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STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31st DECEMBER 2017

(Rupee in Crore)
Sl. No. Particulars

Quarter ended 31.12.2017 (Unaudited)

Quarter ended 30.09.2017 (Unaudited) Quarter ended 31.12.2016 (Unaudited) Nine-months ended 31.12.2017 (Unaudited) Nine-months ended 31.12.2016 (Unaudited)
Year 
ended 31.03.2017   (Audited)
1 2 3 4 5 6 7 8
1 Revenue            
  (a) Revenue from operations 20774.37 19698.75 19395.92 60352.44 57856.77 78273.44
  (b) Other income 313.47 261.60 250.17 1237.68 598.68 1068.86
  Total revenue (a+b) 21087.84 19960.35 19646.09 61590.12 58455.45 79342.30
2 Expenses            
  (a) Fuel 12406.89 11398.80 12080.43 35745.80 35625.77  47572.19 
  (b) Electricity purchased 386.05  261.26  784.88  -
  (c) Employee benefits expense 1294.26  1000.99  843.00  3366.46  2686.91  4324.60 
  (d) Finance costs 1065.01  919.47  909.03  2880.08  2699.28  3597.20 
  (e) Depreciation, amortisation & impairment expense 1881.37  1712.68  1485.31  5164.05  4314.65  5920.82 
  (f) Other expenses  1410.17  1597.46  1220.58  4697.96  3722.57  5092.38 
  Total expenses (a+b+c+d+e+f) 18443.75  16890.66  16538.35  52639.23  49049.18  66507.19 
3 Profit before exceptional items, tax & regulatory deferral account balances (1-2) 2644.09  3069.69  3107.74  8950.89  9406.27  12835.11 
4 Movements in regulatory deferral account balances  (59.31) 153.08  (25.20) 322.04  (26.32) 335.74 
5 Profit before exceptional items & tax (3+4) 2584.78  3222.77  3082.54  9272.93  9379.95  13170.85 
6 Exceptional items - impairment loss on investment - - - - - 782.95 
7 Profit before tax (5-6) 2584.78  3222.77  3082.54  9272.93  9379.95  12387.90 
8 Tax expense:            
  (a) Current tax 37.17  690.06  557.51  1430.38  1891.89  2598.19 
  (b) Tax expense/(saving) pertaining to movements in regulatory deferral account balances  (12.66) 32.67  (5.38) 68.73 (5.62) 71.82 
  (c) Deferred tax 607.87  1048.93  649.15  2837.90  1395.60  1287.31 
  (d) Less: Deferred asset for deferred tax liability 408.41  987.49  588.00  2481.66  1207.78  954.68 
  Total tax expense (a+b+c-d) 223.97  784.17  613.28  1855.35  2074.09  3002.64 
9 Profit after tax from continuing operations (7-8) 2360.81  2438.60  2469.26  7417.58  7305.86  9385.26 
10 Other comprehensive income 

 

         
  Items that will not be reclassified to profit or loss (net of tax)            
  (a) Net acturial gains/(losses) on defined benefit plans (28.40) (25.36) (90.96) (80.46) (130.64) (238.66)
  (b) Net gains/(losses) on fair value of equity instruments (4.98) 31.56  (1.20) 30.36  11.34  35.28 
  Total other comprehensive income (net of tax) (a+b) (33.38) 6.20  (92.16) (50.10) (119.30) (203.38)
11 Total comprehensive income (9+10) 2327.43  2444.80  2377.10  7367.48  7186.56  9181.88 
12 Paid-up equity share capital  (Face value of share Rupee 10/- each) 8245.46  8245.46  8245.46  8245.46  8245.46  8245.46 
13 Reserves excluding revaluation reserve as per balance sheet           87985.77 
14 Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (including movements in regulatory deferral account balances):            
  (a) Basic   2.86  2.96 2.99  9.00  8.86  11.38 
  (b) Diluted 2.86  2.96 2.99  9.00  8.86  11.38 
15 Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (excluding movements in regulatory deferral account balances):            
  (a) Basic   2.92  2.81  3.02  8.69  8.89  11.06 
  (b) Diluted 2.92  2.81  3.02  8.69  8.89  11.06 


See accompanying notes to the financial results.

 

