Keshaw Bhardwaj KSOM Project

8/6/2019 Keshaw Bhardwaj KSOM Project

1/39

Executive Summary

N T P C Ltd. Mar 2005 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

-

Total income 26879.7 30532.6 35910.6 40676.1 47662.8 50145.7

Sales 22956.1 26881.3 32808.9 37248.1 41972.8 46610.9

Income from financial services 2082.5 2818.1 2625.9 2970.8 3159.7 2637.9

Total expenses 21072.7 24712.4 29045.9 33261.3 39461.5 41417.5

Raw material expenses 13741.4 16415.1 19841.8 21685.9 26718.2 28984.2

Power, fuel & water charges 63 81.9 102.3 152.5 194.2 240.5

Compensation to employees 1006.8 1168.2 1397 2263.9 2939.3 3022.7

Indirect taxes 209 214.5 227 252.6 266.9 294.9

Selling & distribution expenses 397.5 431.9 848.5 730.3 682.3 711

Other operational exp. of indl. enterprises 0 6.9 29.2 30.9 35.1 29.1

Other oper. exp. of non-fin. service enterprises 0 8.1 0 0 0 0

PBDITA 9790.9 10478.1 12345.4 13953.7 15510.6 16727.4

PBDTA 8815.1 9281.1 10650.2 12167.1 13279.4 14185

PBT 6846 7190.8 8553.1 9899.9 10756 11408.2

PAT 5807 5820.2 6864.7 7414.8 8201.3 8728.2

Net worth 42113.7 45399.5 49253.5 54012 59913.8 64048.3

Paid up equity capital (net of forfeited capital) 8245.5 8245.5 8245.5 8245.5 8245.5 8245.5

Reserves & surplus 33868.2 37154 41008 45766.5 51668.3 55802.8

Total borrowings 17087.8 20210.1 24484.4 27202.8 34579.3 37812.3

Current liabilities & provisions 7907.3 8681 10770 13181.9 14254 17900

Total assets 72819.7 75233.9 85566.2 95899 110616.7 121025

Gross fixed assets 53034.7 59673.6 67566.5 75846.3 88757.9 98954.4

Net fixed assets 32243.3 36723.5 42487.3 48572 59342.6 66865.6

Investments 20797.7 19289.1 16094.3 15267.2 13983.5 14807.1

Current assets 17426.3 16585 24315.9 28745.9 33532 36647.7

Loans & advances 1697.4 1691.7 1608.9 1809.5 1878.8 1617.7

Growth (%)

Total income -2.85 13.59 17.61 13.27 17.18 5.21Total expenses -5.95 17.27 17.54 14.51 18.64 4.96

PBDITA 1.45 7.02 17.82 13.03 11.16 7.84

PAT 10.38 0.23 17.95 8.01 10.61 6.42

Net worth 16.7 7.8 8.49 9.66 10.93 6.87

Total assets 10.4 3.32 13.73 12.08 15.35 9.41

Profitability ratios (%)

PBDITA Net of P&E/Total income net of P&E 36.09 36.76 35.3 36.16 30.89 32.66

PAT Net of P&E/Total income net of P&E 20.27 21.16 19.88 19.96 14.74 16.5


2/39

PAT Net of P&E/Avg. net worth 13.05 14.44 14.93 15.61 11.71 13.18

PAT/Avg. net worth 14.85 13.3 14.5 14.36 14.4 14.08

PAT Net of P&E/Avg. total assets 7.35 8.53 8.79 8.88 6.46 7.05

PAT/Avg. total assets 8.37 7.86 8.54 8.17 7.94 7.54

Liquidity ratios (times)

Current ratio 3.03 2.59 2.97 2.87 3.14 2.69Debt to equity ratio 0.41 0.45 0.5 0.5 0.58 0.59

Interest cover 7.29 7.42 6.17 6.9 5.14 5.27

Debtors (days) 32.67 26.58 21.1 28.94 35.82 46.62

Creditors (days) 102.77 84.76 73.69 72.4 75.35 72.93

Efficiency ratios (times)

Total income / Avg. total assets 0.39 0.41 0.45 0.45 0.46 0.43

Total income / Compensation to employees 26.7 26.14 25.71 17.97 16.22 16.59


3/39

ROS5807 5820.2 6864.7 7414.8 8201.3 8728.2

Sales 22956.1 26881.3 32808.9 37248.1 41972.8 46610.9

ROS 25.2961 21.6515 20.9233 19.9065 19.5396 18.7257

e tor turnover

13.52 15.89 20.39 20.58 22.34 28.81


4/39


5/39

Assets



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Land & building 4306.8 4558 5002.8 5835.8 6959 7487

Plant & machinery 36271.7 38906.6 42959.6 45258.8 52752.9 56555.9

Transport & comm. equipment/infrastructure 1303.7 1972.4 2251.7 1690.2 1995.3 2046

Furniture,amenities & other fixed assets 1210.8 586.8 492.3 529 564.8 658.1

Capital work-in-progress 9773.9 13351.3 16490.8 22478.3 26404.9 32104.3

Intangible assets 10.1 14.4 19.3 52.2 79 100.4

Net pre-operative expenses pending allocation 154.6 282.7 348.4 0 0 0

Net lease reserve adjustment 0 0 0 0 0 0

Less: Cumulative depreciation 20791.4 22950.1 25079.2 27274.3 29415.3 32088.8

Less: Arrears of depreciation 0 0 0 0 0 0

Net fixed assets 32243.3 36723.5 42487.3 48572 59342.6 66865.6

Investments 20797.7 19289.1 16094.3 15267.2 13983.5 14807.1Equity shares 156.8 212.2 966.3 1601.5 1938.7 2731.5

