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PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31st December 2013

(Rupee/Lakh)
Sl. No.ParticularsQuarter ended 31.12.2013 (Unaudited)Quarter ended 30.09.2013 (Unaudited)Quarter ended 31.12.2012 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2012 (Unudited)Year ended 31.03.2013 (Audited)
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1Income from operations      
 (a) Net sales (net of electricity duty)187793916272271577491506645547854546431638
 (b) Other operating income25731431732652178647030135755
 Total income from operations (net)188051216415441580756508824148324846567393
2Expenses 
 (a) Fuel cost118305210139251009818313956030628564101825
 (b) Employee benefits expense1179658511971120297334242796339877
 (c) Depreciation and amortisation expense1024289679482876293455237550339676
 (d) Other expenses11391411730698180329148296555414285
 Total expenses151735913131441261994405949738397575195663
3Profit from operations before other income, finance costs and exceptional items (1-2)36315332840031876210287449927271371730
4Other income748956439773348208985223507310158
5Profit from ordinary activities before finance costs and exceptional items (3+4)438048392797392110123772912162341681888
6Finance costs601036204653038183890133319192436
7Profit from ordinary activities after finance costs but before exceptional items (5-6)377945330751339072105383910829151489452
8Exceptional items-----168411
9Profit from ordinary activities before tax (7+8)377945330751339072105383910829151657863
10Tax expense:
 (a) Current tax853757357572520246065241879368084
 (b) Deferred tax644278866876196541725827840
 Total tax expense (a+b)918178146179396265719259137395924
11Net profit from ordinary activities after tax (9-10)2861282492902596767881208237781261939
12Extraordinary items (net of tax expense)------
13Net profit for the period (11-12)2861282492902596767881208237781261939
14Paid-up equity share capital
(Face value of share Rupee 10/- each)

824546

824546

824546

824546

824546

824546
15Reserves excluding revaluation reserve as per balance sheet     7214205
16 (i)Earnings per share (before extraordinary items) - (of Rupee10/- each)(not annualised) (in Rupee):      
 (a) Basic3.473.033.159.569.9915.30
 (b) Diluted3.473.033.159.569.9915.30
16(ii)Earnings per share (after extraordinary items) - (of Rupee10/- each) (not annualised) (inRupee):      
 (a) Basic3.473.033.159.569.9915.30
 (b) Diluted3.473.033.159.569.9915.30

See accompanying notes to the financial results.

PART II : Select Information for the Quarter and Nine-Months ended 31st December 2013

Sl. No.ParticularsQuarter ended 31.12.2013 (Unaudited)Quarter ended 30.09.2013 (Unaudited)Quarter ended 31.12.2012 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2012 (Unudited)Year ended 31.03.2013 (Audited)
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APARTICULARS OF SHAREHOLDING      
1Public shareholding      
 - Number of shares206136610020613661001278103220206136610012781032202061366100
 - Percentage of shareholding25.0025.0015.5025.0015.5025.00
2Promoters and promoter group shareholding      
 (a) Pledged/encumbered      
 - 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)------
 (b) Non-encumbered      
 - Number of shares618409830061840983006967361180618409830069673611806184098300
 - Percentage of shares (as a % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00100.00100.00
 - Percentage of shares (as a % of the total share capital of the company)75.0075.0084.5075.0084.5075.00
Sl. No.ParticularsQuarter ended 31.12.2013
BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter3
 Received during the quarter1375
 Disposed of during the quarter1375
 Remaining unresolved at the end of the quarter3

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31st December 2013

(Rupee/Lakh)
Sl.
No.
ParticularsQuarter ended 31.12.2013 (Unaudited)Quarter ended 30.09.2013 (Unaudited)Quarter ended 31.12.2012 (Unaudited)Nine-Months ended 31.12.2013 (Unaudited)Nine-Months ended 31.12.2012 (Unaudited)Year ended 31.03.2013 (Audited)
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1Segment revenue      
 - Generation188834716453701583902510485648402176753745
 - Others3591222424858731880512846
 Total189193816475941586387511358748490226766591
2Segment results (Profit before tax and interest)      
 - Generation402021357020340337112860710835261664505
 - Others1021(278)(213)8164011614
 Total403042356742340124112942310839271666119
 Less:      
 (i) Unallocated finance costs601036204653038183890133319192436
 (ii) Other unallocable expenditure net of unallocable income(35006)(36055)(51986)(108306)(132307)(184180)
 Profit before tax377945330751339072105383910829151657863
3Capital employed (Segment assets - Segment liabilities)      
 - Generation721621870935316094503721621860945037100418
 - Others18589688837451858937454496
 - Un-allocated15920631440323205464515920632054645933837
 Total882687085407428152893882687081528938038751

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

 

Notes:

1. These results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their respective meetings held on 28th January 2014.

