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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2014

(Rupee in Lakhs)
Sl. No. Particulars Quarter ended 31.12.2014 (Unaudited) Quarter ended 30.09.2014 (Unaudited) Quarter ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2014 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Year  ended 31.03.2014 (Audited)
1 2 3 4 5 6 7 8
1 Income from operations            
  (a)  Net sales (net of electricity duty) 1873898 1658236 1877939 5340781 5066455 7160263
  (b)  Other operating income 11911 15427 5774 52366 31555 41630
  Total income from operations (net) 1885809 1673663 1883713 5393147 5098010 7201893
2 Expenses            
  (a)  Fuel cost 1211963 1143933 1183052 3632409 3139560 4582971
  (b)  Employee benefits expense 90136 91801 118258 273778 294322 382478
  (c)  Depreciation and amortisation expense 125341 115158 102428 352046 293455 414219
  (d)  Other expenses (refer note 3) 117738 113696 117115 343309 338917 455669
  Total expenses 1545178 1464588 1520853 4601542 4066254 5835337
3 Profit from operations before other income, finance costs and exceptional items (1-2) 340631 209075 362860 791605 1031756 1366556
4 Other income  48128 53069 75188 154453 205973 264568
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 388759 262144 438048 946058 1237729 1631124
6 Finance costs 70081 66741 60103 203613 183890 240659
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 318678 195403 377945 742445 1053839 1390465
8 Exceptional items - - - - - -
9 Profit from ordinary activities before tax  (7+8) 318678 195403 377945 742445 1053839 1390465
10 Tax expense:            
  (a)  Current tax (refer note 4) 11275 (2188) 85375 7759 246065 279360
  (b)  Deferred tax 6568 9446 6442 25586 19654 13631
  (c)  Less: Deferred tax recoverable (refer note 5) 6565 19018 - 25583 - -
  Total tax expense (a+b-c) 11278 (11760) 91817 7762 265719 292991
11 Net profit from ordinary activities after tax (9-10) 307400 207163 286128 734683 788120 1097474
12 Extraordinary items (net of tax expense) - - - - - -
13 Net profit for the period (11-12) 307400 207163 286128 734683 788120 1097474
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            7756986
16(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):            
  (a) Basic   3.73 2.51 3.47 8.91 9.56 13.31
  (b) Diluted 3.73 2.51 3.47 8.91 9.56 13.31
16(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):            
  (a) Basic   3.73 2.51 3.47 8.91 9.56 13.31
  (b) Diluted 3.73 2.51 3.47 8.91 9.56 13.31
See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Nine-Months ended 31st December 2014

Sl. No. Particulars Quarter ended 31.12.2014 (Unaudited) Quarter ended 30.09.2014 (Unaudited) Quarter ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2014 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Year  ended 31.03.2014 (Audited)
1 2 3 4 5 6 7 8
A PARTICULARS OF SHAREHOLDING            
               
1 Public shareholding            
   - Number of shares 2064849420 2064849420 2061366100 2064849420 2061366100 2061366100
   - Percentage of shareholding 25.04 25.04 25.00 25.04 25.00 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 6180614980 6180614980 6184098300 6180614980 6184098300 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) 74.96 74.96 75.00 74.96 75.00 75.00
  Particulars

Quarter ended
31.12.2014

B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 1
  Received during the quarter 1156
  Disposed of during the quarter 1156
  Remaining unresolved at the end of the quarter 1

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2014

(Rupee in Lakhs)
Sl. No. Particulars Quarter ended 31.12.2014 (Unaudited) Quarter ended 30.09.2014 (Unaudited) Quarter ended 31.12.2013 (Unaudited) Nine-Months ended 31.12.2014 (Unaudited) Nine-Months ended 31.12.2013 (Unaudited) Year  ended 31.03.2014 (Audited)
1 2 3 4 5 6 7 8
               
1 Segment revenue            
  - Generation 1888501 1678287 1891548 5402885 5114625 7224026
  - Others 3018 2286 3591 8003 8731 11507
    Total 1891519 1680573 1895139 5410888 5123356 7235533
               
