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Unaudited Financial Results for the Quarter ended 30th June 2009

(Rs./ Lakh)
Sl.. Particulars Quarter ended 30.06.2009 (Unaudited) Quarter ended 30.06.2008 (Unaudited) Year ended 31.03.2009 (Audited)
1 2 3 4 5
1 (a) Net Sales (Net of Electricity Duty) 1200268 953947 4192373
  (b) Other Operating Income 52529 41801 220235
2 Expenditure      
  (a) Fuel Cost 774266 613855 2711069
  (b) Employees Cost 59042 57790 246313
  (c) Depreciation 61279 55244 236448
  (d) Other Expenditure 49393 40124 195209
  Total (a+b+c+d) 943980 767013 3389039
3 Profit from Operations before Other Income, Interest & Exceptional Items (1-2) 308817 228735 1023569
4 Other Income 25099 29922 114668
5 Profit before Interest & Exceptional Items (3+4) 333916 258657 1138237
6 Interest & Finance charges 44467 42191 202290
7 Profit after Interest but before Exceptional Items (5-6) 289449 216466 935947
8 Exceptional items - - -
9 Profit (+) /Loss (-) from Ordinary Activities before Tax (7+8) 289449 216466 935947
10 Tax Expenses:      
  a) Current Tax 58190 43317 113834
  b) Deferred Tax 11897 1733 (44880)
  c) Fringe Benefit Tax (FBT) - 505 2098
  Total (a+b+c) 70087 45555 71052
  Less: Deferred Tax Recoverable/(Payable) - 1733 (44880)
  FBT transferred to Expenditure during construction/ Development of coal mines   9 115
  Tax Expenses (Net) 70087 43813 115817
11 Net profit (+)/ Loss (-) from Ordinary Activities after Tax (9-10) 219362 172653 820130
12 Extraordinary Items (Net of tax expenses) - - -
13 Net profit (+)/ Loss (-) for the period (11-12) 219362 172653 820130
14 Paid-up Equity Share Capital 
(Face value of share Rs.10/- each)
824546 824546 824546
15 Reserves excluding Revaluation Reserve as per Balance Sheet of 31st March 2009     4912460
16 Earning per share - (EPS in Rs.)      
  (a) Basic and diluted EPS before Extraordinary items (not annualised) 2.66 2.09 9.95
  (b) Basic and diluted EPS after Extraordinary items (not annualised) 2.66 2.09 9.95
17 Public Shareholding      
  (a) Number of shares 865830000 865830000 865830000
  (b) %age of shareholding 10.50% 10.50% 10.50%
18 Promoters and Promoter Group Shareholding      
  (a) Pledged/Encumbered      
  - Number of Shares - - -
  - Percentage of share (as % of the total shareholding of promoter and promoter group) - - -
  - Percentage of share (as % of the total share capital of the company) - - -
  (b) Non-encumbered      
  - Number of Shares 7379634400 7379634400 7379634400
  - Percentage of share (as % of the total shareholding of promoter and promoter group) 100% 100% 100%
  - Percentage of share (as % of the total share capital of the company) 89.50% 89.50% 89.50%

REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2009

(Rs./ Lakh)
Sl. Particulars Quarter ended 30.06.2009 (Unaudited) Quarter ended 30.06.2008 (Unaudited) Year ended 31.03.2009 (Audited)
1 2 3 4 5
1 Segment Revenue (Net Sales)      
  - Generation 1196860 951193 4179119
  - Others 3408 2754 13254
  - Total 1200268 953947 4192373
2 Segment Results (Profit before Tax and Interest)      
  - Generation 267629 193308 905305
  - Others 1164 404 4184
  - Total 268793 193712 909489
  Less:      
  (i) Unallocated Interest and Finance Charges 28507 28787 208630
  (ii) Other Unallocable expenditure net of unallocable income (49163) (51541) (235088)
  Total Profit before Tax 289449 216466 935947
3 Capital Employed (Segment Assets - Segment Liabilities)      
  - Generation 3362896 2826980 3383665
  - Others 2558 3240 3226
  - Un-allocated 2590919 2606293 2350115
  - Total 5956373 5436513 5737006

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

Notes:

1. a) The Central Electricity Regulatory Commission (CERC) has notified by Regulations the terms and conditions for determination of tariff applicable with effect from 1st April 2009 for a period of five years. Pending final determination of stationwise tariff by the CERC, sales have been provisionally recognized at Rs. 11,97,081 lakh on the basis of principles enunicated by the CERC in the said Regulations.

Pending final determination of tariff by the CERC as above, the Company continues to provisionally bill the beneficiaries from 1st April 2009 at the tariff approved by the CERC and applicable as on 31st March 2009 as provided in the Regulations, 2009. The amount billed for the quarter on this basis is Rs.11,48,541 lakhs.

b) Sales includes (-) Rs.221 lakh for the quarter (previous quarter Rs.6,179 lakh) pertaining to previous years recognized based on the orders issued by CERC/ATE.

2. In respect of stations/units where the CERC had issued final tariff orders applicable from 1st April 2004 to 31stMarch 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the Appellate Tribunal for Electricity (ATE). The ATE disposed off the appeals favourably directing the CERC to revise the tariff orders as per the directions and methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of India on some of the issues decided by the ATE which is pending. Sales for the tariff period 2004-2009 have been accounted for based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE. The sales so recognised for this quarter based  on CERC Regulations, 2009 have not been ascertained.

3. Employees cost includes the following provisions: 
a) Rs.17,063 lakh (previous quarter Rs.10,014 lakh) towards pay revision of the employees due w.e.f. 1st January 2007 in line with the guidelines issued by the Department of Public Enterprises, Government of India. 
b) Rs.8,291 lakh (previous quarter Rs.17,201 lakh) towards other employee benefits.

4. Interest and Finance Charges include: 
a) Exchange differences regarded as adjustment to interest costs Rs.Nil for the quarter ended 30th June 2009 (previous quarter Rs.3,054 lakh). 
b) Other exchange differences arising on translation of foreign currency loans/liabilities Rs.23 lakh for the quarter ended 30th June 2009 (previous quarter Rs.2,989 lakh).

Consequent to the amendment to Accounting Standard (AS) 11 notified by the Central Government on 3lst March 2009, exchange differences arising from restatement/settlement of long term foreign currency monetary items relating to acquisition of depreciable capital assets are adjusted in the cost of related assets w.e.f. the financial year 2008-09.

5. Considering the proposals made in the Finance Bill, 2009, no provision towards fringe benefit tax has been made during the quarter.

6. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th June 2009:

Sl.No. Opening Balance Additions Disposals Closing Balance
No. of complaints 9 2261 2263 7

7. The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 27th July 2009.

8. The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

9. Figures for the previous period have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 27th July 2009

Sd/-
(A. K. SINGHAL)
DIRECTOR (FINANCE)