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Audited Financial Results for the Year ended 31st March 2010

(Rs./Lakh)
Sl.ParticularsStand AloneConsolidated
Quarter ended 31.03.2010 (Unaudited)Quarter ended 31.03.2009 (Unaudited)Year ended 31.3.2010 (Audited)Year ended 31.3.2009 (Audited)Year ended 31.3.2010 (Audited)Year ended 31.3.2009 (Audited)
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1(a)Net Sales (Net of Electricity Duty)123533911445784632259419237348256414266132
(b)Other Operating Income3781574196189873217567193211226294
2Expenditure
(a)Fuel Cost8345988015832946274271106930187662734645
(b)Employees Cost7456162025241236246313252300253251
(c)Depreciation7321672639265006236448289438249489
(d)Other Expenditure5960658984202710195209247117223864
Total (a+b+c+d)10419819952313655226338903938076213461249
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)2311732235431166906102090112112311031177
4Other Income2495026709102533114668101483113893
5Profit before Interest & Exceptional Items (3+4)2561232502521269439113556913127141145070
6Interest & Finance charges4817954039180893199622207803214346
7Profit after Interest but before Exceptional Items (5-6)20794419621310885469359471104911930724
8Exceptional items------
9Profit(+)/Loss(-) from Ordinary Activities before Tax (7+8)20794419621310885469359471104911930724
10Tax Expenses:
(a)Current Tax(9762)(15623)194544113834197908119430
(b)Deferred Tax15941104320913(44880)22963(45203)
(c)Fringe Benefit Tax (FBT)058526920982702186
Total (a+b+c)6179(13955)2157267105222114176413
Less: Deferred Tax Recoverable / Payable-1043-(44880)-(45215)
FBT transferred to Expenditure during Construction / Development of coal mines-84-115(5)150
Tax Expenses (Net)6179(15122)215726115817221146121478
11Net Profit(+)/ Loss(-) from ordinary activity after tax (9-10)201765211335872820820130883765809246
12Extraordinary Items (Net of tax expenses)------
13Net Profit(+)/ Loss(-) for the year before Minority Interest (11-12)201765211335872820820130883765809246
14Minority Interest in Consolidated Profit-----(10)
15Net Profit (+)/ Loss (-) for the year after Minority Interest (13-14)201765211335872820820130883765809256
16Paid-up Equity Share Capital
(Face value of share Rs. 10/- each)
824546824546824546824546824546824546
17Paid up Debt Capital  37797023456775   
18Reserves excluding revaluation reserve as per Balance Sheet--5419196491246054382274916208
19Debenture Redemption Reserve  198672168894  
20
 
Earning per share - (EPS in Rs.)
(a)Basic and diluted EPS before Extra-ordinary items (not annualised)2.452.5710.599.9510.729.81
(b)Basic and diluted EPS after Extra-ordinary items (not annualised)2.452.5710.599.9510.729.81
21Debt Equity Ratio  0.610.60  
22Debt Service Coverage Ratio (DSCR)  3.923.67  
23Interest Service Coverage Ratio (ISCR)  13.6410.19  
24
 
Public Shareholding
(a)Number of shares127810322086583000012781032208658300001278103220865830000
(b)%age of share holding15.5010.5015.5010.5015.5010.50
25Promoters and Promoter Group Shareholding
(a)Pledged/ Encumbered
-Number of Shares------
-Percentage of share (as % of the total shareholding of promoter and promoter group)------
-Percentage of share (as % of the total share capital of the company)------
(b)Non-encumbered
-Number of Shares696736118073796344006967361180737963440069673611807379634400
-Percentage of share (as % of the total shareholding of promoter and promoter group)100.00%100.00%100.00%100.00%100.00%100.00%
-Percentage of share (as % of the total share capital of the company)84.50%89.50%84.50%89.50%84.50%89.50%

