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STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2019

(Rupee Crore)
Sl. No.ParticularsQuarter ended
30.06.2019
(Unaudited)
Quarter ended
31.03.2019
(Unaudited)
Quarter ended
30.06.2018
(Unaudited)
Year ended
31.03.2019
(Audited)
123456
1Income    
 (a) Revenue from operations24192.5921222.3922703.6090307.43
 (b) Other income326.221323.22136.381872.13
 Total revenue  (a+b)24518.8122545.6122839.9892179.56
2Expenses    
 (a) Fuel cost13874.3311990.6713118.7452493.74
 (b) Electricity purchased for trading784.48709.58680.832713.68
 (c) Employee benefits expense1195.811206.081241.894779.89
 (d) Finance costs 1565.26925.701219.934716.74
 (e) Depreciation, amortisation and impairment expense2050.951504.751860.157254.36
 (f) Other expenses 1885.592671.661707.317548.63
 Total expenses (a+b+c+d+e+f)21356.4219008.4419828.8579507.04
3Profit before tax and Regulatory deferral account balances (1-2)3162.393537.173011.1312672.52
4Tax expense:    
 (a) Current tax (refer note 4)696.40897.25585.292849.12
 (b) Deferred tax373.81(8086.33)755.24(5767.83)
 Total tax expense (a+b)1070.21(7189.08)1340.53(2918.71)
5Profit after tax and before Regulatory deferral account balances (3-4)2092.1810726.251670.6015591.23
6Net movement in Regulatory deferral account balances (net of tax)510.61(6375.93)917.54(3841.34)
7Profit for the period (5+6)2602.794350.322588.1411749.89
8Other comprehensive income / (expense)    
 Items that will not be reclassified to profit or loss (net of tax)    
 (a) Net acturial gains/(losses) on defined benefit plans(50.21)(192.68)2.54(185.13)
 (b) Net gains/(losses) on fair value of equity instruments(7.50)(23.28)(13.98)(16.74)
 Other comprehensive income/(expense) (net of tax) (a+b)(57.71)(215.96)(11.44)(201.87)
9Total comprehensive income for the period (7+8) 2545.084134.362576.7011548.02
10Paid-up equity share capital (Face value of share Rupee 10/- each)9894.569894.568245.469894.56
11Reserves excluding revaluation reserve as per balance sheet   97513.61
12Earnings per share (of Rupee 10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in Rupee)2.634.402.6211.88
13Earnings per share (of Rupee 10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in Rupee)2.1110.841.6915.76

See accompanying notes to the financial results

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2019

(Rupee Crore)

Sl.No.ParticularsQuarter ended 30.06.2019
(Unaudited)
Quarter ended 31.03.2019
(Unaudited)
Quarter ended 30.06.2018
(Unaudited)
Year ended 31.03.2019
(Audited)
123456
1Segment revenue    
      - Generation 23516.9321501.9121983.6088702.38
      - Others1300.42904.56823.713241.51
      - Unallocated84.43139.1432.67235.67
      - Less: Inter segment elimination382.97---
      Total24518.8122545.6122839.9892179.56
2Segment results (Profit before tax and interest)    
      - Generation5486.21(2519.83)5457.6813724.83
      - Others154.73165.49105.83389.72
      Total5640.94(2354.34)5563.5114114.55
 Less:    
 (i) Unallocated finance costs1565.26925.701219.934716.74
 (ii) Other unallocable expenditure net of unallocable income262.42674.28370.931621.76
 Profit before tax (including regulatory deferral account balances)3813.26(3954.32)3972.657776.05
3Segment assets    
      - Generation178489.85163073.92160962.08163073.92
      - Others5817.954661.175808.824661.17
      - Unallocated119259.52123142.68109315.73123142.68
      Total303567.32290877.77276086.63290877.77
4Segment liabilities    
      - Generation17472.5715748.3115323.7615748.31
      - Others3597.532869.852570.472869.85
      - Unallocated172535.33164851.44153804.79164851.44
      Total193605.43183469.60171699.02183469.60

The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 10 August 2019 and approved by the Board of Directors in the meeting held on the same day.

