REG - Reliance Infra Ld - Half-year Report <Origin Href="QuoteRef">RLIN.NS</Origin> - Part 2
14/11/2016 11:25
- Part 2: For the preceding part double click ID:nRSN1070Pa
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 atSeptember 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 EndedSeptember 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 RNS
The company news service from the London Stock ExchangeRecent 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