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RELINFRA - Reliance Infrastructure News Story

₹47.3 1.0  2.1%

Last Trade - 07/05/21

Sector
Industrials
Size
Small Cap
Market Cap £121.5m
Enterprise Value £693.8m
Revenue £1.58bn
Position in Universe 778th / 3107

Reliance Infra Ld - Standalone Results for the qtr ended Sept 30 2014

Mon 17th November, 2014 9:41am
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




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
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