 

 

 

 

 

 

 

 

Sr.  No.

Particulars

 

 

 

 

 Rs Crore

Quarter ended

Year ended

Year ended

31-03-2020

31-12-2019

31-03-2019

31-03-2020

31-03-2019

refer note 18

Unaudited

refer note 18

Audited

Audited

 

 

 

 

 

 

 

 

1

Segment Revenue

 

 

 

 

 

 

       - Power Business

           0.86

            0.56

           2.53

          9.13

         10.55

 

       - Engineering and Construction Business- refer note 4

       357.64

        594.53

        325.43

    1,519.94

       975.53

 

Total

 

       358.50

        595.09

        327.96

    1,529.07

       986.08

 

Less : Inter Segment Revenue

              -  

               -  

              -  

 

              -  

 

Net Sales / Income from Continuing Operations

       358.50

        327.96

    1,529.07

       986.08

2

Segment Results

 

 

 

 

 

 

   Profit before Tax and Interest from each segment

 

 

 

 

 

 

       - Power Business

          (5.36)

           (2.86)

           4.84

         (4.26)

        (45.56)

 

       - Engineering and Construction Business

         27.29

        267.89

         58.03

      351.05

       175.94

 

 

 

         21.93

        265.03

         62.87

      346.79

       130.38

 

 

 

 

 

 

 

 

 

- Finance Costs

      (280.51)

       (208.27)

       (181.01)

     (918.15)

   (1,210.93)

 

- Interest Income

       292.36

        294.58

        327.94

    1,211.14

    1,583.93

 

- Exceptional Item - Unallocable segment

              -  

               -  

    (1,981.34)

 

   (6,181.34)

 

- Other Un-allocable Income net of Expenditure

        (27.99)

          24.21

         93.18

      355.84

       599.97

 

Profit before Tax from continuing operations

           5.79

        375.55

    (1,678.36)

      995.62

   (5,077.99)

3

Capital Employed

 

 

 

 

 

 

Segment Assets

 

 

 

 

 

 

       - Power Business

         41.36

          45.84

         45.24

        41.36

         45.24

 

       - Engineering and Construction Business

     6,135.46

     5,544.63

     5,337.31

    6,135.46

    5,337.31

 

       - Unallocated Assets

   16,495.07

    18,954.35

   22,869.90

  16,495.07

   22,869.90

 

 

 

   22,671.89

    24,544.82

   28,252.45

  22,671.89

   28,252.45

 

Assets of Discontinued Operations

       544.94

        539.45

              -  

      544.94

              -  

 

 

 

   23,216.83

    25,084.27

   28,252.45

  23,216.83

   28,252.45

 

Segment Liabilities

 

 

 

 

 

 

       - Power Business

         31.23

          30.61

         28.61

        31.23

         28.61

 

       - Engineering and Construction Business

     5,087.28

     4,807.39

     4,666.74

    5,087.28

    4,666.74

 

       - Unallocated Liabilities

     7,651.31

     7,937.39

     9,266.22

    7,651.31

    9,266.22

 

 

 

   12,769.82

    12,775.39

   13,961.57

  12,769.82

   13,961.57

 

Liabilities of Discontinued Operations

              -  

               -  

              -  

             -  

              -  

 

 

 

   12,769.82

    12,775.39

   13,961.57

  12,769.82

   13,961.57

 

 

 

 

 

 

 

 

                 

 

 

 

 

 

RELIANCE INFRASTRUCTURE LIMITED

 

 

 

 

 

 

Standalone Statement of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Rs crore

 

Particulars

As at

As at

 

 

 

31-03-2020

31-03-2019

 

 

 

(Audited)

(Audited)

 

ASSETS

 

 

 

 

 

 

 

 

 

Non-Current Assets

 

 

 

Property, Plant and Equipment

      582.57

       629.04

 

Capital Work-in-progress

        28.73

         26.01

 

Investment Property

      482.66

       502.41

 

Other Intangible Assets

          0.82

           0.82

 

Financial Assets

 

 

 

  Investments

    8,010.34

   13,605.66

 

  Trade Receivables

        51.13

           3.56

 

  Loans

 

        13.64

         46.86

 

  Other Financial Assets

        88.42

         87.47

 

Other Non - Current Assets

        69.23

       455.02

 

Total Non-Current Assets

    9,327.54

   15,356.85

 

 

 

 

 

 

Current Assets

 

 

 

Inventories

 

          3.68

           7.50

 

Financial Assets

 

 

 

  Trade Receivables

    4,106.24

    3,831.88

 

  Cash and Cash Equivalents

        72.68

         70.89

 

  Bank Balance other than Cash and Cash Equivalents above

      179.36

       200.94

 

  Loans

 

    5,765.21

    6,064.79

 

  Other Financial Assets

    1,941.43

    1,338.87

 

