Investors

« Back Annual Financial results 2011 -2012

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2012

Part I (Rs./Lakh)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2012 (Unaudited)Quarter ended 31.12.2011 (Unaudited)Quarter ended
31.03.2011 (Unaudited)
Year ended 31.03.2012
(Audited)
Year ended 31.03.2011 (Audited)Year ended 31.03.2012 (Audited)Year ended 31.03.2011 (Audited)
123456789
1Income from operations 
(a)Net sales (net of electricity duty)1626356153323015518946114489548740064958325741846
(b)Other operating income979521006764690734188659349318871
(c)Depreciation written back (net) & advance against depreciation recognised as prior period sales3410119113518405443189821
Total income from operations (net)1636185155433715597316205358569031965893685950538
2Expenses 
(a)Fuel cost104429510793299725564163546353737843302663641435
(b)Employee benefits expense896337188270819309048278971324973292226
(c)Depreciation and amortisation expense736267560369814279170248569310709271969
(d)Other expenses7953191681115750321138357595382439417924
(e)Provisions165748592839865181552157583155277
Total expenses1288742132335412573375079420457772853559704778831
3Profit from operations before other income, finance costs and exceptional items (1-2)3474432309833023941125938111259112333981171707
4Other income669977020559310277842234465293800240101
5Profit from ordinary activities before finance costs and exceptional items (3+4)4144403011883617041403780134705615271981411808
6Finance costs487004490536025171164142096213472172575
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3657402562833256791232616120496013137261239233
8Exceptional items-------
9Profit from ordinary activities before tax (7-8)3657402562833256791232616120496013137261239233
10Tax expense: 
(a)Current tax932333288261632306848255332322987260216
(b)Deferred tax1316310362(14137)339539369927344194
Total tax expense (a+b)1063964324447495310243294701332260304410
11Net profit from ordinary activities after tax (9-10)259344213039278184922373910259981466934823
12Extraordinary items (net of tax expense)-------
13Net profit for the period (11-12)259344213039278184922373910259981466934823
14Share of profit / (loss) of associates-------
15Minority interest-----187(517)
16Net profit after taxes, minority interest and share of profit of associates (13+14+15)259344213039278184922373910259981279935340
17Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546824546824546824546824546824546824546
18Paid-up debt capital   50279374318824  
19Reserves excluding revaluation reserve as per balance sheet   6504571596467966030356013910
20Debenture redemption reserve   238904223166  
21(i)Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised): 
(a)Basic3.152.583.3711.1911.0411.9011.34
(b)Diluted3.152.583.3711.1911.0411.9011.34
21(ii)Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised): 
 (a)Basic3.152.583.3711.1911.0411.9011.34
 (b)Diluted3.152.583.3711.1911.0411.9011.34
22Debt equity ratio   0.690.64  
22Debt service coverage ratio (DSCR)   3.212.57  
23Interest service coverage ratio (ISCR)   9.8111.42  
See accompanying notes to the financial results.

Part II - Select Information

Sl. No.ParticularsStandaloneConsolidated
Quarter
ended 
31.03.
2012 
(Unaudited)
Quarter
ended 
31.12.
2011 
(Unaudited)
Quarter
ended 
31.03.
2011 
(Unaudited)
Year
ended 
31.03.
2012
(Audited)
Year 
ended 
31.03.
2011
(Audited)
Year 
ended 
31.03.
2012
(Audited)
Year 
ended 
31.03.
2011
(Audited)
123456789
AParticulars of shareholding 
1Public Shareholding 
(a)Number of shares127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
(b)Percentage of share holding15.5015.5015.5015.5015.5015.5015.50
2Promoters 
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 Shares696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
-Percentage of the shares (as a % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00100.00100.00100.00
-Percentage of the shares (as a % of the total share capital of the company)84.5084.5084.5084.5084.5084.5084.50
ParticularsQuarter ended 31.03.2012
Investor complaints 
Pending at the beginning of the quarter2
Received during the quarter1462
Disposed of during the quarter1462
Remaining unresolved at the end of the quarter2

