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NHPC

BSE: 533098|NSE: NHPC|ISIN: INE848E01016|SECTOR: Power - Generation & Distribution
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Mar 18
Notes to Accounts Year End : Mar '19

Note No. 35 to Standalone Financial Statements

During the year ended on 31.03.2019, retrospective reclassifications/restatements have been carried out in respect of certain items in the financial statements of previous periods. Accordingly, to comply with the requirements of Ind AS 1, the company has presented a 3rd Balance Sheet as at the begnining of preceding period, i.e. as on 01.04.2017. Major restatements/reclassifications are explained as under:-

(A) Restated Standalone Financial Statements for the year ended 31st March, 2018 and as at 1st April, 2017 RESTATED STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2018 and as at 1st April, 2017

PARTICULARS

Note No. of Standalone Financial Statements

Notes

As at 31st March, 2018 (Reported Earlier)

Impact of Restatements/ Reclassifi cations

As at 31st March, 2018 (Restated)

As at 1st April, 2017 (Reported Earlier)

Impact of Restatements/ Reclassifi cations

As at 1st AprilI, 2017 (Restated)

ASSETS

(1) NON-CURRENT ASSETS

a) Property, Plant and Equipment

2.1

35.3

19,066.44

23.67

19,090.11

20,038.58

13.29

20,051.87

b) Capital Work In Progress

2.2

18,813.96

-

18,813.96

17,350.13

-

17,350.13

c) Investment Property

2.3

4.49

-

4.49

4.49

-

4.49

d) Intangible Assets

2.4

923.38

-

923.38

934.14

-

934.14

e) Financial Assets

-

-

-

-

i) Investments

3.1

2,209.56

-

2,209.56

2,100.32

-

2,100.32

ii) Trade Receivables

3.2

184.45

-

184.45

-

-

-

iii) Loans

3.3

35.5

339.88

361.86

701.74

360.96

324.86

685.82

iv) Others

3.4

35.5

1,915.23

(343.81)

1,571.42

1,863.83

(296.84)

1,566.99

f) Non Current Tax Assets (Net)

4

163.67

-

163.67

73.68

-

73.68

g) Other Non Current Assets

5

35.5

1,279.63

518.01

1,797.64

1,125.74

(28.02)

1,097.72

TOTAL NON CURRENT ASSETS

44,900.69

559.73

45,460.42

43,851.87

13.29

43,865.16

(2) CURRENT ASSETS

a) Inventories

6

95.77

-

95.77

91.64

-

91.64

b) Financial Assets

-

-

-

-

i) Trade Receivables

7

1,097.07

-

1,097.07

1,492.90

-

1,492.90

ii) Cash & Cash Equivalents

8

6.96

-

6.96

59.89

-

59.89

(Rs in crore)

PARTICULARS

Note No. of Standalone Financial Statements

Notes

As at 31st March, 2018 (Reported Earlier)

Impact of Restatements/ Reclassifi cations

As at 31st March, 2018 (Restated)

As at 1st April, 2017 (Reported Earlier)

Impact of Restatements/ Reclassifi cations

As at 1st ApriI, 2017 (Restated)

iii) Bank balances other than Cash & Cash Equivalents

9

1,465.43

1,465.43

1,473.25

1,473.25

iv) Loans

10

35.5

46.80

1.17

47.97

43.84

117.40

161.24

v) Others

11

35.5

1,919.42

(536.06)

1,383.36

1,858.25

-

1,858.25

c) Current Tax Assets (Net)

12

0.40

-

0.40

55.93

(0.00)

55.93

d) Other Current Assets

13

35.5

342.18

(1.17)

341.01

475.21

(117.40)

357.81

TOTAL CURRENT ASSETS

4,974.03

(536.06)