Preference shares 0 0 0 0 0 0

Mutual funds 0 0 0 0 0 1943.5

Debt instruments 20640.7 18576.9 15125.9 13377 11684 9821.7

Approved securites (slr/statutory req.) 0 0 0 0 0 0

Assisted companies 0 0 0 0 0 0

Others 0.2 500 2.1 288.7 360.8 310.4

Less: Provision for dimunition in value of invest 0 0 0 0 0 0

Group companies 25 212.2 966.3 1601.5 1926.7 2719.5

Non-group companies 1111.4 549.9 105.1 64.8 36.3 1955.5

Market value of quoted investments 3524.9 951.6 316.4 304.3 275.5 0

Deferred tax assets 653.9 943.2 1058.2 1502.2 1869.5 1055.2

Current assets 17427.4 16586.4 24317.5 28748.1 33542.3 36659.3

Cash & bank balance 6078.3 8471.4 13314.6 14933.2 16271.6 14459.5

Inventories 1777.7 2362.9 2543.5 2705.5 3292.4 3398.1

Receivables 7712.4 2158.1 2727.3 4323.2 7008.6 9691.6

Expenses paid in advance 1859 3594 5732.1 6786.2 6969.7 9110.1

Loans & advances 1697.4 1691.7 1608.9 1809.5 1878.8 1617.7

Deferred revenue expenditure 0 0 0 0 0 20.1

Total assets 72819.7 75233.9 85566.2 95899 110616.7 121025


6/39

Liabilities



-

Net worth 42113.7 45399.5 49253.5 54012 59913.8 64048.3

Authorised capital 10000 10000 10000 10000 10000 10000

Issued equity capital 8245.5 8245.5 8245.5 8245.5 8245.5 8245.5


Forfeited equity capital 0 0 0 0 0 0

Paid up preference capital (net of forfeited capi 0 0 0 0 0 0

Capital contibution, suspense and application 0 0 0 0 0 0

Reserves & surplus 33868.2 37154 41008 45766.5 51668.3 55802.8

Free Reserves 32762.2 35650.9 39067.1 42901.7 47295.9 52060.5

Security premium reserves (Net of deduction 2233.4 2228.1 2228.1 2228.1 2228.1 2228.1

Other free reserves 30528.8 33422.8 36839 40673.6 45067.8 49832.4

Specific Reserves 1106 1503.1 1940.9 2864.8 4372.4 3742.3

Revaluation Reserves 0 0 0 0 0 0

Less Accumulated losses 0 0 0 0 0 0


Bank borrowings 7533.9 8794.9 11239.4 12698.1 15202.6 18093.8

Short term bank borrowings 0 12.8 0 12.2 11.5 15.3

Long term bank borrowings 7533.9 8782.1 11239.4 12685.9 15191.1 18078.5

Financial institutional borrowings 0 0 0 0 0 0

Central & state govt. (usually sales tax deferral 55.1 23.6 8 3.6 0.1 0

Debentures / bonds 3207.7 4704.4 5950 6600 8250 8550

Convertible 0 0 0 0 0 0

Non-convertible 3207.7 4704.4 5950 6600 8250 8550

Fixed deposits 415.9 77.8 32.8 13 1.4 13.4

Foreign borrowings 5374.1 6608.5 7253.7 7887.4 11123.6 10353.8

Of which : euro convertible bonds 881.4 899 877.2 0 0 0

Borrowings from corporate bodies 0 0 0 0 0 0

Group / associate cos. 0 0 0 0 0 0

Borrowings from promoters / directors 0 0 0 0 0 0

Commercial paper 0 0 0 0 0 0

Hire purchase borrowings 0 0 0 0.7 1.6 1.3

Deferred credit 0 0 0 0 0 0

Other borrowings 501.1 0.9 0.5 0 0 800

Secured borrowings 4440.7 5732.7 6822.9 7326.9 8981.1 9095.2

Unsecured borrowings 12647.1 14477.4 17661.5 19875.9 25598.2 28717.1

Current portion of long term debt 1460.6 1558.3 2135.3 2204 2650.5 3892.2

Current liabilities & provisions 7907.3 8681 10770 13181.9 14254 17900Sundry creditors 2380.8 2455.9 2825.8 3244.6 5207.5 5590.6

Acceptances 0 0 0 0 0 0

Deposits & advances from customers & emplo 2380.1 2106.6 2085.2 1865.3 1679.9 1572

Interest accrued 166.9 213.8 248.6 277 339.3 351.5

Share application money 0 0 0 0 0 0

Other current liabilities 302.8 121.1 163.9 404.6 255.4 219.3

Provisions 2676.7 3783.6 5446.5 7390.4 6771.9 10166.6

Deferred tax liability 5710.9 943.3 1058.3 1502.3 1869.6 1264.4

Total liabilities 72819.7 75233.9 85566.2 95899 110616.7 121025


7/39

Net worth (net of reval & DRE) 42113.7 45399.5 49253.5 54012 59913.8 64028.2

Contingent liabilities 17430.08 16724.9 25414.9 29361.8 34930.2 40044


8/39

Income & expenditure



-

Total income 26879.7 30532.6 35910.6 40676.1 47662.8 50145.7

Sales 22956.1 26881.3 32808.9 37248.1 41972.8 46610.9

Industrial sales 22920.3 26832.9 32741.5 37134.9 41831.1 46446.8

Income from non-financial services 35.8 48.4 67.4 113.2 141.7 164.1


Interest 2060 2415 2435.4 2781.3 2916.7 2491.4

Dividends 11.7 14.8 15 9.6 49.9 77.7

Treasury operations 3.7 386.8 173.7 177.3 191.8 66

Other income 141.2 153.6 116.2 153.9 130.8 242.8

Prior period income & extraordinary income 1699.9 679.6 359.6 303.3 2399.5 654.1

Change in stock 0 0 0 0 0 0

Total expenses 21072.7 24712.4 29045.9 33261.3 39461.5 41417.5


Packaging expenses 0 0 0 0 0 0

Purchase of finished goods 0 0 0 0 0 0Power, fuel & water charges 63 81.9 102.3 152.5 194.2 240.5

