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« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30TH SEPTEMBER 2016
( in Crore)
Sl. No. | Particulars | Quarter ended 30.09.2016 (Unaudited) | Quarter ended 30.06.2016 (Unaudited) | Quarter ended 30.09.2015 (Unaudited & not subjected to review) (refer note 3) | Half year ended 30.09.2016 (Unaudited) | Half year ended 30.09.2015 (Unaudited & not subjected to review refer note 3) |
---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 |
1 | Income from operations | |||||
(a) Gross sales | 19241.47 | 18939.81 | 17748.23 | 38181.28 | 34758.58 | |
(b) Other operating income | 156.47 | 123.10 | 191.73 | 279.57 | 274.36 | |
Total income from operations (a+b) | 19397.94 | 19062.91 | 17939.96 | 38460.85 | 35032.94 | |
2 | Expenses | |||||
(a) Fuel cost | 11912.97 | 11632.37 | 11540.83 | 23545.34 | 23049.97 | |
(b) Employee benefits expense | 848.31 | 998.17 | 899.18 | 1846.48 | 1800.24 | |
(c) Depreciation and amortisation expense | 1434.15 | 1395.19 | 1288.72 | 2829.34 | 2475.02 | |
(d) Other expenses | 1240.85 | 1261.14 | 1384.57 | 2501.99 | 2545.94 | |
Total expenses (a+b+c+d) | 15436.28 | 15286.87 | 15113.30 | 30723.15 | 29871.17 | |
3 | Profit from operations before other income, finance costs and exceptional items (1-2) | 3961.66 | 3776.04 | 2826.66 | 7737.70 | 5161.77 |
4 | Other income | 190.62 | 157.89 | 278.20 | 348.51 | 519.13 |
5 | Profit from ordinary activities before finance costs and exceptional items (3+4) | 4152.28 | 3933.93 | 3104.86 | 8086.21 | 5680.90 |
6 | Finance costs | 889.83 | 900.42 | 826.52 | 1790.25 | 1578.01 |
7 | Profit from ordinary activities after finance costs but before exceptional items (5-6) | 3262.45 | 3033.51 | 2278.34 | 6295.96 | 4102.89 |
8 | Exceptional items | - | - | - | - | - |
9 | Profit from ordinary activities before tax (7+8) | 3262.45 | 3033.51 | 2278.34 | 6295.96 | 4102.89 |
10 | Regulatory income/(expense) | (4.43) | 3.31 | 34.34 | (1.12) | 54.46 |
11 | Profit from ordinary activities before tax (9+10) | 3258.02 | 3036.82 | 2312.68 | 6294.84 | 4157.35 |
12 | Tax expense: | |||||
(a) Current tax (refer note 7) | 686.51 | 647.32 | (736.36) | 1333.83 | (1168.38) | |
(b) Tax expense/(saving) pertaining to rate regulated activities | (0.94) | 0.70 | 11.89 | (0.24) | 18.85 | |
(c) Deferred tax | 395.59 | 350.86 | 18.94 | 746.45 | 107.97 | |
(d) Less: Deferred asset for deferred tax liability | 319.11 | 300.67 | 21.02 | 619.78 | 109.23 | |
Total tax expense (a+b+c-d) | 762.05 | 698.21 | (726.55) | 1460.26 | (1150.79) | |
13 | Net profit from ordinary activities after tax (11-12) | 2495.97 | 2338.61 | 3039.23 | 4834.58 | 5308.14 |
14 | Extraordinary items (net of tax) | - | - | - | - | - |
15 | Net profit for the period (13-14) | 2495.97 | 2338.61 | 3039.23 | 4834.58 | 5308.14 |
16 | Other comprehensive income (net of tax) | (26.50) | 1.38 | (22.88) | (25.12) | (49.00) |
17 | Total comprehensive income (15+16) | 2469.47 | 2339.99 | 3016.35 | 4809.46 | 5259.14 |
18 | Paid-up equity share capital (Face value of share ![]() | 8245.46 | 8245.46 | 8245.46 | 8245.46 | 8245.46 |
19 | Paid-up debt capital* | 97290.38 | 86790.87 | |||
20 | Debenture redemption reserve | 4413.98 | 3438.85 | |||
21(i) | Earnings per share (before extraordinary items) - (of ![]() ![]() | |||||
(a) Basic | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
(b) Diluted | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
21(ii) | Earnings per share (after extraordinary items) - (of ![]() ![]() | |||||
(a) Basic | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
(b) Diluted | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
21(iii) | Earnings per share (for continuing operations) - (of ![]() ![]() | |||||
(a) Basic | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
(b) Diluted | 3.03 | 2.83 | 3.69 | 5.86 | 6.44 | |
22 | Debt equity ratio | 1.03 | 0.99 | |||
23 | Debt service coverage ratio (DSCR) | 2.10 | 1.85 | |||
24 | Interest service coverage ratio (ISCR) | 6.16 | 5.27 |
