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Annual
Financial Results |
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Audited Financial Results for the year ended 31st
March, 2011(Rs. in Lakh) |
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S.No. |
Particulars |
Year ended 31.03.2011 |
Year ended 31.03.2010 |
|
Audited |
Audited |
|
1 |
Net Sales/Income from Operations |
181,267 |
176,974 |
|
2 |
Expenditure |
|
a) |
Employees cost |
8,472 |
7,451 |
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b) |
Depreciation |
44,421 |
43,328 |
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c) |
Other Expenditure |
11,690 |
10,230 |
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d) |
Prior Period Adjustment (Net) |
(458) |
10,824 |
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Total Expenditure |
64,125 |
71,833 |
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3 |
Profit from Operations before Other income, interest and Exceptional
items (1-2) |
117,142 |
105,141 |
|
4 |
Other Income |
14,315 |
13,899 |
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5 |
Profit before Interest (3+4) |
131,457 |
119,040 |
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6 |
Interest and Finance Charges |
15,837 |
17,293 |
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7 |
Profit after interest (5-6) |
115,620 |
101,747 |
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8 |
Exceptional Items |
- |
- |
|
9 |
Profit (+)/ Loss (-) from Ordinary Activities before tax |
115,620 |
101,747 |
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10 |
Tax expense: |
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- |
Current Tax |
23,043 |
17,292 |
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- |
Adjustment for Earlier Years |
6,366 |
(10,853) |
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- |
Wealth Tax |
1 |
1 |
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- |
Deferred Tax Liability/(Asset) |
(5,003) |
(4,608) |
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- |
Deferred Tax Liability/(Asset) for earlier years |
- |
29,276 |
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- |
less: Deferred Tax Payable Adjustment |
- |
26,635 |
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11 |
Net Profit(+)/ Loss (-) From Ordinary Activities after tax (8-9) |
91,213 |
97,274 |
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12 |
Extraordinary Item |
- |
- |
|
13 |
Net Profit for the period |
91,213 |
97,274 |
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14 |
Paid-up equity share capital (Face Value of Rs.10 each) |
413,633 |
410,881 |
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15 |
Reserves excluding Revaluation Reserve |
306,889 |
252,825 |
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16 |
Earning per share (EPS)
Basic and diluted (Rs. per Share) |
2.21 |
2.37 |
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17 |
Public Shareholding |
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- |
No. of shares |
415,000,000 |
--- |
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- |
Percentage of shareholding |
10.03% |
--- |
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18 |
Promoters and promoter group Shareholding |
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a) |
Pledged/ Encumbered |
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- |
Number of Shares |
--- |
--- |
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- |
Percentage of Shares (as a % of the total shareholding of promoter &
promoter group) |
--- |
--- |
|
- |
Percentage of shares (as % of the total share capital of the company) |
--- |
--- |
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b) |
Non-encumbered |
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- |
Number of shares |
3,721,626,500 |
4,108,814,000 |
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- |
Percentage of shares (as a % of the total shareholding of promoter &
promoter group) |
100% |
100% |
|
- |
Percentage of shares (as % of the total share capital of the company) |
89.97% |
100% |
Notes:
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Summary of Assets & Liabilities as at 31st March, 2011.
