April 30, 2020 | ||
BSE Limited | National Stock Exchange of India Limited | |
Phiroze Jeejeebhoy Towers, | Exchange Plaza, Plot No. C/1, G Block, | |
Dalal Street, | Bandra-Kurla Complex, Bandra (East), | |
Mumbai 400 001, | Mumbai 400 051 | |
Scrip Code: 500325 | Trading Symbol: | RELIANCE |
Dear Sirs,
Sub: Standalone and Consolidated Audited Financial Results for the quarter / year ended March 31, 2020
In continuation of our letter dated April 27, 2020, we wish to inform you that the Board of Directors of the Company, at its meeting held today, has inter alia:
- Approved the Audited Financial Statements (Standalone and Consolidated) for the year ended March 31, 2020 and the Audited Financial Results (Standalone and Consolidated) for the quarter / year ended March 31, 2020, as recommended by the Audit Committee; and
- Recommended a Dividend of Rs. 6.50 per equity share of Rs. 10/- each for the financial year ended March 31, 2020
Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following:
- Audited Financial Results (Standalone and Consolidated) for the quarter / year ended March 31, 2020; and
- Auditors' Reports with unmodified opinions on the aforesaid Audited Financial Results (Standalone and Consolidated)
The meeting of the Board of Directors commenced at 4:30 p.m. and concluded at 6:15 p.m.
We shall inform you in due course the date on which the Company will hold its Annual General Meeting for the year ended March 31, 2020 and the date from which dividend, if approved by the shareholders, will be paid or warrants thereof despatched to the shareholders.
Thanking you,
Yours faithfully,
For Reliance Industries Limited
Savithri Parekh
Joint Company Secretary and Compliance Officer
Encl.: As above
Copy to: | ||
The Luxembourg Stock Exchange | Singapore Stock Exchange | Taipei Stock Exchange |
Societe de la Bourse de Luxembourg, | 2 Shenton Way, #19- 00 | 15F, No.100, Sec. 2, |
35A boulevard Joseph II | SGX Centre 1, | Roosevolt Road, |
B P 165, L-2011 Luxembourg | Singapore 068804 | Taipei, Taiwan, 10084 |
Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India
Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com
CIN- L17110MH1973PLC019786
Name of the Company:Reliance Industries Limited
Registered Office : 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2020
(` in crore, except per share data)
Particulars | Quarter Ended | Year Ended | ||||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | ||||||||
Income | ||||||||||||
Value of Sales & Services (Revenue) | 151,209 | 169,098 | 155,151 | 659,205 | 625,212 | |||||||
Less: GST Recovered | 11,926 | 12,056 | 12,586 | 47,560 | 42,118 | |||||||
Revenue from Operations | 139,283 | 157,042 | 142,565 | 611,645 | 583,094 | |||||||
Other Income | 4,133 | 3,405 | 2,826 | 13,956 | 8,386 | |||||||
Total Income | 143,416 | 160,447 | 145,391 | 625,601 | 591,480 | |||||||
Expenses | ||||||||||||
Cost of Materials Consumed | 57,683 | 68,373 | 62,092 | 260,621 | 275,237 | |||||||
Purchases of Stock-in-Trade | 31,797 | 38,476 | 32,192 | 149,667 | 123,930 | |||||||
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | 99 | (1,378) | (1,636) | (5,048) | (4,680) | |||||||
Excise Duty | 3,043 | 3,863 | 2,975 | 14,902 | 13,885 | |||||||
Employee Benefits Expense | 3,713 | 3,880 | 3,345 | 14,075 | 12,488 | |||||||
Finance Costs | 6,064 | 5,404 | 4,894 | 22,027 | 16,495 | |||||||
Depreciation / Amortisation and Depletion Expense | 6,332 | 5,545 | 5,295 | 22,203 | 20,934 | |||||||
Other Expenses | 21,166 | 21,202 | 22,444 | 89,211 | 78,067 | |||||||
Total Expenses | 129,897 | 145,365 | 131,601 | 567,658 | 536,356 | |||||||
Profit Before Share of Profit/(Loss) of Associates and Joint Ventures, | 13,519 | 15,082 | 13,790 | 57,943 | 55,124 | |||||||
Exceptional Item and Tax | ||||||||||||
Share of Profit/(Loss) of Associates and Joint Ventures | (29) | 57 | 68 | 107 | 103 | |||||||
Profit Before Exceptional Item and Tax | 13,490 | 15,139 | 13,858 | 58,050 | 55,227 | |||||||
Exceptional Item (Refer Note 2) | (4,267) | (177) | - | (4,444) | - | |||||||
Profit Before Tax$ | 9,223 | 14,962 | 13,858 | 53,606 | 55,227 | |||||||
Tax Expenses$ | ||||||||||||
Current Tax | 1,376 | 1,996 | 2,804 | 8,630 | 11,683 | |||||||
Deferred Tax | 1,301 | 1,125 | 627 | 5,096 | 3,707 | |||||||
Profit for the Period | 6,546 | 11,841 | 10,427 | 39,880 | 39,837 | |||||||
Other Comprehensive Income (OCI) | ||||||||||||
i | Items that will not be reclassified to Profit or Loss | 23,280 | (449) | 77,275 | 22,286 | 77,470 | ||||||
ii | Income tax relating to items that will not be reclassified to Profit or Loss | (240) | (975) | (16,665) | (1,088) | (16,705) | ||||||
iii | Items that will be reclassified to Profit or Loss | (5,688) | (787) | 1,304 | (7,085) | (2,177) | ||||||
iv | Income tax relating to items that will be reclassified to Profit or Loss | 964 | 55 | (141) | 1,180 | 177 | ||||||
Total Other Comprehensive Income/(Loss) (Net of Tax) | 18,316 | (2,156) | 61,773 | 15,293 | 58,765 | |||||||
Total Comprehensive Income for the Period | 24,862 | 9,685 | 72,200 | 55,173 | 98,602 | |||||||
Net Profit attributable to : | ||||||||||||
a) | Owners of the Company | 6,348 | 11,640 | 10,362 | 39,354 | 39,588 | ||||||
b) | Non-Controlling Interest | 198 | 201 | 65 | 526 | 249 | ||||||
Other Comprehensive Income attributable to : | ||||||||||||
a) | Owners of the Company | 18,326 | (2,152) | 61,770 | 15,311 | 58,773 | ||||||
b) | Non-Controlling Interest | (10) | (4) | 3 | (18) | (8) | ||||||
Total Comprehensive Income attributable to : | ||||||||||||
a) | Owners of the Company | 24,674 | 9,488 | 72,132 | 54,665 | 98,361 | ||||||
b) | Non-Controlling Interest | 188 | 197 | 68 | 508 | 241 | ||||||
Earnings per equity share (Face Value of ` 10/-) (Not Annualised for the quarter) | ||||||||||||
(a.1) | Basic (in `) - Before Exceptional Items | 16.75 | 18.64 | 17.49 | 70.66 | 66.82 | ||||||
(a.2) | Basic (in `) - After Exceptional Items | 10.01 | 18.36 | 17.49 | 63.49 | 66.82 | ||||||
(b.1) | Diluted (in `)- Before Exceptional Items | 16.74 | 18.64 | 17.48 | 70.66 | 66.80 | ||||||
(b.2) | Diluted (in `)- After Exceptional Items | 10.01 | 18.36 | 17.48 | 63.49 | 66.80 | ||||||
Paid up Equity Share Capital, Equity Shares of ` 10/- each. | 6,339 | 6,339 | 5,926 | 6,339 | 5,926 |
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 1 of 23
(` in crore, except per share data) | ||||||||||
Particulars | Quarter Ended | Year Ended | ||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | ||||||
Other Equity excluding Revaluation Reserve | 446,992 | 381,186 | ||||||||
Capital Redemption Reserve / Debenture Redemption Reserve | 9,477 | 9,460 | 9,426 | 9,477 | 9,426 | |||||
Net Worth (including Retained Earning) | 375,734 | 355,605 | 324,644 | 375,734 | 324,644 | |||||
a) | Debt Service Coverage Ratio | 1.62 | 2.62 | 2.46 | 1.99 | 1.95 | ||||
b) | Interest Service Coverage Ratio | 3.22 | 3.80 | 3.83 | 3.64 | 4.35 | ||||
c) | Debt Equity Ratio | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
$ Profit before tax is after exceptional item and tax thereon and Tax expenses are excluding the current tax on exceptional items.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 2 of 23
Notes
-
The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
The figures for quarter ended 31st March, 2020 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the financial year. - The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. In many countries, businesses are being forced to cease or limit their operations for long or indefinite period of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.
