REG - Reliance Infra Ld - Half-year Report <Origin Href="QuoteRef">RLIN.NS</Origin> - Part 1
RNS Number : 1070PReliance Infrastructure Limited14 November 2016
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 Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2016
(Rs. crore)
Sr. No.
Particulars
Quarter Ended
Half Year Ended
30-09-2016
30-06-2016
30-09-2015
30-09-2016
30-09-2015
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
1
Income from Operations
(a) Net Sales / Income from Power Business
6,062.09
6,002.47
6,372.66
12,064.56
11,910.39
(b) Income from EPC and Contracts Business
514.12
725.32
876.37
1,239.44
1,929.38
(c) Net Sales / Income from Infrastructure Business
295.39
305.04
258.57
600.43
523.83
(d) Other Operating Income
101.29
65.76
53.29
167.05
103.79
Total Operating Income
6,972.89
7,098.59
7,560.89
14,071.48
14,467.39
2
Expenditure
(a) Cost of Power Purchased
4,034.56
4,078.99
3,979.97
8,113.55
7,862.94
(b) Cost of Fuel and Materials Consumed
251.11
227.90
262.65
479.01
541.03
(c) Construction Materials Consumed and Sub-Contracting
Charges
424.19
595.39
621.74
1,019.58
1,547.88
(d) Employee Benefits Expense
439.29
444.28
405.85
883.57
809.88
(e) Depreciation and amortisation Expense
372.91
325.99
318.65
698.90
618.34
(f) Other Expenses
500.94
542.11
565.77
1,043.05
1,026.85
Total Expenditure
6,023.00
6,214.66
6,154.63
12,237.66
12,406.92
3
Profit from operations before Other Income (net), Rate Regulated Activities, Finance Costs, Exceptional Items and Tax (1-2)
949.89
883.93
1,406.26
1,833.82
2,060.47
4
Other Income (net) (Refer Note 5)
639.61
714.95
519.89
1,354.56
1,153.82
5
Profit from Ordinary Activities before Finance Costs, Rate Regulated Activities, Exceptional Items and Tax (3-4)
1,589.50
1,598.88
1,926.15
3,188.38
3,214.29
6
Finance Cost (Refer Note 5)
1,045.90
1,010.75
980.41
2,056.65
1,912.81
7
Profit from Ordinary Activities before Rate Regulated Activities ,Exceptional Items and Tax (5-6)
543.60
588.13
945.74
1,131.73
1,301.48
8
Add / (Less) : Regulatory Income / (Expenses) (net)
(183.66)
(173.73)
(520.80)
(357.39)
(417.23)
9
Profit from Ordinary Activities before Exceptional Items and Tax (7+8)
359.94
414.40
424.94
774.34
884.25
10
Exceptional Items (Refer Note 7)
85.58
-
-
85.58
-
11
Profit from Ordinary Activities before Tax
445.52
414.40
424.94
859.92
884.25
12
Tax Expenses (including Deferred Tax and Tax for earlier years)
(25.66)
100.49
57.91
74.83
183.14
13
Net Profit from Ordinary Activities after Tax from Continuing Operations (11-12)
471.18
313.91
367.03
785.09
701.11
14
Share of Profit in Associates and Joint Ventures (net)
80.94
105.86
125.14
186.80
256.25
15
Minority Interest
(10.75)
5.46
16.00
(5.29)
30.14
16
Net Profit after Tax, Share of Profit in Associates, Joint Ventures and Minority Interest (net) (13+14-15)
562.87
414.31
476.17
977.18
927.22
17
Profit / (Loss) from Discontinued Operation before tax
7.68
24.49
(49.85)
32.17
(91.64)
18
Tax Expenses on Discontinuned Operation
-
-
-
-
-
19
Profit / (Loss) from Discontinued Operation after tax
7.68
24.49
(49.85)
32.17
(91.64)
20
Net Profit for the period (16+19)
570.55
438.80
426.32
1,009.35
835.58
21
Other Comprehensive Income / (Expense) (net of tax)
(3.79)
7.10
(1.47)
3.31
(10.18)
22
Total Comprehensive Income (20+21)
566.76
445.90
424.85
1,012.66
825.40
23
Paid-up Equity Share Capital (Face Value of Rs.10 per Share)
263.03
263.03
263.03
263.03
263.03
24
Earnings Per Share (* not annualised)
(a) Basic (Rs.)
21.68 *
16.69 *
16.21 *
38.37 *
31.77 *
(b) Diluted (Rs.)
21.68 *
16.69 *
16.21 *
38.37 *
31.77 *
Reliance Infrastructure Limited
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
website: www.rinfra.com CIN L99999MH1929PLC001530
Unaudited Consolidated Segment-wise Revenue , Results and Capital Employed
(Rs. crore)
Sr. No.
