Audited Financial Results for the Year ended 31st March 2013 Print

Financial Results

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2013
Part I
(/Lakh)

Sl. No. Particulars Standalone Consolidated

Quarter ended 31.03.2013 (Unaudited)

Quarter ended 31.12.2012 (Unaudited) Quarter ended
31.03.2012 (Unaudited)
Year ended 31.03.2013
(Audited)
Year ended 31.03.2012 (Audited) Year ended 31.03.2013 (Audited) Year ended 31.03.2012 (Audited)
1 2 3 4 5 6 7 8 9
1 Income from operations
(a) Net sales (net of electricity duty/excise duty) 1646184 1577491 1626356 6431638 6114489 6795289 6495832
(b) Other operating income 88725 3265 9795 135755 90734 142393 93493
Total income from operations (net) 1734909 1580756 1636151 6567393 6205223 6937682 6589325
2 Expenses
(a) Fuel cost 1038969 1009818 1044295 4101825 4163546 4282777 4330266
(b) Employee benefits expense 98136 69164 90756 336012 310171 355138 326096
(c) Depreciation and amortisation expense 102126 82876 73626 339676 279170 382322 310709
(d) Other expenses 118434 98987 81154 418150 327521 481522 389979
Total expenses 1357665 1260845 1289831 5195663 5080408 5501759 5357050
3 Profit from operations before other income, finance costs and exceptional items (1-2) 377244 319911 346320 1371730 1124815 1435923 1232275
4 Other income 88410 72199 68120 310158 278965 316397 294923
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 465654 392110 414440 1681888 1403780 1752320 1527198
6 Finance costs 59117 53038 48700 192436 171164 248054 213472
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 406537 339072 365740 1489452 1232616 1504266 1313726
8 Exceptional items 168411 - - 168411 - 156829 -
9 Profit from ordinary activities before tax (7+ 8) 574948 339072 365740 1657863 1232616 1661095 1313726
10 Tax expense:
(a) Current tax 126205 72520 93233 368084 306848 370850 322987
(b) Deferred tax 10582 6876 13163 27840 3395 31623 9273
Total tax expense (a+b) 136787 79396 106396 395924 310243 402473 332260
11 Net profit from ordinary activities after tax (9-10) 438161 259676 259344 1261939 922373 1258622 981466
12 Extraordinary items (net of tax expense) - - - - - - -
13 Net profit for the period (11-12) 438161 259676 259344 1261939 922373 1258622 981466
14 Share of profit / (loss) of associates -
-
- - - - -
15 Minority interest - - - - - (456) 187
16 Net profit after taxes, minority interest and share of profit of associates (13+14-15) 438161 259676 259344

1261939

922373 1259078 981279
17 Paid-up equity share capital
(Face value of share 10/- each)
824546 824546 824546 824546 824546 824546 824546
18 Paid-up debt capital 5814630 5027937
19 Reserves excluding revaluation reserve as per balance sheet

7214205 6504571 7299549 6603035
20 Debenture redemption reserve 253533 238904
21(i) Earnings per share (before extraordinary items) - (of 10/- each)(not annualised):
(a) Basic 5.31 3.15 3.15 15.30 11.19 15.27 11.90
(b) Diluted 5.31 3.15 3.15 15.30 11.19 15.27 11.90
21(ii) Earnings per share (after extraordinary items) - (of 10/- each) (not annualised):
(a) Basic 5.31 3.15 3.15 15.30 11.19 15.27 11.90
(b) Diluted 5.31 3.15 3.15 15.30 11.19 15.27 11.90
22 Debt equity ratio 0.72 0.69
23 Debt service coverage ratio (DSCR) 3.17 3.21
24 Interest service coverage ratio (ISCR) 10.39 9.81

See accompanying notes to the financial results.

