« Back Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September
PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September( in Lakhs)
Quarter ended 30.09.2015 (Unaudited)
|Quarter ended 30.06.2015 (Unaudited)||Quarter ended 30.09.2014 (Unaudited)||Half-Year ended 30.09.2015 (Unaudited)||Half-Year ended 30.09.2014 (Unaudited)||Year ended 31.03.2015 (Audited)|
|1||Income from operations|
|(a) Net sales (net of electricity duty)||1772290||1701869||1658236||3474159||3466883||7263775|
|(b) Other operating income||17561||6589||15427||24150||40455||60830|
|Total income from operations (net)||1789851||1708458||1673663||3498309||3507338||7324605|
|(a) Fuel cost||1154083||1150914||1143933||2304997||2420446||4884519|
|(b) Employee benefits expense||92168||92276||91801||184444||183642||366978|
|(c) Depreciation and amortisation expense||132291||123795||115158||256086||226705||491165|
|(d) Other expenses||140535||121501||113696||262036||225571||464548|
|3||Profit from operations before other income, finance costs and exceptional items (1-2)||270774||219972||209075||490746||450974||1117395|
|5||Profit from ordinary activities before finance costs and exceptional items (3+4)||298313||243844||262144||542157||557299||1329027|
|7||Profit from ordinary activities after finance costs but before exceptional items (5-6)||216860||170756||195403||387616||423767||1054665|
|9||Profit from ordinary activities before tax (7+8)||216860||170756||195403||387616||423767||1054665|
|(a) Current tax (Refer note 3)||(72760)||(42861)||(2188)||(115621)||(3516)||32644|
|(b) Deferred tax||1894||8903||9446||10797||19018||88875|
|(c) Less: Deferred asset for deferred tax liability||2102||8821||19018||10923||19018||95940|
|Total tax expense (a+b-c)||(72968)||(42779)||(11760)||(115747)||(3516)||25579|
|11||Net profit from ordinary activities after tax (9-10)||289828||213535||207163||503363||427283||1029086|
|12||Extraordinary items (net of tax expense)||-||-||-||-||-||-|
|13||Net profit for the period (11-12)||289828||213535||207163||503363||427283||1029086|
|14||Paid-up equity share capital |
(Face value of share 10/- each)
|15||Paid-up debt capital||8679087||6956529||8599534|
|16||Reserves excluding revaluation reserve as per balance sheet||7341189|
|17||Debenture redemption reserve||343885||257916||362460|
|18(i)||Earnings per share (before extraordinary items) - (of 10/- each)(not annualised) (in ):|
|18(ii)||Earnings per share (after extraordinary items) - (of 10/- each) (not annualised) (in ):|
|19||Debt equity ratio||1.00||0.77||1.05|
|20||Debt service coverage ratio|
|21||Interest service coverage ratio|
See accompanying notes to the financial results
PART II : Select Information for the Quarter and Half-Year ended 30th September 2015
|Quarter ended |
|Half-Year ended |
|A||PARTICULARS OF SHAREHOLDING|
|- Number of shares||2064849420||2064849420||2064849420||2064849420||2064849420||2064849420|
|- Percentage of shareholding||25.04||25.04||25.04||25.04||25.04||25.04|
|2||Promoters and promoter group shareholding|
|- 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)||-||-||-||-||-||-|
|- Number of shares||6180614980||6180614980||6180614980||6180614980||6180614980||6180614980|
|- Percentage of shares (as a % of the total shareholding of promoter and promoter group)||100.00||100.00||100.00||100.00||100.00||100.00|
|- Percentage of shares (as a % of the total share capital of the company)||74.96||74.96||74.96||74.96||74.96||74.96|
|Pending at the beginning of the quarter||1|
|Received during the quarter||926|
|Disposed of during the quarter||927|
|Remaining unresolved at the end of the quarter||-|
Standalone Statement of Assets and Liabilities
|Sl.No.||Particulars||As at 30.09.2015|
|A||EQUITY AND LIABILITIES|
|(a) Share capital||824546||824546|
|(b) Reserves and surplus||7848692||7341189|
|Sub-total - Shareholders' funds||8673238||8165735|
|(a) Long-term borrowings||7873094||7853233|
|(b) Deferred tax liabilities (net)||97780||97907|
|(c) Other long-term liabilities||266887||288659|
|(d) Long-term provisions||119990||111571|
|Sub-total Non-current liabilities||8357751||8351370|
|(a) Trade payables||519335||595315|
|(b) Other current liabilities||1905219||1680762|
|(c) Short-term provisions||655065||775875|
|Sub-total Current liabilities||3079619||3051952|
|TOTAL - EQUITY AND LIABILITIES||20293907||19708472|
|(a) Fixed assets (including capital work-in-progress)||14465526||13534256|
|(b) Non-current investments||753731||715407|
|(c) Long-term loans and advances||1805533||1552789|
|(d) Other non-current assets||218410||169677|
|Sub-total Non-current assets||17243200||15972129|
|(a) Current investments||228839||187806|
|(c) Trade receivables||768188||760437|
|(d) Cash and bank balances||642441||1287881|
|(e) Short-term loans and advances||245837||240759|
|(f) Other current assets||514482||514160|
Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30th September 2015
|2||Segment results (Profit before tax and interest)|
|(i) Unallocated finance costs||81453||73088||66741||154541||133532||274362|
|(ii) Other unallocable expenditure net of unallocable income||9915||8445||(19372)||18360||(45106)||(74033)|
|Profit before tax||216860||170756||195403||387616||423767||1054665|
|3||Capital employed (Segment assets - Segment liabilities)|
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29th October 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 half-year ended 30th September 2015 is 18,59,213 lakh and 36,30,561 lakh respectively (corresponding previous quarter and half-year 17,06,905 lakh and 35,98,039 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 18,31,134 lakh for the quarter and 36,12,952 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year 17,04,549 lakh and 35,63,035 lakh) on the basis of said Regulations. Pending disposal of the petition, energy charges included in sales, in respect of the coal based stations for the quarter and half-year have been recognized based on the GCV ‘as received at the secondary crusher’.
(c) Sales include 27,447 lakh for the quarter and 23,145 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year 9,010 lakh and 32,017 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include (-) 90,168 lakh for the quarter and (-) 1,69,365 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year (-) 60,502 lakh and 1,38,923 lakh) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include 1,275 lakh for the quarter and 2,549 lakh for the half-year ended 30th September 2015 (corresponding previous quarter and half-year 2,952 lakh and 5,904 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
3. Provision for current tax for the quarter and half year ended 30th September 2015 includes tax related to earlier years amounting to (-) 1,19,720 lakh and (-) 2,03,902 lakh respectively (corresponding previous quarter (-) 56,330 lakh and half-year (-) 1,28,893 lakh).
4. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MOEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 30th September 2015 is 10,36,609 lakh (8,73,244 lakh as at 31st March 2015). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
5. Other non current assets as at 30th September 2015 include 47,334 lakh (46,628 lakh as at 31st March 2015) 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. 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.
6. 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 of transferred to expenditure during construction.
7. During the quarter, four units of 200 MW each at Koldam Hydro Power Project have been declared commercial w.e.f 18th July 2015.
8.During the quarter, the Company has paid final dividend of 1.75 per share (face value of 10/- each) for the financial year 2014-15.
9. The above financial results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.
10. 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, 2015