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« Back Q2 Financial Results 2014-2015
PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Half-Year ended 30thSeptember 2014
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Sl. No. | Particulars | Quarter ended | Quarter ended 30.06.2014 (Unaudited) | Quarter ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2014 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Year ended 31.03.2014 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
1 | Income from operations | ||||||
(a) Net sales (net of electricity duty) | 1658236 | 1808647 | 1627227 | 3466883 | 3188516 | 7160263 | |
(b) Other operating income | 15427 | 25028 | 17663 | 40455 | 25781 | 41630 | |
Total income from operations (net) | 1673663 | 1833675 | 1644890 | 3507338 | 3214297 | 7201893 | |
2 | Expenses | ||||||
(a) Fuel cost | 1143933 | 1276513 | 1013925 | 2420446 | 1956508 | 4582971 | |
(b) Employee benefits expense | 91801 | 91841 | 82817 | 183642 | 176064 | 382478 | |
(c) Depreciation and amortisation expense | 115158 | 111547 | 96794 | 226705 | 191027 | 414219 | |
(d) Other expenses | 113696 | 111875 | 121276 | 225571 | 221802 | 455669 | |
Total expenses | 1464588 | 1591776 | 1314812 | 3056364 | 2545401 | 5835337 | |
3 | Profit from operations before other income, finance costs and exceptional items (1-2) | 209075 | 241899 | 330078 | 450974 | 668896 | 1366556 |
4 | Other income | 53069 | 53256 | 62719 | 106325 | 130785 | 264568 |
5 | Profit from ordinary activities before finance costs and exceptional items (3+4) | 262144 | 295155 | 392797 | 557299 | 799681 | 1631124 |
6 | Finance costs | 66741 | 66791 | 62046 | 133532 | 123787 | 240659 |
7 | Profit from ordinary activities after finance costs but before exceptional items (5-6) | 195403 | 228364 | 330751 | 423767 | 675894 | 1390465 |
8 | Exceptional items | - | - | - | - | - | - |
9 | Profit from ordinary activities before tax (7+8) | 195403 | 228364 | 330751 | 423767 | 675894 | 1390465 |
10 | Tax expenses: |
| |||||
(a) Current tax (Refer note 4) | (2188) | (1328) | 73575 | (3516) | 160690 | 279360 | |
(b) Deferred tax | 9446 | 9572 | 7886 | 19018 | 13212 | 13631 | |
(c) Less: Deferred tax recoverable (refer note 5) | 19018 | - | - | 19018 | - | - | |
Total tax expense (a+b-c) | (11760) | 8244 | 81461 | (3516) | 173902 | 292991 | |
11 | Net profit from ordinary activities after tax (9-10) | 207163 | 220120 | 249290 | 427283 | 501992 | 1097474 |
12 | Extraordinary items (net of tax expense) | - | - | - | - | - | - |
13 | Net profit for the period (11-12) | 207163 | 220120 | 249290 | 427283 | 501992 | 1097474 |
14 | Paid-up equity share capital (Face value of share ![]() | 824546 | 824546 | 824546 | 824546 | 824546 | 824546 |
15 | Paid-up debt capital | 6956529 | 6062944 | 6717022 | |||
16 | Reserves excluding revaluation reserve as per balance sheet | 7756986 | |||||
17 | Debenture redemption reserve | 257916 | 229958 | 276491 | |||
18(i) | Earnings per share (before extraordinary items) - (of ![]() ![]() | ||||||
(a) Basic | 2.51 | 2.67 | 3.03 | 5.18 | 6.09 | 13.31 | |
(b) Diluted | 2.51 | 2.67 | 3.03 | 5.18 | 6.09 | 13.31 | |
18(ii) | Earnings per share (after extraordinary items) - (of ![]() ![]() | ||||||
(a) Basic | 2.51 | 2.67 | 3.03 | 5.18 | 6.09 | 13.31 | |
(b) Diluted | 2.51 | 2.67 | 3.03 | 5.18 | 6.09 | 13.31 | |
19 | Debt equity ratio | 0.77 | 0.71 | 0.78 | |||
20 | Debt service coverage ratio (DSCR) | 2.05 | 2.55 | 2.77 | |||
21 | Interest service coverage ratio (ISCR) | 5.95 | 8.12 | 8.62 |
See accompanying notes to the financial results
PART II : Select Information for the Quarter and Half-Year ended 30th September 2014
Sl.No. | Particulars | Quarter ended 30.09.2014 (Unaudited) | Quarter ended 30.06.2014 (Unaudited) | Quarter ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2014 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Year ended 31.03.2014 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
A | PARTICULARS OF SHAREHOLDING | ||||||
1 | Public Shareholding | ||||||
