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FINANCIAL MANAGEMENT IN  POWER PROJECTS OF KARNATAKA:  A Case Study of  KARNATAKA POWER CORPORATION LTD (KPCL)    Dr. TANAJI  G. RATHOD, M.Com, MBA-Finance, PhD., Manager (Finance & Accounts) KSIIDC, Bangalore  Email :  tanajirathod@gmail.com  Dr R Hiremani Naik, M.Com, PhD., Reader & Chairman , MBA Dept,  Institute of Management Studies,  Kuvempu University, SHIMOGA
FRAMEWORK FOR ANALYSIS   ,[object Object],[object Object],[object Object],[object Object],[object Object]
RESEARCH  OBJECTIVES   ,[object Object],[object Object],[object Object],[object Object],[object Object]
RESEARCH GAP  ,[object Object],[object Object],[object Object]
RESEARCH FRAMEWORK   ,[object Object],KPCL Interview Questionnaire Inter-Firm Comparisons
RESEARCH METHODOLOGY   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
TOOLS FOR STATISTICAL ANALYSIS   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
G D C G G T D C G D C G D C G G D T D C C BUSINESS MODELS   IN   POWER SECTOR   Generator    Wholesaler /   Distri.Co /   Customer  Aggregator   Retailer T Model - 4   Model - 1 Model - 2 Model - 3
INDUSTRY STRUCTURE –  MOVEMENT IN OWNERSHIP MATRIX   1991 1994 Ownership Model -1 Model -2 Model -3 Model -4 Government Ownership  India NZ Public  Corporation  UK NZ Private  Corporation  USA 1978 1992 1990-98
INSTALLED CAPACITY & GENERATION   As on 31.3.2009 Source: CEA Annual Report-  FY  2006-07 59%  KPCL Share  56%  KPCL Share REGION MW MU INDIA  1,47,965 7,17,657 KARNATAKA 9,346 45,000 KPCL 5,509 25,080
INSTALLED CAPACITY OF KARNATAKA   ( As on 31.03.2009)   (IN MW) Source: Annual Reports of KPCL, KERC,CEA 5509 MW of KPCL @ 59% SECTOR   TYPE HYDRO THERMAL NUCLR RES TOTAL  % age State  3518 2098 0 452 6068 65.14 Private  0 586 0 1428 2014 21.55 Central 0 1073 191 0 1264 13.52 Total - 3518 3757 191 1880 9346 100.00 %age 37.64 40.20 2.04 20.12 100.00
*Bidadi Power Project is yet to take-off
PEAK DEMAND & SUPPLY GAP OF KARNATAKA   Source: Load Dispatch Canter of Karnataka/www.cea.org -7 -442 5811 6253 2006-07 -15 -1016 5567 6583 2007-08 -5 -329 6548 6877 2008-09 F Y  PEAK  DEMAND (MW) PEAK  MET(MW) DEFICIT (MW) (-) %AGE  2001-02 5587 5168 -419 -8 2002-03 5628 5219 -409 -7 2003-04 6213 5445 -768 -12 2004-05 5927 5612 -315 -5 2005-06 5949 5558 -391 -7
ENERGY DEMAND & SUPPLY OF KARNATAKA   Source: www.cea.org -2 -849 39948 40797 2006-07 -3 -1089 39282 40371 2007-08 -6 -2591 40700 43291 2008-09 F Y  ENERGY  DEMAND (MU) ENERGY  MET(MU) DEFICIT (MU) (-) %AGE  2001-02 34385 28863 -5522 -16 2002-03 35129 29365 -5764 -16 2003-04 36153 31145 -5008 -14 2004-05 35156 33687 -1469 -4 2005-06 34601 34349 -252 -1
PEAK & ENERGY SUPPLY OF KARNATAKA
OPERATIONAL   PERFORMANCE OF KPCL   Source: Annual Reports of KPCL FY 2002-07 PARAMETERS  2002-03 2003-04 2004-05 2005-06 2006-07 Installed Capacity (MW) 4350 4351 4641 4641 4995 Electricity Gen (MU) 17138 18426 18993 19889 26635 (Thermal) 10292 11393 10730 9165 11483 (Hydel + Wind) 6835 7033 8260 10724 15152 Thermal Aux.Consump (%) 8.47 8.50 8.68 8.63 8.22 Plant Load Factor  (%) 90.39 88.23 83.33 71.17 89.17 Ash Utilized (%) 35 35 60 65 80 Hydro. Aux..Consump (%) 1.28 1.68 1.54 1.56 1.62 Hydro. PLF(%) 85.80 90.05 94.79 95.60 94.43 Man / MW Ratio 1.62:1 1.59:1 1.39:1 1.39:1 1.35:1 Total Employees 7057 6961 6453 6437 6737
