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BSE Mumbai Bourse: Results from Mundra Port & Special Economic Zone for Apr 01 to Jun 30

27 Aug 2017 8:24 am
 
 
 
Scrip_cd:                                                      532921 
Audited:                                                       Un-Audited 
Result Type:                                                   Q 
Date Begin:                                                    01-Apr-17 
Date End:                                                      30-Jun-17 
#                                                              (Rs Millions) 
Net Sales:                                                     18057.70 
Other Income:                                                  3408.70 
Total Income:                                                  21466.40 
Expenditure:                                                   -11890.00 
Profit after Interest but before Exceptional Items:            9576.40 
Exceptional Item:                                              0.00 
Profit (+)/ Loss (-) from Ordinary Activities before Tax:      9576.40 
Tax:                                                           -3669.30 
Net Profit (+)/ Loss (-) from Ordinary Activities after Tax:   5907.10 
Net Profit:                                                    5907.10 
EPS (in Rs):                                                   - 
 

1. The above standalone results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 10'^" August, 2017.

2. The statutory auditors have carried out limited review of the standalone financial results of the Company for the quarter ended 30th June, 2017.

3. Vide the order of the Hon'ble Supreme Court dated 11th April, 2017 in case of the Company, it was held that promulgation of Indonesian Regulations is neither Force Majeure nor Change in Law, however, the non-availability of domestic coal due to change in policy or Change in Law, in force in India, constitute Change in Law as per the terms of Power Purchase Agreement ("PPA"). The HonâEURTble Supreme Court directed the Central Electricity Regulatory Commission ("CERC") to determine the relief under clause 13 of PPA. The Company has filed a petition with CERC to ascertain the relief that may be available to the Company. Pending decision by CERC, the Company has not recognised revenue on account of such relief.

4. The Board of directors of the Company in their meeting held on June, 2017, approved the Scheme of Arrangement for the demerger of its 4620 AAW thermal power undertaking at Mundra into the subsidiary, Adani Power (Mundra) Limited, on a slump exchange basis . The Scheme is subject to the approval of creditors, shareholders and National Company Law Tribunal ('NCLT'). Pending aforesaid approvals, the Company has not taken effect of the scheme in the financial results for the quarter ended 30th June, 2017.

5. Further to the execution of the share purchase agreement with the owners of Korba West Power Company Limited (KWPCL), which is operating a 600 AAW Thermal Power Project at Korba, Chhattisgarh, the Company has paid Rs. 775 crores to the owners towards 100% acquisition of shares and has advanced Rs. 1,361.40 crores to KWPCL as loan. The conclusion of acquisition of KWPCL by the Company is in the process, pending resolution of contractual issues with existing stakeholders.

6. The Company's activities revolve around power generation. Considering the nature of Company's business and operations, as well as based on reviews of operating results by the chief operating decision maker to make decisions about resource allocation and performance measurement, there is only one reportable segment in accordance with the requirements of Ind AS -108 - "Operating Segments".

7. Exceptional items for the quarter and year ended 31st March, 2017 includes:

a. Reversal of revenue in the nature of Compensatory tariff of Rs. 3,619.49 crores recognized upto 31st March, 2016, pursuant to the order of the Hon'ble Supreme Court dated 11th April 2017 (also refer note 3 above).

b. Write off of advances given to Brakel Kinnaur Power Private Limited of Rs. 288.45 crores due to delay in initiation of underlying project for which the said advance was given.

8. The Company has determined the recoverable amounts of the Power Plants over its useful life under Ind AS 36 Impairment of Assets, based on the estimates relating to tariff, Jonal performance of the Plants, life extension plans, market prices of coal and other fuels, exchange variations, inflation, terminal value etc. which are considered reasonable by the management. On a careful evaluation of the aforesaid factors, the Management of the Company has concluded that the recoverable amounts of the Power plants are higher than

their carrying amounts as at 30th June, 2017.

9. The Company has incurred a loss of Rs. 515.85 crores during the quarter ended 30 June, 2017(Rs. 6,054.34 crores for the year ended March 31, 2017) and as at 30th June, 2017, the current liabilities (including Rs. 4,863.46 crores to related parties) exceed current assets by Rs. 10,231,30 crores. The Company expects to meet its financial obligations based on continued support from lenders, trade creditors as well as subsidiaries as may be required to sustain its operations on a going concern basis.

10.(a). The figures for the quarter ended 31st March, 2017 are balancing figures between the audited figures in respect of the financial year ended 31st March, 2017 and the published year to date figures upto the third quarter ended 31th December, 2016 adjusted for the reversal of compensatory tariff as referred in note 3 and 7(a).

(b) The figures for the quarter ended 30th June, 2016 are adjusted for the reversal of compensatory tariff as referred in note 3 and 7(a).

Gautam S Adani

Chairman
 
 
 

(END) Dow Jones Newswires

August 27, 2017 04:24 ET (08:24 GMT)
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