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STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2018

(Rupee Crore)
Sl. No. Particulars Quarter ended
30.06.2018
(Unaudited)
Quarter ended
31.03.2018
(Unaudited)
Quarter ended
30.06.2017
(Unaudited)
Year ended
31.03.2018
(Audited)
1 2 3 4 5 6
1 Income        
  (a) Revenue from operations 22703.60 23100.26 19879.32 83452.70
  (b) Other income 136.38 517.57 662.61 1755.25
  Total revenue  (a+b) 22839.98 23617.83 20541.93 85207.95
2 Expenses        
  (a) Fuel cost 13118.74 12569.67 11940.11 48315.47
  (b) Energy purchased for trading 680.83 528.63 137.57 1313.51
  (c) Employee benefits expense 1241.89 1368.21 1071.21 4734.67
  (d) Finance costs  1219.93 1104.17 895.60 3984.25
  (e) Depreciation, amortisation and impairment expense 1860.15 1934.81 1570.00 7098.86
  (f) Other expenses  1707.31 2723.77 1690.33 7421.73
  Total expenses (a+b+c+d+e+f) 19828.85 20229.26 17304.82 72868.49
3 Profit before exceptional items and tax (1-2) 3011.13 3388.57 3237.11 12339.46
4 Exceptional items - - - -
5 Profit before tax (3-4) 3011.13 3388.57 3237.11 12339.46
6 Tax expense:        
  (a) Current tax (refer note 4) 585.29 195.12 703.15 1625.50
  (b) Deferred tax 755.24 793.74 1181.10 3631.64
  (c) Less: Deferred asset for deferred tax liability 757.43 226.19 1085.76 2707.85
  Total tax expense (a+b-c) 583.10 762.67 798.49 2549.29
7 Profit after tax from continuing operations (5-6) 2428.03 2625.90 2438.62 9790.17
8 Net movement in Regulatory deferral account balances (net of tax) 160.11 299.69 179.55 553.00
9 Profit for the period (7+8) 2588.14 2925.59 2618.17 10343.17
10 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 2.54 73.18 (26.70) (7.28)
  (b) Net gains/(losses) on fair value of equity instruments (13.98) (37.56) 3.78 (7.20)
  Other comprehensive income/(expense) (net of tax) (a+b) (11.44) 35.62 (22.92) (14.48)
11 Total comprehensive income (9+10) 2576.70 2961.21 2595.25 10328.69
12 Paid-up equity share capital (Face value of share Rupee 10/- each)

8245.46

8245.46 8245.46 8245.46
13 Reserves excluding revaluation reserve as per balance sheet       93532.31
14 Earnings per share (for continuing  operation) - (of Rupee 10/- each) (not  annualised)  (in  Rupee)  (including  regulatory  deferral  account balances):        
  (a) Basic 3.14 3.54 3.18 12.54
  (b) Diluted 3.14 3.54 3.18 12.54
15 Earnings per share (for continuing  operation) - (of Rupee 10/- each) (not  annualised)  (in  Rupee)  (excluding  regulatory  deferral  account balances):        
  (a) Basic   2.94 3.18 2.96 11.87
  (b) Diluted 2.94 3.18 2.96 11.87

See accompanying notes to the financial results

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2018

(Rupee Crore)
Sl.No. Particulars Quarter ended 30.06.2018
(Unaudited)
Quarter ended 31.03.2018
(Unaudited)
Quarter ended 30.06.2017
(Unaudited)
Year ended 31.03.2018
(Audited)
1 2 3 4 5 6
1 Segment revenue        
  - Generation 21983.60 22685.78 19930.32 82678.94
  - Others 823.71 679.96 182.53 1625.17
  - Unallocated 32.67 252.09 429.08 903.84
  - Total 22839.98 23617.83 20541.93 85207.95
2 Segment results (Profit before tax and interest)        
  - Generation 4700.25 5448.26 4234.47 17801.36
  - Others 105.83 84.79 13.79 157.64
  - Total 4806.08 5533.05 4248.26 17959.00
  Less:        
  (i) Unallocated finance costs 1219.93 1104.17 895.60 3984.25
  (ii) Other unallocable expenditure net of unallocable income 370.93 659.31 (112.72) 932.25
  Profit before tax (including regulatory deferral account balances) 3215.22 3769.57 3465.38 13042.50
3 Segment assets        
  - Generation 153893.53 149277.18 125730.22 149277.18
  - Others 5808.82 4952.26 3027.43 4952.26
  - Unallocated 108022.69 105964.12 113476.40 105964.12
  - Total 267725.04 260193.56 242234.05 260193.56
4 Segment liabilities        
  - Generation 15323.76 14988.40 15416.48 14988.40
  - Others 2570.47 2546.00 2155.14 2546.00
  - Unallocated 145443.20 140881.39 125816.41 140881.39
  - Total 163337.43 158415.79 143388.03 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 their meeting held on 28 July 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 a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties. The amount provisionally billed  is  Rupee 21,479.97  crore (previous quarter  Rupee 18,847.22 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. 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 for the quarter ended 30 June 2018 has been provisionally recognized at Rupee 21,716.03 crore (previous quarter Rupee 19,313.83 crore) on the said basis. 

(c) Sales for the quarter ended 30 June 2018 include Rupee (-) 85.52 crore (previous quarter Rupee 43.97 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) Sales include Rupee 20.89  crore (previous quarter Rupee 17.49  crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4. Provision for current tax for the quarter ended 30 June 2018 includes (-) Rupee  105.88 crore (previous quarter Rupee Nil) tax related to earlier years. 

5. During the quarter, revision of pay scales w.e.f. 1 January 2017 has been implemented for the employees in the executive category.  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 Rupee  78.77 crore has been made for the quarter ended 30 June 2018 (previous quarter Rupee 59.40 crore).

6. 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. 

7. 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.

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

For and on behalf of the Board of Directors

Place: New Delhi
Date: 28 July 2018

Sd/-
       (K.SREEKANT)
DIRECTOR (FINANCE)