FINANCIAL PERFORMANCE ( BALANCE SHEETS) OF KPCL    Rs. in Cr. PARTICULARS  2002-03 2003-04 2004-05 2005-06 2006-07 SOURCE OF FUNDS  - (a)  4823.47 5429.80 6300.93 7255.39 7980.87 Paid-Up Capital  662.98 662.98 662.98 662.98 662.98 Reserves & Surplus 1315.22 1375.48 1599.81 1836.27 2262.37 Total Loan Funds  2845.27 3391.34 4038.14 4756.14 5055.52 APPLICATION OF FUNDS - (b)  4823.47 5429.80 6300.93 7255.39 7980.87 Gross Fixed Assets  4804.23 5488.93 5826.97 6053.60 6507.56 Less: Depreciation  -1857.98 -2144.61 -2410.46 -2668.92 -3166.29 Net Fixed Assets  2946.25 3344.31 3416.51 3384.68 3338.49 Capital W-I-P  688.85 433.50 629.70 1098.88 2151.50 Total Fixed Assets 3635.10 3777.81 4046.21 4483.56 5489.99 Inventories  193.90 159.63 207.45 270.06 240.28 Sundry Debtors  1050.87 1557.38 2104.64 2534.24 2596.12 Cash & Bank balances 203.35 91.88 105.40 90.13 248.68 Less: Current Liab & Prov. -521.21 -444.69 -536.97 -373.97 -909.20 Net Current Assets  1146.07 1616.32 2199.01 2739.00 2472.70
OPERATING PERFORMANCE (P&L A/C) OF KPCL    (Rs. In Cr)   PARTICULARS  FY 2002-03 2003-04 2004-05 2005-06 2006-07 Sale of Energy  2094.25 2438.22 2483.18 2520.67 3433.82 Other Income 69.79 58.46 133.86 148.89 316.55 TOTAL TURNOVER  2164.04 2496.68 2617.04 2669.56 3750.37 Fuel & Chemical Expenses 1090.26 1260.16 1415.32 1334.32 1789.75 Administrative Expenses  353.28 397.12 373.74 335.70 905.49 Financial Charges  226.77 273.48 246.20 349.65 383.28 Depreciation  213.26 260.80 267.41 265.55 244.66 Misc. Expenses  32.55 35.92 46.81 39.78 56.13 TOTAL EXPENDITURE 1916.12 2227.48 2349.59 2325.00 3379.31 Profit After Tax (PAT) 240.69 223.23 239.46 251.58 322.32 Transferred to Reserves  232.08 214.29 224.50 236.46 304.93 Dividend Paid  14.95 14.95 14.95 15.12 17.39 Total PAT : 240.69 223.23 239.46 251.58 322.32
CASH FLOW STATEMENTS   OF KPCL    ( Rs. In. Cr.) PARTICULARS  2002-03 2003-04 2004-05 2005-06 2006-07 Operating Profit before Working Capital Changes  623.78 753.35 662.16 947.12 1003.55 Operating Profit After Working Capital Changes  825.46 171.61 93.03 403.61 1443.20 Net Cash Flow from Operating Activities  =  (A) 564.81 -156.16 -215.92 376.59 1344.04 Net Cash Flow from Investment Activities  =  (B) -190.55 -338.81 -401.35 -690.00 -1063.06 Net Cash Flow from Financing Activities  =  ( C ) -440.73 383.50 630.83 298.12 -127.99 Net Changes in Cash and Cash Equivalents  =  (A+B+C) -66.47 -111.47 13.56 -15.29 152.99 Closing Cash and Cash Equivalents  179.71 91.88 105.43 95.67 248.68
