Damodar Valley Corporation

*DVC » Performance » Financial*

(YEAR 2008-2009)

OPERATIONAL RESULTS

Particulars			(Rs. in crore)
	2006-07	2007-08	2008-09
A. Revenue Account - Power
1. Revenue income i) Sale of power
a. Firm Domestic Sale	3400	3813	4620
b. Firm Export Sale through PTC	549	388	310
c. Unscheduled Interchange	365	332	410
d. Sale of MTPS # 5 (up to 28.02.07)	-	45	56
e. Total [i (a)+i (b)+i (c)-i (d)]	4314	4488	5284
ii) Miscellaneous Income	306	465	370
iii) Extra-ordinary Income
iv) Total Income (i + ii + iii)	4620	4953	5654
2. Revenue Expenditure (Rs. in Crore)
i) Fuel	1665	1652	2277
ii) Purchase of Power	253	317	370
iii) O&M, Establishment Charges	421	501	616
iv) Overhead Charges	106	60	37
v) Total (i to iv)	2445	2530	3300
vi) Depreciation	212	217	320
vii) Interest	167	205	313
viii) Bad debt and Provision for Consumers O/S & Provisions for Others	3	24	76
3. Total Expenditure: [v+vi+vii+viii]	2827	2976	4009
4. Effects of Extra-ordinary Transactions & Past Year’s (Debit)/Credit	(251)	(663)	(590)
5. Power Surplus before Tax: [1(iv)-3+4]	1542	1314	1055
6. Deficit on Irrigation & Flood Control	(59)	(65)	(73)
7. Income Tax	244	123	95
8. Net Surplus after Tax:[5+6-7]	1239	1126	887
9. Gross Margin: [1(i)-v]	1869	1958	1984
10.Current Year’s Profit on Power: [9+1(ii)-vi-vii-viii]	1793	1977	1645

Sources & Utilization of Fund

Particulars	2006-07		2007-08		2008-09
	(Rs. in crore)	%	(Rs. in crore)	%	(Rs. in crore)	%
SOURCES A. Members fund: (i) Loan capital	2611.15	31.44	3312.62	12.49	4004.22	12.63
(ii) Ploughed back power surplus	574.28	6.91	528.72	1.99	426.00	1.34
(iii) Retained interest	127.19	1.53	162.88	0.61	224.31	0.71
Total members fund (i+ii+iii)	3312.62	39.88	4004.22	15.10	4654.53	14.68
B. Borrowing from markets central loan and others	2100.47	25.29	3548.75	13.38	6452.61	20.35
C. Internal resources	2893.23	34.83	10781.80	40.65	13111.76	41.36
D. Capital Reserve			8189.16	30.87	7484.40	23.61
TOTAL (A+B+C)	8306.32	100.00	26523.93	100.00	31703.30	100.00
UTILISATION
Gross fixed assets	4878.56	58.73	22287.31	84.03	22601.93	71.29
Capital work in progress	3427.76	41.27	4236.62	15.97	9101.37	28.71
TOTAL	8306.32	100.00	26523.93	100.00	31703.30	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) 2008-09
1. Capital Expenditure		31703.30
2. Sources
a. Central Government (i) Loan Capital	1374.07
(ii) Ploughed back power surplus	142.00
(iii) Retained Interest	78.25	1594.32
b. W.B. Government (i) Loan Capital	1284.21
(ii) ) Ploughed back power surplus	142.00
(iii) Retained Interest	69.34	1495.55
c. Bihar Government Loan Capital	1345.94
Ploughed back power surplus	142.00
Retained Interest	676.72	1564.66
d. Market Loan, Central Loan & Others		6452.61
e. Internal Resources		13111.76
f. Capital Reserve		7484.40
TOTAL		31703.30

NOTE: Capital Reserve generate due to Revaluation of Assets.

Key Ratios

Growth (%)	2006-07	2007-08	2008-09
i) Increase in Total Income	19.41	7.21	14.17
ii) Increase in Profit Before Tax	69.57	10.24	(16.72)
iii) Increase in Debtors	24.89	52.59	49.07
iv) Increase in Inventory	12.32	17.75	25.50
2. Profitability (%)
i) Gross Margin/Sales	43.33	43.62	37.56
ii) Profit (PBT)/Sales	38.80	39.90	29.10
iii) Rate of Return (Post Tax-excluding extra ordinary income)	14.87	5.47	4.44
3. Solvency / Liquidity
i) Debt to Net Worth Ratio	0.33	0.23	0.39
ii) Current Ratio	1.46	1.52	1.36
iii) Quick Ratio	1.35	1.40	1.21
4. Turnover Ratio
i) Inventory Holding – Thermal (Monthly Consumption) Fuel	0.89	0.74	0.88
ii) Debtors Holding (Monthly Sales)	3.28	4.80	6.08

* Figures within () indicate decrease.