« Back Annual Financial results 2014 -15
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2015
|Quarter ended 31.03.2015 (Unaudited)||Quarter ended 31.12.2014 (Unaudited)||Quarter ended|
|Year ended 31.03.2015|
|Year ended 31.03.2014 (Audited)||Year ended 31.03.2015 (Audited)||Year ended 31.03.2014 (Audited)|
|1||Income from operations|
|(a)||Net sales (net of electricity /excise duty)||1922994||1873898||2093808||7263775||7160263||7994397||7847870|
|(b)||Other operating income||8464||11911||10075||60830||41630||67807||47193|
|Total income from operations (net)||1931458||1885809||2103883||7324605||7201893||8062204||7895063|
|(b)||Employee benefits expense||93200||90136||88156||366978||382478||388969||403863|
|(c)||Depreciation and amortisation expense||139119||125341||120764||491165||414219||556461||476999|
|(d)||Other expenses (refer note 11)||121239||117738||116752||464548||455669||775895||742304|
|3||Profit from operations before other income, finance costs and exceptional items (1-2)||325790||340631||334800||1117395||1366556||1194767||1492871|
|5||Profit from ordinary activities before finance costs and exceptional items (3+4)||382969||388759||393395||1329027||1631124||1402658||1768883|
|7||Profit from ordinary activities after finance costs but before exceptional items (5-6)||312220||318678||336626||1054665||1390465||1045621||1448576|
|9||Profit from ordinary activities before tax (7+ 8)||312220||318678||336626||1054665||1390465||1045621||1448576|
|(a)||Current tax (refer note 4)||24885||11275||33295||32644||279360||43463||292377|
|(c)||Less: Deferred asset for deferred tax liability (refer note 12)||70357||6565||-||95940||-||99466||-|
|Total tax expense (a+b-c)||17817||11278||27272||25579||292991||46384||308236|
|11||Net profit from ordinary activities after tax (9-10)||294403||307400||309354||1029086||1097474||999237||1140340|
|12||Extraordinary items (net of tax expense)||-||-||-||-||-||-||-|
|13||Net profit for the period (11-12)||294403||307400||309354||1029086||1097474||999237||1140340|
|14||Share of profit / (loss) of associates||-||-||-||-||-||-||-|
|16||Net profit after taxes, minority interest and share of profit of associates (13+14-15)||294403||307400||309354|
|17||Paid-up equity share capital|
(Face value of share 10/- each)
|18||Paid-up debt capital||8599534||6717022||10161185||8102134|
|19||Reserves excluding revaluation reserve as per balance sheet||7341189||7756986||7384852||7908426|
|20||Debenture redemption reserve||362460||276491||362460||276491|
|21(i)||Earnings per share (before extraordinary items) - (of 10/- each)(not annualised)(in ):|
|21(ii)||Earnings per share (after extraordinary items) - (of 10/- each) (not annualised)(in ):|
|22||Debt equity ratio||1.05||0.78||1.24||0.93|
|23||Debt service coverage ratio (DSCR)||2.44||2.77||2.27||2.68|
|24||Interest service coverage ratio (ISCR)||6.72||8.62||5.54||7.09|
See accompanying notes to the financial results.
