Damodar Valley Corporation

*DVC » Performance » Financial*

(YEAR 2007-2008)

OPERATIONAL RESULTS

Particulars			(Rs. in crore)
	2005-06	2006-07	2007-08
A. Revenue Account - Power
1. Revenue income i) Sale of power
a. Firm Domestic Sale	2877	3400	3813
b. Firm Export Sale through PTC	348	549	388
c. Unscheduled Interchange	297	365	332
d. Sale of MTPS # 5 (up to 28.02.07)	-	-	45
e. Total [i (a)+i (b)+i (c)-i (d)]	3522	4314	4488
ii) Miscellaneous Income	347	306	465
iii) Extra-ordinary Income	807
iv) Total Income (i + ii + iii)	4676	4620	4953
2. Revenue Expenditure (Rs. in Crore)
i) Fuel	1367	1665	1652
ii) Purchase of Power	235	253	317
iii) O&M, Establishment Charges	492	421	501
iv) Overhead Charges	139	106	60
v) Total (i to iv)	2233	2445	2530
vi) Depreciation	220	212	217
vii) Interest	148	167	205
viii) Bad debt and Provision for Consumers O/S & Provisions for Others	189	3	24
3. Total Expenditure: [v+vi+vii+viii]	2790	2827	29876
4. Effects of Extra-ordinary Transactions & Past Year’s (Debit)/Credit	(508)	(251)	(663)
5. Power Surplus before Tax: [1(iv)-3+4]	1378	1542	1314
6. Deficit on Irrigation & Flood Control	(46)	(59)	(65)
7. Income Tax	295	244	123
8. Net Surplus after Tax:[5+6-7]	1066	1239	1126
9. Gross Margin: [1(i)-v]	1289	1869	1958
10.Current Year’s Profit on Power: [9+1(ii)-vi-vii-viii]	1080	1793	1977

Sources & Utilization of Fund

Particulars	2005-06		2006-07		2007-08
	(Rs. in crore)	%	(Rs. in crore)	%	(Rs. in crore)	%
SOURCES A. Members fund: (i) Loan capital	2036.68	24.52	2611.15	31.44	3312.62	12.49
(ii) Ploughed back power surplus	475.50	5.72	574.28	6.91	528.72	1.99
(iii) Retained interest	98.97	1.19	127.19	1.53	162.88	0.61
Total members fund (i+ii+iii)	2611.15	31.44	3312.62	39.88	4004.22	15.10
B. Borrowing from markets central loan and others	576.33	6.94	2100.47	25.29	3548.75	13.38
C. Internal resources	3085.19	37.14	2893.23	34.83	10781.80	40.65
D. Capital Reserve					8189.16	30.87
TOTAL (A+B+C)	6272.67	75.52	8306.32	100.00	26523.93	100.00
UTILISATION
Gross fixed assets	4688.04	56.44	4878.56	58.73	22287.31	84.03
Capital work in progress	1584.63	19.08	3427.76	41.27	4236.62	15.97
TOTAL	6272.67	75.52	8306.32	100.00	26523.93	100.00

NOTE:
1. Loan capital contributed by the participating Governments to meet capital cost of the projects is however treated as DVC’s own resources.
2. Power surplus and retained interest ploughed back fund-awaiting transfer to capital head.

Capital Expenditure & Sources (Power)-Cumulative

	(Up to) 2007-08
1. Capital Expenditure		26523.93
2. Sources
a. Central Government (i) Loan Capital	1133.43
(ii) Ploughed back power surplus	176.24
(iii) Retained Interest	64.41	1374.08
b. W.B. Government (i) Loan Capital	1072.45
(ii) ) Ploughed back power surplus	176.24
(iii) Retained Interest	35.51	1284.20
c. Bihar Government Loan Capital	1106.74
Ploughed back power surplus	176.24
Retained Interest	62.96	1345.94
d. Market Loan, Central Loan & Others		3548.75
e. Internal Resources		10781.80
f. Capital Reserve		8189.16
TOTAL		26523.93

NOTE: Capital Reserve generate due to Revaluation of Assets.

Key Ratios

Growth (%)	2005-06	2006-07	2007-08
i) Increase in Total Income	27.42	19.41	7.21
ii) Increase in Profit Before Tax	59.72	69.57	10.24
iii) Increase in Debtors	(42.99)*	24.89	52.59
iv) Increase in Inventory	(1.17)*	12.32	17.75
2. Profitability (%)
i) Gross Margin/Sales	36.53	43.33	43.62
ii) Profit (PBT)/Sales	27.91	38.80	39.90
iii) Rate of Return (Post Tax-excluding extra ordinary income)	12.58	14.87	5.47
3. Solvency / Liquidity
i) Debt to Net Worth Ratio	0.11	0.33	0.23
ii) Current Ratio	1.1	1.46	1.52
iii) Quick Ratio	0.98	1.35	1.40
4. Turnover Ratio
i) Inventory Holding – Thermal (Monthly Consumption) Fuel	1.00	0.89	0.74
ii) Debtors Holding (Monthly Sales)	3.22	3.28	4.80

* Figures within () indicate decrease.

Cost of generation(thermal power kwh in paise)

2005-06
Cost Item	BTPS	DTPS	CTPS	MTPS	Average
1. Fuel	115.92	138.36	97.87	103.53	110.33
2. Operation & Maintenance	35.44	36.71	38.81	10.65	24.40
3. Depreciation & Interest	16.35	3.22	10.87	38.45	24.04
4. Overhead and General Charges	12.13	14.08	11.15	9.32	10.92
TOTAL	179.84	192.37	158.70	161.95	169.69
2006-07
Cost Item	BTPS	DTPS	CTPS	MTPS	Average
1. Fuel	116.89	140.43	101.88	122.87	120.80
2. Operation & Maintenance	30.15	33.77	37.04	10.56	22.85
3. Depreciation & Interest	10.05	2.52	6.22	37.06	20.61
4. Overhead and General Charges	7.72	9.28	7.16	6.23	7.19
TOTAL	164.81	186.00	152.30	176.72	171.45
2007-08
Cost Item	BTPS	DTPS	CTPS	MTPS	Average
1. Fuel	114.95	144.18	104.10	106.85	112.82
2. Operation & Maintenance	31.55	47.27	39.39	11.43	25.46
3. Depreciation & Interest	8.07	5.54	6.94	37.62	21.05
4. Overhead and General Charges	1.7	2.35	1.83	0.98	1.47
TOTAL	156.27	199.34	152.26	156.88	160.80