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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER 2011

(Rupee/Lakh)
Sl. No.ParticularsQuarter ended 30.09.2011 (Unaudited)Quarter ended 30.09.2010 (Unaudited)Half-Year ended 30.09.2011 (Unaudited)Half-Year ended 30.09.2010 (Unudited)Year ended 31.03.2011 (Audited)
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1(a) Net Sales (Net of Electricity Duty)15377541298929295490325933785487400
 (b) Other Operating Income321266437674361307835074
 (c) Depreciation Written Back (net) & Advance Against Deprecitation recognised as Prior Period Sales-176342-176342184054
 Total (a+b+c)15698801481708302233927827985706528
2Expenditure  
 (a) Fuel Cost1064940860727203992217309583537378
 (b) Employees Cost7846170918147533139300278971
 (c) Depreciation6582850628129941118900248569
 (d) Other Expenditure7046286162156933161425357357
 (e) Provisions11262672126278155215
 Total (a+b+c+d+e)12796921194702247433122768614577490
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)2901882870065480085059371129038
4Other Income 6880755838133137106379218256
5Profit before Interest & Exceptional Items (3+4)3589953428446811456123161347294
6Interest & Finance charges33117399457055274098142334
7Profit after Interest but before Exceptional Items (5-6)3258783028996105935382181204960
8Exceptional Items-----
9Profit(+) /Loss (-) from Ordinary Activities before Tax (7+8)3258783028996105935382181204960
10Tax Expenses:
 (a) Current Tax9941264333180733106450255332
 (b) Deferred Tax(15946)27828(20130)3684139369
 Total Tax Expenses (a+b)8346692161160603143291294701
11Net Profit (+)/ Loss (-) from Ordinary Activity after Tax (9-10)242412210738449990394927910259
12Extraordinary Items (Net of tax expenses)-----
13Net Profit (+)/ Loss (-) for the period (11-12)242412210738449990394927910259
14Paid-up Equity Share Capital (Face value of share Rs.10/- each)824546824546824546824546824546
15Paid-up Debt Capital  474605539282134318824
16Reserves excluding revaluation reserve as per Balance Sheet----5964679
17Debenture Redemption Reserve  198166177422223166
18Earning per share - (EPS in Rupee)
 
     
 (a) Basic and diluted EPS before Extraordinary items (not annualised)2.942.565.464.7911.04
 (b) Basic and diluted EPS after Extraordinary items (not annualised)2.942.565.464.7911.04
19Debt Equity Ratio  0.660.590.64
20Debt Service Coverage Ratio(DSCR)  3.183.002.57
21Interest Service Coverage Ratio(ISCR)  11.5810.0811.42
22Public Shareholding     
 (a) Number of shares12781032201278103220127810322012781032201278103220
 (b) % age of shareholding15.5015.5015.5015.5015.50
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 Shares69673611806967361180696736118069673611806967361180
 - 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)84.5084.5084.5084.5084.50

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER 2011

(Rupee/Lakh)
Sl.
No.
ParticularsQuarter ended 30.09.2011 (Unaudited)Quarter ended 30.09.2010 (Unaudited)Half-Year ended 30.09.2011 (Unaudited)Half-Year ended 30.09.2010 (Unaudited)Year ended 31.03.2011 (Audited)
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1Segment Revenue     
 - Generation15655991301354301473525994345506913
 - Others431940137935798817174
 - Total15699181305367302267026074225524087
2Segment Results (Profit before Tax and Interest)     
 - Generation3063903102205827495490471208578
 - Others1294662245921955014
 - Total3076843108825852085512421213592
 Less     
 (i) Unallocated Interest and Finance Charges33117399457500274098142334
 (ii) Other Unallocable expenditure net of unallocable income(51311)(31962)(95937)(61074)(133702)
 Total Profit before Tax3258783028996105935382181204960
3Capital Employed (Segment Assets - Segment Liabilities)     
 - Generation52220474063511522204740635114526023
 - Others8611180186111801425
 - Un-allocated20085572573357200855725733572262777
 - Total72392156638669723921566386696789225
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.


1. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 (Regulations, 2009) in January 2009, and also notified First and Second Amendment in May and June 2011. In line with the First Amendment dated 2nd May 2011, during the year the CERC has issued provisional tariff orders w.e.f. 1st April 2009 for all the stations except Talcher Thermal Power Station and Korba Super Thermal Power Station - III. Beneficiaries are billed in accordance with the said provisional tariff orders except for the stations, where it is done on provisional basis. The amount billed during the quarter and for the half-year ended 30th September 2011 on this basis are Rupee 1,393,079 lakh and Rupee 2,708,576 lakh respectively (Corresponding previous quarter and half-year Rupee 1,174,959 lakh and Rupee 2,386,113 lakh respectively).

(b) CERC has issued final tariff orders of only one station under the Regulations, 2009, which considers the projected year-wise additional capital expenditure for the tariff period 2009-14. Sales for this station has been recognised, by truing up capital expenditure to arrive at the capacity charges. Sales for the station has been recognised as Rupee 81,087 lakh for the quarter and Rupee 154,667 lakh for the half-year ended 30th September 2011 (Corresponding previous quarter and half-year Rupee 43,898 lakh and Rupee 78,474 lakh respectively). Corresponding billing for the quarter and for the half-year ended 30th September 2011 is Rupee 85,802 lakh and Rupee 156,800 lakh respectively. For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rupee 1,370,580 lakh for the quarter and Rupee 2,733,887 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year Rupee 1,225,232 lakh and Rupee 2,470,828 lakh respectively) on the basis of principles enunciated in the said Regulations, 2009 including the Amendments thereto.