COVID-19 is significantly impacting business operation of the companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. On 24th March 2020, the Government of India ordered a nationwide lockdown for 21 days which further got extended till 3rd May 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities. Further, during March 2020/April 2020, there has been significant volatility in oil prices, resulting in reduction in oil prices.
In assessing the recoverability of Company's assets such as Investments, Loans, intangible assets, Goodwill, Trade receivable, Inventories etc. the Company has considered internal and external information upto the date of approval of these financial results. The company has performed sensitivity analysis on the assumptions used basis the internal and external information / indicators of future economic conditions and expects to recover the carrying amount of the assets.
Further, in respect to Refining and Petrochemicals business, the Company has determined the non-cash inventory holding losses in the energy businesses due to dramatic drop in oil prices accompanied with unprecedented demand destruction due to Covid-19 and the same has been
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 3 of 23
disclosed as Exceptional Items in the Financial Results. Impact of the same, net of current tax for the quarter and year ended 31 March 2020 is ` 4,245 crore (tax ` 899 crore).
In addition to above, the Company has also recognized ` 53 crore against liability relating to erstwhile subsidiary GAPCO and reversed ` 31 crore for AGR dues of RJIL (charge in quarter ended December 31st, 2019 ` 177 crore and year ended March 31st, 2020 ` 146 crore), as part of exceptional items.
-
During the year, pursuant to a scheme of arrangement sanctioned by the National Company
Law Tribunal, Reliance Corporate IT Park Limited ("RCITPL"), a wholly-owned subsidiary of the Company has reclassified its development rights in leasehold land to "Intangible Assets under Development". In terms of the scheme, RCITPL has accounted the fair valuation impact of "Intangible Assets under Development" aggregating to ` 38 crore in the retained earnings, overriding the provisions of Ind AS in accordance with the current accounting guidelines. Same accounting treatment has been followed in consolidated financial results. - The Company and its subsidiaries have repaid Commercial Papers on their respective due dates. The details of outstanding Commercial Papers (listed) as on March 31, 2020 is as below:
Sr. No. | Name of Company | ` in crore | Credit rating |
1 | Reliance Industries Limited | 27,709 | A1+ by CRISIL & CARE |
2 | Reliance Jio Infocomm Limited | 23,242 | A1+ by CRISIL & CARE |
3 | TV18 Broadcast Limited | 720 | A1+ by CARE, ICRA & India |
4 | Network18 Media & Investments Limited | 1,490 | A1+ by CARE, ICRA & India |
5 a. Total Non-Convertible Debentures of the Company outstanding as on 31st March,2020 are
- 55,599 crore out of which, secured non-convertible debentures are ` 13,886 crore.
The asset cover in respect of the non-convertible debentures of the Company as on 31st March, 2020 exceeds hundred percent of the principal amount of the said listed secured non- convertible debentures.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 4 of 23
5 b. Details of non-convertible debentures are as follows:
S. | Particulars | Whether | Rating | Previous Due Date | Next Due Date | ||||
No. | Secured / | (1st October 2019 till 31st March | (1st April 2020 till 30th September | ||||||
Unsecured | |||||||||
2020) | 2020) | ||||||||
Principal | Interest | Principal | Interest | ||||||
CRISIL | |||||||||
1 | PPD180 | Secured* | AAA/Stable, | - | - | 6th May 2020 | 6th May 2020 | ||
Tranche 1 | IND | ||||||||
AAA/Stable | |||||||||
2 | PPD Series A | Unsecured | - | - | - | 31st Aug 2020 | |||
3 | PPD Series B | Unsecured | - | - | 16th Sep 2020 | 1st Sep 2020 / | |||
16th Sep 2020 | |||||||||
4 | PPD Series C | Unsecured | CRISIL | - | - | 04th Sep 2020 | 04th Sep 2020 | ||
5 | PPD Series G | Unsecured | AAA/Stable, | - | 17th Oct 2019 | - | - | ||
6 | PPD Series D | Unsecured | [ICRA] AAA | - | 08th Nov 2019 | - | - | ||
7 | PPD Series H | Unsecured | (Stable), | - | 11th Nov 2019 | - | - | ||
8 | PPD Series E | Unsecured | CARE | - | 14th Nov 2019 | - | - | ||
9 | PPD Series IB | Unsecured | AAA/Stable | - | 11th Dec 2019 | - | - | ||
10 | PPD Series IA | Unsecured | - | 11th Dec 2019 | - | - | |||
11 | PPD Series F | Unsecured | - | 24th Dec 2019 | - | - | |||
12 | PPD Series J | Unsecured | - | 09th Mar 2020 | - | - | |||
13 | PPD1 | Unsecured | CRISIL -AAA | - | - | 15th Sep 2020 | 15th Sep 2020 | ||
/ Stable | |||||||||
14 | PPD2 | Unsecured | CARE | - | 4th Oct 2019 | - | - | ||
AAA/Stable | |||||||||
15 | PPD3 | Unsecured | - | - | - | 16th June 2020 | |||
16 | PPD4 | Unsecured | 18th Nov 2019 | 18th Nov 2019 | |||||
17 | PPD5 | Unsecured | CRISIL AAA/ | 21st Jan 2020 | 21st Jan 2020 | ||||
(Option 1) | |||||||||
Stable | |||||||||
PPD5 | |||||||||
18 | Unsecured | [ICRA]AAA | - | 21st Jan 2020 | - | ||||
(Option 2) | |||||||||
(Stable) | |||||||||
19 | PPD8 | Secured** | - | 30th Oct 2019 | - | 30th Apr 2020 | |||
30th Jan 2020 | 30th July 2020 | ||||||||
20 | PPD11 | Secured** | - | - | 8th July 2020 | ||||
21 | PPD12 | Secured** | CRISIL AAA/ | - | - | 09th Apr 2020 | |||
22 | PPD13 | Secured** | Stable | - | - | 16th Apr 2020 | |||
23 | PPD14 | Secured** | [ICRA]AAA | - | - | 24th Apr 2020 | |||
(Stable) | |||||||||
24 | PPD15 | Secured** | - | - | 15th June 2020 | ||||
CARE AAA/ | |||||||||
25 | PPD16 | Secured** | Stable | - | - | 20th July 2020 | |||
- Secured by way of first mortgage/charge on RIL's certain immovable properties.
