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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2014

(Rupee in Lakhs)
Sl. No.ParticularsQuarter ended 31.12.2014 (Unaudited)Quarter ended 30.09.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2014 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Year  ended 31.03.2014 (Audited)
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1Income from operations      
 (a) Net sales (net of electricity duty)187389816582361877939534078150664557160263
 (b) Other operating income11911154275774523663155541630
 Total income from operations (net)188580916736631883713539314750980107201893
2Expenses      
 (a) Fuel cost121196311439331183052363240931395604582971
 (b) Employee benefits expense9013691801118258273778294322382478
 (c) Depreciation and amortisation expense125341115158102428352046293455414219
 (d) Other expenses (refer note 3)117738113696117115343309338917455669
 Total expenses154517814645881520853460154240662545835337
3Profit from operations before other income, finance costs and exceptional items (1-2)34063120907536286079160510317561366556
4Other income 481285306975188154453205973264568
5Profit from ordinary activities before finance costs and exceptional items (3+4)38875926214443804894605812377291631124
6Finance costs700816674160103203613183890240659
7Profit from ordinary activities after finance costs but before exceptional items (5-6)31867819540337794574244510538391390465
8Exceptional items------
9Profit from ordinary activities before tax  (7+8)31867819540337794574244510538391390465
10Tax expense:      
 (a) Current tax (refer note 4)11275(2188)853757759246065279360
 (b) Deferred tax656894466442255861965413631
 (c) Less: Deferred tax recoverable (refer note 5)656519018-25583--
 Total tax expense (a+b-c)11278(11760)918177762265719292991
11Net profit from ordinary activities after tax (9-10)3074002071632861287346837881201097474
12Extraordinary items (net of tax expense)------
13Net profit for the period (11-12)3074002071632861287346837881201097474
14Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546824546824546824546824546824546
15Reserves excluding revaluation reserve as per balance sheet      7756986
16(i)Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):      
 (a)Basic  3.732.513.478.919.5613.31
 (b)Diluted3.732.513.478.919.5613.31
16(ii)Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):      
 (a)Basic  3.732.513.478.919.5613.31
 (b)Diluted3.732.513.478.919.5613.31
See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Nine-Months ended 31st December 2014

Sl. No.ParticularsQuarter ended 31.12.2014 (Unaudited)Quarter ended 30.09.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2014 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Year  ended 31.03.2014 (Audited)
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APARTICULARS OF SHAREHOLDING      
        
1Public shareholding      
  - Number of shares206484942020648494202061366100206484942020613661002061366100
  - Percentage of shareholding25.0425.0425.0025.0425.0025.00
         
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 shares618061498061806149806184098300618061498061840983006184098300
 - 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)74.9674.9675.0074.9675.0075.00
 Particulars

Quarter ended
31.12.2014

BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter1
 Received during the quarter1156
 Disposed of during the quarter1156
 Remaining unresolved at the end of the quarter1

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2014

(Rupee in Lakhs)
Sl. No.ParticularsQuarter ended 31.12.2014 (Unaudited)Quarter ended 30.09.2014 (Unaudited)Quarter ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2014 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Year  ended 31.03.2014 (Audited)
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1Segment revenue      
 - Generation188850116782871891548540288551146257224026
 - Others3018228635918003873111507
   Total189151916805731895139541088851233567235533
        
2Segment results (Profit before tax and interest)      
 - Generation36846824240540202188041111286071497480
 - Others(1299)3671021(1049)8161623
   Total36716924277240304287936211294231499103
 Less :      
 (i) Unallocated finance costs700816674160103203613183890240659
 (ii) Other unallocable expenditure net of unallocable income(21590)(19372)(35006)(66696)(108306)(132021)
        
 Profit before tax31867819540337794574244510538391390465
        
3Capital employed (Segment assets - Segment liabilities)      
 - Generation858212278618897216218858212272162188194117
 - Others499244707218589499241858939387
 - Un-allocated683619109930515920636836191592063348028
   Total931566590082668826870931566588268708581532
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:

1. These results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their respective meetings held on 30th January 2015.

2. (a) The Central Electricity Regulatory Commission (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 quarter and nine-months ended 31st December 2014 is Rupee 18,89,572 lakh and Rupee 54,87,611 lakh respectively (corresponding previous quarter and nine-months Rupee 17,87,233 lakh and Rupee 49,22,890 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 18,56,997 lakh for the quarter and Rupee 54,20,032 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 17,89,173 lakh and Rupee 49,28,495 lakh) on the basis of said Regulations.  

(c) Sales include Rupee 12,082 lakh for the quarter and Rupee 44,099 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 63,955 lakh and Rupee 95,780 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include (-) Rupee 1,019 lakh for the quarter and (-) Rupee 1,39,942 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 19,855 and Rupee 27,965 lakh) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee 2,952 lakh for the quarter and Rupee 8,856 lakh for the nine-months ended 31st December 2014 (corresponding previous quarter and nine-months Rupee 1,892 lakh and Rupee 5,676 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. 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'.

4. Provision for current tax for the quarter and nine-months includes tax related to earlier years amounting to (-) Rupee 66,360 lakh and (-) Rupee 1,95,253 lakh respectively (corresponding previous quarter and nine-months Rupee 19,879 lakh). 

5. Regulations, 2014 provides recovery of income tax from the beneficiaries by grossing up of the return on equity based on effective tax rate for the financial year i.e. based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the quarter and nine-months ended 31st December 2014 on the generation income is accounted as 'Deferred tax recoverable' as the same will be recovered from the beneficiaries in future years.

6. Government of India has promulgated Coal Mines (Special Provisions) Ordinance, 2014 (Ordinance) on 21st October 2014 wherein five coal blocks allotted to the Company have been cancelled. As per Section 5 of the said Ordinance, the cancelled coal blocks may be allotted to a Government Company subject to fulfillment of certain conditions. The Nominated Authority of the Ministry of Coal, vide order dated 18th December 2014 has earmarked 36 coal blocks for ‘Allotment’ under Section 5(1) of Ordinance. The five coal blocks of the Company are appearing in this list. The Company expects the allotment of the cancelled coal blocks in its favour. Accordingly, the Company considers the expenditure incurred on these coal blocks as good.

7. 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 quarter and nine-months ended 31st December 2014 is lower by Rupee 319 lakh & Rupee 1,145 lakh respectively and fixed assets as at 31st December 2014 are lower by Rupee 1,692 lakh.  Further, an amount of Rupee  547 lakh has been adjusted with 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.

8.The Board of Directors has recommended interim dividend of Rupee 0.75 per equity share (face value Rupee 10/-each) for the financial year 2014-15 in their meeting held on 30th January 2015.

9. During the quarter, one thermal unit of 660 MW at Barh w.e.f. 15th November 2014 and solar PV power station of 15 MW at Singrauli w.e.f. 31st December 2014 have been declared commercial.

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

11. 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: 30th January, 2015

(K. BISWAL)
DIRECTOR (FINANCE)