Compensation to employees 1006.8 1168.2 1397 2263.9 2939.3 3022.7

Indirect taxes 209 214.5 227 252.6 266.9 294.9

Royalties, technical know-how fees, etc. 0 0 0 0 0 0

Lease rent & other rent 30.6 17.6 20.4 54.8 59.6 74.7

Repairs & maintenance 670.8 787.4 945.4 1036.2 1113.2 1290.2

Insurance premium paid 74 55.9 56.2 44.2 46.1 79.5

Outsourced mfg. jobs (incl. job works, etc.) 0 0 0 0 0 0

Outsourced professional jobs 115.9 129.5 182 205.1 202.6 279.1

Directors' fees 0 0 0 0 0.2 0.3

Selling & distribution expenses 397.5 431.9 848.5 730.3 682.3 711

Travel expenses 81.8 93 102.3 112.5 127.4 134

Communication expenses 17.1 19.7 20.9 27.2 27.5 33.1

Printing & stationery expenses 7.4 7.4 8.3 8.5 10.2 10.9

Miscellaneous expenses 99.1 105.7 118.9 110 167.8 147.6

Other operational exp. of indl. enterprises 0 6.9 29.2 30.9 35.1 29.1

Other oper. exp. of non-fin. service enterprises 0 8.1 0 0 0 0

Share of loss in subsidiaries/JVs,etc. 0 0 0 0 0 0

Lease equalisation adjustment 0 0 0 0 0 0

Loss on securitisation of assets/loans 0 0 0 0 0 0

Fee based financial service expenses 165 62.7 65.8 49.9 52.9 53.5

Treasury operations expenses 0.6 12.9 1.5 48.3 268.8 0.1

Total provisions 7.5 35.7 11.4 7.1 24.6 10.9

Write-offs 0.9 9 64.1 3.3 4 4.5Less: Expenses capitalised 595.8 648.9 882 1043.2 1651 2053.9

Less: DRE & expenses charged to others 0 136.2 158.7 6.2 8.1 20.6

Prior period & extraordinary expenses 996.2 1176.5 562.9 948.6 870.4 92

Interest paid 974 1185.2 1692.8 1785.3 2224.8 2519.2

Financial charges on instruments 1.3 11.6 1.7 1 1.8 1.9

Expenses incurred on raising deposits/debts 0.5 0.2 0.7 0.3 4.6 21.3

Depreciation 1969.1 2047.7 2075.4 2265.1 2522.4 2776.8

Amortisation 0 42.6 21.7 2.1 1 0

Provision for direct taxes 1039 1370.6 1688.4 2485.1 2554.7 2680

PAT 5807 5820.2 6864.7 7414.8 8201.3 8728.2


9/39

PBDITA 9790.9 10478.1 12345.4 13953.7 15510.6 16727.4

PBDTA 8815.1 9281.1 10650.2 12167.1 13279.4 14185

PBT 6846 7190.8 8553.1 9899.9 10756 11408.2


10/39

Profits



-

PBDITA 9790.9 10478.1 12345.4 13953.7 15510.6 16727.4

Depreciation 1969.1 2047.7 2075.4 2265.1 2522.4 2776.8

Amortisation 0 42.6 21.7 2.1 1 0

PBIT 7821.8 8387.8 10248.3 11686.5 12987.2 13950.6

Interest paid 974 1185.2 1692.8 1785.3 2224.8 2519.2

Financial charges on instruments 1.3 11.6 1.7 1 1.8 1.9

Fee based financial services expenses 0.5 0.2 0.7 0.3 4.6 21.3

PBT 6846 7190.8 8553.1 9899.9 10756 11408.2

Provision for direct tax 1039 1370.6 1688.4 2485.1 2554.7 2680

Corporate tax 1039 1349.7 1673 2463.7 2533.7 2470.9

Deferred tax 0 265.4 120.3 0 0 209.1

Less: Deferred tax assets / credit 0 265.4 120.3 0 0 0

Other direct tax 0 20.9 15.4 21.4 21 0

Fringe benefits tax 0 20.9 15.4 21.4 21 0

PAT 5807 5820.2 6864.7 7414.8 8201.3 8728.2

Prior period & extra-ordinary income 1699.9 679.6 359.6 303.3 2399.5 654.1

Prior period & extra-ordinary expenses 996.2 1176.5 562.9 948.6 870.4 92

Net prior period & extraordinary transactions -703.7 496.9 203.3 645.3 -1529.1 -562.1

PBDITA net of P&E 9087.2 10975 12548.7 14599 13981.5 16165.3

PBIT net of P&E 7118.1 8884.7 10451.6 12331.8 11458.1 13388.5

PBT net of P&E 6142.3 7687.7 8756.4 10545.2 9226.9 10846.1

PAT net of P&E 5103.3 6317.1 7068 8060.1 6672.2 8166.1

Distribution of profits (%)PBDITA 100 100 100 100 100 100

Depreciation & Amortisation 20.11 19.95 16.99 16.25 16.27 16.6

Financial charges 9.97 11.42 13.73 12.8 14.39 15.2

Tax 10.61 13.08 13.68 17.81 16.47 16.02

PAT 59.31 55.55 55.61 53.14 52.88 52.18

Non--provisions 0 0 0 0 0 0

Diminution in investement 0 0 0 0 0 0

Sundry debtors 0 0 0 0 0 0

Loans & advances including NPAs 0 0 0 0 0 0

Loans & advances to group cos. 0 0 0 0 0 0

Interest expenses 0 0 0 0 0 0

Power expenses 0 0 0 0 0 0

Gratuity 0 0 0 0 0 0

Others 0 0 0 0 0 0


11/39

N T P C Ltd. Mar 2010

PBDITA 16727.4

PBIT 13950.6

PBT 11408.2

PAT 8728.2


12/39

Executive Summary

Orissa Power Generation Corpn. Ltd. Mar 2004 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010