FINANCIAL RATIOS OF KPCL PARTICULARS  2002-03 2003-04 2004-05 2005-06 2006-07 LIQUIDITY RATIO Current Ratio 3.19 4.63 5.09 8.32 3.72 Acid-test Ratio 2.82 4.27 4.71 7.60 3.46 Working Capital Turnover Ratio 0.28 0.33 0.39 0.45 0.43 LEVERAGE RATIO Debt-Equity Ratio 1.44 1.43 1.72 1.82 1.66 Debt assets Ratio 0.81 0.83 0.85 0.87 0.88 Interest Coverage Ratio 2.09 1.98 2.08 1.99 1.97 Debt Service Coverage Ratio 1.03 2.44 2.61 2.19 2.20 TURNOVER RATIO Inventory Turnover Ratio 5.76 7.13 7.71 5.59 7.01 Debtors Turnover Ratio 1.99 1.57 1.35 0.99 1.32 Average Collection Period (Days)  183 233 309 367 276 Fixed Assets Turnover Ratio 0.81 0.53 0.49 0.49 0.68 Total Assets Turnover Ratio 0.28 0.32 0.29 0.25 0.31
FINANCIAL  RATIOS OF KPCL PARTICULARS  2002-03 2003-04 2004-05 2005-06 2006-07 PROFITABILITY RATIO Gross Profit Margin Ratio (%) 51.27 50.71 48.39 52.97 57.10 Net Profit Margin Ratio (%) 22.67 22.26 20.69 27.54 21.97 Admin & Other Exp Ratio (%) 16.85 16.27 15.04 13.31 26.36 Financial Charges Ratio (%) 10.83 11.22 9.91 13.87 11.16 Return On Assets (%)  3.25 2.96 2.79 2.53 2.87 Earning Power (%) 4.99 4.11 3.80 3.47 4.04 Return on Capital Employed (%) 12.17 10.95 10.58 10.07 11.02 Dividend (%) 2 2 2 2 2.24 Dividend Payout Ratio (%) 5.51 5.95 5.54 5.27 4.61 Earning Per Share (EPS) Rs. 363.04 336.71 361.19 379.47 486.17 Face Value of Share (Rs.) 1000 1000 1000 1000 1000 Dividend Per Share (Rs.) 20 20 20 20 22.42 Book Value Per Share (Rs.) 2983.79 3074.69 3413.05 3769.71 4412.42 Economic Value Added (Rs.) -91.65 -177.65 -121.99 -255.87 -255.98
INTER-FIRM COMPARISON STUDY OF BALANCE SHEETS  AS ON 31.3.2005   (Rs. in Cr)   Source: Annual Reports of Co. for - FY 2004-05 PARTICULARS  KPCL APGEN CO NTPC NHPC REL TATA POWER Source of Funds 2262.79 2106.80 42113.70 13797.10 6339.89 5136.47 Loan funds 3889.51 9952.86 17087.80 7021.80 3738.67 2860.01 TOTAL : ( A) 6300.93 12059.66 59201.60 22194.71 10361.22 8007.80 Fixed Assets 4046.21 9502.27 3224.30 18364.52 2912.31 3246.66 Net Current Assets 2199.00 1288.63 6160.60 59.58 6752.69 1235.51 TOTAL : (B) 6300.93 12059.66 59201.60 22194.71 10361.22 8007.80 Installed Capacity (MW) 4640 6555 23435 2449 941 2203 Generation (MU) 18993 28720 158271 111286 5977 13283
INTER-FIRM COMPARISON STUDY OF PROFIT & LOSS ACCOUNTS    AS ON 31.3.2005     (Rs. in Cr) PARTICULARS  KPCL APGEN CO NTPC NHPC REL TATA POWER Total Income  2617.04 4293.01 25546.00 1845.94 4592.55 4317.57 Total Expenditure  2349.59 4207.42 19478.00 1068.41 4022.91 3558.78 Profit After Tax (PAT)  239.46 51.63 5807.00 684.58 520.14 551.36 Dividend Paid  14.96 0 2247.00 159.21 99.10 169.90 Transferred to Reserves  224.50 0 3537.30 159.21 425.32 150.00 Transferred to B/S 0 51.63 81.20 2369.02 200.31 235.19 TOTAL PAT  239.46 51.63 5865.50 2528.23 625.63 555.09
COST PER UNIT OF INTER-FIRMS   Source: Annual Reports PARTICULARS  KPCL APGEN CO NTPC NHPC REL TATA  POWER Sales per KWh (Rs.Ps) 1.38 1.49 1.61 1.64 7.68 3.25 Cost of Generation (Rs.Ps) 1.24 1.46 1.23 0.95 6.73 2.68 Margin of profit (Ps.) 0.14 0.03 0.38 0.69 0.95 0.57 Man/MW Ratio 1.39:1 1.68:1 0.91:1 5.50:1 1.17:1 1.36:1 PRICE PER UNITS OF KPCL 2002-03 2003-04 2004-05 2005-06 2006-07 Gross Sale per KWh ( Rs.ps) 1.26 1.35 1.38 1.34 1.41 Cost of Generation (Rs.Ps) 1.12 1.21 1.24 1.17 1.27 Gross margin (Ps.) 0.14 0.15 0.14 0.17 0.14
PRICE MOVEMENT IN INTER-FIRMS FY 2004-05