Other Current Assets

    1,275.75

    1,380.73

 

Total Current Assets

  13,344.35

   12,895.60

 

 

 

 

 

 

Non Current Assets Held for sale and Discontinued Operations

      544.94

              -  

 

 

 

 

 

 

Total Assets

  23,216.83

   28,252.45

 

 

 

 

 

 

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

  Equity Share Capital

      263.03

       263.03

 

  Other Equity

  10,183.98

   14,027.85

 

Total Equity

  10,447.01

   14,290.88

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

Financial Liabilities

 

 

 

  Borrowings

    3,416.38

    4,100.15

 

  Trade Payables

 

 

 

 

Total outstanding dues to Micro and Small Enterprises

             -  

              -  

 

 

Total outstanding dues to Others

        25.25

         17.53

 

  Other Financial Liabilities

      123.92

         22.90

 

Provisions

 

      160.00

       161.43

 

Deferred Tax Liabilities (Net)

        93.93

       133.99

 

Other Non - Current Liabilities

    1,426.71

    1,487.10

 

Total Non-Current Liabilities

    5,246.19

    5,923.10

 

 

 

 

 

 

Current Liabilities

 

 

 

Financial Liabilities

 

 

 

  Borrowings

      741.92

       910.00

 

  Trade Payables

 

 

 

 

Total outstanding dues to Micro and Small Enterprises

        13.05

           0.11

 

 

Total outstanding dues to Others

    2,368.15

    3,043.25

 

  Other Financial Liabilities

    2,048.20

    1,435.20

 

Other Current Liabilities

    1,827.58

    2,094.48

 

Provisions

 

        47.62

         51.44

 

Current Tax Liabilities (Net)

      477.11

       503.99

 

Total Current Liabilities

    7,523.63

    8,038.47

 

 

 

 

 

 

Liabilities of Discontinued Operations

             -  

              -  

 

 

 

 

 

 

Total Equity and Liabilities

  23,216.83

   28,252.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RELIANCE INFRASTRUCTURE LIMITED

 

 

 

 

 

 

Cash Flow Statement for the year ended March 31, 2020

 

 

 

 

 (Rs Crore)

 

Particulars

 

 

 

 Year ended March 31, 2020

 Year ended March 31, 2019

 

 

 

 

 

 

 Audited

 Audited

 

A. Cash Flow from Operating Activities :

 

 

 

 

 

 

Profit before Tax

 

 

 

           995.62

       (5,077.97)

 

Adjustments for :

 

 

 

 

 

 

Depreciation and Amortisation Expenses

 

 

 

             65.31

              81.83

 

Net (Income) / Expenses relating to Investment Property

 

 

 

           (41.76)

            (31.61)

 

Interest Income

 

 

 

      (1,038.00)

       (1,356.31)

 

Fair Value Gain on Financial Instrument through FVTPL/Amortised Cost

 

 

 

         (173.14)

          (227.62)

 

Dividend Income

 

 

 

           (29.85)

            (34.19)

 

Net Loss/ (Gain) on Sale Investments

 

 

 

             37.79

            (16.62)

 

Finance Cost

 

 

 

           918.15

         1,210.93

 

Provision for Doubtful debts / Advances / Deposits

 

 

 

           (25.44)

              91.56

 

Provision/written off of Investment and ICDs- Exceptional Items

 

 

 

                   -  

         6,181.34

 

Excess Provisions written back

 

 

 

           (80.40)

          (235.95)

 

Loss on Sale / Discarding of Assets (Net)

 

 

 

               1.75

                1.97

 

Bad Debts

 

 

 

 

               8.82

                4.16

 

Provision for Impairment of Assets

 

 

 

                   -  

              18.00

 

Cash generated from Operations before Working Capital changes

 

 

 

           638.85

            609.52

 

 

 

 

 

 

 

 

 

Adjustments for :

 

 

 

 

 

 

Decrease/(Increase) in Financial Assets and Other Assets

 

 

 

           283.20

          (138.10)

 

Decrease in Inventories

 

 

 

               3.83

              13.60

 

Decrease in Financial Liabilities and Other Liabilities

 

 

 

         (960.18)

       (3,169.47)

 

 

 

 

 

 

         (673.15)

       (3,293.97)

 

 

 

 

 

 

 

 

 

Cash generated from Operations

 

 

 

           (34.30)

       (2,684.45)

 

Income Taxes paid (net of refund)

 

 

 

           264.00

              58.23

 

Net Cash generated from Operating Activities

 

 

 

           229.70

       (2,626.22)

 

 

 

 

 

 

 

 

 

B. Cash Flow from Investing Activities :

 

 

 

 

 

 

Purchase of Property, Plant and Equipment (including Capital work-in-progress, capital advances and capital creditors)

 

 

             (6.58)

            (18.10)

 

Purchase of Investment Property

 

 

 

