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Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2015( in Crore)
Quarter ended 31.12.2015 (Unaudited)
|Quarter ended 30.09.2015 (Unaudited)||Quarter ended 31.12.2014 (Unaudited)||Nine-Months ended 31.12.2015 (Unaudited)||Nine-Months ended 31.12.2014 (Unaudited)||Year ended 31.03.2015 (Audited)|
|1||Income from operations|
|(a) Net sales (net of electricity duty)||17317.50||17722.90||18738.98||52059.09||53407.81||72637.75|
|(b) Other operating income||95.81||174.85||118.33||335.77||521.32||605.18|
|Total income from operations (net)||17413.31||17897.75||18857.31||52394.86||53929.13||73242.93|
|(a) Fuel cost||10580.28||11540.83||12119.63||33630.25||36324.09||48845.19|
|(b) Employee benefits expense||876.76||909.82||890.86||2698.96||2706.73||3620.71|
|(c) Depreciation and amortisation expense||1393.45||1322.91||1253.41||3954.31||3520.46||4911.65|
|(d) Other expenses||1332.75||1447.78||1189.93||4026.76||3467.73||4694.21|
|3||Profit from operations before other income, finance costs and exceptional items (1-2)||3230.07||2676.41||3403.48||8084.58||7910.12||11171.17|
|5||Profit from ordinary activities before finance costs and exceptional items (3+4)||3474.75||2948.79||3917.50||8841.86||9495.45||13393.98|
|7||Profit from ordinary activities after finance costs but before exceptional items (5-6)||2649.70||2134.26||3216.69||6471.40||7459.32||10650.36|
|9||Profit from ordinary activities before tax and rate regulated activities (7+8)||2649.70||2134.26||3216.69||6471.40||7459.32||10650.36|
|10||Regulatory income / (expense) (refer note 4)|
|11||Profit from ordinary activities before tax (9+10)|
|(a) Current tax (refer note 3)||82.26||(739.49)||122.91||(1092.80)||89.44||361.69|
|(b) Deferred tax||485.30||18.94||65.68||593.27||255.86||888.75|
|(c) Tax expense/(saving) pertaining to rate regulated activities (refer note 4)||(15.43)||11.89||(10.16)||3.42||(11.85)||(35.25)|
|(d) Less: Deferred asset for deferred tax liability||433.73||21.02||65.65||542.96||255.83||959.40|
|Total tax expense (a+b+c-d)||118.40||(729.68)||112.78||(1039.07)||77.62||255.79|
|13||Net profit from ordinary activities after tax (11-12)||2492.87||2898.28||3074.00||7526.50||7346.83||10290.86|
|14||Extraordinary items (net of tax expense)||-||-||-||-||-||-|
|15||Net profit for the period (13-14)||2492.87||2898.28||3074.00||7526.50||7346.83||10290.86|
|16||Paid-up equity share capital |
(Face value of share 10/- each)
|17||Reserves excluding revaluation reserve as per balance sheet||73411.89|
|18(i)||Earnings per share (before extraordinary items) - (of 10/- each)(not annualised) (in ):|
|18(ii)||Earnings per share (after extraordinary items) - (of 10/- each) (not annualised) (in ):|
See accompanying notes to the financial results
Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2015
|Sl.No.||Particulars||Quarter ended 31.12.2015 (Unaudited)||Quarter ended 30.09.2015 (Unaudited)||Quarter ended 31.12.2014 (Unaudited)||Nine-Months ended 31.12.2015 (Unaudited)|
Nine-Months ended 31.12.2014 (Unaudited)
|Year ended 31.03.2015 (Audited)|
|2||Segment results (Profit before tax and interest)|
|(i) Unallocated finance costs||825.05||814.53||700.81||2370.46||2036.13||2743.62|
|(ii) Other unallocable expenditure net of unallocable income||117.77||99.15||(215.90)||301.37||(666.96)||(740.33)|
|Profit before tax||2611.27||2168.60||3186.78||6487.43||7424.45||10546.65|
|3||Capital employed (Segment assets - Segment liabilities)|
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29th January 2016.
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 provisionally billed for the quarter and nine-months ended 31st December 2015 is 16,492.62 crore and 52,798.23 crore respectively (corresponding previous quarter and nine-months 18,895.72 crore and 54,876.11 crore).
(b) The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations, 2014 including the stage at which the GCV of coal on ‘as received’ basis has to be measured. In pursuance of the directions of the Hon’ble High Court, the CERC vide its order dated 25th January 2016 clarified that the samples for the purpose of measurement of coal on ‘as received’ basis should be collected from the loaded wagons at the generating stations. The Company is in the process of filing an appeal before the appropriate authority challenging the CERC order.
Pending issue of provisional/final tariff orders under Regulations, 2014 by the CERC and disposal of the petition/appeal, sales have been provisionally recognised at 17,321.19 crore for the quarter and 53,450.71 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months 18,569.97 crore and 54,200.32 crore) on the basis of said Regulations which includes energy charges in respect of coal based stations recognized based on the GCV of coal ‘as received after the secondary crusher’.
(c) Sales include (-) 24.11 crore for the quarter and 207.34 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months 120.82 crore and 440.99 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include Nil for the quarter and (-) 1,693.65 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months (-) 10.19 crore and (-) 1,399.42 crore) on account of income tax refundable to/recoverable from the beneficiaries as per Regulations, 2004. Sales also include (-) 5.89 crore for the quarter and 19.60 crore for the nine-months ended 31st December 2015 (corresponding previous quarter and nine-months 29.52 crore and 88.56 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
3. Current tax for the quarter and nine-months ended 31st December 2015 includes tax related to earlier years amounting to (-) 414.46 crore and (-) 2,453.48 crore respectively (corresponding previous quarter (-) 663.60 crore and nine-months (-) 1,952.53 crore).
4. During the quarter, the Company implemented the 'Guidance Note on Accounting for Rate Regulated Activities' issued by the Institute of Chartered Accountants of India (ICAI). Consequently, exchange differences arising from settlement/translation of short-term monetary items denominated in foreign currency, to the extent recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations, which were hitherto accounted as deferred foreign currency asset/liability in line with an opinion of the Expert Advisory Committee of the ICAI, are accounted as ‘Regulatory asset/liability’ during construction period and adjusted from the year in which the same becomes recoverable from or payable to the beneficiaries through regulatory income/expense. Accordingly, the Company has changed the related accounting policies. However, there is no impact on profit after tax for the quarter and nine-months ended 31st December 2015.
5. During the quarter, the Company has revised the accounting policy for depreciation of certain assets due to the reassessment of their useful life. Consequently, profit for the quarter and nine-months ended 31st December 2015 is lower by 25.78 crore and fixed assets as at 31st December 2015 are lower by 25.78 crore.
6.The Board of Directors has recommended interim dividend of 1.60 per equity share (face value 10/-each) for the financial year 2015-16 in their meeting held on 29th January 2016.
7. During the quarter, one thermal unit of 500 MW at Vindhyachal Super Thermal Power Station has been declared commercial w.e.f. 30th October 2015.
8.The above financial results have been reviewed by the Statutory Auditors as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
9. 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.
10. The standalone financial results of the Company will be available on the investors section of our website https://ntpc.co.in and under Corporate Section of BSE Limited and National Stock Exchange of India Limited at http://www.bseindia.com & http://www.nseindia.com.
11. 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 January, 2016