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« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016

(Rupee in Crore)
Sl. No. Particulars Quarter ended 31.12.2016 (Unaudited) Quarter ended 30.09.2016 (Unaudited) Quarter ended 31.12.2015 (Unaudited) Nine months ended 31.12.2016 (Unaudited) Nine months ended 31.12.2015 (Unaudited)
1 2 3 4 5 6 7
1 Income from operations          
  (a) Gross sales 19287.47 19241.47 17358.98 57468.75 52117.56
  (b) Other operating income 108.45 156.47 126.74 388.02 401.10
  Total income from operations (a+b) 19395.92 19397.94 17485.72 57856.77 52518.66
2 Expenses          
  (a) Fuel cost 12080.43 11912.97 10580.28 35625.77 33630.25
  (b) Employee benefits expense 843.68 848.31 868.42 2690.16 2668.66
  (c) Depreciation and amortisation expense 1485.31 1434.15 1371.63 4314.65 3846.65
  (d) Other expenses 1220.58 1240.85 1233.38 3722.57 3779.32
  Total expenses (a+b+c+d) 15630.00 15436.28 14053.71 46353.15 43924.88
3 Profit from operations before other income, finance costs and exceptional items (1-2) 3765.92 3961.66 3432.01 11503.62 8593.78
4 Other income 250.17 190.62 238.96 598.68 758.09
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 4016.09 4152.28 3670.97 12102.30 9351.87
6 Finance costs 909.03 889.83 842.43 2699.28 2420.44
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 3107.06 3262.45 2828.54 9403.02 6931.43
8 Exceptional items - - - - -
9 Profit from ordinary activities before tax (7+8) 3107.06 3262.45 2828.54 9403.02 6931.43
10 Regulatory income/(expense) (25.20) (4.43) (38.43) (26.32) 16.03
11 Profit from ordinary activities before tax  (9+10) 3081.86 3258.02 2790.11 9376.70 6947.46
12 Tax expense:          
  (a) Current tax (refer note 6) 557.37 686.51 85.20 1891.20 (1083.18)
  (b) Tax expense/(saving) pertaining to rate regulated activities (5.38) (0.94) (15.43) (5.62) 3.42
  (c) Deferred tax 649.15 395.59 485.30 1395.60 593.27
  (d) Less: Deferred asset for deferred tax liability 588.00 319.11 433.73 1207.78 542.96
  Total tax expense (a+b+c-d) 613.14 762.05 121.34 2073.40 (1029.45)
13 Net profit from ordinary activities after tax (11-12) 2468.72 2495.97 2668.77 7303.30 7976.91
14 Extraordinary items (net of tax) - - - - -
15 Net profit for the period (13-14) 2468.72 2495.97 2668.77 7303.30 7976.91
16 Other comprehensive income (net of tax) (91.62) (26.50) (3.33) (116.74) (52.33)
17 Total comprehensive income (15+16) 2377.10 2469.47 2665.44 7186.56 7924.58
18 Paid-up equity share capital  (Face value of share Rupee 10/- each) 8245.46 8245.46 8245.46 8245.46 8245.46
19(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):          
  (a) Basic 3.00 3.03 3.23 8.86 9.67
  (b) Diluted 3.00 3.03 3.23 8.86 9.67
19(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):          
  (a) Basic 3.00 3.03 3.23 8.86 9.67
  (b) Diluted 3.00 3.03 3.23 8.86 9.67
19(iii) Earnings per share (for continuing operations) - (of Rupee 10/- each) (not annualised) (in Rupee):          
  (a) Basic 3.00 3.03 3.23 8.86 9.67
  (b) Diluted 3.00 3.03 3.23 8.86 9.67

See accompanying notes to the financial results.

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016

(Rupee in Crore)
Sl.No. Particulars Quarter ended
31.12.2016 
(Unaudited)
Quarter
ended 30.09.2016
(Unaudited)
Quarter ended
31.12.2015 
(Unaudited)
Nine Months ended
31.12.2016
(Unaudited)
Nine months ended
31.12.2015
(Unaudited)
1 2 3 4 5 6 7
1 Segment revenue          
  - Generation 19555.62 19491.54 17523.56 58163.36 52643.87
  - Others 48.08 43.55 27.33 126.30 78.07
  - Un-allocated 42.39 53.47 173.79 165.79 554.81
  - Total 19646.09 19588.56 17724.68 58455.45 53276.75
2 Segment results (Profit before tax and interest)          
  - Generation 4235.64 4411.73 3778.52 12810.58 9688.50
  - Others 20.52 (82.29) 0.98 (53.10) (27.61)
  Total 4256.16 4329.44 3779.50 12757.48 9660.89
  Less          
  (i) Unallocated finance costs 909.03 889.83 842.43 2699.28 2420.44
  (ii) Other unallocable expenditure net of unallocable income 265.27 181.59 146.96 681.50 292.99
  Profit before tax 3081.86 3258.02 2790.11 9376.70 6947.46
3 Segment assets          
  - Generation 122990.13 122594.24 111348.43 122990.13 111348.43
  - Others 3090.76 3050.85 2019.72 3090.76 2019.72
  - Un-allocated 107368.64 99146.89 96440.19 107368.64 96440.19
  Total 233449.53 224791.98 209808.34 233449.53 209808.34
4 Segment liabilities          
  - Generation 14133.16 13549.16 13933.10 14133.16 13933.10
  - Others 1735.89 1701.17 1272.79 1735.89 1272.79
  - Un-allocated 120720.35 115072.48 104482.54 120720.35 104482.54
  - Total 136589.40 130322.81 119688.43 136589.40 119688.43
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 8th February 2017 and approved by the Board of Directors in the meeting held on the same day.

