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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September 2013

(Rupee/Lakh)
Sl. No.ParticularsQuarter ended 30.09.2013 (Unaudited)Quarter ended 30.06.2013 (Unaudited)Quarter ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2013 (Unaudited)Half-Year ended 30.09.2012 (Unudited)Year ended 31.03.2013 (Audited)
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1Income from operations      
 (a) Net sales (net of electricity duty)162722715612891611967318851632079636431638
 (b) Other operating income143174896231661921343765135755
 Total income from operations (net)164154415661851635133320772932517286567393
2Expenses 
 (a) Fuel cost1013925942583993266195650820530384101825
 (b) Employee benefits expense837959425089950178045169322336012
 (c) Depreciation and amortisation expense967949423378652191027154674339676
 (d) Other expenses11863097928106629216558200729418150
 Total expenses131314412289941268497254213825777635195663
3Profit from operations before other income, finance costs and exceptional items (1-2)3284003371913666366655916739651371730
4Other income 643976969381960134090150159310158
5Profit from ordinary activities before finance costs and exceptional items (3+4)3927974068844485967996818241241681888
6Finance costs62046617413034612378780281192436
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3307513451434182506758947438431489452
8Exceptional items-----168411
9Profit from ordinary activities before tax (7+8)3307513451434182506758947438431657863
10Tax expense:
 (a) Current tax7357587115101127160690169359368084
 (b) Deferred tax788653262888132121038227840
 Total tax expense (a+b)8146192441104015173902179741395924
11Net profit from ordinary activities after tax (9-10)2492902527023142355019925641021261939
12Extraordinary items (net of tax expense)------
13Net profit for the period (11-12)2492902527023142355019925641021261939
14Paid-up equity share capital
(Face value of share Rupee 10/- each)

824546

824546

824546

824546

824546

824546
15Paid-up debt capital   606294453874445814630
16Reserves excluding revaluation reserve as per balance sheet     7214205
17Debenture redemption reserve   229958215329253533
18 (i)Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):      
 (a) Basic3.033.063.816.096.8415.30
 (b) Diluted3.033.063.816.096.8415.30
18(ii)Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (inRupee):      
 (a) Basic3.033.063.816.096.8415.30
 (b) Diluted3.033.063.816.096.8415.30
19Debt equity ratio   0.710.680.72
20Debt service coverage ratio(DSCR)   2.553.133.17
21Interest service coverage ratio(ISCR)   8.1212.0510.39

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Half-Year ended 30th September 2013

Sl. No.ParticularsQuarter ended 30.09.2013 (Unaudited)Quarter ended 30.06.2013 (Unaudited)Quarter ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2013 (Unaudited)Half-Year ended 30.09.2012 (Unudited)Year ended 31.03.2013 (Audited)
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APARTICULARS OF SHAREHOLDING      
1Public shareholding      
 - Number of shares206136610020613661001278103220206136610012781032202061366100
 - Percentage of shareholding25.0025.0015.5025.0015.5025.00
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 shares618409830061840983006967361180618409830069673611806184098300
 - 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)75.0075.0084.5075.0084.5075.00
Sl. NoParticularsQuarter ended 30.09.2013
BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter-
 Received during the quarter1739
 Disposed of during the quarter1736
 Remaining unresolved at the end of the quarter3

Standalone Statement of Assets and Liabilities

(Rupee/Lakh)
Sl. No.ParticularsAs at 30.09.2013 (Unaudited)As at 31.03.2013 (Audited)
AEQUITY AND LIABILITIES  
1Shareholders' funds  
 (a) Share capital824546824546
 (b) Reserves and surplus77161967214205
 Sub-total - Shareholders' funds85407428038751
2Deferred revenue213391124405
3Non-current liabilities  
 (a) Long-term borrowings55770015325366
 (b) Deferred tax liabilities (net)10474291530
 (c) Other long-term liabilities185117196599
 (d) Long-term provisions8091273992
 Sub-total - Non-current liabilities59477725687487
4Current liabilities  
 (a) Trade payables519659515877
 (b) Other current liabilities11255981044672
 (c) Short-term provisions525235700454
 Sub-total - Current liabilities21704922261003
 TOTAL - EQUITY AND LIABILITIES1687239716111646
BASSETS  
1Non-current assets  
 (a) Fixed assets (including capital work-in-progress)1066932910004552
 (b) Non-current investments948145913764
 (c) Long-term loans and advances943975963345
 (d) Other non-current assets192502113277
 Sub-total - Non-current assets1275395111994938
2Current assets  
 (a) Current investments257450162246
 (b) Inventories453818405719
 (c) Trade receivables623463536549
 (d) Cash and bank balances16542131686770
 (e) Short-term loans and advances264355174553
 (f) Other current assets8651471150871
 Sub-total - Current assets41184464116708
    