2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3. a) The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March  2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024.  Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed on beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations,2019. Energy charges are billed  as per the operational norms specified in  the Regulations 2019. The amount provisionally billed for the quarter ended 30 June 2019 is Rupee 23,124.53 crore (previous quarter Rupee 21,479.97 crore as per erstwhile Tariff Regulations,2014).

b) Sales for the quarter ended 30 June 2019 has been provisionally recognized at Rupee 23,025.66 crore (previous quarter Rupee 21,716.03 crore) on the said basis. 

c) Sales for the quarter ended 30 June 2019 include (-) Rupee 11.64 crore (previous quarter (-) Rupee 85.52 crore) pertaining to previous years, recognized on the basis of orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales include Rupee 22.87 crore (previous quarter Rupee 20.89  crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.

e) Revenue from operations include Rupee 824.73 crore (previous quarter Rupee 772.38 crore) on account of sale of energy through trading.

4. Provision for current tax for the quarter ended 30 June 2019 includes Rupee Nil (previous quarter (-) Rupee 105.88 crore) being tax related to earlier years. 

5. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years after which it was to be transferred to the Company at Rupee 1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company.  An amount of Rupee 356.31 crore (31 March 2019: Rupee356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India.  In the previous year, the Arbitral Tribunal had awarded a claim of Rupee 1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering a legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi against the said arbitral award in its entirety. The stay petition / appeal is yet to be disposed off by the Hon’ble High Court of Delhi. Considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, Significant Accounting Policies of the Company and the principle of  conservatism, an amount of Rupee 394.11 crore (upto 31 March 2019: Rupee 394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent.

6. During the quarter, the Pakri Barwadih Coal Mine has been declared commercial w.e.f. 1 April 2019. Further, one thermal unit of 800 MW at Gadarwara has been declared commercial w.e.f. 1 June 2019.

7. The Company has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Company.

8. Earning per share has been adjusted for the quarter ended 30 June 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus shares during March 2019 in the ratio of one equity share of Rupee10/- each for every five shares held.

9. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of  movable assets of the Company.

10. Previous periods figures have been reclassified wherever considered necessary.

 

 

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2019

(Rupee Crore)

