Investors

« Back Q3 Financial results 2012 -2013

PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2012

(Rupee/Lakh)
Sl. No. Particulars Quarter ended 31.12.2012 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Quarter ended 31.12.2011 (Unaudited) Nine-Months ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2011 (Unaudited) Year ended 31.03.2012 (Audited)
1 2 3 4 5 6 7 8
1 Income from operations            
  (a) Net sales (net of electricity duty) 1577491 1611967 1533230 4785454 4488133 6114489
  (b) Other operating income 3265 23166 21006 47030 80939 90734
  Total income from operations (net) (a+b) 1580756 1635133 1554236 4832484 4569072 6205223
2 Expenses  
  (a) Fuel cost 1009818 993266 1079329 3062856 3119251 4163546
  (b) Employee benefits expense 69164 89645 71882 237876 219415 309048
  (c) Depreciation and amortisation expense 82876 78652 75603 237550 205544 279170
  (d) Other expenses 98987 106629 96439 299716 246367 327521
  Total expenses (a+b+c+d) 1260845 1268192 1323253 3837998 3790577 5079285
3 Profit from operations before other income, finance costs and exceptional items (1-2) 319911 366941 230983 994486 778495 1125938
4 Other income 72199 81655 70205 221748 210845 277842
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 392110 448596 301188 1216234 989340 1403780
6 Finance cost 53038 30346 44905 133319 122464 171164
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 339072 418250 256283 1082915 866876 1232616
8 Exceptional items - - - - - -
9 Profit from ordinary activities before tax (7-8) 339072 418250 256283 1082915 866876 1232616
10 Tax expense:
  (a) Current tax 72520 101127 32882 241879 213615 306848
  (b) Deferred tax 6876 2888 10362 17258 (9768) 3395
  Total tax expense (a+b) 79396 104015 43244 259137 203847 310243
11 Net profit from ordinary activities after tax (9-10) 259676 314235 213039 823778 663029 922373
12 Extraordinary items (net of tax expense) - - - - - -
13 Net profit for the period (11-12) 259676 314235 213039 823778 663029 922373
14 Paid-up equity share capital (Face value of share Rupee10/- each) 824546 824546 824546 824546 824546 824546
15 Reserves excluding revaluation reserve as per balance sheet           6504571
16(i) Earning per share (before extraordinary items)
(of Rupee 10/- each) (not annualised) (in Rupee):

 
           
  (a) Basic 3.15 3.81 2.58 9.99 8.04 11.19
  (b) Diluted 3.15 3.81 2.58 9.99 8.04 11.19
16(ii) Earning per share (after extraordinary items)
(of Rupee 10/- each) (not annualised) (in Rupee):

 
           
  (a) Basic 3.15 3.81 2.58 9.99 8.04 11.19
  (b) Diluted 3.15 3.81 2.58 9.99 8.04 11.19

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Nine-Months ended 31st December 2012

Sl. No. Particulars Quarter ended 31.12.2012 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Quarter ended 31.12.2011 (Unaudited) Nine-Months ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2011 (Unaudited) Year ended 31.03.2012 (Audited)
1 2 3 4 5 6 7 8
A PARTICULARS OF SHAREHOLDING            
1 Public shareholding            
  - Number of shares 1278103220 1278103220 1278103220 1278103220 1278103220 1278103220
  - % age of shareholding 15.50 15.50 15.50 15.50 15.50 15.50
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 6967361180 6967361180 6967361180 6967361180 6967361180 6967361180
  - 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)
84.50 84.50 84.50 84.50 84.50 84.50
Sl.No. Particulars Quarter ended 31.12.2012
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 1
  Received during the quarter 1138
  Disposed of during the quarter 1137
  Remaining unresolved at the end of the quarter 2

