REG - SREI Inf Fin Ltd - Consolidated Financial Results - 30.09.2014 <Origin Href="QuoteRef">SREI.NS</Origin> - Part 1

Srei Infrastructure FinanceAnnouncement

10/11/2014 16:10

RNS Number : 6238W
SREI Infrastructure Finance Limited
10 November 2014












SREI INFRASTRUCTURE FINANCE LIMITED




Regd Office: 'Vishwakarma', 86C, Topsia Road (South), Kolkata - 700 046, Website: www.srei.com, Email for Investors: investor.relations@srei.com




(CIN): L29219WB1985PLC055352




UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014




Part I





(Rs. in Lakh)





Quarter ended
Half Year ended
Year ended




Particulars 
30-Sep-14
30-Jun-14
30-Sep-13
30-Sep-14
30-Sep-13
31-Mar-14





(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Audited) 




1. Income 










(a) Income from Operations 
 81,374 
 91,816 
 79,853 
 173,190 
 157,128 
 319,127 




(b) Other Operating Income
 1,100 
 1,284 
 951 
 2,384 
 1,950 
 4,192 




 Total Income from Operations
 82,474 
 93,100 
 80,804 
 175,574 
 159,078 
 323,319 




2. Expenses










(a) Employee Benefits Expense
 3,462 
 3,430 
 2,542 
 6,892 
 5,815 
 12,944 




(b)Legal and Professional Fees 
 1,550 
 1,426 
 1,850 
 2,976 
 3,100 
 6,777 




(c)Operating and Other Expenses
 4,620 
 4,165 
 3,674 
 8,785 
 7,613 
 15,125 




(d)Bad Debts / Advances written off
 2,953 
 2,375 
 1,598 
 5,328 
 2,932 
 13,308 




(e)Provisions, Contingencies and diminutions
 3,588 
 10,705 
 1,717 
 14,293 
 2,242 
 3,957 




(f)Depreciation / Amortisation and Impairment 
 4,715 
 4,546 
 3,929 
 9,261 
 7,774 
 16,335 




 Total Expenses
 20,888 
 26,647 
 15,310 
 47,535 
 29,476 
 68,446 




3. Profit from Operations before Other Income, Finance Costs & Exceptional items (1-2)
 61,586 
 66,453 
 65,494 
 128,039 
 129,602 
 254,873 




4. Other Income
 831 
 622 
 997 
 1,453 
 1,390 
 2,711 




5. Profit from ordinary activities before Finance Costs & Exceptional items (3+4)
 62,417 
 67,075 
 66,491 
 129,492 
 130,992 
 257,584 




6. Finance Costs
 56,977 
 57,349 
 60,271 
 114,326 
 116,749 
 235,028 




7. Profit from ordinary activities after Finance Costs but before Tax & Exceptional items (5-6)
 5,440 
 9,726 
 6,220 
 15,166 
 14,243 
 22,556 




8. Exceptional Items
 97 
 - 
 51 
 97 
 51 
 6 




9. Profit from ordinary activities before Tax (7+8)
 5,537 
 9,726 
 6,271 
 15,263 
 14,294 
 22,562 




10. Current tax expense
 2,866 
 3,501 
 2,299 
 6,367 
 5,612 
 8,791 




11. Income Tax in respect of earlier years
 - 
 2 
 (1)
 2 
 (1)
 20 




12. Net Profit from ordinary activities after Tax (9-10-11)
 2,671 
 6,223 
 3,973 
 8,894 
 8,683 
 13,751 




13. Extraordinary Items
 - 
 - 
 - 
 - 
 - 
 - 




14. Net Profit for the period/year (before adjustment for Minority Interest & profit / (loss) of Associate) (12-13)
 2,671 
 6,223 
 3,973 
 8,894 
 8,683 
 13,751 




15. Share of loss of Associate
 - 
 - 
 - 
 - 
 - 
 - 




16. Share of Profit / (Loss) of Minority Interest
 (136)
 (175)
 (151)
 (311)
 (163)
 (100)




17. Net Profit after taxes (14-15-16)
 2,807 
 6,398 
 4,124 
 9,205 
 8,846 
 13,851 




18. Paid-up Equity Share Capital (Face Value Rs. 10/- each) 
 50,324 
 50,324 
 50,324 
 50,324 
 50,324 
 50,324 




19. Reserves excluding Revaluation Reserves





 299,362 




20. Earnings per share - Basic & Diluted (Rs.) (* Not annualised)
*0.56 
*1.27 
*0.82 
*1.83 
*1.76 
 2.75 















Part II










A. Particulars of Shareholding 










1. Public shareholding (including Global Depository Receipts)










-Number of Shares
255192369
257722369
257722369
255192369
257722369
257722369




-Percentage of Shareholding 
50.73
51.23
51.23
50.73
51.23
51.23




2. Promoters and promoter group shareholding










 (a) Pledged / Encumbered










-Number of Shares
Nil
Nil
101158543
Nil
101158543
Nil




-% of Shares (to total shareholding of promoters and promoter group)
Nil 
Nil
 41.23 
Nil 
 41.23 
Nil 