- Secured by way of pari passu charge on RJIL's certain movable properties.
Interest and Principal have been paid on the due dates.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 5 of 23
6. Formulae for computation of ratios are as follows -
Earnings before Interest, Tax and Exceptional Items
Debt Service Coverage Ratio = Interest Expense + Principal Repayments made during the period for long term loans
Interest Service Coverage Ratio = Earnings before Interest, Tax and Exceptional Items
Interest Expense | |
Debt / Equity Ratio | = Total Debt |
Equity
Total Debt represents Current Borrowings, Non-Current Borrowings and Current maturities of Non-Current Borrowings.
Equity represents Equity Share Capital and Other Equity.
7. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and its release at their respective meetings held on 30th April, 2020.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 6 of 23
AUDITED CONSOLIDATED BALANCE SHEET
(` in crore) | ||
Particulars | As at 31st March 2020 | As at 31st March 2019 |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 435,920 | 302,115 |
Capital Work-in-Progress | 59,096 | 150,178 |
Goodwill | 10,259 | 11,997 |
Other Intangible Assets | 86,479 | 84,262 |
Intangible Assets Under Development | 50,010 | 29,285 |
Financial Assets | ||
Investments | 203,852 | 164,612 |
Loans | 21,732 | 5,452 |
Deferred Tax Assets (Net) | 2,900 | 4,776 |
Other Non-Current Assets | 37,407 | 17,676 |
Total Non-Current Assets | 907,655 | 770,353 |
Current Assets | ||
Inventories | 73,903 | 67,561 |
Financial Assets | ||
Investments | 72,915 | 71,023 |
Trade Receivables | 19,656 | 30,089 |
Cash and Cash Equivalents | 30,920 | 11,081 |
Loans | 669 | 545 |
Other Financial Assets | 27,434 | 10,283 |
Other Current Assets | 32,763 | 36,804 |
Total Current Assets | 258,260 | 227,386 |
Assets Held for Sale | - | 4,667 |
Total Assets | 1,165,915 | 1,002,406 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity Share Capital | 6,339 | 5,926 |
Other Equity | 446,992 | 381,186 |
Non-Controlling Interest | 8,016 | 8,280 |
Liabilities | ||
Non-Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 197,631 | 207,506 |
Other Financial Liabilities | 18,804 | 10,020 |
Deferred Payment Liabilities | 18,839 | 18,839 |
Provisions | 1,790 | 2,856 |
Deferred Tax Liabilities (Net) | 54,123 | 49,923 |
Other Non- Current Liabilities | 465 | 548 |
Total Non-Current Liabilities | 291,652 | 289,692 |
Current Liabilities | ||
Financial Liabilities | ||
Borrowings | 93,786 | 64,436 |
Trade Payables | 96,799 | 108,309 |
Other Financial Liabilities | 144,778 | 87,051 |
Other Current Liabilities | 75,663 | 52,901 |
Provisions | 1,890 | 1,326 |
Total Current Liabilities | 412,916 | 314,023 |
Liabilities directly associated with Assets held for Sale | - | 3,299 |
Total Liabilities | 704,568 | 607,014 |
Total Equity and Liabilities | 1,165,915 | 1,002,406 |
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 7 of 23
AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2020
(` in crore) | |||
Particulars | Year Ended 31st | Year Ended | |
Mar'20 | 31st Mar'19 | ||
A. | CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net Profit Before Tax as per Statement of Profit and Loss (After exceptional item and tax thereon) | 53,606 | 55,227 | |
Adjusted for: | |||
Share of (Profit)/Loss of Associates and Joint Ventures | (107) | (103) | |
Loss on Buy back of debentures | 60 | - | |
(Profit) / Loss on Sale / Discard of Property, Plant and Equipment and Other Intangible Asset (Net) | 247 | 33 | |
Depreciation / Amortisation and Depletion Expense | 22,203 | 20,934 | |
Effect of Exchange Rate Change | 107 | (1,319) | |
(Profit)/Loss on Divestment of Stake | 11 | (20) | |
Net Gain on Financial Assets# | (2,076) | (2,471) | |
Tax on Exceptional Item | (948) | - | |
Dividend Income# | (110) | (501) | |
Interest Income# | (10,317) | (4,952) | |
Finance Costs# | 21,880 | 16,491 | |
Operating Profit before Working Capital Changes | 84,556 | 83,319 | |
Adjusted for: | |||
Trade and Other Receivables | (9,804) | (40,136) | |
Inventories | (6,342) | (6,724) | |
Trade and Other Payables | 38,050 | 18,078 | |
Cash Generated from Operations | 106,460 | 54,537 | |
Taxes Paid (Net) | (8,386) | (12,191) | |
Net Cash Flow from Operating Activities | 98,074 | 42,346 | |
B. | CASH FLOW FROM INVESTING ACTIVITIES: | ||
Purchase of Property, Plant and Equipment and Other Intangible Assets | (76,517) | (93,626) | |
Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets | 964 | 849 | |
Purchase of Other Investments | (1,159,270) | (1,105,479) | |
Proceeds from Sale of Financial Assets (including advance received) | 1,173,330 | 1,103,615 | |
Upfront Fibre Payment | (16,439) | - | |
Net Cash Flow for Other Financial Assets | 650 | (1,960) | |
Interest Income | 1,477 | 972 | |
Dividend Income from Associates | 18 | 3 | |
Dividend Income from Others | 70 | 498 | |
Net Cash Flow used in Investing Activities | (75,717) | (95,128) | |
C. | CASH FLOW FROM FINANCING ACTIVITIES: | ||
Proceeds from Issue of Equity Share Capital | 18 | 117 | |
Proceeds from Issue of Share Capital to Non-Controlling Interest/Compulsorily Convertible Debentures | 111 | 113 | |
Share Application Money | 1 | 2 | |
Payment of Lease Liabilities | (1,062) | - | |
Proceeds from Borrowing - Non-Current | 28,665 | 80,299 | |
Repayment of Borrowing - Non-Current | (18,179) | (20,245) | |
Borrowing - Current (Net) | 25,095 | 26,402 | |
Deferred Payment Liabilities | (1,370) | (870) | |
Movement in Deposits | (2,720) | (2,292) | |
Dividend Paid (including Dividend Distribution Tax) | (4,592) | (4,282) | |
Interest Paid | (28,508) | (23,338) | |
Net Cash (used in) / from Financing Activities | (2,541) | 55,906 | |
Net Increase in Cash and Cash Equivalents | 19,816 | 3,124 | |
