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« Back STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2018

Rupee Crore
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2018
(Unaudited)
Quarter ended 31.12.2017
(Unaudited)
Quarter ended 31.03.2017
(Unaudited)
Year ended 31.03.2018
(Audited)
Year ended 31.03.2017
(Audited)
Year ended 31.03.2018
(Audited)
Year ended 31.03.2017
(Audited)
1 2 3 4 5 6 7 8 9
1 Income
  (a) Revenue from operations 23100.26 20774.37 20416.67 83452.70 78273.44 88083.31 82042.49
  (b) Other income 517.57 313.47 470.18 1755.25 1068.86 1558.28 966.82
  Total income (a+b) 23617.83 21087.84 20886.85 85207.95 79342.30 89641.59 83009.31
2 Expenses
  (a) Fuel cost 12569.67 12406.89 11946.42 48315.47 47572.19 48992.80 47947.77
  (b) Energy purchased for trading 528.63 386.05 - 1313.51 - 4323.49 3037.88
  (c) Employee benefits expense 1368.21 1294.26 1637.69 4734.67 4324.60 4791.97 4375.54
  (d) Finance costs  1104.17 1065.01 897.92 3984.25 3597.20 4434.59 3651.08
  (e) Depreciation, amortisation and
impairment expense
1934.81 1881.37 1606.17 7098.86 5920.82 7459.93 6009.91
  (f) Other expenses  2723.77 1410.17 1369.81 7421.73 5092.38 7554.59 5185.51
  Total expenses (a+b+c+d+e+f) 20229.26 18443.75 17458.01 72868.49 66507.19 77557.37 70207.69
3 Profit before exceptional items & tax (1-2) 3388.57 2644.09 3428.84 12339.46 12835.11 12084.22 12801.62
4 Share of net profits of joint ventures
accounted for using equity method
          445.05 624.71
5 Profit before exceptional items and tax after share of net profit of joint ventures
accounted for using equity method (3+4)
3388.57 2644.09 3428.84 12339.46 12835.11 12529.27 13426.33
6 Exceptional items - impairment loss on investment - - 782.95 - 782.95 - -
7 Profit before tax  (5-6) 3388.57 2644.09 2645.89 12339.46 12052.16 12529.27 13426.33
8 Tax expense:              
  (a) Current tax (refer note 4) 195.12 37.17 706.30 1625.50 2598.19 1664.86 2643.31
  (b) Deferred tax 793.74 607.87 (108.29) 3631.64 1287.31 3988.08 1284.47
  (c) Less: Deferred asset for deferred tax
liability (refer note 10)
226.19 408.41 (253.10) 2707.85 954.68 3064.80 952.68
  Total tax expense (a+b-c) 762.67 236.63 851.11 2549.29 2930.82 2588.14 2975.10
9 Profit after tax from continuing operations
(7-8)
2625.90 2407.46 1794.78 9790.17 9121.34 9941.13 10451.23
10 Net movement in Regulatory deferral account balances (net of tax) 299.69 (46.65) 284.62 553.00 263.92 560.37 262.71
11 Profit for the year (9+10) 2925.59 2360.81 2079.40 10343.17 9385.26 10501.50 10713.94
12 Other 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
73.18 (28.40) (108.02) (7.28) (238.66) (7.28) (238.66)
    (ii) Net  gains/(losses)  on  fair  value  of
equity instruments
(37.56) (4.98) 23.94 (7.20) 35.28 (7.20) 35.28
    (iii) Share of other comprehensive
income  of  joint  ventures  accounted for under the equity method
          (0.16) (1.41)
  (b) Items that will be reclassified to profit
or loss (net of tax)
             