Sl. No.ParticularsQuarter ended
30.06.2019
(Unaudited)
Quarter ended 31.03.2019 (Unaudited & not subjected to review)
(refer note 2)
Quarter ended 30.06.2018  (Unaudited & not subjected to review)
(refer note 2)
Year ended 31.03.2019 (Audited)
123456
1Income    
 (a) Revenue from operations25931.1122889.8124013.2395742.03
 (b) Other income341.131255.28135.271795.31
 Total income (a+b)26272.2424145.0924148.5097537.34
2Expenses    
 (a) Fuel cost14420.6612450.1813351.8253833.78
 (b) Electricity purchased for trading1443.041336.311496.885288.12
 (c) Employee benefits expense1221.111255.391256.314907.59
 (d) Finance costs 1767.231066.451343.285260.85
 (e) Depreciation, amortisation and impairment expense2192.151631.071962.327688.10
 (f) Other expenses 1946.352580.501740.707603.03
 Total expenses (a+b+c+d+e+f)22990.5420319.9021151.3184581.47
3Profit before tax, Regulatory deferral account balances and Share of net profit of joint ventures accounted for using equity method (1-2)3281.703825.192997.1912955.87
4Share of net profits of joint ventures accounted for using equity method147.11270.94126.47672.07
5Profit before tax and Regulatory deferral account balances (3+4)3428.814096.133123.6613627.94
6Tax expense:    
 (a) Current tax (refer Note 5)725.22939.88595.382916.31
 (b) Deferred tax373.81(8441.22)755.24(6122.72)
 Total tax expense (a+b) 1099.03(7501.34)1350.62(3206.41)
7Profit after tax before Regulatory deferral account balances (5-6)2329.7811597.471773.0416834.35
8Net movement in Regulatory deferral account balances (net of tax)510.50(6733.96)915.92(4200.90)
9Profit for the period (7+8)2840.284863.512688.9612633.45
10Other comprehensive income/(expense)    
 (a) Items that will not be reclassified to profit or loss (net of tax)    
  (i) Net acturial gains/(losses) on defined benefit plans(50.21)(192.68)2.54(185.13)
  (ii) Net gains/(losses) on fair value of equity instruments(7.50)(23.28)(13.98)(16.74)
  (iii) Share of other comprehensive income of joint ventures accounted for under the equity method(0.32)(0.66)0.09(1.07)
 (b) Items that will be reclassified to profit or loss (net of tax)    
  Exchange differences on translation of foreign operations(2.42)(3.38)7.8811.67
 Other comprehensive income/(expense) (net of tax) (a+b)(60.45)(220.00)(3.47)(191.27)
11Total comprehensive income (9+10) 2779.834643.512685.4912442.18
12Profit attributable to owners of the parent2837.124843.132700.9912640.02
13Profit attributable to non-controlling interest3.1620.38(12.03)(6.57)
14Other comprehensive income/(expense) attributable to owners of the parent(60.45)(220.00)(3.47)(191.27)
15Other comprehensive income/(expense) attributable to non controlling interest----
16Paid-up equity share capital
(Face value of share Rupee 10/- each)
9894.569894.568245.469894.56
17Reserves excluding revaluation reserve as per balance sheet    100142.43
18Earnings per share (of Rupee 10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in Rupee)2.874.892.7312.77
19Earnings per share (of Rupee 10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in Rupee)2.3511.701.8017.02

See accompanying notes to the financial results.

 

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2019

(Rupee Crore)

Sl.No.ParticularsQuarter ended 30.06.2019
(Unaudited)
Quarter ended 31.03.2019 (Unaudited & not subjected to review)
(refer note 2)
Quarter ended 30.06.2018  (Unaudited & not subjected to review)
(refer note 2)
Year ended 31.03.2019 (Audited)
123456
1Segment revenue    
      - Generation24581.9122552.1622462.8991522.34
      - Others2516.021948.702094.077636.82
      - Unallocated98.35130.4426.39199.81
      - Less: Inter segment elimination924.04486.21434.851821.63
      Total26272.2424145.0924148.5097537.34
2Segment results (Profit before tax and interest)    
      - Generation5768.97(2528.52)5542.7114071.47
      - Others179.2291.24134.87384.46
      Total5948.19(2437.28)5677.5814455.93
 Less:    
 (i) Unallocated finance costs1767.231066.451343.285260.85
 (ii) Other unallocable expenditure net of unallocable income101.39249.66250.74823.17
 Profit before tax (including regulatory deferral account balances)4079.57(3753.39)4083.568371.91
3Segment assets    
      - Generation193009.70177305.53188269.03177305.53
      - Others7949.306587.897161.696587.89
      - Unallocated130473.11133826.36104109.40133826.36
      - Less: Inter segment elimination444.39323.38499.30323.38
      Total330987.72317396.40299040.82317396.40
4Segment liabilities    
      - Generation19993.4118103.1217746.6518103.12
      - Others5305.514401.863545.744401.86
      - Unallocated193309.87185177.81172008.58185177.81
      - Less:Inter segment elimination444.39323.38499.30323.38
      Total218164.40207359.41192801.67207359.41

The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes:

1. The above results have been  reviewed by the Audit Committee of the Board of Directors in their meeting held on 10 August 2019 and approved by the Board of Directors in the meeting held on the same day.

2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.  The comparative figures for the quarter ended 30 June 2018 and for the quarter ended 31 March 2019 have been prepared by the Management and have not been subject to limited review or audit. However, the Management has exercised necessary due diligence in preparing these results.