4,437.97

5,550.91

-

5,550.91

(3) Regulatory Deferral Account

14

35.1

3,600.46

2,068.75

5,669.21

2,904.32

2,726.24

5,630.56

Debit Balances

TOTAL ASSETS AND REGULATORY DEFERRAL

53,475.18

2,092.42

55,567.60

52,307.10

2,739.53

55,046.63

ACCOUNT DEBIT BALANCES

EQUITY AND LIABILITIES

(1) EQUITY

a) Equity Share Capital

15.1

10,259.32

-

10,259.32

10,259.32

-

10,259.32

b) Other Equity

15.2

18,068.83

23.67

18,092.50

16,682.81

13.29

16,696.10

TOTAL EQUITY

28,328.15

23.67

28,351.82

26,942.13

13.29

26,955.42

(2) LIABILITIES

NON-CURRENT LIABILITIES

a) Financial Liabilities

i) Borrowings

16.1

16,728.20

-

16,728.20

17,245.64

-

17,245.64

ii) Other financial

16.2

38.47

-

38.47

25.63

-

25.63

liabilities

b) Provisions

17

25.47

-

25.47

486.93

-

486.93

c) Deferred Tax Liabilities (Net)

18

35.1

1,076.64

2,068.75

3,145.39

938.49

2,726.24

3,664.73

d) Other non-current Liabilities

19

1,625.00

-

1,625.00

1,472.47

-

1,472.47

TOTAL NON CURRENT LIABILITIES

19,493.78

2,068.75

21,562.53

20,169.16

2,726.24

22,895.40

(Rs in crore)

PARTICULARS

Note No. of Standalone Financial Statements

Notes

As at 31st March, 2018 (Reported Earlier)

Impact of Restatements/ Reclassifi cations

As at 31st March, 2018 (Restated)

As at 1st April, 2017 (Reported Earlier)

Impact of Restatements/ Reclassifications

As at 1st ApriI, 2017 (Restated)

(3) CURRENT LIABILITIES

a) Financial Liabilities

i) Borrowings

20.1

279.99

-

279.99

302.50

-

302.50

ii) Trade Payables

20.2

-

-

-

-

Total outstanding dues of micro enterprises and small enterprises

5.29

5.29

4.28

4.28

Total outstanding dues of Creditors other than micro enterprises and small enterprises

35.5

166.26

10.31

176.57

142.80

17.72

160.52

iii) Other financial liabilities

20.3

35.5

2,778.81

(10.31)

2,768.50

2,549.63

(17.72)

2,531.91

b) Other Current Liabilities

21

669.86

-

669.86

706.65

-

706.65

c) Provisions

22

1,753.04

-

1,753.04

1,489.95

-

1,489.95

d) Current Tax Liabilities (Net)

23

-

-

-

-

-

-

TOTAL CURRENT LIABILITIES

5,653.25

0.00

5,653.25

5,195.81

(0.00)

5,195.81

TOTAL EQUITY & LIABILITIES

53,475.18

2,092.42

55,567.60

52,307.10

2,739.53

55,046.63

(B) RESTATED STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018

(Rs in crore)

PARTICULARS

Note No. of Standalone Financial Statements

Notes

For the Year ended 31st March, 2018 (Reported Ealier)

Impact of Restatements/ Reclassifications

For the Year ended 31st March, 2018 (Restated)

INCOME

i) Revenue from Operations

24.1

35.5

6,934.03

4.19

6,938.22

ii) Revenue from Power Trading

24.2

-

-

-

iii) Other Income

24.3

35.4 & 35.5

1,491.00

(70.45)

1,420.55

TOTAL INCOME

8,425.03

(66.26)

8,358.77

EXPENSES

i) Generation Expenses

25

716.39

-

716.39

ii) Employee Benefits Expense

26

35.4

1,585.33

(49.44)

1,535.89

iii) Finance Costs

27

922.32

-

922.32

iv) Depreciation and Amortization Expense

28

35.3

1,405.89

(10.38)

1,395.51

v) Other Expenses

29

35.4

989.18

(16.82)

972.36

TOTAL EXPENSES

5,619.11

(76.64)

5,542.47

PROFIT BEFORE EXCEPTIONAL ITEMS, RATE REGULATED ACTIVITIES AND TAX

2,805.92

10.38

2,816.30

Exceptional items

-

PROFIT BEFORE RATE REGULATED ACTIVITIES AND TAX

2,805.92

10.38

2,816.30

Tax Expenses

30

i) Current Tax

35.5

634.68

(6.91)

