RattanIndia Enterprises (534597) Q4 13/14 earnings summary

Executive summary

• FY14 returned to profit of ₹38.46 lakh from a ₹215.77 lakh loss in FY13; income was primarily non-operational, and no dividend was recommended.

• Core exposure was the ₹592.5 crore investment in Indiabulls Power, whose Maharashtra thermal projects were progressing toward phased commissioning.

Financial highlights

• Other income was ₹300.39 lakh in FY14 vs ₹246.86 lakh in FY13; it comprised ₹294.86 lakh of interest income on inter-corporate deposits and ₹5.53 lakh of miscellaneous income.

• PBT was ₹81.58 lakh vs a ₹217.62 lakh loss; tax expense was ₹43.11 lakh vs a tax credit of ₹1.85 lakh, yielding PAT of ₹38.46 lakh vs a ₹215.77 lakh loss.

• Employee benefits expense declined to ₹154.79 lakh from ₹413.59 lakh; other expenses rose to ₹63.23 lakh from ₹50.01 lakh.

Outlook and guidance

• Consultancy growth plans focused on expanding clients, geographic reach and service offerings, and converting advisory engagements into implementation and full life-cycle work.

• Amravati Phase I Units 3–5 were targeted for progressive commissioning by March 2015; Nashik Phase I Unit 2 was expected in Q3 FY15 and Units 3–5 by FY16-end.