INDUSTRY PROFILE POWER SECTOR REFORMS IN INDIA Introduction : The power sector has transited to an era or controlled competition giving a meaningful role for the private sector and the market to play in the nation’s infrastructure building. Reform in the power sector was officially kicked off in September 1991 with the passing of the electricity laws (amendment) act, allowing the private sector in power generation. This was followed by the center’s resolution in October 1991 that opened up electricity generation, supply and distribution to the private sector. These came soon after the assumption of office by the Narasimha Rao Government. REFORMS IN THE STATE ELECTRICITY BOARD The reforms process turned active only in late 1996 with the adoption of the “common minimum nation action plan for power” at the Chief Minister’s conference. The action plan, which laid the foundation for reforms, is the state electricity boards [SEB’s] have the following salient features. Formulation of national energy policy. Setting up of the central and state electricity regulatory commissions. Rationalization of retail tariffs. Private sector participation in private distribution. 1
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
INDUSTRY PROFILE
POWER SECTOR REFORMS IN INDIA
Introduction :
The power sector has transited to an era or controlled competition giving a
meaningful role for the private sector and the market to play in the nation’s
infrastructure building. Reform in the power sector was officially kicked off in
September 1991 with the passing of the electricity laws (amendment) act, allowing
the private sector in power generation. This was followed by the center’s resolution in
October 1991 that opened up electricity generation, supply and distribution to the
private sector. These came soon after the assumption of office by the Narasimha Rao
Government.
REFORMS IN THE STATE ELECTRICITY BOARD
The reforms process turned active only in late 1996 with the adoption of the
“common minimum nation action plan for power” at the Chief Minister’s conference.
The action plan, which laid the foundation for reforms, is the state electricity boards
[SEB’s] have the following salient features.
Formulation of national energy policy.
Setting up of the central and state electricity regulatory commissions.
Rationalization of retail tariffs.
Private sector participation in private distribution.
Streaming the role of central agencies concerned with project approvals.
Autonomy and improvement in the management and physical parameters of
SEB’s.
It took another 18 months before the reforms process got into implementation
mode with the promulgation of the electricity regulatory commissions ordinance by
the precedence of India April 25, 1998. This ordinance primarily gave legal shape to
the two cardinal features of the common minimum action plan establishment of
regulatory commission and rationalization of retail tariff. This provision invited
considerable flak from the prefer power lobby and was unceremoniously shelved
when the ordinance was passed in to, an I act of parliament of July 2, 1998, reducing
SERCs to toothless tigers as far as rationalization of retail tariff was concerned.
However, the clause requiring the State Government to compensate the person
1
affected by the grant of subsidy in the manner state commission may direct was
retained, there by giving some vestige of authority to the regulators.
Andhra Pradesh Power Generation Corporation Limited is one of the pivotal
organizations of Andhra Pradesh, engaged in the business of Power generation. Apart
from operation & Maintenance of the power plants it has undertaken the execution of
the ongoing & new power projects scheduled under capacity addition programmed
and is taking up renovation & modernization works of the old power stations.
When APSEB came into existence in 1959, APSEB started functioning with
the objectives of maintaining the power sector efficiently and economically
simultaneously ensuring demand meets the supply.
During the last decade inadequate capacity addition and low system frequency
operation of less than 48.5 Hz for more than half a decade considerably reduced the
power supply reliability.
The consumer have grown up from two and half lakhs to over one crore, the
energy handled per annum from 686 MV to over 40,000 MV. The annual revenue has
increased from mere Rs.65 crore to Rs.48000 crore. In the after reforms process is
taken up in a big way and APGENCO could complete 2X250MU KTPS V – stage
and Srisailam left bank Power House. International agencies have are now interested
in taking part in VTPS stage – IV.
HISTROY OF APGENCO
APGENCO came into existence on 28.12.1998 and commenced operations
from 01.02.1999. This was a sequel to Government’s reforms in Power Sector to
unbundle the activities relating to Generation, Transmission and Distribution of
Power. All the Generating Stations owned by erstwhile APSEB were transferred to
the control of APGENCO.
The installed capacity of APGENCO as on 31.03.2007 is 6760.9 MW
comprising 3172.50 MW Thermal, 3586.4 MW Hydro and 2 MW Wing power
stations, and contributes about half the total Energy Requirement of Andhra Pradesh.