 

Part II - Select Information

Sl. No. Particulars Standalone Consolidated

Quarter
ended
31.03.
2013
(Unaud
ited)

Quarter
ended
31.12.
2012
(Unaud
ited)
Quarter
ended
31.03.
2012
(Unaud
ited)
Year
ended
31.03.
2013
(Aud
ited)
Year
ended
31.03.
2012
(Aud
ited)
Year
ended
31.03.
2013
(Aud
ited)
Year
ended
31.03.
2012
(Aud
ited)
1 2 3 4 5 6 7 8 9
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
- Number of shares 2061366
100
1278103
220
1278103
220
2061366
100
1278103
220
2061366
100
1278103
220
- Percentage of shareholding 25.00 15.50 15.50 25.00 15.50 25.00 15.50
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 6184098
300
6967361
180
6967361
180
6184098
300
6967361
180
6184098
300
6967361
180
- Percentage of the shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of the shares (as a % of the total share capital of the company) 75.00 84.50 84.50 75.00 84.50 75.00 84.50

 

Particulars Quarter ended 31.03.2013
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter 2
Received during the quarter 1122
Disposed of during the quarter 1123
Remaining unresolved at the end of the quarter 1

 

STATEMENT OF ASSETS AND LIABILITIES

(/Lakh)

Sl.No. Particulars Standalone Consolidated
As at 31.03.2013 (Audited) As at 31.03.2012 (Audited) As at 31.03.2013 (Audited) As at 31.03.2012 (Audited)
A EQUITY AND LIABILITIES
1 Shareholders' funds
(a) Share capital 824546 824546 824546 824546
(b) Reserves and surplus 7214205 6504571 7299549 6603035
Sub-total - Shareholders' funds 8038751 7329117 8124095 7427581
2 Deferred revenue 124405 143006 124405 143006
3 Ash utilisation fund - - 23493 12698
4 Minority interest - - 64481 59559
5 Non-current liabilities
(a) Long-term borrowings 5325366 4590827 6458772 5485194
(b) Deferred tax liabilities (net) 91530 63690 108072 76449
(c) Other long-term liabilities 196599 172906 221381 179157
(d) Long-term provisions 73992 60370 76120 62349
Sub-total - Non-current liabilities 5687487 4887793 6864345 5803149
6 Current liabilities
(a) Short-term borrowings - - 38216 15016
(b) Trade payables 515877 446065 588867 503797
(c) Other current liabilities 1044672 953724 1314254 1219579
(d) Short-term provisions 700454 323369 728902 341109
Sub-total - Current liabilities 2261003 1723158 2670239 2079501
TOTAL - EQUITY AND LIABILITIES 16111646 14083074 17871058

15525494

B ASSETS
1 Non-current assets
(a) Fixed assets (including capital work-in-progress) 10004552 8708422 11838673 10152913
(b) Goodwill on consolidation - - 62 62
(c) Non-current investments 913764 958392 330042 492288
(d) Long-term loans and advances 963345 539435 1105865 621605
(e) Other non-current assets 113277 137188 114549 137516
Sub-total - Non-current assets 11994938 10343437 13389191 11404384
2 Current assets
(a) Current investments 162246 162246 162246 162246
(b) Inventories 405719 370285 457578 417791
(c) Trade receivables 536549 583251 609664 668102
(d) Cash and bank balances 1686770 1614183 1873812 1808739
(e) Short-term loans and advances 174553 154332 171830 167666
(f) Other current assets 1150871 855340 1206737 896566
Sub-total - Current assets 4116708 3739637 4481867 4121110
TOTAL - ASSETS 16111646 14083074 17871058 15525494

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2013

(/Lakh)

Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2013 (Unaudited) Quarter ended 31.12.2012 (Unaudited) Quarter ended 31.03.2012 (Unaudited) Year ended 31.03.2013 (Audited) Year ended 31.03.2012 (Audited) Year ended 31.03.2013 (Audited) Year ended 31.03.2012 (Audited)
1 2 3 4 5 6 7 8 9
1 Segment revenue
- Generation 1913528 1583902 1639578 6753745 6211551 7080136 6548411
- Others 4041 2485 3208 12846 14605 54112 80007
- Total 1917569 1586387 1642786 6766591 6226156 7134248 6628418
2 Segment results (Profit before tax and interest)
- Generation 580979 340337 379712 1664505 1230036 1733024 1333659
- Others 1213 (213) (1174) 1614 (1946) (5448) 19238
- Total 582192 340124 378538 1666119 1228090 1727576 1352897
Less
(i) Unallocated interest and finance charges 59117 53038 48700 192436 171164 248054 213472
(ii) Other unallocable expenditure net of unallocable income (51873) (51986) (35902) (184180) (175690) (181573) (174301)
Profit before tax 574948 339072 365740 1657863 1232616 1661095 1313726
3 Capital employed (Segment assets - Segment liabilities)
- Generation 7100418 6094503 5640727 7100418 5640727 7448725 6240077
- Others 4496 3745 5299 4496 5299 33809 44926
- Un-allocated 933837 2054645 1683091 933837 1683091 641561 1142578
- Total 8038751 8152893 7329117 8038751 7329117 8124095 7427581

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 its meeting held on 9th May 2013 and approved by the Board of Directors in the meeting held on 10th May 2013.

