POWERGRID CORPORATION OF INDIA LTD.

(A Govt. of India Enterprise)

B-9, QUTAB INSTITUTIONAL AREA,KATWARIA SARAI,NEW DELHI-110016.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL)

FOR THE THREE MONTHS ENDED 30th SEPTEMBER, 2003

 

 

 

 

 

(Rs. in lacs)

PARTICULARS

3 Months

Corresponding

6 Months

Corresponding

Accounting

 

ended

3 Months in

ended

6 Months in

Year ended

 

30/09/03

the Previous

30/09/03

the Previous

31/03/03

 

(Provisional)

Year ended

(Provisional)

Year ended

(Audited)

 

 

30/09/02

 

30/09/02

 

 

 

(Provisional)

 

(Provisional)

 

 

 

 

 

 

 

1. Sales/Income from Operations

 

 

 

 

 

    a)  Transmission Tariff

43136

48429

103174

92605

195748

    b) Sale of Power

Nil

8087

Nil

12591

12645

Total

43136

56516

103174

105196

208393

2.Other Income

 

 

 

 

 

a) RLDC Expenditure Reimbursement

698

522

1396

1111

2872

b) Surcharge

Nil

Nil

Nil

Nil

19229

c) Lease Income - State Sector ULDC

1234

Nil

2929

Nil

4888

d) Others

31349

3182

34986

6766

17892

Total Other Income

33281

3704

39311

7877

44881

 

 

 

 

 

 

Total Income

76417

60220

142485

113073

253274

 

 

 

 

 

 

3. Total Expenditure

 

 

 

 

 

a) Purchase of Power

Nil

8087

Nil

12591

12643

b) Staff Cost

4844

4590

9576

9158

17523

c) RLDC Expenditure

667

638

1332

1245

2487

d) Others

3786

4449

8001

8163

29137

Total

9297

17764

18909

31157

61790

 

 

 

 

 

 

4.Interest & Finance charges

 

 

 

 

 

   a)  Interest & Other Charges

20587

16285

43032

30417

64719

   b)  Rebate to Customers

16326

1331

17726

2661

5322

 

36913

17616

60758

33078

70041

 

 

 

 

 

 

5.Depreciation

14802

10762

28998

21019

46259

 

 

 

 

 

 

6.Profit Before Tax

15405

14078

33820

27819

75184

 

 

 

 

 

 

7.Provision for Taxation(MAT)

721

1247

2048

2325

7042

 

 

 

 

 

 

8.Current Profit after MAT

14684

12831

31772

25494

68142

 

 

 

 

 

 

9. Provision for Deferred Taxes

0

719

0

1638

3883

(After reducing tax  recoverable from SEBs )

 

 

 

 

 

 

 

 

 

 

 

10. Profit after deferred Tax

14684

12113

31772

23857

64259

 

 

 

 

 

 

11.(a) Paid up Equity Share Capital

303525

302900

303525

302900

303525

 

 

 

 

 

 

11.(b) Paid up Equity Share Capital

307406

307406

307406

307406

307406

(including Share Capital deposit)

 

 

 

 

 

 

 

 

 

 

 

12. Reserves excluding Revaluation Reserve

 

 

 

 

469337

but including Capital Reserves(as per

 

 

 

 

 

Balance Sheet of previous accounting year)

 

 

 

 

 

 

 

 

 

 

 

13.(a) Basic EPS(Not Annualised)

48

40

105

79

212

(Rs./Share of Rs 1000 each calculated on

 

 

 

 

 

profit after Deferred Tax)

 

 

 

 

 

 

 

 

 

 

 

13.(b) Diluted EPS(Not Annualised)

48

39

103

78

209

(Rs./Share of Rs 1000 each calculated on

 

 

 

 

 

profit after Deferred Tax)

 

 

 

 

 

 

 

 

 

 

 

Notes :

 

 

 

 

 

1.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.

 

 

 

 

 

 

2. 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.

 

 

 

 

 

 

3. The depreciation on fixed assets has been provided at the rates notified by CERC for the purpose of recovery of tariff.  The depreciation charge for the quarter is lower by Rs. 14770 lacs as compared to the rates notified by GOI under the erstwhile Electricity (Supply) Act, 1948.

 

 

 

 

 

 

4. Impact of final tariff notification issued by CERC during the quarter ended 30.09.03 for the period from 2001-02 to 2002-03 amounting to Rs. 17661 lacs has been reduced from the transmission charges for the quarter.  Consequently, related provision made during the financial year 2002-03 has been written back and included in Other Income.

 

 

 

 

 

 

5.   Business of purchase and sale of power has been transferred to Power Trading Corporation Ltd. w.e.f. 01.10.2002.

 

 

 

 

 

 

6.   (I)  Interest on Bonds issued / to be issued by Reserve Bank of India (RBI) under the Scheme of  one time settlement of dues of State Electricity Boards  (the Scheme) has been exempted from Income Tax vide CBDT notification dated 27th June, 2003.  Impact of this notification has been considered for working out provision for Tax (MAT) and Deferred Tax.  Adjustment for earlier years provision of tax and deferred tax shall be made at the time of annual closing of accounts.

 

 

 

 

 

 

6.   (II)   Bonds worth Rs. 1717 Crore (including replacement of existing bonds amounting to Rs. 718 Crore) under the Scheme have been issued by RBI during the quarter ended 30.09.2003 with retrospective effect from 01.10.2001.  Interest amounting to Rs. 16985 lacs on additional bonds for the period from 01.10.2001 to 30.09.2003 has been accounted for and included in Other Income. 

6.  (III)  Under the Scheme, State Electricity Boards are eligible for incentive on the amount of Bonds @ 6 % for regular payments (5% w.e.f. 01.04.2003) and @ 2 % for LC payments for year 2002-03 on issuance of Bonds.  Incentive amounting to Rs.11286 lacs for financial year 2002-03 and Rs. 3588 lacs for first six months ended on 30.09.2003 has been included in Rebate to Customers.  

 

 

 

 

 

 

7. These results are subject to limited review by the auditors of the Company.