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Part I:STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2014

(Rupee/Lakh)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Quarter ended
31.03.2013 (Unaudited)
Year ended 31.03.2014
(Audited)
Year ended 31.03.2013 (Audited)Year ended 31.03.2014 (Audited)Year ended 31.03.2013 (Audited)
123456789
1Income from operations
(a)Net sales (net of electricity duty/excise duty)2093808187793916461847160263643163878450977061105
(b)Other operating income100755774904924163014206647069148704
Total income from operations (net)2103883188371317366767201893657370478921667209809
2Expenses
(a)Fuel cost1443411118305210389694582971410182547790264282777
(b)Employee benefits expense8946511796598800386799341596405595360722
(c)Depreciation and amortisation expense120764102428102126414219339676476999382322
(d)Other expenses116752117115119497455669420596739407749784
Total expenses1770392152056013593925839658520369364010275775605
3Profit from operations before other income, finance costs and exceptional items (1-2)3334913631533772841362235137001114911391434204
4Other income599047489588370268889311877277744318116
5Profit from ordinary activities before finance costs and exceptional items (3+4)3933954380484656541631124168188817688831752320
6Finance costs567696010359117240659192436320307248054
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3366263779454065371390465148945214485761504266
8Exceptional items--168411-168411-156829
9Profit from ordinary activities before tax (7+ 8)3366263779455749481390465165786314485761661095
10Tax expense:
(a)Current tax3329585375126205279360368084292377370850
(b)Deferred tax(6023)64421058213631278401585931623
Total tax expense (a+b)2727291817136787292991395924308236402473
11Net profit from ordinary activities after tax (9-10)3093542861284381611097474126193911403401258622
12Extraordinary items (net of tax expense)-------
13Net profit for the period (11- 12)3093542861284381611097474126193911403401258622
14Share of profit / (loss) of associates-------
15Minority interest-----(21)(456)
16Net profit after taxes, minority interest and share of profit of associates (13+14-15)309354286128438161

1097474

126193911403611259078
17Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546824546824546824546824546824546824546
18Paid-up debt capital   67170225814630  
19Reserves excluding revaluation reserve as per balance sheet   7756986721420578758037299549
20Debenture redemption reserve   276491253533  
21(i)Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):
(a)Basic3.753.475.3113.3115.3013.8315.27
(b)Diluted3.753.475.3113.3115.3013.8315.27
21(ii)Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (in Rupee) :
 (a)Basic3.753.475.3113.3115.3013.8315.27
 (b)Diluted3.753.475.3113.3115.3013.8315.27
22Debt equity ratio   0.780.72  
23Debt service coverage ratio (DSCR)   2.773.17  
24Interest service coverage ratio (ISCR)   8.6210.39  

See accompanying notes to the financial results.

Part II - Select Information

Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Quarter ended 31.03.2013 (Unaudited)Year ended 31.03.2014 (Audited)Year ended 31.03.2013 (Audited)Year ended 31.03.2014 (Audited)Year ended 31.03.2013 (Audited)
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APARTICULARS OF SHAREHOLDING
1Public shareholding
-Number of shares2061366100206136610020613661002061366100206136610020613661002061366100
-Percentage of shareholding25.0025.0025.0025.0025.0025.0025.00
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 shares6184098300618409830061840983006184098300618409830061840983006184098300
-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)75.0075.0075.0075.0075.0075.0075.00
Sl.No.ParticularsQuarter ended 31.03.2013
BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter3
 Received during the quarter2486
 Disposed of during the quarter2477
 Remaining unresolved at the end of the quarter12