FINANCIAL RATIO OF INTER-FIRMS   For FY 2004-05 6.93 6.04 11.39 9.91 -1.69 3.80 R O C E (%) PARTICULARS  KPCL APGEN CO NTPC NHPC REL TATA POWER Debt Equity Ratio 1.72:1 4.72:1 0.41:1 0.51:1 0.65:1 0.63:1 Face Value Per Share (Rs)  1000 100 10 1000 10 10 Book Value Per Share (Rs)  3413 100 51 1464 342 260 Earning Per Share (Rs.)  361.19 2.42 7.04 72.57 28.02 27.84 Return On Equity (%) 10.58 2.42 13.90 4.96 8.20 10.73 Dividend Per Share (Rs)  20.00 0 2.40 14.85 4.69 7.48 Dividend Payout Ratio(%)  5.54 0 34.08 20.47 16.73 26.86 Performance Ratings V VI II IV III I
RESPONDENTS FOR QUESTIONNAIRE   Source: Questionnaire based Survey and Findings TECHNICAL No. NON-TECHNICAL No. TOTAL Director  –  Technical Executive Directors  Chief Engineers  Superintendents Engineers  Executive Engineers  Assistant Executive Engineers  Assistant Engineers Junior Engineers  1 1 3 8 25 20 23 14 Director  –  HR / Finance  Executive Directors General Managers  Deputy General Managers  Assistant General Managers  Accounts Officers  Assistant Accounts Officers  Junior Officers (HR, A/cs, Adm.)  1 1 3 8 20 36 25 11 2 2 6 16 45 56 48 25 TOTAL :  95 TOTAL :  105 200 Sample Size   :  9% Response Rate  : 100% Total Officers  –   2301 Total Workers  –   3936 6237
SUMMERY OF FINDINGS   - i   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SUMMERY OF FINDINGS - ii   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SUMMERY OF FINDINGS - iii ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SUGGESTIONS   -  i ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SUGGESTIONS - ii ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SUGGESTIONS - iii ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
RESEARCH PAPERS PUBLISHED   “ Financing and Investment  Decisions in Power Projects of Karnataka – A Case study of KPCL ”, Renewable Energy and Environment for Sustainable Development, a  proceedings of an International Conference on “Renewable Energy Asia -2008”  held at IIT Delhi, Pp.239-244. “ Impact of Availability Based Electricity Tariffs (ABT) on the Power Sector - Case Study of Karnataka ” in  The   ICFAI University Journal of Infrastructure ,  The ICFAI University Press, Hyderabad, Volume No.VI, No.3, September 2008, Pp.51-64.    “ Power Sector in Karnataka - A Review of Reforms Status and Impact of the Electricity Act 2003”   PARLIAMENTARY AFFAIRS , monthly journal published by Institute of Parliamentary Affairs, Bangalore, Volume 25, Issue 12, December 2005, Pp 23-33.  “ Power Sector  in India – Heading towards Reforms”  ICFAI Journal of Public Administration , ICFAI University Press, Hyderabad, Volume 2, Issue 1, January 2006.  Pp 39-56. “ Wind Power Development In Karnataka – A Micro Study”   SOUTHERN ECONOMIST , Bangalore, October 15, 2005, Volume 44, Issue No.12, Pp.13-15. “ International Financial Reporting Standards (IFRS)-  Emerging Opportunities and Challenges for India”,  CHARTERED ACCOUNTANT , New Delhi,, Volume 54, No.07, January 2006, Pp 988-992. “ A Peep into the Power Sector of India ”  GITAM JOURNAL OF MANAGEMENT , Visakhapatnam, Volume.4, No.2, July-December 2006, Pp.115-140.