SUMMARY OF ASSETS AND LIABILITIES AS AT 31st MARCH 2010

ParticularsStand AloneConsolidated
Year ended 31.03.2010 (Audited)Year ended 31.03.2009 (Audited)Year ended 31.03.2010 (Audited)Year ended 31.03.2009 (Audited)
SOURCES OF FUNDS
Shareholders’ Funds:
(a) Capital824546824546824546824546
(b) Reserves and Surplus5419196491246054382274916208
Deferred Revenue from Advance Against Depreciation161084193601161084193601
Deferred Income from Foreign Currency Fluctuation -60771-60765
Loan Funds
(a) Secured Loans90799289695615376541321170
(b) Unsecured Loans2871710255981928772102561094
Deferred Foreign Exchange Fluctuation Liability6105545261055445
Deferred Tax Liability (net) after Recoverable20925132297113
Minority Interest- 2789316619
TOTAL102115589453618108956909899461
APPLICATION OF FUNDS
Goodwill on Consolidation--6262
Fixed Assets incl. CWIP and Construction Stores & Advances 6686560593426376486096589484
Investments 1480709139834911777611169596
Deferred Foreign Currency Fluctuation Assets36517973443652597349
Current Assets, Loans And Advances    
(a) Inventories334771324342353299336157
(b) Sundry Debtors665146358418708080381892
(c) Cash and Bank balances1445948162716316053041725045
(d) Other current assets84404979468680499336
(e) Loans and Advances551311684653568062703888
Less: Current Liabilities and Provisions    
(a) Liabilities768758743907975798871909
(b) Provisions307058324953315027331439
Net Current Assets2005764202366220307242042970
Deferred Expenses from Foreign Currency Fluctuation2008-2009 
TOTAL102115589453618108956909899461

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31st March 2010

Sl.ParticularsStand AloneConsolidated
Quarter ended 31.03.2010 (Unaudited)Quarter ended 31.03.2009 (Unaudited)Year ended 31.03.2010 (Audited)Year ended 31.03.2009 (Audited)Year ended 31.03.2010 (Audited)Year ended 31.03.2009 (Audited)
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1Segment Revenue (Net Sales)
- Generation123052911404894616867417911947749894227388
- Others4810408915392132545065238744
- Total123533911445784632259419237348256414266132
2Segment Results (Profit before Tax and Interest)
- Generation19755015967410152539053051049376902317
- Others16641522581641841608512811
- Total19921416119610210699094891065461915128
Less
(i) Unallocated Interest and Finance Charges2858431979111682208630138312220701
(ii) Other Unallocable expenditure net of unallocable income(37314)(66996)(179159)(235088)(177762)(236297)
Total Profit before Tax20794419621310885469359471104911930724
3Capital Employed (Segment Assets - Segment Liabilities)
- Generation394502033836653945020338366543739913596247
- Others54453226544532263362318185
- Un-allocated229327723501152293277235011518830522142941
- Total624374257370066243742573700662906665757373

The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:
1The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows
a)Subsidiary CompaniesOwnership (%)
1NTPC Electric Supply Company Ltd.
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd *. with 50% holding)
100
2NTPC Vidyut Vyapar Nigam Ltd.100
3NTPC Hydro Ltd.100
4Kanti Bijlee Utpadan Nigam Ltd.64.57
5Bhartiya Rail Bijlee Company Ltd.74
b)Joint Venture Companies
1Utility Powertech Ltd.50
2NTPC Alstom Power Services Private Ltd.50
3NTPC SAIL Power Company Private Ltd.50
4NTPC - Tamilnadu Energy Company Ltd.50
5Aravali Power Company Private Ltd.50
6Ratnagiri Gas and Power Private Ltd.*29.65
7Meja Urja Nigam Private Ltd.50
8NTPC-BHEL Power Projects Private Ltd50
9BF-NTPC Energy Systems Ltd.49
10Nabinagar Power Generating Company Private Ltd.50
11National Power Exchange Ltd.*16.67
12NTPC-SCCL Global Ventures Private Ltd.50
13International Coal Ventures Private Ltd.*14.28
14Transformer and Electrical Kerala Ltd.*44.60
15Energy Efficiency Services Ltd.*25
16National High Power Test Laboratory Private Ltd.25
All the above companies are incorporated in India.
* The financial statements are un-audited.
2 a)

The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, containing inter-alia the terms and conditions for determination of tariff applicable for a period of five years with effect from 1st April 2009. Pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rs.4,447,393 lakhs during the year ended 31st March 2010 on the basis of principles enunciated in the said Regulations on the capital cost considering the orders of Appellate Tribunal for Electricity (ATE) for the tariff period 2004-2009 including as referred to in para 2 (e).