Statement of Assets and Liabilities

(Rupee/Lakh)
Sl.No.ParticularsStandaloneConsolidated
As at 31.03.2014 (Audited)As at 31.03.2013 (Audited)As at 31.03.2014 (Audited)As at 31.03.2013 (Audited)
AEQUITY AND LIABILITIES
1Shareholders' funds
 (a) Share capital824546824546824546824546
 (b) Reserves and surplus7756986721420578758037299549
 Sub-total - Shareholders' funds8581532803875187003498124095
2Deferred revenue160988124405160988124405
3Ash utilisation fund--3262323493
4Minority interest--6804364481
5Non-current liabilities
 (a) Long-term borrowings6240575532536675542306458772
 (b) Deferred tax liabilities (net)10516191530123931108072
 (c) Other long-term liabilities251246196984308158221766
 (d) Long-term provisions87936739928968076120
 Sub-total - Non-current liabilities6684918568787280759996864730
6Current liabilities
 (a) Short-term borrowings--4336438216
 (b) Trade payables663334513239742770586229
 (c) Other current liabilities1134386104692514223441316507
 (d) Short-term provisions730260700454757513728902
 Sub-total - Current liabilities2527980226061829659912669854
 TOTAL - EQUITY AND LIABILITIES17955418161116462000399317871058
BASSETS
1Non-current assets
 (a) Fixed assets (including capital work-in-progress)11699950100045521380323211838673
 (b) Goodwill on consolidation--6262
 (c) Non-current investments812090913764166346330042
 (d) Long-term loans and advances127762296334114151111105861
 (e) Other non-current assets178677149119180599150391
 Sub-total - Non-current assets13968339120307761556535013425029
2Current assets
 (a) Current investments163696162246163696162246
 (b) Inventories537335405719598848457578
 (c) Trade receivables522008536500672566609615
 (d) Cash and bank balances1531137168677017050671873812
 (e) Short-term loans and advances311708174557323119171834
 (f) Other current assets92119511150789753471170944
 Sub-total - Current assets3987079408087044386434446029
 TOTAL - ASSETS17955418161116462000399317871058

Audited Segment-Wise Revenue, Results and Capital Employed For The Year Ended 31stMarch 2014

(Rupee/Lakh)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Quarter ended 31.03.2013 (Unaudited)Year ended 31.03.2014 (Audited)Year ended 31.03.2013 (Audited)Year ended 31.03.2014 (Audited)Year ended 31.03.2013 (Audited)
123456789
1Segment revenue
- Generation2109401189154819152957224026676005676489687086447
- Others2776359140411150712846288280319928
Total2112177189513919193367235533677290279372487406375
2Segment results (Profit before tax and interest)
- Generation3688734020215809791497480166450516284751733024
- Others80710211213162316148283(5448)
- Total3696804030425821921499103166611916367581727576
Less
(i) Unallocated interest and finance charges567696010359117240659192436320307248054
(ii) Other unallocable expenditure net of unallocable income(23715)(35006)(51873)(132021)(184180)(132125)(181573)
Profit before tax3366263779455749481390465165786314485761661095
3Capital employed (Segment assets - Segment liabilities)
- Generation8202810721621871004188202810710041887042267427130
- Others9025418589449690254449622467433809
- Un-allocated2884681592063933837288468933837(228551)663156
- Total8581532882687080387518581532803875187003498124095

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 their meeting held on 15th May 2014 and approved by the Board of Directors in the meeting held on the same day.

2. The 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)
100.00
2NTPC Vidyut Vyapar Nigam Ltd.*100.00
3Kanti Bijlee Utpadan Nigam Ltd.65.00
4Bhartiya Rail Bijlee Company Ltd.74.00
b)Joint venture Companies
1Utility Powertech Ltd.50.00
2NTPC Alstom Power Services Private Ltd.50.00
3NTPC SAIL Power Company Private Ltd.50.00
4NTPC-Tamilnadu Energy Company Ltd.50.00
5Ratnagiri Gas and Power Private Ltd.*32.86
6Aravali Power Company Private Ltd.50.00
7NTPC-SCCL Global Ventures Private Ltd.*50.00
8Meja Urja Nigam Private Ltd.50.00
9NTPC-BHEL Power Projects Private Ltd.*50.00
10BF-NTPC Energy Systems Ltd.*49.00
11Nabinagar Power Generating Company Private Ltd.50.00
12National Power Exchange Ltd.*16.67
13International Coal Ventures Private Ltd.*14.28
14National High Power Test Laboratory Private Ltd.*20.00
15Transformers and Electricals Kerala Ltd.*44.60
16Energy Efficiency Services Ltd.*25.00
17CIL-NTPC Urja Pvt.Ltd.*50.00
18Anushakti Vidhyut Nigam Ltd.49.00
19Pan-Asian Renewables Private Ltd.*50.00
20Trincomalee Power Company Ltd.*50.00
21Bangladesh - 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 and certified by the management and have been considered for Consolidated Financial Statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.