                   -  

              (3.79)

 

Proceeds from Disposal of Property, Plant and Equipment

 

 

 

               3.37

                1.37

 

Net Income relating to Investment Property

 

 

 

             31.20

              23.90

 

Redemption in Fixed Deposits with Banks

 

 

 

             21.44

            286.46

 

Investments in Subsidiaries / Joint Ventures / Associates

 

 

 

           (31.90)

       (1,643.12)

 

Investments in Others (net)

 

 

 

                   -  

          (137.76)

 

Proceeds from disposal of Assets held for Sale

 

 

 

                   -  

         2,440.77

 

Sale of Investment in Subsidiaries/Joint ventures/Associates

 

 

 

           176.51

            292.42

 

Sale / Redemption of Investments in Mutual fund

 

 

 

                   -  

            254.47

 

Sale / Redemption of Investments in Others

 

 

 

             67.19

              30.30

 

Loan given (Net)

 

 

 

           326.30

            204.52

 

Dividend Received

 

 

 

             29.85

              34.19

 

Interest Income

 

 

 

           256.98

            767.00

 

Net Cash generated from Investing Activities

 

 

 

           874.36

         2,532.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C. Cash Flow from Financing Activities :

 

 

 

 

 

 

Proceeds from Long Term Borrowings

 

 

 

                   -  

         3,467.00

 

Repayment of Long Term Borrowings

 

 

 

         (242.53)

       (1,783.43)

 

Short Term Borrowings (Net)

 

 

 

         (168.08)

            246.05

 

Payment of Interest and Finance Charges

 

 

 

         (689.79)

       (1,602.11)

 

Dividends paid to shareholders including tax

 

 

 

             (1.87)

          (249.25)

 

Net Cash generated from / (used in) Financing Activities

 

 

 

      (1,102.27)

              78.26

 

 

 

 

 

 

 

 

 

Net Increase / (Decrease) in Cash and Cash Equivalents ( A+B+C)

 

 

 

               1.79

            (15.33)

 

Cash and cash equivalents as at the beginning of the year

 

 

 

             70.89

              86.22

 

Cash and cash equivalents as at the end of the year

 

 

 

             72.68

              70.89

 

Net Increase / (Decrease) as disclosed above

 

 

 

               1.79

            (15.33)

 

Cash and Cash Equivalents

 

 

 

             72.68

              70.89

 

 

 

 

 

 

 

 

 

 

 

Notes: 

 

1.   The Standalone Audited Financial Results of Reliance Infrastructure Limited ("the Company") have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Amendment Rules, 2016

 

2.   The outbreak of COVID-19 epidemic has significantly impacted businesses around the world. The Government of India ordered a nationwide lockdown, initially for 21 days which further got extended twice and now valid till May 17, 2020 to prevent community spread of COVID-19 in India. This has resulted in significant reduction in economic activities. With respect to operations of the Company, it has impacted its business by way of interruption in construction activities, supply chain disruption, unavailability of personnel, closure / lock down of various other facilities etc.

 

Few of the construction activities is already commenced albeit in a limited manner. The Company has considered various internal and external information including assumptions relating to economic forecasts up to the date of approval of these financials for assessing the recoverability of various receivables, which includes unbilled receivables, investments, goodwill, contract assets and contract costs. The assumptions used by the company have been tested through sensitivity analysis and the company expects to recover the carrying amount of these assets based on the current indicators of future economic conditions. Further the Company has availed protections available to it as per various contractual provisions to reduce the impact of COVID-19.  

The aforesaid evaluation is based on projections and estimations which are dependent on future development including government policies. Any changes due to the changes in situations / circumstances will be taken into consideration, if necessary, as and when it crystallizes.

 

3.   Pursuant to the Scheme of Amalgamation of Reliance Infraprojects Limited with the Company, sanctioned by the Hon'ble High Court of Judicature at Bombay on March 30, 2011, net foreign exchange gain of Rs 88.95 Crore and Rs 141.41 Crore for the quarter and year ended March 31, 2020 respectively has been credited to the Statement of Profit and Loss and an equivalent amount has been transferred to General Reserve. Had such transfer not been done, the profit before tax would have been higher by Rs 88.95 Crore and Rs 141.41 Crore for the quarter and year ended March 31, 2020 respectively and General Reserve would have been lower by an equivalent amount. The treatment prescribed under the Scheme overrides the relevant provisions of Ind AS 1 "Presentation of Financial Statements". This matter has been referred to by the auditors in their report as an emphasis of matter.

 

4.   Other Income includes ` Nil  and ` 210 crore for the quarter and year ended March 31, 2020 recognised pursuant to arbitration award won by the Company against Damodar Valley Corporation (DVC) totalling to ` 1,250 crore including return of Bank Guarantees of ` 354 crore. DVC has preferred an appeal against the award before the Hon'ble Calcutta High Court, which was listed for hearing in the first week of March 2020, however the same is postponed due to Covid19 outbreak and the next date of hearing is awaited. Although the Parent Company is confident of recovering the entire amount, out of prudence, the Parent Company has recognized only ` 210 crore being the retention money which was earlier written off. 

