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STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2015

(Rupee in Lakhs)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2015 (Unaudited)Quarter ended 31.12.2014 (Unaudited)Quarter ended
31.03.2014 (Unaudited)
Year ended 31.03.2015
(Audited)
Year ended 31.03.2014 (Audited)Year ended 31.03.2015 (Audited)Year ended 31.03.2014 (Audited)
123456789
1Income from operations
(a)Net sales (net of electricity /excise duty)1922994187389820938087263775716026379943977847870
(b)Other operating income8464119111007560830416306780747193
Total income from operations (net)1931458188580921038837324605720189380622047895063
2Expenses
(a)Fuel cost1252110121196314434114884519458297151461124779026
(b)Employee benefits expense932009013688156366978382478388969403863
(c)Depreciation and amortisation expense139119125341120764491165414219556461476999
(d)Other expenses (refer note 11)121239117738116752464548455669775895742304
Total expenses1605668154517817690836207210583533768674376402192
3Profit from operations before other income, finance costs and exceptional items (1-2)3257903406313348001117395136655611947671492871
4Other income571794812858595211632264568207891276012
5Profit from ordinary activities before finance costs and exceptional items (3+4)3829693887593933951329027163112414026581768883
6Finance costs707497008156769274362240659357037320307
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3122203186783366261054665139046510456211448576
8Exceptional items-------
9Profit from ordinary activities before tax (7+ 8)3122203186783366261054665139046510456211448576
10Tax expense:
(a)Current tax (refer note 4)2488511275332953264427936043463292377
(b)Deferred tax632896568(6023)888751363110238715859
(c)Less: Deferred asset for deferred tax liability (refer note 12)703576565-95940-99466-
 Total tax expense (a+b-c)1781711278272722557929299146384308236
11Net profit from ordinary activities after tax (9-10)294403307400309354102908610974749992371140340
12Extraordinary items (net of tax expense)-------
13Net profit for the period (11-12)294403307400309354102908610974749992371140340
14Share of profit / (loss) of associates-------
15Minority interest     603(21)
16Net profit after taxes, minority interest and share of profit of associates (13+14-15)294403307400309354

1029086

10974749986341140361
17Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546824546824546824546824546824546824546
18Paid-up debt capital   85995346717022101611858102134
19Reserves excluding revaluation reserve as per balance sheet   7341189775698673848527908426
20Debenture redemption reserve   362460276491362460276491
21(i)Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised)(in Rupee ):
(a)Basic3.573.733.7512.4813.3112.1113.83
(b)Diluted3.573.733.7512.4813.3112.1113.83
21(ii)Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised)(in Rupee ):
 (a)Basic3.573.733.7512.4813.3112.1113.83
 (b)Diluted3.573.733.7512.4813.3112.1113.83
22Debt equity ratio   1.050.781.240.93
23Debt service coverage ratio (DSCR)   2.442.772.272.68
24Interest service coverage ratio (ISCR)   6.728.625.547.09

See accompanying notes to the financial results.

Part II - Select Information

Sl. No.ParticularsStandaloneConsolidated
Quarter ended
31.03.2015
(Unaudited)
Quarter ended
31.12.2014
(Unaudited)
Quarter ended
31.03.2014
(Unaudited)
Year ended
31.03.2015
(Audited)
Year ended
31.03.2014
(Audited)
Year ended
31.03.2015
(Audited)
Year ended
31.03.2014
(Audited)
123456789
APARTICULARS OF SHAREHOLDING
1Public shareholding
-Number of shares2064849420206484942020613661002064849420206136610020648494202061366100
-Percentage of shareholding25.0425.0425.0025.0425.0025.0425.00
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 shares6180614980618061498061840983006180614980618409830061806149806184098300
-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)74.9674.9675.0074.9675.0074.9675.00
Sl.No.ParticularsQuarter ended 31.03.2015
BINVESTOR COMPLAINTS
 Pending at the beginning of the quarter1
 Received during the quarter751
 Disposed of during the quarter751
 Remaining unresolved at the end of the quarter1

STATEMENT OF ASSETS AND LIABILITIES

(Rupee in Lakhs)
Sl.No.ParticularsStandaloneConsolidated
As at 31.03.2015 (Audited)As at 31.03.2014 (Audited)As at 31.03.2015 (Audited)As at 31.03.2014 (Audited)
AEQUITY AND LIABILITIES
1Shareholders' funds
 (a) Share capital824546824546824546824546
 (b) Reserves and surplus7341189775698673848527908426
 Sub-total - Shareholders' funds8165735858153282093988732972
2Deferred revenue139415160988139415160988
3Minority interest  8879468043
4Non-current liabilities
 (a) Long-term borrowings7853233624057593362927554230
 (b) Deferred tax liabilities (net)97907105161126561123931
 (c) Other long-term liabilities288659251246348185308158
 (d) Long-term provisions1115718793611433789680
 Sub-total - Non-current liabilities8351370668491899253758075999
5Current liabilities
 (a) Short-term borrowings--6401543364
 (b) Trade payables595315642960710763722396
 (c) Other current liabilities1680762115476020202141442718
 (d) Short-term provisions775875730260799641758033
 Sub-total-Current liabilities3051952252798035946332966511
 TOTAL - EQUITY AND LIABILITIES19708472179554182195761520004513
BASSETS
1Non-current assets
 (a) Fixed assets (including capital work-in-progress)13534256116999501594070913803232
 (b) Goodwill on consolidation--6262
 (c) Non-current investments7154078120901412166346
 (d) Long-term loans and advances1552789127772616631621415735
 (e) Other non-current assets169677178677173108180599
 Sub-total - Non-current assets15972129139684431777845315565974
2Current assets
 (a) Current investments187806163696188739163696
 (b) Inventories745300537335797246598848
 (c) Trade receivables760437522008924992672566
 (d) Cash and bank balances1287881153113714251611705067
 (e) Short-term loans and advances240759311604245670323015
 (f) Other current assets514160921195597354975347
 Sub-total - Current assets3736343398697541791624438539
 TOTAL - ASSETS19708472179554182195761520004513