APGENCO is third largest power generating utility in the Country next NTPC and
Maharashtra. Its installed Hydro capacity of 3586.4 MW is the highest among the
Country.
2
APGENCO has an equity base of Rs.2107 crore with 10804 dedicated
employees as on 31.12.2006. The company has an asset base of approximately Rs.
12000 crores.
Power Sector Status in India :
Generation during 2007-08 (April).
Daily reservoir levels.
Daily generation report.
Generation during 2006-07 (April – March).
OUR POWER PLANTS
Our Power Plants meet half the total Energy Requirement of Andhra Pradesh.
As on 31-03-2005 APGENCO Owns, Operates and Maintains Five Thermal Plants
with an installed capacity of 3882.50 MW, 18 Hydel Plants (including 4 Mini Hydel
Plants) with an installed capacity of 3703.4MW, among them, Tungabadhra HES is
joint project (80:20) with Govt. of Karnataka and Machkund Power Utility (70:30)
with Orissa Government, and 2 MW Ramagiri Wind Power Plant.
APGENCO has also under taken Operation and Maintenance of Gas Power
The debtor’s turnover shows the relationship between sales and debtors of
firm. Debtor’s turnover indicated the number of times on the average the debtor’s
turnover each year. From the above table and Chart, it can be known that the current
ratio is 3.009 in the year 2009-10. The current ratio is 3.008 in the year 2008-09. The
ratio was decreased compared with last year.
2. AVERAGE COLLECTION PERIOD:
29
The second type of ratio of measuring the liquidity of a firm’s debtors is the
average collection period. This ratio is fact interrelated with the dependent upon, the
receivables turnover ratio.
No. of days in a yearAvg. Collection period = Avg. Debtors ratio
Avg. Collection period Table: V.2.2 (Rs. In Lakhs.)
Years No. of days in a year
Avg. debtors ratio
Avg. Collection period
2005-06 365 1.938 188
2006-07 365 2.310 158
2007-08 366 2.935 125
2008-09 365 3.909 93
2009-10 365 3.008 121
CHART: V.2.2.A
INTERPRETATION:
The shorter the average collection period, the better the quality debtors, as a
short collection period implies the prompt payment by debtors. From the above table
and Chart, it can be known that the current ratio is 188 highest days in the year 2005-
06. The average collection period ratio is 93 days in the year 2008-09.The average
collection period ratio is 121 days in 2009-10. The ratio was increased compared with
last year.
3. INVENTORY STOCK TURNOVER RATIO:
30
It indicates the number of times the average stock has turned over during period.
It indicates the efficiency of the firm’s inventory management. The cost of goods is an
expenditure including operating, administration, project establishment, interest on
loans, and depreciation on fixed assets, provision, for bad debts. The average
inventory used in the determination, in the average of opening and closing
inventories. It is calculated by dividing the cost of goods sold by average inventory.
Cost of goods soldInventory stock turnover ratio =
Average Inventory
Year Average Inventory Cost of goods sold Inventory turnover Ratio2005-06 25858.585 205641.06 7.952 Times
2006-07 27562.465 220216.54 7.989 Times
2007-08 32813.97 249104.81 7.591 Times
2008-09 41241.42 373091.07 9.046 Times
2009-10 50405.8 372079.99 7.381 Times
Inventory Stock Turnover Ratio Table: V.2.3 (Rs. in Lakhs)
INTERPRETATION:
Generally a high inventory turnovers indicative of good inventory
management and a low inventory turnover suggests an inefficient inventory
management. Therefore a balance should be maintained between too high and too low
inventory turnovers. From the above table and Chart, it can be known that the
Inventory stock turnover ratio is 9.046 in the year 2008-09. The average collection
period ratio is 7.381 in the year 2009-10. The ratio was decreased compared with last
year.
PROFIT ABILITY RATIOS:
1. GROSS PROFIT RATIO:
31
Gross profit is sales minus cost of sales. The cost of production means cost of
raw materials consumed, direct labour, power, and fuel, repairs and maintenance,
other manufacturing etc. Gross profit is the contribution available to meet other
expenses such as selling, general, and administrative and interest expenses.
(Sales – Cost of Goods sold)*100
Gross Profit Ratio =
Sales
Sales = Operating Income; cost of goods sold = Operating expenditure
Gross Profit ratio Table: V.4.1 (Rs. In
Lakhs.)
