« Back Q2 Financial results 2009-2010
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2009
AND HALF-YEAR ENDED 30th SEPTEMBER 2009
|Sl. No.||Particulars||Quarter ended 30.09.2009 (Unaudited)||Quarter ended 30.09.2008 (Unaudited)||Half-Year ended 30.09.2009 (Unaudited)||Half-Year ended 30.09.2008 (Unaudited)||Year ended 31.03.2009 (Audited)|
|1||(a) Net Sales (Net of Electricity Duty)||1078279||966142||2278547||1920089||4192373|
|(b) Other operating Income||46982||42968||99511||84769||220235|
|(a) Fuel Cost||660684||595588||1434950||1209443||2711069|
|(b) Employees Cost||50403||60466||109445||118256||246313|
|(d) Other Expenditure||45819||55328||95212||95452||195209|
|3||Profit from Operations before Other Income, Interest & Exceptional Items (1-2)||303980||245063||612797||473798||1023569|
|5||Profit before Interest & Exceptional Items (3+4)||331098||276574||665014||535231||1138237|
|6||Interest & Finance charges||54069||52635||98536||94826||202290|
|7||Profit after Interest but before Exceptional Items (5-6)||277029||223939||566478||440405||935947|
|9||Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)||277029||223939||566478||440405||935947|
|(a) Current Tax||57494||12418||115684||55735||113834|
|(b) Deferred Tax||4243||(12068)||16140||(10335)||(44880)|
|(c) Fringe Benefit Tax (FBT)||97||479||97||984||2098|
|Less: Deferred Tax Recoverable/(Payable)||-||(12068)||-||(10335)||(44880)|
|FBT transferred to expenditure during construction/ Development of coal mines||-||9||-||18||115|
|Tax Expense (Net)||61834||12888||131921||56701||115817|
|11||Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)||215195||211051||434557||383704||820130|
|12||Extraordinary Items (Net of tax expense)||-||-||-||-||-|
|13||Net Profit (+)/ Loss (-) for the period (11-12)||215195||211051||434557||383704||820130|
|14||Paid-up Equity Share Capital (Face value of share Rs.10/- each)||824546||824546||824546||824546||824546|
|15||Paid-up Debt Capital||3469795||2903680||3456775|
|16||Reserves excluding Revaluation Reserve as per Balance Sheet of 31st March 2009||-||-||-||-||4912460|
|17||Debenture Redemption Reserve||150144||136021||168894|
Earning per share - (EPS) (In Rupees)
|(a) Basic and diluted EPS before Extraordinary items (not annualised)||2.61||2.56||5.27||4.65||9.95|
|(b) Basic and diluted EPS after Extraordinary items (not annualised)||2.61||2.56||5.27||4.65||9.95|
|19||Debt Equity Ratio||0.56||0.51||0.60|
|20||Debt Service Coverage Ratio(DSCR)||3.59||3.45||3.67|
|21||Interest Service Coverage Ratio(ISCR)||12.27||10.36||10.19|
|(a) Number of share||865830000||865830000||865830000||865830000||865830000|
|(b) % age of shareholding||10.50||10.50||10.50||10.50||10.50|
|23||Promoters and Promoter Group Shareholding|
|- Number of Share||-||-||-||-||-|
- 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 Share||7379634400||7379634400||7379634400||7379634400||7379634400|
|- Percentage of share(as % of the total shareholding of promoter and promoter group)||100.00%||100.00%||100.00%||100.00%||100.00%|
|- Percentage of share(as % of the total share capital of the company)||89.50%||89.50%||89.50%||89.50%||89.50%|
REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th SEPTEMBER 2009 AND HALF-YEAR ENDED 30th SEPTEMBER 2009(Rs /Lakhs)
|Particulars||Quarter ended 30.09.2009 (Unaudited)||Quarter ended 30.09.2008 (Unaudited)||Half-Year ended 30.09.2009 (Unaudited)||Half-Year ended 30.09.2008 (Unaudited)||Year ended 31.03.2009 (Audited)|
|1||Segment Revenue (Net Sales)|
|2||Segment Results (Profit before Tax and Interest)|
|(i) Unallocated Interest and Finance Charges||36606||113385||65113||142172||208630|
|(ii) Other Unallocable expenditure net of unallocable income||(52829)||(55778)||(101992)||(107319)||(235088)|
|Total Profit before Tax||277029||223939||566478||440405||935947|
|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) has notified by Regulations the terms and conditions for determination of tariff applicable with effect from 1st April 2009 for a period of five years. Pending final determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rs 10,46,965 lakh for the quarter and Rs 22,44,046 lakh for the half-year ended 30th September 2009 on the basis of principles enunciated by the CERC in the said Regulations.
