41 st Annual Report MANAGEMENT DISCUSSION AND ANALYSIS. Management Discussion and Analysis Annexure - I to Directors Report

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1 ECONOMIC AND SECTOR OUTLOOK MANAGEMENT DISCUSSION AND ANALYSIS A Maharatna Company Annexure-I to Directors Report Existing Installed Capacity Total Capacity (MW) % share Total* INDUSTRY STRUCTURE AND DEVELOPMENTS Capacity Utilization and Generation Sector wise PLF (Thermal) (in %) Sector Snap Shot (Source: Central Electricity Authority). Existing Generation

2 Distribution Total Consumption Power Trading Transmission Energizing the Power Sector Key Initiatives / Reforms & Regulatory Changes (a) Flexibility in utilization of domestic coal: (b) Cross Border Electricity Trade Policy:

3 (c) Amendment in the IEGC (4 th ) Amendment to allow compensation on account of partial loading of the units (g) Portal on weather information: OPPORTUNITIES AND THREATS/ CHALLENGES OPPORTUNITIES (d) Reduction in coal import: (a) Electric Vehicles (e) UJALA: 2 (f) SHAKTI (Scheme for Harnessing and Allocating Koyala (Coal) Transparently in India):

4 (b) Nuclear Power (e) Cement Business (c) Renewable Energy Threats/ Challenges/ Concerns (a) Solar Power (b) Environmental Concerns (d) Cross Border Power Trading

5 31 (c) Availability of Gas In-organic growth opportunities Other Issues/Concerns Fuel Security OUTLOOK AND OPPORTUNITIES FOR THE COMPANY Strategic focus of the Company

6 Renewable Energy Leveraging on strengths for delivering better future performance a. Project Management Off-take and realisation b. Operational Efficiency Pooled Tariff for NTPC Stations

7 d. Sound Corporate Governance e. Robust financials and systems RISK, CONCERNS AND THEIR MANAGEMENT c. Human Resources

8 Internal Control A Results from Operations 1 Total Revenue (Note-37 & 38) 1 Units of electricity sold (MUs) FY FY Change 4% Revenue Amount in Crore % FINANCIAL DISCUSSION AND ANALYSIS % Revenue from operations 78, , % Total revenue 79, , %

9 Tariff for computation of Sale of Energy (Note-37) Energy sales (including electricity duty) Project/Unit Capacity (MW) Commercial Operation Date Capacity Charges Total 1420 Energy Charges Other Charges

10 Consultancy and other services Lease rentals on assets on operating lease

11 Energy Internally Consumed FY FY Interest from beneficiaries Provisions written back Total 1, , Interest income on assets on finance lease Net other income 1, , Other Income (Note-38)

12 FY FY Fuel cost ( Crore) 47, , % break-up 2 Expenses (Statement of Profit & Loss and Note-39, 40,41,42 & 68) 2.1 Expenses related to operations Year FY FY Commercial generation (MUs) Expenses 250, ,778 Total 56, , Fuel (Statement of Profit & Loss) Employee benefits expense (Note-39)

13 2.2 Finance Costs (Note-40) FY FY Interest on: Other Expenses (Note-42) Total interest 7, , Total 7, , Less: Transfers to Net interest and Other borrowing costs 3, ,296.41

14 2.3 Depreciation, amortization and impairment expense (Note-41) 2.4 Regulatory Income/(Expense) (Note-68)

15 3 Profit Before Exceptional Items & Tax FY FY Less: Add: Profit Before Exceptional items & Tax 4 Exceptional Items-Impairment loss on investment (Note-60) Details of tax provision 17 Current tax FY ( Deferred tax Crore) Total FY ( Crore) 5 Tax Expense Current tax Deferred tax Total Provision for Current tax Provision for Deferred tax

16 6 Profit After Tax As at March 31 % Change % Profit Before Exceptional items & Tax FY FY Profit After Tax 9, , Other Comprehensive Income Total Gross block of PPE & Intangible assets Total Net block of PPE & Intangible assets Capital work-inprogress and Intangible assets under development (Note-4 & 5) 14% 1,11, , % 99, , % 80, , % 8 Segment-wise Performance 2 Investments in subsidiaries & joint ventures (Note-6) As at March Total 8, , B. Financial Position 1 Property, plant & equipment (PPE), Intangible assets, Capital work-in progress and Intangible assets under development (Note-2 to Note-5) Name of subsidiary company Amount Total Investment

17 Name of JV Companies Amount Total Investment 1, Non-current Financial Assets (Note-7 to Note-10) As at March 31 % Change % 25% 3% 4 Other Non-Current Assets (Note-11) 14%

18 Trade Receivables (Note-14) 5 Current Assets (Note-12 to Note-19) Current Assets As at March 31 Y o Y % Change Change Other financial assets (Note-18) As at March % 15% Other current assets (Note-19) Inventories (Note-12)

19 7 Total Equity (Note-21 & Note-22) 6 Regulatory deferral account debit balances (Note-20) and credit balances (Note-36): 8 Non-Current and Current Liabilities (Note-23 to Note- 34) a. Non-current financial liabilities Borrowings (Note-23): Particulars Regulated Liability ( crore) As at March Total borrowings* 1,03, ,827.74

20 Secured Non-current financial liabilities (Note-23) Other current financial liabilities (Note-31) Total borrowings % Change % 24% Sub-total 33, , , , % Unsecured 13% S. No. Type of Issue Tenure (in Years) Coupon Rate Amount (in Crore) 3% 61 Sub-total 64, , , , , , % Total 97, , , , , , % Source (Principal Amount) Debt raised Repayment Net Total 23, , , Total 12,011.91

21 Domestic Borrowings Foreign Borrowings Total Total 71, , , b. Non-Current financial liabilities- Other financial liabilities (Note-25) Credit Rating Agency Domestic Rating Remarks c. Non-current liabilities- Provisions (Note-26): International d. Non-current liabilities -Deferred tax liabilities (net) (Note-27):

22 e. Other non-current liabilities (Note-28): As at March f. Current Liabilities (Note-29 to Note-34): As at March Y-o-Y Change % Change 131% Total 36, , , %

23 7 10 Cash flows 9 Deferred Revenue (Note-35) FY FY Deferred revenue on account of As at March Opening cash & cash equivalents 1, Total 2, , Closing cash & cash equivalents ,372.40

24 FINANCIAL SUMMARY OF JOINT VENTURE COMPANIES Sl. Company NTPC s interest (Ex. Share application Money) (%) NTPC s investment in equity (net of impairment) Total Income Total comprehensive income/(loss) A. Joint Venture Companies incorporated in India FINANCIAL SUMMARY OF SUBSIDIARY COMPANIES Company # NTPC s investment in equity Total Income Total comprehensive income/(loss) Total 2, ,

25 12 Consolidated Financial Results of NTPC Ltd B. Joint Venture Companies incorporated outside India 17 Total comprehensive income for the year CAUTIONARY STATEMENT 10, , Total 6, , (1,709.81)