Reliance Communications Limited
Dhirubhai Ambani Knowledge City
Navi Mumbai - 400 710, India
May 29, 2024
Tel : +91 022 3038 6286
Fax: +91 022 3037 6622 www.rcom.co.in
The General Manager | The Manager |
Corporate Relationship Department | National Stock Exchange of India Limited |
BSE Limited | Exchange Plaza, 5th Floor, |
Phiroze Jeejeeboy Towers | Plot No. C/1, G Block |
Dalal Street, | Bandra Kurla Complex, Bandra (E) |
Mumbai- 400 001 | Mumbai - 400 051 |
BSE Scrip Code: 532712 | NSE Symbol: RCOM |
Dear Sir/Madam, |
Sub: Statement of Audited (Standalone and Consolidated) Financial Results for the quarter and financial year ended on March 31, 2024
In furtherance of the letter dated May 22, 2024, Reliance Communications Limited (the "Company") hereby informs you that the Directors of the Company have at there meeting held today i.e. on May 29, 2024, inter alia, considered and approved the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2024.
In accordance with of Regulation 33(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the following are herewith enclosed:
- Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2024;
- Auditors' Report on the Audited Standalone & Consolidated Financial Results; and
- Statement showing impact of audit qualifications in specified format.
Given that the Company is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016, and with effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in the resolution professional of the Company, Mr. Anish Niranjan Nanavaty ("RP"). The aforesaid meeting of the Directors was chaired by the RP who, relying on the certifications, representations and statements of the Directors and management of the Company and the consequent recommendation of the Directors, took on record the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2024.
The above mentioned meeting of the Directors of the Company commenced at 06.55 P.M. and concluded at 11.59 P.M.
This is for your information and records.
Yours faithfully,
For Reliance Communications Limited
RAKESH GUPTA
Digitally signed by
RAKESH GUPTA Date: 2024.05.30 00:21:28 +05'30'
Rakesh Gupta
Company Secretary
(Reliance Communications Limited is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. With effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in, the Resolution Professional, Mr. Anish Nanavaty, appointed by Hon'ble NationalCompany Law Tribunal, Mumbai Bench, vide order dated June 21, 2019 which was published on the website of the Hon'ble National Company Law Tribunal, Mumbai Bench on June 28, 2019.)
Registered Office:
Reliance Communications Limited. H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400 710
CIN No.: L45309MH2004PLC147531
Reliance Communications Limited
website: www.rcom.co.in
Regd. Office : H Block, 1st Floor , Dhirubhai Ambani Knowledge City, Navi Mumbai 400710
CIN - L45309MH2004 PLC147531
Standalone Audited Financial Results for the Quarter and Year ended March 31, 2024
(Rs. in Crore) | |||
Quarter ended | Year ended | ||
Sr. | 31-Mar-2431-Dec-2331-Mar-23 | 31-Mar-24 | 31-Mar-23 |
Particulars | |||
No. | Audited | ||
Audited Unaudited Audited | Audited | (Refer Note | |
No.23) |
- Income
(a) Revenue from Operations | 70 | 71 | 85 | 290 | 332 | |
(b) Other Income | 2 | 2 | 4 | 8 | 8 | |
(c) Total Income [ (a) + (b) ] | 72 | 73 | 89 | 298 | 340 | |
2 | Expenses | |||||
(a) Access Charges, Licence Fees and Network Expenses | 39 | 42 | 40 | 165 | 151 | |
