REG - Reliance Infra Ld - Standalone results 30.09.2015 <Origin Href="QuoteRef">RLIN.NS</Origin>

Reliance InfrastructureAnnouncement

05/01/2016 13:16

RNS Number : 6306E
Reliance Infrastructure Limited
05 November 2015
RELIANCE INFRASTRUCTURE LIMITED
Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
website:www.rinfra.com 
CIN No. : L99999MH1929PLC001530
Standalone Statement of Financial Results for the quarter and half year ended September 30, 2015

Part - I







Rs crore
Sr. No.
Particulars


Quarter ended


Half year ended

Year ended




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




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









(a) Net Sales / Income from Power Business


 1,903.09 
 1,982.70 
 1,897.84 
 3,885.79 
 3,856.76 
 7,726.43 

(b) Income from EPC and Contracts Business


 649.87 
 596.65 
 552.31 
 1,246.52 
 1,117.69 
 2,620.22 

(c) Other Operating Income 


 18.30 
 15.03 
 16.91 
 33.33 
 28.51 
 188.91 

Total Income from Operations


 2,571.26 
 2,594.38 
 2,467.06 
 5,165.64 
 5,002.96 
 10,535.56 
2
Expenses









 (a) Cost of Power purchased


 870.66 
 913.42 
 832.66 
 1,784.08 
 1,847.40 
 3,685.18 

 (b) Cost of Fuel


 262.08 
 263.89 
 287.81 
 525.97 
 595.66 
 1,087.45 

 (c) Tax on Sale of Electricity


 - 
 - 
 - 
 - 
 - 
 - 

 (c) Construction Materials Consumed and 









 Sub-contracting Charges 


 397.34 
 480.85 
 421.41 
 878.19 
 825.45 
 2,036.02 

 (d) Employee benefits expense


 253.51 
 263.46 
 244.25 
 516.97 
 465.93 
 976.19 

 (e) Depreciation and amortisation


 100.13 
 121.35 
 120.39 
 221.48 
 210.14 
 486.86 

 (f) Other Expenses 


 260.49 
 196.04 
 199.88 
 456.53 
 356.94 
 790.26 

Total Expenses


 2,144.21 
 2,239.01 
 2,106.40 
 4,383.22 
 4,301.52 
 9,061.96 
3
Profit from Operations before Other Income (net), finance costs and exceptional items

 427.05 
 355.37 
 360.66 
 782.42 
 701.44 
 1,473.60 
4
Other Income (net) (Refer Note 1 (b))


 477.48 
 469.62 
 401.25 
 947.10 
 796.75 
 1,562.60 
5
Profit from Ordinary Activities before finance costs and exceptional items

 904.53 
 824.99 
 761.91 
 1,729.52 
 1,498.19 
 3,036.20 
6
Finance Costs (Refer Note 1 (b))


 404.00 
 406.13 
 353.96 
 810.13 
 688.27 
 1,518.14 
7
Profit from Ordinary Activities before exceptional items


 500.53 
 418.86 
 407.95 
 919.39 
 809.92 
 1,518.06 
8
Exceptional Items


 - 
 - 
 - 
 - 
 - 
 - 
9
Profit from Ordinary Activities before tax 


 500.53 
 418.86 
 407.95 
 919.39 
 809.92 
 1,518.06 
10
Tax Expenses (including Deferred Tax & Tax for earlier years)

 115.00 
 89.00 
 51.90 
 204.00 
 132.40 
 (15.33)
11
Profit from Ordinary Activities after Tax


 385.53 
 329.86 
 356.05 
 715.39 
 677.52 
 1,533.39 
12
Extraordinary items 


 - 
 - 
 - 
 - 
 - 
 - 
13
Profit for the period


 385.53 
 329.86 
 356.05 
 715.39 
 677.52 
 1,533.39 
14
Paid-up Equity Share Capital (Face Value of Rs 10 per Share)

 263.03 
 263.03 
 262.58 
 263.03 
 262.58 
 263.03 










15
Reserves including Statutory Reserves excluding Revaluation Reserves






 20,428.93 
16
Earnings Per Share (* not annualised)









(a) Basic (Rs)


14.66 * 
12.54 * 
13.54 * 
27.20 * 
25.76 * 
 58.31 

(b) Diluted (Rs)


14.66 * 
12.54 * 
13.54 * 
27.20 * 
25.76 * 
 58.31 
17
Debt Service Coverage Ratio (Refer Note 5)





