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Reliance Infra Ld RIFS Standalone Quarterly results 30.09.12

  Reliance Infra Ld (RIFS) - Standalone Quarterly results 30.09.12

RNS Number : 8370Q
Reliance Infrastructure Limited
12 November 2012




                                                                                                          

                                                                                                          

                                                                                           RELIANCE INFRASTRUCTURE LIMITED
                                                             Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710
     website:www.rinfra.com
                                                          Standalone Statement of Financial Results for the quarter and half year ended September 30, 2012
            Part - I                                                                                                                                                                               Rs. crore
 Sr. No.        Particulars                                      Quarter ended                                                                        Half Year ended                             Year ended
                                                     30-Sep-12                        30-Jun-12                   30-Sep-11               30-Sep-12                   30-Sep-11                    31-Mar-12
                                                    (Unaudited)                      (Unaudited)                 (Unaudited)             (Unaudited)                 (Unaudited)                   (Audited)
     1      Income from
            Operations
            (a) Net Sales / Income from                     1,569.58                  1,638.33           1,363.85           3,207.91                   2,873.54            5,675.31
            Electricity Business
            (b) Income from EPC and                         1,918.40                  1,774.94           2,430.90           3,693.34                   4,315.76             11,678.14
            Contracts Business
            (c) Other Operating                            12.24                34.01          183.25         46.25                  479.73           553.22
            Income
            Total Income from                               3,500.22                  3,447.28           3,978.00           6,947.50                   7,669.03             17,906.67
            Operations
     2      Expenses
             (a) Cost of Electrical                       646.20                 685.15          612.85           1,331.35                   1,313.42            2,459.17
            Energy purchased
             (b) Cost of Fuel                             373.69                 417.28          368.53          790.97                  771.86            1,548.67
             (c) Construction
            Materials Consumed and
             Sub-contracting                        1,634.81                  1,471.80           1,873.00           3,106.61                   3,375.58            9,737.69
            Charges
             (d) Employee benefits                        192.45                 243.89          202.74          436.34                  413.84           740.48
            expense
             (e) Depreciation and                        92.19                 113.04         63.84          205.23                  132.76           267.77
            amortisation
             (f) Other Expenses                           199.55                 169.34          209.47          368.89                  384.39           745.77
            Total Expenses                                  3,138.89                  3,100.50           3,330.43           6,239.39                   6,391.85             15,499.55
     3      Profit from operations                          361.33                 346.78          647.57          708.11                   1,277.18            2,407.12
            before Other Income (net),
            finance cost and
            exceptional items
     4      Other Income (net)                              345.67                 258.62          112.63          604.29                  221.89           658.74
     5      Profit from Ordinary                            707.00                 605.40          760.20           1,312.40                   1,499.07            3,065.86
            Activities before finance
            cost and exceptional items
     6      Finance Costs                                   198.02                 190.18         85.02          388.20                  144.37           568.10
     7      Profit from Ordinary                            508.98                 415.22          675.18          924.20                   1,354.70            2,497.76
            Activities before
            exceptional items
     8      Exceptional Items                           -             -      -      -              -        -
     9      Profit from Ordinary                            508.98                 415.22          675.18          924.20                   1,354.70            2,497.76
            Activities before tax
    10      Tax Expenses (including Deferred Tax & Tax for earlier years)                  88.20          179.44          183.05                  428.44           497.50
    11      Profit after Tax                                414.13                 327.02          495.74          741.15                  926.26            2,000.26
    12      Paid-up Equity Share                            263.03                 263.03          263.57          263.03                  263.57           263.03
            Capital (Face Value of Rs.
            10 per Share)
    13      Reserves including Statutory Reserves excluding Revaluation Reserves                                                                                                                       17,773.36
    14      Earnings Per Share (* not
            annualised)
            (a) Basic (Rs.)                                                15.75*                 12.43*                  18.84*                 28.18*                          34.90*                     75.70
            (b) Diluted (Rs.)                                              15.75*                 12.43*                  18.84*                 28.18*                          34.90*                     75.70
    15      Debt Service Coverage Ratio                                                                                                               5.80                 13.64          6.64
            (Refer Note 6 )
    16      Interest Service Coverage                                                                                                                 5.80                 13.64          6.64
            Ratio (Refer Note 6)
            Part - II Selected Information for the quarter ended September 30, 2012
     A      Particulars of
            Shareholding
     1      Public Shareholding
            - Number of Shares                               135,363,010                   135,363,010            135,893,272            135,363,010                   135,893,272            135,363,010
            - Percentage of                           51.47            51.47     51.57     51.47             51.57      51.47
            Shareholding
     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
                                                                                                                                                                       127,626,990            127,626,990

