Investors

« Back Annual Financial results 2014 -15

 

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2015

(Rupee in Lakhs)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2015 (Unaudited) Quarter ended 31.12.2014 (Unaudited) Quarter ended
31.03.2014 (Unaudited)
Year ended 31.03.2015
(Audited)
Year ended 31.03.2014 (Audited) Year ended 31.03.2015 (Audited) Year ended 31.03.2014 (Audited)
1 2 3 4 5 6 7 8 9
1 Income from operations
(a) Net sales (net of electricity /excise duty) 1922994 1873898 2093808 7263775 7160263 7994397 7847870
(b) Other operating income 8464 11911 10075 60830 41630 67807 47193
Total income from operations (net) 1931458 1885809 2103883 7324605 7201893 8062204 7895063
2 Expenses
(a) Fuel cost 1252110 1211963 1443411 4884519 4582971 5146112 4779026
(b) Employee benefits expense 93200 90136 88156 366978 382478 388969 403863
(c) Depreciation and amortisation expense 139119 125341 120764 491165 414219 556461 476999
(d) Other expenses (refer note 11) 121239 117738 116752 464548 455669 775895 742304
Total expenses 1605668 1545178 1769083 6207210 5835337 6867437 6402192
3 Profit from operations before other income, finance costs and exceptional items (1-2) 325790 340631 334800 1117395 1366556 1194767 1492871
4 Other income 57179 48128 58595 211632 264568 207891 276012
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 382969 388759 393395 1329027 1631124 1402658 1768883
6 Finance costs 70749 70081 56769 274362 240659 357037 320307
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 312220 318678 336626 1054665 1390465 1045621 1448576
8 Exceptional items - - - - - - -
9 Profit from ordinary activities before tax (7+ 8) 312220 318678 336626 1054665 1390465 1045621 1448576
10 Tax expense:
(a) Current tax (refer note 4) 24885 11275 33295 32644 279360 43463 292377
(b) Deferred tax 63289 6568 (6023) 88875 13631 102387 15859
(c) Less: Deferred asset for deferred tax liability (refer note 12) 70357 6565 - 95940 - 99466 -
  Total tax expense (a+b-c) 17817 11278 27272 25579 292991 46384 308236
11 Net profit from ordinary activities after tax (9-10) 294403 307400 309354 1029086 1097474 999237 1140340
12 Extraordinary items (net of tax expense) - - - - - - -
13 Net profit for the period (11-12) 294403 307400 309354 1029086 1097474 999237 1140340
14 Share of profit / (loss) of associates - - - - - - -
15 Minority interest           603 (21)
16 Net profit after taxes, minority interest and share of profit of associates (13+14-15) 294403 307400 309354

1029086

1097474 998634 1140361
17 Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546 824546 824546 824546 824546 824546 824546
18 Paid-up debt capital       8599534 6717022 10161185 8102134
19 Reserves excluding revaluation reserve as per balance sheet       7341189 7756986 7384852 7908426
20 Debenture redemption reserve       362460 276491 362460 276491
21(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised)(in Rupee ):
(a) Basic 3.57 3.73 3.75 12.48 13.31 12.11 13.83
(b) Diluted 3.57 3.73 3.75 12.48 13.31 12.11 13.83
21(ii) Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised)(in Rupee ):
  (a) Basic 3.57 3.73 3.75 12.48 13.31 12.11 13.83
  (b) Diluted 3.57 3.73 3.75 12.48 13.31 12.11 13.83
22 Debt equity ratio       1.05 0.78 1.24 0.93
23 Debt service coverage ratio (DSCR)       2.44 2.77 2.27 2.68
24 Interest service coverage ratio (ISCR)       6.72 8.62 5.54 7.09

See accompanying notes to the financial results.

Part II - Select Information

Sl. No. Particulars Standalone Consolidated
Quarter ended
31.03.2015
(Unaudited)
Quarter ended
31.12.2014
(Unaudited)
Quarter ended
31.03.2014
(Unaudited)
Year ended
31.03.2015
(Audited)
Year ended
31.03.2014
(Audited)
Year ended
31.03.2015
(Audited)
Year ended
31.03.2014
(Audited)
1 2 3 4 5 6 7 8 9
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
- Number of shares 2064849420 2064849420 2061366100 2064849420 2061366100 2064849420 2061366100
- Percentage of shareholding 25.04 25.04 25.00 25.04 25.00 25.04 25.00
2 Promoters and promoter group shareholding
a) Pledged/ Encumbered
- Number of shares - - - - - - -
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - - - -
b) Non-encumbered
- Number of shares 6180614980 6180614980 6184098300 6180614980 6184098300 6180614980 6184098300
- Percentage of the shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of the shares (as a % of the total share capital of the company) 74.96 74.96 75.00 74.96 75.00 74.96 75.00
Sl.No. Particulars Quarter ended 31.03.2015
B INVESTOR COMPLAINTS
  Pending at the beginning of the quarter 1
  Received during the quarter 751
  Disposed of during the quarter 751
  Remaining unresolved at the end of the quarter 1