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31st DECEMBER 2017

(Rupee in Crore)
Sl.No. Particulars Quarter ended 31.12.2017 (Unaudited) Quarter ended 30.09.2017 (Unaudited) Quarter ended 31.12.2016 (Unaudited) Nine-months ended 31.12.2017 (Unaudited) Nine-months ended 31.12.2016 (Unaudited) Year
ended 31.03.2017   (Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 20557.76  19505.08  19555.62  59993.16  58163.36  78861.92 
  - Others 449.07  313.61  48.08  945.21  126.30  165.97 
  - Unallocated 81.01  141.66  42.39  651.75  165.79  314.41 
  - Total 21087.84  19960.35  19646.09  61590.12  58455.45  79342.30 
2 Segment results (Profit before tax and interest)            
  - Generation 3869.85  4248.78  4236.32  12353.10  12813.83  17765.47 
  - Others 31.93  27.13  20.52  72.85  (53.10) (64.51)
  Total 3901.78  4275.91  4256.84  12425.95  12760.73  17700.96 
  Less:            
  (i) Unallocated finance costs 1065.01  919.47  909.03  2880.08  2699.28  3597.20 
  (ii) Other unallocable expenditure net of unallocable income 251.99  133.67  265.27  272.94  681.50  1715.86 
  Profit before tax 2584.78  3222.77  3082.54  9272.93  9379.95  12387.90 
3 Segment assets            
  - Generation 149426.06  143210.62  122990.13  149426.06  122990.13  126728.63 
  - Others 4273.87  3444.60  3090.76  4273.87  3090.76  3518.96 
  - Unallocated 94152.99  96167.33  107368.64  94152.99  107368.64  106329.90 
  Total 247852.92  242822.55  233449.53  247852.92  233449.53  236577.49 
4 Segment liabilities            
  - Generation 14231.39  14173.98  14133.16  14231.39  14133.16  14531.36 
  - Others 2414.20 2403.21 1735.89  2414.20  1735.89  2159.92 
  - Unallocated 129684.66  127076.03  120720.35  129684.66  120720.35  123654.98 
  - Total 146330.25  143653.22  136589.40  146330.25  136589.40  140346.26 

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

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 31 January 2018 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 the financial results for the quarter and nine-months ended 31 December 2017 as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3 (a). The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for all the stations except five stations for the period 2014-19, under Regulations, 2014, and beneficiaries are billed based on such tariff orders issued by the CERC. For other stations, beneficiaries are billed in accordance with the principles given in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV of coal 'as received', measured at wagon top samples in respect of most of the stations barring a few on the grounds of safety issues and for the quantity supplied through conveyors/road and other difficulties. The amount provisionally billed for the quarter and nine-months ended 31 December 2017 is Rupee 20,181.11 crore and Rupee 58,864.74 crore respectively (previous quarter and nine-months Rupee 18,457.79 crore and Rupee 55,595.31 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal on ‘as received’ basis, CERC has issued an order dated 25 January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from wagon top at the generating stations. The Company's review petition before the CERC in respect of the above order was dismissed vide their order dated 30 June 2016. Vide order dated 10 November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementation of the order of CERC in this regard and the Company has filed a petition with the CERC. Pending disposal of the petition by the CERC and ratification by the Hon'ble Delhi High Court, measurement of GCV of coal is being  done from wagon top samples in respect of most of the stations excepting a few on the grounds of safety issues and for the quantity supplied through conveyors/road and other difficulties.

Sales for the quarter and nine-months ended 31 December 2017 have been provisionally recognized at Rupee 20,640.46 crore and Rupee 59,566.31 crore respectively (previous quarter and nine-months Rupee 18,739.00 crore and Rupee 56,483.22 crore) on the said basis.

(c). Sales for the quarter and nine-months ended 31 December 2017 include Rupee 11.83 crore and (-) Rupee 11.41 crore respectively (previous quarter and nine-months Rupee 374.05 crore and Rupee 471.84 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d). Sales for the quarter and nine-months ended 31 December 2017 include (-) Rupee 105.61 crore (previous quarter and nine-months Rupee Nil)  on account of income tax recoverable from beneficiaries as per Regulations, 2004. Sales for the quarter and nine-months ended 31 December 2017 also include Rupee 17.48 crore and Rupee 52.46 crore respectively (previous quarter and nine-months Rupee 12.31 crore and Rupee 36.94 crore)  on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4. The commercial operation date (COD) of Barh Stage-II (Unit IV - 660 MW) declared by the Company as 14 November 2014 was challenged by one of its beneficiaries. CERC vide order dated 20 September 2017 directed to consider the COD of Barh Stage II (Unit IV) as 8 March 2016 in place of 14 November 2014. The Company filed an appeal against this order in APTEL which has been admitted. Pending disposal of the appeal and considering the said order of the CERC, sales of Rupee 416.08 crore recognized till 31 March 2017 has been provided for/reversed and sales for the current quarter and nine-months ended 31 December 2017 has been recognized as per the said order.

5.Employee benefits expense for the quarter and nine-months ended 31 December 2017 are higher by Rupee 446.89 crore and Rupee 792.49 crore respectively as compared to the corresponding periods of the previous year on account of provision towards pay revision of the employees due w.e.f. 1 January 2017 and a surge in encashment of earned leaves by the employees. This increase has been partly offset by reduction in employee benefits expense due to separation of employees.

6.Provision for current tax for the quarter and nine-months ended 31 December 2017 includes (-) Rupee  563.03 crore, being tax related to earlier years (previous quarter and nine-months (-) Rupee 107.56 crore). 

7. During the quarter, one thermal unit of 250 MW at Bongaigaon w.e.f. 01 November 2017 and one thermal unit of 800 MW at Kudgi w.e.f. 31 December 2017 have been declared commercial.

8. The Board of Directors has recommended interim dividend of Rupee 2.73  per equity share (face value of Rupee 10/- each) for the financial year 2017-18 in their meeting held on 31 January 2018.

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 regrouped/reclassified wherever considered necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 31th January 2018

        (SAPTARSHI ROY)
DIRECTOR (HR & FINANCE)