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Total income 423.47 449.59 502.59 484.71 465.04 457.52

Sales 410.53 430.76 450.75 434.07 399.6 401.4


Total expenses 287.24 301.74 321.06 323.42 353.67 376.33


Power, fuel & water charges 7.22 0.95 1.77 1.91 1.75 1.31

Compensation to employees 14.22 16.11 26.12 28.36 33.5 28.81

Indirect taxes 0.14 6.25 6.59 6.02 6.55 6.2

Selling & distribution expenses 0.56 9.27 0.25 0.53 0.41 6.64

Other operational exp. of indl. enterprises 13.81 19.56 2.12 1.87 2.54 1.63

Other oper. exp. of non-fin. service enterprise 0 0 0 0 0 0

PBDITA 229.26 230.46 268.8 241.07 193.14 179.08

PBDTA 206.89 220.89 262.33 236.77 190.61 177.63

PBT 147.57 161.75 201.62 178.25 133.31 126.25

PAT 136.23 147.85 181.53 161.29 111.37 81.19

Net worth 633.08 632.47 797.07 958.35 949.29 1030.31


Reserves & surplus 142.86 142.25 306.85 468.13 459.07 540.09


Current liabilities & provisions 134.58 97.32 41.6 53.35 73.18 52.04

Total assets 893.92 831.09 932.68 1085.69 1084.98 1122.86


Net fixed assets 488.19 394.5 336.84 305.51 276.01 250.83

Investments 0 0 0 0 0 0

Current assets 348.74 429.47 561.25 771.08 732.59 794.99

Loans & advances 55.8 3.68 28.02 3.83 3.39 11.39

Growth (%)

Total income -10.52 3.04 11.79 -3.56 -4.06 -1.62

Total expenses -1.49 2.49 6.4 0.74 9.35 6.41

PBDITA -27.7 0.26 16.64 -10.32 -19.88 -7.28

PAT -25.02 4.18 22.78 -11.15 -30.95 -27.1

Net worth 1.47 -0.15 26.13 20.59 -0.94 8.54

Total assets -15.59 -3.58 12.22 16.41 -0.07 3.49

Profitability ratios (%)

PBDITA Net of P&E/Total income net of P&E 53.97 51.22 51.61 51.27 41.72 40.15

PAT Net of P&E/Total income net of P&E 31.92 32.81 33.32 34.81 24.06 18.68


13/39

PAT Net of P&E/Avg. net worth 21.42 0 22.24 19.22 11.68 8.6

PAT/Avg. net worth 21.67 0 25.4 18.38 11.68 8.2

PAT Net of P&E/Avg. total assets 13.79 18.02 16.72 10.26 7.71

PAT/Avg. total assets 13.95 20.58 15.98 10.26 7.35

Liquidity ratios (times)

Current ratio 2.66 4.58 14.91 16.48 11.26 18.88Debt to equity ratio 0.2 0.12 0.06 0.03 0.02 0.01

Interest cover 7.53 17.83 28.67 44.18 53.69 90.79

Debtors (days) 156.01 83.66 91.26 130.95 143.23

Creditors (days) 40.17 44.94 36.29 41.59 63.51 43.6

Efficiency ratios (times)

