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Management Discussion  
NTPC Ltd.
 
BSE Code 532555
ISIN Demat INE733E01010
Book Value(Rs.) 106.75
NSE Code NTPC
Dividend Yield % 4.15
Market Cap(Rs. in millions) 1143233.64
P/E 10.74
EPS 12.91
Face Value(Rs.) 10  
Year End: March 2014
 

MANAGEMENT DISCUSSION AND ANALYSIS

NEW OPPORTUNITIES WITHIN AN INCREASINGLY CHALLENGING ENVIRONMENT

Sustained growth of the power sector is critical for achieving high economic growth targets of India. Government's focus on attaining "Power for All" has accelerated capacity addition in the country and at the same time it has resulted in increasing competition. The sector which historically had only a few central & state utilities, is now witnessing interest from many new and big players looking at investments across the value chain.

Large Scale Capacity Additions

Significant supply addition over the last few years has taken place in India. Almost 43% of the XII Plan target of 88537 MW (excluding Renewable Energy Sources, "RES") has been achieved in first two years.

The power developers have large capacity augmentation plans in the sector. The rate of capacity addition has risen from ~ 4 GW p.a. during the period 1992-93 to 2001-02 to ~9 GW p.a. during the period 2002-03 to 2011-12.

The rate of capacity addition has further gained pace and is expected to be maintained during XII and XIII Plan.

Segmentation of Generation Capacity

State Sector leads in terms of share of installed capacity with ~38% share, followed by Private Sector and Central Sector with ~ 34% and ~ 28% share respectively.

Conventional fuel sources dominate the power generation capacity mix of the country. The fuel mix in capacity as on March 31, 2014 is as under:

Within the thermal category as on 31.03.2014, ~ 86 % capacity is operating on coal, followed by ~13% on gas and remaining 1% on diesel (Source: CEA)

This scenario is expected to continue as the thermal capacity has the largest pie of ~61% of the capacity addition target for XII Plan (including RES) (Source: 12th Plan).

Generation Scenario

India's total generation during financial year 2013-14 was 967.15 Billion Units (BUs) as against 912.06 BUs in the brvious year, recording an increase of ~6%. The sector wise generation mix is as under:

The fuel mix in financial year 2013-14 has remained almost same as in the brvious financial year. Though the overall generation in the country has increased due to higher capacity, the Plant Load Factor of coal and lignite stations (PLF) has dwindled and fallen below the levels it was a decade back. The all India PLF over the years is reflected in chart below:

Demand, Supply and Consumption Trends

Demand, supply and consumption trends will be key in defining the future of Indian power sector. Of late power sector has been facing a reduction in demand. The energy and peak deficit which was more than 11% in financial year 2008-09 has dropped to 4.2% and 4.5% respectively in financial year 2013-14 (Source: CEA) The energy demand and supply trend for the last 10 years is as per chart below:

The fall in power demand could be a short term issue mainly arising from the industrial slowdown, lack of power procurement by utilities and seasonal fluctuations. Yet, the various stakeholders need to take a sharper look at the emerging demand scenario.

The long-term outlook for power demand remains strong. Low per capita consumption and expected growth of economy are pointers to the long-term energy requirement.

India ranks among the top 5 countries in terms of electricity generation and is the number 3 electricity generator amongst the BRICS countries next only to China and Russia. India lags China in generation by almost 5 times (Source: CEA, based on 2010 data and for India financial year 2011-12). However, India has lowest per capita electricity consumption among the BRICS nations. The all India per capita consumption of electricity in financial year 2012-13 was 917.18 kWh (provisional).

Per capita consumption 2010 (kWh)

The low per capita electricity consumption suggests a large latent demand in the country. With the exception of financial year 2013­14 the energy deficits and peak deficits during the past 10 years have remained generally in the range of 7% to 17%.

As per a recent World Bank report India has emerged as the third largest economy ahead of Japan, based on purchasing power parity. To sustain and achieve higher economic growth, the power sector has to grow in tandem.

Short Term Power Market

Short term power market accounts for ~9-11% of total generation. The total short term electricity transacted in financial year 2013-14 is approximately 104.64 BUs (provisional) as against 98.94 BUs in brvious financial year registering a moderate growth of 5.76% in absolute terms. The following chart shows the classification of short term transactions of electricity and percentage of such transactions of total generation:

The monthly weighted average price of power transacted in power exchanges ranged between f 1.89 to f3.74 per unit during financial year 2013-14 in IEX and PXIL, as compared to f2.34 to f4.71 per unit in financial year 2012-13. The fall in prices may be due to the impact of subdued demand in financial year 2013-14 (Source: CERC).

Strengthened role of Renewables in the sector

Renewables (excluding Hydro) currently comprise 12% of the total generation capacity. The growth of renewable sources

Renewable energy has been an important component of India's energy planning process since quite some time and is set to become a more significant part of the total energy space in India. Government has also formulated an Integrated Energy Policy covering all sources of energy including renewable energy sources. If all plans for renewable and other fuel sources are realized, this segment will account for 15-20% of the total installed capacity by end of XII Plan.

MNRE in its strategic plan has set Specific, Measurable, Achievable, Realistic, Time-Bound (SMART) Targets for grid interactive renewable power for 2011-17 and upto 2022. SMART target for grid connected renewable power capacity to be achieved by 2022 is 72400 MW with highest contribution of 38500 MW from wind energy followed by 20000 MW from Solar (Source: MNRE)

KEY ENABLERS IMPACTING THE SECTOR OUTLOOK

While the power sector is poised for a rapid growth, there are some critical enablers that need to fall in place to support the future of the industry.

1. Improving transmission network and transformer capacity

Establishment of a strong transmission capability is critical to achieving the ambitious growth in the power sector. Over the past few years, this has gained momentum.

Increasing voltage profile of network (765kv and HVDC lines) and improving frequency management would further strengthen the transmission network in India.

The inter-regional transmission capacity as on 31st March 2014 is 33950 MW and it is targeted to increase to 65550 MW by end of XII Plan (Source: CEA).

In December 2013, southern region was connected to central grid in synchronous mode with the commissioning of 765kV Raichur-Solapur Transmission line thereby achieving 'One Nation'-'One Grid'-'One Frequency' (Source: Power Grid).

However, congestion in transmission networks still remains a bottleneck, causing power plants to operate at sub optimal capacities. To address this issue, the Government has approved a Power System Development Fund (PSDF), the proceeds of which would be used for various system strengthening projects that would relieve grid congestion in inter and intra-state transmission system (Source: Ministry of Power).

2. Distribution brsents potential challenges

Power distribution is the final and a crucial link in the electricity supply chain and, unfortunately, the weakest one in the country. It assumes great significance as the segment has a direct impact on the sector's commercial viability.

¦ Losses in distribution :

Amongst the BRICS nations India has the highest Transmission and Distribution Losses.

The Aggregate Technical & Commercial (AT&C) loss in India for financial year 2011-12 was 27% (Source: CEA).

Financial turnaround of the distribution sector is essential for the commercial viability of the entire sector. In this direction, Government has introduced various measures.

¦ R-APDRP scheme focuses on reducing the national level AT&C losses to below 15%.

¦ Financial Restructuring Plan (FRP) has been notified to bail out the cash strapped State Discoms. Some states like Tamil Nadu, Rajasthan, Haryana , Uttar Pradesh, Himachal Pradesh have already started implementation of FRP.

¦ Integrated Rating Methodology for State Discoms has been formulated by the Ministry of Power which helps in identifying strengths and weakness of each utility and an opportunity to address the problems.

To ensure financial and operational turn around and long term sustainability of the state owned distribution licensee, Ministry of Power has formulated a Model State Electricity state Government to lay electricity distribution management statement on the measures taken in relation to distribution in each financial year during the budget session to the legislature. Bill also proposed 100% metering and consumer indexing to be achieved within three years, establishment of special courts for settling theft cases within a year if not set up. Distribution licensee will have to increase collection efficiency at 1.5% per year if it is between 95% to 99%, at 3% if between 90% and 95% and at 5% if between 80% and 90%.

3. Fuel Supplies

Coal is the most widely used fuel in the Indian power sector. As on 31.03.2014, nearly 60% of the country's total capacity is coal based and approximately 79% of the additional generating capacity (excluding RES) planned for XII plan is coal based.

The high relevance of coal for the power sector is also reflected by the fact, that nearly 3/4th of the total coal consumption in India is expected to be accounted for by the power sector by end of XII plan period.

The gap between demand and supply of coal is likely to be met through import of coal. The gap may further increase in case supply from captive blocks till financial year 2016-17 does not pick up and meet the estimates.

Coal Regulatory Authority, Fuel Supply Agreements and allocation of captive coal mining blocks are few important measures by the Government in the direction of addressing the issues faced by the sector.

Given the importance of coal to India's energy security, inability of India Inc to address the coal availability issue can be a major deterrent to power industry growth.

POLICY FRAMEWORK

The Indian power sector is governed by the Electricity Act, 2003 which provides the overall legislative framework for the sector.

Electricity Act, 2003 has promoted a liberal, transparent and enabling legal framework for development of the sector through creation of a competitive environment and at the same time protecting the interests of the consumers. The Electricity Act 2003 has enabled introduction of some path breaking initiatives in the sector such as de-licensing of power generation, introduction of Open Access in transmission and distribution, licensing for trading as a distinct activity, unbundling of the distribution sector etc.