Years Gross Profit Sales Gross profit Ratio
2005-06 183227 388868.06 47.10
2006-07 199782.97 419999.51 47.50
2007-08 212625.41 461730.22 46.00
2008-09 249907.89 622998.96 40.11
2009-10 271341.86 643421.85 42.17
INTERPRETATION:
. The gross profit ratio is generally low, if the value added in the production is
low. From the above table and Chart, it can be known that the gross profit Ratio is
40.11.0 in the year 2008-09. The gross profit Ratio is 42.17 in the year 2009-10. The
ratio was Increased compared with last year.
2. NET PROFIT RATIOS:
32
This ratio indicated the earnings out of every 100 rupees of sales and the unit
make a direct measure of the annual profit. Here, the net profit is taken as net profit
after tax.
(Profit after Tax)*100
Net Profit Ratio = Sales
Net Profit ratio table: V.4.2 (Rs. In
Lakhs.)
Years Profit after Tax Sales Net profit Ratio
2005-06 6303.94 388868.06 1.621
2006-07 15100.62 419999.51 3.595
2007-08 19763.59 461730.22 4.280
2008-09 24645.87 622998.96 3.956
2009-10 28866.02 643421.85 4.486
CHART : V.4.2.A
INTERPRETATION:
From the above table and Chart, it can be known that the Net profit Ratio is
3.956 in the year 2008-09. The Net profit Ratio is 4.486 in the year 2009-10. The ratio
was increased compared with last year.
33
3.WORKING CAPITAL TURNS OVER RATIO:
The difference between current assets and current liabilities is called net
working capital. The net working capital ratio is calculated by dividing net working
capital with net assets or capital employed. Current assets include cash and bank
balances, investment, raw materials, advance payments, consumable stores and
spares, finished goods, stock in process/ semi finished goods
Sales /operating incomeWorking Capital Turns Over Ratio =
Net Current Assets
Working Capital Turn Over Ratio (Rs in Lakhs)
years Sales Net Current assets Working capital turn over ratio
2005-06 388868.06 157726.36 2.465
2006-07 419999.51 117872.81 3.563
2007-08 461730.22 89046.17 5.185
2008-09 622998.96 72615.60 8.579
2009-10 643421.85 110731.47 5.810
INTERPRETATION :
The ratio is used as a measure of firm’s liquidity. The ratio measures the firm’s
potential reservoir of funds. From the above table and Chart, it can be known that the
Working capital turn over ratio is 8.579 in the year 2008-09. The Working capital turn
over ratio is 5.810 in the year 2009-10. The ratio was decreased compared with last
year.
34
SCHEDULE OF CHANGES IN WORKING CAPITALAS ON 31 ST MARCH 2006
(Rs. In lakhs)Particulars Amount
2005Amount 2006
Changes in working capital
Increase
Changes in working capital decrease
Current assets:Inventories 22831.69 28885.48 6053.79 --Sundry debtors 203161.62 197944.41 -- 5217.21Sundry receivables 10242.06 29846.01 19603.95 --Cash and bank balance 1681.45 7072.47 5391.02 --Loans and advances 9722.43 8703.41 -- 1019.02Total Current Assets(A) 247639.25 272451.78Current liabilities:Sundry creditors 49046.67 39994.47 9052.20 --Deposits and retentions 17691.49 19860.08 -- 2168.59Provision for taxation 650.56 1311.16 -- 660.60Interest accrued but not due
8289.46 8724.02 -- 434.56
Other current liabilities 43097.76 45820.78 -- 2722.82Total Current Liabilities(B) 118776.14 115710.51Working capital (A-B) 128863.11 156741.27
27878.16Net increase in W.C 27878.16Total net W.C 156741.27 156741.27 40100.96 40100.96
INTERPRETATION:
Current Assets like Inventories, Cash& Bank balance, Other Current asset has
increased in 2006 than in 2005. Current Liabilities has decreased in 2006 than in
2005. So, it is the Asset to the Company. The overall Performance of the company is
progressive than in 2003. The working capital of 2006 has also increased to the extent
of Rs.27878.16 than in 2006.