2. (a) In line with the Tariff Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1st April, 2009 for all the stations except for Talcher Thermal Power Station (TTPS). Beneficiaries are billed in accordance with the said provisional/final tariff orders except for TTPS where it is done on provisional basis. The amount billed for the quarter and nine-months ended 31stDecember, 2013 respectively on this basis is Rupee 17,87,233 lakh and Rupee 49,22,890 lakh (corresponding previous quarter and nine-months Rupee 15,77,912 lakh and Rupee 46,52,105 lakh).

(b) Sales for the quarter and nine-months ended 31st December 2013 respectively have been recognised at Rupee17,69,324 lakh and Rupee 48,71,824 lakh (corresponding previous quarter and nine-months Rupee 15,50,556 lakh and Rupee45,77,914 lakh) after truing up capital expenditure to arrive at the capacity charges for all stations for which the CERC has issued provisional/final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009 (except TTPS). For TTPS, pending issuance of provisional/ final tariff by the CERC, sales for the quarter and nine-months ended 31st December 2013 respectively have been provisionally recognized at Rupee 19,849 lakh and Rupee 56,671 lakh (corresponding previous quarter and nine-months Rupee 20,031 lakh and Rupee 55,312 lakh) on the basis of principles enunciated in the said Regulations, 2009 .

(c) (i) Sales include Rupee 63,955 lakh and Rupee 95,780 lakh respectively for the quarter and nine-months ended 31stDecember 2013 (corresponding previous quarter and nine-months Rupee 2,992 lakh and Rupee 1,16,352 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity.

(ii) Sales include Rupee 19,855 lakh and Rupee 27,965 lakh respectively for the quarter and nine-months ended 31st December 2013 (corresponding previous quarter and nine-months Rupee Nil and Rupee 23,332 lakh) on account of income tax recoverable from the beneficaries as per Regulations, 2004. Sales also include Rupee 1,892 lakh and Rupee 5,676 lakh respectively for the quarter and nine-months ended 31st December 2013 (corresponding previous quarter and nine-months Rupee 1,189 lakh and Rupee 3,568 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1stJanuary 2012. Accordingly, the Coal Supply Agreements entered into by the Company were required to be amended to incorporate acceptable procedures for sample collection, preparation, testing and analysis, to facilitate such migration. Pending this, the Company's Board of Directors approved payments to the coal companies based on the GCV based pricing system, and directed to frame modalities for implementation of GCV based grading system. Accordingly, modalities were framed to effect joint sampling and testing of coal at mine end/station end and regulate future payments to coal companies, the same were communicated to the coal companies. Thereafter, w.e.f. October/November 2012 the Company released payments on the basis of GCV measured at station end, since variation in the GCV of coal supplied and received at power stations was noticed. The Company regularly informed coal companies about this variation which has not been accepted by them. The issue was taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. This resulted in agreeing for incorporation of a provision for “Third party sample collection, preparation, testing and analysis,” at the loading end in place of joint sampling. Accordingly Coal Supply Agreement (CSA), 2012 and amendment to CSA, 2009 have since been signed with subsidiaries of Coal India Ltd.
The coal companies during October 2013 put in place the system of third party sample collection & analysis. Further, on the advice of the Government of India to both the companies for an early resolution to the GCV related issues for the past period, pending settlement, the company provided and paid an adhoc amount of Rupee 1,00,000 lakh to various subsidiaries of Coal India Ltd. during the quarter. Pending final resolution of the issue, an amount of Rupee 3,07,794 lakh up to 31st December 2013 ( Rupee 2,53,110 lakh upto 31st March 2013) after adjusting the aforesaid amount has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

4. During the quarter, NTPC Hydro Ltd. (a wholly owned subsidiary of the Company) has been merged with the Company consequent to the order of Ministry of Corporate Affairs, Government of India w.e.f. 1st April 2013.The merger does not have any material impact on the profits of the Company.

5. During the quarter, a defined contribution pension scheme of the Company has been implemented effective from 1stJanuary 2007. Employee benefits expense for the quarter and nine months ended 31st December 2013 include Rupee 34,656 lakh as additional contribution for the period from 1st January 2007 to 31st March 2013.

6. The Board of Directors has recommended interim dividend of Rupee 4.00 per equity share (face value Rupee 10/-each) for the financial year 2013-14 in their meeting held on 28th January 2014.

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

8.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: 28th January, 2014

(K. Biswal)
Director (Finance)