Opening Balance of Cash and Cash Equivalents | 11,081 | 7,336 | |
Add: Upon addition of Subsidiaries | 23 | 621 | |
Closing Balance of Cash and Cash Equivalents | 30,920 | 11,081 |
#Other than Financial Services Segment
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 8 of 23
AUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2020
(` in crore) | |||||||||||||||
Sr. | Particulars | Quarter Ended | Year Ended | ||||||||||||
No | |||||||||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | |||||||||||
1. | Segment Value of Sales and Services (Revenue) | ||||||||||||||
- | Petrochemicals | 32,206 | 36,909 | 42,414 | 145,264 | 172,065 | |||||||||
- | Refining | 84,854 | 103,718 | 87,844 | 387,522 | 393,988 | |||||||||
- | Oil and Gas | 625 | 873 | 1,069 | 3,211 | 5,005 | |||||||||
- | Organized Retail | 38,211 | 45,327 | 36,663 | 162,936 | 130,566 | |||||||||
- | Digital Services | 18,632 | 17,555 | 14,328 | 68,462 | 48,660 | |||||||||
- | Financial Services | 671 | 240 | 322 | 1,271 | 250 | |||||||||
- | Others | 17,155 | 4,639 | 7,938 | 42,463 | 22,151 | |||||||||
Gross Value of Sales and Services | 192,354 | 209,261 | 190,578 | 811,129 | 772,685 | ||||||||||
Less: Inter Segment Transfers | 41,145 | 40,163 | 35,427 | 151,924 | 147,473 | ||||||||||
Value of Sales & Services | 151,209 | 169,098 | 155,151 | 659,205 | 625,212 | ||||||||||
Less: GST Recovered | 11,926 | 12,056 | 12,586 | 47,560 | 42,118 | ||||||||||
Revenue from Operations | 139,283 | 157,042 | 142,565 | 611,645 | 583,094 | ||||||||||
2. | Segment Results (EBITDA) | ||||||||||||||
- | Petrochemicals | 5,938 | 7,239 | 9,346 | 30,933 | 37,866 | |||||||||
- | Refining | 6,614 | 6,808 | 5,239 | 24,461 | 26,050 | |||||||||
- | Oil and Gas | (46) | 64 | 258 | 353 | 1,642 | |||||||||
- | Organized Retail | 2,556 | 2,727 | 1,923 | 9,654 | 6,201 | |||||||||
- | Digital Services | 6,452 | 5,833 | 4,515 | 22,517 | 15,341 | |||||||||
- | Financial Services$ | 39 | 146 | 315 | 473 | 233 | |||||||||
- | Others | 1,772 | 1,089 | 551 | 4,573 | 2,751 | |||||||||
Total Segment Profit before Interest, Tax, | |||||||||||||||
Exceptional items and Depreciation, Amortisation | 23,325 | 23,906 | 22,147 | 92,964 | 90,084 | ||||||||||
and Depletion | |||||||||||||||
3. | Segment Results (EBIT) | ||||||||||||||
- | Petrochemicals | 4,553 | 5,866 | 7,961 | 25,547 | 32,394 | |||||||||
- | Refining | 5,706 | 5,934 | 4,452 | 21,334 | 22,880 | |||||||||
- | Oil and Gas | (485) | (366) | (267) | (1,407) | (1,379) | |||||||||
- | Organized Retail | 2,062 | 2,389 | 1,721 | 8,263 | 5,546 | |||||||||
- | Digital Services | 4,104 | 3,857 | 2,665 | 14,363 | 8,784 | |||||||||
- | Financial Services$ | 39 | 146 | 315 | 473 | 233 | |||||||||
- | Others | 1163 | 658 | 139 | 2,721 | 1,225 | |||||||||
Total Segment Profit before Interest and Tax and | 17,142 | 18,484 | 16,986 | 71,294 | 69,683 | ||||||||||
Exceptional items | |||||||||||||||
(i) | Finance Cost* | (6,022) | (5,306) | (4,893) | (21,880) | (16,491) | |||||||||
(ii) | Interest Income** | 2,580 | 2,469 | 1,261 | 9,980 | 4,952 | |||||||||
(iii) | Other Un-allocable Income (Net of Expenditure) | (210) | (508) | 504 | (1,344) | (2,917) | |||||||||
Profit Before Exceptional Items and Tax | 13,490 | 15,139 | 13,858 | 58,050 | 55,227 | ||||||||||
Exceptional Item | (4,267) | (177) | - | (4,444) | - | ||||||||||
Profit before Tax | 9,223 | 14,962 | 13,858 | 53,606 | 55,227 | ||||||||||
(i) | Current Tax | (1,376) | (1,996) | (2,804) | (8,630) | (11,683) | |||||||||
(ii) Deferred Tax | (1,301) | (1,125) | (627) | (5,096) | (3,707) | ||||||||||
Profit after Tax (including share of Profit/(Loss) of | 6,546 | 11,841 | 10,427 | 39,880 | 39,837 | ||||||||||
Associates & Joint Ventures) | |||||||||||||||
4. | Total EBITDA | 25,886 | 26,088 | 24,047 | 102,280 | 92,656 | |||||||||
Registered Office: | Corporate Communications | Telephone | : | (+91 22) 2278 5000 | |||||||||||
Maker Chambers IV | Maker Chambers IV | Telefax | : | (+91 22) 2278 5185 | |||||||||||
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com | |||||||||||
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 9 of 23
(` in crore) | |||||||||||
Sr. | Quarter Ended | Year Ended | |||||||||
No | Particulars | 31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | |||||
5. | Segment Assets | ||||||||||
- | Petrochemicals | 130,866 | 128,691 | 129,952 | 130,866 | 129,952 | |||||
- | Refining | 229,070 | 223,452 | 220,103 | 229,070 | 220,103 | |||||
- | Oil and Gas | 42,693 | 39,487 | 36,133 | 42,693 | 36,133 | |||||
- | Organized Retail | 38,165 | 44,634 | 35,560 | 38,165 | 35,560 | |||||
- | Digital Services | 277,439 | 256,888 | 213,393 | 277,439 | 213,393 | |||||
- | Financial Services | 25,258 | 17,491 | 8,332 | 25,258 | 8,332 | |||||
- | Others | 92,522 | 96,691 | 65,992 | 92,522 | 65,992 | |||||
- | Unallocated | 329,902 | 279,962 | 292,941 | 329,902 | 292,941 | |||||
Total Segment Assets | 1,165,915 | 1,087,296 | 1,002,406 | 1,165,915 | 1,002,406 | ||||||
6. | Segment Liabilities | ||||||||||
- | Petrochemicals | 12,129 | 11,830 | 21,745 | 12,129 | 21,745 | |||||
- | Refining | 38,265 | 49,277 | 46,928 | 38,265 | 46,928 | |||||
- | Oil and Gas | 42,626 | 41,501 | 42,201 | 42,626 | 42,201 | |||||
- | Organized Retail | 19,276 | 26,246 | 22,508 | 19,276 | 22,508 | |||||
- | Digital Services | 75,837 | 186,119 | 150,083 | 75,837 | 150,083 | |||||
- | Financial Services | 78 | 259 | 19 | 78 | 19 | |||||
- | Others | 25,180 | 25,865 | 10,790 | 25,180 | 10,790 | |||||
- | Unallocated | 952,524 | 746,199 | 708,132 | 952,524 | 708,132 | |||||
Total Segment Liabilities | 1,165,915 | 1,087,296 | 1,002,406 | 1,165,915 | 1,002,406 |
$ Segment results (EBITDA and EBIT) of the financial services segment include interest income and interest expense relating to the segment.