 TOTAL - ASSETS1687239716111646

Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30thSeptember 2013

(Rupee/Lakh)
Sl.
No.
ParticularsQuarter ended 30.09.2013 (Unaudited)Quarter ended 30.06.2013 (Unaudited)Quarter ended 30.09.2012 (Unaudited)Half-Year ended 30.09.2013 (Unaudited)Half-Year ended 30.09.2012 (Unaudited)Year ended 31.03.2013 (Audited)
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1Segment revenue      
 - Generation164537015711391637217321650932563156753745
 - Others2224291633705140632012846
 - Total164759415740551640587322164932626356766591
2Segment results (Profit before tax and interest)      
 - Generation3570203695664079937265867431891664505
 - Others(278)73957(205)6141614
 - Total3567423696394089507263817438031666119
 Less:      
 (i) Unallocated finance costs62046617413034612378780281192436
 (ii) Other unallocable expenditure net of unallocable income(36055)(37245)(39646)(73300)(80321)(184180)
 Profit before tax3307513451434182506758947438431657863
3Capital employed (Segment assets - Segment liabilities)      
 - Generation709353171641595890377709353158903777100418
 - Others688842444310688843104496
 - Un-allocated14403231123050199853014403231998530933837
 Total854074282914537893217854074278932178038751

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 the meeting held on 28thOctober 2013 and approved by the Board of Directors in the meeting held on 29th October 2013.

2. (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 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 2013 on this basis is Rupee 15,85,188 lakh and Rupee 31,35,657 lakh respectively (corresponding previous quarter and half-year Rupee 14,91,244 lakh and Rupee 30,74,193 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 for the quarter and half-year ended 30th September 2013 have been recognised at Rupee14,92,454 lakh and Rupee 29,41,183 lakh respectively (corresponding previous quarter and half-year Rupee 14,27,133 lakh and Rupee 29,70,267 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 for the quarter and half-year ended 30th September 2013 have been provisionally recognized at Rupee 1,18,499 lakh and Rupee 1,98,141 lakh respectively (corresponding previous quarter and half-year Rupee 48,717 lakh and Rupee 92,372 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.

(c) (i) Sales include Rupee 11,754 lakh and Rupee 31,826 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 1,02,372 lakh and Rupee 1,13,360 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include Rupee Nil and Rupee 8,110 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 29,213 lakh and Rupee 23,332 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include Rupee 1,892 lakh and Rupee 3,784 lakh repectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year Rupee 1,190 lakh and Rupee2,379 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1stJanuary 2012. The Coal Supply Agreements 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 Ministry of Power and Ministry of Coal, 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 Rupee 4,06,512 lakh upto 30th September 2013 (Rupee 2,53,110 lakh upto 31st March 2013) has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

4. Other current assets as at 30th September 2013 include Rupee 42,896 lakh (Rupee 89,472 lakh as at 31st March 2013) 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 quarter, a payment of Rupee 53,630 lakh has been recieved from GOI on this account in the first phase. 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 contractors/vendors for this project, will be compensated in full by the GOI. Hence no provision is considered necessary.

5. 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 off transferred to expenditure during construction.

6. During the quarter, the Company has paid final dividend of Rupee 2.00 per share including a special dividend of Rupee 1.25 per share (face value of Rupee 10/- each) for the financial year 2012-13.

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

8. 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 29th October 2013

(Dr. Arup Roy Choudhury)
Chairman & Managing Director