Subsequent to the enactment of the Electricity Act 2003, some of the policies framed by the Central Government for overall development of the sector are as follows:

• National Electricity Policy, 2005

• Tariff Policy, 2006

• Rural Electrification Policy, 2006

• Hydro Power Policy, 2008

Various Initiatives of the Government

Besides these policies, some of the other major initiatives by Government of India are as follows:

a) Guidelines for tariff based competitive bidding

b) Development of Ultra Mega Power Projects

c) Allocation of captive coal blocks

d) Private sector participation in transmission sector

e) Jawaharlal Nehru National Solar Mission

f) R-APDRP

g) Establishment of the power exchanges

h) Promotion of renewable energy

i) Financial Restructuring Plan for discoms j) Demand Side Management Initiatives e.g.

i. National Mission for Enhanced Energy Efficiency

(NMEEE)

ii. Perform Achieve and Trade (PAT) Scheme

iii. Energy Conservation Building Code (ECBC)

Government has recently set up an Advisory Group for Integrated Development of Power, Coal and Renewable Energy headed by former Power Minister, Shri Suresh Prabhu.

Major Regulatory Developments in Financial Year 2013-14

The important regulatory developments of financial year 2013-14 are as follows:

1. Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations 2014 (Tariff Regulations).

CERC has issued the Tariff Regulations vide its notification No. L-1/144/2013/CERC dated 21.02.2014 applicable for the period from 01.04.2014 to 31.03.2019. The salient features of Tariff Regulations relating to thermal power plants are discussed as under:

¦ Recovery of fixed charges allowed at normative annual plant availability factor of 83% for all thermal plants till 31.03.2017. The provision shall be reviewed thereafter.

¦ Incentive on scheduled generation at the rate of f 0.50 per unit for excess energy delivered beyond the normative annual PLF of 85%.

¦ Recovery of Income Tax on Return on Equity will be done by grossing by actual effective tax rate.

¦ Coal based stations may opt to avail Special Allowance in lieu of renovation & modernisation which has been increased to Rs.7.5 lakh/MW/year w.e.f financial year 2014­-15, thereafter escalated at 6.35%.

¦ Water charges and capital spares have been excluded from the operation & maintenance expenses and allowed to the generators on actual basis.

¦ Sharing of savings in operational norms in the ratio of 60:40 between generator and beneficiaries has been introduced.

¦ Energy Charge shall be derived on the basis of the normative operational parameters, Gross Calorific Value (GCV) and landed fuel cost of the fuel for a generating station. GCV for the calculation of energy charge rate will be on 'as received basis'.

2. Central Electricity Regulatory Commission (Deviation Settlement Mechanism and related matters) Regulations, 2014

CERC has notified Deviation Settlement Mechanism and related matters, Regulations, 2014 on 06.01.2014, which has been made effective from 17.02.2014. This Regulation repeals the existing (Unscheduled Interchange charges and related matters) Regulations, 2009.

Some of the important features of these Regulations are as follows:

a. No overdrawal / under injection is permissible when the frequency is below 49.7 Hz. No over- injection is permissible when the frequency is above 50.10 Hz.

b. Charges shall be payable for over injection/under drawal and under injection/over drawal than the brscribed permissible limits by concerned generator/discom.

The new Regulations are expected to bring in grid discipline. The volume limits imposed on the allowed unscheduled deviation is likely to put restriction on the indiscriminate drawing of power by state discoms, as was seen in the past.

3. Central Electricity Regulatory Commission (Power System Development Fund) Regulations, 2014 (PSDF).

Cabinet had approved the operationalization of PSDF and the scheme for utilization of funds deposited therein. The scheme has been notified in June 2014. PSDF will be utilized for relieving congestion in inter-state and intra-state transmission systems, improvement of voltage profile in grid etc. National Load Dispatch Centre will be the nodal agency for implementation of the scheme.

LONG TERM OUTLOOK

The Indian power sector is at a stage that provides significant opportunities for growth and investment. However the environment is increasingly becoming challenging. There are many private small and mid- sized generators with interest only in a few projects. In line with a typical industry evolution, brsence of large number of small to mid-sized operators will accentuate the competitive intensity in the sector and also give opportunities for inorganic growth and attract Foreign Direct Investments.

The anticipated Energy Requirement and Peak Demand for financial year 2014-15 is ~1048.67 BUs and ~147.82 GW respectively which is expected to increase by ~3.5 times by financial year 2031-32 (Source: LGBR 2014-15 of CEA).

Long term demand outlook of electricity in India looks positive and adequately sums up the huge unlocked potential of the sector.

COMPANY OVERVIEW

Your Company's achievements have been recognized globally. NTPC is the No. 1 Independent Power Producer and Energy Trader Globally as per Platt Top 250 rankings 2013. As per Forbes Global 2000 rankings (Year 2014), we are No. 2 and No.16 among the Asian and global electric utilities respectively and No. 424 amongst the World's biggest public companies (Source: Website Platts and Forbes). Your Company is the largest power generating company in India with a substantial share in the country's capacity and generation.

Your Company has ambitious capacity plans. It intends to increase its capacity to 128 GW by 2032.

STRENGTHS

Operational Performance

The operating performance of the Company has been considerably above the national average. During the financial year 2013-14, your Company (NTPC Group) has generated ~26% of the country's total power generation with an installed capacity of ~18% of the nation's total installed capacity. Over the years, your Company has consistently operated at much higher operating efficiency as compared to All India operating performance.

In order to sustain the imbrssive operational efficiency levels, the Company's strategy includes:

1 Installation of on-line system such as Thermal Loss Analyzer (TLA) and System Energy Efficiency Display (SEED) for tracking and gap analysis of Heat Rates and Auxiliary Power consumption.

2 With the aim of improving system wide reliability, reducing maintenance costs and outages, SACS (Special Analytics & Computational Services) Centre has been established at its Engineering Office in Noida. It provides early warning of slowly evolving equipment problems to the remotely located plant personnel using state of the art technologies.

3Use of tools like IDAAS (Integrated Data Acquisition and Analysis System) for on-site efficiency evaluation and math-modeling tools like PEPSE (Performance Evaluation of Power System Efficiencies) for verifying equipment and system efficiencies, Steam path audit for estimation of solid particle erosion and efficiency of steam turbine components etc.

4 Enhancing quality of Plant Overhauls to target zero forced outage by design.

5 Implementation of Overhauling Performance Index for systematic and advanced planning of overhauls.

6 Creation of peer group knowledge teams for each equipment to harmonize the best practices at enterprise level.

7Use of a combrhensive Performance Evaluation Matrix (PEM) for relative evaluation of the performance of various power plants over a set of combrhensive performance indicators to create an environment of in-house challenge and competition.

8 Use of Process Interface (PI) System and PI System based applications for real time efficiency and loss calculations for ensuring early actions to minimize station losses.

Project Management

Your Company has adopted an integrated system for the planning, scheduling, monitoring and control of approved projects under implementation. To coordinate and synchronise all the support functions of Project Management it relies on a three-tiered project management system known as the Integrated Project Management Control System (IPMCS) which integrates its engineering management, contract management and construction management control centers. The IPMCS addresses all stages of project implementation from concept to commissioning.

Needless to say, that the identification of critical issues and their timely resolution is crucial for faster project implementation. To achieve this, your Company has established a state-of-the-art IT enabled Project Monitoring Centre (PMC) for facilitating fast track project implementation. The PMC facilitates monitoring of key project milestones and also acts as Decision Support System for the management. PMC is integrated enterprise-wide as a web based collaborative system to facilitate consolidation of project related issues and its resolution. Features like SMS based information delivery, real time video capture, storage & retrieval facility and video conference facility are extensively utilized for project tracking, issues resolution and management interventions on a regular basis.

Your Company has realised that there is a need to have an ERP platform which shall integrate all functions responsible directly or indirectly with project implementation and act as a tool to identify critical issues and continuously address them during project implementation phase itself. To achieve this, your Company has set up an integrated ERP platform for monitoring and controlling of critical project activities sbrad across various functions - engineering, contracts, finance and execution. This will help in decision support through timely identification of critical inputs and provide a holistic approach towards project implementation. The benefits expected to be accrued through the interface is focused monitoring of various inputs including drawings, materials and execution w.r.t. major project milestones.

Your Company has successfully effected standardization, bulk ordering of 660 MW and 800 MW units and EPC contracting to reduce engineering time and thereby reduce project execution time. 2 units of 800 MW each at Darlipalli, Odisha, have been awarded under bulk tendering during 2013-14 (with this, total 9 units of 660 MW each and 9 units of 800 MW each awarded under bulk tendering are under various stages of construction). 3 units of 660 MW each at North Karanpura, Jharkhand, and 1 unit of 500 MW at Unchahar, UP, have been awarded on EPC basis.

Long term Power Purchase Agreements (PPAs) with our customers & Payment Security Mechanism

Each of our stations has PPAs with its customers. Almost the entire output of NTPC's power stations has been contracted for under long-term PPAs. Due to existence of secured payment mechanism, NTPC has been able to realize its 100% dues for last eleven consecutive years.

Beyond 2016, the sales are secured through supplementary agreements with the customers under which the customers have agreed to create a first charge on their own receivables in our favour and in the event of a payment default assign such receivables into an escrow account.

Low Cost Producer

A lot of the NTPC's coal based stations are pit head stations which provides cost advantage to your Company as compared to its peers. The average cost of tariff for the financial year 2013-14 was f3.30/kWh. Low average tariff of your Company ensures less risk of power off-take.