Total income / Avg. total assets 0.43 0.57 0.48 0.43 0.41

Total income / Compensation to employees 29.78 27.91 19.24 17.09 13.88 15.88


14/39

ROS 33.18 34.32 40.27 37.16 27.87 20.23


15/39


16/39

Assets



-


Land & building 84.37 88.88 88.93 89.44 89.2 90.03

Plant & machinery 1003.97 1020.21 1021 1036.81 1047.75 1069.75

Transport & comm. equipment/infrastructure 13.89 15.15 15.21 15.6 16.23 16.43

Furniture,amenities & other fixed assets 10.31 11.37 12.32 13.82 14.76 15.78

Capital work-in-progress 17.97 16.76 17.88 25.53 40.73 42.63

Intangible assets 0 0 0 0 0 0

Net pre-operative expenses pending allocation 0 0 0 0 0 0

Net lease reserve adjustment 0 0 0 0 0 0

Less: Cumulative depreciation 642.32 757.92 818.52 875.88 932.85 983.98

Less: Arrears of depreciation 0 0 0 0 0 0

Net fixed assets 488.19 394.5 336.84 305.51 276.01 250.83

Investments 0 0 0 0 0 0Equity shares 0 0 0 0 0 0

Preference shares 0 0 0 0 0 0

Mutual funds 0 0 0 0 0 0

Debt instruments 0 0 0 0 0 0

Approved securites (slr/statutory req.) 0 0 0 0 0 0

Assisted companies 0 0 0 0 0 0

Others 0 0 0 0 0 0

Less: Provision for dimunition in value of invest 0 0 0 0 0 0

Group companies 0 0 0 0 0 0

Non-group companies 0 0 0 0 0 0

Market value of quoted investments 0 0 0 0 0 0

Deferred tax assets 0 1.01 4.17 5.18 7.77 5.26

Current assets 348.74 429.47 561.25 771.08 797.77 855.38

Cash & bank balance 172.97 261.7 399.05 544.54 525.09 619.57

Inventories 37.85 29.74 29.61 35.27 47.38 49.06

Receivables 137.67 136.88 126.57 159.42 192.07 168.55

Expenses paid in advance 0.25 1.15 6.02 31.85 33.23 18.2

Loans & advances 55.8 3.68 28.02 3.83 3.39 11.39

Deferred revenue expenditure 1.19 2.43 2.4 0.09 0.04 0

Total assets 893.92 831.09 932.68 1085.69 1084.98 1122.86


17/39

Liabilities



-

Net worth 633.08 632.47 797.07 958.35 949.29 1030.31

Authorised capital 1000 1000 1000 1000 1000 1000

Issued equity capital 490.22 490.22 490.22 490.22 490.22 490.22


Forfeited equity capital 0 0 0 0 0 0

Paid up preference capital (net of forfeited capi 0 0 0 0 0 0

Capital contibution, suspense and application 0 0 0 0 0 0

Reserves & surplus 142.86 142.25 306.85 468.13 459.07 540.09

Free Reserves 140.81 140.22 304.82 466.1 457.04 538.23

Security premium reserves (Net of deduction 58.88 58.88 58.88 58.88 58.88 58.88

Other free reserves 81.93 81.34 245.94 407.22 398.16 479.35

Specific Reserves 2.05 2.03 2.03 2.03 2.03 1.86

Revaluation Reserves 0 0 0 0 0 0

Less Accumulated losses 0 0 0 0 0 0


Bank borrowings 0 0 0 0 0 0

Short term bank borrowings 0 0 0 0 0 0

Long term bank borrowings 0 0 0 0 0 0

Financial institutional borrowings 0 0 0 0 0 0

Central & state govt. (usually sales tax deferral 0 0 0 0 0 0

Debentures / bonds 0 0 0 0 0 0

Convertible 0 0 0 0 0 0

Non-convertible 0 0 0 0 0 0

Fixed deposits 0 0 0 0 0 0

Foreign borrowings 0 0 0 0 0 0

Of which : euro convertible bonds 0 0 0 0 0 0

Borrowings from corporate bodies 0 0 0 0 0 0

Group / associate cos. 0 0 0 0 0 0

Borrowings from promoters / directors 0 0 0 0 0 0

Commercial paper 0 0 0 0 0 0

Hire purchase borrowings 0 0 0 0 0 0

Deferred credit 0 0 0 0 0 0

Other borrowings 126.26 76.31 51.34 31.32 17.75 9.01

Secured borrowings 0 0 0 0 0 0

Unsecured borrowings 126.26 76.31 51.34 31.32 17.75 9.01

Current portion of long term debt 0 0 0 0 0 0

Current liabilities & provisions 134.58 97.32 41.6 53.35 73.18 52.04Sundry creditors 7.36 9.8 11.46 10.06 11.23 4.79

Acceptances 0 0 0 0 0 0

Deposits & advances from customers & emplo 3.43 3.48 3.95 6.56 8.12 9.93

Interest accrued 4.69 2.37 1.6 1.04 0.58 0.29

Share application money 0 0 0 0 0 0

Other current liabilities 9.9 13.54 7.46 11.14 27.46 18.16

Provisions 109.2 68.13 17.13 24.55 25.79 18.87

Deferred tax liability 0 24.99 42.67 42.67 44.76 31.5

Total liabilities 893.92 831.09 932.68 1085.69 1084.98 1122.86


18/39

Net worth (net of reval & DRE) 631.89 630.04 794.67 958.26 949.25 1030.31

Contingent liabilities 38.11 61.77 79.2 48.43 70.48 33.86


19/39

Income & expenditure



-

Total income 423.47 449.59 502.59 484.71 465.04 457.52

Sales 410.53 430.76 450.75 434.07 399.6 401.4

Industrial sales 410.21 430 449.97 433.26 398.8 400.57

Income from non-financial services 0.32 0.76 0.78 0.81 0.8 0.83


Interest 10.74 17.12 25.97 50.15 63.04 54.02

Dividends 0 0 0 0 0 0

Treasury operations 0 0 0 0 0 0

Other income 0.64 0.71 0.32 0.45 0.29 0.42

Prior period income & extraordinary income 1.56 1 25.55 0.04 2.11 1.68

Change in stock 0 0 0 0 0 0

Total expenses 287.24 301.74 321.06 323.42 353.67 376.33


Packaging expenses 0 0 0 0 0 0

Purchase of finished goods 0 0 0 0 0 0Power, fuel & water charges 7.22 0.95 1.77 1.91 1.75 1.31

Compensation to employees 14.22 16.11 26.12 28.36 33.5 28.81

Indirect taxes 0.14 6.25 6.59 6.02 6.55 6.2

Royalties, technical know-how fees, etc. 0 0 0 0 0 0

Lease rent & other rent 0.11 0.36 0.37 0.4 0.44 0.56

Repairs & maintenance 1.55 3.86 9.19 7.21 3.8 2.45

Insurance premium paid 1.22 1.69 1.57 1 0.52 0.51

Outsourced mfg. jobs (incl. job works, etc.) 1.82 0 5.45 7.51 8.89 12.8

Outsourced professional jobs 0.99 1.21 1.37 1.78 2.93 2.29

Directors' fees 0 0 0 0 0 0

Selling & distribution expenses 0.56 9.27 0.25 0.53 0.41 6.64

Travel expenses 0.83 0.81 0.88 1.08 1.08 1.15

Communication expenses 0.25 0.26 0.21 0.22 0.25 0.36

Printing & stationery expenses 0.08 0.08 0.09 0.1 0.14 0.12

Miscellaneous expenses 0.4 0.29 1.38 2.01 1.99 2.36

Other operational exp. of indl. enterprises 13.81 19.56 2.12 1.87 2.54 1.63

Other oper. exp. of non-fin. service enterprises 0 0 0 0 0 0

Share of loss in subsidiaries/JVs,etc. 0 0 0 0 0 0

Lease equalisation adjustment 0 0 0 0 0 0

Loss on securitisation of assets/loans 0 0 0 0 0 0

Fee based financial service expenses 0.77 0.52 0.4 0.28 0.18 0.16

Treasury operations expenses 0 0 0 0 0 0.03

Total provisions 0 0 0 0 0 0

Write-offs 5.32 0.5 0.25 0.04 1.59 0.01Less: Expenses capitalised 0 0 0 0.42 1.06 2.67