627.77

ii) Adjustments for Income Tax

35.5

(6.91)

6.91

-

iii) Deferred Tax

35.2

139.32

(657.49)

(518.17)

Total Tax Expenses

767.09

(657.49)

109.60

PROFIT FOR THE YEAR BEFORE NET MOVEMENTS IN REGULATORY DEFERRAL ACCOUNT BALANCES

2,038.83

667.87

2,706.70

Movement in Regulatory Deferral Account Balances (Net of Tax)

31

35.2

719.82

(657.49)

62.33

PROFIT FOR THE YEAR (A)

2,758.65

10.38

2,769.03

OTHER COMPREHENSIVE INCOME (B)

(i) Items that will not be reclassified to profit or loss

(a) Remeasurement of the defined benefit plans

44.78

-

44.78

Less: Income Tax on remeasurement of the defined benefit plans

14.80

-

14.80

Less: Deferred Tax Adjustment Against Deferred Tax Liabilities on Remeasurement of defined benefit plans

(13.85)

-

(13.85)

-Movement in Regulatory Deferral Account Balances-Remeasurement of defined benefit plans

(23.68)

-

(23.68)

Sub total (a)

20.15

-

20.15

(b) Investment in Equity Instruments

(7.30)

-

(7.30)

Sub total (b)

(7.30)

-

(7.30)

Total (i) = (a) (b)

12.85

-

12.85

(ii) Items that will be reclassified to profit or loss

-

Investment in Debt Instruments

(9.09)

-

(9.09)

Less: Income Tax on investment in Debt Instruments

(2.12)

-

(2.12)

Total (ii)

(6.97)

-

(6.97)

Other Comprehensive Income (B) = (i ii)

5.88

-

5.88

TOTAL COMPREHENSIVE INCOME FOR THE YEAR (A B)

2,764.53

10.38

2,774.91

Earning per share (Basic and Diluted) (Equity shares, face value of 10/- each)

Before movements in Regulatory Deferral Account Balances

35.6

1.99

0.65

2.64

After movements in Regulatory Deferral Account Balances

35.6

2.69

0.01

2.70

(C ) STATEMENT OF CHANGES IN EQUITY AS AT 31ST MARCH, 2018 (Extract) OTHER EQUITY

(Rs in crore)

Particulars

Notes

Reserve and Surplus

Other Comprehensive Income

Capital Redemption Reserve

Securities Premium

Bond Redemption Reserve

Research & Development Fund

General Reserve

Surplus/ Retained Earnings

Equity Instruments through OCI

Debt instruments through OCI

Total

Balance as at 1st April, 2017 (As previously Reported)

2,041.42

242.81

1,609.27

43.90

10,088.11

2,522.54

100.08

34.68

16,682.81

Correction of Error (Net of Tax)

35.3

13.29

Restated Balance as at 1st April, 2017

2,041.42

242.81

1,609.27

43.90

10,088.11

2,535.83

100.08

34.68

16,696.10

Profit for the year

-

-

-

-

-

2,769.03

-

-

2,769.03

Other Comprehensive Income

-

-

-

-

-

20.15

(7.30)

(6.97)

5.88

Total Comprehensive Income

-

-

-

-

-

2,789.18

(7.30)

(6.97)

2,774.91

Transfer to Retained Earning

Amount transferred from Bond Redemption Reserve

-

-

(148.17)

-

-

148.17

-

-

-

Amount transferred from Research & Development Fund

-

-

(43.90)

43.90

-

Transfer from Retained Earning

Final Dividend (2016-17)

-

-

-

-

-

(102.60)

-

-

(102.60)

Interim Dividend (2017-18)

(1,149.05)

(1,149.05)

Tax on Dividend

-

-

-

-

-

(126.86)

-

-

(126.86)

Transfer to Bond Redemption Reserve

-

-

668.45

-

-

(668.45)