* Comprises long term debts
See accompanying notes to the financial results
STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Sl.No. | Particulars | As at 30.09.2016 (Unaudited) |
---|---|---|
A | ASSETS | |
1 | Non-current assets | |
(a) Property, plant & equipment | 94682.88 | |
(b) Capital work-in-progress | 72037.93 | |
(c) Intangible assets | 294.44 | |
(d) Intangible assets under development | 164.83 | |
(e) Financial assets | ||
- Investments | 8682.29 | |
- Trade receivables | 53.39 | |
- Loans | 399.27 | |
- Other financial assets | 1143.30 | |
(f) Other non-current assets | 18519.97 | |
Sub-total - Non-current assets | 195978.30 | |
2 | Current assets | |
(a) Inventories | 5677.49 | |
(b) Financial assets | ||
- Trade receivables | 9990.98 | |
- Cash and cash equivalents | 876.77 | |
- Other bank balances | 2593.81 | |
- Loans | 236.91 | |
- Other financial assets | 5446.07 | |
(c) Other current assets | 3991.65 | |
Sub-total - Current assets | 28813.68 | |
TOTAL - ASSETS | 224791.98 | |
B | EQUITY AND LIABILITIES | |
1 | Equity | |
(a) Equity share capital | 8245.46 | |
(b) Other equity | 86223.71 | |
Sub-total - Equity | 94469.17 | |
2 | Liabilities | |
(i) | Non-current liabilities | |
(a) Financial liabilities | ||
- Borrowings | 90215.88 | |
- Trade payables | 10.82 | |
- Other financial liabilities | 2348.96 | |
(b) Provisions | 447.75 | |
(c) Deferred tax liabilities (net) | 1278.88 | |
(d) Other non-current liabilities | 49.68 | |
Sub-total-Non-Current liabilities | 94351.97 | |
(ii) | Current liabilities | |
(a) Financial liabilities | ||
- Borrowings | 1250.78 | |
- Trade payables | 4121.04 | |
- Other financial liabilities | 19515.65 | |
(b) Other current liabilities | 1003.66 | |
(c) Provisions | 7131.59 | |
(d) Current tax liabilities (net) | 151.30 | |
Sub-total-Current liabilities | 33174.02 | |
3 | Deferred Revenue | 2498.88 |
4 | Regulatory deferral account credit balances | 297.94 |
TOTAL - EQUITY AND LIABILITIES | 224791.98 |
SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF-YEAR ENDED 30TH SEPTEMBER 2016

Sl.No. | Particulars | Quarter ended 30.09.2016 (Unaudited) | Quarter ended 30.06.2016 (Unaudited) | Quarter ended 30.09.2015 (Unaudited) | Half year ended 30.09.2016 (Unaudited) | Half year ended 30.09.2015 (Unaudited & not subjected to review) (refer note 3) |
---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 |
1 | Segment revenue | |||||
- Generation | 19491.54 | 19116.20 | 17993.50 | 38607.74 | 35120.31 | |
- Others | 43.55 | 34.67 | 26.99 | 78.22 | 50.74 | |
- Un-allocated | 53.47 | 69.93 | 197.67 | 123.40 | 381.02 | |
- Total | 19588.56 | 19220.80 | 18218.16 | 38809.36 | 35552.07 | |
2 | Segment results (Profit before tax and interest) | |||||
- Generation | 4411.73 | 4163.21 | 3242.76 | 8574.94 | 5909.98 | |
- Others | (82.29) | 8.67 | (26.89) | (73.62) | (28.59) | |
Total | 4329.44 | 4171.88 | 3215.87 | 8501.32 | 5881.39 | |
Less | ||||||
(i) Unallocated finance costs | 889.83 | 900.42 | 826.52 | 1790.25 | 1578.01 | |
(ii) Other unallocable expenditure net of unallocable income | 181.59 | 234.64 | 76.67 | 416.23 | 146.03 | |
Profit before tax | 3258.02 | 3036.82 | 2312.68 | 6294.84 | 4157.35 | |
3 | Segment assets | |||||
- Generation | 122594.24 | 122778.97 | 108000.62 | 122594.24 | 108000.62 | |
- Others | 3050.85 | 2587.01 | 1920.92 | 3050.85 | 1920.92 | |
- Un-allocated | 99146.89 | 93852.44 | 93379.26 | 99146.89 | 93379.26 | |
Total | 224791.98 | 219218.42 | 203300.80 | 224791.98 | 203300.80 | |
4 | Segment liabilities | |||||
- Generation | 13549.16 | 14467.33 | 13587.10 | 13549.16 | 13587.10 | |
- Others | 1701.17 | 1790.08 | 1322.16 | 1701.17 | 1322.16 | |
- Un-allocated | 115072.48 | 109255.95 | 100953.48 | 115072.48 | 100953.48 | |
- Total | 130322.81 | 125513.36 | 115862.74 | 130322.81 | 115862.74 |
Notes:
1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 28th October 2016 and approved by the Board of Directors in the meeting held on the same day.
