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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September 2012

(Rupee/Lakh)
Sl. No.ParticularsQuarter ended 30.09.2012 (Unaudited)Quarter ended 30.06.2012 (Unaudited)Quarter ended 30.09.2011 (Unaudited)Half-Year ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2011 (Unudited)Year ended 31.03.2012 (Audited)
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1Income from operations      
 (a) Net sales (net of electricity duty)161196715959961537754320796329549036114489
 (b) Other operating income231662059927991437655993390734
 Total income from operations (net) (a+b)163513316165951565745325172830148366205223
2Expenses 
 (a) Fuel cost99326610597721064940205303820399224163546
 (b) Employee benefits expense896457906778461168712147533309048
 (c) Depreciation and amortisation expense786527602265828154674129941279170
 (d) Other expenses1066299410063453200729149928327521
 Total expenses (a+b+c+d)126819213089611272682257715324673245079285
3Profit from operations before other income, finance costs and exceptional items (1-2)3669413076342930636745755475121125938
4Other income 816556789472942149549140640277842
5Profit from ordinary activities before finance costs and exceptional items (3+4)4485963755283660058241246881521403780
6Finance costs3034649935401278028177559171164
7Profit from ordinary activities after finance costs but before exceptional items (5-6)4182503255933258787438436105931232616
8Exceptional items------
9Profit from ordinary activities before tax (7-8)4182503255933258787438436105931232616
10Tax expense:
 (a) Current tax1011276823299412169359180733306848
 (b) Deferred tax28887494(15946)10382(20130)3395
 Total tax expense (a+b)1040157572683466179741160603310243
11Net profit from ordinary activities after tax (9-10)314235249867242412564102449990922373
12Extraordinary items (net of tax expense)------
13Net profit for the period (11-12)314235249867242412564102449990922373
14Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546824546824546824546824546824546
15Paid-up debt capital   538744447460555027937
16Reserves excluding revaluation reserve as per balance sheet     6504571
17Debenture redemption reserve   215329198166238904
18 (i)Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):      
 (a) Basic3.813.032.946.845.4611.19
 (b) Diluted3.813.032.946.845.4611.19
18(ii)Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (inRupee):      
 (a) Basic3.813.032.946.845.4611.19
 (b) Diluted3.813.032.946.845.4611.19
19Debt equity ratio   0.680.660.69
20Debt service coverage ratio(DSCR)   3.133.123.21
21Interest service coverage ratio(ISCR)   12.0510.629.81

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Half-Year ended 30th September 2012

Sl. No.ParticularsQuarter ended 30.09.2012 (Unaudited)Quarter ended 30.06.2012 (Unaudited)Quarter ended 30.09.2011 (Unaudited)Half-Year ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2011 (Unudited)Year ended 31.03.2012 (Audited)
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 PARTICULARS OF SHAREHOLDING      
1Public shareholding      
 (a) Number of shares127810322012781032201278103220127810322012781032201278103220
 (b) Percentage of shareholding15.5015.5015.5015.5015.5015.50
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 shares696736118069673611806967361180696736118069673611806967361180
 - Percentage of shares (as a % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00100.00100.00
 - Percentage of shares (as a % of the total share capital of the company)84.5084.5084.5084.5084.5084.50
Sl.No.ParticularsQuarter ended 30.09.2012
BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter1
 Received during the quarter1209
 Disposed of during the quarter1209
 Remaining unresolved at the end of the quarter1

Standalone Statement of Assets and Liabilities

(Rupee/Lakh)
Sl. No.ParticularsAs at 30.09.2012 (Unaudited)As at 31.03.2012 (Audited)
AEQUITY AND LIABILITIES  
1Shareholders' funds  
 (a) Share capital824546824546
 (b) Reserves and surplus70686716504571
 Sub-total (Shareholders' funds)78932177329117
2Deferred revenue177627143006
3Non-current liabilities  
 (a) Long-term borrowings49127494590827
 (b) Deferred tax liabilities (net)7407263690
 (c) Other long-term liabilities174358172906
 (d) Long-term provisions6517460370
 Sub-total (Non-current liabilities)52263534887793
4Current liabilities  
 (a) Trade payables508036446807
 (b) Other current liabilities1085058955495
 (c) Short-term provisions308772321562
 Sub-total (Current liabilities)19018661723864
    
 TOTAL (EQUITY AND LIABILITIES)1519906314083780
BASSETS  
1Non-current assets  
 (a) Fixed assets (including capital work-in-progress)91908218708422
 (b) Non-current investments1017939958392
 (c) Long-term loans and advances758977540588
 (d) Other non-current assets164998137188
 Sub-total (Non-current assets)1113273510344590
2Current assets  
 (a) Current investments276952162246
 (b) Inventories313025370285
 (c) Trade receivables614110583251
 (d) Cash and bank balances18687301614611
 (e) Short-term loans and advances166645153481
 (f) Other current assets826866855316
 Sub-total (Current assets)40663283739190
    
