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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September 2013

(Rupee/Lakh)
Sl. No. Particulars Quarter ended 30.09.2013 (Unaudited) Quarter ended 30.06.2013 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Half-Year ended 30.09.2013 (Unaudited) Half-Year ended 30.09.2012 (Unudited) Year ended 31.03.2013 (Audited)
1 2 3 4 5 6 7 8
1 Income from operations            
  (a) Net sales (net of electricity duty) 1627227 1561289 1611967 3188516 3207963 6431638
  (b) Other operating income 14317 4896 23166 19213 43765 135755
  Total income from operations (net) 1641544 1566185 1635133 3207729 3251728 6567393
2 Expenses  
  (a) Fuel cost 1013925 942583 993266 1956508 2053038 4101825
  (b) Employee benefits expense 83795 94250 89950 178045 169322 336012
  (c) Depreciation and amortisation expense 96794 94233 78652 191027 154674 339676
  (d) Other expenses 118630 97928 106629 216558 200729 418150
  Total expenses 1313144 1228994 1268497 2542138 2577763 5195663
3 Profit from operations before other income, finance costs and exceptional items (1-2) 328400 337191 366636 665591 673965 1371730
4 Other income  64397 69693 81960 134090 150159 310158
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 392797 406884 448596 799681 824124 1681888
6 Finance costs 62046 61741 30346 123787 80281 192436
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 330751 345143 418250 675894 743843 1489452
8 Exceptional items - - - - - 168411
9 Profit from ordinary activities before tax (7+8) 330751 345143 418250 675894 743843 1657863
10 Tax expense:
  (a) Current tax 73575 87115 101127 160690 169359 368084
  (b) Deferred tax 7886 5326 2888 13212 10382 27840
  Total tax expense (a+b) 81461 92441 104015 173902 179741 395924
11 Net profit from ordinary activities after tax (9-10) 249290 252702 314235 501992 564102 1261939
12 Extraordinary items (net of tax expense) - - - - - -
13 Net profit for the period (11-12) 249290 252702 314235 501992 564102 1261939
14 Paid-up equity share capital
(Face value of share Rupee 10/- each)

824546

824546

824546

824546

824546

824546
15 Paid-up debt capital       6062944 5387444 5814630
16 Reserves excluding revaluation reserve as per balance sheet           7214205
17 Debenture redemption reserve       229958 215329 253533
18 (i) Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):            
  (a) Basic 3.03 3.06 3.81 6.09 6.84 15.30
  (b) Diluted 3.03 3.06 3.81 6.09 6.84 15.30
18(ii) Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (inRupee):            
  (a) Basic 3.03 3.06 3.81 6.09 6.84 15.30
  (b) Diluted 3.03 3.06 3.81 6.09 6.84 15.30
19 Debt equity ratio       0.71 0.68 0.72
20 Debt service coverage ratio(DSCR)       2.55 3.13 3.17
21 Interest service coverage ratio(ISCR)       8.12 12.05 10.39

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Half-Year ended 30th September 2013

Sl. No. Particulars Quarter ended 30.09.2013 (Unaudited) Quarter ended 30.06.2013 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Half-Year ended 30.09.2013 (Unaudited) Half-Year ended 30.09.2012 (Unudited) Year ended 31.03.2013 (Audited)
1 2 3 4 5 6 7 8
A PARTICULARS OF SHAREHOLDING            
1 Public shareholding            
  - Number of shares 2061366100 2061366100 1278103220 2061366100 1278103220 2061366100
  - Percentage of shareholding 25.00 25.00 15.50 25.00 15.50 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 6184098300 6184098300 6967361180 6184098300 6967361180 6184098300
  - Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00
  - Percentage of shares (as a % of the total share capital of the company) 75.00 75.00 84.50 75.00 84.50 75.00
Sl. No Particulars Quarter ended 30.09.2013
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter -
  Received during the quarter 1739
  Disposed of during the quarter 1736
  Remaining unresolved at the end of the quarter 3

Standalone Statement of Assets and Liabilities

(Rupee/Lakh)
Sl. No. Particulars As at 30.09.2013 (Unaudited) As at 31.03.2013 (Audited)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  (a) Share capital 824546 824546
  (b) Reserves and surplus 7716196 7214205
  Sub-total - Shareholders' funds 8540742 8038751
2 Deferred revenue 213391 124405
3 Non-current liabilities    
  (a) Long-term borrowings 5577001 5325366
  (b) Deferred tax liabilities (net) 104742 91530
  (c) Other long-term liabilities 185117 196599
  (d) Long-term provisions 80912 73992
  Sub-total - Non-current liabilities 5947772 5687487
4 Current liabilities    
  (a) Trade payables 519659 515877
  (b) Other current liabilities 1125598 1044672
  (c) Short-term provisions 525235 700454
  Sub-total - Current liabilities 2170492 2261003
  TOTAL - EQUITY AND LIABILITIES 16872397 16111646
B ASSETS    
1 Non-current assets    
  (a) Fixed assets (including capital work-in-progress) 10669329 10004552
  (b) Non-current investments 948145 913764
  (c) Long-term loans and advances 943975 963345
  (d) Other non-current assets 192502 113277
  Sub-total - Non-current assets 12753951 11994938
2 Current assets    
  (a) Current investments 257450 162246
  (b) Inventories 453818 405719
  (c) Trade receivables 623463 536549
  (d) Cash and bank balances 1654213 1686770
  (e) Short-term loans and advances 264355 174553
  (f) Other current assets 865147 1150871
  Sub-total - Current assets 4118446 4116708
       