2. The statutory auditors of the Company have carried out the limited review of the financial results for the quarter and half year ended 30th September 2016 as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. The Company adopted Ind AS from 1st April 2016 and accordingly the financial results are prepared in compliance with Ind AS pursuant to the Notification of Ministry of Corporate Affairs (MCA) dated 16th February 2016. The comparative figures for the quarter and half-year ended 30th September 2015 have been restated by the Management as per Ind AS but have not been subject to limited review or audit. However, the Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of the Company's affairs.
4. The unaudited standalone financial statements do not include figures for the previous year ended 31st March 2016 as per SEBI's Circular No. CIR/CFD/FAC/2016 dated 5th July 2016.
5. Reconciliation of net profit as reported in previous GAAP to Ind AS:

Particulars | Quarter ended 30.09.2015 | Half-Year ended 30.09.2015 |
---|---|---|
Profit after tax as reported under previous GAAP | 2898.28 | 5033.63 |
Add/(less) adjustments for Ind AS: | ||
Actuarial loss on defined benefit plans recognised in Other comprehensive income | 11.91 | 23.39 |
Capitalisation of major overhaul & spares | 119.25 | 248.73 |
Depreciation and amortization | 36.33 | 88.34 |
Recognition of financial assets/liabilities at amortised cost | (11.12) | (30.24) |
Impact of embedded leases | (4.68) | (9.77) |
Provision of rebate to customers | (10.74) | (45.94) |
Net Profit as per Ind AS | 3,039.23 | 5,308.14 |
Other Comprehensive Income (net of tax): | ||
Actuarial loss on defined benefit plans | (11.91) | (23.39) |
Fair valuation of investments | (10.97) | (25.61) |
Total comprehensive income as reported under Ind AS | 3,016.35 | 5,259.14 |
6(a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for ten stations for the period 2014-19 and accordingly beneficiaries are billed based on tariff orders. Pending issue of provisional/final tariff orders w.e.f. 1st April 2014 for balance stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 and as provided in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV 'as received' measured after the secondary crusher. The amount provisionally billed for the quarter and half-year ended 30th September 2016 is 18,769.66 crore and
37,137.52 crore respectively (previous quarter and half-year
18,592.13 crore and
36,305.61 crore).
(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Tariff Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal ‘as received’, CERC has issued an order dated 25th January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from loaded wagons at the generating stations. The Company's review petition before the CERC in respect of the above order has been dismissed vide their order dated 30th June 2016. Pending final decision of the Hon'ble Delhi High Court, in line with the CERC order, necessary arrangements have been made for the measurement of GCV from wagon top samples at the unloading end w.e.f 1st October 2016 at all coal based stations.
Sales for the quarter and half-year ended 30th September 2016 have been provisionally recognized at 18,957.46 crore and
37,744.22 crore respectively (previous quarter and half-year
18,233.53 crore and
35,973.17 crore) on the basis of said Regulations 2014, wherein energy charges included in sales, in respect of the coal based stations have been recognized based on the GCV ‘as received’ measured after secondary crusher.
In the absence of suitable measurement mechanism of comparable GCV, the financial impact, if any, of the difference between the GCV ‘as received’ measured after collection of samples from loaded wagons at the generating stations and that of GCV ‘as received’ measured after secondary crusher, cannot be quantified. Considering the distance between both the measuring points, which are generally within the station and are at a distance less than one KM from the unloading point of the wagons, the above difference will not be material.
(c). Sales for the quarter and half-year ended 30th September 2016 include 132.97 crore and
97.79 crore respectively (previous quarter and half-year
274.47 crore and
231.45 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
(d). Sales for the quarter and half-year ended 30th September 2016 includes Nil (previous quarter and half-year (-)
901.68 crore and (-)
1,693.65 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter and half-year ended 30th September 2016 also include
12.32 crore and
24.63 crore respectively (previous quarter and half-year
12.75 crore and
25.49 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
7. Provision for current tax for the quarter and half-year ended 30th September 2016 includes Nil, being tax related to earlier years (previous quarter and half-year (-)
1,197.20 crore and (-)
2,039.02 crore).
8. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's ongoing 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 2016 is 13,170.32 crore (
11,774.77 crore as at 31st March 2016). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
9.The Company is executing a hydro power project in the state of Uttarakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttarakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7th May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the said hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 30th September 2016 is 158.99 crore (
157.31 crore as at 31st March 2016). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
10. Other financial assets - Non current as at 30th September 2016 include claims recoverable of 611.42 crore (
469.73 crore as at 31st March 2016) 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 (MOP), GOI which includes
325.98 crore (
185.41 crore as at 31st March 2016) in respect of arbitration awards challenged/being challenged by the Company before the Hon'ble High Court. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.
11. During the quarter, solar units of 50 MW at NP Kunta Ultra Mega Solar Power Project at Anantapuram have been declared commercial w.e.f. 10th August 2016.
12. During the quarter, the Company has paid final dividend of 1.75 per share (face value of
10/- each) for the financial year 2015-16.
13. 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).
14. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.
15. Figures for the previous periods have been regrouped/reclassified wherever necessary, to conform to current period's classification.
For and on behalf of the Board of Directors
Place: New Delhi
Date: 28th October, 2016
(K. BISWAL)
DIRECTOR (FINANCE)