    Exchange  differences  on  translation
of foreign operations
          (6.05) (8.06)
  Other  comprehensive  income/(expense)  (net
of tax) (a+b)
35.62 (33.38) (84.08) (14.48) (203.38) (20.69) (212.85)
13 Total comprehensive income (11+12) 2961.21 2327.43 1995.32 10328.69 9181.88 10480.81 10501.09
14 Profit attributable to owners of the parent           10543.95 10719.64
15 Profit attributable to non-controlling interest           (42.45) (5.70)
16 Other comprehensive income/(expense) attributable to owners of the parent           (20.69) (212.85)
17 Other comprehensive income/(expense) attributable to non controlling interest           - -
18 Paid-up equity share capital (Face value of share Rupee 10/- each) 8245.46 8245.46 8245.46

8245.46

8245.46 8245.46 8245.46
19 Paid-up debt capital*       115104.29 103839.65 123368.18 110653.66
20 Reserves excluding revaluation reserve as per balance sheet        93532.31 87985.77 95318.01 89592.56
21 Net worth**       101146.56 95674.55 102932.02 97281.12
22 Debenture redemption reserve       7274.56 5961.81 7274.56 5961.81
23 Earnings per share (for continuing operation) - (of  Rupee 10/-each)(not annualised)(in Rupee)  (including  regulatory deferral account balances):              
  (a) Basic 3.54 2.86 2.52 12.54 11.38 12.79 13.00
(b) Diluted 3.54 2.86 2.52 12.54 11.38 12.79 13.00
24 Earnings per share (for continuing operation) - (of Rupee 10/-each) (not annualised) (in Rupee) (excluding regulatory deferral account balances):              
  (a) Basic 3.18 2.92 2.18 11.87 11.06 12.11 12.68
  (b) Diluted 3.18 2.92 2.18 11.87 11.06 12.11 12.68
25 Debt equity ratio       1.14 1.09 1.20 1.14
26 Debt service coverage ratio (DSCR)       2.14 1.52 2.15 1.57
27 Interest service coverage ratio (ISCR)       5.93 6.40 5.56 6.51

* Comprises long term debts 
** Excluding flyash utilization reserve and corporate social responsibility reserve 

See accompanying notes to the financial results.

