RattanIndia Enterprises (534597) Q4 11/12 earnings summary

Executive summary

• FY12 consolidated results were profitable, while standalone results showed a loss; activity centered on developing 5,400 MW of thermal capacity in Maharashtra.

• A court-approved demerger transferred the power business undertaking effective April 1, 2011 and made the entity the promoter and holding parent of Indiabulls Power Limited.

Financial highlights

• Consolidated FY12 revenue was ₹1,678.2m, entirely reported as other income; profit before tax was ₹1,199.7m and profit after tax attributable to the year was ₹425.9m.

• Consolidated EPS was ₹1.26 basic and diluted; total tax expense was ₹360.8m and minority-interest adjustment was ₹413.0m.

• Standalone FY12 revenue from advisory services was ₹2.12m, other income ₹3.04m and net loss ₹34.7m, versus prior-period profit of ₹1.3m.

• Consolidated operating cash flow was negative ₹577.2m; investing cash outflow was ₹8,190.2m and financing cash inflow was ₹9,573.7m.

Outlook and guidance

• Amravati’s boiler light-up was completed, with commercial generation expected within 90 days; Nashik boiler light-up was scheduled for October 2012, with generation expected within 90 days thereafter.

• Management reported that annual construction targets were met and project work was proceeding to schedule; the stated strategy was to expand sector expertise and add skilled staff.