The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the Company has to provisionally bill the beneficiaries at the tariff applicable as on 31st March 2009 approved by the CERC. The amount provisionally billed during the year ended 31st March 2010 on this basis is Rs.4,376,513 lakhs.

b)For the units commissioned during the year, pending determination of tariff by CERC, sales of Rs.173,540 lakhs have been provisionally recognised on the basis of principles enunciated in the Tariff Regulations, 2009. The amount provisionally billed for such units is Rs.153,650 lakhs.
c)Sales of (-) Rs.60,060 lakhs (previous year Rs.102,004 lakhs) pertaining to previous years has been recognized based on the orders issued by the CERC/ATE.
d)In terms of Regulation 39, CERC Tariff Regulations, 2009, notified by the CERC, the Company has determined the amount of the Deferred Tax Liability (net) materialised during the year pertaining to the period upto 31st March 2009 by identifying the major changes in the elements of Deferred Tax Liability/Asset, as recoverable from the beneficiaries and accordingly a sum of Rs.24,847 lakhs (net) has been recognised as Sales during the year.
e)In respect of stations/units where the CERC had issued tariff orders applicable from 1st April 2004 to 31st March 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the ATE. The ATE disposed off the appeals favourably directing the CERC to revise the tariff orders as per the directions and methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of India on some of the issues decided by the ATE which is pending. The Company has submitted that it would not press for determination of the tariff by the CERC as per ATE orders pending disposal of the appeal by the Supreme Court.
 Considering expert legal opinions obtained that, it is reasonable to expect ultimate collection, the sales for the tariff period 2004-2009 amounting to Rs.104,429 lakhs were recognised in earlier years based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE. Due to further CERC tariff orders received during the year, the provisional sales of Rs.104,429 lakhs has now been reduced to Rs.102,560 lakhs. The sales accounted as above is subject to final outcome of the decision of the Hon’ble Supreme Court of India and consequential effect, if any, will be given in the financial statements upon disposal of the appeal.
3Sales includes (-) Rs.71,993 lakhs (previous year Rs.75,828 lakhs) on account of income tax recoverable from customers as per CERC Regulations, 2004 and Rs.24,847 lakhs (previous year Nil) on account of deferred tax recoverable from customers as per CERC Regulations, 2009.
4Provision for current tax for the year is net of tax related to earlier years amounting to Rs.52,539 lakhs (Previous year Rs.139,531 lakhs).
5During the year 2009-10, one unit of 490 MW at Dadri and one unit of 500 MW at Kahalgaon of the Company have been declared commercial w.e.f 31st January 2010 and 20th March 2010 respectively.
6The pay revision of the employees of the Company was due w.e.f. 1st January 2007.
Based on the guidelines issued by Department of Public Enterprises (DPE), Government of India (GOI), the pay revision of the executive category of employees has been approved during the year. Pending finalisation of pay revision in respect of employees in the non-executive category, provision of Rs.31,446 lakhs and Rs.65,896 lakhs (previous year Rs.17,670 lakhs and Rs. 34,450 lakhs) has been made for the year and upto year respectively on an estimated basis having regard to the guidelines issued by DPE. A sum of Rs.13,869 lakhs (previous year Rs.7,480 lakhs) paid as adhoc advance towards pay revision to the employees in the non-executive category is included in ‘Loans and Advances’ (Schedule 14).
7Effect of changes in Accounting Policies:
a)

Tariff Regulations, 2009 issued by the CERC provide that the balance depreciable value of the each of the existing stations as on 1st April, 2009 shall be worked out by deducting the cumulative depreciation including the Advance Against Depreciation (AAD) as admitted by the CERC up to 31st March 2009 from the gross depreciable value of the assets thereby merging AAD with depreciation for tariff recovery. Under the said Tariff Regulations, the CERC also has notified the revised rates of depreciation and removed the provision for AAD.