-% of Shares (to total share capital of the company)
Nil 
Nil
 20.11 
Nil 
 20.11 
Nil 




 (b) Non-encumbered










-Number of Shares
247893964
245363964
144205421
247893964
144205421
245363964




-% of Shares (to total shareholding of promoters and promoter group)
100.00
100.00
58.77
100.00
58.77
100.00




-% of Shares (to total share capital of the company)
49.27
48.77
28.66
49.27
28.66
48.77















B. Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended 30th September, 2014






Particulars
Opening balance
Additions
Disposal
Closing balance




Number of complaints received - Equity shares
Nil
1
1
Nil

























CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 










(Rs. in Lakh)









As at
As at




Particulars 




30-Sep-14
31-Mar-14









(Unaudited) 
(Audited) 




A. EQUITY AND LIABILITIES










1. Shareholders' Funds










(a) Share Capital




 50,324 
 50,324 




(b) Reserves and Surplus




 308,420 
 299,362 




Sub-total : Shareholders' Funds




 358,744 
 349,686 















2. Minority Interest




 2,466 
 2,968 




3. Non-Current Liabilities










(a) Long-Term Borrowings




 666,358 
 710,366 




(b) Deferred Tax Liabilities (Net)




 17,494 
 18,306 




(c) Other Long-Term Liabilities




 6,779 
 7,995 




(d) Long-Term Provisions




 27,958 
 15,255 




Sub-total : Non-Current Liabilities




 718,589 
 751,922 















4. Current Liabilities










(a) Short-Term Borrowings




 1,139,291 
 1,060,857 




(b) Trade Payables




 21,798 
 18,319 




(c) Other Current Liabilities




 249,344 
 241,531 




(d) Short-Term Provisions




 1,824 
 5,201 




Sub-total : Current Liabilities




 1,412,257 
 1,325,908 















TOTAL - EQUITY AND LIABILITIES




 2,492,056 
 2,430,484 































(Rs. in Lakh)









As at
As at




Particulars 




30-Sep-14
31-Mar-14









(Unaudited) 
(Audited) 




B. ASSETS










Non-current assets










(a) Fixed assets




 188,239 
 171,463 




(b) Goodwill on consolidation 




 38,765 
 38,748 




(c) Non-current Investments




 223,610 
 207,628 




(d) Deferred Tax Assets (Net)




 1,310 
 2,048 




(e) Long-Term Loans and Advances




 1,209,681 
 1,131,650 




(f) Other Non-Current Assets




 19,100 
 18,367 




Sub-total : Non-Current Assets




 1,680,705 
 1,569,904 















Current assets










(a) Current Investments




 2,064 
 34,336 




(b) Inventories




 1,452 
 1,045 




(c) Trade Receivables




 15,566 
 21,245 




(d) Cash and Cash Equivalents




 68,022 
 56,372 




(e) Short-Term Loans and Advances




 152,471 
 116,079 




(f) Other Current Assets




 571,776 
 631,503 




Sub-total : Current Assets




 811,351 
 860,580 




TOTAL - ASSETS




 2,492,056 
 2,430,484 

























Segment wise Revenue, Results and Capital Employed as per Clause 41 of Listing Agreement










(Rs. in Lakh)





Quarter ended
Half Year ended
Year ended




Particulars 
30-Sep-14
30-Jun-14
30-Sep-13
30-Sep-14
30-Sep-13
31-Mar-14





(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Audited) 




1. Segment Revenue










 (a) Financial Services
 80,471 
 91,134 
 79,582 
 171,605 
 156,337 
 318,088 




 (b) Infrastructure Equipment Services
 4,334 
 4,045 
 3,401 
 8,379 
 6,452 
 13,331 