Less: DRE & expenses charged to others 0 0 0 0 0 0

Prior period & extraordinary expenses 0 0.31 2.97 7.47 2.11 5.63

Interest paid 22.37 9.57 6.47 4.3 2.53 1.45

Financial charges on instruments 0 0 0 0 0 0

Expenses incurred on raising deposits/debts 0 0 0 0 0 0

Depreciation 58.72 59.14 60.71 58.52 57.3 51.38

Amortisation 0.6 0 0 0 0 0

Provision for direct taxes 11.34 13.9 20.09 16.96 21.94 45.06

PAT 136.23 147.85 181.53 161.29 111.37 81.19


20/39

PBDITA 229.26 230.46 268.8 241.07 193.14 179.08

PBDTA 206.89 220.89 262.33 236.77 190.61 177.63

PBT 147.57 161.75 201.62 178.25 133.31 126.25


21/39

Profits



-

PBDITA 229.26 230.46 268.8 241.07 193.14 179.08

Depreciation 58.72 59.14 60.71 58.52 57.3 51.38

Amortisation 0.6 0 0 0 0 0

PBIT 169.94 171.32 208.09 182.55 135.84 127.7

Interest paid 22.37 9.57 6.47 4.3 2.53 1.45

Financial charges on instruments 0 0 0 0 0 0

Fee based financial services expenses 0 0 0 0 0 0

PBT 147.57 161.75 201.62 178.25 133.31 126.25

Provision for direct tax 11.34 13.9 20.09 16.96 21.94 45.06

Corporate tax 11.34 13.62 19.81 21 22.08 55.8

Deferred tax 0 0 0 0 0 0

Less: Deferred tax assets / credit 0 0 0.01 1.01 0.5 10.74

Other direct tax 0 0.28 0.29 0.32 0.36 0

Fringe benefits tax 0 0.28 0.29 0.32 0.36 0

PAT 136.23 147.85 181.53 161.29 111.37 81.19

Prior period & extra-ordinary income 1.56 1 25.55 0.04 2.11 1.68

Prior period & extra-ordinary expenses 0 0.31 2.97 7.47 2.11 5.63

Net prior period & extraordinary transactions -1.56 -0.69 -22.58 7.43 0 3.95

PBDITA net of P&E 227.7 229.77 246.22 248.5 193.14 183.03

PBIT net of P&E 168.38 170.63 185.51 189.98 135.84 131.65

PBT net of P&E 146.01 161.06 179.04 185.68 133.31 130.2

PAT net of P&E 134.67 147.16 158.95 168.72 111.37 85.14

Distribution of profits (%)PBDITA 100 100 100 100 100 100

Depreciation & Amortisation 25.87 25.66 22.59 24.28 29.67 28.69

Financial charges 9.76 4.15 2.41 1.78 1.31 0.81

Tax 4.95 6.03 7.47 7.04 11.36 25.16

PAT 59.42 64.15 67.53 66.91 57.66 45.34

Non--provisions 0 0 0 0 0 0

Diminution in investement 0 0 0 0 0 0

Sundry debtors 0 0 0 0 0 0

Loans & advances including NPAs 0 0 0 0 0 0

Loans & advances to group cos. 0 0 0 0 0 0

Interest expenses 0 0 0 0 0 0

Power expenses 0 0 0 0 0 0

Gratuity 0 0 0 0 0 0

Others 0 0 0 0 0 0


22/39


23/39

1. Profit

OPGC

GROSS PROFIT MARGIN

2005 2006 2007 2008 2009 2010

EBIT 182.55 182.55 182.55 182.55 182.55 182.55

SALES 410.53 430.76 450.75 434.07 399.6 401.4

GP MARGIN 0.44 0.42 0.40 0.42 0.46 0.45

0.43

NET PROFIT MARGIN

2005 2006 2007 2008 2009 2010

PAT 136.23 147.85 181.53 161.29 111.37 81.19

SALES 410.53 430.76 450.75 434.07 399.6 401.4

NP MARGIN 0.33 0.34 0.40 0.37 0.28 0.20

0.32

RETURN ON INVESTMENT

2005 2006 2007 2008 2009 2010

EBITDA 229.26 230.46 268.8 241.07 193.14 179.08

TOTAL ASSETS 893.92 831.09 932.68 1085.69 1084.98 1122.86

ROI 0.26 0.28 0.29 0.22 0.18 0.16

0.23

RETURN ON EQUITY

2005 2006 2007 2008 2009 2010

PAT 136.23 147.85 181.53 161.29 111.37 81.19

NET WORTH 633.08 632.47 797.07 958.35 949.29 1030.31

ROE 0.215 0.234 0.228 0.168 0.117 0.079

0.17

PAT to EBIT RATIO

2005 2006 2007 2008 2009 2010

PAT 136.23 147.85 181.53 161.29 111.37 81.19

EBIT 182.55 182.55 182.55 182.55 182.55 182.55

RATIO 0.75 0.81 0.99 0.88 0.61 0.44

0.75


24/39

ibility Ratio

NTPC

2005 2006 2007 2008 2009 2010

7821.8 8387.8 10248.3 11686.5 12987.2 13950.6

22956.1 26881.3 32808.9 37248.1 41972.8 46610.9

0.34 0.31 0.31 0.31 0.31 0.30

0.31 NE

2005 2006 2007 2008 2009 2010

5807 5820.2 6864.7 7414.8 8201.3 8728.2

22956.1 26881.3 32808.9 37248.1 41972.8 46610.9

0.25 0.22 0.21 0.20 0.20 0.19

0.21

2005 2006 2007 2008 2009 2010

9790.9 10478.1 12345.4 13953.7 15510.6 16727.4

72819.7 75233.9 85566.2 95899 110616.7 121025

0.13 0.14 0.14 0.15 0.14 0.14