Particulars
Quarter Ended
Half Year Ended
30-09-2016
30-06-2016
30-09-2015
30-09-2016
30-09-2015
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
1
Segment Revenue
- Power Business
5,977.29
5,895.88
5,909.93
11,873.17
11,608.39
- EPC and Contracts Business
523.58
729.17
878.12
1,252.75
1,933.73
- Infrastructure Business
298.34
308.12
262.94
606.46
528.01
Total
6,799.21
6,933.17
7,050.99
13,732.38
14,070.13
Less: Inter Segment Revenue
9.98
8.31
10.90
18.29
19.97
Net Sales / Income from Operations (Including Regulatory Income /(expense))
6,789.23
6,924.86
7,040.09
13,714.09
14,050.16
2
Segment Results
Profit before Interest, Tax, Share in Associates and Minority Interest from each segment:
- Power Business
645.75
630.77
708.08
1,276.52
1,364.52
- EPC and Contracts Business
74.22
31.73
127.35
105.95
201.92
- Infrastructure Business
115.08
123.36
92.70
238.44
168.93
Total
835.05
785.86
928.13
1,620.91
1,735.37
- Finance Costs
(1,045.90)
(1,010.75)
(980.41)
(2,056.65)
(1,912.81)
- Interest Income
630.28
672.09
504.65
1,302.37
1,125.63
- Exceptional Item - Unallocable segment (Refer Note 7)
85.58
-
-
85.58
-
- Other un-allocable Income net of expenditure
(59.49)
(32.80)
(27.43)
(92.29)
(63.94)
Profit from Ordinary Activities before Tax
445.52
414.40
424.94
859.92
884.25
3
Segment Assets
Power Business
43,156.43
42,487.01
43,730.53
43,156.43
43,730.53
EPC and Contracts Business
3,844.85
3,721.82
7,549.86
3,844.85
7,549.86
Infrastructure Business
18,661.45
18,448.78
16,699.47
18,661.45
16,699.47
Unallocated Assets
32,675.87
32,793.73
27,725.21
32,675.87
27,725.21
Total Assets of Continuing Operations
98,338.60
97,451.34
95,705.07
98,338.60
95,705.07
Assets of Discontinued Operations
-
3,611.42
3,604.88
-
3,604.88
Total Assets of Continuing and Discontinued Operations
98,338.60
1,01,062.76
99,309.95
98,338.60
99,309.95
4
Segment Liabilities
Power Business
27,947.85
27,747.88
26,189.76
27,947.85
26,189.76
EPC and Contracts Business
6,763.20
6,797.96
7,048.13
6,763.20
7,048.13
Infrastructure Business
4,396.07
3,970.21
3,221.55
4,396.07
3,221.55
Unallocated Liabilities
31,083.20
33,766.05
34,167.36
31,083.20
34,167.36
Total Liabilities of Continuing Operations
70,190.32
72,282.10
70,626.80
70,190.32
70,626.80
Liabilities of Discontinued Operations
-
2,860.70
2,854.11
-
2,854.11
Total Liabilities of Continuing and Discontinued Operations
70,190.32
75,142.80
73,480.91
70,190.32
73,480.91
Reliance Infrastructure Limited
Unaudited Consolidated Statements of Assets and Liabilities
(Rs. crore)
Particulars
As at
September 30, 2016
Non-current assets
Property, plant and equipment
19,083.83
Capital work-in-progress
2,358.33
Investment property
573.93
Goodwill
20.05
Other Intangible assets
13,044.61
Intangible assets under development
2,502.32
Deferred tax assets (net)
278.30
Financial assets
Investments
14,679.46
Trade Receivable
187.90
Service Concession receivable
829.38
Other financial assets
176.58
Other non current assets
414.53
54,149.22
Current assets
Inventory
621.18
Financial assets
Investments
3,517.70
Trade receivables
4,110.84
Cash and cash equivalents
485.46
Bank Balance other than Cash and cash equivalents
147.99
Loans
11,903.53
Concession financial receivable
287.76
Other financial assets
5,543.60
Other current assets
1,241.73
27,859.79
Total Assets before regulatory assets
82,009.01
Regulatory Assets (net of Deferred Tax)
16,329.59
Total assets
98,338.60
Equity
Share capital
263.03
Other equity
27,885.25
Equity attributable to the owners of the Company
28,148.28
Non Controlling Interest
1,075.19
Total Equity
29,223.47
Non-current liabilities
Financial Liabilities
Borrowings
22,828.50
Trade payables
2,876.59
Other financial liabilities
365.20
Provisions
448.69
Deferred tax liabilities (net)
1,531.14
Other non-current liabilities
2,914.66
30,964.78
Current liabilities
Financial Liabilities
Borrowings
3,817.08
Trade payables
22,104.89
Other financial liabilities
7,241.97
Other current liabilities
3,946.42
Provisions
414.05
Current tax liabilities (net)
625.94
38,150.35
Total Equity and Liabilities
98,338.60
Notes:
1. The Consolidated Financial Results of the Company have been prepared in accordance with Indian Accounting Standards ("IND AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted IND AS w.e.f. April 01, 2016, (with transition date of April 01, 2015) and accordingly, these financial results (including for previous comparative periods presented) have been prepared in accordance with the recognition and measurement principles of IND AS 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued there under and other accounting principles generally accepted in India.