            - Number of shares                                  127,626,990                    127,626,990             127,626,990 127,626,990
                                                                                       100.00      100.00      100.00              100.00       100.00

            - Percentage of shares (as a % of the total
            shareholding 100.00
            of promoter and promoter
            group)
                                                                                                                                                                   48.43                          

            - Percentage of shares (as a % of the total share capital of                             48.53                   48.43                   48.53                                                      48.53
            the Company)
     B       Investor Complaints                                         Quarter ended 30-09-2012
            Pending at the beginning of                 NIL
            the quarter
            Received during the                          8
            quarter
            Disposed of during the                       8
            quarter
            Remaining unresolved at the                 NIL
            end of quarter
                   

                                                                                                                                                                                                           

    RELIANCE INFRASTRUCTURE LIMITED
                                                                Segment-wise Revenue, Results and Capital Employed                                                                  
                                                                                                                                                                                                            
                                                                                                                                                                                       Rs. crore            
Sr.     Particulars                                       Quarter ended                                                                  Half Year ended                   Year ended                      
No.
                                                30-Sep-12                 30-Jun-12                  30-Sep-11                 30-Sep-12                30-Sep-11                      31-Mar-12            
                                               (Unaudited)               (Unaudited)                (Unaudited)               (Unaudited)              (Unaudited)                     (Audited)            
 1   Segment Revenue                                                                                                                                                                                        
      - Electricity                          1,579.68            1,657.29                1,545.99         3,236.97                3,348.22                 6,217.80 
     Business
      - EPC and Contracts                    1,920.54            1,789.99                2,432.01         3,710.53                4,320.81                  11,688.87 
     Business
     Total                                         3,500.22            3,447.28                3,978.00         6,947.50                7,669.03                  17,906.67 
     Less : Inter Segment Revenue       - -     -    -           -             - 
     Net Sales / Income from                       3,500.22            3,447.28                3,978.00         6,947.50                7,669.03                  17,906.67 
     Operations
                                                                                                                                                                                                            
 2   Segment Results                                                                                                                                                                                        
      Profit before Tax and Interest from each segment :                                                                                                                                                  
      - Electricity                          209.90           179.75               279.46        389.65               662.09                 1,063.25 
     Business
      - EPC and Contracts                    183.72           185.11               412.83        368.83               668.59                 1,480.82 
     Business
     Total                                         393.62           364.86               692.29        758.48                1,330.68                 2,544.07 
                                                                                                                                                                                                            
     - Finance Costs                              (198.02)          (190.18)             (85.02)       (388.20)              (144.37)               (568.10) 
     - Interest Income                             201.39           194.57               125.23        395.96               172.94                513.99 
     - Other un-allocable Income net of            111.99          45.97             (57.32)        157.96            (4.55)               7.80 
     expenditure
     Profit before Tax                             508.98           415.22               675.18        924.20                1,354.70                 2,497.76 
                                                                                                                                                                                                            
 3   Capital Employed                                                                                                                                                                                       
                                                                                                                                                                                                            
      - Electricity                          7,462.49            7,277.73                6,873.78         7,462.49                6,873.78                 7,248.12 
     Business
      - EPC and Contracts                    2,397.19            3,712.51                2,745.18         2,397.19                2,745.18                 2,803.95 
     Business
      - Unallocated Assets                   9,427.46            7,822.33                8,819.40         9,427.46                8,819.40                 8,488.81 
     (net)
     Total                                          19,287.14             18,812.57                 18,438.36          19,287.14                18,438.36                  18,540.88 
                                                                                                                                                                                                            
  Standalone Statement of Assets and                                                                                                                                                                        
              Liabilities
                                                                                  Rs. crore                                                                                                                 
         Particulars                              As at                     As at                                                                                                                           
                                                30-Sep-12                 31-Mar-12                                                                                                                         
                                                                                                                                                                                                            
     A. EQUITY AND                                                                                                                                                                                          
     LIABILITIES
                                                                                                                                                                                                            
     (1) Shareholders'                                                                                                                                                                                      
     Funds
     (a) Share capital                             263.03           263.03                                                                                                                 
     (b) Reserves and                               19,024.11             18,277.85                                                                                                                 
     Surplus
                                                                                                                                                                                                        
                          Shareholder's             19,287.14             18,540.88                                                                                                                 
                          Funds
                                                                                                                                                                                                            
     (2) Non-Current                                                                                                                                                                                    
     Liabilities
     (a) Long-term                                 4,111.91            4,599.38                                                                                                                 
     borrowings
     (b) Deferred tax liabilities                  479.52           449.52                                                                                                                 
     (Net)
     (c) Other Long term                           5,898.45            4,929.87                                                                                                                 
     liabilities
     (d) Long term                                 380.00           380.00                                                                                                                 
     provisions
                          Non-current               10,869.88             10,358.77                                                                                                                 
                          Liabilities
                                                                                                                                                                                                            