SCHEDULE OF CHANGES IN WORKING CAPITAL
35
AS ON 31 ST MARCH 2007 (Rs. In lakhs)
Particulars Amount 2006
Amount 2007
Changes in working capital
Increase
Changes in working capital decrease
Current assets:Inventories 28885.48 26239.45 2646.03Sundry debtors 197944.41 165665.88
32278.53 Sundry receivables 29846.01 49400.06
19554.05
Cash and bank balance 7072.47 3708.39 3364.08 Loans and advances 8703.41 15655.14
6951.73 Total Current Assets(A)
272451.78 260668.92
Current liabilities:Sundry creditors 39994.47 62687.38 22692.91 Deposits and retentions 19860.08 25563.52 5703.44Provision for taxation 1311.16 7385.47 6074.31Interest accrued but not due
8724.02 9853.22 1129.20
Other current liabilities 45820.78 44691.99 1128.79
Total Current Liabilities(B) 115710.51 150181.58Working capital (A-B) 156741.27 110487.34 46253.93 Net decrease in W.C 46253.93Total net W.C 156741.27 156741.27 73888.50 73888.50
INTERPRETATION :
Current Assets like Inventories, Debtors, Cash& Bank balance has increased in
2007 than in 2006. Current Liabilities has decreased in 2007 than in 2006.So, it is the
Asset to the Company. The overall Performance of the company is progressive than
in 2006. The working capital of 2007 has also Decreased to the extent of Rs.46,253.96
than in 2006.
SCHEDULE OF CHANGES IN WORKING CAPITAL
36
AS ON 31 ST MARCH 2008 (Rs. In lakhs)
Particulars Amount 2007
Amount 2008
Changes in working capital
Increase
Changes in working capital decrease
Current assets:Inventories 26239.45 39388.49 13149.04 Sundry debtors 165665.88 148917.78 16748.10Sundry receivables 49400.06 93617.55 44217.49 Cash and bank balance 3708.39 3982.41 274.02 Loans and advances 15655.14 3450.92 12204.22Total Current Assets(A)
260668.92 289357.15
Current liabilities:Sundry creditors 62687.38 61718.05 969.33 Deposits and retentions 25563.52 44903.20 19339.68Provision for taxation 7385.47 13381.69 5996.22Interest accrued but not due
9853.22 7107.69 2745.53
Other current liabilities 44691.99 75419.04 30727.05 Total Current Liabilities(B) 150181.58
202529.67
Working capital (A-B) 110487.34 86827.46 23659.86 Net decrease in W.C 23659.86Total net W.C 110487.34 110487.34 85015.27 85015.27
INTERPRETATION :
Current Assets like Inventories, Debtors, Cash& Bank balance has increased in
2008 than in 2007. Current Liabilities has decreased in 2008 than in 2007.So, it is the
Asset to the Company. The overall Performance of the company is progressive than in
2007. The working capital of 2008 has also decreased to the extent of Rs 23,659.86
than in 2007.
SCHEDULE OF CHANGES IN WORKING CAPITAL
37
AS ON 31 ST MARCH 2009 (Rs. In lakhs)
Particulars Amount 2008
Amount 2009
Changes in working capital
Increase
Changes in working capital decrease
Current assets:Inventories 39388.49 43094.35 3705.86Sundry debtors 148917.78 169827.19 20909.41Sundry receivables 93617.55 123851.19 30233.95Cash and bank balance
3982.41 6974.45 2992.04
Loans and advances 3450.92 3593.52 142.58Total Current Assets(A)
289357.15 347341.01
Current liabilities:Sundry creditors 61718.05 96573.95 34855.9Deposits and retentions
44903.20 64820.37 19917.17
Provision for taxation
13381.69 12666.49 715.2
Interest accrued but not due
7107.69 8399.07 1291.38
Other current liabilities
75419.04 92265.53 16846.49
Total Current Liabilities(B)
202529.67
274725.41
Working capital (A-B)
86827.46 72615.60 14211.86
Net increase in W.C 14211.86Total net W.C 86827.46 86827.46 72910.9 72910.9
INTERPRETATION :
Current Assets like Inventories, Debtors, Cash& Bank balance has increased in
2010 than in 2009. Current Liabilities has decreased in 2010 than in 2009.So, it is the
Asset to the Company. The overall Performance of the company is progressive than in
2009. The working capital of 2010 has also decreased to the extent of Rs 14211.86
than in 2009.