2. The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows.

a) Subsidiary Companies Ownership (%)
1 NTPC Electric Supply Company Ltd.
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd. with 50% holding)
100.00
2 NTPC Vidyut Vyapar Nigam Ltd. 100.00
3 NTPC Hydro Ltd. (under amalgamation with NTPC Ltd.) 100.00
4 Kanti Bijlee Utpadan Nigam Ltd. 65.00
5 Bhartiya Rail Bijlee Company Ltd. 74.00
b) Joint venture Companies
1 Utility Powertech Ltd. 50.00
2 NTPC Alstom Power Services Private Ltd. 50.00
3 NTPC SAIL Power Company Private Ltd.* 50.00
4 NTPC-Tamilnadu Energy Company Ltd. 50.00
5 Aravali Power Company Private Ltd. 50.00
6 Ratnagiri Gas and Power Private Ltd.* 33.41
7 Meja Urja Nigam Private Ltd. 50.00
8 NTPC-BHEL Power Projects Private Ltd.* 50.00
9 BF-NTPC Energy Systems Ltd.* 49.00
10 Nabinagar Power Generating Company Private Ltd. 50.00
11 National Power Exchange Ltd.* 16.67
12 NTPC-SCCL Global Ventures Private Ltd.* 50.00
13 International Coal Ventures Private Ltd.* 14.28
14 Transformers and Electricals Kerala Ltd. 44.60
15 Energy Efficiency Services Ltd.* 25.00
16 National High Power Test Laboratory Private Ltd. 20.00
17 CIL-NTPC Urja Pvt.Ltd.* 50.00
18 Anushakti Vidhyut Nigam Ltd.* 49.00
19 Pan-Asian Renewables Private Ltd.* 50.00
20 Trincomalee Power Company Ltd.* 50.00
21 Bangladesh -India Friendship Power Company Private Ltd.$ 50.00
All the above companies are incorporated in India except company at Sl.No.20 and 21 which are incorporated in Srilanka and Bangladesh respectively.
* The financial statements are un-audited.
$ No investment has been made as at 31st March 2013. Further, there were no financial transactions during the year.

 

3. a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and First, Second and Third Amendments thereto in May 2011, June 2011 and December 2012 respectively (Regulations, 2009). In line with the 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 three stations where it is done on provisional basis. The amount billed for the year ended 31st March 2013 on this basis is 61,79,468 lakh (previous year 59,96,557 lakh).

b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009, sales have been recognised at 54,58,881 lakh for the year ended 31st March 2013 (previous year 55,53,741 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at 8,05,966 lakh for the year ended 31st March 2013 (previous year 5,14,538 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.

c) Sales include 1,24,190 lakh for the year ended 31st March 2013 (previous year 54,778 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) The Company aggrieved over many of the issues as considered by the CERC in the tariff orders for its stations for the period 2004-09 had filed appeals with the APTEL. The APTEL disposed off the appeals favourably directing the CERC to revise the tariff orders as per directions and methodology given. Some of the issues decided in favour of the Company by the APTEL were challenged by CERC in the Hon'ble Supreme Court of India. Subsequently, CERC has issued revised tariff orders for all the stations except one for the period 2004-09, considering the judgment of APTEL subject to disposal of appeals pending before the Hon'ble Supreme Court of India. Consequently, the impact of the aforesaid issues amounting to (-) 4,595 lakh has been recognised as sales for the year ended 31st March 2013 (previous year (-) 4,916 lakh) with corresponding adjustment in 'Provision for tariff adjustment'.

e) Sales include 24,604 lakh for the year ended 31st March 2013 (previous year (-) 26,614 lakh) on account of income tax recoverable from the beneficiaries as per Regulations, 2004. Sales also include 5,316 lakh for the year ended 31st March 2013 (previous year 3,777 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

4. Provision for current tax for the year includes tax related to earlier years amounting to (-) 15,885 lakh (previous year 15,484 lakh).