 (c) Others
 42 
 18 
 158 
 60 
 261 
 374 




Total
 84,847 
 95,197 
 83,141 
 180,044 
 163,050 
 331,793 




Less: Inter Segment Revenue
 1,542 
 1,475 
 1,340 
 3,017 
 2,582 
 5,763 




Net Income from Operations
 83,305 
 93,722 
 81,801 
 177,027 
 160,468 
 326,030 




2. Segment Results










 (a) Financial Services
 4,217 
 8,609 
 5,508 
 12,826 
 13,289 
 20,221 




 (b) Infrastructure Equipment Services
 1,304 
 1,130 
 666 
 2,434 
 920 
 2,299 




 (c) Others
 16 
 (13)
 97 
 3 
 85 
 42 




Total
 5,537 
 9,726 
 6,271 
 15,263 
 14,294 
 22,562 




Less: Interest & Finance Charges
 - 
 - 
 - 
 - 
 - 
 - 




 Other Un-allocable Expenditure (Net)
 - 
 - 
 - 
 - 
 - 
 - 




 Un-allocable Income
 - 
 - 
 - 
 - 
 - 
 - 




Total Profit Before Tax
 5,537 
 9,726 
 6,271 
 15,263 
 14,294 
 22,562 




3. Capital Employed 










 (Segment Assets-Segment Liabilities)










 (a) Financial Services
 312,635 
 305,659 
 332,087 
 312,635 
 332,087 
 303,224 




 (b) Infrastructure Equipment Services
 17,416 
 16,738 
 11,433 
 17,416 
 11,433 
 15,196 




 (c) Others
 40,845 
 47,610 
 19,340 
 40,845 
 19,340 
 44,091 




 (d) Un-allocable
 (9,686)
 (10,649)
 (11,063)
 (9,686)
 (11,063)
 (9,857)




Total
 361,210 
 359,358 
 351,797 
 361,210 
 351,797 
 352,654 














Notes:









1.
In accordance with clause 41 of the Listing Agreement, the Company has published unaudited consolidated financial results. The unaudited standalone financial results of the Company will, however, be available on the Company's website www.srei.com and on the websites of BSE (www.bseindia.com) and / or NSE (www.nseindia.com).



2.
The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 10th November, 2014. The Statutory Auditors of the Company have reviewed the said results.



3.
The above unaudited consolidated financial results have been prepared in accordance with the principles and procedures as set out in Accounting Standard-21 on 'Consolidated Financial Statements', Accounting Standard-23 on 'Accounting for Investments in Associates in Consolidated Financial Statements' and Accounting Standard-27 on 'Financial Reporting of Interests in Joint Ventures' notified by the Central Government under Companies (Accounting Standards) Rules, 2006. 



4.
The financial results of a foreign subsidiary (including its subsidiaries) and two foreign step down subsidiaries have been prepared as per IFRS, generally followed in the country of their incorporation. As there are no material differences between such financial results as per IFRS and as per Indian GAAP, no adjustments have been considered necessary.



5.
Due to the fluctuation in foreign exchange rates, the applicable loss on foreign exchange transactions and translations is Rs. 1,011 Lakh for the quarter ended 30th September, 2014 as against loss of Rs. 1,595 Lakh for the quarter ended 30th September, 2013 and loss of Rs. 1,279 lakh for the half year ended 30th September, 2014 as against loss of Rs. 4,388 lakh for the half year ended 30th September, 2013, charged under "Finance Costs".



6.
Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective 1st April, 2014, reviewed and revised the estimated useful lives of its fixed assets, in accordance with the provisions of Schedule II to the Act. The consequential impact (after considering the transition provision specified in Schedule II) on the results for the quarter and half year ended 30th September, 2014 is not material.



7.
Company's standalone financial information (Rs. in Lakh) is as below: 





Quarter ended
Half Year ended
Year ended




Particulars 
30-Sep-14
30-Jun-14
30-Sep-13
30-Sep-14
30-Sep-13
31-Mar-14





(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Unaudited) 
(Audited) 




Turnover
 47,136 
 56,002 
 45,014 
 103,138 
 88,533 
 180,585 




Profit Before Tax
 3,108 
 5,423 
 1,702 
 8,531 
 4,877 
 8,763 




Profit After Tax
 2,121 
 3,700 
 1,109 
 5,821 
 3,182 
 5,932 














8.
Figures pertaining to the previous year/period have been rearranged/regrouped, reclassified and restated, wherever considered necessary, to make them comparable with those of current period.





















For and on behalf of the Board of Directors
















































Place: Kolkata 





 Sd/-




Date: 10th November, 2014





Chairman and Managing Director




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