(c) Sales include Rupee 75,935 lakh for the quarter and Rupee 51,881 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year Rupee 18,129 lakh and Rupee 22,056 lakh respectively) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) The Company aggrieved over many of the issues as considered by the CERC in the tariff orders for its stations for the period 2004-09 had filed appeals with the APTEL. The APTEL disposed off the appeals favourably directing the CERC to revise the tariff orders as per directions and methodology given, the CERC filed appeals in the Hon’ble Supreme Court of India on some of the issues decided in favour of the Company by the APTEL. The CERC has issued revised tariff orders for all stations for the period 2004-09 excepting for few stations, considering the judgment of APTEL subject to disposal of appeals pending before the Hon’ble Supreme Court of India. Consequently, the Company is billing and recovering the dues as per the aforesaid orders of the CERC, the impact of aforesaid issues has been recognized as sales during the quarter and half-year ended 30th September, 2011. Provision for doubtful debt of Rupee 126,286 lakh created in the earlier years have been reversed and ‘Provision for Tariff Adjustment’ has been created to the extent of the impact of the aforesaid issues recognised as sales, as the appeal filed by the CERC with the Hon’ble Supreme Court is pending disposal.

(e) Sales include Rupee 5,001 lakh for the quarter and half-year ended 30th September 2011(Corresponding previous quarter and half-year Rupee 5,030 lakh) on account of income tax recoverable from customers as per Regulations, 2004. Sales also include Rupee 894 lakh for the quarter and Rupee 1,787 lakh for the half-year ended 30th September 2011 respectively on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.

2. Interest and finance charges:

(a) include exchange differences regarded as an adjustment to interest costs Rupee 4,574 lakh for the quarter and Rupee8,210 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year Rupee 3,103 lakh and Rupee 7,715 lakh respectively).

(b) are after adjustment of Rupee 19,883 lakh being the reversal of interest payable to beneficiaries as per APTEL order, liability for which created in earlier years. Consequent upon the favourable judgement of the Hon'ble Supreme Court of India, the same has been reversed during the quarter and half-year ended 30th September 2011.

3. Other expenditure include exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long term) of Rupee 1,232 lakh for the quarter and Rupee1,599 lakh for the half-year ended 30th September 2011 respectively (Corresponding previous quarter and half year Rupee 1,126 lakh and (-) Rupee 33 lakh respectively).

4. Current tax expense includes Rupee 27,346 lakh and Rupee 47,175 lakh for the quarter and half-year ended 30th September 2011 respectively (Corresponding previous quarter and half-year Rupee Nil) related to earlier year.

5. Loans and advances include Rupee 76,407 lakh recoverable from GOI on account of expenditure incurred on one of the hydro power project, construction of which has been discontinued on the advice of Ministry of Power, GOI. Management expects that the total cost incurred, anticipated expenditure on safety and stabilization measures, other recurring site expenses and interest costs as well as claims of various packages of contractors/vendors for this project will be compensated in full by the GOI. Since, management is confident of recovery of the cost incurred, hence no provision is made.

6. The Company is executing a thermal power project in respect of which possession certificates for 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 2011 Rupee 19,251 lakh is included in fixed assets including CWIP, construction stores & advances. Since, management is confident of recovery of the cost incurred, hence no provision is made.

7. 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).

8. During the quarter, one unit of 500 MW at Simhadri project of the Company has been declared commercial w.e.f 16th September 2011.

9. During the quarter, the Company has paid final dividend of Rupee 0.80 per share (face value of Rupee 10/- each) for the financial year 2010-11.

10. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th September 2011:

Sl.No.OpeningAdditionsDisposalsClosing Balance
No. of complaints7153015343

11. Summary of Assets and Liabilities:

ParticularsAs At 30.09.2011
(Unaudited)
As At 30.09.2010
(Unaudited)
SOURCES OF FUNDS  
Shareholder's Funds:  
(a) Share capital824546824546
(b) Reserves and Surplus64146695814123
Deferred Revenue on Account of Advance Against Depreciation7213581423
Deferred Income From Foreign Currency Fluctuation5400713138
Loan Funds47460553928213
Deferred Foreign Currency Fluctuation Liability125266886
Deferred Tax Liability (net) less Recoverable4016557766
TOTAL1216410310726095
APPLICATION OF FUNDS  
Fixed Assets incl. CWIP and Construction Stores & Advances83603797173113
Investments12803401337123
Deferred Foreign Currency Fluctuation Assets9769648589
Current Assets, Loans and Advances:  
(a) Inventories312879304544
(b) Sundry Debtors1115615471036
(c) Cash and Bank Balances17914441916934
(d) Other Current Assets9600389961
(e) Loans and Advances537183575182
Less: Current Liabilities and Provisions  
(a) Liabilities1105356993344
(b) Provisions325571199051
Net Current Assets24221972165262
Deferred Expense From Foreign Currency Fluctuation34912008
TOTAL1216410310726095

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 25th October 2011.

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

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

For and on behalf of the Board of Directors

Place: New Delhi
Date 25th October 2011

(A. K. SINGHAL)
DIRECTOR (FINANCE)