« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016( in Crore)
|Sl. No.||Particulars||Quarter ended 31.12.2016 (Unaudited)||Quarter ended 30.09.2016 (Unaudited)||Quarter ended 31.12.2015 (Unaudited)||Nine months ended 31.12.2016 (Unaudited)||Nine months ended 31.12.2015 (Unaudited)|
|1||Income from operations|
|(a) Gross sales||19287.47||19241.47||17358.98||57468.75||52117.56|
|(b) Other operating income||108.45||156.47||126.74||388.02||401.10|
|Total income from operations (a+b)||19395.92||19397.94||17485.72||57856.77||52518.66|
|(a) Fuel cost||12080.43||11912.97||10580.28||35625.77||33630.25|
|(b) Employee benefits expense||843.68||848.31||868.42||2690.16||2668.66|
|(c) Depreciation and amortisation expense||1485.31||1434.15||1371.63||4314.65||3846.65|
|(d) Other expenses||1220.58||1240.85||1233.38||3722.57||3779.32|
|Total expenses (a+b+c+d)||15630.00||15436.28||14053.71||46353.15||43924.88|
|3||Profit from operations before other income, finance costs and exceptional items (1-2)||3765.92||3961.66||3432.01||11503.62||8593.78|
|5||Profit from ordinary activities before finance costs and exceptional items (3+4)||4016.09||4152.28||3670.97||12102.30||9351.87|
|7||Profit from ordinary activities after finance costs but before exceptional items (5-6)||3107.06||3262.45||2828.54||9403.02||6931.43|
|9||Profit from ordinary activities before tax (7+8)||3107.06||3262.45||2828.54||9403.02||6931.43|
|11||Profit from ordinary activities before tax (9+10)||3081.86||3258.02||2790.11||9376.70||6947.46|
|(a) Current tax (refer note 6)||557.37||686.51||85.20||1891.20||(1083.18)|
|(b) Tax expense/(saving) pertaining to rate regulated activities||(5.38)||(0.94)||(15.43)||(5.62)||3.42|
|(c) Deferred tax||649.15||395.59||485.30||1395.60||593.27|
|(d) Less: Deferred asset for deferred tax liability||588.00||319.11||433.73||1207.78||542.96|
|Total tax expense (a+b+c-d)||613.14||762.05||121.34||2073.40||(1029.45)|
|13||Net profit from ordinary activities after tax (11-12)||2468.72||2495.97||2668.77||7303.30||7976.91|
|14||Extraordinary items (net of tax)||-||-||-||-||-|
|15||Net profit for the period (13-14)||2468.72||2495.97||2668.77||7303.30||7976.91|
|16||Other comprehensive income (net of tax)||(91.62)||(26.50)||(3.33)||(116.74)||(52.33)|
|17||Total comprehensive income (15+16)||2377.10||2469.47||2665.44||7186.56||7924.58|
|18||Paid-up equity share capital (Face value of share 10/- each)||8245.46||8245.46||8245.46||8245.46||8245.46|
|19(i)||Earnings per share (before extraordinary items) - (of 10/- each) (not annualised) (in ):|
|19(ii)||Earnings per share (after extraordinary items) - (of 10/- each) (not annualised) (in ):|
|19(iii)||Earnings per share (for continuing operations) - (of 10/- each) (not annualised) (in ):|
See accompanying notes to the financial results.
SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31ST DECEMBER 2016
|Nine Months ended|
|Nine months ended|
|2||Segment results (Profit before tax and interest)|
|(i) Unallocated finance costs||909.03||889.83||842.43||2699.28||2420.44|
|(ii) Other unallocable expenditure net of unallocable income||265.27||181.59||146.96||681.50||292.99|
|Profit before tax||3081.86||3258.02||2790.11||9376.70||6947.46|
1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 8th February 2017 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 as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. The unaudited standalone financial statements do not include figures for the previous year ended 31st March 2016 as per the option given in SEBI's Circular No. CIR/CFD/FAC/2016 dated 5th July 2016.
4. 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 nine-months ended 31st December 2015 have been restated as per Ind AS. Reconciliation of net profit as reported in previous GAAP to Ind AS:
|Particulars||Quarter ended 31.12.2015||Nine Months ended 31.12.2015|
|Profit after tax as reported under previous GAAP||2,492.87||7,526.50|
|Add/(less) adjustments for Ind AS:|
|Actuarial loss on defined benefit plans recognised in Other comprehensive income (net of tax)||12.09||35.47|
|Capitalisation of major overhaul & spares||155.92||404.66|
|Depreciation and amortization||21.50||109.84|
|Recognition of financial assets/liabilities at amortised cost||(16.63)||(46.87)|
|Impact of embedded leases||(6.28)||(16.05)|
|Provision of rebate to customers||9.30||(36.64)|
|Net Profit as per Ind AS||2,668.77||7,976.91|
|Other Comprehensive Income (net of tax):|
|Actuarial loss on defined benefit plans||(12.09)||(35.47)|
|Fair valuation of investments||8.76||(16.86)|
|Total comprehensive income as reported under Ind AS||2,665.44||7,924.58|
5(a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for thirteen stations for the period 2014-19 under Regulations, 2014 and beneficiaries are billed based on tariff orders issued by the CERC. 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 till 30th September 2016 and GCV measured on wagon top w.e.f. 1st October 2016. The amount provisionally billed for the quarter and nine-months ended 31st December 2016 is 18,457.79 crore and 55,595.31 crore respectively (previous quarter and nine-months 16,492.62 crore and 52,798.23 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 wagon top 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, measurement of GCV from wagon top samples at the unloading end has been started w.e.f 1st October 2016. Vide order dated 10th November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementing wagon top sampling.
Sales for the quarter and nine-months ended 31st December 2016 have been provisionally recognized at 18,739.00 crore and 56,483.22 crore respectively (previous quarter and nine-months 17,228.07 crore and 53,201.24 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 till 30th September 2016 and GCV measured on wagon top w.e.f. 1st October 2016.
(c). Sales for the quarter and nine-months ended 31st December 2016 include 374.05 crore and 471.84 crore respectively (previous quarter and nine-months (-) 24.11 crore and 207.34 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 nine-months ended 31st December 2016 includes Nil (previous quarter and nine-months Nil and (-) 1,693.65 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter and nine-months ended 31st December 2016 also include 12.31 crore and 36.94 crore respectively (previous quarter and nine-months (-) 5.89 crore and 19.60 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
6. Provision for current tax for the quarter and nine-months ended 31st December 2016 includes (-) 107.56 crore, being tax related to earlier years (previous quarter and nine-months (-) 414.46 crore and (-) 2,453.48 crore).
7. The Board of Directors has recommended interim dividend of 2.61 per equity share (face value of 10/- each) for the financial year 2016-17 in their meeting held on 8th February 2017.
8.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.
9. 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: 8th February, 2017