Long-Term Fuel Security

Your Company implements projects only upon establishing availability of fuel. 'Maharatna' status provides high level of autonomy with regards to investments in backward integration and new fuel sources. Your Company's entire standalone commercial capacity as on 31.03.2014 is covered by long term coal supply agreements with Coal India Limited and Singareni Collieries Company Limited. Ten coal mining blocks have been allocated to your Company having estimated geological reserves of ~ 5 billion tonnes.

Integrated Business Model

Your Company's brsence across the value chain i.e. in coal mining, equipment manufacturing, power generation, power distribution, power trading and consultancy enables it to de-risk its main business.

Robust financials and systems

Your Company has strong financial systems in place. It believes in prudent management of its financial resources and strives to reduce the cost of capital. It has robust financials leading to strong cash flows which are being progressively deployed in generating assets. Your Company has a strong balance sheet coupled with low gearing and healthy coverage ratios. As a result, your Company has been able to raise resources for its capital expansion projects at very competitive interest rates. Your Company has been accorded AAA (Triple A) rating for domestic loans & bonds from CRISIL, ICRA and CARE. There have been 'NIL Comments' from Comptroller and Auditor General of India (CAG) for 5 consecutive years.

Sound Corporate Governance

NTPC's Corporate Governance philosophy is based on conscience, openness, fairness, professionalism and accountability. These qualities are ingrained in its value system and are reflected in its policies, procedures and systems. Your Company not only believes in adopting best corporate governance systems but also in proactive inclusion of public interest in its corporate priorities and has developed extensive social outreach programmes.

Human Resources

Your Company has a highly talented team of committed professionals and has been able to induct, develop and retain the best talent. The commitment of the employees is also reflected in terms of financial parameters such as sales per employee, PAT per employee, value added per employee etc. which have improved over the years. We have a pool of ~25,000 employees creating value for the Company. Over the years, NTPC has been consistently ranked among the best employers in brstigious surveys. NTPC has a very low executive attrition rate.

RISKS, CONCERNS AND THEIR MANAGEMENT

Ambitious capacity addition program brings number of challenges for the Company. We recognize that risks are not only inherent to any business but are also dynamic in nature. We are also susceptible to certain risks arising out of various activities undertaken in the normal course of our business. We have adequate measures in place to overcome/manage these risks.

Your Company has an elaborate Enterprise Risk Management framework in place. An Executive Director level Committee namely "Enterprise Risk Management Committee (ERMC)" has been entrusted with the responsibility to identify and review the risks, formulate action plans and strategies to mitigate risks on short term as well as long term basis.

The ERMC meets every quarter to deliberate on strategies. The ERMC has identified 26 key risks out of which following 8 have been classified as the top risks for the Company:

• Inadequate fuel supply

• Difficulties in acquisition of land

• Delay in execution of projects

• Risks related to coal mining

• Risks pertaining to Hydro Projects

• Compliance of emission, ash utilization and regulatory norms

• Sustaining efficient plant operations

• Risk of not getting schedule

These areas are being regularly monitored through reporting of key performance indicators of identified risks. Exceptions with respect to risk assessment criteria are reported regularly to the Board of Directors. Four meetings of Enterprise Risk Management Committee were held during the financial year 2013-14.

For faster approval and implementation of the action plans formulated by the ERMC, risk responsibility centers have been identified as under:

> Primary Risk responsibility: Head of projects suggest risk mitigation measures and after approval of the action plans, implement the same.

> Secondary Risk responsibility: Executive Directors formulate action plan and support the process of approvals.

> Overall Risk responsibility: Functional Directors are responsible for driving timely approvals of ERMC recommendations and monitoring of action plans for risk mitigation.

COMPETITION

Due to the gap between demand and supply in the Indian power sector, there has generally been a stable market for power generation companies in India.

Government of India has taken several policy measures which have provided an enabling environment for private investors to participate in power sector. With the entry of private players in power sector, the competition is expected to intensify. However, your Company is geared to face any competition. With proven in house engineering capabilities built over the years and wide ranging experience of project execution and with long term PPAs of over 100000 MW in place, we are confident that we shall be able to retain our leadership position in the industry. Further, our high operational efficiency enables us to sell power at competitive prices and achieve savings. We believe that our monitoring and maintenance techniques offer us a competitive advantage in an industry where reliability and maintenance costs are a significant determinant of profitability.

The share of private sector capacity has increased to ~83 GW which is ~34% of the total installed capacity of the country as on March 31, 2014. However, approximately 1/3rd of the total private sector capacity is rebrsented by RES having low capacity utilisation, the contribution of private sector to the generation was ~23% of total electricity generation in the financial year 2013-14.

Internal Control

To ensure regulatory and statutory compliance as well to provide highest level of corporate governance, your Company has robust internal systems and processes in place for smooth and efficient conduct of business and complies with relevant laws and regulations. A combrhensive delegation of power exists for smooth decision making which is being further reviewed to align it with changing business environment and speedier decision making. Elaborate guidelines for brparation of accounts are followed consistently for uniform compliance. In order to ensure that all checks and balances are in place and all internal control systems are in order, regular and exhaustive internal audits are conducted by experienced firms of Chartered Accountants in close co-ordination with the Company's own Internal Audit Department. Besides, the Company has two committees of the Board viz. Audit Committee and Committee on Management Controls to keep a close watch on compliance with Internal Control Systems.

A well defined internal control framework has been developed identifying key controls. The supervision of operational efficiency of designed key controls is done by Internal Audit. The framework provides elaborate system of checks and balances based on self assessment as well as audit of controls conducted by Internal Audit at process level. Gap Tracking report for operating efficiency of controls is reviewed by management regularly and action is taken to further strengthen the Internal Control System by further standardizing systems and procedures and implement process changes, wherever required, keeping in view the dynamic environment in which your Company is operating. The Internal Control Framework system brsents a written assessment of effectiveness of Company's internal control over financial reporting by the process owners; project/office heads to facilitate certification by CEO and CFO and enhances reliability of assertion.

FINANCIAL DISCUSSION AND ANALYSIS

A detailed financial discussion and analysis on Financial Statements is furnished below. Figures of brvious year have been regrouped/ rearranged wherever necessary. Reference to Note(s) in the following paragraphs refers to the Notes to the Financial Statements for the year 2013-14 placed elsewhere in this report:

The revenue of the Company comprises income from energy sales (net of electricity duty), consultancy and other services, interest earned on investments such as term deposits with banks, bonds (issued under One Time Settlement Scheme) and dividend income from subsidiary and joint venture companies and mutual funds. The total revenue for financial year 2013-14 is f 74,707.82 crore as against f 68,855.81 crore in the brvious year registering an increase of 8%.

The major revenue comes from energy sales. The tariff for computing energy sales is determined in terms of Central Electricity Regulatory Commission Regulations as notified from time to time which are briefly discussed below:

Tariff for computation of Sale of Energy

The Central Electricity Regulatory Commission (CERC) has issued Tariff Regulations for the period 2009-14 - Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2009. As per the Regulations, 2009, the tariff for supply of electricity comprises of two parts i.e. Capacity Charges for recovery of Annual Fixed Cost based on plant availability and Energy Charges for recovery of fuel cost. In addition, Regulations also provide for the recovery of certain miscellaneous charges. The CERC sets tariff for each stage of a station in accordance with the notified tariff regulations/norms.

Capacity Charges

The capacity charges are allowed to be recovered in full if plant availability is at least 85%. If the availability of the plant is lower than 85%, the capacity charges are recovered on a pro-rata basis based on normative parameters as specified in the said Regulations.

Energy Charges

Energy charges for the electricity sold are determined on the basis of landed cost of fuel applied on the quantity of fuel consumption derived on the basis of norms for heat rate, auxiliary power consumption, specific oil consumption etc.

Other Charges

Besides the capacity and energy charges, the other elements of tariff are:

• Cost of hedging in respect of interest and repayment of foreign currency loans and exchange rate fluctuations for the un-hedged portion of interest and repayment of foreign currency loans on a normative basis.

• The unscheduled interchange charge for the deviation in generation with respect to schedule, payable (or receivable) at rates linked to frequency brscribed in the regulation to bring grid discipline. The unscheduled interchange charge is payable (or receivable) at rates notified by the CERC from time to time.

• Deferred tax liability for the period upto 31.03.2009 on generation income is allowed to be recovered from the customers on materialization.

Each element of total revenue is discussed below:

Energy sales (including electricity duty)

Your Company sells electricity to bulk customers mainly, electricity utilities owned by State Governments as well as private discoms operating in States. Sale of electricity is made pursuant to long-term Power Purchase Agreements (PPAs) entered into with discoms.

Income from energy sales (including electricity duty) for the financial year 2013-14 was Rs.72,115.06 crore which constituted 97% of the total revenue. The income from energy sales (including electricity duty) has increased by 11% over the brvious year's income of Rs. 64,715.88 crore.

Further, the commercial capacity of 3830 MW comprising Unit#1 of 500 MW of Farakka-III, Unit#2 & 3 of 660 MW each of Sipat-I, Unit#2 of 500 MW of Simhadri-II, Unit#1 of 500 MW of Rihand-III, Unit#1 of 500 MW of Vindhyachal-IV, Unit#1 of 500 MW of Mouda-I and 5 MW of Solar PV capacity each at Dadri and Andaman & Nicobar Islands which were declared under commercial operation during the financial year 2012-13, were available for the entire financial year 2013-14 as compared to part of financial year 2012-13.

