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« Back STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

(Rupee in Crore)

Sl. No. Particulars Quarter ended 31.12.2018
(Unaudited)
Quarter ended 30.09.2018
(Unaudited)
Quarter ended 31.12.2017
(Unaudited)
Half year ended 31.12.2018
(Unaudited)
Half year ended 31.12.2017
(Unaudited)
Year ended 31.03.2018
(Audited)
1 2 3 4 5 6 7 8
1 Income            
  (a) Revenue from operations 24120.36 22261.08 20774.37 69085.04 60352.44 83452.70
  (b) Other income 187.65 224.88 313.47 548.91 1237.68 1755.25
  Total income (a+b) 24308.01 22485.96 21087.84 69633.95 61590.12 85207.95
2 Expenses            
  (a) Fuel cost 14511.85 12872.48 12406.89 40503.07 35745.80 48315.47
  (b) Electricity purchased for trading 710.15 613.12 386.05 2004.10 784.88 1313.51
  (c) Employee benefits expense 1146.37 1185.55 1294.26 3573.81 3366.46 4734.67
  (d) Finance costs 1277.00 1294.11 1065.01 3791.04 2880.08 3984.25
  (e) Depreciation, amortisation & impairment expense 2001.01 1888.45 1881.37 5749.61 5164.05 7098.86
  (f) Other expenses  1172.09 1997.57 1410.17 4876.97 4697.96 7421.73
  Total expenses (a+b+c+d+e+f) 20818.47 19851.28 18443.75 60498.60 52639.23 72868.49
3 Profit before tax and Regulatory deferral account balances (1-2) 3489.54 2634.68 2644.09 9135.35 8950.89 12339.46
4 Tax expense:            
  (a) Current tax (refer note 4) 785.82 580.76 37.17 1951.87 1430.38 1625.50
  (b) Deferred tax 780.84 782.42 607.87 2318.50 2837.90 3631.64
  (c) Less: Deferred asset for deferred tax liability 772.53 784.61 408.41 2314.57 2481.66 2707.85
  Total tax expense (a+b-c) 794.13 578.57 236.63 1955.80 1786.62 2549.29
5 Profit after tax before Regulatory deferral account balances (3-4) 2695.41 2056.11 2407.46 7179.55 7164.27 9790.17
6 Net movement in Regulatory deferral account balances (net of tax) (310.00) 369.91 (46.65) 220.02 253.31 553.00
7 Profit for the period (5+6) 2385.41 2426.02 2360.81 7399.57 7417.58 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 2.57 2.44 (28.40) 7.55 (80.46) (7.28)
  (b) Net gains/(losses) on fair value of equity instruments 31.38 (10.86) (4.98) 6.54 30.36 (7.20)
  Other comprehensive income (net of tax) (a+b) 33.95 (8.42) (33.38) 14.09 (50.10) (14.48)
9 Total comprehensive income for the period (7+8) 2419.36 2417.60 2327.43 7413.66 7367.48 10328.69
10 Paid-up equity share capital  (Face value of share Rupee 10/- each) 8245.46 8245.46 8245.46 8245.46 8245.46 8245.46
11 Reserves excluding revaluation reserve as per balance sheet           93532.31
12 Earnings per share (of Rupee 10/- each) - (not annualised) (including regulatory
deferral account balances): Basic and Diluted (in Rupee)
2.89 2.94 2.86 8.97 9.00 12.54
13 Earnings per share (of Rupee 10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in Rupee) 3.27 2.50 2.92 8.71 8.69 11.87

See accompanying notes to the financial results.

 

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

(Rupee in Crore)
Sl.No. Particulars Quarter ended
31.12.2018
(Unaudited)
Quarter ended
30.09.2018
(Unaudited)
Quarter ended
31.12.2017 
(Unaudited)
Nine-months
ended
31.12.2018 
(Unaudited)
Nine-months
ended
31.12.2017 
(Unaudited)
Year ended
31.03.2018
(Audited)
1 2 3 4 5 6 7 8
1 Segment revenue            
  - Generation 23464.82 21752.05 20557.76 67200.47 59993.16 82678.94
  - Others 814.13 699.11 449.07 2336.95 945.21 1625.17
  - Unallocated 29.06 34.80 81.01 96.53 651.75 903.84
  Total 24308.01 22485.96 21087.84 69633.95 61590.12 85207.95
2 Segment results (Profit before tax and interest)            
  - Generation 4604.65 4625.19 3869.85 13930.09 12353.10 17801.36
  - Others 60.13 58.27 31.93 224.23 72.85 157.64
  Total 4664.78 4683.46 3901.78 14154.32 12425.95 17959.00
  Less            
  (i) Unallocated finance costs 1277.00 1294.11 1065.01 3791.04 2880.08 3984.25
  (ii) Other unallocable expenditure net of unallocable income 293.39 283.16 251.99 947.48 272.94 932.25
  Profit before tax (including regulatory deferral account balances) 3094.39 3106.19 2584.78 9415.80 9272.93 13042.50
3 Segment assets            
  - Generation 161749.38 160018.54 149426.06 161749.38 149426.06 149277.18
  - Others 5594.11 5108.67 4273.87 5594.11 4273.87 4952.26
  - Unallocated 115197.36 110491.25 94152.99 115197.36 94152.99 105964.12
  Total 282540.85 275618.46 247852.92 282540.85 247852.92 260193.56
4 Segment liabilities            
  - Generation 14905.43 15623.17 14231.39 14905.43 14231.39 14988.40
  - Others 2734.90 2592.49 2414.20 2734.90 2414.20 2546.00
  - Unallocated 158090.03 152990.35 129684.66 158090.03 129684.66 140881.39
  Total 175730.36 171206.01 146330.25 175730.36 146330.25 158415.79
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 30 January 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 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 nine-months ended 31 December 2018 is Rupee 22,633.04 crore and Rupee 65,507.55 crore respectively (previous quarter and nine-months Rupee 19,773.08 crore and Rupee 58,045.80 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 nine-months ended 31 December 2018 have been provisionally recognized at Rupee 22,926.52  crore and Rupee 66,092.96 crore respectively (previous quarter and nine-months Rupee 20,232.43 crore and Rupee 58,747.37 crore) on the said basis.

(c) Sales for the quarter and nine-months ended 31 December 2018 include Rupee 256 crore and Rupee 120.10 crore respectively (previous quarter and nine-months Rupee 11.83 crore and (-) Rupee 11.41 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 nine-months ended 31 December 2018 include Rupee Nil and Rupee 0.02 crore (previous quarter and nine-months Rupee 105.61 crore) on account of income-tax refundable to the beneficiaries as per Regulations, 2004.Sales for the quarter and nine-months ended 31 December 2018 also include Rupee 20.89 crore and Rupee 62.67 crore respectively (previous quarter and nine-months Rupee 17.48 crore and Rupee 52.46 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 nine-months ended 31 December 2018 includes Rupee Nil and (-) Rupee 105.88  crore respectively (previous quarter and nine-months (-) Rupee 563.03 crore) tax related to earlier years.

5. The Board of Directors, in their meeting held on 30 January 2019, has recommended issuance of  1 bonus equity share of Rupee10/- each for existing 5 equity shares of Rupee 10/- each, subject to approval of shareholders.

6. The Board of Directors has recommended interim dividend of Rupee 3.58  per equity share (face value of Rupee 10/- each) for the financial year 2018-19 in their meeting held on 30 January 2019.

7. 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 results of the Company.

8. 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.

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

For and on behalf of the Board of Directors

Place: New Delhi
Date: 30 January, 2019

(Saptarshi Roy)
Director (HR & Finance)