THANK YOU

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Ppt For Iimb Cpp Tanaji Rathod

  • 1. FINANCIAL MANAGEMENT IN POWER PROJECTS OF KARNATAKA: A Case Study of KARNATAKA POWER CORPORATION LTD (KPCL) Dr. TANAJI G. RATHOD, M.Com, MBA-Finance, PhD., Manager (Finance & Accounts) KSIIDC, Bangalore Email : tanajirathod@gmail.com Dr R Hiremani Naik, M.Com, PhD., Reader & Chairman , MBA Dept, Institute of Management Studies, Kuvempu University, SHIMOGA
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  • 8. G D C G G T D C G D C G D C G G D T D C C BUSINESS MODELS IN POWER SECTOR Generator Wholesaler / Distri.Co / Customer Aggregator Retailer T Model - 4 Model - 1 Model - 2 Model - 3
  • 9. INDUSTRY STRUCTURE – MOVEMENT IN OWNERSHIP MATRIX 1991 1994 Ownership Model -1 Model -2 Model -3 Model -4 Government Ownership India NZ Public Corporation UK NZ Private Corporation USA 1978 1992 1990-98
  • 10. INSTALLED CAPACITY & GENERATION As on 31.3.2009 Source: CEA Annual Report- FY 2006-07 59% KPCL Share 56% KPCL Share REGION MW MU INDIA 1,47,965 7,17,657 KARNATAKA 9,346 45,000 KPCL 5,509 25,080
  • 11. INSTALLED CAPACITY OF KARNATAKA ( As on 31.03.2009) (IN MW) Source: Annual Reports of KPCL, KERC,CEA 5509 MW of KPCL @ 59% SECTOR TYPE HYDRO THERMAL NUCLR RES TOTAL % age State 3518 2098 0 452 6068 65.14 Private 0 586 0 1428 2014 21.55 Central 0 1073 191 0 1264 13.52 Total - 3518 3757 191 1880 9346 100.00 %age 37.64 40.20 2.04 20.12 100.00
  • 12. *Bidadi Power Project is yet to take-off
  • 13. PEAK DEMAND & SUPPLY GAP OF KARNATAKA Source: Load Dispatch Canter of Karnataka/www.cea.org -7 -442 5811 6253 2006-07 -15 -1016 5567 6583 2007-08 -5 -329 6548 6877 2008-09 F Y PEAK DEMAND (MW) PEAK MET(MW) DEFICIT (MW) (-) %AGE 2001-02 5587 5168 -419 -8 2002-03 5628 5219 -409 -7 2003-04 6213 5445 -768 -12 2004-05 5927 5612 -315 -5 2005-06 5949 5558 -391 -7
  • 14. ENERGY DEMAND & SUPPLY OF KARNATAKA Source: www.cea.org -2 -849 39948 40797 2006-07 -3 -1089 39282 40371 2007-08 -6 -2591 40700 43291 2008-09 F Y ENERGY DEMAND (MU) ENERGY MET(MU) DEFICIT (MU) (-) %AGE 2001-02 34385 28863 -5522 -16 2002-03 35129 29365 -5764 -16 2003-04 36153 31145 -5008 -14 2004-05 35156 33687 -1469 -4 2005-06 34601 34349 -252 -1
  • 15. PEAK & ENERGY SUPPLY OF KARNATAKA
  • 16. OPERATIONAL PERFORMANCE OF KPCL Source: Annual Reports of KPCL FY 2002-07 PARAMETERS 2002-03 2003-04 2004-05 2005-06 2006-07 Installed Capacity (MW) 4350 4351 4641 4641 4995 Electricity Gen (MU) 17138 18426 18993 19889 26635 (Thermal) 10292 11393 10730 9165 11483 (Hydel + Wind) 6835 7033 8260 10724 15152 Thermal Aux.Consump (%) 8.47 8.50 8.68 8.63 8.22 Plant Load Factor (%) 90.39 88.23 83.33 71.17 89.17 Ash Utilized (%) 35 35 60 65 80 Hydro. Aux..Consump (%) 1.28 1.68 1.54 1.56 1.62 Hydro. PLF(%) 85.80 90.05 94.79 95.60 94.43 Man / MW Ratio 1.62:1 1.59:1 1.39:1 1.39:1 1.35:1 Total Employees 7057 6961 6453 6437 6737