For the financial year 2013-14, billing to the beneficiaries was done according to the final/provisional tariff orders issued by the CERC for the period 2009-14, in line with the Regulations, 2009, for all the stations except four stations (i.e. Talcher Thermal Power Station, Vindhyachal-IV Unit #2, Rihand-III Unit #2 and Mouda-I Unit #2). For these four stations, the billing was done on provisional basis (Note 22 (a)). The amount billed for the year ended March 31, 2014 on this basis is Rs. 68,704.03 crore.

In respect of Talcher Thermal Power Station, the final tariff order under Regulations, 2009 has been issued on May 15, 2014 and the effect for the same will be accounted for in the subsequent year.

In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009 and Renewable Energy Regulations, 2009, sales have been recognised at Rs.66,209.42 crore after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at Rs. 3,386.70 crore on the basis of principles enunciated in the Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges (Note 22 (b)).

Sales include Rs. 2,086.82 crore pertaining to brvious years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (Note 22 (c)).

Sales also include (-)Rs. 269.99 crore on account of income-tax recoverable from the beneficiaries as per Regulations, 2004 (Note 22 (d)).

As per Tariff Regulations 2009, the deferred tax liability for the period up to March 31, 2009 whenever it materializes shall be recoverable from the beneficiaries. Accordingly, sales also include Rs. 77.02 crore on account of deferred tax materialized which is recoverable from beneficiaries (Note 22 (d)).

Sales also include electricity duty on energy sales amounting to Rs. 625.09 crore. The same has been reduced from sales in the statement of profit and loss.

The average tariff for the financial year 2013-14 is Rs. 3.30/kWh as against Rs.2.96/kWh in the brvious year. The average tariff includes adjustments pertaining to brvious years. If the impact of such adjustments were to be excluded, the average tariff would be Rs. 3.20/kWh in financial year 2013-14 as against Rs. 2.90/kWh in the brvious year.

There has been 100% realization of the dues within the stipulated time frame for the eleventh year in succession. All the beneficiaries have opened and are maintaining Letter of Credit equal to or more than 105% of average monthly billing as per One-Time Settlement Scheme (OTSS). In order to ensure prompt and early payment of bills for supply of energy to beneficiaries, your Company has formulated a rebate scheme by way of providing graded incentive for early payment based on the bill(s) raised on state utilities who are the members of NTPC's rebate scheme.

Under OTSS, tri-partite agreements are valid up to October 31, 2016. For the period beyond October 2016, the supplies to state utilities shall be covered by an escrow arrangement. The supplementary agreements signed with all state utilities have a provision of keeping a first charge on their revenue streams for supplies made by your Company. Under the supplementary agreement, the state utilities have agreed to provide payment security through execution of the hypothecation agreement and the default escrow agreement. Further, this will be over and above the LC requirement of 105% of average monthly billing. Moreover, NTPC can resort to regulation/diversion of power supply to third party at the risk and cost of defaulting utilities in case of non­payment of dues.

Consultancy and other services

Accredited with an ISO 9001:2000 certification, the Consultancy Division of your Company undertakes consultancy and turnkey project contracts for domestic and international clients in the different phases of power plants viz. engineering, project management, construction management, operation and maintenance of power plants.

During the year, Consultancy Division posted an income of Rs. 105.38 crore as against Rs. 121.51 crore achieved in the last financial year. In the financial year 2013-14, it has recorded a profit after tax of Rs. 19.23 crore as against Rs. 24.52 crore in the last financial year. A total of 19 orders valued at Rs.181.28 crore were secured by the division during the year.

Energy Internally Consumed

Energy internally consumed relates to own consumption of power for construction works at station(s), township power consumption, etc. It is valued at variable cost of generation and is shown in 'Revenue from Operations' with a debit to respective expense head under power charges. There is an increase of 9% in the value of energy internally consumed during the year over the brvious year due to increase in fuel cost.

Interest from Customers

CERC Regulations provides that where after the truing-up, the tariff recovered is less than the tariff approved by the Commission, the Company shall recover from the

Provisions written back

During the financial year 2013-14, the Company had written back provisions made in earlier years amounting to Rs.199.87 crore in comparison to Rs. 907.81 crore (which included write-back of Rs. 835.97 crore on account of settlement of dues of erstwhile DESU) in the financial year 2012-13. Provision written back includes a write back of Rs. 162.56 crore on account of tariff adjustments during the financial year 2013-14.

Other Income (Note 23)

'Other income' mainly comprises interest income from bonds issued under One Time Settlement Scheme (OTSS), income from term deposits with banks, mutual funds, dividend on equity investment in subsidiary and joint venture companies and miscellaneous income.

'Other income' in financial year 2013-14 was Rs. 2,688.89 crore as compared to Rs. 3,118.77 crore in the financial year 2012-13. Broadly, the break-up of other income is as under:

Interest income from OTSS bonds (including loan to State Government) for financial year 2013-14 is Rs. 409.39 crore as compared to Rs. 555.44 crore in financial year 2012-13. The reduction in interest income to the extent of Rs. 146.05 crore is due to redemption of OTSS bonds amounting to Rs. 1,622.46 crore and repayment of loan in lieu of settlement of dues to State Government amounting to Rs. 95.72 crore. The Company has earned income of Rs.1,667.65 crore during the financial year 2013-14 on account of term deposits made in banks and investments in mutual funds as against Rs. 1,952.14 crore earned last year. The income from investment in bank term deposits and mutual funds has registered a decline of 15% from last financial year which is attributed to decrease in earnings on account of lower interest rates/dividends as well as decrease in average annual investment from Rs.20,649 crore in financial year 2012-13 to Rs.18,213 crore in financial year 2013-14.

We have earned Rs. 73.90 crore as dividend from our investments in joint venture companies. Further, Rs.1.69 crore companies. Also, an amount of Rs. 642.21 crore has been earned from various other sources mainly consisting of sale of scrap Rs. 83.13 crore, surcharge received from customers f 76.66 crore, interest on income tax refunds Rs. 74.01 crore, net gain in foreign currency transactions & translations of Rs. 51.33 crore, interest from contractors Rs.44.57 crore, interest on loans to employees Rs. 30.67 crore and profit on redemption of current investments Rs. 28.53 crore and miscellaneous income of Rs. 215.31 crore etc.

The expenditure incurred on fuel, employee benefits expense and generation, administration and other expenses for the financial year 2013-14 was Rs. 54,241.55 crore as against the expenditure of f 48,669.89 crore incurred during the brvious year. In terms of expenses per unit of power produced, it was Rs. 2.33 per unit in financial year 2013-14 as against Rs. 2.11 per unit in financial year 2012-13. Component-wise, there has been an increase in all the components i.e. fuel cost, employee benefits expense and generation, administration and other expenses. The increase in commercial generation due to commercial operation of new units i.e. units declared under commercial operations during the year as well as units declared under commercial operation during financial year 2012-13 which were under operation for part of the brvious year as against under operation for full year during the current year has resulted in an additional operational expenditure of Rs.2,662.84 crore.

A discussion on each of these components is given below:

2.1.1 Fuel

Expenditure on fuel constituted 85% of the total expenditure relating to operations. Expenditure on fuel was Rs. 45,829.71 crore in financial year 2013-14 in comparison to Rs.41,018.25 crore in financial year 2012-13 rebrsenting an increase of

For the financial year 2013-14, the expenditure towards coal cost has increased, this is partly due to higher coal consumption on account of increase in coal based generation, partly due to higher average price of coal during the financial year 2013-14 as compared to brvious year and also due to payment of disputed amount to subsidiary companies of Coal India Limited on settlement of disputes. A part of expenditure is also attributable to higher blending ratio of costlier imported coal.

As against the increase in average coal price, the average price of gas has decreased. However, the average price of other component of fuel cost i.e. oil and naphtha have also shown an increase during the financial year 2013-14 as compared to the prices of brvious year.

An increase of Rs. 2,229.75 crore is attributable to new commercial capacity added during the year as well as on commercial capacity added during brvious year which was operational for part of the brvious year as compared to full year operations during the current year.

Over all, fuel cost per unit generated increased to Rs. 1.97 in financial year 2013-14 from Rs. 1.78 in financial year 2012-13.

Further, an amount of Rs. 1,055.14 crore is recognized as Contingent liability taking into account the settlements reached with subsidiary companies of CIL in respect of difference between the amount billed by the coal companies and the payment released by NTPC Ltd. (refer Notes 32 and 52(a)(iii)). The Company expects possible reimbursement of Rs. 1,055.14 crore against the Contingent liability in terms of CERC Regulations, 2009.

The power plants of the Company use coal and natural gas as the primary fuels. Oil is used as a secondary fuel for coal-fired plants and naphtha as an alternate fuel in gas-fired plants. Under the tariff norms set by the CERC, your Company is allowed to pass on fuel charges through the tariff, provided the Company meets certain operating parameters. The Company purchases coal under the long term coal supply agreements with subsidiaries of Coal India Limited (CIL) and with Singareni Collieries Company Limited (SCCL). Based on the revised model Coal Supply Agreement (CSA) signed with CIL on May 29, 2009, the Company has CSAs in place for all its units commissioned (23895 MW) before 31.03.2009. The CSAs are valid for 20 years and have a provision for review after every 5 years. The Annual Contracted Quantity (ACQ) under these CSAs signed with the subsidiary coal companies of CIL and with SCCL is 124.90 Million Metric Tonnes (MMT).