 1.01 
 1.04 
 1.40 
18
Interest Service Coverage Ratio (Refer Note 5)





 3.28 
 3.15 
 3.15 

Part - II Selected Information for the quarter ended September 30, 2015







A
Particulars of Shareholding








1
Public Shareholding









- Number of Shares


 13,53,62,964 
 13,53,62,964 
 13,53,62,964 
 13,53,62,964 
 13,53,62,964 
 13,53,62,964 

- Percentage of Shareholding


 51.47 
 51.47 
 51.47 
 51.47 
 51.47 
 51.47 
2
Promoter and promoter group shareholding 









a) Pledged/Encumbered









- Number of shares


 6,08,64,675 
 4,53,64,675 
 - 
 6,08,64,675 
 - 
 3,90,00,000 

- Percentage of shares (as a % of the total shareholding


 47.69 
 35.54 
 - 
 47.69 
 - 
 30.56 

of promoter and promoter group)









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

 23.14 
 17.25 
 - 
 23.14 
 - 
 14.83 

b) Non-encumbered 









- Number of shares


 6,67,62,361 
 8,22,62,361 
 12,76,27,036 
 6,67,62,361 
 12,76,27,036 
 8,86,27,036 

- Percentage of shares (as a % of the total shareholding


 52.31 
 64.46 
 100.00 
 52.31 
 100.00 
 69.44 

of promoter and promoter group)









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

 25.39 
 31.28 
 48.53 
 25.39 
 48.53 
33.70
B
Investor Complaints


Quarter ended 30-09-2015





Pending at the beginning of the quarter


Nil






Received during the quarter


8






Disposed off during the quarter


8






Remaining unresolved at the end of the quarter


Nil





Segment-wise Revenue, Results and Capital Employed









Rs crore
Sr. No.
Particulars


Quarter ended


Half year ended

Year ended




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




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



















 - Power Business


 1,919.87 
 1,995.12 
 1,914.54 
 3,914.99 
 3,884.83 
 7,894.27 

 - EPC and Contracts Business 


 651.39 
 599.26 
 552.52 
 1,250.65 
 1,118.13 
 2,641.29 

Total


 2,571.26 
 2,594.38 
 2,467.06 
 5,165.64 
 5,002.96 
 10,535.56 

Less : Inter Segment Revenue


 - 
 - 
 - 
 - 
 - 
 - 

Net Sales / Income from Operations


 2,571.26 
 2,594.38 
 2,467.06 
 5,165.64 
 5,002.96 
 10,535.56 










2
Segment Results









 Profit before Tax and Interest from each segment :









 - Power Business


 352.68 
 347.58 
 358.80 
 700.26 
 654.01 
 1,404.44 

 - EPC and Contracts Business 


 127.96 
 63.57 
 58.48 
 191.53 
 148.39 
 274.47 

Total 


 480.64 
 411.15 
 417.28 
 891.79 
 802.40 
 1,678.91 











- Finance Costs


 (404.00)
 (406.13)
 (353.96)
 (810.13)
 (688.27)
 (1,518.14)

- Interest Income


 368.25 
 366.63 
 278.12 
 734.88 
 554.55 
 1,099.47 

- Other un-allocable Income net of expenditure


 55.64 
 47.21 
 66.51 
 102.85 
 141.24 
 257.82 

Profit before Tax


 500.53 
 418.86 
 407.95 
 919.39 
 809.92 
 1,518.06 










3
Capital Employed













 - Power Business


 8,163.26 
 8,625.82 
 7,613.28 
 8,163.26 
 7,613.28 
 9,263.58 

 - EPC and Contracts Business 


 372.32 
 543.18 
 696.59 
 372.32 
 696.59 
 935.98 

 - Unallocated Assets (net)


 13,369.17 
 12,355.42 
 13,641.39 
 13,369.17 
 13,641.39 
 10,987.84 

Total 


 21,904.75 
 21,524.42 
 21,951.26 
 21,904.75 
 21,951.26 
 21,187.40 

Standalone Statement of Assets and Liabilities   
Rs crore





Particulars


As at
As at








30-09-2015
31-03-2015








(Unaudited)
(Audited)





A. EQUITY AND LIABILITIES



















(1) Shareholders' Funds









(a) Share capital


263.03
263.03





(b) Reserves and Surplus


21,641.72
20,924.37
















Shareholder's Funds
21,904.75
21,187.40















(2) Non-Current Liabilities









(a) Long-term borrowings


8,580.73
8,546.32





(b) Deferred tax liabilities (Net)