0.14

2005 2006 2007 2008 2009 2010

5807 5820.2 6864.7 7414.8 8201.3 8728.2

42113.7 45399.5 49253.5 54012 59913.8 64048.3

0.138 0.128 0.139 0.137 0.137 0.136

0.14

2005 2006 2007 2008 2009 2010

5807 5820.2 6864.7 7414.8 8201.3 8728.2

7821.8 8387.8 10248.3 11686.5 12987.2 13950.6

0.74 0.69 0.67 0.63 0.63 0.63

0.67


25/39

WORKING CAPITAL TURNOVER

2005

SALES 410.53

NET WORKING CAPITAL 214.16

WCT 1.92

T RATIO ->ASSET TURNOVER RATIO

2005

SALES 410.53

NET ASSETS 702.35

2. ACTIVITY RATIO ASSET TURNOVER RATIO 0.58

INVENTORY TURNOVER

2005

SALES 410.53

INVENTORY 37.85

INVENTORY TURNOVER 10.85


26/39

2. Activity Ratio

OPGC NT

2006 2007 2008 2009 2010 2005 2006 2007

430.76 450.75 434.07 399.6 401.4 22956.1 26881.3 32808.9

332.15 519.65 717.73 724.59 803.34 9520.1 7905.4 13547.5

1.30 0.87 0.60 0.55 0.50 2.41 3.40 2.42

0.96 2.55

2006 2007 2008 2009 2010 2005 2006 2007

430.76 450.75 434.07 399.6 401.4 22956.1 26881.3 32808.9

726.65 856.49 1023.24 1000.6 1054.17 41763.4 44628.9 56034.8

0.59 0.53 0.42 0.40 0.38 0.55 0.60 0.59

0.48 0.57

2006 2007 2008 2009 2010 2005 2006 2007

430.76 450.75 434.07 399.6 401.4 22956.1 26881.3 32808.9

29.74 29.61 35.27 47.38 49.06 1777.7 2362.9 2543.5

14.48 15.22 12.31 8.43 8.18 12.91 11.38 12.90

11.58 12.90


27/39

PC

2008 2009 2010

37248.1 41972.8 46610.9

15566.2 19288.3 18759.3

2.39 2.18 2.48NEXT RATIO ->

2008 2009 2010

37248.1 41972.8 46610.9

64138.2 78630.9 85624.9 3. LEVERAGE RATIO

0.58 0.53 0.54

2008 2009 2010

37248.1 41972.8 46610.9

2705.5 3292.4 3398.1

13.77 12.75 13.72


28/39

OPGC

DEBT EQUITY RATIO

2005 2006 2007 2008 2009

TOTAL DEBT 126.26 76.31 51.34 31.32 17.75

NET WORTH 633.08 632.47 797.07 958.35 949.29

DER 0.20 0.12 0.06 0.03 0.02

CAPITAL EQUITY RATIO

2005 2006 2007 2008 2009

NET ASSETS 702.35 726.65 856.49 1023.24 1000.6

NET WORTH 633.08 632.47 797.07 958.35 949.29

CAPITAL EQUITY RATIO 1.11 1.15 1.07 1.07 1.05

INTEREST COVERAGE RATIO

2005 2006 2007 2008 2009

EBIDTA 229.26 230.46 268.8 241.07 193.14

INTEREST 22.37 9.57 6.47 4.3 2.53

INTEREST COVERAGE RATIO 10.25 24.08 41.55 56.06 76.34


29/39

3. Leverage Ratio

NTPC

2010 2005 2006 2007 2008 2009 2010

9.01 17087.8 20210.1 24484.4 27202.8 34579.3 37812.3

1030.31 42113.7 45399.5 49253.5 54012 59913.8 64048.3

0.01 0.41 0.45 0.50 0.50 0.58 0.59

0.07 0.50

2010 2005 2006 2007 2008 2009 2010

1054.17 41763.4 44628.9 56034.8 64138.2 78630.9 85624.9

1030.31 42113.7 45399.5 49253.5 54012 59913.8 64048.3

1.02 0.99 0.98 1.14 1.19 1.31 1.34

1.08 1.16

2010 2005 2006 2007 2008 2009 2010

179.08 9790.9 10478.1 12345.4 13953.7 15510.6 16727.4

1.45 974 1185.2 1692.8 1785.3 2224.8 2519.2

123.50 10.05 8.84 7.29 7.82 6.97 6.64

55.30 7.94


30/39

NEXT RATIO ->

4. LIQUIDITY RATIO


31/39

4

OPGC

CURRENT RATIO

2005 2006 2007 2008 2009

CURRENT ASSETS 348.74 429.47 561.25 771.08 797.77

CURRENT LIABILITIES 134.58 97.32 41.6 53.35 73.18

CR 2.59 4.41 13.49 14.45 10.90

CASH RATIO

2005 2006 2007 2008 2009

CASH + MARKETABLE SECURITIE 172.97 261.7 399.05 544.54 525.09

CURRENT LIABILITIES 134.58 97.32 41.6 53.35 73.18

CASH RATIO 1.29 2.69 9.59 10.21 7.18

CALCULATION OF NET ASSETS

Net fixed assets 488.19 394.5 336.84 305.51 276.01

NET CURRENT ASSETS 214.16 332.15 519.65 717.73 724.59

NET ASSETS 702.35 726.65 856.49 1023.24 1000.6


32/39

. Liquidity Ratio

NTPC

2010 2005 2006 2007 2008 2009 2010

855.38 17427.4 16586.4 24317.5 28748.1 33542.3 36659.3

52.04 7907.3 8681 10770 13181.9 14254 17900

16.44 2.20 1.91 2.26 2.18 2.35 2.05

10.38 2.16

2010 2005 2006 2007 2008 2009 2010

619.57 6078.3 8471.4 13314.6 14933.2 16271.6 14459.5

52.04 7907.3 8681 10770 13181.9 14254 17900

11.91 0.77 0.98 1.24 1.13 1.14 0.81

7.14 1.01

250.83 32243.3 36723.5 42487.3 48572 59342.6 66865.6