 TOTAL (ASSETS)1519906314083780

Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30thSeptember 2012

(Rupee/Lakh)
Sl.
No.
ParticularsQuarter ended 30.09.2012 (Unaudited)Quarter ended 30.06.2012 (Unaudited)Quarter ended 30.09.2011 (Unaudited)Half-Year ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2011 (Unaudited)Year ended 31.03.2012 (Audited)
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1Segment revenue      
 - Generation163721716190981565599325631530147356211551
 - Others3370295043196320793514605
 - Total164058716220481569918326263530226706226156
2Segment results (Profit before tax and interest)      
 - Generation4079933351963134007431895897561230036
 - Others957(343)12946142459(1946)
 - Total4089503348533146947438035922151228090
 Less      
 (i) Unallocated interest and finance charges3034649935401278028177559171164
 (ii) Other unallocable expenditure net of unallocable income(39646)(40675)(51311)(80321)(95937)(175690)
 Profit before tax4182503255933258787438436105931232616
3Capital employed (Segment assets - Segment liabilities)      
 - Generation589037755055985222047589037752220475640727
 - Others431044628611431086115299
 - Un-allocated199853020689232008557199853020085571683091
 - Total789321775789837239215789321772392157329117
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:

1. (a) 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, the 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 quarter and half-year ended 30th September 2012 on this basis isRupee 14,91,244 lakh and Rupee 30,74,193 lakh respectively (corresponding previous quarter and half-year Rupee 14,78,882 lakh and Rupee 28,65,376 lakh).

(b) The CERC has issued final tariff orders for most of the stations under the Regulations, 2009. Sales for these stations have been recognised at Rupee 12,62,642 lakh and Rupee 26,59,210 lakh respectively for the quarter and half-year ended 30thSeptember 2012 (corresponding previous quarter and half-year Rupee 13,14,366 lakh and Rupee 25,95,657 lakh) by truing up capital expenditure to arrive at the capacity charges. For all other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at Rupee 2,13,208 lakh and Rupee 4,03,429 lakh respectively for the quarter and half-year ended 30th September 2012 (corresponding previous quarter and half-year Rupee 1,37,301 lakh and Rupee2,92,897 lakh) by truing up capital expenditure to arrive at the capacity charges on the basis of principles enunciated in the said Regulations, 2009.

(c) (i) Sales include Rupee 1,02,372 lakh and Rupee 1,13,360 lakh respectively for the quarter and half-year ended 30thSeptember 2012 (corresponding previous quarter and half-year Rupee 75,935 lakh and Rupee 51,881 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity.

(ii) Sales include Rupee 29,213 lakh and Rupee 23,332 lakh respectively for the quarter and half-year ended 30th September 2012 (corresponding previous quarter and half-year Rupee 5,001 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include Rupee 1,190 lakh and Rupee 2,379 lakh repectively for the quarter and half-year ended 30th September 2012 (corresponding previous quarter and half-year Rupee 894 lakh and Rupee 1,787 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

2. 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. 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 charged to statement of Profit and Loss, have now been adjusted in the cost of related assets. As a result, profit for the quarter and half-year ended 30thSeptember 2012 is higher by Rupee 2,019 lakh, fixed assets are higher by Rupee 20,698 lakh and Deferred Income from Foreign Currency Fluctuation is higher by Rupee 18,679 lakh.

3. During the quarter ended 30th September 2012, one unit of 660 MW at Sipat project and one unit of 500 MW at Simhadri project have been declared commercial w.e.f 1st August 2012 and 30th September 2012 respectively.

4. During the quarter, the Company decided to make payment towards supply of coal considering the GCV based pricing w.e.f. 1st January 2012. Accordingly, the amount payable/recoverable to/from the Coal Companies based on GCV based pricing of coal has been accounted with corresponding billing to the beneficiaries. This does not have significant impact on the profit of the Company.

5. Current tax expense includes Rupee Nil and (-) Rupee 4,623 lakh for the quarter and half-year ended 30th September 2012 respectively (corresponding previous quarter and half-year Rupee 27,346 lakh and Rupee 47,175 lakh) related to earlier year.

6. Other current assets as at 30th September 2012 include Rupee 83,537 lakh (Rupee 76,612 lakh as at 31st March 2012) recoverable from Government of India (GOI) towards the cost incurred in respect of one of the hydro power project, 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 packages of contractors/vendors for this project will be compensated in full by the GOI. Hence no provision is considered necessary.

7. The Company is executing a thermal power project in respect of which possession certificates for 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. The committee's recommendation to set up the project on the same location is pending GOI approval. Aggregate cost incurred upto 30th September 2012 amounting to Rupee 19,656 lakh (Rupee 19,445 lakh as at 31st March 2012) is included in fixed assets and long-term loans and advances.

8. Formula 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).

9. During the quarter, the Company has paid final dividend of Rupee 0.50 per share (face value of Rupee 10/- each) for the financial year 2011-12.

10. The above results have been reviewed by the Audit Committee in the meeting held on 25th October 2012 and approved by the Board of Directors in the meeting held on 26th October 2012.

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

12. 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 26th October 2012

(A. K. SINGHAL)
DIRECTOR (FINANCE)