Breaking News

International Swaps & Derivatives Association Rules Argentina in Failure-to-Pay Credit Event
Tweet TWEET

SREI Inf Fin Ltd SRI Consolidated Unaudited Financial Result 30.09.2012

  SREI Inf Fin Ltd (SRI) - Consolidated Unaudited Financial Result 30.09.2012

RNS Number : 7817Q
SREI Infrastructure Finance Limited
09 November 2012


SREI INFRASTRUCTURE FINANCE LTD.                                                             
Regd Office: 'Vishwakarma', 86C, Topsia Road (South), Kolkata - 700 046, Website:            
www.srei.com, Email for Investors: investor.relations@srei.com
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 
2012
                                                                                  
                                                                                                       
                                                                                  (` in Lakh)
                                Quarter ended                    Half Year ended        Accounting 
                                                                                        year ended
Particulars                     30-Sep-12  30-Jun-12  30-Sep-11  30-Sep-12  30-Sep-11   31-Mar-12  
                                (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed)  (Audited)  
1. Income                                                                                          
(a) Income from Operations    76404      73021      57582      149425     108053      237782     
(b) Other Operating Income    1123       2649       557        3772       1034        5560       
Total Income from Operations    77527      75670      58139      153197     109087      243342     
2. Expenses                                                                                        
(a) Employee Benefits Expense 4258       4460       4666       8718       8331        17180      
(b)Legal and Professional    1586       860        911        2446       1959        3967       
Fees
(c)Operating and Other       4477       4348       4629       8825       8937        18351      
Expenses
(d)Bad Debts written off     1439       1377       1197       2816       1724        5121       
(e)Contingent Provisions     91         392        283        483        575         1169       
against Standard Assets
(f) Provision for Bad and    68         84         148        152        426         2162       
Doubtful Debts & NPAs
(g)Depreciation/Amortisation 5773       5157       4686       10930      8846        16503      
and Impairment
Total Expenses                  17692      16678      16520      34370      30798       64453      
3. Profit from Operations
before Other Income, Finance    59835      58992      41619      118827     78289       178889     
Cost & Exceptional items (1-2)
4. Other Income                 1289       498        626        1787       761         1291       
5. Profit from ordinary
activities before Finance Cost  61124      59490      42245      120614     79050       180180     
& Exceptional items (3+4)
6. Finance Cost                 51976      54774      37292      106750     65133       156503     
7. Profit from ordinary
activities after Finance Cost   9148       4716       4953       13864      13917       23677      
but before Tax & Exceptional
items (5-6)
8. Exceptional Items            6659       -          -          6659       -           -          
9. Profit from ordinary         15807      4716       4953       20523      13917       23677      
activities before Tax (7+8)
10. Current tax expenses        3705       2484       2277       6189       5311        8951       
11. Income Tax in respect of    (1)        -          2          (1)        -           2411       
Earlier Years
12. Net Profit from ordinary    12103      2232       2674       14335      8606        12315      
activities after Tax (9-10-11)
13. Extraordinary Items (net of -          -          -          -          -           -          
expenses)
14. Net Profit for the
period/year (before adjustment  12103      2232       2674       14335      8606        12315      
for Minority Interest) (12-13)
15. Share of Profit/(Loss) of   (917)      490        214        (427)      686         1134       
Minority Interest
16. Net Profit after taxes and  13020      1742       2460       14762      7920        11181      
minority interest (14-15)
17. Paid-up Equity Share
Capital (Face Value ` 10/-      50324      50324      50324      50324      50324       50324      
each)
18. Reserves excluding                                                                  267543     
Revaluation Reserves
19. Earnings per share- Basic & *2.59      *0.35      *0.49      *2.93      *1.57       2.22       
Diluted (`)
A. Particulars of Shareholding                                                                     
1. Public shareholding
(excluding Global Depository                                                                       
Receipts)
-Number of Shares              258400769  265347427  270555417  258400769  270555417   266244714  
-Percentage of Shareholding    51.37      52.75      53.78      51.37      53.78       52.92      
2. Promoters and promoter group                                                                    
shareholding
(a) Pledged/Encumbered                                                                             
-Number of Shares              89858543   89858543   -          89858543   -           86658543   
-% of Shares (to total
shareholding of promoters and   36.73      37.80      -          36.73      -           36.59      
promoter group)
-% of Shares (to total share   17.86      17.86      -          17.86      -           17.23      
capital of the company)
(b) Non Encumbered                                                                                 
-Number of Shares              154805421  147858763  232509316  154805421  232509316   150161476  
-% of Shares (to total
shareholding of promoters and   63.27      62.20      100.00     63.27      100.00      63.41      
promoter group)
-% of Shares (to total share   30.77      29.39      46.22      30.77      46.22       29.85      
capital of the company)
B. Investor Complaints                                                                               
-Pending at the beginning of    Nil                                                                  
the quarter
-Received during the quarter    Nil                                                                  
-Disposed off during the        Nil                                                                  
quarter
-Remaining unresolved at the    Nil                                                                  
end of the quarter
* Not annualized                                                                                     
                                                                                                     