STATEMENT OF ASSETS AND LIABILITIES

Rupee  Crore
Sl.No. Particulars Standalone Consolidated
As at 31.03.2018
(Audited)
As at 31.03.2017
(Audited)
As at 31.03.2018
(Audited)
As at 31.03.2017
(Audited)
A ASSETS
1 Non-current assets
  (a) Property, plant and equipment 120720.61 99062.70 129206.70 104238.54
  (b) Capital work-in-progress 77313.87 80302.46 81623.70 86461.08
  (c) Intangible assets 331.60 293.02 331.76 293.12
  (d) Intangible assets under development 469.36 434.63 469.36 434.63
  (e) Investments in subsidiary and joint venture companies 9941.20 8134.63 - -
  (f) Investments accounted for using the equity method - - 8769.33 7500.44
  (g) Financial assets        
  (i) Investments 106.28 113.48 106.28 113.48
  (ii) Trade receivables - 35.59 - 35.59
  (iii) Loans 655.67 530.59 454.67 401.34
  (iv) Other financial assets 1632.86 1874.18 1600.86 1358.32
  (h) Other non-current assets 11568.68 16873.48 11810.89 17128.90
  Sub-total - Non-current assets 222740.13 207654.76 234373.55 217965.44
2 Current assets        
  (a) Inventories 6057.38 6504.81 6140.29 6586.13
  (b) Financial assets        
  (i) Trade receivables 7577.97 8137.92 8812.19 8963.89
  (ii) Cash and cash equivalents 60.49 157.12 388.11 363.83
  (iii) Bank balances other than cash and cash equivalents 3917.89 2773.37 3999.49 2937.63
  (iv) Loans 280.22 236.92 238.43 211.92
  (v) Other financial assets 7938.12 6053.32 8424.03 6128.92
  (c) Other current assets 10878.23 4536.44 11246.06 4816.77
  Sub-total - Current assets 36710.30 28399.90 39248.60 30009.09
3 Regulatory deferral account debit balances 743.13 522.83 745.91 522.83
  TOTAL - ASSETS 260193.56 236577.49 274368.06 248497.36
B EQUITY AND LIABILITIES        
1 Equity        
  (a) Equity share capital 8245.46 8245.46 8245.46 8245.46
  (b) Other equity 93532.31 87985.77 95318.01 89592.56
  Total equity attributable to the owners of the parent 101777.77 96231.23 103563.47 97838.02
  Non controlling interest - - 947.77 803.26
  Sub-total - Total equity 101777.77 96231.23 104511.24 98641.28
2 Liabilities        
  Non-current liabilities        
  (a) Financial liabilities        
  (i)   Borrowings 108697.60 97339.28 116775.81 104075.12
  (ii)  Trade payables 23.31 13.17 23.31 13.17
  (iii) Other financial liabilities 2164.69 2247.13 2187.31 2355.69
  (b) Provisions 480.90 463.15 480.90 463.15
  (c) Deferred tax liabilities (net) 2408.63 1484.84 2408.14 1484.86
  (d) Other non-current liabilities - 17.49 - 17.49
  Sub-total -  Non-current liabilities 113775.13 101565.06 121875.47 108409.48
  Current liabilities        
  (a) Financial liabilities        
  (i)   Borrowings 6500.32 3000.56 6680.38 3119.54
  (ii)  Trade payables 5592.64 4876.08 6707.55 5572.70
  (iii) Other financial liabilities 21408.98 19179.40 22853.28 20392.82
  (b) Other current liabilities 963.99 1081.16 1156.87 1263.24
  (c) Provisions 8088.83 7964.92 8251.78 8120.73
  (d) Current tax liabilities (net) - 75.20 - 81.40
  Sub-total - Current liabilities 42554.76 36177.32 45649.86 38550.43
3 Deferred revenue 2085.90 2121.14 2331.49 2406.84
4 Regulatory deferral account credit balances - 482.74 - 489.33
  TOTAL - EQUITY AND LIABILITIES 260193.56 236577.49 274368.06 248497.36

AUDITED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31 MARCH 2018

Rupee  Crore
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2018
(Unaudited)
Quarter ended 31.12.2017
(Unaudited)
Quarter ended 31.03.2017
(Unaudited)
Year ended 31.03.2018
(Audited)
Year ended 31.03.2017
(Audited)
Year ended 31.03.2018
(Audited)
Year ended 31.03.2017
(Audited)
1 2 3 4 5 6 7 8 9
1 Segment revenue
  - Generation 22685.78 20557.76 20698.56 82678.94 78861.92 84247.29 79547.92
  - Less: Inter segment elimination           (1892.49) (2073.67)
              82354.80 77474.25
  - Others 679.96 449.07 39.67 1625.17 165.97 6662.10 5427.14
  - Less: Inter segment elimination           (50.61) (38.33)
              6611.49 5388.81
  - Unallocated 252.09 81.01 148.62 903.84 314.41 675.30 146.25
  Total 23617.83 21087.84 20886.85 85207.95 79342.30 89641.59 83009.31
2 Segment results (Profit before tax and interest)
- Generation 5448.26 3869.85 4951.64 17801.36 17765.47 18121.63 17805.74
  - Others 84.79 31.93 (11.41) 157.64 (64.51) 252.79 60.06
  - Total 5533.05 3901.78 4940.23 17959.00 17700.96 18374.42 17865.80
  Less
  (i) Unallocated finance costs 1104.17 1065.01 897.92 3984.25 3597.20 4434.59 3651.08
  (ii) Other unallocable expenditure net of unallocable income 659.31 251.99 1034.36 932.25 1715.86 698.15 454.17
  Profit before tax (including regulatory deferral account balances) 3769.57 2584.78 3007.95 13042.50 12387.90 13241.68 13760.55
3 Segment assets
  - Generation 149277.18 149426.06 126728.63 149277.18 126728.63 159113.41 132682.79
  - Others 4952.26 4273.87 3518.96 4952.26 3518.96 6715.07 5001.20
  - Un-allocated 105964.12 94152.99 106329.90 105964.12 106329.90 108798.71 111242.64
  - Less: Inter segment elimination           (259.13) (429.27)
  Total 260193.56 247852.92 236577.49 260193.56 236577.49 274368.06 248497.36
4 Segment liabilities              
  - Generation 14988.40 14231.39 14531.36 14988.40 14531.36 17223.49 16460.69
  - Others 2546.00 2414.20 2159.92 2546.00 2159.92 3955.50 3327.83
  - Un-allocated 140881.39 129684.66 123654.98 140881.39 123654.98 149884.73 131300.09
  - Less:Inter segment elimination           (259.13) (429.27)
  - Total 158415.79 146330.25 140346.26 158415.79 140346.26 170804.59 150659.34