-

-

-

Balance as at 31st March, 2018

2,041.42

242.81

2,129.55

-

10,088.11

3,470.12

92.78

27.71

18,092.50

Notes :-

35.1 As per CERC Tariff Regulations, deferred tax for the tariff period 2004-09 is recoverable from beneficiaries in the year the same materialises as current tax and for tariff period 2014-19 by way of grossing up of Return on Equity by the effective tax rate based on actual tax paid, Till 31 st March, 2018 the deferred tax recoverable from beneficiaries in future years was adjusted against deferred tax liability. Pursuant to an opinion of the Expert Advisory Committee of the Institute of Chartered Accountants of India obtained during FY 2018-19, the Company has reclassified the deferred tax recoverable as Regulatory Deferral Account balance as against adjusting the same with deferred tax liability. Consequent upon this change, impact of Rs (-) 81.22 crore on account of tax liability pertaining to period 2014-15 to 2017-18 has been adjusted/ considered in the tax computation for the current year.

35.2 Deferred Tax expense to the extent of Rs 657.49 crore of FY 2017-18 has been reclassified/ restated as movement in Regulatory Deferral Account balances consequent upon reclassification of deferred tax recoverable from beneficiaries as explained at SI. No.35.1 above.

35.3 The depreciation on assets acquired and available for use during the fag-end as per CERC Tariff Regulations 2014-19 (last 5 years) of the operating life of a Power Station was charged based on the originally estimated useful life as against the extended life of the generating station under CERC Tariff Regulation/ Orders. (Refer S.No-32 of Note 34). As a result, excess depreciation pertaining to earlier periods have been written-back to Property, Plant & Equipment with consequential increase in Other Equity.

35.4 Till FY 2017-18, reversal of provisions were being presented as Other Income. Pursuant to an opinion of the Expert Advisory Committee of the Institute of Chartered Accountants of India, the Company has adjusted reversal of provisions of earlier years to the extent of provisions created during the year and consequently Other Income and related expenses have also been adjusted to that extent. However there is no impact of such reclassification on the profit of the respective year.

35.5 Further to above, following reclassifications/restatements have also been made in the Balance Sheet and Statement of Profit and Loss to correspond to the current year classification:

a) Deposits of perpetual nature earlier classified as Other Current Assets/ Other Non Current Assets have been reclassified as Current-Financial Assets-Loans/ Non-Current-Financial Assets-Loans.

b) Interest accrued on Loan to Govt of Arunachal Pradesh, earlier classified as Financial Assets-Others has been reclassified as Financial Assets-Loans along with the loan balance.

c) Payments made to contractors in pursuance to Niti Aayog guidelines (refer Note 34(1 )(e) of the Financial Statements) earlier presented under Financial Assets-Current- Others have been reclassified as Other Non-Current Assets.

d) Certain liabilities incurred in the normal course of business have been reclassified from Other Financial Liabilities-Current to Trade Payables-Current.

e) Income on account of Generation Based Incentive (GBI) earlier presented as Other Income has been reclassified as Revenue from Operations.

f) In Tax Expenses, Adjustments for Income Tax is clubbed in current taxes.

35.6 Basic and Diluted earning per share for the year 2017-18 have also been restated. The basic and diluted earnings per share has increased by Rs 0.65 before movement in regulatory Deferral Account Balances and by Rs 0.01 per share after movement in regulatory Deferral Account Balances.

35.7 There is no impact due to the above restatement/reclassifications on the Statement of Cash Flow of the Year 2017-18.

For and on behalf of the Board of Directors

VIJAY GUPTA

MAHESH KUMAR MITTAL

BALRAJ JOSHI

Company Secretary

Director (Finance)

Chairman & Managing Director

DIN 02889021

DIN 07449990

As per report of even date

FOR ARORA VOHRA & CO.

FOR DSP & ASSOCIATES

FOR LODHA & CO.

Chartered Accountants

Chartered Accountants

Chartered Accountants

FRN 009487N

FRN: 006791N

FRN: 301051E

(PREM C. BANSAL)

(Sanjay Jain)

(R.R SINGH)

Partner

Partner

Partner

M. No. 083597

M. No. 084906

M. No. 052438

Place : Date:

New Delhi 27th May, 2019

Source : Dion Global Solutions Limited
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