STATEMENT OF ASSETS AND LIABILITIES

(Rupee in Lakhs)
Sl.No. Particulars Standalone Consolidated
As at 31.03.2015 (Audited) As at 31.03.2014 (Audited) As at 31.03.2015 (Audited) As at 31.03.2014 (Audited)
A EQUITY AND LIABILITIES
1 Shareholders' funds
  (a) Share capital 824546 824546 824546 824546
  (b) Reserves and surplus 7341189 7756986 7384852 7908426
  Sub-total - Shareholders' funds 8165735 8581532 8209398 8732972
2 Deferred revenue 139415 160988 139415 160988
3 Minority interest     88794 68043
4 Non-current liabilities
  (a) Long-term borrowings 7853233 6240575 9336292 7554230
  (b) Deferred tax liabilities (net) 97907 105161 126561 123931
  (c) Other long-term liabilities 288659 251246 348185 308158
  (d) Long-term provisions 111571 87936 114337 89680
  Sub-total - Non-current liabilities 8351370 6684918 9925375 8075999
5 Current liabilities
  (a) Short-term borrowings - - 64015 43364
  (b) Trade payables 595315 642960 710763 722396
  (c) Other current liabilities 1680762 1154760 2020214 1442718
  (d) Short-term provisions 775875 730260 799641 758033
  Sub-total-Current liabilities 3051952 2527980 3594633 2966511
  TOTAL - EQUITY AND LIABILITIES 19708472 17955418 21957615 20004513
B ASSETS
1 Non-current assets
  (a) Fixed assets (including capital work-in-progress) 13534256 11699950 15940709 13803232
  (b) Goodwill on consolidation - - 62 62
  (c) Non-current investments 715407 812090 1412 166346
  (d) Long-term loans and advances 1552789 1277726 1663162 1415735
  (e) Other non-current assets 169677 178677 173108 180599
  Sub-total - Non-current assets 15972129 13968443 17778453 15565974
2 Current assets
  (a) Current investments 187806 163696 188739 163696
  (b) Inventories 745300 537335 797246 598848
  (c) Trade receivables 760437 522008 924992 672566
  (d) Cash and bank balances 1287881 1531137 1425161 1705067
  (e) Short-term loans and advances 240759 311604 245670 323015
  (f) Other current assets 514160 921195 597354 975347
  Sub-total - Current assets 3736343 3986975 4179162 4438539
  TOTAL - ASSETS 19708472 17955418 21957615 20004513

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2015

(Rupee in Lakhs)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2015 (Unaudited) Quarter ended 31.12.2014
(Unaudited)
Quarter ended 31.03.2014 (Unaudited) Year ended 31.03.2015 (Audited) Year ended 31.03.2014 (Audited) Year ended 31.03.2015 (Audited) Year ended 31.03.2014 (Audited)
1 2 3 4 5 6 7 8 9
1 Segment revenue
- Generation 1940125 1888501 2109401 7343010 7224026 7791830 7648968
- Others 3286 3018 2776 11289 11507 308092 291177
Total 1943411 1891519 2112177 7354299 7235533 8099922 7940145
2 Segment results (Profit before tax and interest)
- Generation 375028 368468 368873 1255439 1497480 1336613 1628475
- Others 604 (1299) 807 (445) 1623 3777 8283
- Total 375632 367169 369680 1254994 1499103 1340390 1636758
Less
(i) Unallocated finance costs 70749 70081 56769 274362 240659 357037 320307
(ii) Other unallocable expenditure net of unallocable income (7337) (21590) (23715) (74033) (132021) (62268) (132125)
Profit before tax 312220 318678 336626 1054665 1390465 1045621 1448576
3 Capital employed (Segment assets - Segment liabilities)
- Generation 8914847 8582122 8194117 8914847 8194117 10076613 8695533
- Others 82008 49924 39387 82008 39387 239518 206430
- Un-allocated (831120) 683619 348028 (831120) 348028 (2106733) (168991)
- Total 8165735 9315665 8581532 8165735 8581532 8209398 8732972

The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29th May 2015 and approved by the Board of Directors in the meeting held on the same day.

2. The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows.

a) Subsidiary Companies Ownership (%)
1 NTPC Electric Supply Company Ltd. 
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd. with 50% holding*)
100.00
2 NTPC Vidyut Vyapar Nigam Ltd. 100.00
3 Kanti Bijlee Utpadan Nigam Ltd. 65.00
4 Bhartiya Rail Bijlee Company Ltd. 74.00
b) Joint venture Companies
1 Utility Powertech Ltd. 50.00
2 NTPC Alstom Power Services Private Ltd. 50.00
3 NTPC SAIL Power Company Private Ltd. 50.00
4 NTPC-Tamilnadu Energy Company Ltd. 50.00
5 Ratnagiri Gas and Power Private Ltd.* 28.91
6 Aravali Power Company Private Ltd. 50.00
7 NTPC-SCCL Global Ventures Private Ltd.* 50.00
8 Meja Urja Nigam Private Ltd. 50.00
9 NTPC-BHEL Power Projects Private Ltd.* 50.00
10 BF-NTPC Energy Systems Ltd. 49.00
11 Nabinagar Power Generating Company Private Ltd. 50.00
12 National Power Exchange Ltd.* 16.67
13 International Coal Ventures Private Ltd.* 0.27
14 National High Power Test Laboratory Private Ltd. 21.63
15 Transformers and Electricals Kerala Ltd.* 44.60
16 Energy Efficiency Services Ltd.* 25.00
17 CIL-NTPC Urja Pvt.Ltd.* 50.00
18 Anushakti Vidhyut Nigam Ltd. 49.00
19 Pan-Asian Renewables Private Ltd.* 50.00
20 Trincomalee Power Company Ltd.* 50.00
21 Bangladesh-India Friendship Power Company Private Ltd.* 50.00
All the above companies are incorporated in India except company at Sl.No.20 and 21 which are incorporated in Srilanka and Bangladesh respectively.
* The financial statements are un-audited and certified by the management of respective companies and have been considered for Consolidated Financial Statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.

