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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30th September 2013
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Sl. No. | Particulars | Quarter ended 30.09.2013 (Unaudited) | Quarter ended 30.06.2013 (Unaudited) | Quarter ended 30.09.2012 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2012 (Unudited) | Year ended 31.03.2013 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
1 | Income from operations | ||||||
(a) Net sales (net of electricity duty) | 1627227 | 1561289 | 1611967 | 3188516 | 3207963 | 6431638 | |
(b) Other operating income | 14317 | 4896 | 23166 | 19213 | 43765 | 135755 | |
Total income from operations (net) | 1641544 | 1566185 | 1635133 | 3207729 | 3251728 | 6567393 | |
2 | Expenses | ||||||
(a) Fuel cost | 1013925 | 942583 | 993266 | 1956508 | 2053038 | 4101825 | |
(b) Employee benefits expense | 83795 | 94250 | 89950 | 178045 | 169322 | 336012 | |
(c) Depreciation and amortisation expense | 96794 | 94233 | 78652 | 191027 | 154674 | 339676 | |
(d) Other expenses | 118630 | 97928 | 106629 | 216558 | 200729 | 418150 | |
Total expenses | 1313144 | 1228994 | 1268497 | 2542138 | 2577763 | 5195663 | |
3 | Profit from operations before other income, finance costs and exceptional items (1-2) | 328400 | 337191 | 366636 | 665591 | 673965 | 1371730 |
4 | Other income | 64397 | 69693 | 81960 | 134090 | 150159 | 310158 |
5 | Profit from ordinary activities before finance costs and exceptional items (3+4) | 392797 | 406884 | 448596 | 799681 | 824124 | 1681888 |
6 | Finance costs | 62046 | 61741 | 30346 | 123787 | 80281 | 192436 |
7 | Profit from ordinary activities after finance costs but before exceptional items (5-6) | 330751 | 345143 | 418250 | 675894 | 743843 | 1489452 |
8 | Exceptional items | - | - | - | - | - | 168411 |
9 | Profit from ordinary activities before tax (7+8) | 330751 | 345143 | 418250 | 675894 | 743843 | 1657863 |
10 | Tax expense: | ||||||
(a) Current tax | 73575 | 87115 | 101127 | 160690 | 169359 | 368084 | |
(b) Deferred tax | 7886 | 5326 | 2888 | 13212 | 10382 | 27840 | |
Total tax expense (a+b) | 81461 | 92441 | 104015 | 173902 | 179741 | 395924 | |
11 | Net profit from ordinary activities after tax (9-10) | 249290 | 252702 | 314235 | 501992 | 564102 | 1261939 |
12 | Extraordinary items (net of tax expense) | - | - | - | - | - | - |
13 | Net profit for the period (11-12) | 249290 | 252702 | 314235 | 501992 | 564102 | 1261939 |
14 | Paid-up equity share capital (Face value of share ![]() | 824546 | 824546 | 824546 | 824546 | 824546 | 824546 |
15 | Paid-up debt capital | 6062944 | 5387444 | 5814630 | |||
16 | Reserves excluding revaluation reserve as per balance sheet | 7214205 | |||||
17 | Debenture redemption reserve | 229958 | 215329 | 253533 | |||
18 (i) | Earnings per share (before extraordinary items) - (of ![]() ![]() | ||||||
(a) Basic | 3.03 | 3.06 | 3.81 | 6.09 | 6.84 | 15.30 | |
(b) Diluted | 3.03 | 3.06 | 3.81 | 6.09 | 6.84 | 15.30 | |
18(ii) | Earnings per share (after extraordinary items) - (of ![]() ![]() | ||||||
(a) Basic | 3.03 | 3.06 | 3.81 | 6.09 | 6.84 | 15.30 | |
(b) Diluted | 3.03 | 3.06 | 3.81 | 6.09 | 6.84 | 15.30 | |
19 | Debt equity ratio | 0.71 | 0.68 | 0.72 | |||
20 | Debt service coverage ratio(DSCR) | 2.55 | 3.13 | 3.17 | |||
21 | Interest service coverage ratio(ISCR) | 8.12 | 12.05 | 10.39 |
See accompanying notes to the financial results.