2. The Group is reviewing the accounting policies or its use of exemptions and accordingly, the changes in accounting treatment and disclosures, if any, will be considered in results of the subsequent accounting periods as provided in IND AS 101 " First Time adoption of Indian Accounting Standards"
3. During the quarter, the Parent Company has considered fair value of Property, Plant & Equipment (PPE) as deemed cost in accordance with the stipulation of IND AS 101 "First Time adoption of Indian Accounting Standards" with the resultant impact being accounted for in the retained earnings as on April 1, 2015. Accordingly, the value of PPE and retained earnings have been increased by Rs.4,317.40 crore. Consequent to such adoption, the depreciation for the six months ended September 30, 2016 of Rs. 54.00 crore has been charged during the period.
4. Reconciliation of the Consolidated financial results with those reported under previous (GAAP) is as under
(Rs. in crore)
Sr. No.
Particulars
Quarter Ended
September 30, 2015
Half Year Ended September 30, 2015
Unaudited
Unaudited
Net Profit after tax reported as per previous GAAP
451.13
852.04
1
Gain / (Loss) on fair valuation/measurement of Investments
48.14
103.00
2
Arrangements accounted as Financial Assets under service concession arrangements
(11.02)
(16.74)
3
Power Purchase Agreement accounted as finance lease
(40.69)
(94.74)
4
Recalculation of borrowing cost as per Effective Interest Rate methodology
(1.57)
(2.83)
5
Financial Assets/Liabilities measured at amortised cost
(49.13)
(41.44)
6
Depreciation impact on fair valuation of Fixed Assets
(54.00)
(54.00)
7
Deferred Tax on IND AS adjustments
78.98
78.98
8
Other adjustments
(7.81)
(0.52)
9
Effect of consolidation of entity on assessment of control
35.86
52.20
10
IND AS adjustments on Associates share of Profit
(23.57)
(40.37)
Net Profit after tax as per IND AS
426.32
835.58
Other Comprehensive income / (expenses) (net of tax)
(1.47)
(10.18)
Total Comprehensive income reported under IND AS
424.85
825.40
5. 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 on March 30, 2011, net foreign exchange loss of Rs. 156.25 croreand Rs. 118.54 crore (net off of foreign exchange loss of Rs. 2.13 croreand Rs. 1.86 crore attributable to finance cost) for the quarter and half year ended September 30, 2016 respectively 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, 2016 would have been lower by Rs. 156.25 crore and Rs. 118.54 crore respectively and General Reserve would have been higher 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.
6. Unrealised gains amounting to Rs. 14.57 crore and Rs. 44.67 crore during the quarter and half year ended September 30, 2016, pertaining to EPC 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 Ind AS 28 ''Investments in Associates and Joint Ventures " been followed, the Profit before tax and carrying cost of investment in associate for the quarter and half year ended September 30, 2016 would have been lower by Rs. 14.57 crore and Rs. 44.67 crore respectively. This matter has been referred to by the Auditors in their report.
7. During the quarter, the Parent Company has sold its entire holding in Reliance Cement Company Private Limited (RCCPL) to Birla Corporation Limited the profit resulting in respect of the same has been shown as exceptional item.
8. During the quarter, the Parent Company has increased its holding in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited from 49% to 98% and in BSES Rajdhani Power Limited and BSES Yamuna Power Limited from 28.82 % to 51%.
9. On October 5, 2016, the Parent Company has signed Term Sheet with Adani Transmission Limited for sale of its assets in Western Region Strengthening Scheme (WRSS) projects and entire investment in subsidiary, Parbati Koldam Transmission Company Limited (PKTCL). The said transfer is subject to various condition precedents and approvals and accordingly has not been considered as Non Current Assets held for sale as per IND AS 105 "Non Current Assets held for sale and discontinued operations".
10. Delhi Electricity Regulatory Commission (DERC) issued its Tariff Order on September 29, 2015 to two Delhi Discoms (Delhi Discoms) namely BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), whereby it had trued up the revenue gap upto March 31, 2014 with certain dis-allowances. The Delhi Discoms have preferred appeal against the Order before Appellate Tribunal for Electricity (APTEL). Based on the legal opinion, the impact of such disallowances, which are subject matter of appeal, has not been considered in the computation of regulatory asset. This matter has been referred to by the Auditors in their report.
11. NTPC Limited served notice to Delhi Discoms for regulation (suspension) of power supply on February 01, 2014 due to delay in payments. The Delhi Discoms appealed against the notice before the Hon'ble Supreme Court (SC) and prayed for suitable direction from Hon'ble SC to DERC for providing cost reflective tariff and giving a roadmap for liquidation of the accumulated Regulatory Assets. The Hon'ble SC inter-alia in its interim order directed the Delhi Discoms to pay the current dues. The Delhi Discoms sought modification of the said order so as to allow them to pay 70% of the current dues and are awaiting decision of the Hon'ble Supreme Court, which is reserved. This matter has been referred to by the Auditors in their report.
