Investors

« Back Q3 Financial results 2013-2014

PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2013

(Rupee/Lakh)
Sl. No. Particulars Quarter ended 31.12.2013 (Unaudited) Quarter ended 30.09.2013 (Unaudited) Quarter ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2012 (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) 1877939 1627227 1577491 5066455 4785454 6431638
  (b) Other operating income 2573 14317 3265 21786 47030 135755
  Total income from operations (net) 1880512 1641544 1580756 5088241 4832484 6567393
2 Expenses  
  (a) Fuel cost 1183052 1013925 1009818 3139560 3062856 4101825
  (b) Employee benefits expense 117965 85119 71120 297334 242796 339877
  (c) Depreciation and amortisation expense 102428 96794 82876 293455 237550 339676
  (d) Other expenses 113914 117306 98180 329148 296555 414285
  Total expenses 1517359 1313144 1261994 4059497 3839757 5195663
3 Profit from operations before other income, finance costs and exceptional items (1-2) 363153 328400 318762 1028744 992727 1371730
4 Other income 74895 64397 73348 208985 223507 310158
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 438048 392797 392110 1237729 1216234 1681888
6 Finance costs 60103 62046 53038 183890 133319 192436
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 377945 330751 339072 1053839 1082915 1489452
8 Exceptional items - - - - - 168411
9 Profit from ordinary activities before tax (7+8) 377945 330751 339072 1053839 1082915 1657863
10 Tax expense:
  (a) Current tax 85375 73575 72520 246065 241879 368084
  (b) Deferred tax 6442 7886 6876 19654 17258 27840
  Total tax expense (a+b) 91817 81461 79396 265719 259137 395924
11 Net profit from ordinary activities after tax (9-10) 286128 249290 259676 788120 823778 1261939
12 Extraordinary items (net of tax expense) - - - - - -
13 Net profit for the period (11-12) 286128 249290 259676 788120 823778 1261939
14 Paid-up equity share capital
(Face value of share Rupee 10/- each)

824546

824546

824546

824546

824546

824546
15 Reserves excluding revaluation reserve as per balance sheet           7214205
16 (i) Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):            
  (a) Basic 3.47 3.03 3.15 9.56 9.99 15.30
  (b) Diluted 3.47 3.03 3.15 9.56 9.99 15.30
16(ii) Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (inRupee):            
  (a) Basic 3.47 3.03 3.15 9.56 9.99 15.30
  (b) Diluted 3.47 3.03 3.15 9.56 9.99 15.30

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Nine-Months ended 31st December 2013

Sl. No. Particulars Quarter ended 31.12.2013 (Unaudited) Quarter ended 30.09.2013 (Unaudited) Quarter ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2012 (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 31.12.2013
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 3
  Received during the quarter 1375
  Disposed of during the quarter 1375
  Remaining unresolved at the end of the quarter 3

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2013

(Rupee/Lakh)
Sl.
No.
Particulars Quarter ended 31.12.2013 (Unaudited) Quarter ended 30.09.2013 (Unaudited) Quarter ended 31.12.2012 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2012 (Unaudited) Year ended 31.03.2013 (Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 1888347 1645370 1583902 5104856 4840217 6753745
  - Others 3591 2224 2485 8731 8805 12846
  Total 1891938 1647594 1586387 5113587 4849022 6766591
2 Segment results (Profit before tax and interest)            
  - Generation 402021 357020 340337 1128607 1083526 1664505
  - Others 1021 (278) (213) 816 401 1614
  Total 403042 356742 340124 1129423 1083927 1666119
  Less:            
  (i) Unallocated finance costs 60103 62046 53038 183890 133319 192436
  (ii) Other unallocable expenditure net of unallocable income (35006) (36055) (51986) (108306) (132307) (184180)
  Profit before tax 377945 330751 339072 1053839 1082915 1657863
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 7216218 7093531 6094503 7216218 6094503 7100418
  - Others 18589 6888 3745 18589 3745 4496
  - Un-allocated 1592063 1440323 2054645 1592063 2054645 933837
  Total 8826870 8540742 8152893 8826870 8152893 8038751

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

 

Notes:

1. These results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their respective meetings held on 28th January 2014.

2. (a) In line with the Tariff 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 31stDecember, 2013 respectively on this basis is Rupee 17,87,233 lakh and Rupee 49,22,890 lakh (corresponding previous quarter and nine-months Rupee 15,77,912 lakh and Rupee 46,52,105 lakh).

(b) Sales for the quarter and nine-months ended 31st December 2013 respectively have been recognised at Rupee17,69,324 lakh and Rupee 48,71,824 lakh (corresponding previous quarter and nine-months Rupee 15,50,556 lakh and Rupee45,77,914 lakh) after truing up capital expenditure to arrive at the capacity charges for all stations for which the CERC has issued provisional/final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009 (except TTPS). For TTPS, pending issuance of provisional/ final tariff by the CERC, sales for the quarter and nine-months ended 31st December 2013 respectively have been provisionally recognized at Rupee 19,849 lakh and Rupee 56,671 lakh (corresponding previous quarter and nine-months Rupee 20,031 lakh and Rupee 55,312 lakh) on the basis of principles enunciated in the said Regulations, 2009 .

(c) (i) Sales include Rupee 63,955 lakh and Rupee 95,780 lakh respectively for the quarter and nine-months ended 31stDecember 2013 (corresponding previous quarter and nine-months Rupee 2,992 lakh and Rupee 1,16,352 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity.

(ii) Sales include Rupee 19,855 lakh and Rupee 27,965 lakh respectively for the quarter and nine-months ended 31st December 2013 (corresponding previous quarter and nine-months Rupee Nil 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 5,676 lakh respectively for the quarter and nine-months ended 31st December 2013 (corresponding previous quarter and nine-months Rupee 1,189 lakh and Rupee 3,568 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. Accordingly, 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. Pending this, 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 regulate future payments to coal companies, the same were communicated to the coal companies. Thereafter, w.e.f. October/November 2012 the Company released payments on the basis of GCV measured at station end, 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 was taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. This resulted in agreeing for incorporation of a provision for “Third party sample collection, preparation, testing and analysis,” at the loading end in place of joint sampling. Accordingly Coal Supply Agreement (CSA), 2012 and amendment to CSA, 2009 have since been signed with subsidiaries of Coal India Ltd.
The coal companies during October 2013 put in place the system of third party sample collection & analysis. Further, on the advice of the Government of India to both the companies for an early resolution to the GCV related issues for the past period, pending settlement, the company provided and paid an adhoc amount of Rupee 1,00,000 lakh to various subsidiaries of Coal India Ltd. during the quarter. Pending final resolution of the issue, an amount of Rupee 3,07,794 lakh up to 31st December 2013 ( Rupee 2,53,110 lakh upto 31st March 2013) after adjusting the aforesaid amount has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

4. During the quarter, NTPC Hydro Ltd. (a wholly owned subsidiary of the Company) has been merged with the Company consequent to the order of Ministry of Corporate Affairs, Government of India w.e.f. 1st April 2013.The merger does not have any material impact on the profits of the Company.

5. During the quarter, a defined contribution pension scheme of the Company has been implemented effective from 1stJanuary 2007. Employee benefits expense for the quarter and nine months ended 31st December 2013 include Rupee 34,656 lakh as additional contribution for the period from 1st January 2007 to 31st March 2013.

6. The Board of Directors has recommended interim dividend of Rupee 4.00 per equity share (face value Rupee 10/-each) for the financial year 2013-14 in their meeting held on 28th January 2014.

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: 28th January, 2014

(K. Biswal)
Director (Finance)