PART II : Select Information for the Quarter and Half-Year ended 30th September 2013
Sl. No. | Particulars | Quarter ended 30.09.2013 (Unaudited) | Quarter ended 30.06.2013 (Unaudited) | Quarter ended 30.09.2012 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2012 (Unudited) | Year ended 31.03.2013 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
A | PARTICULARS OF SHAREHOLDING | ||||||
1 | Public shareholding | ||||||
- Number of shares | 2061366100 | 2061366100 | 1278103220 | 2061366100 | 1278103220 | 2061366100 | |
- Percentage of shareholding | 25.00 | 25.00 | 15.50 | 25.00 | 15.50 | 25.00 | |
2 | Promoters 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 shares | 6184098300 | 6184098300 | 6967361180 | 6184098300 | 6967361180 | 6184098300 | |
- 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) | 75.00 | 75.00 | 84.50 | 75.00 | 84.50 | 75.00 |
Sl. No | Particulars | Quarter ended 30.09.2013 |
---|---|---|
B | INVESTOR COMPLAINTS | |
Pending at the beginning of the quarter | - | |
Received during the quarter | 1739 | |
Disposed of during the quarter | 1736 | |
Remaining unresolved at the end of the quarter | 3 |
Standalone Statement of Assets and Liabilities

Sl. No. | Particulars | As at 30.09.2013 (Unaudited) | As at 31.03.2013 (Audited) |
---|---|---|---|
A | EQUITY AND LIABILITIES | ||
1 | Shareholders' funds | ||
(a) Share capital | 824546 | 824546 | |
(b) Reserves and surplus | 7716196 | 7214205 | |
Sub-total - Shareholders' funds | 8540742 | 8038751 | |
2 | Deferred revenue | 213391 | 124405 |
3 | Non-current liabilities | ||
(a) Long-term borrowings | 5577001 | 5325366 | |
(b) Deferred tax liabilities (net) | 104742 | 91530 | |
(c) Other long-term liabilities | 185117 | 196599 | |
(d) Long-term provisions | 80912 | 73992 | |
Sub-total - Non-current liabilities | 5947772 | 5687487 | |
4 | Current liabilities | ||
(a) Trade payables | 519659 | 515877 | |
(b) Other current liabilities | 1125598 | 1044672 | |
(c) Short-term provisions | 525235 | 700454 | |
Sub-total - Current liabilities | 2170492 | 2261003 | |
TOTAL - EQUITY AND LIABILITIES | 16872397 | 16111646 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed assets (including capital work-in-progress) | 10669329 | 10004552 | |
(b) Non-current investments | 948145 | 913764 | |
(c) Long-term loans and advances | 943975 | 963345 | |
(d) Other non-current assets | 192502 | 113277 | |
Sub-total - Non-current assets | 12753951 | 11994938 | |
2 | Current assets | ||
(a) Current investments | 257450 | 162246 | |
(b) Inventories | 453818 | 405719 | |
(c) Trade receivables | 623463 | 536549 | |
(d) Cash and bank balances | 1654213 | 1686770 | |
(e) Short-term loans and advances | 264355 | 174553 | |
(f) Other current assets | 865147 | 1150871 | |
Sub-total - Current assets | 4118446 | 4116708 | |
TOTAL - ASSETS | 16872397 | 16111646 |
Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30thSeptember 2013

Sl. No. | Particulars | Quarter ended 30.09.2013 (Unaudited) | Quarter ended 30.06.2013 (Unaudited) | Quarter ended 30.09.2012 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2012 (Unaudited) | Year ended 31.03.2013 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
1 | Segment revenue | ||||||
- Generation | 1645370 | 1571139 | 1637217 | 3216509 | 3256315 | 6753745 | |
- Others | 2224 | 2916 | 3370 | 5140 | 6320 | 12846 | |
- Total | 1647594 | 1574055 | 1640587 | 3221649 | 3262635 | 6766591 | |
2 | Segment results (Profit before tax and interest) | ||||||
- Generation | 357020 | 369566 | 407993 | 726586 | 743189 | 1664505 | |
- Others | (278) | 73 | 957 | (205) | 614 | 1614 | |
- Total | 356742 | 369639 | 408950 | 726381 | 743803 | 1666119 | |
Less: | |||||||
(i) Unallocated finance costs | 62046 | 61741 | 30346 | 123787 | 80281 | 192436 | |
(ii) Other unallocable expenditure net of unallocable income | (36055) | (37245) | (39646) | (73300) | (80321) | (184180) | |
Profit before tax | 330751 | 345143 | 418250 | 675894 | 743843 | 1657863 | |
3 | Capital employed (Segment assets - Segment liabilities) | ||||||
- Generation | 7093531 | 7164159 | 5890377 | 7093531 | 5890377 | 7100418 | |
- Others | 6888 | 4244 | 4310 | 6888 | 4310 | 4496 | |
- Un-allocated | 1440323 | 1123050 | 1998530 | 1440323 | 1998530 | 933837 | |
Total | 8540742 | 8291453 | 7893217 | 8540742 | 7893217 | 8038751 |
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.