12. Pursuant to the direction of the Department of Power (GoNCTD) on January 07, 2014, the Comptroller Auditor General of India (CAG) conducted audit of Delhi Discoms and submitted the draft audit report. The Delhi Discoms challenged the direction of GoNCTD before the Hon'ble High Court of Delhi (HC). The Hon'ble HC in its order dated October 30, 2015 set aside the directions of GoNCTD and directed that "all actions taken pursuant to the directions and all acts undertaken in pursuance thereof are infructuous". The aggrieved parties have filed an appeal against the Hon'ble HC judgement before the Hon'ble SC which was last listed on July 25, 2016. Next date will be known in due course. This matter has been referred to by the Auditors in their report.
13. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Company, had terminated the Concession Agreement with Delhi Metro Rail Corporation (DMRC) for the Delhi Airport Metro Line 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 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. 69.58 crore and Rs. 140.58 crore during the quarter and half year ended on September 30, 2016 respectively. The total investment made by the Parent Company in DAMEPL upto September 30, 2016 amounts to Rs. 2,201.44 crore.
The Parent Company had reviewed the progress in settlement of various claims and also on overall review of financial position of DAMEPL, the Parent Company considered it prudent to write off Rs. 1,613.76 crore till previous year ended March 31, 2016 out of the above investment. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable.
14. The Group operates in three segments namely Power, Engineering, Procurement, Construction (EPC) and Contracts and Infrastructure. Power segment comprises of generation, transmission and distribution of power at various locations, EPC segment renders comprehensive, value added service in construction, erection and commissioning and Infrastructure includes businesses with respect to development, operation and maintenance of tolls roads, metro rail transit systems and airports.
15. The listed non convertible debentures aggregating Rs. 4,277.33 crore as on September 30, 2016 are secured by way of first pari passu charge on Parent Company's certain fixed assets and Regulatory Assets, second mortgage on Parent Company's certain fixed assets and pledge of certain investments and assets cover thereof exceeds hundred percent of the principal amount of the said debentures.
16. Details of due datewise obligations in respect of Secured Non Convertible debentures outstanding as on September 30, 2016 are as follows:
Sr. No.
Particulars
ISIN No.
Previous Date ( April 1, 2016 till September 30, 2016)*
Next Date (October 1, 2016 till 31th March, 2017)
Principal
Interest
Principal
Interest
1.
NCD Series 3
INE036A07039
N.A.
August 19, 2016
N.A.
N.A.
2.
NCD Series 4
INE036A07096
N.A.
September 1, 2016
February 24, 2017
October 1, 2016
3.
NCD Series 5
INE036A07104
N.A.
N.A.
N.A.
January 27, 2017
4.
NCD Series 6
INE036A07112
N.A.
N.A.
January 27, 2017
January 27, 2017
5.
NCD Series 8
INE036A07120
N.A.
N.A.
N.A.
N.A.
6.
NCD Series 9
INE036A07138
N.A.
N.A.
30th March, 2017
March 30, 2017
7.
NCD Series 10
INE036A07146
N.A.
N.A.
N.A.
March 30, 2017
8.
NCD Series 11A
INE036A07153
N.A.
June 15, 2016
N.A.
N.A.
9.
NCD Series 11B
INE036A07161
N.A.
June 15, 2016
N.A.
N.A.
10.
NCD Series 11C
INE036A07195
N.A.
June 29, 2016
N.A.
N.A.
11.
NCD Series 11D
INE036A07203
N.A.
June 29, 2016
N.A.
N.A.
12.
NCD Series 12A
INE036A07179
N.A.
June 15, 2016
N.A.
N.A.
13.
NCD Series 12B
INE036A07187
N.A.
June 15, 2016
N.A.
N.A.
14.
NCD Series 12C
INE036A07211
N.A.
June 29, 2016
N.A.
N.A.
15.
NCD Series 12D
INE036A07229
N.A.
June 29, 2016
N.A.
N.A.
16.
NCD Series 13A
INE036A07237
N.A.
July 26, 2016
N.A.
N.A.
17.
NCD Series 13B
INE036A07245
N.A.
July 26, 2016
N.A.
N.A.
18.
NCD Series 14
INE036A07252
N.A.
August 6, 2016
N.A.
N.A.
19.
NCD Series 16
INE036A07278
N.A.
N.A.
N.A.
October 31, 2016
20.
NCD Series 17
INE036A07286
N.A.
N.A.
N.A.
November 12, 2016
21.
NCD Series 18
INE036A07294
N.A.
July 21, 2016
N.A.
October 21, 2016
22.
NCD Series 19
INE036A07302
N.A.
N.A.
N.A.
January 21, 2017
23.
NCD Series 20B
INE036A07328
N. A.
N.A.
N. A.
N. A.
24.
NCD Series 20C
INE036A07336
N.A.
N.A.
March 24, 2017
March 24, 2017
25.
NCD Series 20D
INE036A07344
N.A.
N.A.
N.A.
N.A.
26.
NCD Series 20E
INE036A07351
N.A.
N.A.
N.A.
N.A.
27.
NCD Series 21C
INE036A07393
September 23, 2016
September 26, 2016
October 25, 2016
October 25, 2016
28.
NCD Series 21D
INE036A07401
N. A.
September 26, 2016
N. A.
October 25, 2016
29.
