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« Back Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September

 

PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September 

(Rupee in Lakhs)
Sl. No. Particulars

Quarter ended 30.09.2015 (Unaudited)

Quarter ended 30.06.2015 (Unaudited) Quarter ended 30.09.2014 (Unaudited) Half-Year ended 30.09.2015 (Unaudited) Half-Year ended 30.09.2014 (Unaudited) Year  ended 31.03.2015 (Audited)
1 2 3 4 5 6 7 8
1 Income from operations            
  (a) Net sales (net of electricity duty) 1772290 1701869 1658236 3474159 3466883 7263775
  (b) Other operating income 17561 6589 15427 24150 40455 60830
  Total income from operations (net) 1789851 1708458 1673663 3498309 3507338 7324605
2 Expenses            
  (a) Fuel cost 1154083 1150914 1143933 2304997 2420446 4884519
  (b) Employee benefits expense 92168 92276 91801 184444 183642 366978
  (c) Depreciation and amortisation expense 132291 123795 115158 256086 226705 491165
  (d) Other expenses 140535 121501 113696 262036 225571 464548
  Total expenses 1519077 1488486 1464588 3007563 3056364 6207210
3 Profit from operations before other income, finance costs and exceptional items (1-2) 270774 219972 209075 490746 450974 1117395
4 Other income 27539 23872 53069 51411 106325 211632
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 298313 243844 262144 542157 557299 1329027
6 Finance costs 81453 73088 66741 154541 133532 274362
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 216860 170756 195403 387616 423767 1054665
8 Exceptional items - - - - - -
9 Profit from ordinary activities before tax (7+8) 216860 170756 195403 387616 423767 1054665
10 Tax expenses:

 

         
  (a) Current tax (Refer note 3) (72760) (42861) (2188) (115621) (3516) 32644
  (b) Deferred tax 1894 8903 9446 10797 19018 88875
  (c) Less: Deferred asset for deferred tax liability 2102 8821 19018 10923 19018 95940
  Total tax expense (a+b-c) (72968) (42779) (11760) (115747) (3516) 25579
11 Net profit from ordinary activities after tax (9-10) 289828 213535 207163 503363 427283 1029086
12 Extraordinary items (net of tax expense) - - - - - -
13 Net profit for the period (11-12) 289828 213535 207163 503363 427283 1029086
14 Paid-up equity share capital 
(Face value of share Rupee10/- each)
824546 824546 824546 824546 824546 824546
15 Paid-up debt capital       8679087 6956529 8599534
16 Reserves excluding revaluation reserve as per balance sheet           7341189
17 Debenture redemption reserve       343885 257916 362460
18(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):            
  (a) Basic 3.51 2.59 2.51 6.10 5.18 12.48
  (b) Diluted 3.51 2.59 2.51 6.10 5.18 12.48
18(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):        
  (a) Basic 3.51 2.59 2.51 6.10 5.18 12.48
  (b) Diluted 3.51 2.59 2.51 6.10 5.18 12.48
19 Debt equity ratio       1.00 0.77 1.05
20 Debt service coverage ratio
(DSCR)
      1.81 2.05 2.44
21 Interest service coverage ratio
(ISCR)
      5.22 5.95 6.72

See accompanying notes to the financial results

PART II : Select Information for the Quarter and Half-Year ended 30th September 2015

Sl.No. Particulars Quarter ended
30.09.2015

(Unaudited)
Quarter ended
30.06.2015
(Unaudited)
Quarter ended 
30.09.2014 
(Unaudited)
Half-Year ended 
30.09.2015
(Unaudited)
Half-Year
ended 
30.09.2014
(Unaudited)
Year ended
31.03.2015
(Audited)
1 2 3 4 5 6 7 8
A PARTICULARS OF SHAREHOLDING            
1 Public Shareholding            
  - Number of shares 2064849420 2064849420 2064849420 2064849420 2064849420 2064849420
  - Percentage of shareholding 25.04 25.04 25.04 25.04 25.04 25.04
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 6180614980 6180614980 6180614980 6180614980
  - 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 74.96 74.96 74.96 74.96

  Particulars

Quarter ended
30.09.2015

B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 1
  Received during the quarter 926
  Disposed of during the quarter 927
  Remaining unresolved at the end of the quarter -