5.   The Company has outstanding obligations payable to lenders and in respect of loan arrangements of certain entities including subsidiaries/associates where the Company is also a guarantor where certain amounts have also fallen due. The resolution plans have been submitted to the lenders of respective companies which are under their consideration. The Company is confident of meeting of all the obligations by way of time bound monetisation of its assets and receipt of various claims and accordingly, notwithstanding the dependence on these material uncertain events the Company continues to prepare the Standalone Financial Results on a going concern basis.

 

6.   The dispute between Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of the Company and Delhi Metro Rail Corporation (DMRC) arising out of the termination of the Concession Agreement for Delhi Airport Metro Express Line Project (Project) by DAMEPL was referred to arbitral tribunal, which vide its award dated May 11, 2017, granted arbitration award of   Rs 4,662.59 crore on the date of the Award in favour of DAMEPL being inter alia in consideration of DAMEPL transferring the ownership of the Project to DMRC who has taken over the same. The Award was upheld by a Single Judge of Hon'ble Delhi High Court vide Judgment dated March 06, 2018. However, the said Judgment dated March 06, 2018 was set aside by the Division Bench of Hon'ble Delhi High Court vide Judgement dated January 15, 2019. DAMEPL has filed Special Leave Petition (SLP) before the Hon'ble Supreme Court of India against the said Judgement dated January 15, 2019 of Division Bench of Hon'ble Delhi High. Hon'ble Supreme Court of India, while hearing the Interlocutory Application filed by DAMEPL seeking interim relief,had directed vide its Order dated April 22, 2019 that DAMEPL's accounts shall not be declared as NPA till further orders and further directed listing of the SLP for hearing on July 23, 2019. However, the matter was adjourned on DMRC's request dated July 22, 2019. Later, the hearing could not take place due to various reasons. The next hearing to take place sometime after the present COVID-19 lockdown ends and courts reopen. Based on the facts of the case and the applicable law, DAMEPL is confident of succeeding in the Hon'ble Supreme Court. In view of the above, pending outcome of SLP before the Hon'ble Supreme Court of India, DAMEPL has continued to prepare its financial statements on going concern basis.

7.   KM Toll Road Private Limited (KMTR), a subsidiary of the Company, has terminated the Concession Agreement with National Highways Authority of India (NHAI) for Kandla Mundra Road Project (Project) on May 7, 2019, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by NHAI. The operation of the Project has been taken over by NHAI and NHAI has given a contract to a third party for Toll collection with effect from April 16, 2019.Consequently, NHAI is liable to pay KMTR a termination payment estimated at Rs 1,205.47 Crore, as the termination has arisen owing to NHAI Event of Default. KMTR vide its letter dated May 6, 2019 has also issued a notice to NHAI for the termination payment. Pending final outcome of the notice and possible arbitration proceedings and as legally advised, the claims for the termination payment are considered fully enforceable. The Company is confident of recovering its entire investment of Rs 544.94 Crore in KMTR, as at March 31, 2020 and no impairment has been considered necessary against the above investment. The Investment in the KMTR are classified as Discontinued operations as per Ind AS 105 "Non Current Assets held for sale and discontinued operations". 

8.   During the quarter ended and year ended March 31, 2020, Rs 9.59 Crore and Rs 3,050.98 crore respectively being the loss on invocation of pledge of shares of RPower held by the Company has been adjusted against the capital reserve. According to the management of the Company, this is an extremely rare circumstance where even though the value of long term strategic investment is high, the same is being disposed off at much lower value for the reasons beyond the control of the Company, thereby causing the said loss to the Company. Hence, being the capital loss, the same has been adjusted against the capital reserve.

Further, due to above said invocation, during the quarter, investment in RPower has been reduced to 12.77% of its paid-up share capital. Accordingly in terms of Ind AS 28 on Investments in Associates and Joint Venture, RPower ceases to be an associate of the Company. Although this being strategic investment and Company continues to be promoter of RPower, due to the invocations of the shares by the lenders for the reasons beyond the control of the Company the balance investments in RPower have been carried at fair value in accordance with Ind AS 109 on Financial Instruments and valued at current market price and loss of Rs.   1,973.90 Crore being the capital loss, has been adjusted against the capital reserve. Had the above mentioned treatments of loss not been debited to capital reserve, the profit before tax for the quarter and year ended March 31, 2020 would have been lower by Rs. 1,983.49 crore and Rs. 5,024.88 crore and capital reserve in aggregate would have been higher by an equivalent amount.