SCHEDULE OF CHANGES IN WORKING CAPITAL
38
AS ON 31 ST MARCH 2010 (Rs. In lakhs)
ParticularsAmount 2009
Amount2010
Changes in working capitalIncrease
Changes in working capitalDecrease
Current assets:
Inventories 43094.35 57717.25 14622.9
Sundry debtors 169827.19 257860.24 88033.05
Sundry receivables 123851.5 82677.91 41173.59
Cash and bank balance
6974.45 11932.49 4958.04
Loans and advances 3593.52 2900.57 692.95
Total Current Assets(A)
347341.01 413088.46
Current liabilities:
Sundry creditors 96573.95 84198.85 12375.1
Deposits and retentions
64820.37 80815.43 15995.06
Provision for taxation 12666.49 13416.69 750.2
Interest accrued but not due
8399.07 10056.04 1656.97
Other current liabilities
92265.53 113869.98 21604.45
Total Current Liabilities(B)
274725.41 302356.99
Working capital (A-B)
72615.60 110731.47 38115.87
Net decrease in working capital
38115.87
Total net W.C 110731.47 110731.47 119989.09 119989.09
INTERPRETATION:
Current Assets like Inventories, Cash& Bank balance, Loans and Advances has
Increased in 2009 than 2010. Current Liabilities has Decreased in 2010 than in 2009.
So, it is the Asset to the Company. Debtors have increased in20010 than in 2009.The
overall Performance of the company is progressive in 2010. The working capital of
2010 has also decreased to the extent of Rs.38115.87 than in 2009.
39
FINDINGS
Net working capital ratio has decreased from 0.405 to 0.120 from the year
2006 to 2009 respectively and later in 2009 and 2010 the ratio has increased
to 0.120 and 0.192. All the years of Net Working Capital show in the
following table.
YEARS 2006 2007 2008 2009 2010
RATIO 0.405 0.280 0.193 0.120 0.192
Current ratio has increased from 2.37 to 1.28 .From 2006 to 2007, 2008 and
2009 the current ratio has been decreased. The ideal ratio of current ratio 2 :1
All the years of Current ratio show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 2.37 1.82 1.44 1.28 1.43
The quick ratio has decreased from 2.10 to 1.12, from 2006 to 2009. From
2009 and 2010 the quick ratio has been increased. All the years of Quick ratio
show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 2.10 1.64 1.24 1.12 1.23
The debtor’s turnover ratio has increased from 2006 to 2009. It increased.
All the years of debtor s turnover ratio show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 1.91 2.31 2.94 3.91 3.01
Inventory stock turnover ratio has increased from 7.95 to 9.05 in the year
2006 to 2009. next year 2009 to 2010 it is decreased. All the years of
inventory stock turnover ratio show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 7.95 7.99 7.59 9.05 7.38
40
Average collection period from 2006 to 2009, decreased. All the years of
Average collection period show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 188 158 125 93 121
The Net profit Ratio is 3.959 in the year 2009. The nest year 4.486 in the year
2010. All the years of Nest profit ratio show in the following table.
YEARS 2006 2007 2008 2009 2010
RATIO 1.621 3.595 4.280 3.959 4.486
The gross profit ratio has decreased from 2006 to 2009. All the years of
gross profit ratio show in the following table.
YEARS 2006 2007 2008 2009 2010RATIO 47.1
0
47.5
0
46.0
0
40.1
0
42.2
Working capital turnover ratio has increased from 2.465 to 8.579 from the
year 2006 to 2009, the working capital turnover ratio has been decreased2009
to 2010. All the years of Working capital turnover ratio show in the following
table.
YEARS 2006 2007 2008 2009 2010
RATIO 2.465 3.563 5.185 8.579 5.810
There is a fluctuation in cash ratio of RTPP from 2006 to 2010 continuously.
All the years of cash ratio shown in the following table.
