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Unaudited Financial Results for the Quarter ended 30th June 2010

(Rs./ Lakh)
S.No. Particulars Quarter ended 30.06.2010 (Unaudited) Quarter ended 30.06.2009 (Unaudited) Year ended 31.03.2010 (Audited)
1 2 3 4 5
1 (a) Net Sales (Net of Electricity Duty) 1294449 1200268 4632259
  (b) Other Operating Income 35806 52529 189873
2 Expenditure      
  (a) Fuel Cost 870231 774266 2946274
  (b) Employees Cost 68382 59042 241236
  (c) Depreciation 68272 61279 265006
  (d) Other Expenditure 57163 49393 202710
  Total (a+b+c+d) 1064048 943980 3655226
3 Profit from Operations before Other Income, Interest & Exceptional Items (1-2) 266207 308817 1166906
4 Other Income 22687 25099 102533
5 Profit before Interest & Exceptional Items (3+4) 288894 333916 1269439
6 Interest & Finance Charges 53575 44467 180893
7 Profit after Interest but before Exceptional Items (5-6) 235319 289449 1088546
8 Exceptional items - - -
9 Profit (+) /Loss (-) from Ordinary Activities before Tax (7+8) 235319 289449 1088546
10 Tax Expenses:      
  a) Current Tax 42117 58190 194544
  b) Deferred Tax 9013 11897 20913
  c) Fringe Benefit Tax (FBT) - - 269
  Total Tax Expenses 51130 70087 215726
11 Net Profit (+)/ Loss (-) from Ordinary Activities after Tax (9-10) 184189 219362 872820
12 Extraordinary Items (Net of tax expenses) - - -
13 Net Profit (+)/ Loss (-) for the period (11-12) 184189 219362 872820
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 2010     5419196
16 Earning per share - (EPS in Rs.)      
  (a) Basic and diluted EPS before Extraordinary items (not annualised) 2.23 2.66 10.59
  (b) Basic and diluted EPS after Extraordinary items (not annualised) 2.23 2.66 10.59
17 Public Shareholding      
  (a) Number of shares 1278103220 865830000 1278103220
  (b) %age of shareholding 15.50 10.50 15.50
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 6967361180 7379634400 6967361180
  - Percentage of share (as % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00
  - Percentage of share (as % of the total share capital of the company) 84.50 89.50 84.50

REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th JUNE 2010

(Rs./ Lakh)
S.No. Particulars Quarter ended 30.06.2010 (Unaudited) Quarter ended 30.06.2009 (Unaudited) Year ended 31.03.2010 (Audited)
1 2 3 4 5
1 Segment Revenue (Net Sales)      
  - Generation 1290495 1196860 4616867
  - Others 3954 3408 15392
  - Total 1294449 1200268 4632259
2 Segment Results (Profit before Tax and Interest)      
  - Generation 238927 267629 1015253
  - Others 1537 1164 5816
  - Total 240464 268793 1021069
  Less:      
  (i) Unallocated Interest and Finance Charges 34258 28507 111682
  (ii) Other Unallocable expenditure net of unallocable income (29113) (49163) (179159)
  Total Profit before Tax 235319 289449 1088546
3 Capital Employed (Segment Assets - Segment Liabilities)      
  - Generation 3902678 3362896 3945020
  - Others 3381 2558 5445
  - Un-allocated 2521872 2590919 2293277
  - Total 6427931 5956373 6243742

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) notified the Tariff Regulations, 2009 in January 2009, containing inter-alia the terms and conditions for determination of tariff applicable for a period of five years with effect from 1st April 2009. Pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rs.1,280,172 lakh during the quarter ended 30th June 2010 (previous quarter Rs. 1,197,081 lakh) on the basis of principles enunciated in the said Regulations on the capital cost considering the orders of Appellate Tribunal for Electricity (ATE) for the tariff period 2004-2009 including as referred in para (c).

The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the Company has to provisionally bill the beneficiaries at the tariff applicable as on 31st March 2009 approved by the CERC. The amount provisionally billed during the quarter ended 30th June 2010 on this basis is Rs. 1,246,524 lakh (previous quarter Rs. 1,148,541 lakh).

b) Sales of Rs.3,927 lakh (previous quarter Rs.(-) 221 lakh) pertaining to previous years has been recognized based on the orders issued by the CERC/ATE.

c) In respect of stations/units where the CERC had issued tariff orders applicable from 1st April 2004 to 31st March 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the 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. The Company has submitted that it would not press for determination of the tariff by the CERC as per ATE orders pending disposal of the appeal by the Supreme Court.

Considering expert legal opinions obtained that, it is reasonable to expect ultimate collection, the sales for the tariff period 2004-2009 amounting to Rs. 102,560 lakh were recognised in earlier years based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE. Due to further CERC tariff orders received during the quarter ended 30th June 2010, the provisional sales of Rs.102,560 lakh has now been increased to Rs.105,006 lakh. The sales accounted as above is subject to final outcome of the decision of the Hon’ble Supreme Court of India and consequential effect, if any, will be given in the financial statements upon disposal of the appeal.

d) Sales for the quarter ended 30th June 2010 includes Rs.6,396 lakh on account of deferred tax recoverable from customers as per CERC Tariff Regulations, 2009.

2 Employees cost includes:

a) Rs.7,932 lakh (previous quarter Rs.5,644 lakh) towards pay revision of the employees in the non-executive category due w.e.f. 1st January 2007 having regard to the guidelines issued by the Department of Public Enterprises, Government of India.

b) Rs.7,001 lakh (previous quarter Rs.8,291 lakh) towards other employee benefits.

3 Interest and finance charges include:

a) Exchange differences regarded as adjustment to interest costs Rs.4,612 lakh for the quarter ended 30th June 2010 (previous quarter Rs.Nil).

b) Other exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long term) amounting to Rs.(-)1,159 lakh for the quarter ended 30th June 2010 (previous quarter Rs.(-) 196 lakh).

4 Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th June 2010:

Sl.No. Opening Balance Additions Disposals Closing Balance
No. of complaints 6 2952 2951 7

5 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 26th July 2010.

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

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

For and on behalf of the Board of Directors

Place: New Delhi
Date: 26th July 2010

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