In view of the change in CERC Tariff Regulations, 2009, the Company revised its accounting policy no. 12.1.2 and the amount of AAD required to meet the shortfall in the component of depreciation in revenue over the depreciation to be charged off in future years has been assessed station-wise and wherever an excess has been determined as on 1st April 2009, the same amounting to Rs.31,147 lakhs has been recognised as sales during the year. In addition, Rs.530 lakhs has been recognised as sales during the year out of AAD consequent to this change.

b)Claims on the Company for price variation which were hitherto accounted for on acceptance. During the year, unsettled liabilities for price variation/exchange rate variation in case of contracts are accounted for on estimated basis as per terms of the contracts. Consequently, profit for the year is lower by Rs. 199 lakhs, fixed assets are higher by Rs.28,494 lakhs and current liabilities are higher by Rs.28,693 lakhs.
8During the year, the deferred tax liability (net) and the deferred tax recoverable from the beneficiaries as at 31st March 2009 amounting to Rs.513,486 lakhs have been reviewed and restated to Rs.249,425 lakhs. In terms of Regulation 39, CERC Tariff Regulations, 2009, the Company has determined the amount of the deferred tax liability (net) materialised during the year pertaining to the period up to 31st March 2009 by identifying the major changes in the elements of deferred tax liability/asset, as recoverable from the beneficiaries. Accordingly, deferred tax liability (net) and the deferred tax recoverable from the beneficiaries as at 31st March 2010 works out to Rs. 304,940 lakh and Rs.284,024 lakhs respectively.

The net increase during the year in the deferred tax liability is Rs.20,906 lakhs (previous year decrease Rs.44,884 lakhs) has been debited to Profit & Loss Account.
9Fixed assets, capital work-in-progress and construction stores and advances include Rs.67,647 lakhs in respect of one of the hydro power project, the construction of which has been suspended temporarily from 18th May 2009 on the advice of the Ministry of Power, GOI. Presently, the issue regarding resumption of the project is under consideration with the GOI. Pending decision, borrowing costs of Rs.2,374 lakhs have not been capitalised from the date of suspension.
10The Company is executing a thermal power project in respect of which possession certificates for 1,489 acres of land has been handed over to the Company and all statutory and environment clearances for the project have been received. Subsequently, a high power committee has been constituted as per the directions of GOI to explore alternate location of the project since present location is stated to be a coal bearing area. Aggregate cost incurred up to 31st March 2010 Rs.18,311 lakhs is included in Fixed Assets (Schedules 6,7 and 8). Management is confident of recovery of cost incurred, hence no provision is considered necessary.
11During the year, ‘Further Public Offer’ of 412,273,220 equity shares of Rs.10/- each of the Company through an offer for sale by the President of India, acting through the Ministry of Power, GOI was made through the alternate book building process. Consequently, shareholding of the GOI reduced to 84.50% from 89.50%.
12During the quarter, the Company has paid an interim dividend of Rs.3.00 per share (face value Rs.10/-each) for the year 2009-10. The Board of Directors has recommended final dividend of Rs.0.80 per share (face value Rs.10/-each). The total dividend (including interim dividend) for the financial year 2009-10 is Rs.3.80 per share (face value Rs.10/-each).
13The audited accounts are subject to review by Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
14Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction).
15Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 31st March 2010
Sl.No.Opening BalanceAdditionsDisposalsClosing Balance
No. of complaints9288328866
16The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 17th May 2010 and approved by the Board of Directors in the meeting held on the same day.
17Figures for the previous year have been regrouped/ rearranged wherever necessary.

For and on behalf of Board of Directors

Place: New Delhi
Date: 17thMay 2010
sd/-
(A.K.SINGHAL)
DIRECTOR (FINANCE)