Capital work in progress 7 149300.13 968943.62 63108.33 950227.15
Investments 8 76634.41 96231.91 Current Assets, Loans & Advances
Inventories 9 28885.48 22831.69 Sundry Debtors 10 197944.41 203161.62 Cash and Bank balances 11 7072.47 1681.45 Other Current Assets 12 29846.01 10242.06
Loans and Advances 13 8703.41 9722.43 272451.78 247639.25 Less: Current Liabilities and
Provisions 14 115710.51 118776.14 Net Current Assets 156741.27 128863.11 Deferred Tax Asset 163186.36 188963.86
Less: Deffered Tax Liability 158944.17 4242.19 179062.13 9901.73 Miscellaneous Expenditure 15 to the extent not written off Or Adjusted 238.06 357.08 Profit and loss account 14081.77 20385.71
Total 1220881.32 1205966.69
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITED
45
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2007 (Rupees in lakhs)
PARTICULARS Schedule Current Year Previous Year
INCOME
Revenue 16 419999.51 388868.06
Other Income 17 12475.91 432475.42 12076.07 400944.13
EXPENDITURE Cost of Generation and Purchase of
Power 18 220216.54 205641.06 Operation, Maintenance, Adm, and
Total 1247849.95 1220881.32 II. APPLICATION OF FUNDS Fixed Assets 6 Gross Block 1416821.09 1407623.38 Less: Depreciation 656555.42 587979.89 760265.67 819643.49
Capital work in progress 7 317575.41 1077841.08 149300.13 968943.62
Investments 8 59402.50 76634.41 Current Assets, Loans & Advances Inventories 9 26239.45 28885.48 Sundry Debtors 10 165665.88 197944.41 Cash and Bank balances 11 3708.39 7072.47 Other Current Assets 12 49400.06 29846.01
Loans and Advances 13 15655.14 8703.41 260668.92 272451.78 Less: Current Liabilities and Provisions 14 150181.58 115710.51 Net Current Assets 110487.34 156741.27 Deferred Tax Asset 163186.36 Less: Deffered Tax Liability 158944.17 4242.19 Miscellaneous Expenditure 15 to the extent not written off or Adjusted 119.03 238.06 Profit and loss account 14081.77
Total 1247849.95 1220881.32
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDPROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2008
(Ru
47
pees in lakhs)
PARTICULARS Schedule Current Year Previous Year
INCOME
Revenue 16 461730.22 419999.51
Other Income 17 57824.67 519554.89 12475.91 432475.42
EXPENDITURE Cost of Generation and
Purchase of Power 18 249104.81 220216.54 Operation, Maintenance,
Adm, and General Expenses 19 102452.06 54548.07
Sub-total 351556.87 274764.61 Interest and Finance Charges 20 65751.92 58071.49
Depreciation 69095.73 486404.52 70838.52 403674.62 Profit before prior period items 33150.37 28800.80
Prior Period Items 21 (1373.85) 114.44
Extar Ordinary Items 27.99 0.00
Profit before tax 34496.23 28686.36
Current tax 3908.42 3291.78
Deferred Tax 10739.43 10214.91
Fringe Benefit Tax 84.79 74.07
Tax for previous years 4.98
Net Profit 19763.59 15100.62 Add: Brought forward Profit (loss) 1018.5 (14081.77) Balance Carried to Balance Sheet 5191.15 1018.85
Earnings per Share (Basic & Diluted) 9.38 7.17
(Face value of Rs.100 per Share)
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDBALANCE SHEET AS AT 31st March 2008
(Rupees in lakhs)Particulars Schedule As at 31-3-2008 As at 31-3-2007
48
Current Year Previous Year
I. SOURCES OF FUNDS Shareholders funds Share Capital 1 210680.01 210680.01
Total 131377273.35 1247849.95 II. APPLICATION OF FUNDS Fixed Assets 6 Gross Block 1606199.90 1416821.09 Less: Depreciation 725647.72 656555.42 880552.18 760265.67
Capital work in progress 7 403691.19 1284243.37 317575.41 1077841.08
Investments 8 6202.50 59402.50 Current Assets, Loans & Advances Inventories 9 39388.49 26239.45 Sundry Debtors 10 148917.78 165665.88 Cash and Bank balances 11 3982.41 3708.39 Other Current Assets 12 93617.55 49400.06
Loans and Advances 13 3450.92 15655.14 289357.15 260668.92 Less: Current Liabilities and Provisions 14 202529.67 150181.58 Net Current Assets 86827.48 110487.34 Deferred Tax Asset
Less: Deffered Tax Liability Miscellaneous Expenditure 15 to the extent not written off or Adjusted 119.03 Profit and loss account
Total 1377273.35 1247849.95
