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POWERGRID CORPORATION OF INDIA LTD.
(A Govt. of India Enterprise) |
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B-9, QUTAB INSTITUTIONAL AREA,KATWARIA SARAI,NEW DELHI-110016. |
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UNAUDITED FINANCIAL RESULTS (PROVISIONAL) |
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FOR THE THREE MONTHS ENDED 30th June, 2003 |
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(Rs. in lacs) |
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PARTICULARS |
3 Months |
Corresponding |
Accounting |
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ended |
3 Months in |
Year ended |
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30/06/03 |
the Previous |
31/03/03 |
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(Provisional) |
Year ended |
(Audited) |
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30/06/02 |
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(Provisional) |
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1. Sales/Income from Operations |
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a) Transmission Tariff |
60038 |
44176 |
195748 |
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b) Sale of Power |
Nil |
4504 |
12645 |
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Total |
60038 |
48680 |
208393 |
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2.Other Income |
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a) RLDC Expenditure Reimbursement |
698 |
589 |
2872 |
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b) Surcharge |
Nil |
Nil |
19229 |
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c) Lease Income - State Sector ULDC |
1695 |
Nil |
4888 |
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d) Others |
3637 |
3584 |
17892 |
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Total Other Income |
6030 |
4173 |
44881 |
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Total Income |
66068 |
52853 |
253274 |
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3. Total Expenditure |
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a) Purchase of Power |
Nil |
4504 |
12643 |
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b) Staff Cost |
4732 |
4568 |
17523 |
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c) RLDC Expenditure |
665 |
607 |
2487 |
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d) Others |
4215 |
3714 |
29137 |
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Total |
9612 |
13393 |
61790 |
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4.Interest & Finance charges |
23845 |
15462 |
70041 |
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5.Depreciation |
14196 |
10257 |
46259 |
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6.Profit Before Tax |
18415 |
13741 |
75184 |
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7.Provision for Taxation(MAT) |
1327 |
1078 |
7042 |
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8.Current Profit after MAT |
17088 |
12663 |
68142 |
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9. Provision for Deferred Taxes |
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919 |
3883 |
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(After reducing tax recoverable from SEBs ) |
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10. Profit after deferred Tax |
17088 |
11744 |
64259 |
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11.(a) Paid up Equity Share Capital |
303525 |
302899 |
303525 |
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11.(b) Paid up Equity Share Capital |
307406 |
306781 |
307406 |
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(including Share Capital deposit) |
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12. Reserves excluding Revaluation Reserve |
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469337 |
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but including Capital Reserves(as per |
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Balance Sheet of previous accounting year) |
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13.(a) Basic EPS(Not Annualised) |
56 |
39 |
212 |
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(Rs./Share of Rs 1000 each calculated on |
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profit after Deferred Tax) |
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13.(b) Diluted EPS(Not Annualised) |
56 |
38 |
209 |
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(Rs./Share of Rs 1000 each calculated on |
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profit after Deferred Tax) |
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Notes : |
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1. Audited figures of the Company for the year ended 31.03.2003 are subject to review by Comptroller and Auditor General of India under Section 619(4) of the Companies Act, 1956. |
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2.Pending disposal of appeal filed by the Company against the CERC orders before the Hon'ble Delhi High Court, the transmission income for the period has been accounted for provisionally on the basis of tariff determined as per CERC norms. |
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3. The Electricity Act, 2003 has replaced the Electricity (Supply) Act, 1948 and the Electricity Regulatory Commission Act, 1998 applicable to the company, with efffect from 10.06.2003. Under the Electricity Act, 2003 CERC is the appropriate authority for fixation of Tariff. Transmission Tariff has been accounted for as per CERC norms. |
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4. The rates of depreciation for providing depreciation on fixed assets as notified by Government of India have not been amended to correspond with the CERC notified rates for Tariff. Pending amendment of GOI notification of rates of depreciation as recommended by CERC, the depreciation on fixed assets has been provided at the rates specified in the CERC notification for recovery of tariff resulting in understatement of depreciation for the quarter by Rs. 14177 lacs. |
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5. Business of purchase and sale of power has been transferred to Power Trading Corporation Ltd. w.e.f. 01.10.2002. |
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6. Interest on Bonds to be issued by Reserve Bank of India (RBI) under the Scheme of Securitisation of Debts has been exempted from Income Tax by CBDT vide notification dated 27th June, 2003. Impact of this notification has been considered for working out provisions for Tax (MAT) and Deferred Tax. Adjustment for earlier year provisions of tax and deferred tax shall be made after issue of bonds by RBI under the scheme. |
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7. The above results have been taken on record by the Board of Directors in their meeting held on 30.07.2003. |
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For and on behalf of POWER GRID CORPORATION OF INDIA LTD. |
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Sd/- |
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Place : New Delhi. |
(R.P.Singh) |
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Date : 30.07.2003. |
Chairman & Managing Director |