- Number of shares | 2064849420 | 2064849420 | 2061366100 | 2064849420 | 2061366100 | 2061366100 | |
- Percentage of shareholding | 25.04 | 25.04 | 25.00 | 25.04 | 25.00 | 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 | 6180614980 | 6180614980 | 6184098300 | 6180614980 | 6184098300 | 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) | 74.96 | 74.96 | 75.00 | 74.96 | 75.00 | 75.00 |
Particulars | Quarter ended | |
---|---|---|
B | INVESTOR COMPLAINTS | |
Pending at the beginning of the quarter | 7 | |
Received during the quarter | 1728 | |
Disposed of during the quarter | 1734 | |
Remaining unresolved at the end of the quarter | 1 |
Standalone Statement of Assets and Liabilities

Sl.No. | Particulars | As at 30.09.2014 (Unaudited) | As at 31.03.2014 (Audited) |
---|---|---|---|
A | EQUITY AND LIABILITIES | ||
1 | Shareholders' funds | ||
(a) Share capital | 824546 | 824546 | |
(b) Reserves and surplus | 8183720 | 7756986 | |
Sub-total - Shareholders' funds | 9008266 | 8581532 | |
2 | Deferred revenue | 139706 | 160988 |
3 | Non-current liabilities | ||
(a) Long-term borrowings | 6470370 | 6240575 | |
(b) Deferred tax liabilities (net) | 105161 | 105161 | |
(c) Other long-term liabilities | 249434 | 251246 | |
(d) Long-term provisions | 98326 | 87936 | |
Sub-total Non-current liabilities | 6923291 | 6684918 | |
4 | Current liabilities | ||
(a) Trade payables | 555199 | 663334 | |
(b) Other current liabilities | 1151333 | 1134386 | |
(c) Short-term provisions | 552941 | 730260 | |
Sub-total Current liabilities | 2259473 | 2527980 | |
TOTAL - EQUITY AND LIABILITIES | 18330736 | 17955418 | |
B | ASSETS | ||
1 | Non-current assets | ||
(a) Fixed assets (including capital work-in-progress) | 12252796 | 11699950 | |
(b) Non-current investments | 825550 | 812090 | |
(c) Long-term loans and advances | 1443067 | 1277622 | |
(d) Other non-current assets | 191573 | 178677 | |
Sub-total Non-current assets | 14712986 | 13968339 | |
2 | Current assets | ||
(a) Current investments | 429792 | 163696 | |
(b) Inventories | 415917 | 537335 | |
(c) Trade receivables | 547358 | 522008 | |
(d) Cash and bank balances | 1333300 | 1531137 | |
(e) Short-term loans and advances | 313463 | 311708 | |
(f) Other current assets | 577920 | 921195 | |
Sub-total Current-assets | 3617750 | 3987079 | |
TOTAL-ASSETS | 18330736 | 17955418 |
Segment-wise Revenue, Results and Capital Employed for the Quarter and Half-Year ended 30th September 2014

Sl.No. | Particulars | Quarter ended 30.09.2014 (Unaudited) | Quarter ended 30.06.2014 (Unaudited) | Quarter ended 30.09.2013 (Unaudited) | Half-Year ended 30.09.2014 (Unaudited) | Half-Year ended 30.09.2013 (Unaudited) | Year ended 31.03.2014 (Audited) |
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
1 | Segment revenue | ||||||
- Generation | 1678287 | 1836097 | 1648716 | 3514384 | 3223077 | 7224026 | |
- Others | 2286 | 2699 | 2224 | 4985 | 5140 | 11507 | |
- Total | 1680573 | 1838796 | 1650940 | 3519369 | 3228217 | 7235533 | |
2 | Segment results (Profit before tax and interest) | ||||||
- Generation | 242405 | 269538 | 357020 | 511943 | 726586 | 1497480 | |
- Others | 367 | (117) | (278) | 250 | (250) | 1623 | |
Total | 242772 | 269421 | 356742 | 512193 | 726381 | 1499103 | |
Less: | |||||||
(i) Unallocated finance costs | 66741 | 66791 | 62046 | 133532 | 123787 | 240659 | |
(ii) Other unallocable expenditure net of unallocable income | (19372) | (25734) | (36055) | (45106) | (73300) | (132021) | |
Profit before tax | 195403 | 228364 | 330751 | 423767 | 675894 | 1390465 | |
3 | Capital employed (Segment assets - Segment liabilities) | ||||||
- Generation | 7861889 | 8049945 | 7088296 | 7861889 | 7088296 | 8194117 | |
- Others | 47072 | 46138 | 12183 | 47072 | 12183 | 39387 | |
- Un-allocated | 1099305 | 705023 | 1440263 | 1099305 | 1440263 | 348028 | |
Total | 9008266 | 8801106 | 8540742 | 9008266 | 8540742 | 8581532 |
Notes:
1. These results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their respective meetings held on 31st October 2014.