Standalone Statement of Assets and Liabilities

(Rupee in Lakhs)
Sl.No. Particulars As at 30.09.2015
(Unaudited)
As at
31.03.2015
(Audited)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  (a) Share capital 824546 824546
  (b) Reserves and surplus 7848692 7341189
  Sub-total - Shareholders' funds 8673238 8165735
2 Deferred revenue 183299 139415
3 Non-current liabilities    
  (a) Long-term borrowings 7873094 7853233
  (b) Deferred tax liabilities (net) 97780 97907
  (c) Other long-term liabilities 266887 288659
  (d) Long-term provisions 119990 111571
  Sub-total Non-current liabilities 8357751 8351370
4 Current liabilities    
  (a) Trade payables 519335 595315
  (b) Other current liabilities 1905219 1680762
  (c) Short-term provisions 655065 775875
  Sub-total Current liabilities 3079619 3051952
  TOTAL - EQUITY AND LIABILITIES 20293907 19708472
B ASSETS    
1 Non-current assets    
  (a) Fixed assets (including capital work-in-progress) 14465526 13534256
  (b) Non-current investments 753731 715407
  (c) Long-term loans and advances 1805533 1552789
  (d) Other non-current assets 218410 169677
  Sub-total Non-current assets 17243200 15972129
2 Current assets    
  (a) Current investments 228839 187806
  (b) Inventories 650920 745300
  (c) Trade receivables 768188 760437
  (d) Cash and bank balances 642441 1287881
  (e) Short-term loans and advances 245837 240759
  (f) Other current assets 514482 514160
  Sub-total Current-assets 3050707 3736343
  TOTAL-ASSETS 20293907 19708472

Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30th September 2015

(Rupee in Lakhs)
Sl.No. Particulars Quarter ended
30.09.2015
(Unaudited)
Quarter ended
30.06.2015
(Unaudited)
Quarter ended
30.09.2014 
(Unaudited)
Half-Year
ended
30.09.2015 
(Unaudited)
Half-Year
ended
30.09.2014 
(Unaudited)
Year ended
31.03.2015
(Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 1795028 1711731 1678287 3506759 3514384 7343010
  - Others 2701 2371 2286 5072 4985 11289
  - Total 1797729 1714102 1680573 3511831 3519369 7354299
2 Segment results (Profit before tax and interest)            
  - Generation 310930 252496 242405 563426 511943 1255439
  - Others (2,702) (207) 367 (2,909) 250 (445)
  Total 308228 252289 242772 560517 512193 1254994
  Less:            
  (i) Unallocated finance costs 81453 73088 66741 154541 133532 274362
  (ii) Other unallocable expenditure net of unallocable income 9915 8445 (19372) 18360 (45106) (74033)
  Profit before tax 216860 170756 195403 387616 423767 1054665
3 Capital employed (Segment assets - Segment liabilities)            
  - Generation 9376801 8908908 7861889 9376801 7861889 8914847
  - Others 59848 38867 47072 59848 47072 82008
  - Un-allocated (763411) (566277) 1099305 (763411) 1099305 (831120)
  Total 8373238 8381498 9008266 8673238 9008266 8165735
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 and approved by the Board of Directors in their respective meetings held on 29th October 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 half-year ended 30th September 2015 is Rupee18,59,213 lakh and Rupee36,30,561 lakh respectively (corresponding previous quarter and half-year Rupee17,06,905 lakh and Rupee35,98,039 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 Rupee18,31,134 lakh for the quarter and Rupee 36,12,952 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year Rupee17,04,549 lakh and Rupee35,63,035 lakh) on the basis of said Regulations.  Pending disposal of the petition, energy charges included in sales, in respect of the coal based stations for the quarter and half-year have been recognized based on the GCV ‘as received at the secondary crusher’. 

(c) Sales include Rupee27,447 lakh for the quarter and Rupee23,145 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year Rupee 9,010 lakh and Rupee32,017 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include (-) Rupee90,168 lakh for the quarter and (-) Rupee1,69,365 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year (-) Rupee 60,502 lakh and Rupee1,38,923 lakh) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee1,275 lakh for the quarter and Rupee2,549 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year Rupee2,952 lakh and Rupee5,904 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. Provision for current tax for the quarter and half year ended 30th September 2015 includes tax related to earlier years amounting to  (-) Rupee 1,19,720 lakh and (-) Rupee 2,03,902 lakh respectively (corresponding previous quarter (-) Rupee 56,330 lakh and half-year (-) Rupee 1,28,893 lakh). 

4. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MOEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 30th September 2015 is Rupee10,36,609 lakh (Rupee8,73,244 lakh as at 31st March 2015). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

5. Other non current assets as at 30th September 2015 include Rupee47,334 lakh (Rupee46,628 lakh as at 31st March 2015) recoverable from Government of India (GOI) towards the cost incurred in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power, GOI. Management expects that the total cost incurred, anticipated expenditure on safety and stabilization measures, other recurring site expenses and interest costs as well as claims of various contractors/vendors for this project, will be compensated in full by the GOI. Hence no provision is considered necessary.

6. Formula used for computation of coverage ratios - DSCR  = Earning before Interest, Depreciation, Tax and Exceptional Items/(Interest net of transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation, Tax and Exceptional Items/Interest net of transferred to expenditure during construction.

7. During the quarter, four units of 200 MW each at Koldam Hydro Power Project have been declared commercial w.e.f 18th July 2015.

8.During the quarter, the Company has paid final dividend of Rupee 1.75 per share (face value of Rupee 10/- each) for the financial year 2014-15.

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

10. 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: 29th October, 2015

(K. BISWAL)
DIRECTOR (FINANCE)