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 their meeting held on 28 May 2018 and approved by the Board of Directors in the meeting held on the same day.

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

a) Subsidiary Companies Ownership (%)
1 NTPC Electric Supply Company Ltd. 100.00
2 NTPC Vidyut Vyapar Nigam Ltd. 100.00
3 Kanti Bijlee Utpadan Nigam Ltd. 72.64
4 Bhartiya Rail Bijlee Company Ltd. 74.00
5 Patratu Vidyut Utpadan Nigam Ltd. 74.00
b) Joint venture Companies
1 Utility Powertech Ltd. 50.00
2 NTPC GE Power Services Private Ltd.* 50.00
3 NTPC SAIL Power Company Ltd. 50.00
4 NTPC Tamilnadu Energy Company Ltd. 50.00
5 Ratnagiri Gas and Power Private Ltd.* 25.51
6 Aravali Power Company Private Ltd. 50.00
7 Meja Urja Nigam Private Ltd. 50.00
8 NTPC-BHEL Power Projects Private Ltd.* 50.00
9 BF-NTPC Energy Systems Ltd. 49.00
10 Nabinagar Power Generating Company Private Ltd. 50.00
11 National High Power Test Laboratory Private Ltd.* 20.00
12 Transformers and Electricals Kerala Ltd.* 44.60
13 Energy Efficiency Services Ltd.* 31.71
14 CIL-NTPC Urja Pvt.Ltd.* 50.00
15 Anushakti Vidhyut Nigam Ltd.* 49.00
16 Hindustan Urvarak and Rasayan Ltd. 33.33
17 Konkan LNG Private Ltd.* 25.51
18 Trincomalee Power Company Ltd.* 50.00
19 Bangladesh-India Friendship Power Company Private Ltd.* 50.00
All  the  above  Companies  are  incorporated  in  India  except  Company  at  Sl.No.18  and  19  which  are  incorporated  in  Srilanka  and Bangladesh respectively.
* The financial statements are un-audited and certified by the management of respective companies and have been considered for consolidated financial statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.

3. a) The CERC notified  the Tariff  Regulations, 2014 in February  2014 (Regulations,  2014). The CERC has  issued tariff  orders for  all the stations  except  six 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,  for  the  quantity  supplied  through conveyors/road and other difficulties. The amount provisionally billed  is  Rupee 80,670.65 crore (31 March 2017: Rupee 74,710.65 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 barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties.

Sales  have been provisionally recognized at Rupee 79,683.50 crore (31 March 2017:  Rupee 75,800.54 crore ) on the said basis.

c) Sales include Rupee 6.44 crore (31 March 2017: Rupee 995.59 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL). This includes reversal of sales amounting to Rupee 267.99 crore in respect of one of the stations, considering the directions issued by the CERC on 28 September 2017. Further, sales for the year amounting to Rupee 96.73 crore has not been recognised considering the said directions.

d) Sales  include Rupee 210.33 crore  (31 March 2017: Rupee Nil) on account of income tax refundable to the beneficiaries as per Regulations, 2004. Sales also include Rupee 66.98  crore (31 March 2017: Rupee 46.04  crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

e). The commercial  operation  date  (COD) of  one of  the  stations  of the  Company 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 the said unit 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 248.75 crore recognized till 7 March 2016 has been reversed and balance amounting to Rupee 276.69 crore has been provided as 'Provision for tariff adjustment' for the period upto 31 March 2017. Sales for the current year has been recognized as per the said order.