NCD Series 25A
INE036A07443
September 23, 2016
September 26, 2016
October 25, 2016
October 25, 2016
30.
NCD Series 25B
INE036A07450
N. A.
September 26, 2016
N. A.
October 25, 2016
31.
NCD Series 25C
INE036A07468
N. A.
September 26, 2016
N. A.
October 25, 2016
32.
NCD Series 25D
INE036A07476
N. A.
September 26, 2016
N. A.
October 25, 2016
33.
NCD Series 25E
INE036A07484
N. A.
September 26, 2016
N. A.
October 25, 2016
34.
NCD Series 25F
INE036A07492
N. A.
September 26, 2016
N. A.
October 25, 2016
35.
NCD Series 26
INE036A07500
N. A.
August 30, 2016
N. A.
November 29, 2016
*Interest and Principal amount of above debentures have been paid.
17. The Company has opted to publish consolidated financial results. Standalone financial results, for the half year ended September 30, 2016 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, and www.bseindia.com respectively. Key standalone financial information is given below:
(Rs. crore)
Particulars
Quarter ended (Unaudited)
Half year ended (Unaudited)
September, 30, 2016
June 30, 2016
September, 30, 2015
September, 30, 2016
September, 30, 2015
Total Operating Income
2,134.20
2,460.69
2,544.55
4,594.89
5,069.95
Profit before Tax
246.30
476.73
369.02
723.03
828.97
Total Comprehensive Income
241.70
392.98
323.60
634.68
685.45
18. 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 12, 2016. The statutory auditors have carried out a limited review of the consolidated financial results for the quarter and half year ended September 30, 2016 of the Company, as per listing agreement entered into with the stock exchanges in India. Financial results for the corresponding periods ended September 30, 2015 are based on the information compiled by the management of the Company after making necessary adjustments in accordance with IND AS and have not been subjected to limited review or audit. However, the management has exercised necessary due diligence to ensure that the consolidated financial results provide a true and fair view of the Company's affairs.
19. There were no extraordinary items during the quarter and half year ended September 30, 2016.
20. Figures of the previous period have been regrouped / reclassified wherever considered necessary.
21. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended September 30, 2016, except as specifically mentioned in the above Notes.
For and on behalf of the Board of Directors
Place: Mumbai Anil D Ambani
Date: November 12, 2016 Chairman
RELIANCE INFRASTRUCTURE LIMITED
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
website:www.rinfra.com
CIN No. : L99999MH1929PLC001530
Statement of Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2016
Sr. No.
Particulars
Rs. Crore
Quarter ended
Half year ended
30-09-2016
30-06-2016
30-09-2015
30-09-2016
30-09-2015
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
1
Income from Operations
(a) Net Sales / Income from Power Business
1,703.43
2,032.81
1,971.48
3,736.24
3,800.37
(b) Income from EPC and Contracts Business
229.45
455.89
649.65
685.34
1,246.30
(c) Other Operating Income
36.35
28.45
4.12
64.80
23.03
Total Income from Operations
1,969.23
2,517.15
2,625.25
4,486.38
5,069.70
2
Expenses
(a) Cost of Power Purchased
609.99
790.08
743.29
1,400.07
1,529.35
(b) Cost of Fuel
241.08
219.55
262.08
460.63
525.97
(c) Construction Materials Consumed and
Sub-contracting Charges
147.22
329.11
397.34
476.33
878.19
(d) Employee Benefits Expense
262.91
276.14
244.18
539.05
498.47
(e) Depreciation and Amortisation Expense (Refer Note 3)
221.31
154.75
185.23
376.06
336.19
(f) Other Expenses
224.68
279.49
291.91
504.17
492.29
Total Expenses
1,707.19
2,049.12
2,124.03
3,756.31
4,260.46
3
Profit from Operations before Other Income (net), finance costs, Rate Regulated Activities and Exceptional Items
262.04
468.03
501.22
730.07
809.24
4
Other Income (net) (Refer Note 5)
636.08
686.56
517.69
1,322.64
1,110.37
5
Profit from Ordinary Activities before finance costs, Rate Regulated Activities and Exceptional Items
898.12
1,154.59
1,018.91
2,052.71
1,919.61
6
Finance Costs (Refer Note 5)
663.46
621.40
569.19
1,284.86
1,090.89
7
Profit from Ordinary Activities before Rate Regulated Activities and Exceptional Items
234.66
533.19
449.72
767.85
828.72
8
Add / (Less) : Regulatory Income / (Surplus) (net)
164.97
(56.46)
(80.70)
108.51
0.25
9
Profit from Ordinary Activities before Exceptional Items
399.63
476.73
369.02
876.36
828.97
10
Exceptional Items (Refer Note 6)
153.33
-
-
153.33
-
11
Net Profit from Ordinary Activities before tax
246.30
476.73
369.02
723.03
828.97
12
Tax Expenses (including Deferred Tax & Tax for earlier years)
0.85
79.50
38.02
80.35
129.02
13
Net Profit for the period
245.45
397.23
331.00
642.68
699.95
14
Other Comprehensive Income / (Expenses) (net of tax)
(3.75)
(4.25)
(7.40)
(8.00)
(14.50)
15
Total Comprehensive Income
241.70
392.98
323.60
634.68
685.45
16
Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)
263.03
263.03
263.03
263.03
263.03
17
Earnings Per Share (* not annualised)
(a) Basic (Rs.)
