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Investors>Financials>Audited Financial Results
   
 
TORRENT POWER LIMITED
Registered Office : Torrent House, Off Ashram Road, Ahmedabad-380 009
AUDITED FINANCIAL RESULTS
FOR THE PERIOD ENDED ON 31st MARCH, 2007
          Rs. In Lacs

Particulars

For the Quarter Ended on 31.12.2006

For the Quarter Ended on 31.03.2007

Current Accounting Period Ended on 31.03.2007 (Six Months)

Previous Accounting Period Ended on 30.09.2006 (18 Months)

Consolidated
Current Accounting Period Ended on 31.03.2007 (Six Months)
 

(Unaudited)

(Unaudited)

(Audited)

(Audited)

(Audited)
           

Income

          

Net Sales/Income from Operations

63333

74289

137622

378310

137622

Insurance Claim

529

254

783

1731

783

Other Income

2478

2403

4881

13909

4881

Total Income

66340

76946

143286

393950

143286
           

Expenditure

          

(a) Power Purchase

31484

40393

71877

165712

71877

(b) Fuel Cost

13909

17112

31021

101862

31021

(c) Staff Cost

4374

4620

8994

27574

8994

(d) Other Expenditure

7748

8966

16714

42330

16714

(e) Less : Allocated to Capital WIP, Repairs etc.

2551

4203

6754

14954

6754

Total Expenditure (a to d) - (e)

54964

66888

121852

322524

121852

Interest

886

1057

1943

6309

1943

Depreciation

5496

1349

6845

29894

6845

Less : Transfer from Service Line Contribution / APDRP grant

203

120

323

807

323

Profit Before Tax

5197

7772

12969

36030

12969

Provision for Taxation

          

- Current Tax

1080

597

1677

15982

1677

- Deferred Tax Liability / (-) Assets

1344

2716

4060

1641

4060

- Fringe Benefit Tax

29

25

54

106

54

Profit After Tax

2744

4434

7178

18301

7178

Short / (-) Excess Provisions for Taxation of earlier years

0

2

2

374

2

Net Profit

2744

4432

7176

17927

7176

Equity Share Capital (F.V. Rs.10/- per share)

47245

47245

47245

47245

47245

Reserves excluding Revaluation Reserve

    

223293

215963

223293

Basic & Diluted EPS for the period on profit after Tax (in Rs.)

0.58

0.94

1.52

3.79

1.52

Basic & Diluted EPS for the period on profit after Tax (in Rs.) (Annualised)

2.32

3.75

3.04

2.53

3.04

Aggregate of Public Shareholding

          

     Number of Shares (in Lacs)

2141.82

2141.82

2141.82

2141.82

  

     Percentage of Shareholding

45.33%

45.33%

45.33%

45.33%

  
 
Notes:
1.
 The Company operates only in one business segment viz. Generation, Transmission and Distribution of Electricity.
2.
 No comparative figures for the same quarter in the previous year are provided in the above statement as the Company did not have any operations during the said period.
3.
 The Company has entered into an agreement with Maharashtra State Electricity Distribution Company Limited as Distribution Franchisee for its Bhiwandi distribution circle. The Company has taken over the business operations of the Bhiwandi distribution circle effective from 26th January 2007.
4.
 The Company decided to provide depreciation, in respect of assets used in a business of generation and distribution of electricity in Ahmedabad, Gandhinagar and Surat. at a rates prescribed under schedule XIV to the companies act 1956 from 1st October, 2006, instead of the rates determined on the basis of useful life of the assets as  estimated by management for appropriate presentation of financial statements. The depreciation charged to Profit and Loss account is consequently lower for the period by Rs 4185.75 lacs with corresponding increase in profit before taxation for the period.
5.
 The Company is one of the promoters of Torrent Power Grid Limited (TPGL), a joint venture company with Powergrid Corporation of India Limited, which is to set up transmission lines from the Company’s 1130 MW SUGEN Project near Surat to Ahmedabad. During the quarter, TPGL has allotted 27,000 equity shares of Rs.10/- each to the Company, resulting in TPGL becoming a subsidiary of the company with effect from 19th October,2006.
6.
 The Audit Committee has reviewed the above results and the same have been approved by the Board of Directors in their respective meetings held on 29th May, 2007.
7.
 There were no complaints from investors pending either at the beginning or at the end of the quarter ended 31st March, 2007. 175 Complaints received during the period under review have been resolved.
8.
 On 17th March, 2007 the Board of Directors approved an interim equity dividend of Rs.0.40 (30th September, 2006 Rs.1.20) for the period 2006-07 per equity share of Rs.10/- each fully paid up. The aggregate amount of the interim equity dividend distributed was Rs.1889.80 lacs (30th September, 2006 Rs.5669.38 lacs) and Rs.265.04 lacs (30th September, 2006 Rs.795.13 lacs) as tax on distributed profit. No further equity dividend distribution for the year 2006-07 is recommended by the Board.
    For, TORRENT POWER LIMITED
     
  Place : Ahmedabad Sudhir Mehta
  Date  : 29th May, 2007   Chairman
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