« Back Q3 Financial results 2011 -2012
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTH PERIOD ENDED 31st DECEMBER 2011(/Lakh)
|Sl. No.||Particulars||Quarter 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)|
|1||(a) Net Sales (Net of Electricity Duty)||1533230||1537754||1342128||4488133||3935506||5487400|
|(b) Other Operating Income||5109||3631||1502||36985||4874||7249|
|(c) Depreciation Written Back (net) & Advance Against Depreciation recognised as Prior Period Sales||101||-||7521||101||183863||184054|
|(a) Fuel Cost||1079329||1064940||833864||3119251||2564822||3537378|
|(b) Employees Cost||71882||78461||68852||219415||208152||278971|
|(d) Other Expenditure||91624||70462||79892||248557||241350||357357|
|3||Profit from Operations before Other Income, Interest & Exceptional Items (1-2)||215143||261693||308149||727591||804347||1101213|
|5||Profit before Interest & Exceptional Items (3+4)||301245||358995||373531||982390||985847||1347294|
|6||Interest & Finance charges||44962||33117||32468||115514||106566||142334|
|7||Profit after Interest but before Exceptional Items (5-6)||256283||325878||341063||866876||879281||1204960|
|9||Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)||256283||325878||341063||866876||879281||1204960|
|(a) Current Tax||32882||99412||87250||213615||193700||255332|
|(b) Deferred Tax||10362||(15946)||16665||(9768)||53506||39369|
|Total Tax Expenses (a+b)||43244||83466||103915||203847||247206||294701|
|11||Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)||213039||242412||237148||663029||632075||910259|
|12||Extraordinary Items (Net of tax expenses)||-||-||-||-||-||-|
|13||Net Profit (+)/ Loss (-) for the period (11-12)||213039||242412||237148||663029||632075||910259|
|14||Paid-up Equity Share Capital (Face value of share 10/- each)||824546||824546||824546||824546||824546||824546|
|15||Reserves excluding revaluation reserve as per Balance Sheet||-||-||-||-||-||5964679|
|16||Earning per share - (EPS in )|
|(a) Basic and diluted EPS before Extraordinary items (not annualised)||2.58||2.94||2.88||8.04||7.67||11.04|
|(b) Basic and diluted EPS after Extraordinary items (not annualised)||2.58||2.94||2.88||8.04||7.67||11.04|
|(a) Number of shares||1278103220||1278103220||1278103220||1278103220||1278103220||1278103220|
|(b) % age of shareholding||15.50||15.50||15.50||15.50||15.50||15.50|
|18||Promoters and Promoter Group Shareholding|
|- 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)
|- Number of Shares||6967361180||6967361180||6967361180||6967361180||6967361180||6967361180|
|- Percentage of share(as % of the total shareholding of promoter and promoter group)||100.00||100.00||100.00||100.00||100.00||100.00|
|- Percentage of share(as % of the total share capital of the company)||84.50||84.50||84.50||84.50||84.50||84.50|
REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE-MONTH PERIOD ENDED 31st DECEMBER 2011(/Lakh)
|Particulars||Quarter 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)|
|2||Segment Results (Profit before Tax and Interest)|
|(i) Unallocated Interest and Finance Charges||44905||40127||32351||122464||106071||141973|
|(ii) Other Unallocable expenditure net of unallocable income||(43851)||(51311)||(38394)||(139788)||(99468)||(133702)|
|Total Profit before Tax||256283||325878||341063||866876||879281||1204960|
|3||Capital Employed (Segment Assets - Segment Liabilities)|
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.
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 15,67,591 lakh and 44,32,967 lakh respectively (Corresponding previous quarter and nine-month 13,00,612 lakh and 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 2,04,560 lakh for the quarter and 5,67,949 lakh for the nine-month period ended 31st December 2011 (Corresponding previous quarter and nine-month 1,41,715 lakh and 4,39,662 lakh respectively). For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at 13,80,616 lakh for the quarter and 39,05,781 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month 11,45,070 lakh and 33,96,425 lakh respectively) on the basis of principles enunciated in the said Regulations, 2009 including the Amendments thereto.
(c) Sales include (-) 15,547 lakh for the quarter and 36,334 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month 15,980 lakh and 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 (-) 40,724 lakh for the quarter and (-) 35,723 lakh for the nine-month period ended 31st December 2011(Corresponding previous quarter and nine-month 32,243 lakh and 37,273 lakh respectively) on account of income tax recoverable from customers as per Regulations, 2004. Sales also include 893 lakh for the quarter and 2,680 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month 2,879 lakh and 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 3,564 lakh for the quarter and 11,774 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month 3,513 lakh and 11,228 lakh respectively).
(b) are lower by Nil for the quarter and 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 709 lakh for the quarter and 2,308 lakh for the nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month credit of 106 lakh and 139 lakh respectively considered in other income).
4. Current tax expense include (-) 31,434 lakh and 15,741 lakh for the quarter and nine-month period ended 31st December 2011 respectively (Corresponding previous quarter and nine-month 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 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 77,195 lakh ( 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 3.50 per share (face value 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 Balance||Additions||Disposals||Closing Balance|
|No. of complaints||3||1226||1227||2|
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)