STATEMENT OF ASSETS AND LIABILITIES

(Rs./Lakh)
Sl.No.ParticularsStandaloneConsolidated
As at 31.03.2012 (Audited)As at 31.03.2011 (Audited)As at 31.03.2012 (Audited)As at 31.03.2011 (Audited)
AEquity and liabilities
1Shareholders’ funds:
 (a) Share capital824546824546824546824546
 (b) Reserves and surplus6504571596467966030356013910
 Sub-total - shareholders' funds7329117678922574275816838456
2Deferred revenue1430068544814300685448
3Ash utilisation fund--126985896
4Minority interest--5955948505
5Non-current liabilities
 (a) Long-term borrowings4590827397356854851944705957
 (b) Deferred tax liabilities (net)63690602957644967165
 (c) Other long-term liabilities172906205058179157246903
 (d) Long-term provisions60370561906234956852
 Sub-total - non-current liabilities4887793429511158031495076877
6Current liabilities
 (a) Short-term borrowings--150163940
 (b) Trade payables446807408801504539439167
 (c) Other current liabilities9554957762501221350936210
 (d) Short-term provisions321562219053339302226715
 Sub-total - current liabilities1723864140410420802071606032
 TOTAL - equity and liabilities14083780125738881552620013661214
BASSETS
1Non-current assets    
 (a) Fixed assets (including capital work-in-progress)87086227473129101531218595523
 (b) Goodwill on consolidation--6262
 (c) Non-current investments9583921053284492288654533
 (d) Long-term loans and advances388326390196462674496185
 (e) Other non-current assets1371884591513751646340
 Sub-total - non-current assets101925288962524112456619792643
2Current assets
 (a) Current investments162246181200162246181200
 (b) Inventories370285363912417791391083
 (c) Trade receivables583251143496668102174627
 (d) Cash and bank balances1614611161852618091671785983
 (e) Short-term loans and advances275473377786296228388983
 (f) Other current assets885386926444927005946695
 Sub-total - current assets3891252361136442805393868571
 TOTAL - ASSETS14083780125738881552620013661214

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2012

(Rs./Lakh)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2012 (Unaudited)Quarter ended 31.12.2011 (Unaudited)Quarter ended 31.03.2011 (Unaudited)Year ended 31.03.2012 (Audited)Year ended 31.03.2011 (Audited)Year ended 31.03.2012 (Audited)Year ended 31.03.2011 (Audited)
123456789
1Segment revenue
- Generation1639578155723815599756211551550691365484115724182
- Others32083462489514605171748000761709
Total1642786156070015648706226156552408766284185785891
2Segment results (profit before tax and interest)
- Generation3797122605683267021230036120833313336591266283
- Others(1174)(3231)768(1946)50211923813539
- Total3785382573373274701228090121335413528971279822
Less
(i) Unallocated Interest and Finance Charges487004490536025171164142096213472172575
(ii) Other Unallocable expenditure net of unallocable income(35902)(43851)(34234)(175690)(133702)(174301)(131986)
Profit before tax3657402562833256791232616120496013137261239233
3Capital employed (segment assets - segment liabilities)
- Generation5640727569792545260235640727452602362400775050764
- Others5299424142552994254492629635
- Un-allocated1683091175009522627771683091226277711425781758057
- Total7329117745226167892257329117678922574275816838456
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.
Notes:
1The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows.
a)Subsidiary companiesOwnership (%)
1NTPC Electric Supply Company Ltd. 
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd. with 50% holding)
100
2NTPC Vidyut Vyapar Nigam Ltd.100
3NTPC Hydro Ltd. (under amalgamation with NTPC Ltd.)100
4Kanti Bijlee Utpadan Nigam Ltd.64.93
5Bhartiya Rail Bijlee Company Ltd.74
b)Joint venture companies
1Utility Powertech Ltd.50
2NTPC Alstom Power Services Private Ltd.50
3NTPC SAIL Power Company Private Ltd.*50
4NTPC - Tamilnadu Energy Company Ltd.50
5Aravali Power Company Private Ltd.*50
6Ratnagiri Gas and Power Private Ltd.*31.52
7Meja Urja Nigam Private Ltd.50
8NTPC-BHEL Power Projects Private Ltd.50
9BF-NTPC Energy Systems Ltd.*49
10Nabinagar Power Generating Company Private Ltd.50
11National Power Exchange Ltd.*16.67
12NTPC-SCCL Global Ventures Private Ltd.*50
13International Coal Ventures Private Ltd.*14.28
14Transformers and Electricals Kerala Ltd.44.60
15Energy Efficiency Services Ltd.*25
16National High Power Test Laboratory Private Ltd.25
17CIL-NTPC Urja Pvt.Ltd.*50
18Anushakti Vidhyut Nigam Ltd.*49
19Trincomalee Power Company Limited*50
20Pan-Asian Renewables Pvt.Ltd.*50
All the above companies are incorporated in India except company at Sl.No.19 which is incorporated in Srilanka.
* The financial statements are un-audited.
2a)

