REG - Reliance Infra Ld - Standalone Results for the qtr ended Sept 30 2014 <Origin Href="QuoteRef">RLIN.NS</Origin>

Reliance InfrastructureAnnouncement

17/11/2014 10:40

RNS Number : 1820X
Reliance Infrastructure Limited
17 November 2014
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, 2014

Part - I







Rs. crore 
Sr. No.
Particulars


Quarter ended

Half year ended
Year ended




30-09-2014
30-06-2014
30-09-2013
30-09-2014
30-09-2013
31-03-2014




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









(a) Net Sales / Income from Power Business


 1,897.84 
 1,958.92 
 1,560.79 
 3,856.76 
 3,171.63 
6,595.23 

(b) Income from EPC and Contracts Business

 552.31 
 565.38 
 1,237.52 
 1,117.69 
 2,891.19 
4,597.01 

(c) Other Operating Income 


 16.91 
 11.60 
 33.49 
 28.51 
 47.92 
164.69 

Total Income from Operations


 2,467.06 
 2,535.90 
 2,831.80 
 5,002.96 
 6,110.74 
11,356.93 
2
Expenses









 (a) Cost of Power purchased


 832.66 
 1,014.74 
 575.42 
 1,847.40 
 1,230.22 
2,485.19 

 (b) Cost of Fuel


 287.81 
 307.85 
 370.06 
 595.66 
 763.98 
1,488.90 

 (c) Tax on Sale of Electricity


 - 
 - 
 - 
 - 
 - 
 - 

 (c) Construction Materials Consumed and 









 Sub-contracting Charges 


 421.41 
 404.04 
 1,059.03 
 825.45 
 2,481.44 
3,885.95 

 (d) Employee benefits expense


 244.25 
 221.68 
 199.64 
 465.93 
 414.72 
823.11 

 (e) Depreciation and amortisation (Refer Note 4)

 120.39 
 89.75 
 84.69 
 210.14 
 167.48 
342.07 

 (f) Other Expenses 


 199.88 
 157.06 
 150.87 
 356.94 
 303.51 
763.03 

Total Expenses


 2,106.40 
 2,195.12 
 2,439.71 
 4,301.52 
 5,361.35 
9,788.25 
3
Profit from Operations before Other Income (net), finance costs and exceptional items
 360.66 
 340.78 
 392.09 
 701.44 
 749.39 
1,568.68 
4
Other Income (net) (Refer Note 1(b))


 401.25 
 395.50 
 300.35 
 796.75 
 614.45 
1,224.47 
5
Profit from Ordinary Activities before finance costs and exceptional items
 761.91 
 736.28 
 692.44 
 1,498.19 
 1,363.84 
2,793.15 
6
Finance Costs (Refer Note 1(b))


 353.96 
 334.31 
 231.62 
 688.27 
 448.79 
996.21 
7
Profit from Ordinary Activities before exceptional items

 407.95 
 401.97 
 460.82 
 809.92 
 915.05 
1,796.94 
8
Exceptional Items


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


 407.95 
 401.97 
 460.82 
 809.92 
 915.05 
1,796.94 
10
Tax Expenses (including Deferred Tax & Tax for earlier years)
 51.90 
 80.50 
 115.00 
 132.40 
 195.00 
209.00 
11
Profit from Ordinary Activities after Tax


 356.05 
 321.47 
 345.82 
 677.52 
 720.05 
1,587.94 
12
Extraordinary items


 - 

 - 


 - 
13
Profit for the period


 356.05 
 321.47 
 345.82 
 677.52 
 720.05 
1,587.94 
14
Paid-up Equity Share Capital (Face Value of Rs. 10 per Share)
 262.58 
 262.58 
 263.03 
 262.58 
 263.03 
262.58 
15
Reserves including Statutory Reserves excluding Revaluation Reserves





20,144.59 
16
Earnings Per Share (* not annualised)









(a) Basic (Rs.)


13.54 *
12.22 *
13.15 *
25.76 * 
27.38 * 
60.38 

(b) Diluted (Rs.)