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDPROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2009
(Rupees in lakhs)
49
PARTICULARS Schedule Current Year Previous Year
INCOME
Revenue 16 622998.96 461730.22
Other Income 17 13884.53 636883.49 57824.67 519554.89
EXPENDITURE Cost of Generation and
Purchase of Power 18 373091.07 249104.81 Operation, Maintenance,
Adm, and General Expenses 19 69439.63 102452.06
Sub-total 442530.70 351556.87 Interest and Finance Charges 20 67165.20 65751.92
Depreciation 77296.01 586991.91 69095.73 486404.52 Profit before prior period items 49891.58 33150.37
Prior Period Items 21 (1360.33) (1373.85)
Extar Ordinary Items 2.20 27.99
Profit before tax 51249.71 34496.23
Current tax 5806.59 3908.42
Deferred Tax 20711.30 10739.43
Fringe Benefit Tax 135.22 84.79
Tax for previous years (49.27)
Net Profit 24645.87 19763.59 Add: Brought forward Profit (loss) 5191.15 1018.5 Balance Carried to Balance Sheet 15908.08 5191.15
Earnings per Share (Basic & Diluted) 11.70 9.38
(Face value of Rs.100 per Share)
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDBALANCE SHEET AS AT 31st March 2009
(Rupees in lakhs)
Particulars ScheduleAs at 31-3-2009 As at 31-3-2008Current Year Previous Year
I. SOURCES OF FUNDS
50
Shareholders funds Share Capital 1 210680.01 210680.01
Total 1609092.43 131377273.35 II. APPLICATION OF FUNDS Fixed Assets 6 Gross Block 1640440.01 1606199.90 Less: Depreciation 802877.75 725647.72 837562.26 880552.18
Capital work in progress 7 698912.07 1536474.33 403691.19 1284243.37
Investments 8 8303.50 6202.50 Current Assets, Loans & Advances Inventories 9 43094.35 39388.49 Sundry Debtors 10 169827.19 148917.78 Cash and Bank balances 11 6974.45 3982.41 Other Current Assets 12 115551.50 93617.55
Loans and Advances 13 3593.52 3450.92 339041.01 289357.15 Less: Current Liabilities and Provisions 14 274725.41 202529.67 Net Current Assets 64315.60 86827.48 Deferred Tax Asset Less: Deffered Tax Liability Miscellaneous Expenditure 15 to the extent not written off or Adjusted
Profit and loss account
Total 1609092.43 1377273.35
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDPROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2010
(Rup
51
ees in lakhs)
PARTICULARS Schedule Current Year Previous Year
INCOME
Revenue 16 643421.85 622998.96
Other Income 17 15348.06 658769.91 13884.53 636883.49
EXPENDITURE Cost of Generation and
Purchase of Power 18 372079.99 373091.07 Operation, Maintenance,
Adm, and General Expenses 19 74821.65 69439.63
Sub-total 446901.64 442530.70
Interest and Finance Charges 20 80170.12 67165.20
Depreciation 80689.70 607761.46 77296.01 586991.91 Profit before prior period items 51008.45 49891.58
Prior Period Items 21 (892.77) (1360.33)
Extar Ordinary Items 3426.57 2.20
Profit before tax 48474.65 51249.71
Current tax 8238.27 5806.59
Deferred Tax 11370.36 20711.30
Fringe Benefit Tax 135.22
Tax for previous years (49.27)
Net Profit 28866.02 24645.87 Add: Brought forward Profit (loss) 15908.08 5191.15 Balance Carried to Balance Sheet 40024.38 15908.08
Earnings per Share (Basic & Diluted) 13.70 11.70
(Face value of Rs.100 per Share)
ANDHRA PRADESH POWER GENERATION CORPORATION LIMITEDBALANCE SHEET AS AT 31st March 2010
(Rupees in lakhs)
Particulars ScheduleAs at 31-3-2010 As at 31-3-2009Current Year Previous Year
Total 1797515.49 1609092.43 II. APPLICATION OF FUNDS Fixed Assets 6 Gross Block 1874125.40 1640440.01 Less: Depreciation 883198.80 802877.75 990926.60 837562.26
Capital work in progress 7 695805.92 1686732.52 698912.07 1536474.33
Investments 8 51.50 8303.50 Current Assets, Loans & Advances Inventories 9 57717.25 43094.35 Sundry Debtors 10 257860.24 169827.19 Cash and Bank balances 11 11932.49 6974.45 Other Current Assets 12 82677.91 115551.50
Loans and Advances 13 2900.57 3593.52 413088.46 339041.01 Less: Current Liabilities and Provisions 14 302356.99 274725.41 Net Current Assets 110731.47 64315.60 Deferred Tax Asset
Less: Deffered Tax Liability Miscellaneous Expenditure 15 to the extent not written off or Adjusted