  TOTAL - ASSETS 16872397 16111646

Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30thSeptember 2013

(Rupee/Lakh)
Sl.
No.
Particulars Quarter ended 30.09.2013 (Unaudited) Quarter ended 30.06.2013 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Half-Year ended 30.09.2013 (Unaudited) Half-Year ended 30.09.2012 (Unaudited) Year ended 31.03.2013 (Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 1645370 1571139 1637217 3216509 3256315 6753745
  - Others 2224 2916 3370 5140 6320 12846
  - Total 1647594 1574055 1640587 3221649 3262635 6766591
2 Segment results (Profit before tax and interest)            
  - Generation 357020 369566 407993 726586 743189 1664505
  - Others (278) 73 957 (205) 614 1614
  - Total 356742 369639 408950 726381 743803 1666119
  Less:            
  (i) Unallocated finance costs 62046 61741 30346 123787 80281 192436
  (ii) Other unallocable expenditure net of unallocable income (36055) (37245) (39646) (73300) (80321) (184180)
  Profit before tax 330751 345143 418250 675894 743843 1657863
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 7093531 7164159 5890377 7093531 5890377 7100418
  - Others 6888 4244 4310 6888 4310 4496
  - Un-allocated 1440323 1123050 1998530 1440323 1998530 933837
  Total 8540742 8291453 7893217 8540742 7893217 8038751

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 the meeting held on 28thOctober 2013 and approved by the Board of Directors in the meeting held on 29th October 2013.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and First, Second and Third Amendments thereto in May 2011, June 2011 and December 2012 respectively (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1st April 2009 for all the stations except Talcher Thermal Power Station (TTPS). Beneficiaries are billed in accordance with the said provisional/final tariff orders except for TTPS where it is done on provisional basis. The amount billed for the quarter and half-year ended 30th September 2013 on this basis is Rupee 15,85,188 lakh and Rupee 31,35,657 lakh respectively (corresponding previous quarter and half-year Rupee 14,91,244 lakh and Rupee 30,74,193 lakh).

(b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009, sales for the quarter and half-year ended 30th September 2013 have been recognised at Rupee14,92,454 lakh and Rupee 29,41,183 lakh respectively (corresponding previous quarter and half-year Rupee 14,27,133 lakh and Rupee 29,70,267 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales for the quarter and half-year ended 30th September 2013 have been provisionally recognized at Rupee 1,18,499 lakh and Rupee 1,98,141 lakh respectively (corresponding previous quarter and half-year Rupee 48,717 lakh and Rupee 92,372 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.

(c) (i) Sales include Rupee 11,754 lakh and Rupee 31,826 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 1,02,372 lakh and Rupee 1,13,360 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include Rupee Nil and Rupee 8,110 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 29,213 lakh and Rupee 23,332 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include Rupee 1,892 lakh and Rupee 3,784 lakh repectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 1,190 lakh and Rupee2,379 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1stJanuary 2012. The Coal Supply Agreements entered into by the Company were required to be amended to incorporate acceptable procedures for sample collection, preparation, testing and analysis, to facilitate such migration, which are still pending. The Company's Board of Directors approved payments to the coal companies based on the GCV based pricing system, and directed to frame modalities for implementation of GCV based grading system. Accordingly, modalities were framed to effect joint sampling and testing of coal at mine end/station end and future payments to coal companies. The above modalities were communicated to the coal companies w.e.f. October/ November 2012, thereafter the Company released payments on the basis of GCV measured at station end following the implementation of the said modalities since variation in the GCV of coal supplied and received at power stations was noticed. The Company regularly informed coal companies about this variation which has not been accepted by them. The issue has been taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. Pending resolution of the issue, difference between the amount billed by the coal companies and the amount admitted by the company amounting to Rupee 4,06,512 lakh upto 30th September 2013 (Rupee 2,53,110 lakh upto 31st March 2013) has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

4. Other current assets as at 30th September 2013 include Rupee 42,896 lakh (Rupee 89,472 lakh as at 31st March 2013) 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. During the quarter, a payment of Rupee 53,630 lakh has been recieved from GOI on this account in the first phase. Management expects that the total cost incurred, anticipated expenditure on safety and stabilization measures, other recurring site expenses and interest costs as well as claims of various contractors/vendors for this project, will be compensated in full by the GOI. Hence no provision is considered necessary.

5. 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 off transferred to expenditure during construction.

6. During the quarter, the Company has paid final dividend of Rupee 2.00 per share including a special dividend of Rupee 1.25 per share (face value of Rupee 10/- each) for the financial year 2012-13.

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

8. 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 October 2013

(Dr. Arup Roy Choudhury)
Chairman & Managing Director