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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER 2011(/Lakh)
|Sl. No.||Particulars||Quarter ended 30.09.2011 (Unaudited)||Quarter ended 30.09.2010 (Unaudited)||Half-Year ended 30.09.2011 (Unaudited)||Half-Year ended 30.09.2010 (Unudited)||Year ended 31.03.2011 (Audited)|
|1||(a) Net Sales (Net of Electricity Duty)||1537754||1298929||2954903||2593378||5487400|
|(b) Other Operating Income||32126||6437||67436||13078||35074|
|(c) Depreciation Written Back (net) & Advance Against Deprecitation recognised as Prior Period Sales||-||176342||-||176342||184054|
|(a) Fuel Cost||1064940||860727||2039922||1730958||3537378|
|(b) Employees Cost||78461||70918||147533||139300||278971|
|(d) Other Expenditure||70462||86162||156933||161425||357357|
|3||Profit from Operations before Other Income, Interest & Exceptional Items (1-2)||290188||287006||548008||505937||1129038|
|5||Profit before Interest & Exceptional Items (3+4)||358995||342844||681145||612316||1347294|
|6||Interest & Finance charges||33117||39945||70552||74098||142334|
|7||Profit after Interest but before Exceptional Items (5-6)||325878||302899||610593||538218||1204960|
|9||Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)||325878||302899||610593||538218||1204960|
|(a) Current Tax||99412||64333||180733||106450||255332|
|(b) Deferred Tax||(15946)||27828||(20130)||36841||39369|
|Total Tax Expenses (a+b)||83466||92161||160603||143291||294701|
|11||Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)||242412||210738||449990||394927||910259|
|12||Extraordinary Items (Net of tax expenses)||-||-||-||-||-|
|13||Net Profit (+)/ Loss (-) for the period (11-12)||242412||210738||449990||394927||910259|
|14||Paid-up Equity Share Capital (Face value of share Rs.10/- each)||824546||824546||824546||824546||824546|
|15||Paid-up Debt Capital||4746055||3928213||4318824|
|16||Reserves excluding revaluation reserve as per Balance Sheet||-||-||-||-||5964679|
|17||Debenture Redemption Reserve||198166||177422||223166|
|18|| Earning per share - (EPS in )
|(a) Basic and diluted EPS before Extraordinary items (not annualised)||2.94||2.56||5.46||4.79||11.04|
|(b) Basic and diluted EPS after Extraordinary items (not annualised)||2.94||2.56||5.46||4.79||11.04|
|19||Debt Equity Ratio||0.66||0.59||0.64|
|20||Debt Service Coverage Ratio(DSCR)||3.18||3.00||2.57|
|21||Interest Service Coverage Ratio(ISCR)||11.58||10.08||11.42|
|(a) Number of shares||1278103220||1278103220||1278103220||1278103220||1278103220|
|(b) % age of shareholding||15.50||15.50||15.50||15.50||15.50|
|23||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|
|- 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)||84.50||84.50||84.50||84.50||84.50|
REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER 2011(/Lakh)
|Particulars||Quarter ended 30.09.2011 (Unaudited)||Quarter ended 30.09.2010 (Unaudited)||Half-Year ended 30.09.2011 (Unaudited)||Half-Year ended 30.09.2010 (Unaudited)||Year ended 31.03.2011 (Audited)|
|2||Segment Results (Profit before Tax and Interest)|
|(i) Unallocated Interest and Finance Charges||33117||39945||75002||74098||142334|
|(ii) Other Unallocable expenditure net of unallocable income||(51311)||(31962)||(95937)||(61074)||(133702)|
|Total Profit before Tax||325878||302899||610593||538218||1204960|
|3||Capital Employed (Segment Assets - Segment Liabilities)|
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 the 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 and Korba Super Thermal Power Station - III. Beneficiaries are billed in accordance with the said provisional tariff orders except for the stations, where it is done on provisional basis. The amount billed during the quarter and for the half-year ended 30th September 2011 on this basis are 1,393,079 lakh and 2,708,576 lakh respectively (Corresponding previous quarter and half-year 1,174,959 lakh and 2,386,113 lakh respectively).