5. During the year, one unit of 500 MW at Farakka w.e.f 4th April 2012, one unit of 660 MW at Sipat w.e.f. 25th May 2012, one unit of 660 MW at Sipat w.e.f. 1st August 2012, one unit of 500 MW at Simhadri w.e.f 30th September 2012, one unit of 500 MW at Rihand w.e.f 19th November 2012, one unit of 500 MW at Vindhyachal w.e.f 1st March 2013, one unit of 500 MW at Mauda w.e.f 13th March 2013 have been declared commercial. Further, 5 MW Solar PV Power Station at Dadri w.e.f 30th March 2013 and 5 MW Solar PV Power Station at Andaman & Nicobar Islands w.e.f. 31st March 2013 have also been declared commercial.

6. Vide gazette notification F No.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal (MoC), grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1st January 2012. The Coal Supply Agreements (CSAs) 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, which are still pending. 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 future payments to coal companies. The above modalities were communicated to the coal companies w.e.f. October/ November 2012, thereafter the Company released payments on the basis of GCV measured at station end following the implementation of the said modalities 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 has been taken up with the coal companies directly and through the MoP and MoC, GOI for resolution. Pending resolution of the issue, difference between the amount billed by the coal companies and the amount admitted by the company amounting to 2,53,110 lakh (previous year Nil) has been disclosed as contingent liability with corresponding possible reimbursements from the beneficiaries.

7. Government of India, Ministry of Power vide its letters F.No.6/1/2007-Fin.(Vol.VIII) dated 5th February 2013 and 29th March 2013 directed Government of National Capital Territory of Delhi (GNCTD) to release payment towards settlement of dues of erstwhile Delhi Electric Supply Undertaking (DESU) amounting to 83,597 lakh as principal and 1,68,411 lakh as interest to the company. Consequently, provision for doubtful debt of 83,597 lakh has been written back and interest of 1,68,411 lakh has been recognised as an exceptional item in the Statement of Profit and Loss during the year.

8. Ministry of Corporate Affairs, Government of India through Circular no. 25/2012 dated 9th August 2012 has clarified that para 6 of Accounting Standard (AS) 11 and para 4 (e) of AS 16 shall not apply to a Company which is applying para 46-A of AS 11. Accordingly, Company has modifed the related accounting policies. Consequently, exchange differences arising on settlement/translation of foreign currency loans to the extent regarded as an adjustment to interest costs as per para 4 (e) of AS 16 and hitherto charged to Statement of Profit and Loss, have now been adjusted in the cost of related assets. As a result, profit for the year ended 31st March 2013 is higher by 1,480 lakh, fixed assets are higher by 17,356 lakh and Deferred Income from Foreign Currency Fluctuation is higher by 15,876 lakh.

9. During the year, the Company reviewed its policy for accounting of carpet coal which was hitherto charged to the Statement of Profit and Loss and capitalised the cost of carpet coal with the coal handling plant. Consequently, tangible assets and profit for the year are higher by 2,036 lakh.

10. Claims recoverables include 89,472 lakh (previous year 76,612 lakh) towards the cost incurred upto 31st March 2013 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. This includes 10,965 lakhs (previous year Nil) in respect of two arbitration awards challenged / being challenged by the Company before High Court. In the event the High Court grants relief to the Company, the amount will be adjusted against Short Term Provisions - Others. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of various packages of contractors/vendors for this project will be compensated in full by the GOI. Hence no provision is considered necessary.

11. During the quarter, Government of India has divested 9.50% of the paid up equity capital of the Company by way of offer for sale through stock exchange mechanism as provided by SEBI circular CIR/MRD/DP/18/2012 dated 18th July 2012 and circular no. CIR/MRD/DP/04/2013 dated 25th January 2013.

12. During the quarter, the Company has paid an interim dividend of 3.75 per equity share (face value 10/-each) for the year 2012-13. The Board of Directors has recommended final dividend of 2.00 per share (including special dividend of 1.25) (face value 10/- each). The total dividend (including interim dividend) for the financial year 2012-13 is 4.50 per share (face value 10/-each) and special dividend of 1.25 per share (face value 10/-each).

13. The audited accounts are subject to review by Comptroller and Auditor General of India under Section 619(4) of the Companies Act, 1956.

14. 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).

15. Previous periods/years figures have been regrouped/rearranged wherever necessary.

16. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

For and on behalf of Board of Directors
Place: New Delhi
Date: 10th May 2013
sd/-
(A.K.SINGHAL)
DIRECTOR (FINANCE)