  • 17. FINANCIAL PERFORMANCE ( BALANCE SHEETS) OF KPCL Rs. in Cr. PARTICULARS 2002-03 2003-04 2004-05 2005-06 2006-07 SOURCE OF FUNDS - (a) 4823.47 5429.80 6300.93 7255.39 7980.87 Paid-Up Capital 662.98 662.98 662.98 662.98 662.98 Reserves & Surplus 1315.22 1375.48 1599.81 1836.27 2262.37 Total Loan Funds 2845.27 3391.34 4038.14 4756.14 5055.52 APPLICATION OF FUNDS - (b) 4823.47 5429.80 6300.93 7255.39 7980.87 Gross Fixed Assets 4804.23 5488.93 5826.97 6053.60 6507.56 Less: Depreciation -1857.98 -2144.61 -2410.46 -2668.92 -3166.29 Net Fixed Assets 2946.25 3344.31 3416.51 3384.68 3338.49 Capital W-I-P 688.85 433.50 629.70 1098.88 2151.50 Total Fixed Assets 3635.10 3777.81 4046.21 4483.56 5489.99 Inventories 193.90 159.63 207.45 270.06 240.28 Sundry Debtors 1050.87 1557.38 2104.64 2534.24 2596.12 Cash & Bank balances 203.35 91.88 105.40 90.13 248.68 Less: Current Liab & Prov. -521.21 -444.69 -536.97 -373.97 -909.20 Net Current Assets 1146.07 1616.32 2199.01 2739.00 2472.70
  • 18. OPERATING PERFORMANCE (P&L A/C) OF KPCL (Rs. In Cr) PARTICULARS FY 2002-03 2003-04 2004-05 2005-06 2006-07 Sale of Energy 2094.25 2438.22 2483.18 2520.67 3433.82 Other Income 69.79 58.46 133.86 148.89 316.55 TOTAL TURNOVER 2164.04 2496.68 2617.04 2669.56 3750.37 Fuel & Chemical Expenses 1090.26 1260.16 1415.32 1334.32 1789.75 Administrative Expenses 353.28 397.12 373.74 335.70 905.49 Financial Charges 226.77 273.48 246.20 349.65 383.28 Depreciation 213.26 260.80 267.41 265.55 244.66 Misc. Expenses 32.55 35.92 46.81 39.78 56.13 TOTAL EXPENDITURE 1916.12 2227.48 2349.59 2325.00 3379.31 Profit After Tax (PAT) 240.69 223.23 239.46 251.58 322.32 Transferred to Reserves 232.08 214.29 224.50 236.46 304.93 Dividend Paid 14.95 14.95 14.95 15.12 17.39 Total PAT : 240.69 223.23 239.46 251.58 322.32
  • 19. CASH FLOW STATEMENTS OF KPCL ( Rs. In. Cr.) PARTICULARS 2002-03 2003-04 2004-05 2005-06 2006-07 Operating Profit before Working Capital Changes 623.78 753.35 662.16 947.12 1003.55 Operating Profit After Working Capital Changes 825.46 171.61 93.03 403.61 1443.20 Net Cash Flow from Operating Activities = (A) 564.81 -156.16 -215.92 376.59 1344.04 Net Cash Flow from Investment Activities = (B) -190.55 -338.81 -401.35 -690.00 -1063.06 Net Cash Flow from Financing Activities = ( C ) -440.73 383.50 630.83 298.12 -127.99 Net Changes in Cash and Cash Equivalents = (A+B+C) -66.47 -111.47 13.56 -15.29 152.99 Closing Cash and Cash Equivalents 179.71 91.88 105.43 95.67 248.68
