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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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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 of earlier years provision of tax and deferred tax shall be made at the time of annual closing of accounts. |
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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. 19106 lacs on additional bonds (Rs. 1717 crore less Rs. 718 crore) for the period from 01.10.2001 to 31.12.2003 has been accounted for and included in Other Income. Provision of Rs. 22 crore on account of differential interest due to coupon rates and 8.5% tax free rate in respect of existing bonds of Rs. 718 crores for the period prior to 01.10.2001 is written back and included in "Other Income". |
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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 arrears amounting to Rs.11286 lacs for the financial year 2002-03 and Rs. 5382 lacs for first nine months ended on 31.12.2003 have been included in Rebate to Customers along with normal rebate for prompt payments. |
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7. The accounting policy of treating the expenditure as Deferred Revenue Expenditure(DRE) of the projects which are ready for use but not commercially commissioned and not charging of depreciation of such projects has been changed in view of AS-26 coming into force w.e.f. 01.04.2003. Henceforth,the expenditure and depreciation of such projects shall be charged to revenue resulting in lower profit by Rs. 719 lacs during the nine months ending 31.12.2003. |
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8. Power Transmission is principal business activity of the corporation. The Company has transmission projects located across different states within the country and no geographical segment is distinguishable. Other segments do not form a reportable segment as per Accounting Standard -17. |
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9. The above results have been reviewed by the Audit Committee and have been taken on record by the Board of Directors in its meeting held on 30.01.2004. |
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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 : 30.01.2004. |
Chairman & Managing Director |