                 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
                                                                                   (` in Lakh)
                                                                        As at      As at
                 Particulars                                            30-Sep-12  31-Mar-12
                                                                        (Reviewed) (Audited)
                 A. EQUITY AND LIABILITIES
                 1. Shareholders' Funds
                 (a) Share Capital                                      50324      50324
                 (b) Reserves and Surplus                               280198     267543
                 Sub-total : Shareholders' funds                        330522     317867

                 2. Minority Interest                                   5072       9128
                 3. Non-current liabilities
                 (a) Long-term borrowings                               650840     572758
                 (b) Deferred tax liabilities (net)                     15190      14053
                 (c) Other long-term liabilities                        7895       7141
                 (d) Long-term provisions                               11411      12391
                 Sub-total : Non-current liabilities                    685336     606343

                 4. Current liabilities
                 (a) Short-term borrowings                              898073     821202
                 (b) Trade payables                                     48673      43849
                 (c) Other current liabilities                          232328     218662
                 (d) Short-term provisions                              1056       3326
                 Sub-total : Current liabilities                        1180130    1087039

                 TOTAL - EQUITY AND LIABILITIES                         2201060    2020377
                                                                                     



                                              (` in Lakh)
                                   As at      As at
Particulars                        30-Sep-12  31-Mar-12
                                   (Reviewed) (Audited)
B. ASSETS
Non-current assets
(a) Fixed assets                   149280     207526
(b) Goodwill on consolidation      43917      43988
(c) Non-current investments        211150     210051
(d) Deferred tax assets (net)      802        3183
(e) Long-term loans and advances   693137     541337
(f) Other non-current assets       17793      46474
Sub-total : Non-current assets     1116079    1052559
Current assets
(a) Current investments            36450      2200
(b) Inventories                    789        1318
(c) Trade receivables              38850      34691
(d) Cash and cash equivalents      56338      40877
(e) Short-term loans and advances  134113     113946
(f) Other current assets           818441     774786
Sub-total : Current assets         1084981    967818
TOTAL - ASSETS                     2201060    2020377