*Finance cost relating to Financial Services segment of ` 42 crore for the quarter ended March 31st, 2020; ` 98 crore for the quarter ended December 31st 2019, ` 1 crore for the quarter ended March 31st 2019, ` 147 crore for the year ended March 31st, 2020 ` 4 crore for the year ended March 31st ,2019, has been considered as part of Segment result.
- Interest Income relating to Petrochemicals Segment of ` 337 crore for quarter and year ended March 31, 2020 has been considered as part of Segment result.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 10 of 23
Notes to Segment Information (Consolidated) for the Quarter / Year Ended 31st March, 2020
1. As per Indian Accounting Standard 108 'Operating Segments', the Company has reported 'Segment Information', as described below:
- The Petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Styrene Butadiene Rubber, Caustic Soda, Polyethylene Terephthalate, High Purity Iso- Butylene and Composites.
- The Refining segment includes production and marketing operations of the petroleum products.
- The Oil and Gas segment includes exploration, development, production of crude oil and natural gas.
- The Organized Retail segment includes organized retail business in India.
- The Digital Services segment includes provision of a range of digital services in India and investment in telecom infrastructure business.
- The Financial Services segment comprises of management and deployment of identified resources of the Company to various activities including non-banking financial services, insurance broking etc.
- Other business segments which are not separately reportable have been grouped under the Others segment.
- Other investments / assets, long term resources raised by the company, business trade financing liabilities managed by the centralised treasury function and related income/expense are considered under Unallocated.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 11 of 23
2. During this quarter, the Company has identified 'Financial services' as a separate business segment. It is based on internal reorganization of its business segments, increased focus and business review carried out by the Executive Committee (Chief Operating Decision Maker - CODM) of the Company. The Financial Services segment comprises of management and deployment of identified resources of the Company to various activities including non-banking financial services, insurance broking etc.
Further, the CODM has evaluated that business trade financing would be part of the centralized treasury function along with management of long-term resources raised by the Company.
Pursuant to the above change, the Company has restated segment information of all comparative previous periods in consonance with Ind AS 108 - Operating Segments", including related disclosures.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 12 of 23
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2020
(` in crore, except per share data)
Particulars | Quarter Ended | Year Ended | ||||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | ||||||||
Income | ||||||||||||
Value of Sales & Services (Revenue) | 80,298 | 93,828 | 90,816 | 365,202 | 401,583 | |||||||
Less: GST Recovered | 3,299 | 3,589 | 4,076 | 14,322 | 16,082 | |||||||
Revenue from Operations | 76,999 | 90,239 | 86,740 | 350,880 | 385,501 | |||||||
Other Income | 3,946 | 3,867 | 2,715 | 14,541 | 8,822 | |||||||
Total Income | 80,945 | 94,106 | 89,455 | 365,421 | 394,323 | |||||||
Expenses | ||||||||||||
Cost of Materials Consumed | 50,447 | 61,844 | 59,085 | 237,342 | 265,288 | |||||||
Purchases of Stock-in-Trade | 2,158 | 1,841 | 1,594 | 7,292 | 8,289 | |||||||
Changes in Inventories of Finished Goods, Work-in-Progress and Stock- | (1,247) | 91 | (1,881) | 77 | (3,294) | |||||||
in-Trade | ||||||||||||
Excise Duty | 3,043 | 3,863 | 2,975 | 14,902 | 13,885 | |||||||
Employee Benefits Expense | 1,506 | 1,426 | 1,405 | 6,067 | 5,834 | |||||||
Finance Costs | 4,161 | 2,520 | 2,791 | 12,105 | 9,751 | |||||||
Depreciation / Amortisation and Depletion Expense | 2,685 | 2,551 | 2,465 | 9,728 | 10,558 | |||||||
Other Expenses | 9,749 | 8,216 | 9,690 | 33,347 | 36,645 | |||||||
Total Expenses | 72,502 | 82,352 | 78,124 | 320,860 | 346,956 | |||||||
Profit Before Exceptional Item and Tax | 8,443 | 11,754 | 11,331 | 44,561 | 47,367 | |||||||
Exceptional Item (Refer Note 2) | 4,245 | - | - | 4,245 | - | |||||||
Profit Before Tax$ | 4,198 | 11,754 | 11,331 | 40,316 | 47,367 | |||||||
Tax Expenses$ | ||||||||||||
Current Tax | 1,337 | 1,869 | 2,145 | 7,200 | 9,440 | |||||||
Deferred Tax | 281 | 300 | 630 | 2,213 | 2,764 | |||||||
Profit for the Period | 2,580 | 9,585 | 8,556 | 30,903 | 35,163 | |||||||
Other Comprehensive Income (OCI) | ||||||||||||
i | Items that will not be reclassified to Profit or Loss | (119) | (1) | 77,154 | (392) | 76,892 | ||||||
ii | Income tax relating to items that will not be reclassified to Profit | 36 | (1,028) | (16,625) | (944) | (16,569) | ||||||
or Loss | ||||||||||||
iii | Items that will be reclassified to Profit or Loss | (5,672) | (315) | 651 | (6,921) | (827) | ||||||
iv | Income tax relating to items that will be reclassified to Profit or | 964 | 56 | (140) | 1,183 | 178 | ||||||
Loss | ||||||||||||
Total Other Comprehensive Income/(Loss) (Net of Tax) | (4,791) | (1,288) | 61,040 | (7,074) | 59,674 | |||||||
Total Comprehensive Income for the Period | (2,211) | 8,297 | 69,596 | 23,829 | 94,837 | |||||||
Earnings per equity share (Face Value of ` 10/-) (Not Annualised for the | ||||||||||||
quarter) | ||||||||||||
(a.1) | Basic (in `) - Before Exceptional Item | 10.77 | 15.12 | 13.50 | 55.45 | 55.48 | ||||||
(a.2) | Basic (in `) - After Exceptional Item | 4.07 | 15.12 | 13.50 | 48.75 | 55.48 | ||||||
(b.1) | Diluted (in `) - Before Exceptional Item | 10.77 | 15.12 | 13.50 | 55.44 | 55.47 | ||||||
(b.2) | Diluted (in `) - After Exceptional Item | 4.07 | 15.12 | 13.50 | 48.75 | 55.47 | ||||||
Paid up Equity Share Capital, Equity Shares of ` 10/- each. | 6,339 | 6,339 | 6,339 | 6,339 | 6,339 | |||||||
Other Equity excluding Revaluation Reserve | 418,245 | 398,983 | ||||||||||
Capital Redemption Reserve/Debenture Redemption Reserve | 9,375 | 9,375 | 9,375 | 9,375 | 9,375 | |||||||
Net Worth (including Retained Earning) | 370,465 | 367,884 | 344,128 | 370,465 | 344,128 | |||||||
(a) | Debt Service Coverage Ratio | 1.18 | 4.60 | 3.20 | 2.66 | 3.49 | ||||||
(b) | Interest Service Coverage Ratio | 3.03 | 5.66 | 5.06 | 4.68 | 5.86 | ||||||
(c) | Debt-Equity Ratio | 0.62 | 0.34 | 0.40 | 0.62 | 0.40 |
$ Profit before tax is after exceptional item and tax thereon and Tax expenses are excluding the current tax on exceptional items.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 13 of 23
Notes
-
The figures for the corresponding previous period have been regrouped / reclassified wherever necessary, to make them comparable.
