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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTH PERIOD ENDED 31st DECEMBER 2011

(Rupee/Lakh)
Sl. No.ParticularsQuarter ended 31.12.2011 (Unaudited)Quarter ended 30.09.2011 (Unaudited)Quarter ended 31.12.2010 (Unaudited)Nine-Month Period ended 31.12.2011 (Unaudited)Nine-Month Period ended 31.12.2010 (Unaudited)Year ended 31.3.2011 (Audited)
12345678
1(a) Net Sales (Net of Electricity Duty)153323015377541342128448813339355065487400
 (b) Other Operating Income5109363115023698548747249
 (c) Depreciation Written Back (net) & Advance Against Depreciation recognised as Prior Period Sales101-7521101183863184054
 Total (a+b+c)153844015413851351151452521941242435678703
2Expenditure  
 (a) Fuel Cost10793291064940833864311925125648223537378
 (b) Employees Cost718827846168852219415208152278971
 (c) Depreciation756036582859855205544178755248569
 (d) Other Expenditure916247046279892248557241350357357
 (e) Provisions485915394861126817155215
 Total (a+b+c+d+e)132329712796921043002379762833198964577490
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)2151432616933081497275918043471101213
4Other Income 861029730265382254799181500246081
5Profit before Interest & Exceptional Items (3+4)3012453589953735319823909858471347294
6Interest & Finance charges449623311732468115514106566142334
7Profit after Interest but before Exceptional Items (5-6)2562833258783410638668768792811204960
8Exceptional Items------
9Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)2562833258783410638668768792811204960
10Tax Expenses:
 (a) Current Tax328829941287250213615193700255332
 (b) Deferred Tax10362(15946)16665(9768)5350639369
 Total Tax Expenses (a+b)4324483466103915203847247206294701
11Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)213039242412237148663029632075910259
12Extraordinary Items (Net of tax expenses)------
13Net Profit (+)/ Loss (-) for the period (11-12)213039242412237148663029632075910259
14Paid-up Equity Share Capital (Face value of share Rupee10/- each)824546824546824546824546824546824546
15Reserves excluding revaluation reserve as per Balance Sheet-----5964679
16Earning per share - (EPS in Rupee)
 
      
 (a) Basic and diluted EPS before Extraordinary items (not annualised)2.582.942.888.047.6711.04
 (b) Basic and diluted EPS after Extraordinary items (not annualised)2.582.942.888.047.6711.04
17Public Shareholding      
 (a) Number of shares127810322012781032201278103220127810322012781032201278103220
 (b) % age of shareholding15.5015.5015.5015.5015.5015.50
18Promoters and Promoter Group Shareholding      
 (a) Pledged/Encumbered      
 - Number of Shares------
 - Percentage of 
share(as % of the total shareholding of promoter and promoter group)
------
 - Percentage of 
share(as % of the
total share capital
of the company)
------
 (b) Non-encumbered      
 - Number of Shares696736118069673611806967361180696736118069673611806967361180
 - Percentage of share(as % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00100.00100.00
 - Percentage of share(as % of the total share capital of the company)84.5084.5084.5084.5084.5084.50

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE-MONTH PERIOD ENDED 31st DECEMBER 2011

(Rupee/Lakh)
Sl.
No.
ParticularsQuarter ended 31.12.2011 (Unaudited)Quarter ended 30.09.2011 (Unaudited)Quarter ended 31.12.2010 (Unaudited)Nine-Month Period ended 31.12.2011 (Unaudited)Nine-Month Period ended 31.12.2010 (Unaudited)Year ended 31.3.2011 (Audited)
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1Segment Revenue      
 - Generation155723815655991347504457197339469385506913
 - Others346243194291113971227917174
 - Total156070015699181351795458337039592175524087
2Segment Results (Profit before Tax and Interest)      
 - Generation2605683134003329628503248816311208217
 - Others(3231)12942058(772)42535014
 - Total2573373146943350208495528858841213231
 Less      
 (i) Unallocated Interest and Finance Charges449054012732351122464106071141973
 (ii) Other Unallocable expenditure net of unallocable income(43851)(51311)(38394)(139788)(99468)(133702)
 Total Profit before Tax2562833258783410638668768792811204960
3Capital Employed (Segment Assets - Segment Liabilities)      
 - Generation569792552220474230963569792542309634526023
 - Others42418611207142412071425
 - Un-allocated175009520085572642783175009526427832262777
 - Total745226172392156875817745226168758176789225

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 (Regulations, 2009) in January 2009, and also notified First and Second Amendment in May and June 2011. In line with First Amendment dated 2nd May 2011, during the year the CERC has issued provisional 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 tariff orders except for TTPS where it is done on provisional basis and for National Capital Thermal Power Station - II where it is billed on final tariff order basis. The amount billed during the quarter and for the nine-month period ended 31st December 2011 on this basis are Rupee 15,67,591 lakh and Rupee 44,32,967 lakh respectively (Corresponding previous quarter and nine-month Rupee13,00,612 lakh and Rupee 37,66,927 lakh respectively).