The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and also notified First and Second Amendment in May and June 2011 (Regulations, 2009). In line with the Regulations, 2009, during the year CERC has issued provisional/final tariff orders w.e.f. 1st April 2009 for all the stations except Talcher Thermal Power Station (TTPS ). Beneficiaries are billed in accordance with the said provisional/final tariff orders except for TTPS where it is done on provisional basis. The amount billed for the year ended 31st March 2012 on this basis is Rupee 59,96,557 lakh (previous year Rupee 51,93,533 lakh).

 b)CERC has issued final tariff orders for some of the stations under the Regulations, 2009, considering the year-wise projected capital expenditure for the tariff period 2009-14. Sales for these stations has been recognised at Rupee 13,19,636 lakh for the year ended 31st March 2012 by truing up capital expenditure to arrive at the capacity charges (previous year Rupee 11,32,096 lakh). For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rupee 47,48,643 lakh for the year ended 31st March 2012 (previous year Rupee 42,22,249 lakh) on the basis of principles enunciated in the said Regulations, 2009.
 c)Sales include Rupee 54,778 lakh for the year ended 31st March 2012 (previous year Rupee 80,087 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
 d)(i)

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 most of the stations 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 (-) Rupee 4,916 lakh for the year ended 31st March 2012 (previous year Rupee Nil) has been recognised as sales and included in b) above. Consequently, 'Provision for tariff adjustment' of equivalent amount has been reversed.

 (ii)Pursuant to issuance of second amendment to Regulations, 2009, sales amounting to (-) Rupee 26,359 lakh has been adjusted and reflected in b) and c) above during the year ended 31st March 2012. Corresponding provision for tariff adjustment created in 2010-11 has also been reversed during the year.
 e)Sales include (-) Rupee 26,614 lakh for the year ended 31st March 2012 (previous year Rupee 33,851 lakh) on account of income tax recoverable/payable from/to customers as per Regulations, 2004. Sales also include Rupee 3,777 lakh for the year ended 31st March 2012 (previous year Rupee 2,172 lakh) on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.
3Provision for current tax for the year includes tax related to earlier years amounting to Rupee 15,484 lakh (previous year Rupee 5,602 lakh). 
4During the year, one unit of 500 MW at Simhadri and one unit of 660 MW at Sipat have been declared commercial w.e.f 16th September 2011 and 1st October 2011 respectively.
5

The coal price notification No 222021 /1/ 2008-CRC-UU dated 31.12.2011 issued by Ministry of Coal (MoC) proposed migration from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based pricing of coal, and also increased the coal prices. This was superseded by notification dated 31.01.2012, partially rolling back the increase in coal prices. Various stakeholders including power utilities and Ministry of Power (MOP) have expressed concern on the switchover from existing UHV to GCV based pricing of coal, without having put in place the prerequisite technical and legal framework. The issue is under deliberation at MOP and Central Electricity Authority with MoC for an early resolution.

Pending resolution of the issues, stations are continuing to make payment and accounting of coal as per the pre-migrated system of UHV based pricing of coal and the difference between the amounts billed by the coal companies and the payments made/accounted for has been shown as contingent liability. Since, fuel cost is a pass through component of tariff, the revision of price will not have any adverse impact on the profits of the Company.

6Claims recoverables include Rupee 76,612 lakh (previous year Rupee 74,882 lakh) towards the cost incurred upto 31st March 2012 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 the safety and stablisation 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.
7The Company is executing a thermal power project in respect of which possession certificates for 1,489 acres (previous year 1,489 acres) of land has been handed over to the Company and all statutory and environment clearances for the project have been received.Subsequently, a high power committee has been constituted as per the directions of GOI to explore alternate location of the project since present location is stated to be a coal bearing area. During the year, the High Power Committee has recommended to the Group of Ministers not to shift the present location of the plant. Aggregate cost incurred up to 31st March 2012, Rupee 19,445 lakh (previous year Rupee 19,019 lakh) is included in tangible assets/CWIP and long-term loans & advances.
8

During the quarter, the Company has paid an interim dividend of Rupee 3.50 per share (face value Rupee 10/-each) for the year 2011-12. The Board of Directors has recommended final dividend of Rupee 0.50 per share (face value Rupee10/-each). The total dividend (including interim dividend) for the financial year 2011-12 is Rupee 4.00 per share (face value Rupee 10/-each).

9The audited accounts are subject to review by Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
10Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction).
11The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 10th May 2012 and approved by the Board of Directors in the meeting held on the same day.
12Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year’s classification. Further, previous periods/years figures have been regrouped/rearranged wherever necessary.
13Figures 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: 10thMay 2012

sd/-
(A.K.SINGHAL)
DIRECTOR (FINANCE)