Notes:1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 28thOctober 2013 and approved by the Board of Directors in the meeting held on 29th October 2013.
2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and First, Second and Third Amendments thereto in May 2011, June 2011 and December 2012 respectively (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1st April 2009 for all the stations except Talcher Thermal Power Station (TTPS). Beneficiaries are billed in accordance with the said provisional/final tariff orders except for TTPS where it is done on provisional basis. The amount billed for the quarter and half-year ended 30th September 2013 on this basis is 15,85,188 lakh and
31,35,657 lakh respectively (corresponding previous quarter and half-year
14,91,244 lakh and
30,74,193 lakh).
(b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009, sales for the quarter and half-year ended 30th September 2013 have been recognised at 14,92,454 lakh and
29,41,183 lakh respectively (corresponding previous quarter and half-year
14,27,133 lakh and
29,70,267 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales for the quarter and half-year ended 30th September 2013 have been provisionally recognized at
1,18,499 lakh and
1,98,141 lakh respectively (corresponding previous quarter and half-year
48,717 lakh and
92,372 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.
(c) (i) Sales include 11,754 lakh and
31,826 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year
1,02,372 lakh and
1,13,360 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
(ii) Sales include Nil and
8,110 lakh respectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year
29,213 lakh and
23,332 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include
1,892 lakh and
3,784 lakh repectively for the quarter and half-year ended 30th September 2013 (corresponding previous quarter and half-year
1,190 lakh and
2,379 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.
3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1stJanuary 2012. The Coal Supply Agreements entered into by the Company were required to be amended to incorporate acceptable procedures for sample collection, preparation, testing and analysis, to facilitate such migration, which are still pending. The Company's Board of Directors approved payments to the coal companies based on the GCV based pricing system, and directed to frame modalities for implementation of GCV based grading system. Accordingly, modalities were framed to effect joint sampling and testing of coal at mine end/station end and future payments to coal companies. The above modalities were communicated to the coal companies w.e.f. October/ November 2012, thereafter the Company released payments on the basis of GCV measured at station end following the implementation of the said modalities since variation in the GCV of coal supplied and received at power stations was noticed. The Company regularly informed coal companies about this variation which has not been accepted by them. The issue has been taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. Pending resolution of the issue, difference between the amount billed by the coal companies and the amount admitted by the company amounting to 4,06,512 lakh upto 30th September 2013 (
2,53,110 lakh upto 31st March 2013) has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.
4. Other current assets as at 30th September 2013 include 42,896 lakh (
89,472 lakh as at 31st March 2013) 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. During the quarter, a payment of
53,630 lakh has been recieved from GOI on this account in the first phase. 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.
5. 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 off transferred to expenditure during construction.
6. During the quarter, the Company has paid final dividend of 2.00 per share including a special dividend of
1.25 per share (face value of
10/- each) for the financial year 2012-13.
7. The above financial results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.
8. 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 2013
(Dr. Arup Roy Choudhury)
Chairman & Managing Director