13.54 *
12.22 *
13.15 *
25.76 * 
27.38 * 
60.38 
17
Debt Service Coverage Ratio (Refer Note 5)





 1.04 
 1.92 
2.11 
18
Interest Service Coverage Ratio (Refer Note 5)




 3.15 
 5.30 
5.17 

Part - II Selected Information for the quarter ended September 30, 2014






A
Particulars of Shareholding








1
Public Shareholding









- Number of Shares


13,53,62,964 
13,53,62,964 
13,53,63,010 
13,53,62,964 
13,53,63,010
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


 - 
 - 
 - 
 - 
 - 
 - 

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

 - 
 - 
 - 
 - 
 - 
 - 

of promoter and promoter group)









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

b) Non-encumbered 









- Number of shares


12,76,27,036 
12,76,27,036 
12,76,26,990 
12,76,27,036 
12,76,26,990 
12,76,27,036 

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

 100.00 
 100.00 
 100.00 
100.00 
100.00
100.00 

of promoter and promoter group)









- Percentage of shares (as a % of the total share capital of the Company)
48.53
48.53
48.53
48.53
 48.53 
48.53
B
Investor Complaints


Quarter ended 30-09-2014





Pending at the beginning of the quarter


Nil






Received during the quarter


10






Disposed off during the quarter


10






Remaining unresolved at the end of the quarter

Nil





RELIANCE INFRASTRUCTURE LIMITED

Segment-wise Revenue, Results and Capital Employed



















Rs. crore
Sr. No.
Particulars


Quarter ended

Half year ended
Year ended




30-09-2014
30-06-2014
30-09-2013
30-09-2014
30-09-2013
31-03-2014




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









 - Power Business


 1,914.54 
 1,970.29 
 1,567.84 
 3,884.83 
 3,192.48 
6,669.49 

 - EPC and Contracts Business 


 552.52 
 565.61 
 1,263.96 
 1,118.13 
 2,918.26 
4,687.44 

Total


 2,467.06 
 2,535.90 
 2,831.80 
 5,002.96 
 6,110.74 
11,356.93 

Less : Inter Segment Revenue


 - 
 - 
 - 
 - 
 - 
 - 

Net Sales / Income from Operations


 2,467.06 
 2,535.90 
 2,831.80 
 5,002.96 
 6,110.74 
11,356.93 










2
Segment Results









 Profit before Tax and Interest from each segment :








 - Power Business


 358.80 
 295.21 
 281.16 
 654.01 
 530.16 
1,238.00 

 - EPC and Contracts Business 


 58.48 
 89.91 
 150.70 
 148.39 
 296.17 
521.48 

Total 


 417.28 
 385.12 
 431.86 
 802.40 
 826.33 
1,759.48 











- Finance Costs


 (353.96)
 (334.31)
 (231.62)
(688.27)
(448.79)
(996.21)

- Interest Income


 278.12 
 276.43 
 171.32 
 554.55 
 352.03 
750.58 

- Other un-allocable Income net of expenditure

 66.51 
 74.73 
 89.26 
 141.24 
 185.48 
283.09 

Profit before Tax


 407.95 
 401.97 
 460.82 
 809.92 
 915.05 
1,796.94 










3
Capital Employed



















 - Power Business


 7,613.28 
 7,854.79 
 8,239.67 
 7,613.28 
 8,239.67 
8,086.06 

 - EPC and Contracts Business 


 696.59 
 568.87 
 2,301.50 
 696.59 
 2,301.50 
1,275.78 

 - Unallocated Assets (net)


 13,641.39 
 13,169.42 
 10,209.17 
13,641.39 
 10,209.17 
11,930.53 

Total 


 21,951.26 
 21,593.08 
 20,750.34 
21,951.26 
 20,750.34 
21,292.37 










Standalone Statement of Assets and Liabilities





Rs. crore





Particulars


As at 
As at 








30-09-2014
31-03-2014








(Unaudited)
(Audited)





A. EQUITY AND LIABILITIES



















(1) Shareholders' Funds









(a) Share capital 


 262.58 
 262.58 





(b) Reserves and Surplus 


 21,688.68 
 21,029.79 








 
 