 

9.   The Company has net recoverable amounts aggregating to ` 792.44 crore from RPower as at March 31, 2020. Management had performed an impairment assessment of these recoverable by considering interalia the valuations of the underlying subsidiaries of RPower which are based on their value in use (considering discounted cash flows) and valuations of other assets of RPower/its subsidiaries based on their fair values, which have been determined by external valuation experts . The determination of the value in use / fair value involves significant management judgement and estimates on the various assumptions including relating to growth rates, discount rates, terminal value, time that may be required to identify buyers, negotiation discounts etc.  Accordingly, based on the assessment, impairment of said recoverable is not considered necessary by the management.

10. The Company has entered into a Share Purchase Agreement with Cube Highways and Infrastructure III Pte Limited for sale of its entire stake in DA Toll Road Private Limited, a subsidiary of the Company.  The Company has received in-principle approval from National Highway Authority of India; final approval and other customary approvals are awaited and hence has not been considered as non current assets held for sale and discontinued operations as per Ind AS 105 "Non Current Assets Held for Sale and Discontinued Operations".

11. The Reliance Group of companies of which the Company is a part, supported an independent company in which the Company holds less than 2% of equity shares ("EPC Company") to inter alia undertake contracts and assignments for the large number of varied projects in the fields of Power (Thermal, Hydro and Nuclear), Roads, Cement, Telecom, Metro Rail, etc. which were proposed and/or under development by the Reliance Group. To this end along with other companies of the Reliance Group the Company funded EPC Company by way of project advances, subscription to debentures and inter corporate deposits. The total exposure of the Company as on March 31, 2020 is Rs 8,066.08 Crore net of provision of Rs 3,972.17 Crore. The Company has also provided corporate guarantees aggregating of Rs 1,775 Crore.

 

 

The activities of EPC Company have been impacted by the reduced project activities of the companies of the Reliance Group. While the Company is evaluating the nature of relationship; if any, with the independent EPC Company, based on the analysis carried out in earlier years, the EPC Company has not been treated as related party

 

Given the huge opportunity in the EPC field particularly considering the Government of India's thrust on infrastructure sector coupled with increasing project and EPC activities of the Reliance Group, the EPC Company with its experience will be able to achieve substantial project activities in excess of its current levels, thus enabling the EPC Company to meet its obligations. The Company is reasonably confident that the provision will be adequate to deal with any contingency relating to recovery from the EPC Company.

 

During the year, the Company has provided corporate guarantees of Rs. 4,895.87 Crore on behalf of certain companies towards their borrowings. As per the reasonable estimate of the management of the Company, it does not expect any obligation against the above guarantee amount

 

12. Ratios have been computed as under:

·  Debt Service Coverage Ratio = Earnings before Interest and Tax and exceptional items / (Interest on Long Term Debt for the period/year + Principal Repayment of Long Term Debt within one year)

· Interest Service Coverage Ratio = Earnings before Interest and Tax and exceptional items /     Interest on   Long Term Debt for the period/year

·  Debt Equity Ratio = Long Term Debt / Equity            

 

13. Details of due date wise obligations in respect of Secured Non Convertible debentures outstanding as at March 31, 2020 (as per original repayment schedule) are as follows:

 

Sr. No.

Particulars

ISIN No.

Previous Due Date  (October 1, 2019 till March 31, 2020)

Next Due Date (April 1, 2020 till September, 2020)

 

 

 

Principal#

Interest

Principal

Interest

1

NCD Series 18

INE036A07294

January 20, 2020

October 21, 2019* and January 20, 2020#

NA

April 21, 2020 and July 21, 2020

2

NCD Series 20E

INE036A07534

March 24, 2020

March 24, 2020#

NA

NA

3

NCD Series 29

INE036A07567

March 31, 2020

November 30, 2019* and February 28, 2020#

September 30, 2020

May 31, 2020 and August 31, 2020

* Paid on due dates

# Outstanding as at March 31, 2020

 

14. The listed non convertible debentures of Rs 1,087.70 Crore as on March 31, 2020 are secured by way of first pari passu charge on certain fixed assets and investments. There are certain shortfalls in the security cover. Further, in respect of NCDs, rating by CARE Ratings has changed to CARE D while India Ratings and Research Private Limited has given IND C rating.

 

15. As per IndAS 108 "Operating Segment", the Company has reported two segments, namely, Engineering and Construction (E&C) and Power. E&C segment renders comprehensive, value added services in construction, erection and commissioning. Power segment comprises of generation of power. Other Investments/assets and income from the same are considered under Unallocable.

 

16. Profit from discontinued operations for the year ended March 31, 2019 of Rs 3,973.84 Crore including reversal of deferred tax liability of Rs 2,291.89 Crore represent profit from sale of Mumbai Power Business (MPB). 