4. Provision for current tax for the year includes tax related to earlier years amounting to (-) Rupee 951.30 crore (previous year (-) Rupee 107.56 crore).

5. During the year, one thermal unit of 800 MW at Kudgi w.e.f. 31 July 2017, one thermal unit of 660 MW at Mauda w.e.f. 18 September 2017,  one  thermal  unit  of  660  MW  at  Solapur  w.e.f.  25  September  2017  and  one  thermal  unit  of  500  MW  at  Unchahar  w.e.f.  30 September 2017, one thermal unit of 250 MW at Bongaigaon w.e.f. 01 November 2017, one thermal unit of 800 MW at Kudgi w.e.f. 31 December 2017 and 8 MW small hydro power project at Singrauli w.e.f. 5 March 2018 have been declared commercial. Further, 48 MW wind farm at Rojmal Wind Power Project and solar units of 250 MW at Mandsaur Solar PV Project have been commissioned at different dates.

6. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's  ongoing  project  was  challenged  before  the National  Green Tribunal  (NGT). The NGT disposed  the appeal,  inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh  in  accordance  with  the  law  and  the  judgement  of  the  NGT  and  for  referring  the  matter  to  the  Expert  Appraisal  Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period  of  review  by  the  Committee  or  till  fresh  order  is  passed  by  the  MoEF,  whichever  is  earlier.  The  Company  filed  an  appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Two units of 800 MW have been declared commercial during the year and the last unit of 800 MW capacity is on the verge of completion and expected  to be declared  commercial  in  the  next  financial  year.  Aggregate  cost  incurred  on  the  project  upto  31  March  2018  is  Rupee 15,522.77 crore (31 March 2017: Rupee 14,461.58 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7 May 2014, ordered that no further construction shall be undertaken in the projects under consideration until  further orders,  which included  the said  hydro project  of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 31 March 2018 is Rupee 163.23  crore (31 March 2017: Rupee 160.75 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

8. Non-current assets - other financial assets includes Rupee 680.11 crore (31 March 2017: Rupee 619.34 crore) towards the cost incurred upto 31 March 2018 in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI which includes Rupee 390.59 crore (31 March 2017: Rupee 332.38 crore) in respect of arbitration awards challenged by the Company before Hon'ble High Court. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against  Current  liabilities  -  Provisions.  Management  expects  that  the  total  cost  incurred,  anticipated  expenditure  on  the  safety  and stabilisation measures, other recurring site expenses and interest costs as well as claims of  contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

9. One of the 500 MW unit of a station which was declared commercial on 30 September 2017, met with an unfortunate accident in the boiler  occurred   due  to  pressurization  of  flue  gas  duct  and  boiler,  damaging  the  first  and  second  pass  of  the  boiler  along-with economizer,  outlet  duct  and  hoppers  and  the  unit  is  under  shut  down.  Payments  made  towards  ex-gratia  and  treatment  charges  at various hospitals to the accident victims have been borne by the Company. The unit is covered under insurance policy of the Company against  damage to the property.  Based on the initial  assessment  of  extent of  damage and compensation paid  to accident  victims, a claim for Rupee 321.74 crore has been lodged with insurance company and accounted for. Discussions are taking place with the equipment supplier for carrying out necessary works for restoration of the unit. The unit is expected to resume operations in the later part of the financial year 2018-19.

10.Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid  during  the  year  on  the  generation  income.  Accordingly,  deferred  tax  provided  during  the  year  ended  31  March  2018  on  the generation income is accounted as 'Deferred asset for deferred tax liability'. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.

