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« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2016

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2016

  (Rupee in Crore)
Sl. No. Particulars Quarter ended 30.06.2016 (Unaudited) Quarter ended 
30.06.2015 
(Unaudited & not subjected to review)
(Refer note 3)
1 2 3 4
1 Income from operations    
  (a) Gross sales (refer note 8) 18939.81 17010.35
  (b) Other operating income 123.10 82.63
  Total income from operations (a+b) 19062.91 17092.98
2 Expenses    
  (a) Fuel cost 11632.37 11509.14
  (b) Employee benefits expense 958.86 891.12
  (c) Depreciation and amortisation expense 1395.19 1186.30
  (d) Other expenses 1261.14 1161.37
  Total expenses (a+b+c+d) 15247.56 14747.93
3 Profit from operations before other income, finance costs and exceptional items (1-2) 3815.35 2345.05
4 Other income 157.89 240.93
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 3973.24 2585.98
6 Finance costs 900.42 751.49
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 3072.82 1834.49
8 Exceptional items - -
9 Profit from ordinary activities before tax (7+8) 3072.82 1834.49
10 Regulatory income/(expense) 3.31 20.12
11 Profit from ordinary activities before tax  (9+10) 3076.13 1854.61
12 Tax expense: - -
  (a) Current tax (refer note 7) 655.71 (429.67)
  (b) Tax expense/(saving) pertaining to rate regulated activities 0.70 6.96
  (c) Deferred tax 350.86 89.03
  (d) Less: Deferred asset for deferred tax liability 300.67 88.21
  Total tax expense (a+b+c-d) 706.60 (421.89)
13 Net profit from ordinary activities after tax (11-12) 2369.53 2276.50
14 Extraordinary items (net of tax) - -
15 Net profit for the period (13-14) 2369.53 2276.50
16 Other comprehensive income (net of tax) (29.54) (33.71)
17 Total comprehensive income (15+16) 2339.99 2242.79
18 Paid-up equity share capital (Face value of share Rupee 10/- each) 8245.46 8245.46
19(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):    
  (a) Basic   2.87 2.76
  (b) Diluted 2.87 2.76
19(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):    
  (a) Basic  2.87 2.76
  (b) Diluted 2.87 2.76
19(iii) Earnings per share (for continuing operations) - (of Rupee 10/- each) (not annualised) (in Rupee):    
  (a) Basic  2.87 2.76
  (b) Diluted 2.87 2.76

See accompanying notes to the financial results

 
 

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30TH JUNE 2016

(Rupee in Crore)
Sl.No. Particulars Quarter ended 30.06.2016 (Unaudited) Quarter ended 30.06.2015 (Unaudited & not subjected to review)
(Refer note 3)
1 2 3 4
1 Segment revenue    
  - Generation 19116.20 17126.81
  - Others 34.67 23.75
  - Un-allocated 69.93 183.35
  - Total 19220.80 17333.91
2 Segment results (Profit before tax and interest)    
  - Generation 4163.21 2667.22
  - Others 8.67 (1.70)
  Total 4171.88 2665.52
  Less    
  (i) Unallocated finance costs 900.42 751.49
  (ii) Other unallocable expenditure net of unallocable income 195.33 59.42
  Profit before tax 3076.13 1854.61
3 Segment assets    
  - Generation 122778.97 103906.59
  - Others 2587.01 1618.99
  - Un-allocated 93852.44 95278.80
  Total 219218.42 200804.38
4 Segment liabilities    
  - Generation 14467.33 14304.94
  - Others 1790.08 1226.18
  - Un-allocated 109255.95 99133.92
  Total 125513.36 114665.04
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 22nd August 2016 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 for the quarter ended 30th June 2016 as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3. 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 ended 30th June 2015 have been restated by the Management as per Ind AS and have not been subject to limited review or audit. However, the Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.

4. The financial results do not include figures for the preceding quarter and previous year ended 31st March, 2016 as per SEBI's Circular No. CIR/CFD/FAC/2016 dated 5th July 2016.

5. Reconciliation of net profit as reported in previous GAAP to Ind AS:

(Rupee in Crore)
Particulars

Quarter ended 30.06.2015

Profit after tax as reported under previous GAAP 2,135.35
Add/(less) adjustments for Ind AS:  
Acturial loss on defined benefit plans recognised in Other comprehensive income 19.07
Capitalisation of major overhaul & spares 129.48
Depreciation and amortization  52.01
Recognition of financial assets/liabilities at amortised cost (19.12)
Impact of embedded leases (5.09)
Provision of rebate to customers (35.20)
Net Profit as per Ind AS 2,276.50
Other Comprehensive Income (net of tax):  
Acturial loss on defined benefit plans  (19.07)
Fair valuation of investments  (14.64)
Total comprehensive income as reported under Ind AS 2,242.79

6(a). The 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 energy charges in respect of the coal based stations are provisionally billed based on the GCV 'as received' measured after the secondary crusher. The amount provisionally billed for the quarter ended 30th June 2016 is Rupee 18,367.86 crore (previous quarter Rupee 17,713.48 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Tariff Regulations, 2014. On 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 ‘as received’ basis should be collected from loaded wagons at the generating stations. Company had filed a review petition in respect of this CERC order on 1st March 2016 which has been dismissed by CERC vide order dated 30th June 2016. 

Further, vide order dated 19th February 2016 in respect of a petition filed by a beneficiary, CERC issued directions that the grade slippage between the loading point at the mines' end and unloading point at the generating stations is to be passed on through tariff to the beneficiaries. In the meantime, in compliance to the CERC directions issued vide said order dated 19th February 2016, efforts are being made to explore the mechanism for measurement of GCV of coal ‘as received’, from the loaded wagons at the generating stations. In the absence of suitable measurement mechanism of comparable GCV, the financial impact, if any, of the difference between the GCV ‘as received’ measured after collection of samples from loaded wagons at the generating stations and that of GCV ‘as received’ measured after secondary crusher, cannot be quantified. Considering the distance between both the measuring points, which are generally within the station and are at a distance less than one KM from the unloading point of the wagons, the above difference will not be material. 

Pending final decision of the Hon'ble High Court, sales  for the quarter ended 30th June 2016 have been provisionally recognized at Rupee 18,786.76 crore (previous quarter Rupee 17,739.64 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. 

(c) Sales for the quarter ended 30th June 2016 include (-) Rupee 35.18 crore  (previous quarter (-) Rupee 43.02 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) Sales for the quarter ended 30th June 2016 include Rupee Nil  (previous quarter (-) Rupee 791.97 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter ended 30th June 2016 also include Rupee 12.31 crore (previous quarter Rupee 12.74 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

7. Provision for current tax for the quarter ended 30th June 2016 includes tax related to earlier years amounting to Rupee Nil (previous quarter (-) Rupee 841.82 crore). 

8. Sales have been presented on gross basis in accordance with Ind AS 18. Electricity duty amounting to Rupee 204.38 crore (previous quarter Rupee 167.25 crore) has been presented as an expense.

9. During the quarter, one thermal unit of 250 MW at Bongaigaon Thermal Power Project w.e.f. 1st April 2016 and solar units of 200 MW at NP Kunta Ultra Mega Solar Power Project at Anantapuram w.e.f. 9th May 2016 have been declared commercial.

10. 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.

11. Figures for the previous period 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: 22thAugust 2016

(K. BISWAL)
DIRECTOR (FINANCE)