 

17. The Company has adopted Ind AS 116, effective annual reporting period beginning on April 1, 2019 and applied the standard to its leases, retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application without making any adjustment to opening balance of retained earnings. The adoption of the standard did not have any material impact on the standalone financial results of the Company

 

18. The figures for the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between the audited figures in respect of full financial year and published year to date figures up the third quarter of respective financial year. The figures for the previous periods and for the year ended March 31, 2019 have been regrouped and rearranged to make them comparable with those of current year.

 

 

19. After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on May 8, 2020.                                                                                     

 

 

                                                                                  For and on behalf of the Board of Directors

 

 

 

 

Place: Mumbai                                                                                   Punit Garg

Date:  May  8, 2020                                                    Executive Director and Chief Executive Officer

 

 

 

Auditor's Report on the standalone financial results of Reliance Infrastructure Limited for the quarter and year ended March 31, 2020 pursuant to Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

Independent Auditor's Report

 

To The Board of Directors of Reliance Infrastructure Limited

 

Report on the audit of the Standalone Financial Results

 

Disclaimer of Opinion

 

We were engaged to audit the accompanying standalone financial results of Reliance Infrastructure Limited ("the Company") for the quarter and year ended March 31, 2020 ("standalone financial results") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

 

Because of the substantive nature and significance of the matter described in the "Basis for Disclaimer of Opinion", we have not been able to obtain sufficient appropriate audit evidence to provide the basis of our opinion as to whether these standalone financial results:

 

i.     are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Listing Regulations in this regard; and

 

ii.     give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 2020.

 

Basis for Disclaimer of Opinion

 

1.      We refer to Note 11 to the standalone financial results regarding the Company's exposure in an EPC Company as on March 31, 2020 aggregating to Rs. 8,066.08 Crore (net of provision of Rs. 3,972.17 Crore). Further, the Company has also provided corporate guarantees aggregating to Rs. 1,775 Crore on behalf of the aforesaid EPC Company towards borrowings of the EPC Company.

 

According to the Management of the Company, these amounts have been funded mainly for general corporate purposes and towards funding of working capital requirements of the party which has been engaged in providing Engineering, Procurement and Construction (EPC) services primarily to the Company and its subsidiaries and its associates and the EPC Company will be able to meet its obligation.

 

As referred to in the above note, the Company has further provided Corporate Guarantees of Rs. 4,895.87 Crore in favour of certain companies towards their borrowings. According to the Management of the Company these amounts have been given for general corporate purposes.

 

We were unable to evaluate about the relationship, recoverability and possible obligation towards the Corporate Guarantees given. Accordingly, we are unable to determine the consequential implications arising therefrom in the standalone financial results of the Company.

 

2.      We refer to Note 8 of the standalone financial results wherein the loss on invocation of shares held in Reliance Power Limited (RPower) amounting to Rs. 9.59 Crore and Rs. 3,050.98 Crore for the quarter and year ended March 31, 2020 respectively has been adjusted against the capital reserve. The above treatment of loss on invocation of shares is not accordance with the Ind AS 28 "Investments in Associates and Joint Ventures" and Ind AS 1 "Presentation of Financial Statements".

 

Further, due to the invocation of shares as stated above, RPower ceases to be an associate of the Company. The balance investments in RPower have been carried at fair value in accordance with Ind AS 109 "Financial Instruments" and valued at current market price and loss on fair valuation amounting to Rs. 1,973.90 Crore has been adjusted against the capital reserve. The above treatment is not in accordance with the Ind AS 1 "Presentation of Financial Statements" and Ind AS 109 "Financial Instruments".

 

Had the Company followed the treatments prescribed under the above mentioned Ind AS's the Profit before tax for the quarter and year ended would have been lower by Rs. 1,983.49 Crore and Rs.    5,024.88 Crore and capital reserve and total equity would have been higher by an equivalent amount.

 

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. However, because of the matters described in paragraph 1, and 2above, we were not able to obtain sufficient appropriate evidence to provide a basis of our Opinion on the standalone financial results.

 

Material Uncertainty related to Going Concern

 

We draw attention to Note 5 to the standalone financial results, wherein the Company has outstanding obligations to lenders and the Company is also a guarantor for its subsidiaries and associates whose loans have also fallen due which indicate that material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. However, for the reasons more fully described in the aforesaid note the accounts of the Company have been prepared as a Going Concern.

 

Our opinion on the standalone financial results is not modified in respect of this matter.