In respect of units commissioned after March 2009 and scheduled to be commissioned till March 2015, Model CSA was finalized between NTPC and CIL in June 2013 for the capacity of 14010 MW for an ACQ of 58.639 MMT for NTPC power stations as well as stations under Joint ventures and Subsidiary Companies. This included 9620 MW for NTPC's stations with an ACQ of 39.671 MMT and 4390 MW for stations under NTPC's Joint Ventures and Subsidiary Companies with an ACQ of 18.968 MMT. Subsequently, CSAs have been signed with subsidiary companies of CIL during July 2013 to September 2013.

In order to ensure uninterrupted supply of coal to its power stations, your Company during the financial year 2013-14 continued to source coal through bilateral arrangements as well as e-auctions.

The various bilateral agreements signed during the year are as under:-

(i) 3.50 MMT signed with SCCL, the negotiated price is at a brmium of Rs. 1,026/MT over SCCL's revised notified price.

(ii) 0.30 MMT of "A" grade coal signed with North Eastern Coalfields Limited. This quantity is over and above the annual linkage quantity to Farakka at notified prices.

(iii) 5.0 MMT signed with Eastern Coalfields Limited. The negotiated coal price for this agreement is sum of grade-wise weighted average e-auction price for 2012-13 as base price plus statutory and other charges.

During the year 2013-14, your Company participated in 40 e-auctions announced by various coal subsidiaries of CIL. Against these e-auctions 4.762 MMT of coal was allotted to the Company.

In addition to these arrangements of procuring domestic coal, your Company is also having arrangements for procuring imported coal, to meet the shortfall in coal supply from domestic sources. Your Company has adopted multiple packaging concept for awarding imported coal contract based on geographical location of power stations by inviting bids under International Competitive Bidding basis. During the financial year 2013-14, award has been placed for 7.825 MMT of imported coal with the provision for a variation of (+/-) 10%.

During the financial year 2013-14, coal based stations consumed 158.57 MMT of coal as against 155.07 MMT consumed in the financial year 2012-13. This included 10.39 MMT of imported coal as compared to 9.23 MMT imported in financial year 2012-13.

Your Company sources gas domestically under an administered price mechanism regime. The main gas supplier is GAIL. Gas prices are fixed by the Ministry of Petroleum and Natural Gas (MoP&NG).

The Company has Gas Sales and Transmission Contracts with GAIL for supply of Administered Price Mechanism (APM) gas and Panna Mukta Tapti (PMT) gas to Anta, Auraiya, Dadri, Faridabad, Kawas & Gandhar for a combined quantity of 14.48 Million Metric Standard Cubic Meter per Day (MMSCMD). The validity of the APM gas agreements is upto July 6, 2021 while the PMT gas agreements are valid upto December 21, 2019. As per the terms of these agreements, the gas price is regulated in terms of the Government pricing orders issued from time to time. The brsent applicable price of APM/PMT gas (at APM price) inclusive of royalty is US$ 4.2/ MMBtu (Million Metric British Thermal Units) as per GoI order dated 31.05.2010. The total quantity of APM & PMT gas supplied during 2013-14 was around 2300 MMSCM (Million Metric Standard Cubic Meter).

A long term agreement has been signed by your Company with GAIL for supply of 2.0 MMSCMD RLNG on firm basis and 0.5 MMSCMD on fallback basis for the NCR stations viz. Anta, Auraiya, Dadri & Faridabad valid upto 2019. The price is as declared on a monthly basis by Petronet LNG Ltd. as per the directives of GoI on "Pooled Price" basis. Around 57 MMSCM of RLNG was supplied by GAIL during the year 2013-14 under this agreement.

Your Company has tied up GoI allocated 0.82 MMSCMD non-APM gas of ONGC (through GAIL) for Western Region stations (Kawas & Gandhar). The contract is valid till 17.11.2016. Around 154 MMSCM of non-APM gas was supplied by GAIL during the year 2013-14.

Further, in line with MoP&NG guidelines for "Clubbing/ diversion of gas between two or more power plants" and with the approval of Ministry of Power, NTPC entered into arrangement with GAIL for flexibility of diversion of APM/PMT and Non-APM gases between its gas stations in National Capital Region (NCR) and Western Region (WR) on daily basis. The diversion commenced w.e.f. 26.06.2013. With the diversion of unutilized gas from NTPC's WR stations to NCR stations, additional 1.86 BUs (approx.) of electricity has been generated at NCR gas stations during financial year 2013-14.

Government of India has allocated 4.46 MMSCMD of KG D6 gas for NTPC's NCR stations viz. Anta, Auraiya, Dadri & Faridabad. Gas Supply & Purchase Agreements (GSPAs) have been signed with Reliance Industries Ltd. (RIL) and its JV partner Niko and BPEAL for the supply of 2.30 MMSCMD of this gas which was valid till March 2014.

The balance quantity could not be contracted due to various reasons attributable to RIL. The agreements were valid till 31.03.2014. RIL has forwarded a Term Sheet for supply of KG D6 gas beyond 31.03.2014 which is currently under discussion. EGOM / MOP&NG have given directive to RIL to supply gas as per sectoral priority basis. As per this priority, fertilizer and LPG sectors have been given higher priority above power sector. As the current level of gas production from KG D6 fields is not even adequate for fertilizer and LPG sector, no KG D6 gas is available for Power sector (including NTPC gas stations) since March 2013. The pricing of this gas is as decided by the Empowered Group of Ministers (EGOM) which at brsent is US$ 4.20 /MMBtu.

To meet the shortfall in supply of Gas, NTPC procures Spot RLNG on limited tender basis from domestic suppliers and on 'Single Offer' basis from public sector gas marketing companies. During the year 2013-14, twelve rounds of limited tendering and six rounds of Single Offer basis have been conducted. The approximate delivered price for these supplies ranged between US$ 16.96/MMBtu to US$ 26.19 /MMBtu across NTPC's gas based stations which has been off-taken strictly in the ascending order of prices. These RLNG supplies are being contracted on reasonable endeavour basis with no penalty on either party for short supply / short off take.

Your Company tied up approximately 1553 MMSCM of Spot RLNG during the year 2013-14 against which approximately 0.35 MMSCM was off-taken.

During the financial year 2013-14, 6.87 MMSCMD of gas was received, which includes 6.72 MMSCMD of APM/PMT/Non APM gas and 0.15 MMSCMD of Long Term RLNG. Gas received during 2012-13 was 10.67 MMSCMD.

Rajiv Gandhi Combined Cycle Power Project (RGCCPP), Kerala generates power on naphtha as no gas supply is available. Besides RGCCPP, other gas based stations also used naphtha depending upon the demand from customers and schedule from load dispatch centres. During the financial year 2013-14, 0.167 million MT of naphtha was consumed as against 0.267 million MT in the brvious year.

2.1.2 Employees benefits expense (Note 24)

Employees' remuneration and benefits expenses include salaries and wages, bonuses, allowances, benefits, contribution to provident and other funds and welfare expenses.

Employees benefits expense have increased by 13% from Rs. 3,415.96 crore in financial year 2012-13 to Rs.3,867.99 crore in financial year 2013-14. The increase is mainly due to implementation of defined contribution pension scheme effective from 01.01.2007. An amount of Rs. 346.56 crore is paid as additional contribution for the period from 01.01.2007 to 31.03.2013 (refer Note 24(c)) under the scheme.

Of the total increase in employees benefits expense, an increase of Rs. 160.65 crore is attributable to new commercial capacity added during the year as well as on commercial capacity added during brvious year which was operational for part of the brvious year as compared to full year operations during the current year.

In terms of expenses per unit of generation, it is Rs. 0.17 in financial year 2013-14 as compared to f 0.15 in brvious financial year. These expenses account for approximately 7% of operational expenditure in financial year 2013-14.

2.1.3 Generation, Administration and Other Expenses

(Note 26)

Generation, administration and other expenses consist primarily of repair and maintenance of buildings, plant and machinery, power and water charges, security, insurance, training and recruitment expenses and expenses towards travel, communication and provisions. These expenses are approximately 8% of operational expenditure in financial year 2013-14. In absolute terms, these expenses increased to Rs. 4,543.85 crore in financial year 2013­14 from Rs. 4,235.68 crore in financial year 2012-13 registering a increase of 7%. In terms of expenses per unit of generation, it is Rs. 0.19 in financial year 2013-14 as compared to Rs. 0.18 in brvious financial year. An increase of Rs. 272.44 crore is on account of new commercial capacity added during the year as well as on commercial capacity added during brvious year which was operational for part of the brvious year as compared to full year operations during the current year.

Repair & maintenance expenses constitute 41% of total generation, administration and other expenses and have increased to Rs. 1,853.18 crore from Rs. 1,767.88 crore in brvious year, resulting in an increase of 5%.

In addition, there is an increase of 247% towards Load dispatch centre charges from Rs. 41.66 crore in financial year 2012-13 to Rs. 144.40 crore in financial year 2013-14. This is on account of fees and charges for Unified Load Dispatch & Communication Scheme in terms of CERC orders issued during the financial year 2013-14.