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2012

(Rupee/Lakh)
Sl.
No.
Particulars Quarter ended 31.12.2012 (Unaudited) Quarter ended 30.09.2012 (Unaudited) Quarter ended 31.12.2011 (Unaudited) Nine-Months ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2011 (Unaudited) Year ended 31.03.2012 (Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 1583902 1637217 1557238 4840217 4571973 6211551
  - Others 2485 3370 3462 8805 11397 14605
  Total 1586387 1640587 1560700 4849022 4583370 6226156
2 Segment results (Profit before tax and interest)            
  - Generation 340337 407993 260568 1083526 850324 1230036
  - Others (213) 957 (3231) 401 (772) (1946)
  Total 340124 408950 257337 1083927 849552 1228090
  Less:            
  (i) Unallocated interest and finance charges 53038 30346 44905 133319 122464 171164
  (ii) Other unallocable expenditure net of unallocable income (51986) (39646) (43851) (132307) (139788) (175690)
  Profit before tax 339072 418250 256283 1082915 866876 1232616
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 6094503 5890377 5697925 6094503 5697925 5640727
  - Others 3745 4310 4241 3745 4241 5299
  - Un-allocated 2054645 1998530 1750095 2054645 1750095 1683091
  Total 8152893 7893217 7452261 8152893 7452261 7329117

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 and approved by the Board of Directors in their meetings held on 21st January 2013.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and also notified First, Second and Third Amendments 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 for 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 nine-months ended 31st December 2012 respectively on this basis is Rupee 15,77,912 lakh and Rupee 46,52,105 lakh (corresponding previous quarter and nine-months Rupee 15,67,591 lakh and Rupee 44,32,967 lakh).

(b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, sales have been recognised at Rupee 13,59,635 lakh and Rupee 40,58,654 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee 14,41,000 lakh and Rupee 40,87,860 lakh) by truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at Rupee 2,10,952 lakh and Rupee 5,74,572 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee 1,44,176 lakh and Rupee 3,85,870 lakh) by truing up capital expenditure to arrive at the capacity charges on the basis of principles enunciated in the said Regulations, 2009.

(c) (i) Sales include Rupee 2,992 lakh and Rupee 1,16,352 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee (-) 15,547 lakh and Rupee 36,334 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity.

(ii) Sales include Rupee Nil lakh and Rupee 23,332 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee (-) 40,724 lakh and Rupee (-) 35,723 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include Rupee 1,189 lakh and Rupee 3,568 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee 893 lakh and Rupee 2,680 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Ministry of Corporate Affairs, Government of India through Circular no. 25/2012 dated 9th August 2012 has clarified that para 6 of Accounting Standard (AS) 11 and para 4 (e) of AS 16 shall not apply to a Company which is applying para 46-A of AS 11. Consequently, exchange differences arising on settlement/translation of foreign currency loans to the extent regarded as an adjustment to interest costs as per para 4 (e) of AS 16 and charged to statement of Profit and Loss have now been adjusted in the cost of related assets. As a result, profit for the nine-months ended 31st December 2012 is higher by Rupee 2,543 lakh, fixed assets are higher by Rupee 24,011 lakh and Deferred Income from Foreign Currency Fluctuation is higher by Rupee 21,468 lakh.

4. During the quarter ended 31st December 2012, one unit of 500 MW at Rihand Project of the Company has been declared commercial w.e.f 19th November 2012.

5. The Company has been making payment towards supply of coal considering the GCV based pricing w.e.f. 1st January 2012. Accordingly, the amount payable/recoverable to/from the Coal Companies based on GCV based pricing of coal has been accounted with corresponding billing to the beneficiaries. This does not have significant impact on the profit of the Company.

6. Current tax expense includes Rupee (-) 45 lakh and Rupee (-) 4,668 lakh for the quarter and nine-months ended 31st December 2012 respectively (corresponding previous quarter and nine-months Rupee (-) 31,434 lakh and Rupee 15,741 lakh) related to earlier years.

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: 21st January 2013

(A. K. SINGHAL)
DIRECTOR (FINANCE)