« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30 SEPTEMBER 2018
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30 SEPTEMBER 2018
( in Crore)
|Sl. No.||Particulars||Quarter ended 30.09.2018
|Quarter ended 30.06.2018
|Quarter ended 30.09.2017
|Half year ended 30.09.2018
|Half year ended 30.09.2017
|Year ended 31.03.2018
|(a) Revenue from operations||22261.08||22703.60||19698.75||44964.68||39578.07||83452.70|
|(b) Other income||224.88||136.38||261.60||361.26||924.21||1755.25|
|Total income (a+b)||22485.96||22839.98||19960.35||45325.94||40502.28||85207.95|
|(a) Fuel cost||12872.48||13118.74||11398.80||25991.22||23338.91||48315.47|
|(b) Electricity purchased for trading||613.12||680.83||261.26||1293.95||398.83||1313.51|
|(c) Employee benefits expense||1185.55||1241.89||1000.99||2427.44||2072.20||4734.67|
|(d) Finance costs||1294.11||1219.93||919.47||2514.04||1815.07||3984.25|
|(e) Depreciation, amortisation & impairment expense||1888.45||1860.15||1712.68||3748.60||3282.68||7098.86|
|(f) Other expenses||1997.57||1707.31||1597.46||3704.88||3287.79||7421.73|
|Total expenses (a+b+c+d+e+f)||19851.28||19828.85||16890.66||39680.13||34195.48||72868.49|
|3||Profit before tax and Regulatory deferral account balances (1-2)||2634.68||3011.13||3069.69||5645.81||6306.80||12339.46|
|(a) Current tax (refer note 4)||580.76||585.29||690.06||1166.05||1393.21||1625.50|
|(b) Deferred tax||782.42||755.24||1048.93||1537.66||2230.03||3631.64|
|(c) Less: Deferred asset for deferred tax liability||784.61||757.43||987.49||1542.04||2073.25||2707.85|
|Total tax expense (a+b-c)||578.57||583.10||751.50||1161.67||1549.99||2549.29|
|5||Profit after tax before Regulatory deferral account balances (3-4)||2056.11||2428.03||2318.19||4484.14||4756.81||9790.17|
|6||Net movement in Regulatory deferral account balances (net of tax)||369.91||160.11||120.41||530.02||299.96||553.00|
|7||Profit for the period (5+6)||2426.02||2588.14||2438.60||5014.16||5056.77||10343.17|
|8||Other 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||2.44||2.54||(25.36)||4.98||(52.06)||(7.28)|
|(b) Net gains/(losses) on fair value of equity instruments||(10.86)||(13.98)||31.56||(24.84)||35.34||(7.20)|
|Other comprehensive income (net of tax) (a+b)||(8.42)||(11.44)||6.20||(19.86)||(16.72)||(14.48)|
|9||Total comprehensive income for the period (7+8)||2417.60||2576.70||2444.80||4994.30||5040.05||10328.69|
|10||Paid-up equity share capital (Face value of share 10/- each)||8245.46||8245.46||8245.46||8245.46||8245.46||8245.46|
|11||Paid up debt capital*||122851.53||107042.31||115104.29|
|12||Reserves excluding revaluation reserve as per balance sheet||96166.99||90923.87||93532.31|
|14||Debenture redemption reserve||7093.81||5761.06||7274.56|
|15||Earnings per share (of 10/- each) - (not annualised) (including regulatory
deferral account balances): Basic and Diluted (in )
|16||Earnings per share (of 10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in )||2.50||2.94||2.81||5.44||5.77||11.87|
|17||Debt equity ratio||1.18||1.09||1.14|
|18||Debt service coverage ratio (DSCR)||2.39||2.03||2.14|
|19||Interest service coverage ratio (ISCR)||4.77||6.40||5.93|
* Comprises long term debts.
** Excluding Fly ash utilization reserve
See accompanying notes to the financial results.