Pending final determination of tariff by the CERC as above, the Company continues to provisionally bill the beneficiaries from 1st April 2009 at the tariff approved by the CERC as applicable on 31st March 2009 as provided in the Regulations, 2009. The amount billed for the quarter and for the half-year ended 30th September 2009 on this basis is Rs.10,18,526 lakh and Rs. 21,67,067 lakh respectively.
(b) Sales includes Rs.110 lakh for the quarter and Rs. (-) 111 lakh for the half-year ended 30th September 2009 (corresponding previous quarter Rs.11,107 lakh and half-year Rs.17,286 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (ATE).
(c) In respect of stations/units where the CERC had issued final tariff orders applicable from 1st April 2004 to 31stMarch 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the Apellate Tribunal for Electricity (ATE). The ATE disposed off the appeals favourably directing the CERC to revise the tariff orders as per the directions and methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of India on some of the issues decided by the ATE which is pending. The Hon’ble Supreme Court of India has not stayed the orders of ATE and the sales for the tariff period 2004-2009 amounting to Rs.104,429 lakh have been recognised in earlier years based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE and the expert legal opinions obtained. Consequently, sales recognised for this quarter and half-year ended 30th September 2009 based on CERC Regulations, 2009 are lower by Rs.470 lakh and Rs.940 lakh respectively.
2. The CERC has issued Tariff Regulations, 2009 for a period of five years from 1st April 2009. These Regulations provide that the balance depreciable value of the each of the existing stations as on 1st April, 2009 shall be worked out by deducting the cumulative depreciation including the Advance Against Depreciation (AAD) as admitted by the CERC up to 31st March 2009 from the gross depreciable value of the assets. There is no provision for AAD in the said Regulations.
In view of the change in the depreciation rates for tariff purposes as notified by the CERC, the company revised its accounting policy and the amount of AAD required to meet the shortfall in the component of depreciation in revenue over the depreciation to be charged off in future years has been assessed station-wise and wherever an excess has been determined as on 1st April 2009, the same amounting to Rs.27,484 lakh has been recognised as sales during the quarter and half-year ended 30th September 2009.
3. Employees cost includes:
(a) Rs.2,428 lakh for the quarter and Rs.19,491 lakh for the half-year ended 30th September 2009 (corresponding previous quarter Rs.14,212 lakh and half-year Rs.24,226 lakh) towards pay revision of employees due w.e.f. 1st January 2007 in line with the guidelines issued by the Department of Public Enterprises, Government of India.
(b) Rs.6,641 lakh for the quarter and Rs. 14,932 lakh for the half-year ended 30th September 2009 (corresponding previous quarter Rs.17,500 lakh and half-year Rs.34,701 lakh ) towards other employees benefits.
4. Other expenditure for the quarter and half-year ended 30th September 2009 are net off of excess provision for employees' benefits amounting to Rs. 8,293 lakh related to prior periods.
5. Interest and Finance charges include:
(a) Exchange differences regarded as an adjustment to interest costs amounting to Rs.7,485 lakh for the quarter and half-year ended 30th September 2009 (corresponding previous quarter Rs.9,226 lakh and half-year Rs.12,280 lakh).
(b) Other exchange differences arising on translation of foreign currency loans/liabilities amounting to Rs. 855 lakh for the quarter and Rs. 878 lakh for the half-year ended 30th September 2009 (corresponding previous quarter Rs.743 lakh and half-year Rs.3,732 lakh).
6. Fringe benefit tax during the quarter and half-year ended 30th September 2009 pertains to earlier year.
7. During the quarter, the Company has paid final dividend of Rs.0.80 per share (face value Rs.10/- each) for the financial year 2008-09.
8. Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation and Tax/ (Interest net off transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation and Tax/ (Interest net off transferred to expenditure during construction).
9. Construction work at Loharinag Pala Hydro Power Project has been suspended temporarily on the advice of Ministry of Power, Government of India (GOI) pending report of the Committee appointed by GOI.
10. Information on investors complaints pursuant to Clause 41 of Listing Agreements for the quarter ending 30thSeptember 2009:
|Sl.No.||Opening Balance||Additions||Disposals||Closing Balance|
|No. of complaints||7||1669||1668||8|
11. 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 23rd October 2009.
12. The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.
13. Figures for the previous period have been regrouped/rearranged wherever necessary.