 

3. a) The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). Pending issue of provisional/final tariff orders w.e.f. 1st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 as provided in the Regulations 2014. The amount provisionally billed for the year ended 31st March 2015 is  Rupee 73,70,399 lakh (previous year Rupee 68,70,403 lakh).

b)The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations, 2014. Pending issue of provisional/final tariff orders under Regulations, 2014 by the CERC and disposal of the petition, sales have been provisionally recognised at  Rupee 73,13,381 lakh for the year ended 31stMarch 2015 (previous year Rupee 69,59,612 lakh) on the basis of said Regulations.

c) Sales for the year ended 31st March 2015 include  Rupee 67,962 lakh (previous year Rupee 2,08,682 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales for the year ended 31st March 2015 include (-) Rupee 1,39,942 lakh (previous year (-) Rupee 26,999 lakh) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales also include Rupee 11,396 lakh for the year ended 31st March 2015 (previous year Rupee 7,702 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4.Provision for current tax for the year includes tax related to earlier years amounting to (-) Rupee 1,95,253 lakh (previous year (-) Rupee 43,696 lakh).

5. During the year, one thermal unit of 660 MW at Barh w.e.f. 15th November 2014, solar PV power capacity of 20 MW at Rajgarh w.e.f. 30th April 2014 and solar PV power station of 15 MW at Singrauli w.e.f 31st December 2014 have been declared commercial.

6. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MOEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 31st March 2015 is Rupee 8,73,244 lakh (previous year Rupee 4,45,573 lakh). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7th May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost of Rupee 15,457 lakh (previous year Rupee 14,546 lakh) incurred on the project up to 31st March 2015 is included in non-current assets. Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

8. Claims recoverable as at 31st March 2015 include Rupee 46,628 lakh (previous year Rupee 42,600 lakh) recoverable from Government of India (GOI) towards the cost incurred in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power, GOI. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

9.In accordance with the principles approved by the Board of Directors of the Company, the dispute with coal suppliers on account of GCV has been settled. Accordingly, against the total disputed billed amount of Rupee 2,57,874 lakh (previous year Rupee 4,10,287 lakh) as at 31st March 2014, during the year the Company has paid Rupee 1,77,351 lakh and provided Rupee 2,548 lakh and remaining amount of Rupee 77,975 lakh is settled. Sales corresponding to energy charges recoverable for the amounts paid/provided as above have been recognized on settlement.

10. The Company has revised the accounting policy for depreciation of certain assets in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1st April 2014. Consequently, profit for the year ended 31st March 2015 is lower by Rupee 1,497 lakh and fixed assets as at 31st March 2015 are lower by Rupee 2,044 lakh. Further, an amount of Rupee 358 lakh (net of deferred tax of  Rupee 189 lakh) has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

11. In line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to Rupee 20,832 lakh upto 31st March 2014 has been recognised as prior period sales and netted from 'Other expenses'.

12.Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the year ended 31st March 2015 on the generation income is accounted as 'Deferred asset for deferred tax liability'. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.

13. During the quarter, the Company out of free reserves issued one 8.49% secured non-cumulative non-convertible redeemable taxable fully paid-up debenture of Rupee 12.50 by way of bonus for each fully paid-up equity share of par value Rupee 10/-. The debenture amount of Rupee 10,30,683 lakh and dividend distribution tax thereon of Rupee 2,06,076 lakh has been debited to general reserve.

14. During the quarter, the Company has paid an interim dividend of Rupee 0.75 per equity share (par value Rupee 10/-each) for the year 2014-15. The Board of Directors has recommended final dividend of Rupee 1.75 per equity share (par value Rupee 10/- each). The total dividend (including interim dividend) for the financial year 2014-15 is Rupee 2.50 per equity share (par value Rupee 10/-each).

15. The audited accounts are subject to review by Comptroller and Auditor General of India under Section 143(6)&(7) of the Companies Act, 2013.

16. Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation, Tax and Exceptional items /(Interest net of transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation, Tax and Exceptional items/(Interest net of transferred to expenditure during construction).

17. Previous periods/year figures have been regrouped/rearranged wherever necessary.

18. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

For and on behalf of Board of Directors

Place: New Delhi
Date: 29th May 2015

sd/-
(K. BISWAL)
DIRECTOR (FINANCE)