9.33*
15.10*
12.59*
24.44*
26.61*
(b) Diluted (Rs.)
9.33*
15.10*
12.59*
24.44*
26.61*
18
Debenture Redemption Reserve
676.74
545.23
19
Net Worth
16,276.32
16,292.80
20
Debt Service Coverage Ratio (Refer Note 11)
0.64
1.61
21
Interest Service Coverage Ratio (Refer Note 11)
2.89
3.71
22
Debt Equity Ratio (Refer Note 11)
0.82
1.00
RELIANCE INFRASTRUCTURE LIMITED
Segment-wise Revenue, Results and Capital Employed
Sr. No.
Particulars
Rs. Crore
Quarter ended
Half year ended
30-09-2016
30-06-2016
30-09-2015
30-09-2016
30-09-2015
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
1
Segment Revenue
- Power Business
1,895.30
2,000.95
1,893.15
3,896.25
3,819.30
- EPC and Contracts Business
238.90
459.74
651.40
698.64
1,250.65
Total
2,134.20
2,460.69
2,544.55
4,594.89
5,069.95
Less : Inter Segment Revenue
-
-
-
-
-
Net Sales / Income from Operations (Including Regulatory Income/(Surplus))
2,134.20
2,460.69
2,544.55
4,594.89
5,069.95
2
Segment Results
Profit before Tax and Interest from each segment :
- Power Business
430.73
451.39
333.84
882.12
703.80
- EPC and Contracts Business
66.37
28.73
124.96
95.10
188.53
Total
497.10
480.12
458.80
977.22
892.33
- Finance Costs
(663.46)
(621.40)
(569.19)
(1,284.86)
(1,090.89)
- Interest Income
625.14
651.25
503.62
1,276.39
1,092.48
- Exceptional Item - Unallocable segment (Refer Note 6)
(153.33)
-
-
(153.33)
-
- Other Un-allocable Income net of Expenditure
(59.15)
(33.24)
(24.21)
(92.39)
(64.95)
Profit before Tax
246.30
476.73
369.02
723.03
828.97
3
Capital Employed
Segment Assets
- Power Business
17,921.74
16,587.21
18,975.18
17,921.74
18,975.18
- EPC and Contracts Business
3,844.85
3,721.82
7,549.86
3,844.85
7,549.86
- Unallocated
33,990.31
35,103.23
29,106.26
33,990.31
29,106.26
55,756.90
55,412.26
55,631.31
55,756.90
55,631.31
Segment Liabilities
- Power Business
9,260.41
9,053.35
8,706.36
9,260.41
8,706.36
- EPC and Contracts Business
6,763.20
6,797.96
7,048.13
6,763.20
7,048.13
- Unallocated
17,290.36
17,806.64
18,876.84
17,290.36
18,876.84
33,313.97
33,657.95
34,631.33
33,313.97
34,631.33
Particulars
As at
September 30, 2016
(Unaudited)
Non-current assets
Property, plant and equipment
12,738.89
Capital work-in-progress
247.00
Investment property
573.93
Intangible assets
49.88
Financial assets:
Investments
15,579.43
Trade receivables
187.90
Service Concession receivable
763.43
Other financial assets
119.59
Other Non-current assets
333.59
30,593.64
Current assets
Inventory
325.03
Financial assets:
Investments
3,394.09
Trade receivables
2,609.08
Cash and cash equivalents
212.25
Bank Balance other than Cash and cash equivalents
111.51
Loans
12,872.95
Service Concession receivable
287.76
Other financial assets
3,066.08
Other current assets
1,063.15
23,941.89
Total Assets before regulatory assets
54,535.54
Regulatory Assets (net of deferred tax)
1,221.37
Total Assets
55,756.91
Equity
Equity Share capital
263.03
Other equity
22,179.90
Non-current liabilities
Financial Liabilities:
Borrowings
12,414.50
Trade payables
176.13
Other financial liabilities
365.18
Provisions
380.00
Deferred tax liabilities (net)
1,355.76
Other non-current liabilities
1,859.50
16,551.07
Current liabilities
Financial Liabilities:
Borrowings
2,956.66
Trade payables
5,734.94
Other financial liabilities
3,950.36
Other current liabilities
3,297.71
Provisons
225.68
Current tax liabilities (net)
597.55
16,762.90
Total Equity and Liabilities
55,756.91
Notes:
22. The Standalone Financial Results of the Company have been prepared in accordance with Indian Accounting Standards ("IND AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted IND AS w.e.f. April 01, 2016, (with a transition date of April 01, 2015) and accordingly, these financial results (including for previous comparative periods presented) have been prepared in accordance with the recognition and measurement principles of IND AS 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued there under and other accounting principles generally accepted in India.