The figures for quarter ended 31st March, 2020 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the financial year. - The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. In many countries, businesses are being forced to cease or limit their operations for long or indefinite period of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.
COVID-19 is significantly impacting business operation of the companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. On 24th March 2020, the Government of India ordered a nationwide lockdown for 21 days which further got extended till 3rd May 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities. Further, during March/April 2020, there has been significant volatility in oil prices, resulting in reduction in oil prices.
In assessing the recoverability of Company's assets such as Investments, Loans, Intangible Assets, Goodwill, Trade receivable, Inventories etc. the Company has considered internal and external information upto the date of approval of these financial results. The Company has performed sensitivity analysis on the assumptions used basis the internal and external information / indicators of future economic conditions and expect to recover the carrying amount of the assets.
Further, in respect to Refining and Petrochemicals business, the Company has determined the non-cash inventory holding losses in the energy businesses due to dramatic drop in oil prices accompanied with unprecedented demand destruction due to Covid-19 and the same has been disclosed as Exceptional Items in the Financial Results. Impact of the same, net of current tax for the quarter and year ended 31 March 2020 is ` 4,245 crore (tax ` 899 crore).
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 14 of 23
-
Pursuant to the Scheme of Arrangement amongst RJIL and certain class of its creditors, approved by the Hon'ble National Company Law Tribunal, Ahmedabad bench vide order dated
March 13, 2020, certain liabilities of ` 1,04,365 crore have stood transferred to RIL with an equal amount of consideration and the same has been recognized in financial statements with effect from appointed date i.e. December 16, 2019. - The Company has repaid Commercial Papers on their respective due dates. The Commercial Papers (listed) of the Company outstanding as on 31st March,2020 are ` 27,709 crore.
The Company has retained 'CRISIL A1+' and 'CARE A1+' ratings by CRISIL Limited and Care Ratings Limited respectively. - The Company is in compliance with the requirements of SEBI circular dated November 26, 2018 applicable to Large Corporate Borrowers.
- a Total Non-Convertible Debentures of the Company outstanding as on 31st March,2020 are
- 55,599 crore out of which, secured non-convertible debentures are ` 13,886 crore.
The asset cover in respect of the non-convertible debentures of the Company as on 31st March, 2020 exceeds hundred percent of the principal amount of the said listed secured non-convertible debentures.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 15 of 23
6.b Details of non-convertible debentures are as follows:
S. | Particulars | Whether | Rating | Previous Due Date | Next Due Date | ||
No. | Secured / | (1st October 2019 till 31st | (1st April 2020 till 30th | ||||
Unsecured | March 2020) | September 2020) | |||||
Principal | Interest | Principal | Interest | ||||
PPD180 | CRISIL | ||||||
1 | Secured* | AAA/Stable, | - | - | 6th May 2020 | 6th May 2020 | |
Tranche 1 | |||||||
IND AAA/Stable | |||||||
2 | PPD Series A | Unsecured | - | - | - | 31st Aug 2020 | |
3 | PPD Series B | Unsecured | - | - | 16th Sep 2020 | 1st Sep 2020 / | |
16th Sep 2020 | |||||||
4 | PPD Series C | Unsecured | - | - | 04th Sep 2020 | 04th Sep 2020 | |
CRISIL | |||||||
5 | PPD Series G | Unsecured | - | 17th Oct 2019 | - | - | |
AAA/Stable, | |||||||
6 | PPD Series D | Unsecured | - | 08th Nov 2019 | - | - | |
[ICRA] AAA | |||||||
7 | PPD Series H | Unsecured | (Stable), | - | 11th Nov 2019 | - | - |
CARE | |||||||
8 | PPD Series E | Unsecured | - | 14th Nov 2019 | - | - | |
AAA/Stable | |||||||
9 | PPD Series IB | Unsecured | - | 11th Dec 2019 | - | - | |
10 | PPD Series IA | Unsecured | - | 11th Dec 2019 | - | - | |
11 | PPD Series F | Unsecured | - | 24th Dec 2019 | - | - | |
12 | PPD Series J | Unsecured | - | 09th Mar 2020 | - | - | |
13 | PPD1 | Unsecured | CRISIL -AAA | - | - | 15th Sep 2020 | 15th Sep 2020 |
/ Stable | |||||||
14 | PPD2 | Unsecured | CARE | - | 4th Oct 2019 | - | - |
AAA/ Stable | |||||||
15 | PPD3 | Unsecured | - | - | - | 16th June 2020 | |
CRISIL AAA/ | |||||||
16 | PPD5(Option 2) | Unsecured | - | 21st Jan 2020 | - | - | |
Stable | |||||||
Secured** | 30th Oct 2019 | 30th Apr 2020 | |||||
17 | PPD8 | [ICRA]AAA | - | - | |||
30th Jan 2020 | 30th July 2020 | ||||||
(Stable) | |||||||
18 | PPD11 | Secured** | - | - | - | 8th July 2020 | |
19 | PPD12 | Secured** | CRISIL AAA/ | - | - | - | 09th Apr 2020 |
20 | PPD13 | Secured** | Stable | - | - | - | 16th Apr 2020 |
[ICRA]AAA | |||||||
21 | PPD14 | Secured** | - | - | - | 24th Apr 2020 | |
(Stable) | |||||||
22 | PPD15 | Secured** | - | - | - | 15th June 2020 | |
CARE AAA/ | |||||||
Stable | |||||||
23 | PPD16 | Secured** | - | - | - | 20th July 2020 | |
- Secured by way of first mortgage/charge on RIL's certain immovable properties.
- Secured by way of pari passu charge on RJIL's certain movable properties.