318.39
297.39





(c) Other Long term liabilities


2,347.59
2,627.16





(d) Long term provisions


380.00
380.00






Non-current Liabilities
11,626.71
11,850.87















(3) Current Liabilities









(a) Short-term borrowings


7,042.50
7,058.02





(b) Trade payables


4,444.64
3,895.09





(c) Other current liabilities


5,110.28
5,008.43





(d) Short-term provisions


1,032.14
570.77






Current Liabilities
17,629.56
16,532.31





TOTAL EQUITY AND LIABILITIES


51,161.02
49,570.58





B. ASSETS









(1) Non-current assets









(a) Fixed assets


7,702.59
7,701.74





(b) Non-current investments


15,417.52
14,875.38





(c) Long term loans and advances


506.91
474.40





(d) Other non-current assets


3,688.04
3,807.51






Non-current Assets
27,315.06
26,859.03















(2) Current assets









(a) Current investments


3,448.12
3,231.33





(b) Inventories


303.22
386.62





(c) Trade receivables


4,729.35
5,190.61





(d) Cash and bank balances


549.57
145.63





(e) Short-term loans and advances


11,788.82
10,766.05





(f) Other current assets


3,026.88
2,991.31






Current Assets
23,845.96
22,711.55





TOTAL ASSETS


51,161.02
49,570.58




Notes: 
1. a) The Company has opted for amortising the foreign exchange fluctuation gain / (loss) on the long term foreign currency monetary items over the balance life of depreciable assets / long term monetary items, as the case may be. The Company has carried forward unamortised portion of net gain of Rs 276.36 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2015. 

b) Pursuant to the option exercised under the Scheme of Amalgamation of Reliance Infraprojects Limited with the Company sanctioned by the Hon'ble High Court of Judicature at Bombay, net foreign exchange loss of Rs 38.94 crore and Rs 38.72 crore (net off of foreign exchange loss of Rs 73.03 crore and Rs 143.51 crore attributable to finance cost) for the quarter and half year ended September 30, 2015 has been debited to the Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had such withdrawal not been done, the Profit before tax for the quarter and half year ended September 30, 2015 would have been lower by Rs 38.94 crore and Rs 38.72 respectively and General Reserve would have been higher by an equivalent amount. The treatment prescribed under the Scheme overrides the relevant provisions of Accounting Standard 5 (AS-5) "Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies". This matter has been referred to by the Auditors in their report.
2.  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, on account of Material Breach and Event of Default under the provisions of the Concession Agreement by DMRC. The operations were taken over by DMRC with effect from July 1, 2013. As per the terms of the Concession Agreement, DMRC is now liable to pay DAMEPL a Termination Payment, which is estimated at Rs 2,823 crore, as the termination has arisen owing to DMRC's Event of Default. The matter has been referred to arbitration and the process for the same is continuing. Pending final outcome of the arbitration, the Company continues to fund the statutory and other obligations of DAMEPL post take over by DMRC and accordingly has funded Rs 69.41 crore and Rs 226.26 crore during the quarter and half year ended September 30, 2015. The total investment made by the Company in DAMEPL upto September 30, 2015 amounts to Rs 1,928.36 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 1,258.20 crore out of above investment during the previous year ended March 31, 2015. However, as legally advised, DAMEPL's claims for the termination payments are considered fully enforceable. This matter has been referred to by the Auditors in their report.
3. 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 4, 2015. The statutory auditors have carried out a limited review of the financial results for the quarter ended September 30, 2015 of the Company, as per listing agreement entered into with the stock exchanges in India.
4.  During the quarter, Reliance Smart Cities Pvt. Ltd.has been incorporated as subsidiary of the Company.
5. 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 due within one year)
 Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest on Long Term Debt 
6. There were no exceptional and extraordinary items during the quarter and half year ended September 30, 2015.
7. Figures of the previous period / year have been regrouped / reclassified wherever considered necessary. The results for the quarter and half year ended September 30, 2015 include the figures of the two amalgamated subsidiaries Viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited which were amalgamated with effect from April 1, 2014 and effect of which was given in the quarter ended March 31, 2015 and are therefore not comparable with the corresponding previous periods.
 
  For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani 
Date: November 4, 2015 Chairman

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