23. The Company is reviewing the accounting policies or its use of exemptions and accordingly, the changes in accounting treatment and disclosures, if any, will be considered in results of the subsequent accounting periods as provided in IND AS 101 "First Time adoption of Indian Accounting Standards".
24. During the quarter, the Company has considered fair value of Property, Plant & Equipment (PPE) as deemed cost in accordance with the stipulation of IND AS 101 "First Time adoption of Indian Accounting Standards" with the resultant impact being accounted for in the retained earnings as on April 1, 2015. Accordingly, the value of PPE and retained earnings have been increased by Rs. 4,317.40 crore. Consequent to such adoption, the depreciation for the six months ended September 30, 2016 of Rs. 54.00 crore has been charged during the period.
25. Reconciliation of the Standalone financial results with those reported under previous (GAAP) is as under
(Rs. in crore)
Sr. No.
Particulars
Quarter Ended
September 30, 2015
Half Year Ended September 30, 2015
Unaudited
Unaudited
Net Profit after tax reported as per previous GAAP
385.53
715.39
1
Gain on fair valuation/measurement of Investments
23.94
103.00
2
Arrangements accounted as Financial Assets under service concession arrangements
(7.02)
(12.80)
3
Power Purchase Agreement accounted as finance lease
(47.24)
(94.74)
4
Recalculation of borrowing cost as per Effective Interest Rate methodology
(4.49)
(2.99)
5
Financial Assets/Liabilities measured at amortised cost
(47.31)
(39.62)
6
Depreciation impact on fair valuation of Fixed Assets
(54.00)
(54.00)
7
Deferred Tax on IND AS adjustments
78.98
78.98
8
Other Adjustments
2.61
6.73
Net Profit after tax as per IND AS
331.00
699.95
Other Comprehensive income / (expenses) (net of tax)
(7.40)
(14.50)
Total Comprehensive income reported under IND AS
323.60
685.45
26. 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 on March 30, 2011, net foreign exchange loss of Rs. 156.25 crore and Rs. 118.54 crore (net off of foreign exchange loss of Rs. 2.13 crore and Rs. 1.86 crore attributable to finance cost) for the quarter and half year ended September 30, 2016 respectively 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, 2016 would have been lower by Rs. 156.25 crore and Rs. 118.54 crore respectively and General Reserve would have been higher 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.
27. During the quarter, the Company has sold its entire holding in Reliance Cement Company Private Limited (RCCPL) to Birla Corporation Limited and the loss resulting in respect of the same has been shown as exceptional item.
28. During the quarter, the Company has increased its holding in SU Toll Road Private Limited, TD Toll Road Private Limited and TK Toll Road Private Limited from 49% to 98% and in BSES Rajdhani Power Limited and BSES Yamuna Power Limited from 28.82 % to 51%.
29. On October 5, 2016, the Company has signed Term Sheet with Adani Transmission Limited for sale of its assets in Western Region Strengthening Scheme (WRSS) projects and entire investment in subsidiary, Parbati Koldam Transmission Company Limited (PKTCL). The said transfer is subject to various condition precedents and approvals and accordingly has not been considered as Non Current Assets held for sale as per IND AS 105 "Non Current Assets held for sale and discontinued operations".
30. Delhi Airport Metro Express Private Limited (DAMEPL), a SPV of the Company, had terminated the Concession Agreement with Delhi Metro Rail Corporation (DMRC) for the Delhi Airport Metro Line 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 is continuing. 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. 69.58 crore and Rs. 140.58 crore during the quarter and half year ended September 30, 2016 respectively. The total investment made by the Company in DAMEPL upto September 30, 2016 amounts to Rs. 2,201.44 crore.
The 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. 1,613.76 crore till previous year ended March 31, 2016 out of the above investment. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. This matter has been referred to by the Auditors in their report.
31. The Company operates in two segments namely Power and Engineering, Procurement, Construction (EPC) and Contracts. Power segment comprises of generation, transmission and distribution and EPC segment renders comprehensive, value added service in construction, erection and commissioning
32. Ratios have been computed as under:
Debt Service Coverage Ratio = Earnings before Interest and Tax / (Interest on Long Term Debt + Principal Repayment of Long Term Debt during the period)
Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest on Long Term Debt
Debt Equity Ratio = Borrowings / Equity
33. The listed non convertible debentures aggregating Rs. 4,277.33 crore as on September 30, 2016 are secured by way of first pari passu charge on Company's certain fixed assets and Regulatory Assets, second mortgage on Company's certain fixed assets and pledge of certain investments and asset cover thereof exceeds hundred percent of the principal amount of the said debentures.
34. Details of due datewise obligations in respect of Secured Non Convertible debentures outstanding as on September 30, 2016 are as follows:
Sr. No.
Particulars
ISIN No.
Previous Date ( April 1, 2016 till September 30, 2016)*
Next Date (October 1, 2016 till 31th March, 2017)
Principal
Interest
Principal
Interest
1.
NCD Series 3
INE036A07039
N.A.
August 19, 2016
N.A.
N.A.
2.
NCD Series 4
INE036A07096
N.A.
September 1, 2016
February 24, 2017
October 1, 2016
3.
NCD Series 5
INE036A07104
N.A.