11. The Company had an investment of Rupee 974.30 crore as at 31 March 2017 in the equity shares of Ratnagiri Gas and Power Private Ltd. (RGPPL), a joint venture of the Company. During the year, the National Company Law Appellate Tribunal (‘NCLAT’) has approved the demerger  scheme  of  RGPPL  (‘Demerged  Company’)  with  effective  date  of  1  January  2016  as  a  result  of  which  all  the  assets  and liabilities of the LNG Terminal (‘demerged undertaking’) have been transferred to Konkan LNG Private Ltd. ('Resulting Company') (KLPL) at book values.

Consequent  to  demerger,  the  Resulting  Company  has  allotted  equity  shares  of  face  value  of  Rupee  10/-  each  equivalent  to  the  share entitlement ratio of 143:1000 for each equity shares held in Demerged Company i.e. 13,97,52,264 equity shares of Rupee 10/- each to the Company. Accordingly, the Company has reduced its investment in RGPPL by Rupee 139.75 crore and has recorded 'Investment in Konkan LNG Private Ltd.' with the same amount. Further, the provision for impairment loss in the equity investment of RGPPL of Rupee 782.95 crore as at 31 March 2017 has been bifurcated between RGPPL and KLPL at Rupee 643.20 crore and Rupee 139.75 crore respectively.

Considering the above and as required by Ind AS 36, an assessment of impairment of the investment in RGPPL and KLPL was carried out by an independent expert as at 31 March 2018. Based on the assement, the impairment loss recognised in the previous year in respect of RGPPL has been written back to the extent of Rupee 26.15 crore thereby reducing the provision for impairment in the value of investments in RGPPL to Rupee 617.05 crore and provision for impairment in the value of investments in KLPL has been retained at Rupee 139.75 crore. Consequently, the carrying value of investments in RGPPL and KLPL as at 31 March 2018 is Rupee 217.50 crore and Rupee Nil respectively.

12. The pay revision of  the  employees  of  the  Company  is  due w.e.f  1  January 2017. Department  of Public  Enterprises,  GOI  (DPE) had constituted the 3rd Pay Revision Committee (PRC) to review the structure of pay scales and allowances/benefits of various categories of Central Public Sector Enterprises. Based on the recommendations of the 3rd PRC, DPE has issued broad guidelines for pay revision. Based on proposal of the Company to GOI on 6 September 2017, presidential directive has been issued on 10 May 2018. Presidential directive states adherence of relevant DPE guidelines which requires approval of the Board of Directors (BOD) of the Company. Pending approval  by  the  BOD,  provision  for  pay revision  has  been  recognised  on  an  estimated  basis  amounting  to Rupee1,203.28  crore  as  at  31 March 2018 (31 March 2017: Rupee 260.24 crore) .

13. During the quarter, the Company has paid an interim dividend of Rupee 2.73 per equity share (par value Rupee 10/- each) for the year 2017-18. The Board of Directors has recommended final dividend of Rupee 2.39 per equity share (par value Rupee 10/- each). The total dividend (including interim dividend) for the financial year 2017-18 is Rupee 5.12 per equity share (par value Rupee 10/- each).

14. During the year, the Company has revised certain accounting policies for improved disclosures. There is no impact on accounts due to these changes.

15. The audited accounts are subject to review by the Comptroller and Auditor General of India under Section 143 (6) of the Companies Act, 2013.

16. Formula used for computation of coverage ratios DSCR  = Earning before Interest, Depreciation, Tax and Exceptional items /(Interest net of transfer to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation, Tax and Exceptional items/(Interest net of transfer to expenditure during construction).

17. 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.

18. Previous periods/year figures have been reclassified wherever considered necessary.

19. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

20. The standalone and consolidated financial statements of the Company for the year ended 31 March 2018 have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013.The statutory auditors have issued unmodified opinion on these standalone and the consolidated financial statements.
 

For and on behalf of Board of Directors

 

Place: New Delhi
Date: 28 May 2018

sd/-
(K.Sreekant)
DIRECTOR (FINANCE)