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« Back Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2015

Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2015

(Rupee in Crore)
Sl. No. Particulars

Quarter ended 31.12.2015 (Unaudited)

Quarter ended 30.09.2015 (Unaudited) Quarter ended 31.12.2014 (Unaudited) Nine-Months ended 31.12.2015 (Unaudited) Nine-Months ended 31.12.2014 (Unaudited) Year ended 31.03.2015 (Audited)
1 2 3 4 5 6 7 8
1 Income from operations            
  (a) Net sales (net of electricity duty) 17317.50 17722.90 18738.98 52059.09 53407.81 72637.75
  (b) Other operating income 95.81 174.85 118.33 335.77 521.32 605.18
  Total income from operations (net) 17413.31 17897.75 18857.31 52394.86 53929.13 73242.93
2 Expenses            
  (a) Fuel cost 10580.28 11540.83 12119.63 33630.25 36324.09 48845.19
  (b) Employee benefits expense 876.76 909.82 890.86 2698.96 2706.73 3620.71
  (c) Depreciation and amortisation expense 1393.45 1322.91 1253.41 3954.31 3520.46 4911.65
  (d) Other expenses 1332.75 1447.78 1189.93 4026.76 3467.73 4694.21
  Total expenses 14183.24 15221.34 15453.83 44310.28 46019.01 62071.76
3 Profit from operations before other income, finance costs and exceptional items (1-2) 3230.07 2676.41 3403.48 8084.58 7910.12 11171.17
4 Other income 244.68 272.38 514.02 757.28 1585.33 2222.81
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 3474.75 2948.79 3917.50 8841.86 9495.45 13393.98
6 Finance costs 825.05 814.53 700.81 2370.46 2036.13 2743.62
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 2649.70 2134.26 3216.69 6471.40 7459.32 10650.36
8 Exceptional items - - - - - -
9 Profit from ordinary activities before tax and rate regulated activities (7+8) 2649.70 2134.26 3216.69 6471.40 7459.32 10650.36
10 Regulatory income / (expense) (refer note 4)

(38.43)

34.34 (29.91) 16.03 (34.87) (103.71)
11 Profit from ordinary activities before tax (9+10)

2611.27

2168.60 3186.78 6487.43 7424.45 10546.65
12 Tax expenses:

 

         
  (a) Current tax (refer note 3) 82.26 (739.49) 122.91 (1092.80) 89.44 361.69
  (b) Deferred tax 485.30 18.94 65.68 593.27 255.86 888.75
  (c) Tax expense/(saving) pertaining to rate regulated activities (refer note 4) (15.43) 11.89 (10.16) 3.42 (11.85) (35.25)
  (d) Less: Deferred asset for deferred tax liability 433.73 21.02 65.65 542.96 255.83 959.40
  Total tax expense (a+b+c-d) 118.40 (729.68) 112.78 (1039.07) 77.62 255.79
13 Net profit from ordinary activities after tax (11-12) 2492.87 2898.28 3074.00 7526.50 7346.83 10290.86
14 Extraordinary items (net of tax expense) - - - - - -
15 Net profit for the period (13-14) 2492.87 2898.28 3074.00 7526.50 7346.83 10290.86
16 Paid-up equity share capital 
(Face value of share Rupee10/- each)
8245.46 8245.46 8245.46 8245.46 8245.46 8245.46
17 Reserves excluding revaluation reserve as per balance sheet           73411.89
18(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):            
  (a) Basic 3.02 3.51 3.73 9.13 8.91 12.48
  (b) Diluted 3.02 3.51 3.73 9.13 8.91 12.48
18(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):        
  (a) Basic 3.02 3.51 3.73 9.13 8.91 12.48
  (b) Diluted 3.02 3.51 3.73 9.13 8.91 12.48

See accompanying notes to the financial results

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2015

(Rupee in Crore)
Sl.No. Particulars Quarter ended 31.12.2015 (Unaudited) Quarter ended 30.09.2015 (Unaudited) Quarter ended 31.12.2014 (Unaudited) Nine-Months ended 31.12.2015 (Unaudited)

Nine-Months ended 31.12.2014 (Unaudited)