(b) Employee Benefits Expenses | 8 | 9 | 9 | 35 | 45 | |
(c) Finance Costs | - | - | - | - | - | |
(d) Depreciation and Amortisation expenses | 27 | 28 | 28 | 112 | 116 | |
(e) Sales and General Administration Expenses | 40 | 34 | 19 | 152 | 208 | |
(f) Total Expenses [ (a) to (e) ] | 114 | 113 | 96 | 464 | 520 | |
3 | Profit/ (Loss) before Exceptional Items and Tax [1 (c) - 2 (f)] | (42) | (40) | (7) | (166) | (180) |
- Exceptional Items
Loss on De-Subsidiarisation including Provision (Refer Note 16) | - | - | - | (991) | - | |
5 | Profit / (Loss) before Tax [ 3 - 4 ] | (42) | (40) | (7) | (1,157) | (180) |
6 | Tax Expenses | |||||
(a) Current Tax | - | - | - | - | - | |
(b) Deferred Tax Charge/ (Credit) | - | - | - | - | - | |
(c) Tax Expenses (net) [ (a) to (b) ] | - | - | - | - | - | |
7 | Profit/ (Loss) after Tax from continuing operations [ 5 - 6 ] | (42) | (40) | (7) | (1,157) | (180) |
8 | Profit/(Loss) before Tax and Exceptional Item from Discontinued Operations | (159) | (136) | (130) | (566) | (526) |
- Exceptional Items
Loss on De-Subsidiarisation including Provision | - | - | - | - | (4,208) | |
Provision for Liability on account of License & Spectrum fee (Refer Note 7) | (1,636) | (1,602) | (1,488) | (5,346) | (5,647) | |
10 | Profit/ (Loss) before Tax from Discontinued Operations [8-9] | (1,795) | (1,738) | (1,618) | (5,912) | (10,381) |
11 | Tax Expenses of Discontinued Operations | - | - | - | - | - |
12 | Profit/ (Loss) after Tax from Discontinued Operations [10-11] | (1,795) | (1,738) | (1,618) | (5,912) | (10,381) |
13 | Other Comprehensive Income/ (Expense) for the year (Previous year Rs. | 1 | - | - | 1 | - |
14 | 3,43,921) | |||||
Total Comprehensive Income / (loss) for the period / year [7+12+13] | (1,836) | (1,778) | (1,625) | (7,068) | (10,561) |
15 Earnings per Share (EPS) Basic and Diluted (Rs.)
(before exceptional items) (Not annualised for the quarter ended)
(a) Continuing Operations | (0.15) | (0.14) | (0.03) | (0.60) | (0.66) |
(b) Discontinued Operations | (0.58) | (0.50) | (0.47) | (2.06) | (1.92) |
(c) Continuing Operations and Discontinued Operations | (0.73) | (0.64) | (0.50) | (2.66) | (2.58) |
(after exceptional items) (Not annualised for the quarter ended) | |||||
(a) Continuing Operations | (0.15) | (0.14) | (0.03) | (4.22) | (0.66) |
(b) Discontinued Operations | (6.54) | (6.33) | (5.90) | (21.54) | (37.83) |
(c) Continuing Operations and Discontinued Operations | (6.69) | (6.47) | (5.93) | (25.76) | (38.49) |
16 Paid-up Equity Share Capital (Face Value of Rs. 5 each) | 1,383 | 1,383 | 1,383 | 1,383 | 1,383 |
Standalone Statement of Assets and Liabilities | (Rs. in Crore) |
As at | As at | ||
Particulars | 31-Mar-24 | 31-Mar-23 | |
Audited | |||
Audited | (Refer Note | ||
No.23) | |||
A | ASSETS | ||
1 Non-Current Assets | |||
(a) Property, Plant and Equipment | 1,052 | 1,160 | |
(b) Capital Work in Progress | 55 | 60 | |
(c) Intangible Assets | 2 | 2 | |
(d) Financial Assets | |||
(i) Investments | 6,811 | 7,450 | |
(ii) Other Financial Assets | 2 | 2 | |
(e) Income Tax Asset (net) | - | - | |
(f) Other Non Current Assets | 699 | 699 | |
Sub-totalNon-Current Assets | 8,621 | 9,373 | |
2 | Current Assets | ||
(a) Inventories | 2 | 2 | |
(b) Financial Assets | |||
(i) Investments | 46 | 46 | |
(ii) Trade Receivables | 100 | 82 | |
(iii) Cash and Cash Equivalents | 185 | 174 | |
(iv) Bank Balances other than (iii) above | 43 | 39 | |
(v) Loans | 6,260 | 6,611 | |