Part II - Select Information
|A||PARTICULARS OF SHAREHOLDING|
|-||Number of shares||2064849420||2064849420||2061366100||2064849420||2061366100||2064849420||2061366100|
|-||Percentage of shareholding||25.04||25.04||25.00||25.04||25.00||25.04||25.00|
|2||Promoters and promoter group shareholding|
|-||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)||-||-||-||-||-||-||-|
|-||Number of shares||6180614980||6180614980||6184098300||6180614980||6184098300||6180614980||6184098300|
|-||Percentage of the shares (as a % of the total shareholding of promoter and promoter group)||100.00||100.00||100.00||100.00||100.00||100.00||100.00|
|-||Percentage of the shares (as a % of the total share capital of the company)||74.96||74.96||75.00||74.96||75.00||74.96||75.00|
|Sl.No.||Particulars||Quarter ended 31.03.2015|
|Pending at the beginning of the quarter||1|
|Received during the quarter||751|
|Disposed of during the quarter||751|
|Remaining unresolved at the end of the quarter||1|
STATEMENT OF ASSETS AND LIABILITIES
|As at 31.03.2015 (Audited)||As at 31.03.2014 (Audited)||As at 31.03.2015 (Audited)||As at 31.03.2014 (Audited)|
|A||EQUITY AND LIABILITIES|
|(a) Share capital||824546||824546||824546||824546|
|(b) Reserves and surplus||7341189||7756986||7384852||7908426|
|Sub-total - Shareholders' funds||8165735||8581532||8209398||8732972|
|(a) Long-term borrowings||7853233||6240575||9336292||7554230|
|(b) Deferred tax liabilities (net)||97907||105161||126561||123931|
|(c) Other long-term liabilities||288659||251246||348185||308158|
|(d) Long-term provisions||111571||87936||114337||89680|
|Sub-total - Non-current liabilities||8351370||6684918||9925375||8075999|
|(a) Short-term borrowings||-||-||64015||43364|
|(b) Trade payables||595315||642960||710763||722396|
|(c) Other current liabilities||1680762||1154760||2020214||1442718|
|(d) Short-term provisions||775875||730260||799641||758033|
|TOTAL - EQUITY AND LIABILITIES||19708472||17955418||21957615||20004513|
|(a) Fixed assets (including capital work-in-progress)||13534256||11699950||15940709||13803232|
|(b) Goodwill on consolidation||-||-||62||62|
|(c) Non-current investments||715407||812090||1412||166346|
|(d) Long-term loans and advances||1552789||1277726||1663162||1415735|
|(e) Other non-current assets||169677||178677||173108||180599|
|Sub-total - Non-current assets||15972129||13968443||17778453||15565974|
|(a) Current investments||187806||163696||188739||163696|
|(c) Trade receivables||760437||522008||924992||672566|
|(d) Cash and bank balances||1287881||1531137||1425161||1705067|
|(e) Short-term loans and advances||240759||311604||245670||323015|
|(f) Other current assets||514160||921195||597354||975347|
|Sub-total - Current assets||3736343||3986975||4179162||4438539|
|TOTAL - ASSETS||19708472||17955418||21957615||20004513|
AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2015
|Quarter ended 31.03.2015 (Unaudited)||Quarter ended 31.12.2014|
|Quarter ended 31.03.2014 (Unaudited)||Year ended 31.03.2015 (Audited)||Year ended 31.03.2014 (Audited)||Year ended 31.03.2015 (Audited)||Year ended 31.03.2014 (Audited)|
|2||Segment results (Profit before tax and interest)|
|(i) Unallocated finance costs||70749||70081||56769||274362||240659||357037||320307|
|(ii) Other unallocable expenditure net of unallocable income||(7337)||(21590)||(23715)||(74033)||(132021)||(62268)||(132125)|
|Profit before tax||312220||318678||336626||1054665||1390465||1045621||1448576|
|3||Capital employed (Segment assets - Segment liabilities)|
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.
1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29th May 2015 and approved by the Board of Directors in the meeting held on the same day.