During the financial year 2013-14, the Company had made provisions amounting to Rs. 156.36 crore. This includes a provision of Rs. 121.32 crore towards tariff adjustments, Rs. 10.34 crore towards obsolescence in stores, Rs. 7.36 crore towards unfinished minimum work programme for oil and gas exploration, Rs. 6.63 crore towards unserviceable capital work-in-progress and Rs. 0.02 crore towards permanent diminution in the value of investment by the Company in one of its joint venture company i.e. National Power Exchange Limited.

Interest on borrowings (including interest during construction) has increased by 13% over last financial year due to increase in long term borrowings (net of repayment) during the year by Rs. 9,023.92 crore. In addition, the average cost of borrowing has marginally increased to 7.8073% in financial year 2013-14 from 7.8008% in brvious financial year. The marginal increase is on account of higher rate of interest on new borrowings.

The 'Other borrowing costs' have increased by 34% from Rs. 114.57 crore in financial year 2012-13 to Rs. 153.56 crore in financial year 2013-14. The increase is mainly due to export credit guarantee brmium on new foreign currency borrowings and expenses made towards issuance of tax free bonds.

For the financial year 2013-14, an amount of Rs. 2,488.85 crore relating to finance costs of projects under construction was capitalized while the corresponding amount for the brvious year was Rs. 2,101.90 crore. Thus, finance costs capitalized registered an increase of 18%. In addition Rs. 78.04 crore has been capitalized in respect of development of coal mines as against Rs. 46.52 crore in brvious year.

2.3 Debrciation and amortization expense (Note 12)

The debrciation and amortization expense charged to the profit and loss account during the year was f 4,142.19 crore as compared to Rs. 3,396.76 crore in financial year 2012-13, registering an increase of 22%. This is due to increase in the gross block by Rs. 13,746.36 crore i.e. from Rs. 1,03,245.70 crore in the brvious financial year to Rs.1,16,992.06 crore in the current financial year. The increase in gross block is largely on account of increase in commercial capacity by 1565 MW resulting in additional capitalization on account of commercial declaration of new units as detailed above under "Energy Sales". The debrciation on new units capitalized during the year is on pro-rata basis. Further, debrciation for Unit#1 of 500 MW of Farakka-III, Unit#2 & 3 of 660 MW each of Sipat-I, Unit#2 of 500 MW of Simhadri-II, Unit#1 of 500 MW of Rihand-III, Unit#1 of 500 MW of Vindhyachal-IV, Unit#1 of 500 MW of Mouda-I and 5 MW of Solar capacity each at Dadri and Andaman & Nicobar Islands has been charged for the entire financial year 2013-14 as against a pro-rata charge during the financial year 2012-13. The impact on debrciation on this account for the financial year 2013-14 is Rs. 511.26 crore.

As per the accounting policy of the Company, debrciation business, is charged on straight line method following the rates specified in Schedule XIV of the Companies Act, 1956.

In case of certain assets, the Company has continued to charge higher debrciation based on technical assessment of useful life of those assets.

2.4 Prior Period Items (net)

Certain elements of income and expenditure have been charged to the profit and loss account relating to brvious years. For the financial year 2013-14 a net amount of Rs. 12.84 crore was booked as prior period expense whereas in the financial year 2012-13 a net amount of f 29.72 crore was accounted as prior period income.

4 Tax Expense

The Company provides for current tax and deferred tax computed in accordance with provisions of Income Tax Act, 1961.

Under Tariff Regulations, 2009, w.e.f. April 01, 2009, income tax is recoverable on normative basis as return on equity following the applicable rate of tax for respective year. The actual income tax liability, if any (more or less than the normative) is to be borne by the Company. Accordingly, provision for current tax has been computed at the applicable rate of 33.99% for the financial year 2013-14.

The deferred tax liability related to the period upto March 31, 2009 is recoverable from customers as and when the same materializes. However, the deferred tax liability/asset for the period after April 01, 2009 is to the account of the Company.

Provision for Current tax

A provision of Rs.2,793.60 crore has been made towards current tax for the financial year 2013-14 as against the provision of Rs. 3,680.84 crore made in financial year 2012-13. The decrease in current tax of Rs. 887.24 crore is primarily on account of decrease in profit.

Provision for Deferred tax

The deferred tax liability arisen during the year on account of timing difference is Rs.136.31 crore as against the provision of Rs. 278.40 crore made in financial year 2012-13, a decrease of Rs. 142.09 crore was due to lower capitalisation in financial year 2013-14 as compared to brvious year.

5 Profit After Tax

6 Segment-wise Performance

For the purpose of compiling segment-wise results, the business of the Company is segregated into 'Generation' and 'Other Business'. The Company's principal business is generation and sale of bulk power. Other business includes providing consultancy, project management and supervision, oil and gas exploration and coal mining.

The profit before unallocated corporate expenses/ other income, interest and taxes, in the generation business for the financial year 2013-14 was Rs. 14,974.80 crore as against Rs. 16,645.05 crore for financial year 2012-13. The profit before unallocated corporate expenses/ other income, interest and taxes from 'Other Business' rebrsented by income from consultancy, coal mining and oil exploration was Rs. 16.23 crore for financial year 2013-14 as against Rs. 16.14 crore for the brvious financial year. (Note 41)

 

BUSINESS AND FINANCIAL REVIEW OF SUBSIDIARY COMPANIES

Your Company has four subsidiary companies as at 31.03.2014 out of which two are wholly owned. During the year, Ministry of Corporate Affairs (MCA) has accorded approval for the Scheme of Amalgamation of NTPC Hydro Ltd. (NHL), a wholly owned subsidiary of NTPC Ltd. engaged in the business of setting up small hydro power projects, with NTPC Ltd. effective from 18.12.2013. As per the Scheme and order of MCA, all assets and liabilities of NHL have been transferred to and vested in the Company w.e.f. 01.04.2013. The Company followed 'Pooling of Interests Method' to reflect the amalgamation. Consequent to the amalgamation, the shares of NHL held by the Company were cancelled and all assets and liabilities of NHL became the assets and liabilities of the Company. Since NHL was a wholly owned subsidiary of the Company, no issue of shares or payment towards purchase consideration was made and no goodwill or capital reserve was recognised on amalgamation.

A summary of the financial performance of the subsidiary companies and the dividend received/proposed for the financial year 2013-14 from them based on their audited results is given below:

The detailed financial statements of the subsidiaries are included elsewhere in this Annual Report. The performance of the four subsidiaries is briefly discussed here:

(a) NTPC Electric Supply Company Limited (NESCL)

The Company was formed on 21.08.2002 as a wholly owned subsidiary company of NTPC with an objective to make a foray in the business of distribution and supply of electrical energy as a sequel to reforms initiated in the power sector. NESCL is working broadly in the following areas:

• Implementation of turnkey projects under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY).

• Provision of supply of electricity in 5 Km area around NTPC power stations.

• Turnkey execution of sub-stations for utilities.

• Project management consultancy assignments.

• Retail distribution of power in various industrial parks developed by Kerala Industrial Infrastructure Development Corporation (KINFRA), SEZs and other industrial areas. For this purpose a Joint Venture company KINESCO power & utilities Pvt. Ltd has been formed.

Under RGGVY, NESCL is carrying out the implementation in 29 districts in 5 states (Madhya Pradesh, Chhattisgarh, Odisha, Jharkhand and West Bengal). During the financial year 2013-14, 443 Un-electrified/De-electrified (UE/DE) villages have been energized and work of 1,429 partially electrified (PE) villages have been completed. Further, during the year, electricity connections have been provided to 24,742 Below Poverty Line (BPL) rural households.

The company is also involved in providing supply of electricity in 5 Km area around NTPC power plants under a Govt. of India scheme. Out of the eight awarded projects work has been completed in four projects in financial year 2013-14 and in the balance four projects it is expected to complete the work shortly.

Joint venture of NESCL

KINESCO Power & Utility Pvt. Ltd. is a 50:50 JV Company of NESCL with KINFRA (Kerala Industrial Infrastructure Development Corporation) to take up retail distribution of power in various industrial parks developed by KINFRA in Kerala and other SEZs and industrial areas. The JV Company took over the operations from 01.02.2010. During the financial year 2013-14 total sale of energy is 65.00 MUs with sales of Rs. 40.06 crore.

As at 31.03.2014, the paid up share capital of the Company is Rs.0.10 crore and Rs. 0.26 crore of share application money is pending for allotment. NESCL holds 50% of share capital amounting to Rs. 0.05 crore and entire Rs. 0.26 crore of share application money pending allotment.

(b) NTPC Vidyut Vyapar Nigam Limited (NVVN)

The Company was formed on 01.11.2002 as a wholly owned subsidiary company of NTPC with an objective to undertake business of sale and purchase of electric power. During the year 2013-14, the Company transacted business with various state electricity boards sbrad all over the Country and traded 9,322 MUs of electricity in comparison to 8,382 MUs traded in the brvious year resulting in increase of 11% over the brvious year.

NVVN is the designated nodal agency for purchase of grid connected solar power upto 1,000 MW as a part of phase-I (2009-2013) of Jawaharlal Nehru National Solar Mission (JNNSM) and for sale of such power to distribution utilities after bundling with equivalent megawatt of the unallocated power at the disposal of Govt. of India from NTPC's coal power stations. Till March 2014, 568 MW of solar PV capacity has been commissioned of which 518 MW capacity is solar PV and 50 MW is solar thermal.

4,390 MUs of solar bundled power in comparison to 1,595 MUs traded in brvious year.

