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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 31st DECEMBER, 2003 |
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(Rs. in lacs) |
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PARTICULARS |
3 Months |
Corresponding |
9 Months |
Corresponding |
Accounting |
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ended |
3 Months in |
ended |
9 Months in |
Year ended |
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31/12/03 |
the Previous |
31/12/03 |
the Previous |
31/03/03 |
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(Provisional) |
Year ended |
(Provisional) |
Year ended |
(Audited) |
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31/12/02 |
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31/12/02 |
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(Provisional) |
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(Provisional) |
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1. Sales/Income from Operations |
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a) Transmission Tariff |
52237 |
45811 |
155411 |
138416 |
195748 |
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b) Sale of Power |
Nil |
Nil |
Nil |
12591 |
12645 |
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Total |
52237 |
45811 |
155411 |
151007 |
208393 |
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2.Other Income |
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a) RLDC Expenditure Reimbursement |
697 |
522 |
2093 |
1633 |
2872 |
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b) Surcharge |
524 |
Nil |
524 |
Nil |
19229 |
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c) Lease Income - State Sector ULDC |
1465 |
3348 |
4394 |
3348 |
4888 |
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d) Others |
7330 |
3341 |
42316 |
10107 |
17892 |
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Total Other Income |
10016 |
7211 |
49327 |
15088 |
44881 |
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Total Income |
62253 |
53022 |
204738 |
166095 |
253274 |
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3. Total Expenditure |
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a) Purchase of Power |
Nil |
Nil |
Nil |
12591 |
12643 |
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b) Staff Cost |
5483 |
4698 |
15059 |
13856 |
17523 |
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c) RLDC Expenditure |
657 |
638 |
1989 |
1883 |
2487 |
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d) Others |
4520 |
4503 |
12521 |
12666 |
29137 |
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Total |
10660 |
9839 |
29569 |
40996 |
61790 |
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4.Interest & Finance charges |
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a) Interest & Other Charges |
16535 |
16551 |
59567 |
46968 |
64719 |
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b) Rebate to Customers |
3259 |
1331 |
20985 |
3992 |
5322 |
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19794 |
17882 |
80552 |
50960 |
70041 |
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5.Depreciation |
16471 |
10935 |
45469 |
31954 |
46259 |
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6.Profit Before Tax |
15328 |
14366 |
49148 |
42185 |
75184 |
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7.Provision for Taxation(MAT) |
0 |
1292 |
2048 |
3617 |
7042 |
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8.Current Profit after MAT |
15328 |
13074 |
47100 |
38568 |
68142 |
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9. Provision for Deferred Taxes |
0 |
600 |
0 |
2238 |
3883 |
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(After reducing tax recoverable from SEBs ) |
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10. Profit after deferred Tax |
15328 |
12474 |
47100 |
36330 |
64259 |
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11.(a) Paid up Equity Share Capital |
303525 |
303525 |
303525 |
303525 |
303525 |
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11.(b) Paid up Equity Share Capital |
307406 |
307406 |
307406 |
307406 |
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) |
50 |
41 |
155 |
120 |
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) |
50 |
41 |
153 |
118 |
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.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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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. |
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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. 12518 lacs as compared to the rates prescribed in schedule XIV of the Companies Act, 1956 as depreciation rates are not specified by Electricity Act, 2003. |
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4. Impact of final tariff notification issued by CERC upto the quarter ended 31.12.03 for the period from 2001-02 to 2002-03 amounting to Rs. 17661 lacs has been reduced from the transmission charges. Consequently, related provision made during the financial year 2002-03 amounting to Rs. 11739 lacs has been written back and included in Other Income. |
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5. Business of purchase and sale of power has been transferred to Power Trading Corporation of India Ltd. w.e.f. 01.10.2002. |
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