| Particulars |
As at 31.03.2011 (Audited) |
As at 31.03.2010 (Audited) |
| SOURCES OF FUNDS |
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| Shareholders's Fund |
|
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| a) Capital |
413,663 |
410,881 |
| b) Share Application Money |
--- |
1,670 |
| c) Reserves & Surplus |
306,889 |
252,825 |
| Loan Funds |
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| a) Secured Loans |
90,013 |
105,397 |
| b) Unsecured Loans |
85,379 |
918,499 |
| Income Received in Advance |
|
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| Advance Against Depreciation (AAD) |
84,935 |
84,935 |
| TOTAL |
980,879 |
918,499 |
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| APPLICATION OF FUNDS |
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| Fixed assets |
662,059 |
693,438 |
| CWIP, Construction Stores &
Advances |
140,561 |
99,471 |
| Deferred Tax Assets |
6,970 |
1,967 |
| Current Assets Loan &
Advances |
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| a) Inventories |
2,368 |
5,867 |
| b) Sundry Debtors |
26,450 |
18,929 |
| c) Cash & Bank Balances |
206,378 |
154,239 |
| d) Other Current Assets |
7,644 |
5,354 |
| e) Loan & Advances |
60,478 |
64,643 |
| Less: Current Liabilities &
Provisions |
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| a) Current Liabilities |
41,020 |
42,748 |
| b) Provisions |
91,009 |
82,661 |
| Net Current Assets |
171,289 |
123,623 |
| TOTAL |
980,879 |
918,499 |
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The audited accounts are subject to review by the Comptroller and Auditor General of India under Section 619(4) of the Companies Act, 1956.
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The Central Electricity Regulatory Commission (CERC) vide notification dated 19.01.2009 has notified the Tariff Regulations, 2009 containing inter-alia the terms & conditions for determination of tariff, applicable for a period of five years with effect from 01.04.2009. Pending filing of petition by the company and final determination of tariff by the CERC, the sales for the year have been provisionally recognized at
Rs.171538 lakh (Previous Year: Rs.171942 lakh, inclusive of Deferred Tax Materialised upto 31.03.2009 of
Rs.3182 lakh) on the basis of principles enumerated in the said regulations, on the capital cost allowed by CERC for determining tariff for the year 2008-09. The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the company has to provisionally bill the beneficiaries at the tariff applicable as on 31.03.2009 on capital cost of
Rs.799080 lakh, approved by the CERC. The amount provisionally billed for the year 2010-11 on this basis is
Rs.163286 lakh (including billing of tax recovery) (Previous Year:
Rs.164413 lakh).
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Sales include an amount of `6401 lakh on account of income tax demands pursuant to appellate / assessment orders relating to earlier years. Similarly, an amount of
Rs.6366 lakh has been provided towards income tax for earlier years.
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During the year, the company has identified certain spares of capital nature which were earlier included in inventory. As a result, the capital spares of
Rs.3592 lakh have been capitalized, and depreciation amounting to
Rs.653 lakh relating to earlier years has been included under ‘Prior period Adjustment’.
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Sundry Debtors and Sales include an amount of
Rs.17734 lakh (Previous Year: Rs.10447 lakh) towards bills raised after the end of the financial year. Further, billing for tax of (-)
Rs.13984 lakh (Previous Year: (-) Rs.4014 lakh) is yet to be done.
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As the company is primarily engaged in only one segment viz. ‘Generation and sale of hydroelectric power’, there are no reportable segments as per Accounting Standard - 17.
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a) On 13th April, 2010, the company allotted 2,78,12,500 equity shares of
Rs.10/- each at a premium of Rs.4.72 per share, on preferential basis, to the Govt. of Himachal Pradesh (GoHP) totaling
Rs.4094 lakh. b) The Govt. of India (GoI) disinvested 41.50 Crore equity shares of
Rs.10/- each (about 10% of the capital) of the company through Initial Public Offer (IPO), and the shares of the company have been listed on the recognized stock exchanges on 20th May, 2010.
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Status of investor complaints
received and attended, regarding equity shares,
during the year ended 31.03.2011 is given as under:
| Particulars |
No. of
Complaints |
| Opening |
N.A. |
| Received during the year |
1114 |
| Attended during the year |
1035 |
| Unattended at the end of the year |
79 |
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The Board of Directors have recommended dividend of
Rs.0.80 per share (on face value of Rs. 10/- each) (i.e. 8%) for the year 2010-11 subject to approval of Shareholders in the ensuing Annual General Meeting.
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The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meeting held on 30th May, 2011.
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The figures of the previous year have been regrouped/rearranged wherever necessary.
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