Reliance Infrastructure has registered 6% fall in its consolidated net sales for the quarter ended Dec 2016 to Rs 5815.69 crore. Lower sale together with 1160 bps contraction in operating profit margin has resulted in 57% fall in operating profit to Rs 558.67 crore. Other income stand higher by 40% to Rs 809.86 crore and thus the fall at PBIDT restricted at 28% to Rs 1368.53 crore. However hurt further by higher interest and depreciation cost, the PBT before regulatory expense & EO was a loss of Rs 297.09 crore compared to an income of Rs 412.12 crore in the corresponding previous period. But spurred by Rs 851.77 crore swing in regulatory income to Rs 621.53 crore, the PBT after RI but before EO was up by 78% to Rs 324.44 crore. EO for the quarter as well as corresponding previous was nil. The Taxation was a provision of Rs 72.42 crore compared to a write back of Rs 0.73 crore in the corresponding previous period. Thus the PAT was up by 61% to Rs 293.50 crore. However the growth at net profit after minority interest moderated at 27% to Rs 374.85 crore as the share of profit from associates stand lower by 27% to Rs 72.42 crore and lower minority interest (share of loss) at Rs 8.93 crore (down 33%). Profit from discontinued operations (net of tax) was nil compared to a loss of RS 44.05 crore in the corresponding previous period. Thus the net profit was up by 49% to Rs 374.85 crore. The other comprehensive expense was up by 67% to Rs 12.67 crore and thus the total comprehensive income was eventually up by 48% to Rs 362.18 crore.
- Operational income (excluding other operational income) was down by 7% to Rs 5656.07 crore. The down side in operational income was largely due lower revenue registered by power business of the company. While the revenue of electricity energy (excluding regulatory income) was down by 10% to Rs 4604.2 crore. The regulatory income for the quarter was Rs 621.53 crore compared to a regulatory expenses of Rs 230.24 crore in the corresponding previous period. The revenue of EPC contracts was up by 5% to Rs 751.11 crore. The revenue of infrastructure business was up by 14% to Rs 300.76 crore. The other operating income income was up by 24% to Rs 159.62 crore. Thus the overall operating income was down by 6% to Rs 5816.69 crore.
- EBIT was up by 23% to Rs 755.40 crore and that is largely due to higher profit registered by power business of the company. Segment profit of power business was higher by 67% to Rs 596.19 crore powered by Rs 851.77 crore swing in regulatory income. Despite higher sales, the segment profit of EPC business and infrastructure was down by 56% (to Rs 58.38 crore) and 20% (to Rs 100.83 crore) respectively as its segment margin contract by sharp 1075 bps and 1422 bps.
Nine month performance
Sales were lower by 4% to Rs 19887.18 crore. Lower sale together with 380 bps contraction in OPM has resulted in 23% fall in operating profit to Rs 3091.40 crore. After accounting for higher other income, higher interest and higher depreciation, the PBT (before regulatory income & EO) was down by 51% to Rs 834.65 crore. The regulatory income was Rs 264.14 crore compared to an expense of Rs 647.46 crore in the corresponding previous period. Thus the PBT before EO was up 3% to Rs 1098.79 crore. EO income for the period was Rs 85.58 crore towards gain from sales of cement business, compared to nil in the corresponding previous period. Thus the PBT after EO was up by 11% to Rs 1184.37 crore.
Taxation provision was lower by 42% to Rs 105.77 crore. Spurred thus the PAT was up by 22% to Rs 1078.60 crore. The share of profit from associates was down by 27% to Rs 259.22 crore. The minority interest was a share of loss of Rs 14.22 crore compared to a share of profit of Rs 16.83 crore in the corresponding previous period. Thus the net profit (after MI but before profit from discontinued biz) was up by 11% to Rs 1352.04 crore. Profit from discontinued business was Rs 32.17 crore compared to a loss of Rs 135.69 crore in the corresponding previous period. Thus the Net profit was up by 27% to Rs 1384.21 crore. The other comprehensive expense (net of tax) was down by 47% to Rs 9.38 crore and thus the total comprehensive income was up by 29% to Rs 1374.85 crore.
Reliance Infrastructure: Consolidated Result
|Particulars||1612 (3)||1512 (3)||Var. (%)||1612 (9)||1512 (9)||Var. (%)|
|PBT before Regulatory Income & EO||-297.09||412.12||PL||834.65||1713.59||-51|
|Regulatory Income ||621.53||-230.24||LP||264.14||-647.46||LP|
|PBT before EO||324.44||181.88||78||1098.79||1066.13||3|
|Share of profit in Associates||72.42||99.63||-27||259.22||355.87||-27|
|Net profit before profit from discontinued operations||374.85||295.55||27||1352.04||1222.76||11|
|Profit from Discontinued Operations (net of tax)||0.00||-44.05||LP||32.17||-135.69||LP|
|Other Comprehensive Income (net of tax)||-12.67||-7.58||67||-9.36||-17.75||-47|
|Total Comprehensive Income||362.18||243.92||48||1374.85||1069.32||29|
|*EPS on current equity of Rs 263.03 crore; Face Value of Rs 10|
Figures in Rs crore
# business being seasonal EPS is not annualised
Source: Capitaline Corporate Databases
Reliance Infrastructure: Consolidated Segment Results
|Segment||1612 (3)||1512 (3)||Var. (%)||% to total||1612 (9)||1512 (9)||Var.(%)||% to total|
|EPC & Contract Business||753.02||720.13||5||12||2005.77||2653.85||-24||10|
|Inter Segm't Rev||6.65||6.20||24.93||26.17|
|EPC & Contract Business||58.38||133.26||-56||8||164.33||335.18||-51||7|
|LESS: Interest expenes||479.59||412.25||16||1233.88||1199.43||3|
|Other unallocable expenses||-48.63||22.22||PL||-41.93||86.16||PL|
|EPC & Contract Business||6026.69||6937.15||-13||6||6026.69||6937.15||-13||6|
|Assets of Discontinued Operations||3719.03||-100||3719.03||-100|
|Total Assets ||105702.93||105860.38||0||105702.93||105860.38||0|
|Segment Liabilities |
|EPC & Contract Business||6693.42||6693.91||0||9||6693.42||6693.91||0||9|
|Liabilities of Discontinued Operations||2978.34||-100||2978.34||-100|
|Note: Figures in Rs crore|
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