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Reliance Infrastructure Reliance Infrastructure Q3FY10 Post Result Conference Call Transcript Representative: Mr. Lalit Jalan - CEO and Wholetime Director Mr. S.C. Gupta - Director Mr. Madhukar Moolwaney - Senior Vice President-Finance and Accounts Mr. K.P.Maheshwari - Head of Metro Mr. Sudhir Hosing - Head of Road PL Rep.: Rupa Shah – 91-22-6632 2244 Date: 30th January, 2010 Ms. Rupa Shah - Prabhudas Lilladher Good afternoon everyone. Welcome to the Reliance Infra Q3 FY10 earnings conference call. We have with us, Mr. Lalit Jalan, CEO - Reliance Infrastructure, CEO and Wholetime Director of Reliance Infra, along with the senior team management, represented by Mr. S.C. Gupta, Director, Mr. Madhukar Moolwaney, Senior Vice President-Finance and Accounts, Mr. K.P.Maheshwari, Head of Metro, and Mr. Sudhir Hosing, Head of Road. What we can do is start with opening remarks by Mr Lalit Jalan, and then we can move to the Q&A. Over to you sir. Mr. Lalit Jalan, CEO - Reliance Infrastructure Yes. Good morning, this is Lalit Jalan here. And welcome to this third quarter conference call for Reliance infrastructure. I will start by quickly running through the key numbers for this quarter. Our total operating income for the quarter was, on a standalone basis, 2287 crores. Vs. 2718 crores, in the corresponding period of last year. And this reduction in topline is due to the lower FAC, that is the fuel adjustment charge, of our Mumbai circle which has been there due to the power purchase cost, that we buy from external sources. Our purchase cost from external sources has gone down, very substantially and that is reflecting in the lower billing value. The total revenues for the 9 months are still higher, and there is still significant customer addition, for the first 9 months. Then we look at the net profit. The net profit, again on a standalone basis, is 277 crores, vs. 251 crores, in the corresponding quarter of last year. And this is an increase of 10%. However, this profit will have been higher by 58 crores, to 335 crores, had we recognised the revenue, which we did not, due to the stay on the tariff. We are being very conservative. The stay will be removed, and the entire tariff will be granted to us, however we have not recognised this 58 crores of profit in the 3rd quarter stay in the tariff. We are waiting, MERC, is expected to come out with a decision in March, after the study of the books, and we are very hopeful that the stay will be removed and we are allowed for all our charges. The cash profit for the year, for the quarter is 346 crores vs. 325 crores. The annualised EPS is 55 Rs. vs. 46 Rs., which has increased 20%. The EPC order book, as of end of Dec. 31, is Rs 18970 crores. And we continue to be in a good liquidity position, with cash and cash equivalent of more than Rs 7800 crores. We have a portfolio of businessess. And in the portfolio of buisnessess, we have the regulated returns businesses like generation, distribution, with incentives thrown in, these are, these are regular steady businesses growing at a 4 to 5%. Then we have the EPC business, which is a growth business, does not use capital, and gives us substantial profits. And then we have, the entire range of very high growth, infrastructure businessess. These are unregulated, but these are on much higher returns basis. We got into the infrastructure space, we were essentially a utility company upto 2006. in 2006, we decided to make a foray into the very promising infrastructure sector, and I am very happy to say that in 3 years time, we have become the largest infrastructure company of India. Today the company is developing 15 projects, totalling to more than 28000 crores, and these projects comprise of 9 road projects, of 730kms, totalling to 7300 crores, 3 metro projects totalling to 16200 crores, and 3 transmission projects totalling to 4300 crores. We have not included the three projects, where we are 1 Reliance Infrastructure the preferred bidder, and where we are expecting the awards shortly. These are two ultra mega transmission projects, and the western sea link. The above number also does not include the 5 airports that we have won, as is two real estate projects and the capital expenditure that we require for our distribution businesses. Out of these 15 projects, 2 are operational, 2 became operational this year, and 7 projects totalling to around 10000 crores, will become operational in fiscal year, 11. And these projects are with two metro projects that is Mumbai metro line I, and Delhi metro airport link, which my colleague, Mr. Maheshwari will cover in much greater detail in his talks. 