  • 20. FINANCIAL RATIOS OF KPCL PARTICULARS 2002-03 2003-04 2004-05 2005-06 2006-07 LIQUIDITY RATIO Current Ratio 3.19 4.63 5.09 8.32 3.72 Acid-test Ratio 2.82 4.27 4.71 7.60 3.46 Working Capital Turnover Ratio 0.28 0.33 0.39 0.45 0.43 LEVERAGE RATIO Debt-Equity Ratio 1.44 1.43 1.72 1.82 1.66 Debt assets Ratio 0.81 0.83 0.85 0.87 0.88 Interest Coverage Ratio 2.09 1.98 2.08 1.99 1.97 Debt Service Coverage Ratio 1.03 2.44 2.61 2.19 2.20 TURNOVER RATIO Inventory Turnover Ratio 5.76 7.13 7.71 5.59 7.01 Debtors Turnover Ratio 1.99 1.57 1.35 0.99 1.32 Average Collection Period (Days) 183 233 309 367 276 Fixed Assets Turnover Ratio 0.81 0.53 0.49 0.49 0.68 Total Assets Turnover Ratio 0.28 0.32 0.29 0.25 0.31
  • 21. FINANCIAL RATIOS OF KPCL PARTICULARS 2002-03 2003-04 2004-05 2005-06 2006-07 PROFITABILITY RATIO Gross Profit Margin Ratio (%) 51.27 50.71 48.39 52.97 57.10 Net Profit Margin Ratio (%) 22.67 22.26 20.69 27.54 21.97 Admin & Other Exp Ratio (%) 16.85 16.27 15.04 13.31 26.36 Financial Charges Ratio (%) 10.83 11.22 9.91 13.87 11.16 Return On Assets (%) 3.25 2.96 2.79 2.53 2.87 Earning Power (%) 4.99 4.11 3.80 3.47 4.04 Return on Capital Employed (%) 12.17 10.95 10.58 10.07 11.02 Dividend (%) 2 2 2 2 2.24 Dividend Payout Ratio (%) 5.51 5.95 5.54 5.27 4.61 Earning Per Share (EPS) Rs. 363.04 336.71 361.19 379.47 486.17 Face Value of Share (Rs.) 1000 1000 1000 1000 1000 Dividend Per Share (Rs.) 20 20 20 20 22.42 Book Value Per Share (Rs.) 2983.79 3074.69 3413.05 3769.71 4412.42 Economic Value Added (Rs.) -91.65 -177.65 -121.99 -255.87 -255.98
  • 22. INTER-FIRM COMPARISON STUDY OF BALANCE SHEETS AS ON 31.3.2005 (Rs. in Cr) Source: Annual Reports of Co. for - FY 2004-05 PARTICULARS KPCL APGEN CO NTPC NHPC REL TATA POWER Source of Funds 2262.79 2106.80 42113.70 13797.10 6339.89 5136.47 Loan funds 3889.51 9952.86 17087.80 7021.80 3738.67 2860.01 TOTAL : ( A) 6300.93 12059.66 59201.60 22194.71 10361.22 8007.80 Fixed Assets 4046.21 9502.27 3224.30 18364.52 2912.31 3246.66 Net Current Assets 2199.00 1288.63 6160.60 59.58 6752.69 1235.51 TOTAL : (B) 6300.93 12059.66 59201.60 22194.71 10361.22 8007.80 Installed Capacity (MW) 4640 6555 23435 2449 941 2203 Generation (MU) 18993 28720 158271 111286 5977 13283
  • 23. INTER-FIRM COMPARISON STUDY OF PROFIT & LOSS ACCOUNTS AS ON 31.3.2005 (Rs. in Cr) PARTICULARS KPCL APGEN CO NTPC NHPC REL TATA POWER Total Income 2617.04 4293.01 25546.00 1845.94 4592.55 4317.57 Total Expenditure 2349.59 4207.42 19478.00 1068.41 4022.91 3558.78 Profit After Tax (PAT) 239.46 51.63 5807.00 684.58 520.14 551.36 Dividend Paid 14.96 0 2247.00 159.21 99.10 169.90 Transferred to Reserves 224.50 0 3537.30 159.21 425.32 150.00 Transferred to B/S 0 51.63 81.20 2369.02 200.31 235.19 TOTAL PAT 239.46 51.63 5865.50 2528.23 625.63 555.09
