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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER 2010

(Rs/Lakh)
Sl. No.ParticularsQuarter ended 30.09.2010 (Unaudited)Quarter ended 30.09.2009 (Unaudited)Half-Year ended 30.09.2010 (Unaudited)Half-Year ended 30.09.2009 (Audited)Year ended 31.03.2010 (Audited)
1234567
1(a) Net Sales (Net of Electricity Duty)12989291078279259337822785474632259
 (b) Other operating Income3611946982 7192599511189873 
 (c) Depreciation Written Back (net) & Advance Against Deprecitation recognised as Prior Period Sales176334(118)176342(140)(1655)
 Total (a+b+c)15113821125143284164523779184820477
2Expenditure  
 (a) Fuel Cost860727660684173095814349502946274
 (b) Employees Cost7091850403139300109445241236
 (c) Depreciation5062864375118900125654265006
 (d) Other Expenditure662774567812343795049199965
 (e) Provisions12626723126278231090
 Total (a+b+c+d+e)1174817 821163223887317651213653571
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)3365653039806027726127971166906
4Other Income 25354271184804152217102533
5Profit before Interest & Exceptional Items (3+4)3619193310986508136650141269439
6Interest & Finance charges590205406911259598536180893
7Profit after Interest but before Exceptional Items (5-6)3028992770295382185664781088546
8Exceptional items-----
9Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)3028992770295382185664781088546
10Tax Expenses:
 (a) Current Tax6433357494106450115684194544
 (b) Deferred Tax278284243368411614020913
 (c) Fringe Benefit Tax (FBT)-97-97269
 Total Tax Expenses (Net)9216161834143291131921215726
11Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)210738215195394927434557872820
12Extraordinary Items (Net of tax expenses)-----
13Net Profit (+)/ Loss (-) for the period (11-12)210738215195394927434557872820
14Paid-up Equity Share Capital (Face value of share Rs.10/- each)
824546

824546

824546

824546

824546
15Paid-up Debt Capital  392821234697953779702
16Reserves excluding revaluation reserve as per Balance Sheet----5419196
17Debenture Redemption Reserve  177422150144198672
18Earning per share - (EPS In Rs.)
 
     
 (a) Basic and diluted EPS before Extraordinary items (not annualised)2.562.614.795.2710.59
 (b) Basic and diluted EPS after Extraordinary items (not annualised)2.562.614.795.2710.59
19Debt Equity Ratio  0.590.560.61
20Debt Service Coverage Ratio(DSCR)  3.003.593.92
21Interest Service Coverage Ratio(ISCR)  10.0812.2713.64
22Public Shareholding     
 (a) Number of shares127810322086583000012781032208658300001278103220
 (b) % age of shareholding15.5010.5015.5010.5015.50
23Promoters 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 Shares69673611807379634400696736118073796344006967361180
 - Percentage of share(as % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00100.00
 - Percentage of share(as % of the total share capital of the company)84.5089.5084.5089.5084.50

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER  AND HALF-YEAR ENDED 30th SEPTEMBER 2010

(Rs/Lakhs)
Sl.
No.
ParticularsQuarter ended 30.09.2010 (Unaudited)Quarter ended 30.09.2009 (Unaudited)Half-Year ended 30.09.2010 (Unaudited)Half-Year ended 30.09.2009 (Audited)Year ended 31.03.2010 (Audited)
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1Segment Revenue (Net Sales)     
 - Generation129495910745592585454
 
22714194616867
 - Others397037207924712815392
 - Total12989291078279259337822785474632259
2Segment Results (Profit before Tax and Interest)     
 - Generation3106772590745496045267031015253
 - Others6611732219828965816
 - Total3113382608065518025295991021069
 Less     
 (i) Unallocated Interest and Finance Charges40746366067500465113111682
 (ii) Other Unallocable expenditure net of unallocable income(32307)(52829)(61420)(101992)(179159)
 Total Profit before Tax302899277029538218566478 1088546
3Capital Employed (Segment Assets - Segment Liabilities)     
 - Generation40635113409840406351134098403945020
 - Others18012450180124505445
 - Un-allocated25733572759278257335727592782293277
 - Total66386696171568663866961715686243742
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:

1. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 (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.1,262,952  lakh for the quarter and Rs.2,543,124 lakh for the half-year ended 30th September 2010 respectively (previous quarter and half-yearRs.1,046,965 lakh and Rs.2,244,046 lakh respectively) on the basis of principles enunciated in the said Regulations on the capital cost considering the orders of Appellate Tribunal for Electricity (APTEL) for the tariff period 2004-2009.

The 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 quarter and for the half-year ended 30th September 2010 on this basis are Rs.1,219,791 lakh and Rs.2,466,395 lakh respectively (previous quarter and half-year Rs.1,018,526 lakh and Rs.2,167,067 lakh respectively).

(b) Sales includes Rs.18,129 lakh for the quarter and Rs.22,056 lakh for the half-year ended 30th September 2010 respectively (previous quarter and half-year Rs.110 lakh and Rs. (-)111 lakh respectively) pertaining to previous years recognized based on the orders issued by the CERC/APTEL.

(c) Sales includes Rs.5,030 lakh for the quarter and half-year ended 30th September 2010 (previous quarter and half-year Rs. Nil) on account of income tax recoverable from customers as per Regulations, 2004. Sales also includes Rs.2,670 lakh for the quarter and Rs.9,066 lakh for the half-year ended 30th September 2010 respectively on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.