(vi) Other Financial Assets | 130 | 144 | |
(c) Other Current Assets | 4,067 | 4,066 | |
(d) Assets Held for Sale | 19,754 | 19,758 | |
Sub-total - Current Assets | 30,587 | 30,922 | |
Total Assets | 39,208 | 40,295 | |
B | EQUITY AND LIABILITIES | ||
1 | Equity | ||
(a) Equity Share Capital | 1,383 | 1,383 | |
(b) Other Equity | (62,463) | (55,394) | |
Total Equity | (61,080) | (54,011) | |
LIABILITIES | |||
2 | Non-Current Liabilities | ||
(a) Other Non-Current Liabilities | 106 | 114 | |
(b) Provisions | 2 | 2 | |
Sub-totalNon-Current Liabilities | 108 | 116 | |
3 | Current Liabilities | ||
(a) Financial Liabilities | |||
(i) Borrowings | 39,934 | 39,934 | |
(ii) Trade Payables | |||
Due to Micro Enterprises & Small Enterprises | 33 | 27 | |
Due to Creditors other than Micro Enterprises & Small Enterprises | 3,058 | 3,013 | |
(iii) Other Financial Liabilities | 49,417 | 44,033 | |
(b) Other Current Liabilities | 198 | 195 | |
(c) Provisions | 1,216 | 1,216 | |
(d) Liabilities directly related to Assets held for Sale | 6,324 | 5,772 | |
Sub-total - Current Liabilities | 1,00,180 | 94,190 | |
Total Equity and Liabilities | 39,208 | 40,295 |
Cash Flow Statement for the year ended | (` in Crore) | ||
For the Year ended | |||
Sr. | Particulars | 31-Mar-24 | 31-Mar-23 |
No. | Audited | ||
Audited | (Refer Note | ||
No.23) |
- CASH FLOW FROM OPERATING ACTIVITIES
Profit / (Loss) before tax from Continuing Operations | (1,157) | (180) | |
Profit / (Loss) before tax from Discontinued Operations | (5,912) | (10,381) | |
Profit before tax -Continuing and Discontinued Operations | (7,069) | (10,561) | |
Adjusted for: | |||
Impairment of Assets / Investments including povision | 991 | 4,208 | |
Depreciation and Amortisation Expenses | 112 | 116 | |
Effect of change in Foreign Exchange Rate (net) | 28 | 93 | |
Finance Costs (net) | 552 | 504 | |
Interest Income | (18) | (5) | |
1,665 | 4,916 | ||
Operating Profit before Working Capital Changes | (5,404) | (5,645) | |
Adjusted for: | |||
Receivables and Other Advances | (5) | 40 | |
Inventories | - | (1) | |
Trade Payables and Other Liabilities | 5,408 | 5,560 | |
5,403 | 5,599 | ||
Cash Generated from Operations | (1) | (46) | |
Income Tax Refund | 2 | - | |
Income Tax Paid | - | ||
Net Cash from Operating Activities | 1 | (46) | |
B | CASH FLOW FROM INVESTING ACTIVITIES | ||
Additions of Property, Plant and Equipments, Intangible Assets and Capital Work in Progress/ Intangible | - | 1 | |
Assets under Developments (including Creditors for Capital Expenditure and realised loss capitalised) Rs. | |||
Proceeds from Sale of Property, Plant and Equipments | 1 | - | |
Loans given to Subsidiaries | - | (27) | |
Investment in Bank deposits (having original maturity for more than 3 months) | (4) | (1) | |
Interest Income | 13 | 3 | |
Net Cash from / (Used in) Investing Activities | 10 | (24) | |
C | CASH FLOW FROM FINANCING ACTIVITIES | ||
Net Proceeds from/ (Repayment ) of Borrowings - Current | - | - | |
Finance Costs | - | - | |
Net Cash from / (used in) Financing Activities | - | - | |
Net Increase/ (Decrease) in Cash and Cash Equivalents | 11 | (70) | |
Opening Balance of Cash and Cash Equivalents for the year | 174 | 244 | |
Closing Balance of Cash and Cash Equivalents for the year | 185 | 174 |
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Reliance Communications Limited published this content on 30 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2024 05:47:07 UTC.