NVVN has also been designated as the Nodal Agency for cross border power trading with Bangladesh and Bhutan. In terms of PPA signed between NVVN and Bangladesh Power Development Board for 250 MW power allocated from NTPC stations, power supply to Bangladesh has commenced from 05.10.2013 and till March 2014, NVVN has supplied 861 MUs to Bangladesh.

(c) Kanti Bijlee Utpadan Nigam Limited (KBUNL)

A Company named 'Vaishali Power Generating Company Ltd.' was incorporated on 06.09.2006 as a subsidiary of NTPC to take over Muzaffarpur Thermal Power Station (2 x 110 MW). The Company was rechristened as 'Kanti Bijlee Utpadan Nigam Limited' on 10.04.2008. The equity contribution in the Company as at 31.03.2014 is 65% by NTPC and 35 % by Bihar State Power Generation Co. Ltd. (BSPGCL).

Unit-1 of110MWis under operation w.e.f. 01.11.2013 after completion of renovation & modernization (R&M). R&M of Unit-2 of 110 MW is being carried-out by BHEL.

For expansion under stage II (2x195 MW), out of 31 packages, 28 packages have been awarded upto 31.03.2014. Boiler Hydro test of unit # 4 has been completed. TG erection of Unit # 4 has started on 30.09.2013.

As at 31.03.2014, the paid up share capital of the Company is Rs. 727.69 crore and Rs.71.46 crore of share application money is pending for allotment which includes f 473.00 crore and f 39.51 crore respectively as the share of NTPC Ltd.

(d) Bhartiya Rail Bijlee Company Limited (BRBCL)

BRBCL was incorporated as a subsidiary of NTPC on 22.11.2007 having equity participation of 74:26 by NTPC Ltd. and Ministry of Railways, Govt. of India respectively for setting up of 4 units of 250 MW each of coal based power plant at Nabinagar, district Aurangabad, Bihar.

BUSINESS AND FINANCIAL REVIEW OF JOINT VENTURE COMPANIES

Your Company has interests in the following joint venture companies. Proportion of ownership, financial performance of the companies during the year and the dividend received/ proposed for the financial year 2013-14 from them based on results are given below:

As may be seen, out of the 21 joint venture companies, 9 companies listed at Sl. No 1 to 6, 9, 15 and 16 are operational with 8 of them registered an aggregate profit of Rs. 767.68 crore and balance 1 company (NTECL) has suffered a loss of Rs. 25.32 crore in the current financial year.

a) Utility Powertech Limited (UPL)

UPL is a 50:50 joint venture company of NTPC and Reliance Infrastructure Limited formed to take up assignments of construction, erection and supervision in power sector and other sectors in India and abroad as well as to provide man power to power, telecom and other sectors.

For the financial year 2013-14, the company has paid interim dividend of Rs. 5.00 crore and also proposed a final dividend of Rs. 9.00 crore. NTPC's share of total dividend is f 7.00 crore.

b) NTPC-SAIL Power Company Pvt. Limited (NSPCL)

NSPCL, a 50:50 joint venture company of NTPC and SAIL was incorporated on 08.02.1999 for running the captive power plants of SAIL at Durgapur, Rourkela and Bhilai.

NSPCL owns and operates a capacity of 814 MW mostly as captive power plants for SAIL's steel manufacturing facilities located at Durgapur, Rourkela and Bhilai. During the year 2013-14, captive power plants (314 MW) of NSPCL recorded generation of 2,529 MUs at 91.94% PLF. Further, Bhilai Expansion (2X250MW) achieved 82.81% PLF and generated 3,627 MUs.

c) NTPC-ALSTOM Power Services Private Limited (NASL)

NASL is a 50:50 joint venture company between NTPC Limited and Alstom Power Systems GmbH, Germany. The Company was formed on 27.09.1999 for taking up Renovation & Modernization assignments of power plants both in India and SAARC countries. Besides the above business segment the Company has ventured into other areas such as BOP services, project management services, electrical substations, plant assessment studies and O&M services.

During the year 2013-14, the Company has received orders to the tune of Rs. 49.39 crore and has posted revenue from operations of Rs. 32.15 crore.

As at 31.03.2014, the paid up share capital of the Company is Rs. 6.00 crore with 50% being contributed by your Company. The Company proposed the final dividend of Rs. 0.93 crore for the year 2013-14 of which NTPC's share is Rs.0.47 crore.

d) NTPC Tamil Nadu Energy Company Limited (NTECL)

NTECL Ltd. was formed as a 50:50 joint venture between NTPC and Tamilnadu Generation and Distribution Company (TANGEDCO)

on 25.05.2003 to develop and operate 1500 MW power project at Vallur. The project is named as Vallur Thermal Power Project and is using facilities of Kamarajar Port (earlier known as Ennore Port Ltd.) for coal receipt and common facilities of NCTPS for water requirement.

Unit-I (500 MW) of the project was commissioned on 28.03.2012 and declared commercial on 29.11.2012. Unit- II (500 MW) was commissioned on 28.02.2013 and declared commercial on 25.08.2013. Unit- III (500 MW) of the project was commissioned on 28.02.2014 and is yet to be declared commercial. For the year 2013-14, gross generation and commercial generation for the station was 3,978 MUs and 3,810 MUs respectively.

The paid up share capital of the Company is Rs.2,531.21 crore and out of this, 50% had been contributed by NTPC Ltd. Further, as at 31.03.2014, the amount of share application money pending for allotment is Rs. 119.99 crore out of which Rs. 59.99 crore pertains to NTPC.

e) Ratnagiri Gas and Power Pvt. Limited (RGPPL)

RGPPL was formed in July 2005 as joint venture between NTPC and GAIL as promoters and MSEB Holding Co. Ltd. and Indian Financial Institutions as other equity participants for taking over and operating erstwhile Dabhol Power Project assets consisting of 1967 MW gas based combined cycle power block and 5 MMTPA LNG block. As on 31.03.2014, the shareholding of JV partners is as under:

The beneficiaries of the power block are Maharashtra (95%), Daman & Diu (2%), Dadra & Nagar Haveli (2%) and Goa (1%).

The power block, spearheaded by NTPC, has been fully revived and under commercial operation since 19.05.2009. During financial year 2013-14, the power block operated at 8.74% PLF due to inconsistent domestic gas supply from KG-D6 basin and no schedule from the beneficiaries on alternative fuel, RLNG. RGPPL has trade receivables of Rs. 1,375.03 crore (provisional and unaudited) as on 31.03.2014. The Company has taken up with GoI for making available the required quantum of domestic gas as a long term viable solution for the project.

The LNG terminal commenced regasification operations in

RGPPL has entered long term agreement with GAIL for commercial utilization of the terminal and tolling operations. A total of 9 cargoes were successfully received at LNG terminal during the financial year 2013-14.

f) Aravali Power Company Private Limited (APCPL)

APCPL (A joint venture company of NTPC Ltd., Indraprastha Power Generation Co. Ltd. [IPGCL] of Delhi Govt. and Haryana Power Generation Corp. Ltd. [HPGCL] of Haryana Govt. has set up Indira Gandhi Super Thermal Power Project of 1500 MW (3x500 MW), coal fired power plant, in Jhajjar District of Haryana.

All the three units i.e. Unit-I, Unit-II and Unit-III of the plant are under commercial operation w.e.f. from 05.03.2011, 21.04.2012 and 26.04.2013 respectively.

g) NTPC-SCCL Global Venture Pvt. Ltd (NSGVPL)

NTPC Limited along with Singareni Collieries Company Limited formed a 50:50 joint venture company under the name 'NTPC-SCCL Global Ventures Private Limited' on 31.07.2007 to undertake various activities in coal and power sectors including acquisition of coal/lignite mine blocks, development and operation of integrated coal based power plants and providing consultancy services. Both NTPC and SCCL hold 50% equity each.

As at 31.03.2014, the paid up share capital of the Company is f 0.10 crore, out of which 50% has been contributed by your Company.

h) Meja Urja Nigam Private Limited (MUNPL)

This JV Company was formed with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) on 02.04.2008 for setting up a power plant of 1320 MW (2X660 MW) at Meja Tehsil in Allahabad district in the state of Uttar Pradesh. At brsent both units are under construction.

As at 31.03.2014, the paid up share capital of the Company is Rs.  824.86 crore and out of this, 50% has been contributed by NTPC Ltd.

i) NTPC BHEL Power Projects Pvt. Ltd. (NBPPL)

NBPPL was formed on 28.04.2008 as a JV Company with Bharat Heavy Electrical Ltd (BHEL) for carrying out Engineering Procurement and Construction (EPC) activities in the power sector and to engage in manufacturing and supply of equipment for power plants and other infrastructure projects in India and abroad.

NBPPL has currently 4 EPC orders under execution - Palatana 2x363.3 MW Combined Cycle Power Plant, Namrup 1x100 MW Combined Cycle Power Plant, Monarchak 1x100 MW Combined Cycle Power Plant and 1x 500 MW Thermal Power Plant at Unchahar. NBPPL is setting up a manufacturing plant at Mannavaram (Andhra Pradesh) for CHP & AHP.

As at 31.03.2014, the paid up share capital of the Company is Rs. 100.00 crore, out of this, 50% has been contributed by your Company.

j) BF-NTPC Energy Systems Limited (BFNESL)

BF-NTPC Energy Systems Limited was formed on 19.06.2008 with Bharat Forge Limited to establish a facility to take up manufacturing of castings, forgings, fittings and high brssure piping required for power projects and other industries, Balance of Plant (BoP) equipment for the power sector including technological/ strategic tie-ups.