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 billed for the quarter and half-year ended 30th September 2014 is 17,06,905 lakh and
35,98,039 lakh respectively (corresponding previous quarter and half-year
15,85,188 lakh and
31,35,657 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 CERC and disposal of the petition, sales have been provisionally recognised at 17,04,549 lakh and for the quarter and
35,63,035 lakh for the half-year ended 30th September 2014 (corresponding previous quarter and half-year
16,10,953 lakh and
31,39,324 lakh) on the basis of said Regulations.
(c) Sales include 9,010 lakh for the quarter and
32,017 lakh for the half-year ended 30th September 2014 (corresponding previous quarter and half-year
11,754 lakh and
31,826 lakh ) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity . Sales include (-)
60,502 lakh for the quarter and(-)
1,38,923 lakh for the half-year ended 30th September 2014 (corresponding previous quarter and half-year
Nil and
8,110 lakh) on account of income tax refundable to / recoverable from the beneficiaries as per Regulations, 2004. Sales also include
2,952 lakh for the quarter and
5,904 lakh for the half-year ended 30th September 2014 (corresponding previous quarter and half-year
1,892 lakh and
3,784 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
3. During the quarter, in line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to 20,824 lakh upto 31st March 2014 has been recognised as prior period sales and netted from 'Other Expenses'.
4. Provision for current tax for the period includes tax related to earlier years amounting to (-) 56,330 lakh and (-)
128,893 lakh respectively (corresponding previous quarter Nil).
5. Regulations, 2014 provides recovery of income tax from the beneficiaries by grossing up of the return on equity based on effective tax rate for the financial year i.e. based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the quarter and half-year ended 30th September 2014 on the generation income is accounted as 'Deferred tax recoverable' as the same will be recovered from the beneficiaries in future years.
6. Government of India has promulgated Coal Mines (Special Provisions) Ordinance, 2014 (Ordinance) on 21st October 2014 wherein five coal blocks allotted to the Company have been cancelled. As per Section 5 of the said Ordinance, the cancelled coal blocks may be allotted to a Government Company subject to fulfillment of certain conditions. The detailed modalities in this regard are yet to be framed by the Government. The Company expects the allotment of the cancelled coal blocks in its favour. Accordingly, the Company considers the expenditure incurred on these coal blocks as good.
7. The Company has revised the accounting policy for depreciation of certain assets in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1st April 2014. Consequently, profit for the quarter and half-year ended 30th September 2014 is lower by 359 lakh and
2,57,875 lakh as at 31st March 2014), an amount of
826 lakh respectively and fixed assets as at 30th September 2014 are lower by
1,373 lakh . Further, an amount of
22,386 lakh (
547 lakh has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.
8.Other non current assets as at 30th September 2014 include 45,504 lakh (
42,600 lakh as at 31st March 2014) 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.
9. 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.
10. During the quarter, the Company has paid final dividend of 1.75 per share (face value of
10/- each) for the financial year 2013-14.
11. The above financial results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.
12. 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: 31st October, 2014
(K. BISWAL)
DIRECTOR (FINANCE)