(d) A sum of Rs.126,268 lakh included in debtors on the basis of certain APTEL orders in favour of the Company have been fully provided for during the quarter and shown as provisions.

2. (a) During the quarter, the Office of the Comptroller & Auditor General of India has expressed an opinion that the rates of depreciation notified by the CERC shall be followed by the Company instead of the rates as per the Companies Act, 1956 for providing depreciation in the accounts. Accordingly, the Company has revised its accounting policies relating to charging of depreciation w.e.f 1st April 2009 considering the rates and methodology notified by the CERC for determination of tariff through Regulations, 2009. In case of certain assets, the Company has continued to charge higher depreciation based on technical assessment of useful life of those assets. Consequent to this change, prior period depreciation written back is Rs.102,068 lakh for the quarter and half-year ended 30th September 2010. Depreciation for the quarter and half-year ended 30th September 2010 is lower by Rs.10,639 lakh. As a result, profit before tax for the quarter and half-year ended 30th September 2010 is higher by Rs.112,707 lakh.

(b) Due to above change, the amount of advance against depreciation (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 reassessed by the Company station-wise as at 1st April 2009 and the excess determined amounting to Rs.74,263 lakh has been recognised as prior period sales. Further, an amount of  Rs.6,178 lakh of AAD has been recognised as sales during the quarter and half-year ended 30th September 2010.

(c) Further due to the above change, deferred tax liability (net) and the deferred tax recoverable from the beneficiaries as at 31st March 2010 amounting to Rs.304,942 lakh and Rs.284,016 lakh respectively have been reviewed and restated to Rs.438,602 lakh and Rs.380,966 lakh respectively. In terms of Regulation 39, CERC Tariff Regulations, 2009, the Company has determined the amount of the deferred tax liability (net) materialised during the period 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. An amount of Rs.9,066 lakhs has been recognised as sales during the half-year and the balance deferred tax liability (net) and the deferred tax recoverable from the beneficiaries as at 30th September 2010 works out to Rs.429,666 lakh and Rs.371,900 lakh respectively.

3. Interest and finance charges include :

(a) Exchange differences regarded as adjustment to interest costs Rs.3,103 lakh for the quarter and  Rs.7,715 lakh for the half-year ended 30th September 2010 respectively (previous quarter and half-year Rs.7,485 lakh).

(b) Other exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long term) amounting to Rs.1,126 lakh for the quarter and Rs.(-) 33 lakh for the half-year ended 30th September 2010 respectively (previous quarter and half-year Rs.721 lakh and Rs.525 lakh respectively).

4. Fixed assets including CWIP, construction stores & advances include Rs.69,159 lakh in respect of one of the hydro power project, the construction of which has been put under suspension since February 2009 and is now understood to have been recommended for scrapping by the Group of Ministers, Government of India (GOI) along-with the recommendations for compensating the Company for project related expenditure and commitments. Management is confident of reimbursement of the cost, hence no provision is made.

Further, borrowing cost for the said project amounting to Rs.628 lakh for the quarter and  Rs.1,260 lakh for the half-year ended 30th September 2010 has been accounted as due from GOI.

5. The 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 30th September 2010 Rs.18,775 lakh is included in fixed assets including CWIP, construction stores & advances. Management is confident of recovery of the cost incurred, hence no provision is made.

6. Formula 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)

7. During the quarter, one unit of 490 MW at Dadri project of the Company has been declared commercial w.e.f 31st July 2010.

8. During the quarter, the Company has paid final dividend of Rs.0.80 per share (face value Rs.10/- each) for the financial year 2009-10. 

9. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30thSeptember 2010:

Sl.No.Opening BalanceAdditionsDisposalsClosing Balance
No. of complaints72882287613

10. Summary of Assets and Liabilities:

(Rs/Lakhs)
ParticularsAs At 30.09.2010
(Unaudited)
As At 30.09.2009
(Audited)
SOURCES OF FUNDS  
Shareholder's Funds:  
(a) Share capital824546824546
(b) Reserves and Surplus58141235347022
Deferred Revenue on Account of Advance Against Depreciation81423161846
Deferred Income From Foreign Currency Fluctuation1313845631
Loan Funds:  
(a) Secured Loans968062923591
(b) Unsecured Loans29601502546204
Deferred Foreign Currency Fluctuation Liability68866224
Deferred Tax Liability (net) less Recoverable5776616153
TOTAL107260949871217
APPLICATION OF FUNDS  
Fixed Assets incl. CWIP and Construction Stores & Advances71731136219146
Investments13371231645896
Deferred Foreign Currency Fluctuation Assets4858984873
Current Assets, Loans and Advances:  
(a) Inventories304544270474
(b) Sundry Debtors471036561331
(c) Cash and Bank Balances19172681638679
(d) Other Current Assets89962102208
(e) Loans and Advances575196352674
Less: Current Liabilities and Provisions  
(a) Liabilities993695813009
(b) Provisions199050191055
Net Current Assets21652611921302
Deferred Expense From Foreign Currency Fluctuation2008-
TOTAL107260949871217

reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

11.The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

12. The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 26th October 2010.

13. Figures for the previous period have been regrouped/rearranged wherever necessary.

12. The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 26th October 2010.

13. Figures for the previous period have been regrouped/rearranged wherever necessary.

reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

For and on behalf of the Board of Directors

Place: New Delhi
Date 26th October 2010

Sd/-
(A. K. SINGHAL)
DIRECTOR (FINANCE)