Segment wise Revenue, Results and Capital Employed as per Clause 41 of Listing Agreement   
                                                             (` in Lakh)                   
                     Quarter ended                       Half Year ended        Accounting 
                                                                                year ended
Particulars          30-Sep-12     30-Jun-12  30-Sep-11  30-Sep-12   30-Sep-11  31-Mar-12  
                     (Reviewed)    (Reviewed) (Reviewed) (Reviewed)  (Reviewed) (Audited)  
1. Segment Revenue                                                                         
(a) Financial                                                                              
Services             72280         69743      51762      142023      95087      214619
(b) Infrastructure                                                                         
Equipment Services   6762          7114       5391       13876       12718      29726
(c) Others           1413          1054       3234       2467        4922       6468       
Total                80455         77911      60387      158366      112727     250813     
Less: Inter Segment                                                                       
Revenue              1639          1743       1622       3382        2879       6180
Net Income from                                                                            
Operations           78816         76168      58765      154984      109848     244633
2. Segment Results                                                                         
(a) Financial                                                                              
Services             8802          4973       4011       13775       12073      20549
(b) Infrastructure                                                                         
Equipment Services   3617          716        1083       4333        2095       4238
(c) Others           3364          (691)      150        2673        185        (179)      
Total                15783         4998       5244       20781       14353      24608      
Less: Interest &                                                                          
Finance Charges      (24)          282        291        258         436        931
Other Un-allocable                                                                         
Expenditure (Net)    -             -          -          -           -          -
Un-allocable Income  -             -          -          -           -          -          
Total Profit Before                                                                        
Tax                  15807         4716       4953       20523       13917      23677
3. Capital Employed                                                                        
(Segment
Assets-Segment                                                                             
Liabilities)
(a) Financial                                                                              
Services             302271        272253     284861     302271      284861     273812
(b) Infrastructure                                                                         
Equipment Services   15068         26520      17738      15068       17738      25222
(c) Others           25774         37551      27403      25774       27403      33250      
(d) Un-allocable     (7519)        (5904)     (5332)     (7519)      (5332)     (5289)     
Total                335594        330420     324670     335594      324670     326995     

                                                                                           
Notes:
                                                                                           
1. In accordance with clause 41 of the Listing Agreement, the Company has published
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 were reviewed by the Audit
Committee at its meeting held on 9th November, 2012 and approved by the Board of Directors 
at its meeting held on the same date. The Statutory Auditors of the Company have reviewed
the said results.
3. The above unaudited consolidated financial results have been prepared in
accordance with 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. Earnings per share (Basic & Diluted) have been calculated as per Accounting
Standard - 20 'Earnings Per Share' notified by the Central Government under Companies      
(Accounting Standards) Rules, 2006.
5. The Company has further infused an amount of ` 9,982 Lakh in Srei Equipment
Finance Private Limited, the Joint Venture Company, by subscribing to it's Equity Share    
Capital in two equal tranches on 31.08.2012 and 01.10.2012.
6. The shareholding of the Company in Srei Sahaj e-Village Limited ('Sahaj') has
reduced from 95.10% to 47.55% and hence Sahaj has ceased to be a subsidiary of the Company 
and has become an associate w.e.f. 13.08.2012.
7. Quippo Prakash Pte. Limited has ceased to be a step-down subsidiary of the Company 
w.e.f. 28.08.2012
8. Exceptional items of ` 6,659 Lakhs consists of adjustment on account of cessation
/ disposal of subsidiary (Sahaj) and step-down subsidiary (Quippo Prakash Pte. Limited).   


9. The financial results of a foreign subsidiary (including its subsidiaries and
joint venture), five foreign step down subsidiaries and a foreign joint venture of a
subsidiary have been prepared as per IFRS, generally followed in the country of their
incorporation. As there are no material differences between the accounting policies, no    
adjustments have been considered necessary.


10. Due to the fluctuation in foreign exchange rates, the applicable gain on foreign
exchange transactions and translations is ` 2,230 Lakh for the quarter ended 30th
September, 2012 as against loss of ` 4,245 Lakh for quarter ended 30th September, 2011 and
loss of ` 3,623 Lakh for the half year ended 30th September, 2012 as against loss of `     
4,420 Lakh for the half year ended 30th September, 2011.


11. Company's standalone financial information (` in Lakh) is as below:                 
             Quarter ended                          Half Year ended          Accounting    
                                                                             year ended
Particulars  30-Sep-12      30-Jun-12    30-Sep-11  30-Sep-12  30-Sep-11     31-Mar-12     
             (Reviewed)     (Reviewed)   (Reviewed) (Reviewed) (Reviewed)    (Audited)     
Turnover     42455          40937        26832      83392      49376         118069        
Profit       6967           1439         920        8406       5627          10879         
Before Tax
Profit After 4914           954          796        5868       4125          5796          
Tax
                                                                                           
12. 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

Date: 9th November, 2012
                                                                                                       
                                                                         Hemant Kanoria

                                                         Chairman and Managing Director            
                                                                                                     
                                                                                    
                                                                               



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

END


IR BDBDBRDGBGDC -0- Nov/09/2012 12:34 GMT