As at 31.03.2014, the paid up share capital of the Company is Rs.  12.00 crore with 49% i.e. Rs. 5.88 crore being contributed by NTPC Ltd.

k) Nabinagar Power Generating Company Private Limited (NPGCL)

'Nabinagar Power Generating Company Private Limited' was incorporated as a JV Company on 09.09.2008 with equal equity contribution from erstwhile Bihar State Electricity Board (now Bihar State Power Generation Company Ltd.) for setting-up of a coal based power project at New Nabinagar in district Aurangabad of State of Bihar. The project will have a capacity of 1980 MW (3X660 MW). The Company will also undertake operation & maintenance of the project after its

As at 31.03.2014, the paid up share capital of the Company is Rs.  940.25 crore of which NTPC has contributed Rs.  470.13 crore.

l) National Power Exchange Limited (NPEX)

NPEX was incorporated as a JV Company with NHPC Ltd., Power Finance Corporation Ltd. and Tata Consultancy Services Ltd. on 11.12.2008 to set up and operate a power exchange at national level.

Keeping in view the change in market scenario and the fact that NTPC's objective of joining NPEX has not been achieved so far, Board of Directors of NTPC in its 388th meeting held on 01.11.2012 approved the proposal of NTPC's exit from NPEX. The decision of NTPC to exit from NPEX has been communicated to other promoters of NPEX. In view of above, provision towards permanent diminution, in the value of Company's investment amounting to Rs.  1.06 crore has been made in the books of accounts of NTPC. Subsequently, CERC has also withdrawn the permission for power trading in April 2014.

As on 31.03.2014, the Company has paid-up share capital of Rs.  13.13 crore of which NTPC has contributed Rs. 2.19 crore.

m) International Coal Ventures Private Limited (ICVL)

A JV Company was incorporated on 20.05.2009 under the name 'International Coal Ventures Private Limited' (ICVL) in association with Steel Authority of India (SAIL), Coal India Limited (CIL), Rashtriya Ispat Nigam Limited (RINL) and NMDC Limited (NMDC). SAIL, CIL, RINL, NMDC and NTPC shall contribute in the equity share capital of the Company in the ratio of 2:2:1:1:1 respectively.

The Board of Directors of NTPC Ltd., in their meeting on 27.01.2012, decided to exit out of ICVL since other JV Partners are interested in scouting opportunities for procurement of metallurgical coal and not thermal coal. The withdrawal process would commence after the approval of the cabinet which is being pursued by ICVL.

As at 31.03.2014, the paid up share capital of the Company is Rs.  9.80 crore in which NTPC's contribution is Rs.  1.40 crore. The Company also has share application money pending allotment of Rs.  12.30 crore which pertains to other JV partners.

n) National High Power Test Laboratory Private Limited

(NHPTL)

NTPC had formed a JV Company on 22.05.2009 under the name 'National High Power Test Laboratory Private Limited' in association with NHPC Limited, Power Grid Corporation of India Limited and Damodar Valley Corporation. On 24.02.2012, Central Power Research Institute was formally inducted as fifth equity JV partner. All JV partners will contribute equally to the share capital of the Company. The Company has been incorporated for setting up an On-line High Power Test Laboratory for short-circuits test facility in the Country.

As at 31.03.2014, the paid up share capital of the Company is Rs.  74.38 crore which includes Rs.  14.88 crore being NTPC's share.

o) Energy Efficiency Services Limited (EESL)

EESL was formed on 10.12.2009 to carry on and promote the business of energy efficiency and climate change including manufacture and supply of energy efficiency services and products. NTPC, PFC, PGCIL and REC hold shares in the equity share capital of the Company equally. Different energy efficiency improvement related works like replacement of agricultural pumps, report under Perform, Achieve and Trade (PAT) Scheme are being taken up by the Company.

p) Transformers and Electricals Kerala Limited (TELK)

In the year 2007, NTPC Ltd. joined hands with Government of Kerala for strategic acquisition of 44.60% stake in TELK at a total value of Rs.  31.34 crore.

Subsequent to this acquisition, NTPC brought its system and procedures in the work culture of TELK, carried out financial restructuring and injected a new lease of life in the company. The efforts started showing positive results and today TELK is a zero debt, dividend paying company with a positive net worth of Rs. 117.94 crore. TELK has regained its financial health and retained its technical edge for producing best quality transformers in the Country and is now looking optimistically at higher technology space in 765kV voltage levels.

During financial year 2013-14, TELK managed to remain healthy and profitable and finished the year with production of 4577.22 MVA, thereby registering a full plant capacity utilization.

q) CIL NTPC Urja Private Limited (CNUPL)

CIL NTPC Urja Private Limited was formed as a joint venture Company between NTPC Ltd. and Coal India Limited (CIL) on

24.04.2010.

This Company has been formed with the aim of undertaking the development, operation & maintenance of coal blocks at Brahmini and Chichro Patsimal in Jharkhand and integrated coal based power plants.

MOC vide its communication dated 14.06.2011, de-allocated Brahmini & Chichro-Patsimal coal blocks from the JV Company. MOC vide letter dated 21.06.2012 has tentatively assigned these coal blocks to CIL and asked to submit the timeframe in which these blocks will be brought into production. NTPC is pursuing with the Ministry of Power for reallocation of coal blocks to the JV Company or NTPC.

As on 31.03.2014, paid up capital is Rs. 0.05 crore of which NTPC shareholding is 50%. NTPC's share application money pending allotment as on 31.03.2014 is Rs. 0.05 crore.

r) Anushakti Vidhyut Nigam Limited (ASHVINI)

Ashvini has been incorporated as a Joint Venture Company between NTPC Limited (NTPC) and Nuclear Power Corporation of India Limited (NPCIL) on 27.01.2011. NPCIL and NTPC would hold 51% and 49% of the equity share capital respectively. The Company has been formed for the purpose of development of nuclear power projects in the Country within the framework of Atomic Energy Act, 1962.

The JV Company proposes to establish 2x700 MW capacity of PHWR based nuclear reactor at Hisar in Haryana subject to amendment in Atomic energy Act, 1962.

As on 31.03.2014, Company has a paid up capital of Rs. 0.10 crore and NTPC has released Rs. 0.05 crore as initial equity contribution.

s) Trincomalee Power Company Limited

A Joint Venture Company between your Company and Ceylon Electricity Board, Sri Lanka (CEB) was incorporated in Sri Lanka on 26.09.2011 under the name 'Trincomalee Power Company Limited'. Both NTPC and CEB hold 50% each of the equity share capital of the Company. The joint venture Company has been formed to set up a 2X250MW coal based power project in Trincomalee region in Sri Lanka.

Power Purchase Agreement, Implementation Agreement, Coal Supply Agreement, Land Lease Agreement & Board of Investment Agreements have been signed on October 07, 2013 for project implementation.

The authorised share capital and paid-up capital of the Company is Sri Lankan Rupees 300 million, subscribed equally by NTPC Limited and CEB. NTPC's contribution in paid up share capital in INR is Rs.6.72 crore.

t) Pan-Asian Renewables Private Limited

A joint venture company amongst NTPC Limited, Asian Development Bank (ADB) and Kyuden International Corporation, a wholly owned subsidiary of Kyushu Electric Power Company Inc. (Kyushu) was incorporated on 14.10.2011 under the name 'Pan-Asian Renewables Private Limited'. NTPC, ADB and Kyushu will contribute in the ratio of 50:25:25 in the equity share capital of the Company. The Company has been incorporated to develop renewable energy projects.

As on 31.03.2014, the paid up share capital of the Company is Rs. 3.00 crore. NTPC's contribution in paid-up share capital is Rs. 1.50 crore.

u) Bangladesh-India Friendship Power Company Pvt.

Limited (BIFPCL)

A Joint Venture Company between NTPC and Bangladesh Power Development Board, Bangladesh (BPDB) was incorporated in Dhaka on 31.10.2012 under the name 'Bangladesh-India Friendship Power Company (Pvt.) Limited'. Both NTPC and BPDB will hold 50% each of the equity share capital of the Company. The Joint Venture Company has been formed to develop and operate coal based power project(s) in Bangladesh.

Feasibility report has been brpared for a 1320 MW imported coal based power project in Rampal area of Khulna Region of Bangladesh. Power Purchase Agreement (between BIFPCL and BPDB) and implementation agreement (between BIFPCL and Govt. of Bangladesh) for the Khulna power project have been signed by BIFPCL on 20.04.2013 in Dhaka.

The authorized share capital of the company is Bangladesh Taka 400 million (equivalent to Rs. 27.50 crore approximately). The paid up capital of the company as on 31.03.2014 is Rs. 12.37 crore of which 50% is contributed by NTPC. The book value of NTPC investments is Rs. 6.12 crore.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis and in the Directors' Report, describing the Company's objectives, projections and estimates, contain words or phrases such as "will", "aim", "believe", "expect", "intend", "estimate", "plan", "objective", "contemplate", "project" and similar exbrssions or variations of such exbrssions, are "forward-looking" and progressive within the meaning of applicable laws and regulations. Actual results may vary materially from those exbrssed or implied by the forward looking statements due to risks or uncertainties associated therewith depending upon economic conditions, government policies and other incidental factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

For and on behalf of the Board of Directors

(Dr. Arup Roy Choudhury)

Chairman & Managing Director

Place : New Delhi

Date : 11th July 2014

 

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