 

Emphasis of Matter Paragraph

 

1.    We draw attention to Note 3 to the standalone financial results regarding the Scheme of Amalgamation ('the Scheme') between Reliance Infraprojects Limited (wholly owned subsidiary of the Company) and the Company sanctioned by the Hon'ble High Court of Judicature at Bombay vide its order dated March 30, 2011, wherein the Company, as determined by the Board of Directors, is permitted to adjust foreign exchange/derivative/hedging losses/gains debited/credited to the Statement of Profit and Loss by a corresponding withdrawal from or credit to General Reserve which overrides the relevant provisions of Ind AS - 1 'Presentation of financial statements'. The net foreign exchange gain of Rs. 88.95 Crore and Rs. 141.41 Crore for the quarter and year ended March 31, 2020 respectively has been credited to Statement of Profit and Loss and an equivalent amount has been transferred to General Reserve in terms of the Scheme. Had such transfer not been made, profit before tax for the quarter and year ended March 31, 2020 would have been higher by Rs. 88.95 Crore and Rs. 141.41 Crore respectively and General Reserve would have been lower by an equivalent amount.

 

2.    We draw attention to Note 7 to the standalone financial results regarding KM Toll Road Private Limited (KMTR), a subsidiary of the Company, has terminated the Concession Agreement with National Highways Authority of India (NHAI) for KandlaMundra Road Project (Project) on May 7, 2019, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by NHAI. The Company is confident of recovering its entire investment of Rs 544.94 Crore in KMTR, as at March 31, 2020 and no impairment has been considered necessary against the above investment for the reasons stated in the aforesaid note.

 

3.    We draw attention to Note 9 to the standalone financial results which describes the impairment assessment performed by the Company in respect of its receivables of Rs. 792.44 Crore in Reliance Power Limited (RPower) in accordance with Ind A S 36 "Impairment of assets" / Ind AS 109 "Financial Instruments". This assessment involves significant management judgment and estimates on the valuation methodology and various assumptions used in determination of value in use/fair value by independent valuation experts / management as more fully described in the aforesaid note. Based on management's assessment and independent valuation reports, no impairment is considered necessary on the receivables.

 

4.    We draw attention to Note 2to the standalone financial results, as regards to the management evaluation of COVID - 19 impact on the future performance of the Company.

 

Our opinion is not modified in respect of the above matters.

 

Management's Responsibilities for the Standalone Financial Results

 

The standalone financial results, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared on the basis of standalone financial statements.The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 read with Regulation 63(2) of the Listing Regulations.

 

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

 

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

 

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

 

Auditor's Responsibilities for the Audit of the Standalone Financial Results

 

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

 

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

·       Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

·       Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

 

·       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

 

·       Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

 

·       Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

 

Other Matters

 

The standalone financial results include the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

 

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No. 107783W/W100593

 

 

 

Vishal D. Shah

Partner

Membership No. 119303

UDIN:

 

Place: Mumbai

Date: May 08, 2020

 

 

 

 

 

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2020

[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016] Standalone

I

Sr. No.

Particulars

Audited Figures (Rs in Crore)

(as reported before adjusting for qualifications)

Audited Figures (Rs in Crore) (audited figures after adjusting for qualifications) quoted in II (a)(ii)

 

1

Turnover / Total income

3,338.71

3,338.71

 

2

Total Expenditure including exceptional items

2,343.09

7,367.97

 

3

Net profit/(loss) for the year after tax

1,031.27

(3,993.61)

 

4

Earnings Per Share (Rs.)

39.21

(151.85)

 

6

Total Assets

23,216.83

23,216.83

 

7

Total Liabilities

12,769.82

12,769.82

 

8

Net worth-Other Equity

10,447.01

10,447.01

II

Audit Qualification (each audit qualification separately):

 

 

 

a.

Details of Audit Qualification:

3.      We refer to Note 11 to the standalone financial results regarding the Company's exposure in an EPC Company as on March 31, 2020 aggregating to Rs. 8,066.08 Crore (net of provision of Rs. 3,972.17 Crore). Further, the Company has also provided corporate guarantees aggregating to Rs. 1,775 Crore on behalf of the aforesaid EPC Company towards borrowings of the EPC Company.

According to the Management of the Company, these amounts have been funded mainly for general corporate purposes and towards funding of working capital requirements of the party which has been engaged in providing Engineering, Procurement and Construction (EPC) services primarily to the Company and its subsidiaries and its associates and the EPC Company will be able to meet its obligation.

As referred to in the above note, the Company has further provided Corporate Guarantees of Rs. 4,895.87 Crore in favour of certain companies towards their borrowings. According to the Management of the Company these amounts have been given for general corporate purposes.

We were unable to evaluate about the relationship, recoverability and possible obligation towards the Corporate Guarantees given. Accordingly, we are unable to determine the consequential implications arising therefrom in the standalone financial results of the Company.

 

4.      We refer to Note 8 of the standalone financial results wherein the loss on invocation of shares held in Reliance Power Limited (RPower) amounting to Rs. 9.59 Crore and Rs. 3,050.98 Crore for the quarter and year ended March 31, 2020 respectively has been adjusted against the capital reserve. The above treatment of loss on invocation of shares is not accordance with the Ind AS 28 "Investments in Associates and Joint Ventures" and Ind AS 1 "Presentation of Financial Statements".