     (3) Current                                                                                                                                                                                        
     Liabilities
     (a) Short-term                                5,267.06            4,548.35                                                                                                                 
     borrowings
     (b) Trade payables                            3,056.36            3,824.62                                                                                                                 
     (c) Other current                             5,974.66            5,879.70                                                                                                                 
     liabilities
     (d) Short-term                               14.68           227.27                                                                                                                 
     provisions
                          Current                   14,312.76             14,479.94                                                                                                                 
                          Liabilities
                                                                                                                                                                                                            
     TOTAL EQUITY AND LIABILITIES                   44,469.78             43,379.59                                                                                                                 
     B. ASSETS                                                                                                                                                                                          
     (1) Non-current                                                                                                                                                                                    
     assets
     (a) Fixed assets                              6,875.39            7,753.88                                                                                                                 
     (b) Non-current                                10,169.36            9,859.31                                                                                                                 
     investments
     (c) Long term loans and                       955.29            1,655.69                                                                                                                 
     advances
     (d) Other                                     4,158.01            3,996.92                                                                                                                 
     non-current assets
                          Non-current               22,158.05             23,265.80                                                                                                                 
                          Assets
                                                                                                                                                                                                        
     (2) Current assets                                                                                                                                                                                 
     (a) Current                                   2,515.94            2,925.75                                                                                                                 
     investments
     (b) Inventories                               251.09           309.40                                                                                                                 
     (c) Trade                                     5,555.16            4,565.59                                                                                                                 
     receivables
     (d) Cash and cash equivalents                 471.30           686.07                                                                                                                 
     (e) Short-term loans and                       11,328.42             10,141.49                                                                                                                 
     advances
     (f) Other current                             2,189.82            1,485.49                                                                                                                 
     assets
                          Current                   22,311.73             20,113.79                                                                                                                 
                          Assets
                                                                                                                                                                                                            
     TOTAL ASSETS                                   44,469.78             43,379.59                                                                                                                 





Notes:



1. The final determination in the matter of Standby Charges payable for
the years 1998-99 to 2003-04 to The Tata Power Company Limited (TPC) is
pending before the Supreme Court for final hearing. The Company has so far
fully accounted the liability of Rs. 515.60 crore as determined earlier by
Maharashtra Electricity Regulatory Commission (MERC).

2. The final determination in respect of the claim by TPC of Rs. 323.87
crore, along with interest based on the Orders passed by MERC / Appellate
Tribunal for Electricity (ATE) towards difference in energy charge and minimum
offtake charges for energy supplied by TPC at 220 kV interconnection is
pending before Supreme Court for final hearing. The Company has complied with
the interim order direction of depositing Rs. 25 crore with the Registrar of
Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.



3. Pursuant to the Scheme of Amalgamation of Reliance Infraprojects
Limited sanctioned by the Hon'ble High Court of Judicature at Bombay vide its
order dated March 30, 2011,derivative losses / gains for the year debited /
credited to Statement of Profit and Loss may be withdrawn from / transferred
to General Reserve. The gain / (loss) arising from derivative contracts for
the quarter and half year ended September 30, 2012 is Rs. 40.47 crore and
(Rs.10.70 crore) respectively. The Company has decided to give impact of the
said derivative loss and its corresponding adjustment in terms of the Scheme
by withdrawal from General Reserve in Statement of Profit and Loss at the year
end.



4. 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.143.52 crore  to  "Foreign  Currency 
Monetary Items Translation Difference Account" as on September 30, 2012.



5. During  the  quarter,  Reliance Bhavnagar  Power  Private  Limited  and 
Reliance Jamnagar Power Private Limited have become wholly owned  subsidiaries 
of the Company. The Board of Directors of the Company in their meeting held on
August 14, 2012 has approved the Scheme of Amalgamation of the above companies
and Reliance Infrastructure  Engineers Private Limited,  another wholly  owned 
subsidiary with the Company.



6. 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)

· Interest Service Coverage  Ratio = Earnings before  Interest and Tax  / 
Interest on Long Term Debt



7. 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 6, 2012.The statutory auditors have carried out a limited review of
the financial result of the Company, as per listing agreement entered into
with the stock exchanges in India.



8. There were no exceptional / extraordinary items during the quarter  and 
half year ended September 30, 2012.



9. 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 6,
2012Chairman





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

END


IR LIFIELVLFLIF -0- Nov/12/2012 07:00 GMT
 
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