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2015

(Rupee in Lakhs)
Sl. No.ParticularsStandaloneConsolidated
Quarter ended 31.03.2015 (Unaudited)Quarter ended 31.12.2014
(Unaudited)
Quarter ended 31.03.2014 (Unaudited)Year ended 31.03.2015 (Audited)Year ended 31.03.2014 (Audited)Year ended 31.03.2015 (Audited)Year ended 31.03.2014 (Audited)
123456789
1Segment revenue
- Generation1940125188850121094017343010722402677918307648968
- Others3286301827761128911507308092291177
Total1943411189151921121777354299723553380999227940145
2Segment results (Profit before tax and interest)
- Generation3750283684683688731255439149748013366131628475
- Others604(1299)807(445)162337778283
- Total3756323671693696801254994149910313403901636758
Less
(i) Unallocated finance costs707497008156769274362240659357037320307
(ii) Other unallocable expenditure net of unallocable income(7337)(21590)(23715)(74033)(132021)(62268)(132125)
Profit before tax3122203186783366261054665139046510456211448576
3Capital employed (Segment assets - Segment liabilities)
- Generation89148478582122819411789148478194117100766138695533
- Others8200849924393878200839387239518206430
- Un-allocated(831120)683619348028(831120)348028(2106733)(168991)
- Total8165735931566585815328165735858153282093988732972

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 29th May 2015 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.*28.91
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.*0.27
14National High Power Test Laboratory Private Ltd.21.63
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 of respective companies 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 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 year ended 31st March 2015 is  Rupee 73,70,399 lakh (previous year Rupee 68,70,403 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  Rupee 73,13,381 lakh for the year ended 31stMarch 2015 (previous year Rupee 69,59,612 lakh) on the basis of said Regulations.

c) Sales for the year ended 31st March 2015 include  Rupee 67,962 lakh (previous year Rupee 2,08,682 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales for the year ended 31st March 2015 include (-) Rupee 1,39,942 lakh (previous year (-) Rupee 26,999 lakh) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales also include Rupee 11,396 lakh for the year ended 31st March 2015 (previous year Rupee 7,702 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4.Provision for current tax for the year includes tax related to earlier years amounting to (-) Rupee 1,95,253 lakh (previous year (-) Rupee 43,696 lakh).

5. During the year, one thermal unit of 660 MW at Barh w.e.f. 15th November 2014, solar PV power capacity of 20 MW at Rajgarh w.e.f. 30th April 2014 and solar PV power station of 15 MW at Singrauli w.e.f 31st December 2014 have been declared commercial.

6. 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 2015 is Rupee 8,73,244 lakh (previous year Rupee 4,45,573 lakh). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7th May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost of Rupee 15,457 lakh (previous year Rupee 14,546 lakh) incurred on the project up to 31st March 2015 is included in non-current assets. Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

8. Claims recoverable as at 31st March 2015 include Rupee 46,628 lakh (previous year Rupee 42,600 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. 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.

9.In accordance with the principles approved by the Board of Directors of the Company, the dispute with coal suppliers on account of GCV has been settled. Accordingly, against the total disputed billed amount of Rupee 2,57,874 lakh (previous year Rupee 4,10,287 lakh) as at 31st March 2014, during the year the Company has paid Rupee 1,77,351 lakh and provided Rupee 2,548 lakh and remaining amount of Rupee 77,975 lakh is settled. Sales corresponding to energy charges recoverable for the amounts paid/provided as above have been recognized on settlement.

10. The Company has revised the accounting policy for depreciation of certain assets in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1st April 2014. Consequently, profit for the year ended 31st March 2015 is lower by Rupee 1,497 lakh and fixed assets as at 31st March 2015 are lower by Rupee 2,044 lakh. Further, an amount of Rupee 358 lakh (net of deferred tax of  Rupee 189 lakh) has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

11. In line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to Rupee 20,832 lakh upto 31st March 2014 has been recognised as prior period sales and netted from 'Other expenses'.

12.Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the year ended 31st March 2015 on the generation income is accounted as 'Deferred asset for deferred tax liability'. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.

13. During the quarter, the Company out of free reserves issued one 8.49% secured non-cumulative non-convertible redeemable taxable fully paid-up debenture of Rupee 12.50 by way of bonus for each fully paid-up equity share of par value Rupee 10/-. The debenture amount of Rupee 10,30,683 lakh and dividend distribution tax thereon of Rupee 2,06,076 lakh has been debited to general reserve.

14. During the quarter, the Company has paid an interim dividend of Rupee 0.75 per equity share (par value Rupee 10/-each) for the year 2014-15. The Board of Directors has recommended final dividend of Rupee 1.75 per equity share (par value Rupee 10/- each). The total dividend (including interim dividend) for the financial year 2014-15 is Rupee 2.50 per equity share (par value Rupee 10/-each).

15. The audited accounts are subject to review by Comptroller and Auditor General of India under Section 143(6)&(7) of the Companies Act, 2013.

16. 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).

17. Previous periods/year figures have been regrouped/rearranged wherever necessary.

18. 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: 29th May 2015

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