803.34 9520.1 7905.4 13547.5 15566.2 19288.3 18759.3

1054.17 41763.4 44628.9 56034.8 64138.2 78630.9 85624.9


33/39


34/39

Multistep income statements

Orissa Power Generation Corpn. Ltd. Mar 2004 Mar 2006 Mar 2007 Mar 2008

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths

PBDITA 229.26 230.46 268.8 241.07

PBIT 169.94 171.32 208.09 182.55

PBT 147.57 161.75 201.62 178.25

PAT 136.23 147.85 181.53 161.29

Distribution of profits (%)

PBDITA 100 100 100 100

Depreciation & Amortisation 25.9 25.7 22.6 24.3

Financial charges 9.8 4.2 2.4 1.8

Tax 4.9 6.0 7.5 7.0

PAT 59.4 64.2 67.5 66.9


35/39

Mar 2009 Mar 2010

12 mths 12 mths

193.14 179.08

135.84 127.7

133.31 126.25

111.37 81.19

100 100

29.7 28.7

1.3 0.8

11.4 25.257.7 45.3


36/39

Trend Analysis

Orissa Power Generation Corpn. Ltd. Mar 2004 Mar 2006 Mar 2007

Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths

Net worth 633.08 632.47 797.07Paid up equity capital (net of forfeited capital) 490.22 490.22 490.22

Reserves & surplus 142.86 142.25 306.85

Total borrowings 126.26 76.31 51.34

Current liabilities & provisions 134.58 97.32 41.6

Total assets 893.92 831.09 932.68

Gross fixed assets 1130.51 1152.42 1155.36

Net fixed assets 488.19 394.5 336.84

Investments 0 0 0

Current assets 348.74 429.47 561.25

Loans & advances 55.8 3.68 28.02


37/39

Mar 2008 Mar 2009 Mar 2010

12 mths 12 mths 12 mths

958.35 949.29 1030.31490.22 490.22 490.22

468.13 459.07 540.09

31.32 17.75 9.01

53.35 73.18 52.04

1085.69 1084.98 1122.86

1181.39 1208.86 1234.81

305.51 276.01 250.83

0 0 0

771.08 732.59 794.99

3.83 3.39 11.39


38/39

Horizontal Analysis

Orissa Power Generation Corpn. Ltd. Mar 2009 Mar 2010 % Change

Rs. Crore (Non-Annualised) 12 mths 12 mths

-

Total income 465.04 457.52 1.62)Sales 399.6 401.4 0.45

Industrial sales 398.8 400.57 0.44

Income from non-financial services 0.8 0.83 3.75

Income from financial services 63.04 54.02 14.31)

Interest 63.04 54.02 14.31)

Dividends 0 0

Treasury operations 0 0

Other income 0.29 0.42 44.83

Prior period income & extraordinary income 2.11 1.68 20.38)

Change in stock 0 0

Total expenses 353.67 376.33 6.41

Raw material expenses 204.29 208.09 1.86

Packaging expenses 0 0

Purchase of finished goods 0 0

Power, fuel & water charges 1.75 1.31 25.14)

Compensation to employees 33.5 28.81 14.00)

Indirect taxes 6.55 6.2 5.34)

Royalties, technical know-how fees, etc. 0 0

Lease rent & other rent 0.44 0.56 27.27

Repairs & maintenance 3.8 2.45 35.53)

Insurance premium paid 0.52 0.51 1.92)

Outsourced mfg. jobs (incl. job works, etc.) 8.89 12.8 43.98

Outsourced professional jobs 2.93 2.29 21.84)

Directors' fees 0 0

Selling & distribution expenses 0.41 6.64 1519.51

Travel expenses 1.08 1.15 6.48

Communication expenses 0.25 0.36 44.00

Printing & stationery expenses 0.14 0.12 14.29)

Miscellaneous expenses 1.99 2.36 18.59

Other operational exp. of indl. enterprises 2.54 1.63 35.83)

Other oper. exp. of non-fin. service enterprise 0 0

Share of loss in subsidiaries/JVs,etc. 0 0

Lease equalisation adjustment 0 0

Loss on securitisation of assets/loans 0 0

Fee based financial service expenses 0.18 0.16 11.11)

Treasury operations expenses 0 0.03

Total provisions 0 0


39/39

Write-offs 1.59 0.01 99.37)

Less: Expenses capitalised 1.06 2.67 151.89

Less: DRE & expenses charged to others 0 0

Prior period & extraordinary expenses 2.11 5.63 166.82

Interest paid 2.53 1.45 42.69)

Financial charges on instruments 0 0

Expenses incurred on raising deposits/debts 0 0

Depreciation 57.3 51.38 10.33)

Amortisation 0 0

Provision for direct taxes 21.94 45.06 105.38

PAT 111.37 81.19 27.10)

PBDITA 193.14 179.08 7.28)

PBDTA 190.61 177.63 6.81)

PBT 133.31 126.25 5.30)

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