Shareholder's Funds
 21,951.26 
 21,292.37 















(2) Non-Current Liabilities









(a) Long-term borrowings


 7,580.09 
 6,712.38 





(b) Deferred tax liabilities (Net)


 439.52 
 482.52 





(c) Other Long term liabilities


 2,795.37 
 2,667.05 





(d) Long term provisions


 380.00 
 380.00 






Non-current Liabilities
 11,194.98 
 10,241.95 















(3) Current Liabilities









(a) Short-term borrowings


 7,081.00 
 7,346.10 





(b) Trade payables


 3,644.75 
 3,856.35 





(c) Other current liabilities


 5,827.03 
 5,954.79 





(d) Short-term provisions


 470.78 
 434.77 






Current Liabilities
 17,023.56 
 17,592.01 















TOTAL EQUITY AND LIABILITIES


 50,169.80 
 49,126.33 





B. ASSETS









(1) Non-current assets









(a) Fixed assets


 6,477.72 
 6,509.07 





(b) Non-current investments


 16,269.40 
 13,449.83 





(c) Long term loans and advances


 769.50 
 2,250.96 





(d) Other non-current assets


 3,601.46 
 3,857.54 






Non-current Assets
 27,118.08 
 26,067.40 















(2) Current assets









(a) Current investments


 3,194.95 
 4,102.05 





(b) Inventories


 238.37 
 360.60 





(c) Trade receivables


 5,014.19 
 4,722.34 





(d) Cash and bank balances


 371.96 
 201.97 





(e) Short-term loans and advances


 10,895.48 
 10,090.19 





(f) Other current assets


 3,336.77 
 3,581.78 






Current Assets
 23,051.72 
 23,058.93 















TOTAL ASSETS


 50,169.80 
 49,126.33 




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 such items. Accordingly, the Company has carried forward unamortised portion of net gain of Rs. 252.64 crore to "Foreign Currency Monetary Items Translation Difference Account" as on September 30, 2014. 
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. 41.97 crore and Rs. 41.91 crore (net off of foreign exchange loss of Rs.110.50 crore and Rs. 161.78 crore attributable to finance cost) for the quarter and half year ended September 30, 2014 respectively has been debited to Statement of Profit and Loss and an equivalent amount has been withdrawn from General Reserve. Had the Scheme not prescribed this treatment, the profit before tax for the quarter and half year ended September 30, 2014 would have been lower by Rs. 41.97 crore and Rs. 41.91 crore respectively. The treatment prescribed under the Scheme overrides the relevant provision of Accounting Standard 5 (AS-5) 'Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies', which has been referred to by the Auditors in their report.
2. Delhi Airport Metro Express Private Limited (DAMEPL), 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 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 has been 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. 63.32 crore and Rs.122.67 crore in the current quarter and half year ended September 30, 2014 respectively. As legally advised, the claims for the Termination Payment are considered fully enforceable and the Company is confident of recovering its entire investment of Rs.1,572.88 crore in DAMEPL as at September 30, 2014. This matter has been referred to by the Auditors in their report.
3. The Board of directors, vide resolution dated November 11, 2013, had approved the Scheme of Amalgamation of two wholly owned subsidiaries of the company viz. Western Region Transmission (Maharashtra) Private Limited and Western Region Transmission (Gujarat) Private Limited with the Company. The Hon'ble High Court at Mumbai vide its order dated July 15, 2014 has sanctioned the said Scheme subject to obtaining the requisite approvals. Pending the receipt of requisite approvals, no effect of the Scheme has been given in the accounts.
4. Pursuant to the option given in notification dated August 29, 2014 issued by Ministry of Corporate Affairs (MCA) relating to assets whose life has expired as on March 31, 2014, the WDV of those assets amounting to Rs. 4.75 Crore, which was charged off to General Reserves during the previous quarter is now charged off to Statement of Profit and Loss.
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. 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, 2014. The statutory auditors have carried out a limited review of the financial results for the quarter ended September 30, 2014 of the Company, as per listing agreement entered into with the stock exchanges in India.
7. Figures of the previous period / year have been regrouped / reclassified wherever considered necessary.
 
  For and on behalf of the Board of Directors
Place: Mumbai Anil D. Ambani 
Date: November 12, 2014 Chairman

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