Year ended 31.03.2015 (Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 17455.71 17950.28 18885.01 52523.30 54028.85 73430.10
  - Others 27.25 27.01 30.18 77.97 80.03 112.89
  - Total 17482.96 17977.29 18915.19 52601.27 54108.88 73542.99
2 Segment results (Profit before tax and interest)            
  - Generation 3553.37 3109.30 3684.68 9187.63 8804.11 12554.39
  - Others 0.72 (27.02) (12.99) (28.37) (10.49) (4.45)
  Total 3554.09 3082.28 3671.69 9159.26 8793.62 12549.94
  Less:            
  (i) Unallocated finance costs 825.05 814.53 700.81 2370.46 2036.13 2743.62
  (ii) Other unallocable expenditure net of unallocable income 117.77 99.15 (215.90) 301.37 (666.96) (740.33)
  Profit before tax 2611.27 2168.60 3186.78 6487.43 7424.45 10546.65
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 96605.71 93768.01 85821.22 96605.71 85821.22 89148.47
  - Others 746.90 598.48 499.24 746.90 499.24 820.08
  - Un-allocated (8110.96) (7634.11) 6836.19 (8110.96) 6836.19 (8311.20)
  Total 89241.65 86732.38 93156.65 89241.65 93156.65 81657.35
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 and approved by the Board of Directors in their respective meetings held on 29th January 2016.

2. (a) The Central Electricity Regulatory Commission (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 quarter and nine-months ended 31st December 2015 is Rupee 16,492.62 crore and Rupee 52,798.23 crore respectively (corresponding previous quarter and nine-months Rupee 18,895.72 crore and Rupee 54,876.11 crore).

(b) The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations, 2014 including the stage at which the GCV of coal on ‘as received’ basis has to be measured. In pursuance of the directions of the Hon’ble High Court, the CERC vide its order dated 25th January 2016 clarified that the samples for the purpose of measurement of coal on ‘as received’ basis should be collected from the loaded wagons at the generating stations. The Company is in the process of filing an appeal before the appropriate authority challenging the CERC order.
Pending issue of provisional/final tariff orders under Regulations, 2014 by the CERC and disposal of the petition/appeal, sales have been provisionally recognised at Rupee 17,321.19 crore for the quarter and Rupee 53,450.71 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months Rupee 18,569.97 crore and Rupee 54,200.32 crore) on the basis of said Regulations which includes energy charges in respect of coal based stations recognized based on the GCV of coal ‘as received after the secondary crusher’.

(c) Sales include (-) Rupee 24.11 crore for the quarter and Rupee 207.34 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months Rupee 120.82 crore and Rupee 440.99 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include Rupee Nil for the quarter and (-) Rupee 1,693.65 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months (-) Rupee 10.19 crore and (-) Rupee 1,399.42 crore) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include (-) Rupee 5.89 crore for the quarter and Rupee 19.60 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months Rupee 29.52 crore and Rupee 88.56 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. Current tax for the quarter and nine-months ended 31st December 2015 includes tax related to earlier years amounting to (-) Rupee 414.46 crore and (-) Rupee 2,453.48 crore respectively (corresponding previous quarter (-) Rupee 663.60 crore and nine-months (-) Rupee 1,952.53 crore).

4. During the quarter, the Company implemented the 'Guidance Note on Accounting for Rate Regulated Activities' issued by the Institute of Chartered Accountants of India (ICAI). Consequently, exchange differences arising from settlement/translation of short-term monetary items denominated in foreign currency, to the extent recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations, which were hitherto accounted as deferred foreign currency asset/liability in line with an opinion of the Expert Advisory Committee of the ICAI, are accounted as ‘Regulatory asset/liability’ during construction period and adjusted from the year in which the same becomes recoverable from or payable to the beneficiaries through regulatory income/expense. Accordingly, the Company has changed the related accounting policies. However, there is no impact on profit after tax for the quarter and nine-months ended 31st December 2015.

5. During the quarter, the Company has revised the accounting policy for depreciation of certain assets due to the reassessment of their useful life. Consequently, profit for the quarter and nine-months ended 31st December 2015 is lower by Rupee 25.78 crore and fixed assets as at 31st December 2015 are lower by Rupee 25.78 crore.

6.The Board of Directors has recommended interim dividend of Rupee 1.60 per equity share (face value Rupee 10/-each) for the financial year 2015-16 in their meeting held on 29th January 2016.

7. During the quarter, one thermal unit of 500 MW at Vindhyachal Super Thermal Power Station has been declared commercial w.e.f. 30th October 2015.

8.The above financial results have been reviewed by the Statutory Auditors as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

9. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.

10. The standalone financial results of the Company will be available on the investors section of our website http://www.ntpc.co.in and under Corporate Section of BSE Limited and National Stock Exchange of India Limited at http://www.bseindia.com & http://www.nseindia.com.

11. Figures for the previous periods/year have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 29th January, 2016

(K. BISWAL)
DIRECTOR (FINANCE)