3. The subsidiary and joint venture companies considered in the consolidated financial results are as follows:

a)Subsidiary CompaniesOwnership (%)
1NTPC Electric Supply Company Ltd.100.00
2NTPC Vidyut Vyapar Nigam Ltd.100.00
3Kanti Bijlee Utpadan Nigam Ltd.100.00
4Nabinagar Power Generating Company Ltd.100.00
5Bhartiya Rail Bijlee Company Ltd.74.00
6Patratu Vidyut Utpadan Nigam Ltd.74.00
b)Joint Venture Companies 
1Utility Powertech Ltd.50.00
2NTPC GE Power Services Private Ltd.50.00
3NTPC SAIL Power Company Ltd.50.00
4NTPC Tamilnadu Energy Company Ltd.50.00
5Ratnagiri Gas and Power Private Ltd.25.51
6Aravali Power Company Private Ltd.50.00
7Meja Urja Nigam Private Ltd.50.00
8NTPC BHEL Power Projects Private Ltd.50.00
9National High Power Test Laboratory Private Ltd.20.00
10Transformers and Electricals Kerala Ltd.44.60
11Energy Efficiency Services Ltd.41.29
12CIL NTPC Urja Private Ltd.50.00
13Anushakti Vidhyut Nigam Ltd.49.00
14Hindustan Urvarak and Rasayan Ltd.33.33
15Konkan LNG Private Ltd.14.82
16Trincomalee Power Company Ltd.50.00
17Bangladesh-India Friendship Power Company Private Ltd.50.00

All the above Companies are incorporated in India except Companies at Sl. No.16 and 17 which are incorporated in Srilanka and Bangladesh respectively.

4. a) The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March  2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024.  Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed on beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations,2019. Energy charges are billed  as per the operational norms specified in  the Regulations 2019. The amount provisionally billed for the quarter ended 30 June 2019 is Rupee 23,597.28 crore (previous quarter Rupee 21,431.98 crore as per erstwhile Tariff Regulations,2014).

b) Sales for the quarter ended 30 June 2019 has been provisionally recognized at Rupee 23,523.99 crore (previous quarter Rupee 21,765.55 crore) on the said basis. 

c) Sales for the quarter ended 30 June 2019 include Rupee13.73 crore (previous quarter (-) Rupee 85.52 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales include Rupee 22.87 crore (previous quarter Rupee 20.89  crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.

e) Revenue from operations include Rupee 2,042.31 crore (previous quarter Rupee 2,037.28 crore) on account of sale of energy through trading.

5. Provision for current tax for the quarter ended 30 June 2019 includes Rupee Nil (previous quarter (-) Rupee 105.88 crore) being tax related to earlier years. 

6. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years after which it was to be transferred to the Company at Rupee 1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company.  An amount of Rupee 356.31 crore (31 March 2019: Rupee356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India.  In the previous year, the Arbitral Tribunal had awarded a claim of Rupee 1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering a legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi against the said arbitral award in its entirety. The stay petition / appeal is yet to be disposed off by the Hon’ble High court of Delhi. Considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, Significant Accounting Policies of the Company and the principle of  conservatism, an amount of Rupee 394.11 crore (upto 31 March 2019: Rupee 394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent.

7. During the quarter, the Pakri Barwadih Coal Mine has been declared commercial w.e.f. 1 April 2019. Further, one thermal unit of 800 MW at Gadarwara has been declared commercial w.e.f. 1 June 2019.

8. The Group has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Group.

9. Earning per share has been adjusted for the quarter ended 30 June 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus shares during March 2019 in the ratio of one equity share of Rupee10/- each for every five shares held.

10. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of  movable assets of the Company.

11. Previous periods figures have been reclassified wherever considered necessary.

 

For and on behalf of the Board of Directors
(K.SREEKANT)
DIRECTOR (FINANCE)

Place: New Delhi
Date: 10 August 2019