Interest and Principal have been paid on the due dates.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 16 of 23
7. Formulae for computation of ratios are as follows -
Earnings before Interest, Tax and Exceptional Items | |
Debt Service Coverage Ratio | = Interest Expense + Principal Repayments made during |
the period for long term loans | |
Interest Service Coverage Ratio = Earnings before Interest, Tax and Exceptional Items | |
Interest Expense | |
Debt / Equity Ratio | = Total Debt |
Equity |
Total Debt represents Current Borrowings, Non-Current Borrowings and Current maturities of Non-Current Borrowings.
Equity represents Equity Share Capital and Other Equity.
8. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and its release at their respective meetings held on 30th April, 2020.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 17 of 23
AUDITED STANDALONE BALANCE SHEET
( ` in crore) | |||
Particulars | As at 31st March 2020 | As at 31st March 2019 | |
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 297,847 | 194,895 | |
Capital Work-in-Progress | 15,638 | 105,155 | |
Intangible Assets | 8,624 | 8,293 | |
Intangible Assets Under Development | 12,327 | 6,402 | |
Financial Assets | |||
Investments | 419,073 | 272,043 | |
Loans | 44,348 | 31,806 | |
Other Non-Current Assets | 4,458 | 4,287 | |
Total Non-Current Assets | 802,315 | 622,881 | |
Current Assets | |||
Inventories | 38,802 | 44,144 | |
Financial Assets | |||
Investments | 70,030 | 59,640 | |
Trade Receivables | 7,483 | 12,110 | |
Cash and Cash Equivalents | 8,443 | 3,768 | |
Loans | 15,028 | 4,876 | |
Others Financial Assets | 16,100 | 17,127 | |
Other Current Assets | 10,711 | 11,199 | |
Total Current Assets | 166,597 | 152,864 | |
Total Assets | 968,912 | 775,745 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Equity Share Capital | 6,339 | 6,339 | |
Other Equity | 418,245 | 398,983 | |
Total Equity | 424,584 | 405,322 | |
Liabilities | |||
Non-Current Liabilities | |||
Financial Liabilities | |||
Borrowings | 178,751 | 118,098 | |
Other Financial Liabilities | 2,924 | - | |
Provisions | 1,410 | 2,483 | |
Deferred Tax Liabilities (Net) | 50,556 | 47,317 | |
Other Non-Current Liabilities | 504 | 504 | |
Total Non-Current Liabilities | 234,145 | 168,402 | |
Current Liabilities | |||
Financial Liabilities | |||
Borrowings | 51,276 | 39,097 | |
Trade Payables due to: | |||
- | Micro and Small Enterprise | 116 | 229 |
- | Other than Micro and Small Enterprise | 70,932 | 88,012 |
Other Financial Liabilities | 120,618 | 27,675 | |
Other Current Liabilities | 66,169 | 46,225 | |
Provisions | 1,072 | 783 | |
Total Current Liabilities | 310,183 | 202,021 | |
Total Liabilities | 544,328 | 370,423 | |
Total Equity and Liabilities | 968,912 | 775,745 | |
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 18 of 23
AUDITED STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2020
(` in crore) | |||
Particulars | 2019-20 | 2018-19 | |
A. | CASH FLOW FROM OPERATING ACTIVITIES | ||
Net Profit Before Tax as per Statement of Profit and Loss (After exceptional item and tax thereon) | 40,316 | 47,367 | |
Adjusted for: | |||
Loss on Buy back of Debentures | 60 | - | |
(Profit) / Loss on Sale / Discard of Property, Plant and Equipment (Net) | 192 | (15) | |
Depreciation / Amortisation and Depletion Expense | 9,728 | 10,558 | |
Effect of Exchange Rate Change | (253) | (1,540) | |
Net Gain on Financial Assets# | (1,717) | (2,252) | |
Tax on Exceptional Items | (899) | - | |
Dividend Income | (350) | (449) | |
Interest Income# | (10,899) | (5,517) | |
Finance Costs | 12,105 | 9,751 | |
Operating Profit before Working Capital Changes | 48,283 | 57,903 | |
Adjusted for: | |||
Trade and Other Receivables | 5,050 | (24,011) | |
Inventories | 5,342 | (4,575) | |
Trade and Other Payables | 23,139 | 9,300 | |
Cash Generated from Operations | 81,814 | 38,617 | |
Taxes Paid (Net) | (5,254) | (9,426) | |
Net Cash Flow from Operating Activities | 76,560 | 29,191 | |
B. | CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of Property, Plant and Equipment and Intangible Assets | (23,183) | (24,971) | |
Consideration for Capex Liabilities transferred from RJIL through scheme* | 31,849 | - | |
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets | 15 | 103 | |
Investment in Subsidiaries/Trusts | (212,106) | (28,827) | |
Disposal of Investments in Subsidiaries | 65,365 | 97 | |
Purchase of Other Investments | (986,656) | (1,001,730) | |
Proceeds from Sale of Financial Assets (including advanced received) | 1,002,471 | 1,017,713 | |
Net Cash Flow for Other Financial Assets | (24,620) | (19,150) | |
Interest Income | 3,863 | 2,368 | |
Dividend Income from Subsidiaries / Associates | 303 | 3 | |
Dividend Income from Others | 47 | 445 | |
Net Cash Flow used in Investing Activities | (142,652) | (53,949) | |
C. | CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds from Issue of Equity Share Capital | 18 | 117 | |
Share Application Money | 1 | 2 | |
Payment of lease Liabilities | (97) | - | |
Proceeds from Borrowing - Non-Current | 20,323 | 23,989 | |
Consideration for Non- Current borrowings transferred from RJIL through scheme$ | 66,987 | - | |
Repayment of Borrowing - Non-Current | (9,238) | (6,594) | |
Borrowing - Current (Net) | 11,828 | 24,147 | |
Dividend Paid (including Dividend Distribution Tax) | (4,584) | (4,282) | |
Interest Paid | (14,471) | (11,584) | |
Net Cash Flow from Financing Activities | 70,767 | 25,795 | |
Net Increase in Cash and Cash Equivalents | 4,675 | 1,037 | |
Opening Balance of Cash and Cash Equivalents | 3,768 | 2,731 | |
Closing Balance of Cash and Cash Equivalents | 8,443 | 3,768 |
#Other than Financial Services Segment *Net of Repayment of ` 5,529 crore
$ Refer Note 3 of Standalone Financial Results above
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 19 of 23
AUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2020
(` in crore) | ||||||||||||||
Sr. | Quarter Ended | Year Ended | ||||||||||||
No. | Particulars | |||||||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | ||||||||||