2. The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows.
|a)||Subsidiary Companies||Ownership (%)|
|1||NTPC Electric Supply Company Ltd. |
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd. with 50% holding*)
|2||NTPC Vidyut Vyapar Nigam Ltd.||100.00|
|3||Kanti Bijlee Utpadan Nigam Ltd.||65.00|
|4||Bhartiya Rail Bijlee Company Ltd.||74.00|
|b)||Joint venture Companies|
|1||Utility Powertech Ltd.||50.00|
|2||NTPC Alstom Power Services Private Ltd.||50.00|
|3||NTPC SAIL Power Company Private Ltd.||50.00|
|4||NTPC-Tamilnadu Energy Company Ltd.||50.00|
|5||Ratnagiri Gas and Power Private Ltd.*||28.91|
|6||Aravali Power Company Private Ltd.||50.00|
|7||NTPC-SCCL Global Ventures Private Ltd.*||50.00|
|8||Meja Urja Nigam Private Ltd.||50.00|
|9||NTPC-BHEL Power Projects Private Ltd.*||50.00|
|10||BF-NTPC Energy Systems Ltd.||49.00|
|11||Nabinagar Power Generating Company Private Ltd.||50.00|
|12||National Power Exchange Ltd.*||16.67|
|13||International Coal Ventures Private Ltd.*||0.27|
|14||National High Power Test Laboratory Private Ltd.||21.63|
|15||Transformers and Electricals Kerala Ltd.*||44.60|
|16||Energy Efficiency Services Ltd.*||25.00|
|17||CIL-NTPC Urja Pvt.Ltd.*||50.00|
|18||Anushakti Vidhyut Nigam Ltd.||49.00|
|19||Pan-Asian Renewables Private Ltd.*||50.00|
|20||Trincomalee Power Company Ltd.*||50.00|
|21||Bangladesh-India Friendship Power Company Private Ltd.*||50.00|
|All the above companies are incorporated in India except company at Sl.No.20 and 21 which are incorporated in Srilanka and Bangladesh respectively.|
|* The financial statements are un-audited and certified by the management of respective companies and have been considered for Consolidated Financial Statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.|
3. a) The 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 year ended 31st March 2015 is 73,70,399 lakh (previous year 68,70,403 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 the CERC and disposal of the petition, sales have been provisionally recognised at 73,13,381 lakh for the year ended 31stMarch 2015 (previous year 69,59,612 lakh) on the basis of said Regulations.
c) Sales for the year ended 31st March 2015 include 67,962 lakh (previous year 2,08,682 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
d) Sales for the year ended 31st March 2015 include (-) 1,39,942 lakh (previous year (-) 26,999 lakh) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales also include 11,396 lakh for the year ended 31st March 2015 (previous year 7,702 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
4.Provision for current tax for the year includes tax related to earlier years amounting to (-) 1,95,253 lakh (previous year (-) 43,696 lakh).
5. During the year, one thermal unit of 660 MW at Barh w.e.f. 15th November 2014, solar PV power capacity of 20 MW at Rajgarh w.e.f. 30th April 2014 and solar PV power station of 15 MW at Singrauli w.e.f 31st December 2014 have been declared commercial.
6. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MOEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 31st March 2015 is 8,73,244 lakh (previous year 4,45,573 lakh). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7th May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost of 15,457 lakh (previous year 14,546 lakh) incurred on the project up to 31st March 2015 is included in non-current assets. Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
8. Claims recoverable as at 31st March 2015 include 46,628 lakh (previous year 42,600 lakh) 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 the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.
9.In accordance with the principles approved by the Board of Directors of the Company, the dispute with coal suppliers on account of GCV has been settled. Accordingly, against the total disputed billed amount of 2,57,874 lakh (previous year 4,10,287 lakh) as at 31st March 2014, during the year the Company has paid 1,77,351 lakh and provided 2,548 lakh and remaining amount of 77,975 lakh is settled. Sales corresponding to energy charges recoverable for the amounts paid/provided as above have been recognized on settlement.
10. 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 year ended 31st March 2015 is lower by 1,497 lakh and fixed assets as at 31st March 2015 are lower by 2,044 lakh. Further, an amount of 358 lakh (net of deferred tax of 189 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.
11. 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 20,832 lakh upto 31st March 2014 has been recognised as prior period sales and netted from 'Other expenses'.
12.Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the year ended 31st March 2015 on the generation income is accounted as 'Deferred asset for deferred tax liability'. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.
13. During the quarter, the Company out of free reserves issued one 8.49% secured non-cumulative non-convertible redeemable taxable fully paid-up debenture of 12.50 by way of bonus for each fully paid-up equity share of par value 10/-. The debenture amount of 10,30,683 lakh and dividend distribution tax thereon of 2,06,076 lakh has been debited to general reserve.
14. During the quarter, the Company has paid an interim dividend of 0.75 per equity share (par value 10/-each) for the year 2014-15. The Board of Directors has recommended final dividend of 1.75 per equity share (par value 10/- each). The total dividend (including interim dividend) for the financial year 2014-15 is 2.50 per equity share (par value 10/-each).
15. The audited accounts are subject to review by Comptroller and Auditor General of India under Section 143(6)&(7) of the Companies Act, 2013.
16. 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).
17. Previous periods/year figures have been regrouped/rearranged wherever necessary.
18. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.
For and on behalf of Board of Directors
Place: New Delhi
Date: 29th May 2015