Reliance Communications : Statement of Audited (Standalone and Consolidated) Financial Results for the quarter and financial year ended on March 31, 2024

Reliance Communications Limited

Dhirubhai Ambani Knowledge City

Navi Mumbai - 400 710, India

May 29, 2024

Tel : [phone]

Fax: [phone] 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:

1. Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2024;
2. Auditors' Report on the Audited Standalone & Consolidated Financial Results; and
3. 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