1 | Segment Value of Sales and Services (Revenue) | |||||||||||||
- | Petrochemicals | 31,403 | 35,906 | 41,395 | 140,896 | 168,075 | ||||||||
- | Refining | 67,809 | 78,189 | 68,814 | 299,079 | 320,547 | ||||||||
- | Oil and Gas | 160 | 542 | 520 | 1,639 | 2,613 | ||||||||
- | Financial Services | 283 | 87 | 168 | 616 | 597 | ||||||||
- | Others | 931 | 529 | 532 | 2,296 | 1,685 | ||||||||
Gross Value of Sales and Services | 100,586 | 115,253 | 111,429 | 444,526 | 493,517 | |||||||||
Less: Inter Segment Transfers | 20,288 | 21,425 | 20,613 | 79,324 | 91,934 | |||||||||
Value of Sales & Services | 80,298 | 93,828 | 90,816 | 365,202 | 401,583 | |||||||||
Less: GST Recovered | 3,299 | 3,589 | 4,076 | 14,322 | 16,082 | |||||||||
Revenue from Operations | 76,999 | 90,239 | 86,740 | 350,880 | 385,501 | |||||||||
2 | Segment Results (EBITDA) | |||||||||||||
- | Petrochemicals | 6,002 | 7,075 | 9,065 | 30,416 | 36,789 | ||||||||
- | Refining | 6,563 | 6,734 | 5,089 | 24,165 | 25,530 | ||||||||
- | Oil and Gas | 43 | 201 | 278 | 738 | 1,215 | ||||||||
- | Financial Services | 283 | 87 | 168 | 616 | 597 | ||||||||
- | Others | 274 | 159 | 143 | 731 | 561 | ||||||||
Total Segment Profit before Interest, Tax, | ||||||||||||||
Exceptional | items | and | Depreciation, | 13,165 | 14,256 | 14,743 | 56,666 | 64,692 | ||||||
Amortisation and Depletion | ||||||||||||||
3 | Segment Results (EBIT) | |||||||||||||
- | Petrochemicals | 4,583 | 5,774 | 7,805 | 25,265 | 31,752 | ||||||||
- | Refining | 5,686 | 5,892 | 4,302 | 21,156 | 22,362 | ||||||||
- | Oil and Gas | 8 | 56 | 96 | 241 | (216) | ||||||||
- | Financial Services | 283 | 87 | 168 | 616 | 597 | ||||||||
- | Others | 49 | 3 | 19 | 122 | 107 | ||||||||
Total Segment Profit before Interest and Tax | 10,609 | 11,812 | 12,390 | 47,400 | 54,602 | |||||||||
and Exceptional items | ||||||||||||||
(i) | Finance Cost | (4,161) | (2,520) | (2,791) | (12,105) | (9,751) | ||||||||
(ii) | Interest Income* | 2,906 | 2,536 | 1,391 | 10,562 | 5,517 | ||||||||
(iii) Other Un-allocable Income (Net of Expenditure) | (911) | (74) | 341 | (1,296) | (3,001) | |||||||||
Profit Before Exceptional Items and Tax | 8,443 | 11,754 | 11,331 | 44,561 | 47,367 | |||||||||
Exceptional Items | (4,245) | - | - | (4,245) | - | |||||||||
Profit Before Tax | 4,198 | 11,754 | 11,331 | 40,316 | 47,367 | |||||||||
(i) | Current Tax | (1,337) | (1,869) | (2,145) | (7,200) | (9,440) | ||||||||
(ii) Deferred Tax | (281) | (300) | (630) | (2,213) | (2,764) | |||||||||
Profit After Tax | 2,580 | 9,585 | 8,556 | 30,903 | 35,163 | |||||||||
4 | Total EBITDA | 15,289 | 16,825 | 16,587 | 66,394 | 67,676 |
Segment results (EBITDA and EBIT) of the financial services segment include interest income and interest expense relating to the segment.
*Interest Income relating to Petrochemicals Segment of ` 337 crore for quarter and year ended 31st March,2020 has been considered as part of Segment result.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 20 of 23
(` in crore) | ||||||||
Sr. | Particulars | Quarter Ended | Year Ended | |||||
No. | ||||||||
31 Mar'20 | 31 Dec'19 | 31 Mar'19 | 31 Mar'20 | 31 Mar'19 | ||||
5 | Segment Assets | |||||||
- | Petrochemicals | 124,758 | 122,851 | 117,700 | 124,758 | 117,700 | ||
- | Refining | 222,775 | 213,130 | 213,926 | 222,775 | 213,926 | ||
- | Oil and Gas | 43,792 | 38,631 | 32,566 | 43,792 | 32,566 | ||
- | Financial Services | 7,924 | 6,561 | 6,671 | 7,924 | 6,671 | ||
- | Others | 41,634 | 41,725 | 85,076 | 41,634 | 85,076 | ||
- | Unallocated | 528,029 | 479,929 | 319,806 | 528,029 | 319,806 | ||
Total Segment Assets | 968,912 | 902,827 | 775,745 | 968,912 | 775,745 | |||
6 | Segment Liabilities | |||||||
- | Petrochemicals | 10,066 | 10,152 | 13,374 | 10,066 | 13,374 | ||
- | Refining | 32,028 | 38,946 | 40,530 | 32,028 | 40,530 | ||
- | Oil and Gas | 5,768 | 4,331 | 5,255 | 5,768 | 5,255 | ||
- | Financial Services | - | - | - | - | - | ||
- | Others | 491 | 473 | 795 | 491 | 795 | ||
- | Unallocated | 920,559 | 848,925 | 715,791 | 920,559 | 715,791 | ||
Total Segment Liabilities | 968,912 | 902,827 | 775,745 | 968,912 | 775,745 |
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 21 of 23
Notes to Segment Information (Standalone) for the Quarter / Year Ended 31st March, 2020
1. As per Indian Accounting Standard 108 'Operating Segments', the Company has reported 'Segment Information', as described below:
- The Petrochemicals segment includes production and marketing operations of petrochemical products namely, High density Polyethylene, Low density Polyethylene, Linear Low density Polyethylene, Polypropylene, Polyvinyl Chloride, Polyester Yarn, Polyester Fibres, Purified Terephthalic Acid, Paraxylene, Ethylene Glycol, Olefins, Aromatics, Linear Alkyl Benzene, Butadiene, Acrylonitrile, Poly Butadiene Rubber, Styrene Butadiene Rubber, Caustic Soda, Polyethylene Terephthalate, High Purity Iso-Butylene and Composites.
- The Refining segment includes production and marketing operations of the petroleum products.
- The Oil and Gas segment includes exploration, development, production of crude oil and natural gas.
- The Financial Services segment comprises of management and deployment of identified resources of the Company to various activities including non-banking financial services, insurance broking etc.
- All other business segments have been grouped under the Others segment.
- Other investments / assets, long term resources raised by the Company, business trade financing liabilities managed by the centralized treasury function and related income and expense are considered under Unallocated.
Registered Office: | Corporate Communications | Telephone | : (+91 22) 2278 5000 | |
Maker Chambers IV | Maker Chambers IV | Telefax | : (+91 22) 2278 5185 | |
3rd Floor, 222, Nariman Point | 9th Floor, Nariman Point | Internet | : | www.ril.com; investor.relations@ril.com |
Mumbai 400 021, India | Mumbai 400 021, India | CIN | : | L17110MH1973PLC019786 |
Page 22 of 23
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Reliance Industries Ltd. published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 13:57:06 UTC