(b) CERC has issued final tariff orders for some of the stations under the Regulations, 2009, which considers the projected year-wise additional capital expenditure for the tariff period 2009-14. Sales for these stations has been recognised, by truing up capital expenditure to arrive at the capacity charges. Sales for these stations has been recognised as Rupee 2,04,560 lakh for the quarter and Rupee 5,67,949 lakh for the nine-month period ended 31st December 2011 (Corresponding previous quarter and nine-month Rupee 1,41,715 lakh and Rupee 4,39,662 lakh respectively). For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rupee13,80,616 lakh for the quarter and Rupee 39,05,781 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month Rupee 11,45,070 lakh and Rupee 33,96,425 lakh respectively) on the basis of principles enunciated in the said Regulations, 2009 including the Amendments thereto.

(c) Sales include (-) Rupee 15,547 lakh for the quarter and Rupee 36,334 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month Rupee 15,980 lakh and Rupee 38,036 lakh respectively) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) 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.The CERC filed appeals in the Hon’ble Supreme Court of India on some of the issues decided in favour of the Company by the APTEL. The CERC has issued revised tariff orders for all stations for the period 2004-09 excepting for few stations, considering the judgment of APTEL subject to disposal of appeals pending before the Hon’ble Supreme Court of India. Consequently, the Company is billing and recovering the dues as per the aforesaid orders of the CERC, the impact of aforesaid issues has been recognized as sales during the quarter and nine-month period ended 31st December, 2011 and corresponding 'Provision for Tariff Adjustment' has been created to the extent of impact of the aforesaid issues recognised as sales, as the appeal filed by the CERC with the Hon'ble Supreme Court is pending disposal.

(e) Sales include (-) Rupee 40,724 lakh for the quarter and (-) Rupee 35,723 lakh for the nine-month period ended 31st December 2011(Corresponding previous quarter and nine-month Rupee 32,243 lakh and Rupee 37,273 lakh respectively) on account of income tax recoverable from customers as per Regulations, 2004. Sales also include Rupee 893 lakh for the quarter and Rupee2,680 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month Rupee 2,879 lakh and Rupee 11,945 lakh respectively) respectively on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.

2. Interest and finance charges:

(a) include exchange differences regarded as an adjustment to interest costs Rupee 3,564 lakh for the quarter and Rupee 11,774 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-monthRupee 3,513 lakh and Rupee 11,228 lakh respectively).

(b) are lower by Rupee Nil for the quarter and Rupee 19,883 lakh for the nine-month period ended 31st December 2011 respectively on account of reversal of interest payable to beneficiaries as per APTEL order, consequent upon the favourable judgement of the Hon'ble Supreme Court of India, liability for which was created in earlier years.

3. Other expenditure include exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long-term) of Rupee 709 lakh for the quarter and Rupee 2,308 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month credit of Rupee 106 lakh and Rupee 139 lakh respectively considered in other income).

4. Current tax expense include Rupee (-) 31,434 lakh and Rupee 15,741 lakh for the quarter and nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month Rupee 23,678 lakh) related to earlier years.

5. Consequent to the demand made by the Ministry of Petroleum and Natural Gas to the consortium partners towards unfinished minimum work programme cost in respect of exploration block AA-ONN-2003/2, provision of Rupee 4,038 lakh has been made during the quarter and nine-month period ended 31st December 2011. However, the Company has sought waiver of the above claim citing force-majeure conditions at site leading to discontinuation of exploratory activities.

6. An amount of Rupee 77,195 lakh (Rupee 74,882 lakh upto 31st March 2011) has been accounted as recoverable from GOI on account of expenditure incurred on one of the hydro power project, construction of which has been discontinued on the advice of 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 contractors/vendors of various packages for this project will be compensated in full by the GOI. Since, management is confident of recovery of the cost incurred, no provision is made.

7. During the quarter, one unit of 660 MW at Sipat project of the Company has been declared commercial w.e.f 1st October 2011.

8. The Board of Directors has recommended interim dividend of Rupee 3.50 per share (face value Rupee 10/-each) for the financial year 2011-12 in their meeting held on 27th January 2012.

9. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 31st December 2011:

Sl.No.Opening BalanceAdditionsDisposalsClosing Balance
No. of complaints3122612272

10. The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 27th January 2012.

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

12. Figures for the previous period have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 27th January 2012

(A. K. SINGHAL)
DIRECTOR (FINANCE)