(b) CERC has issued final tariff orders of only one station under the Regulations, 2009, which considers the projected year-wise additional capital expenditure for the tariff period 2009-14. Sales for this station has been recognised, by truing up capital expenditure to arrive at the capacity charges. Sales for the station has been recognised as 81,087 lakh for the quarter and 154,667 lakh for the half-year ended 30th September 2011 (Corresponding previous quarter and half-year 43,898 lakh and 78,474 lakh respectively). Corresponding billing for the quarter and for the half-year ended 30th September 2011 is 85,802 lakh and 156,800 lakh respectively. For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at 1,370,580 lakh for the quarter and 2,733,887 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year 1,225,232 lakh and 2,470,828 lakh respectively) on the basis of principles enunciated in the said Regulations, 2009 including the Amendments thereto.
(c) Sales include 75,935 lakh for the quarter and 51,881 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year 18,129 lakh and 22,056 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 half-year ended 30th September, 2011. Provision for doubtful debt of 126,286 lakh created in the earlier years have been reversed and ‘Provision for Tariff Adjustment’ has been created to the extent of the 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 5,001 lakh for the quarter and half-year ended 30th September 2011(Corresponding previous quarter and half-year 5,030 lakh) on account of income tax recoverable from customers as per Regulations, 2004. Sales also include 894 lakh for the quarter and 1,787 lakh for the half-year ended 30th September 2011 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 4,574 lakh for the quarter and 8,210 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year 3,103 lakh and 7,715 lakh respectively).
(b) are after adjustment of 19,883 lakh being the reversal of interest payable to beneficiaries as per APTEL order, liability for which created in earlier years. Consequent upon the favourable judgement of the Hon'ble Supreme Court of India, the same has been reversed during the quarter and half-year ended 30th September 2011.
3. Other expenditure include exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long term) of 1,232 lakh for the quarter and 1,599 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half year 1,126 lakh and (-) 33 lakh respectively).
4. Current tax expense includes 27,346 lakh and 47,175 lakh for the quarter and half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year Nil) related to earlier year.
5. Loans and advances include 76,407 lakh 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 various packages of contractors/vendors for this project will be compensated in full by the GOI. Since, management is confident of recovery of the cost incurred, hence no provision is made.
6. The Company is executing a thermal power project in respect of which possession certificates for land has been handed over to the Company and all statutory and environment clearances for the project have been received. Subsequently, a high power committee has been constituted as per the directions of GOI to explore alternate location of the project since present location is stated to be a coal bearing area. Aggregate cost incurred up to 30th September 2011 19,251 lakh is included in fixed assets including CWIP, construction stores & advances. Since, management is confident of recovery of the cost incurred, hence no provision is made.
7. 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).
8. During the quarter, one unit of 500 MW at Simhadri project of the Company has been declared commercial w.e.f 16th September 2011.
9. During the quarter, the Company has paid final dividend of 0.80 per share (face value of 10/- each) for the financial year 2010-11.
10. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th September 2011:
|No. of complaints||7||1530||1534||3|
11. Summary of Assets and Liabilities:
|Particulars|| As At 30.09.2011
| As At 30.09.2010
|SOURCES OF FUNDS|
|(a) Share capital||824546||824546|
|(b) Reserves and Surplus||6414669||5814123|
|Deferred Revenue on Account of Advance Against Depreciation||72135||81423|
|Deferred Income From Foreign Currency Fluctuation||54007||13138|
|Deferred Foreign Currency Fluctuation Liability||12526||6886|
|Deferred Tax Liability (net) less Recoverable||40165||57766|
|APPLICATION OF FUNDS|
|Fixed Assets incl. CWIP and Construction Stores & Advances||8360379||7173113|
|Deferred Foreign Currency Fluctuation Assets||97696||48589|
|Current Assets, Loans and Advances:|
|(b) Sundry Debtors||1115615||471036|
|(c) Cash and Bank Balances||1791444||1916934|
|(d) Other Current Assets||96003||89961|
|(e) Loans and Advances||537183||575182|
|Less: Current Liabilities and Provisions|
|Net Current Assets||2422197||2165262|
|Deferred Expense From Foreign Currency Fluctuation||3491||2008|
12. 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 25th October 2011.
13. The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.
14. Figures for the previous period have been regrouped/rearranged wherever necessary.
For and on behalf of the Board of Directors
Place: New Delhi
Date 25th October 2011
(A. K. SINGHAL)