4 road projects, details of which will be given by Mr. Hoshing in his presentation, and the western region strengthening scheme, which is rapidly under construction. Briefly, we are among the largest road concessionare, in the country, we are the top 3, with 730 kms., we are the only private sector player, in the metro space as of today, we are developing all the 3 metro projects, which have been awarded, to date in the country, in the private sector, we are the largest transmission private sector player, developing the first 100% private transmission company, we have also been the preferred bidder for the two ultra mega transmission projects. Among our steady businessess, we are the largest private distribution company, distributing power in Mumbai, Delhi and Orissa, with more than 6 million customers. And we are taking part in all the opportunities that are coming up in that space. In the area of generation, we will do the 940 megawatt, that we are doing in Reliance Infra and our future growth in generation will be through Reliance power which is through a 45% owned…company by us, Reliance Power, and the investment that we made in Reliance power, is today worth about 650 to 700 Rs. per share for every share of Reliance infrastructure. We have also announced our intention to enter into the cement space and we plan to build a capacity of 20 million tonnes over 5 years. We have identified two sites, Satna in Madhya Pradesh and Yavatmal in Maharashtra for 5 million tonnes each. And we have signed MOU’s with the respective governments also. We feel that with the integration of fly ash, limestone, and power, we will be a very cost competitive cement player. We have also made our foray into the airport sector, by taking charge of 5 regional airports, in Maharashtra, these are developed airports, and happy to announce that in the 3 months, that the airports have been under our management, we have been able to start commercial flight, from Kingfisher on two of the airports, and a training institute for training pilots, has been cleared at another of the airports. There are several other proposals, that we are going through and we think, that this is a good opportunity where we have a 95 year concession period. We are also empanelled by ADPRD, for IT consultancy and implementation and that is across all the phases of IT in the distribution sector. Just last week, we were awarded the most admired infrastructure company, in the KPMG infrastrucutre award. Also our project, Mumbai Metro line 1, was regarded as the best infrastructure project, for the year. We are comfortable on a cash position, cash equivalent of 7800 crores, our debt is to the tune of 4400 crores. Briefly touching on distribution, we run the flagship distribution businessess, in mumbai, Delhi and 3 circles of Orissa. In Mumbai, I just wanted to make it clear to all the anlaysts, now that the competition has started in suburban Mumbai, and is expected to start in the island of Mumbai, so the migration of customers has started, from Reliance to TATA’s, and in some cases from TATAs to Reliance. The current tariffs of TATAs are significantly lower, than that of Reliance at the high end. However, all customers continue to be on the Reliance network, which means they are still serviced by the Reliance wires business, so we continue, even the customer who gets transferred to TATA’s, continues to pay the wire charges to Reliance, so, the entire profits of Reliance Mumbai distribution, is fully assured. Which means whether the customer remains with us, or he is with TATA’s, he uses my network, and has 15% return on equity of the network, comes to the shareholders of Reliance infra. Secondly, even for the future growth of the network, the regulator has said, that the utility which is better placed, will do the growth of the network, and since our network is nearly 50 times bigger than the size of TATA’s, we will always be the most efficient, option for growing the network, so the future growth of the network will also come to Reliance Mumbai distribution. Mumbai continues to be the most efficient distribution utility, with losses, T&D losses in the range of 10%, next year, the size of 500 MW of coal power, we have tied up 300MW of power from external sources, at substantially better prices than the prices that existed this year. Our bids for medium term power, mainly for 5 years, are with us and we are evaluating the results. And our bids for long term power, that is for 25 years, starting 2014, are also in the market and we are expecting the bids in early February. We expect to close medium term power and long term power, in this financial 2 Reliance Infrastructure year.
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