Further, due to the invocation of shares as stated above RPower ceases to be an associate of the Company. The balance investments in RPower have been carried at fair value in accordance with Ind AS 109 "Financial Instruments" and valued at current market price and loss on fair valuation amounting to Rs. 1,973.90 Crore has been adjusted against the capital reserve. The above treatment is not in accordance with the Ind AS 1 "Presentation of Financial Statements" and Ind AS 109 "Financial Instruments".

Had the Company followed the treatments prescribed under the above mentioned Ind AS's the Profit before tax for the quarter and year ended would have been lower by Rs. 1,983.49 Crore and Rs. 5,024.88 Crore and capital reserve and total equity would have been higher by an equivalent amount

 

b.

Type of Audit Qualification : Qualified Opinion / Disclaimer of Opinion / Adverse Opinion

Disclaimer of Opinion

 

 

c.

Frequency of qualification: Whether appeared first time / repetitive / since how long continuing

Item II(a)(1) coming Since year ended March 31, 2019

Item II(a)(2) -  first time

 

d.

For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:

 

With respect to  Item II(a)(2) Management view is set out in note 8 to the Standalone Financial Results, as below:

During the quarter ended and year ended March 31, 2020, Rs. 9.59 Crore and Rs. 3,050.98 crore respectively being the loss on invocation of pledge of shares of RPower held by the Parent Company has been adjusted against the capital reserve/capital reserve on consolidation. According to the management of the Parent Company, this is an extremely rare circumstance where even though the value of long term strategic investment is high, the same is being disposed off at much lower value for the reasons beyond the control of the Parent Company, thereby causing the said loss to the Parent Company. Hence, being the capital loss, the same has been adjusted against the capital reserve.

Further, due to above said invocation, during the quarter, investment in RPower has been reduced to 12.77% of its paid-up share capital. Accordingly in terms of Ind AS 28 on Investments in Associates, RPower ceases to be an associate of the Parent Company. Although this being strategic investment and Parent Company continues to be promoter of the RPower, due to the invocations of the shares by the lenders for the reasons beyond the control of the Parent Company the balance investments in RPower have been carried at fair value in accordance with Ind AS 109 on financial instruments and valued at current market price and loss of Rs. 1,973.90 crore being the capital loss, has been adjusted against the capital reserve..

 

e.

For Audit Qualification(s) where the impact is not quantified by the auditor (with respect to II(a)(1) above:

 

 

 

(i) Management's estimation on the impact of audit qualification:

 Not Determinable

 

 

 

(ii) If management is unable to estimate the impact, reasons for the same:

With respect to  Item II(a)(1) Management view is set out in note 11 to the Standalone Financial Results, as below:

The Reliance Group of companies of which the Company is a part, supported an independent company in which the Company holds less than 2% of equity shares ("EPC Company") to inter alia undertake contracts and assignments for the large number of varied projects in the fields of Power (Thermal, Hydro and Nuclear), Roads, Cement, Telecom, Metro Rail, etc. which were proposed and/or under development by the Reliance Group. To this end along with other companies of the Reliance Group the Company funded EPC Company by way of project advances, subscription to debentures and inter corporate deposits. The total exposure of the Company as on March 31, 2020 is Rs 8,066.08 Crore net of provision of Rs 3,972.17 Crore. The Company has also provided corporate guarantees aggregating of Rs 1,775 Crore.

The activities of EPC Company have been impacted by the reduced project activities of the companies of the Reliance Group. While the Company is evaluating the nature of relationship; if any, with the independent EPC Company, based on the analysis carried out in earlier years, the EPC Company has not been treated as related party

Given the huge opportunity in the EPC field particularly considering the Government of India's thrust on infrastructure sector coupled with increasing project and EPC activities of the Reliance Group, the EPC Company with its experience will be able to achieve substantial project activities in excess of its current levels, thus enabling the EPC Company to meet its obligations. The Company is reasonably confident that the provision will be adequate to deal with any contingency relating to recovery from the EPC Company.

During the year, the Company has provided corporate guarantees of Rs.4,895.87 Crore on behalf of certain companies towards their borrowings. As per the reasonable estimate of the management of the Company, it does not expect any obligation against the above guarantee amount.

 

 

(iii) Auditors' Comments on (i) or (ii) above:

Impact is not determinable.

 

 

 

 

III

Signatories:

 

 

 

 

 

Punit Garg

(Executive Director and Chief Executive Officer)                                                                      

                 

 

Sridhar Narasimhan

(Chief Financial Officer)

 

 

 

 

 Manjari Kacker

(Audit Committee Chairman)

 

 

 

 

Statutory Auditors

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No:107783W/W100593

 

 

 

Vishal D Shah

Partner

Membership No. 119303

 

 

 

Place:

Mumbai

 

 

Date:

May 8,  2020

 

         

 

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