2. The statutory auditors of the Company have carried out the limited review of the financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3. The unaudited standalone financial statements do not include figures for the previous year ended 31st March 2016 as per the option given in SEBI's Circular No. CIR/CFD/FAC/2016 dated 5th July 2016.

4. The Company adopted Ind AS from 1st April 2016 and accordingly the financial results are prepared in compliance with Ind AS pursuant to the Notification of Ministry of Corporate Affairs (MCA) dated 16th February 2016. The comparative figures for the quarter and nine-months ended 31st December 2015 have been restated as per Ind AS. Reconciliation of net profit as reported in previous GAAP to Ind AS:

(Rupee in Crore)
Particulars Quarter ended 31.12.2015 Nine Months ended 31.12.2015
Profit after tax as reported under previous GAAP 2,492.87 7,526.50
Add/(less) adjustments for Ind AS:    
Actuarial loss on defined benefit plans recognised in Other comprehensive income (net of tax) 12.09 35.47
Capitalisation of major overhaul & spares 155.92 404.66
Depreciation and amortization 21.50 109.84
Recognition of financial assets/liabilities at amortised cost (16.63) (46.87)
Impact of embedded leases (6.28) (16.05)
Provision of rebate to customers 9.30 (36.64)
Net Profit as per Ind AS 2,668.77 7,976.91
Other Comprehensive Income (net of tax):    
Actuarial loss on defined benefit plans  (12.09) (35.47)
Fair valuation of investments  8.76 (16.86)
Total comprehensive income as reported under Ind AS 2,665.44 7,924.58

5(a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for thirteen stations for the period 2014-19 under Regulations, 2014 and beneficiaries are billed based on tariff orders issued by the CERC. Pending issue of provisional/final tariff orders w.e.f. 1st April 2014 for balance stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 and as provided in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV 'as received' measured after the secondary crusher till 30th September 2016 and GCV measured on wagon top w.e.f. 1st October 2016. The amount provisionally billed for the quarter and nine-months ended 31st December 2016 is Rupee 18,457.79 crore and Rupee 55,595.31 crore respectively (previous quarter and nine-months Rupee 16,492.62 crore and Rupee 52,798.23 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Tariff Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal ‘as received’, CERC has issued an order dated 25th January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from wagon top at the generating stations. The Company's review petition before the CERC in respect of the above order has been dismissed vide their order dated 30th June 2016. Pending final decision of the Hon'ble Delhi High Court, in line with the CERC order, measurement of GCV from wagon top samples at the unloading end has been started w.e.f 1st October 2016. Vide order dated 10th November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementing wagon top sampling.

Sales for the quarter and nine-months ended 31st December 2016 have been provisionally recognized at Rupee 18,739.00 crore and Rupee 56,483.22 crore respectively (previous quarter and nine-months Rupee 17,228.07 crore and Rupee 53,201.24 crore) on the basis of said Regulations 2014, wherein energy charges included in sales, in respect of the coal based stations have been recognized based on the GCV ‘as received’ measured after secondary crusher till 30th September 2016 and GCV measured on wagon top w.e.f. 1st October 2016.


(c). Sales for the quarter and nine-months ended 31st December 2016 include Rupee 374.05 crore and Rupee 471.84 crore respectively (previous quarter and nine-months (-) Rupee 24.11 crore and Rupee 207.34 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d). Sales for the quarter and nine-months ended 31st December 2016 includes Rupee Nil (previous quarter and nine-months Rupee Nil and (-) Rupee 1,693.65 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter and nine-months ended 31st December 2016 also include Rupee 12.31 crore and Rupee 36.94 crore respectively (previous quarter and nine-months (-) Rupee 5.89 crore and Rupee 19.60 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

6. Provision for current tax for the quarter and nine-months ended 31st December 2016 includes (-) Rupee 107.56 crore, being tax related to earlier years (previous quarter and nine-months (-) Rupee 414.46 crore and (-) Rupee 2,453.48 crore).  

7. The Board of Directors has recommended interim dividend of Rupee 2.61 per equity share (face value of Rupee 10/- each) for the financial year 2016-17 in their meeting held on 8th February 2017.

8.For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.

9. Figures for the previous periods have been regrouped/reclassified wherever necessary, to conform to current period's classification.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 8th February, 2017

(K. BISWAL)
DIRECTOR (FINANCE)