N.A.
N.A.
January 27, 2017
4.
NCD Series 6
INE036A07112
N.A.
N.A.
January 27, 2017
January 27, 2017
5.
NCD Series 8
INE036A07120
N.A.
N.A.
N.A.
N.A.
6.
NCD Series 9
INE036A07138
N.A.
N.A.
30th March, 2017
March 30, 2017
7.
NCD Series 10
INE036A07146
N.A.
N.A.
N.A.
March 30, 2017
8.
NCD Series 11A
INE036A07153
N.A.
June 15, 2016
N.A.
N.A.
9.
NCD Series 11B
INE036A07161
N.A.
June 15, 2016
N.A.
N.A.
10.
NCD Series 11C
INE036A07195
N.A.
June 29, 2016
N.A.
N.A.
11.
NCD Series 11D
INE036A07203
N.A.
June 29, 2016
N.A.
N.A.
12.
NCD Series 12A
INE036A07179
N.A.
June 15, 2016
N.A.
N.A.
13.
NCD Series 12B
INE036A07187
N.A.
June 15, 2016
N.A.
N.A.
14.
NCD Series 12C
INE036A07211
N.A.
June 29, 2016
N.A.
N.A.
15.
NCD Series 12D
INE036A07229
N.A.
June 29, 2016
N.A.
N.A.
16.
NCD Series 13A
INE036A07237
N.A.
July 26, 2016
N.A.
N.A.
17.
NCD Series 13B
INE036A07245
N.A.
July 26, 2016
N.A.
N.A.
18.
NCD Series 14
INE036A07252
N.A.
August 6, 2016
N.A.
N.A.
19.
NCD Series 16
INE036A07278
N.A.
N.A.
N.A.
October 31, 2016
20.
NCD Series 17
INE036A07286
N.A.
N.A.
N.A.
November 12, 2016
21.
NCD Series 18
INE036A07294
N.A.
July 21, 2016
N.A.
October 21, 2016
22.
NCD Series 19
INE036A07302
N.A.
N.A.
N.A.
January 21, 2017
23.
NCD Series 20B
INE036A07328
N. A.
N.A.
N. A.
N. A.
24.
NCD Series 20C
INE036A07336
N.A.
N.A.
March 24, 2017
March 24, 2017
25.
NCD Series 20D
INE036A07344
N.A.
N.A.
N.A.
N.A.
26.
NCD Series 20E
INE036A07351
N.A.
N.A.
N.A.
N.A.
27.
NCD Series 21C
INE036A07393
September 23, 2016
September 26, 2016
October 25, 2016
October 25, 2016
28.
NCD Series 21D
INE036A07401
N. A.
September 26, 2016
N. A.
October 25, 2016
29.
NCD Series 25A
INE036A07443
September 23, 2016
September 26, 2016
October 25, 2016
October 25, 2016
30.
NCD Series 25B
INE036A07450
N. A.
September 26, 2016
N. A.
October 25, 2016
31.
NCD Series 25C
INE036A07468
N. A.
September 26, 2016
N. A.
October 25, 2016
32.
NCD Series 25D
INE036A07476
N. A.
September 26, 2016
N. A.
October 25, 2016
33.
NCD Series 25E
INE036A07484
N. A.
September 26, 2016
N. A.
October 25, 2016
34.
NCD Series 25F
INE036A07492
N. A.
September 26, 2016
N. A.
October 25, 2016
35.
NCD Series 26
INE036A07500
N. A.
August 30, 2016
N. A.
November 29, 2016
*Interest and Principal amount of above debentures have been paid.
35. Company's long term rating by India Ratings & Research Private Limited has been retained as IND A+/RWN & IND AA-(SO)/RWN; rating by CARE Ratings has been retained as CARE A+; rating by CRISIL and Brickworks Ratings has been retained as CRISIL A-/RWN and BWR AA-/stable respectively.
15 After review by the Audit Committee, the Board of Directors of the Company has approved the Standalone financial results at their meeting held on November 12, 2016. The statutory auditors have carried out a limited review of the standalone financial results for the quarter and half year ended September 30, 2016 of the Company, as per listing agreement entered into with the stock exchanges in India. Financial results for the corresponding periods ended September 30, 2015 are based on the information compiled by the management of the Company after making necessary adjustments in accordance with IND AS and have not been subjected to limited review or audit. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.
16 There were no extraordinary items during the quarter and half year ended September 30, 2016.
17. Figures of the previous period have been regrouped / reclassified wherever considered necessary.
18. There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended September 30, 2016, except as specifically mentioned in the above Notes.
For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani
Date: November 12, 2016 Chairman
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR FFWFFLFMSEFF
Recent news on Reliance Infrastructure
See all newsREG - Reliance Infra Ld - Price Monitoring Extension
AnnouncementREG - Reliance Infra Ld - Second Price Monitoring Extn
AnnouncementREG - Reliance Infra Ld - Annual Financial Report
AnnouncementREG - Reliance Infra Ld - Annual Financial Report
AnnouncementREG - Reliance Infra Ld - Price Monitoring Extension
Announcement