|Sl.No.||Particulars||As at 30.09.2018
|As at 31.03.2018
|(a) Property, plant & equipment||123150.48||120720.61|
|(b) Capital work-in-progress||82841.78||77313.87|
|(c) Intangible assets||328.38||331.60|
|(d) Intangible assets under development||504.66||469.36|
|(e) Investments in subsidiaries and joint venture companies||12666.10||9941.20|
|(f) Financial assets|
(iii) Other financial assets
|(g) Other non-current assets||12541.62||11547.73|
|Sub-total - Non-current assets||234049.50||222719.18|
|(b) Financial assets|
(i) Trade receivables
(ii) Cash and cash equivalents
(iii) Bank balances other than cash and cash equivalents
(v) Other financial assets
|(c) Other current assets||8749.40||10899.18|
|Sub-total - Current assets||40150.24||36731.25|
|3||Regulatory deferral account debit balance||1418.72||743.13|
|TOTAL - ASSETS||275618.46||260193.56|
|B||EQUITY AND LIABILITIES|
|(a) Equity share capital||8245.46||8245.46|
|(b) Other equity||96166.99||93532.31|
|Sub-total - Equity||104412.45||101777.77|
|(a) Financial liabilities|
(ii) Trade payables
|- Total outstanding dues of micro and small enterprises||5.75||5.49|
|- Total outstanding dues of creditors other than micro and small enterprises||30.53||17.82|
|(iii) Other financial liabilities||1953.75||2164.69|
|(c) Deferred tax liabilities (net)||2404.25||2408.63|
|Sub-total - Non-current liabilities||119972.18||113775.13|
|(a) Financial liabilities|
(ii) Trade payables
|- Total outstanding dues of micro and small enterprises||295.63||276.11|
|- Total outstanding dues of creditors other than micro and small enterprises||5766.85||5316.53|
|(iii) Other financial liabilities||26966.78||21408.98|
|(b) Other current liabilities||1870.08||963.99|
|Sub-total - Current liabilities||48301.48||42554.76|
|TOTAL - EQUITY AND LIABILITIES||275618.46||260193.56|
SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF-YEAR ENDED 30 SEPTEMBER 2018
|2||Segment results (Profit before tax and interest)|
|(i) Unallocated finance costs||1294.11||1219.93||919.47||2514.04||1815.07||3984.25|
|(ii) Other unallocable expenditure net of unallocable income||283.16||370.93||133.67||654.09||20.95||932.25|
|Profit before tax (including regulatory deferral account balances)||3106.19||3215.22||3222.77||6321.41||6688.15||13042.50|
1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 2 November 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 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 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 the quantity supplied through conveyors/road. The amount provisionally billed for the quarter and half-year ended 30 September 2018 is 21,394.54 crore and 42,874.51 crore respectively (previous quarter and half-year 19,836.41 crore and 38,683.63 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 Delhi 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. 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. Vide Order dated 19 September 2018, CERC has held that NTPC’s petition is maintainable. 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 the quantity supplied through conveyors/road.
Sales for the quarter and half-year ended 30 September 2018 have been provisionally recognized at 21,450.41 crore and 43,166.44 crore respectively (previous quarter and half-year 19,201.11 crore and 38,514.94 crore) on the said basis.
(c). Sales for the quarter and half-year ended 30 September 2018 include (-) 50.38 crore and (-) 135.90 crore respectively (previous quarter and half-year (-) 67.21 crore and (-) 23.24 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL) and other adjustments.
(d). Sales for the quarter and half-year ended 30 September 2018 include 0.02 crore (previous quarter and half-year Nil) on account of income-tax refundable to the beneficiaries as per Regulations, 2004.Sales for the quarter and half-year ended 30 September 2018 also include 20.89 crore and 41.78 crore respectively (previous quarter and half-year 17.49 crore and 34.98 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
4. Provision for current tax for the quarter and half-year ended 30 September 2018 includes Nil and (-) 105.88 crore respectively (previous quarter and half-year Nil ) tax related to earlier years.
5.The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off 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. All the three units of 800 MW each have since been declared commercial. Aggregate cost incurred on the project upto 30 September 2018 is 15,777.15 crore (31 March 2018: 15,522.77 crore). Management is confident that the approval for the project shall be granted, hence no provision is considered necessary.
6.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 30 September 2018 is 163.36 crore (31 March 2018: 163.23 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
7. Non-current assets - other financial assets includes 714.62 crore (31 March 2018: 680.11 crore) towards the cost incurred upto 30 September 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 409.62 crore (31 March 2018: 390.59 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.
8. During the half-year, revision of pay scales w.e.f. 1 January 2017 has been implemented for the employees in the executive category and the corresponding provision has been accordingly adjusted. Revision of pay scales for workmen category will be implemented through the process of collective bargaining, which is in progress. Pending implementation of the same, provision of 59.71 crore and 138.48 crore has been made for the quarter and half-year ended 30 September 2018 respectively (previous quarter and half-year 58.83 crore and 118.23 crore).
10. During the quarter, the Company has approved final dividend of 2.39 per share (face value of 10/- each) for the financial year 2017-18 in the annual general meeting of the company held on 20th September 2018. The same has been paid on 1st October 2018.
11. The Company has adopted Ind AS 115 - 'Revenue from Contracts with Customers' which is mandatory for reporting periods beginning on or after 1 April 2018. Application of Ind AS 115 does not have any material impact on the financial statements of the Company.
12. 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).
For and on behalf of the Board of Directors
Place: New Delhi
Date: 2 November, 2018