2 Segment results (Profit before tax and interest)            
  - Generation 368468 242405 402021 880411 1128607 1497480
  - Others (1299) 367 1021 (1049) 816 1623
    Total 367169 242772 403042 879362 1129423 1499103
  Less :            
  (i) Unallocated finance costs 70081 66741 60103 203613 183890 240659
  (ii) Other unallocable expenditure net of unallocable income (21590) (19372) (35006) (66696) (108306) (132021)
               
  Profit before tax 318678 195403 377945 742445 1053839 1390465
               
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 8582122 7861889 7216218 8582122 7216218 8194117
  - Others 49924 47072 18589 49924 18589 39387
  - Un-allocated 683619 1099305 1592063 683619 1592063 348028
    Total 9315665 9008266 8826870 9315665 8826870 8581532
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 30th January 2015.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). Pending issue of provisional/final tariff orders w.e.f. 1st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 as  provided in the Regulations 2014. The amount provisionally billed for the quarter and nine-months ended 31st December 2014 is Rupee 18,89,572 lakh and Rupee 54,87,611 lakh respectively (corresponding previous quarter and nine-months Rupee 17,87,233 lakh and Rupee 49,22,890 lakh).

(b) The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations, 2014. Pending issue of provisional/final tariff orders under Regulations, 2014 by the CERC and disposal of the petition, sales have been provisionally recognised at Rupee 18,56,997 lakh for the quarter and Rupee 54,20,032 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 17,89,173 lakh and Rupee 49,28,495 lakh) on the basis of said Regulations.  

(c) Sales include Rupee 12,082 lakh for the quarter and Rupee 44,099 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 63,955 lakh and Rupee 95,780 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include (-) Rupee 1,019 lakh for the quarter and (-) Rupee 1,39,942 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 19,855 and Rupee 27,965 lakh) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee 2,952 lakh for the quarter and Rupee 8,856 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 1,892 lakh and Rupee 5,676 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. In line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to Rupee 20,832 lakh upto 31st March 2014 has been recognised as prior period sales and netted from 'Other expenses'.

4. Provision for current tax for the quarter and nine-months includes tax related to earlier years amounting to (-) Rupee 66,360 lakh and (-) Rupee 1,95,253 lakh respectively (corresponding previous quarter and nine-months Rupee 19,879 lakh). 

5. Regulations, 2014 provides recovery of income tax from the beneficiaries by grossing up of the return on equity based on effective tax rate for the financial year i.e. based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the quarter and nine-months ended 31st December 2014 on the generation income is accounted as 'Deferred tax recoverable' as the same will be recovered from the beneficiaries in future years.

6. Government of India has promulgated Coal Mines (Special Provisions) Ordinance, 2014 (Ordinance) on 21st October 2014 wherein five coal blocks allotted to the Company have been cancelled. As per Section 5 of the said Ordinance, the cancelled coal blocks may be allotted to a Government Company subject to fulfillment of certain conditions. The Nominated Authority of the Ministry of Coal, vide order dated 18th December 2014 has earmarked 36 coal blocks for ‘Allotment’ under Section 5(1) of Ordinance. The five coal blocks of the Company are appearing in this list. The Company expects the allotment of the cancelled coal blocks in its favour. Accordingly, the Company considers the expenditure incurred on these coal blocks as good.

7. The Company has revised the accounting policy for depreciation of certain assets in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1st April 2014. Consequently, profit for the quarter and nine-months ended 31st December 2014 is lower by Rupee 319 lakh & Rupee 1,145 lakh respectively and fixed assets as at 31st December 2014 are lower by Rupee 1,692 lakh.  Further, an amount of Rupee  547 lakh has been adjusted with the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

8.The Board of Directors has recommended interim dividend of Rupee 0.75 per equity share (face value Rupee 10/-each) for the financial year 2014-15 in their meeting held on 30th January 2015.

9. During the quarter, one thermal unit of 660 MW at Barh w.e.f. 15th November 2014 and solar PV power station of 15 MW at Singrauli w.e.f. 31st December 2014 have been declared commercial.

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

11. 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: 30th January, 2015

(K. BISWAL)
DIRECTOR (FINANCE)