 

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 four stations. Beneficiaries are billed in accordance with the said provisional/final tariff orders except for four stations where it is done on provisional basis. The amount billed for the year ended 31st March 2014 on this basis is Rupee 6,870,403 lakh (previous year Rupee 6,179,468 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 Rupee 6,620,942 lakh for the year ended 31st March 2014 (previous year Rupee6,165,023 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognised at Rupee 338,670 lakh for the year ended 31st March 2014 (previous year Rupee 99,824 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 Rupee 208,682 lakh for the year ended 31st March 2014 (previous year Rupee 124,190 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales include (-) Rupee 26,999 lakh for the year ended 31st March 2014 (previous year Rupee 24,604 lakh) on account of income-tax recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee 7,702 lakh for the year ended 31st March 2014 (previous year Rupee 5,316 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 (-) Rupee 43,696 lakh (previous year (-) Rupee 15,885 lakh).

5. During the year, one unit of 500 MW each at Vindhyachal w.e.f 27th March 2014, Rihand w.e.f. 27th March 2014, Mauda w.e.f. 30th March 2014 have been declared commercial. Further, Solar PV Power Stations of 10 MW each at Ramagundam w.e.f. 29th January 2014, Talcher Super w.e.f 28th March 2014, Unchahar w.e.f. 31st March 2014, 30 MW at Rajgarh w.e.f.31st March 2014 and 5 MW at Faridabad w.e.f. 31st March 2014 have also been declared commercial.

6. During the year, the Company made public issue of tax free bonds of Rupee1,750 crore pursuant to Notification No.61/2013.F.No.178/37/2013-(ITA.I) dated 8th August 2013 issued by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, GOI. The Company has utilised the issue proceeds as per the objects of the issue stated in the prospectus dated 25th November 2013 i.e. funding of capital expenditure and refinancing for meeting the debt requirement in ongoing projects, including recoupment of expenditure already incurred.

7. "Due to variation in the Gross Calorific Value (GCV) of coal supplied by coal companies and received at power stations, the Company w.e.f. October/November 2012 released payments on the basis of GCV measured at station end and the difference between the amount billed by the coal companies and the amounts admitted by the Company (“disputed billed amount”) were disclosed as contingent liability with corresponding possible reimbursements from the beneficiaries. The issue was taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, Govt. of India for resolution. This resulted in incorporation of a provision for “Third party sample collection, preparation, testing and analysis” at the loading end in place of joint sampling in the Coal Supply Agreement (CSA), 2012 and amendment to CSA, 2009 which have since been signed with subsidiaries of Coal India Ltd. (CIL) "

Based on the advice of Government of India, Board of Directors approved the modalities for extrapolation of the third party sample analysis results for the three month period starting October/November 2013 to the supplies during the past period from October/November 2012 till start of third party sampling. On this basis, settlement with some of the CIL subsidiaries has been reached and matter has been taken up with other CIL subsidiaries for early resolution. Following the principles approved by the Board, against the disputed billed amount of Rupee 410,287 lakh, during the year the Company paid Rupee 143,869 lakh and provided Rupee 144,039 lakh. In respect of the balance disputed billed amount of Rupee 122,379 lakh as at 31st March 2014, taking into account settlements already reached with some of the CIL subsidiaries, an amount of Rupee 105,514 lakh (previous year Rupee 253,110 lakh) has been estimated as contingent liability with corresponding possible reimbursements from the beneficiaries and the remaining amount of Rupee 16,865 lakh is considered as settled. Sales corresponding to variable charges recoverable for the amounts paid/provided as above have been recognized.

8. During the previous quarter, a defined contribution pension scheme of the Company has been implemented effective from 1st January 2007. Employee benefits expense for the year include Rupee 34,656 lakh as additional contribution for the period from 1st January 2007 to 31st March 2013.

9. During the year, NTPC Hydro Ltd. (a wholly owned subsidiary of the Company) has been merged with the Company consequent to the order of Ministry of Corporate Affairs, Government of India w.e.f. 1st April 2013.The merger does not have any material impact on the profits of the Company.

10. Claims recoverable as at 31st March 2014 include Rupee 42,600 lakh (previous year Rupee 89,472 lakh) 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. During the year, a payment of Rupee 53,630 lakh has been received from GOI on this account in the first phase. 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 contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

11. 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 31st March 2014 is Rupee 445,573 lakh (previous year Rupee 169,163 lakh).

12. During the quarter, the Company has paid an interim dividend of Rupee 4.00 per equity share (face value Rupee 10/-each) for the year 2013-14. The Board of Directors has recommended final dividend of Rupee 1.75 per equity share (face value Rupee 10/- each). The total dividend (including interim dividend) for the financial year 2013-14 is Rupee 5.75 per equity share (face value Rupee 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: 15th May 2014

sd/-
(K. BISWAL)
DIRECTOR (FINANCE)