Investors

 

( in Crore)

Particulars		Quarter ended 30.06.2015
Profit after tax as reported under previous GAAP		2,135.35
Add/(less) adjustments for Ind AS:
Acturial loss on defined benefit plans recognised in Other comprehensive income		19.07
Capitalisation of major overhaul & spares		129.48
Depreciation and amortization		52.01
Recognition of financial assets/liabilities at amortised cost		(19.12)
Impact of embedded leases		(5.09)
Provision of rebate to customers		(35.20)
Net Profit as per Ind AS		2,276.50
Other Comprehensive Income (net of tax):
Acturial loss on defined benefit plans		(19.07)
Fair valuation of investments		(14.64)
Total comprehensive income as reported under Ind AS		2,242.79

6(a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). Pending issue of provisional/final tariff orders w.e.f. 1^st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31^st March 2014 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 ended 30^th June 2016 is  18,367.86 crore (previous quarter  17,713.48 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Tariff Regulations, 2014. On 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 25^th January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal ‘as received’ basis should be collected from loaded wagons at the generating stations. Company had filed a review petition in respect of this CERC order on 1^st March 2016 which has been dismissed by CERC vide order dated 30^th June 2016. 

Further, vide order dated 19^th February 2016 in respect of a petition filed by a beneficiary, CERC issued directions that the grade slippage between the loading point at the mines' end and unloading point at the generating stations is to be passed on through tariff to the beneficiaries. In the meantime, in compliance to the CERC directions issued vide said order dated 19^th February 2016, efforts are being made to explore the mechanism for measurement of GCV of coal ‘as received’, from the loaded wagons at the generating stations. 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. 

Pending final decision of the Hon'ble High Court, sales  for the quarter ended 30^th June 2016 have been provisionally recognized at  18,786.76 crore (previous quarter  17,739.64 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. 

(c) Sales for the quarter ended 30^th June 2016 include (-)  35.18 crore  (previous quarter (-)  43.02 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) Sales for the quarter ended 30^th June 2016 include  Nil  (previous quarter (-)  791.97 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter ended 30^th June 2016 also include  12.31 crore (previous quarter  12.74 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

7. Provision for current tax for the quarter ended 30^th June 2016 includes tax related to earlier years amounting to  Nil (previous quarter (-)  841.82 crore). 

8. Sales have been presented on gross basis in accordance with Ind AS 18. Electricity duty amounting to  204.38 crore (previous quarter  167.25 crore) has been presented as an expense.

9. During the quarter, one thermal unit of 250 MW at Bongaigaon Thermal Power Project w.e.f. 1^st April 2016 and solar units of 200 MW at NP Kunta Ultra Mega Solar Power Project at Anantapuram w.e.f. 9^th May 2016 have been declared commercial.

10. 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.

11. Figures for the previous period have been regrouped/reclassified wherever necessary, to conform to current period's classification.