  • 24. COST PER UNIT OF INTER-FIRMS Source: Annual Reports PARTICULARS KPCL APGEN CO NTPC NHPC REL TATA POWER Sales per KWh (Rs.Ps) 1.38 1.49 1.61 1.64 7.68 3.25 Cost of Generation (Rs.Ps) 1.24 1.46 1.23 0.95 6.73 2.68 Margin of profit (Ps.) 0.14 0.03 0.38 0.69 0.95 0.57 Man/MW Ratio 1.39:1 1.68:1 0.91:1 5.50:1 1.17:1 1.36:1 PRICE PER UNITS OF KPCL 2002-03 2003-04 2004-05 2005-06 2006-07 Gross Sale per KWh ( Rs.ps) 1.26 1.35 1.38 1.34 1.41 Cost of Generation (Rs.Ps) 1.12 1.21 1.24 1.17 1.27 Gross margin (Ps.) 0.14 0.15 0.14 0.17 0.14
  • 25. PRICE MOVEMENT IN INTER-FIRMS FY 2004-05
  • 26. FINANCIAL RATIO OF INTER-FIRMS For FY 2004-05 6.93 6.04 11.39 9.91 -1.69 3.80 R O C E (%) PARTICULARS KPCL APGEN CO NTPC NHPC REL TATA POWER Debt Equity Ratio 1.72:1 4.72:1 0.41:1 0.51:1 0.65:1 0.63:1 Face Value Per Share (Rs) 1000 100 10 1000 10 10 Book Value Per Share (Rs) 3413 100 51 1464 342 260 Earning Per Share (Rs.) 361.19 2.42 7.04 72.57 28.02 27.84 Return On Equity (%) 10.58 2.42 13.90 4.96 8.20 10.73 Dividend Per Share (Rs) 20.00 0 2.40 14.85 4.69 7.48 Dividend Payout Ratio(%) 5.54 0 34.08 20.47 16.73 26.86 Performance Ratings V VI II IV III I
  • 27. RESPONDENTS FOR QUESTIONNAIRE Source: Questionnaire based Survey and Findings TECHNICAL No. NON-TECHNICAL No. TOTAL Director – Technical Executive Directors Chief Engineers Superintendents Engineers Executive Engineers Assistant Executive Engineers Assistant Engineers Junior Engineers 1 1 3 8 25 20 23 14 Director – HR / Finance Executive Directors General Managers Deputy General Managers Assistant General Managers Accounts Officers Assistant Accounts Officers Junior Officers (HR, A/cs, Adm.) 1 1 3 8 20 36 25 11 2 2 6 16 45 56 48 25 TOTAL : 95 TOTAL : 105 200 Sample Size : 9% Response Rate : 100% Total Officers – 2301 Total Workers – 3936 6237
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  • 34. RESEARCH PAPERS PUBLISHED “ Financing and Investment Decisions in Power Projects of Karnataka – A Case study of KPCL ”, Renewable Energy and Environment for Sustainable Development, a proceedings of an International Conference on “Renewable Energy Asia -2008” held at IIT Delhi, Pp.239-244. “ Impact of Availability Based Electricity Tariffs (ABT) on the Power Sector - Case Study of Karnataka ” in The ICFAI University Journal of Infrastructure , The ICFAI University Press, Hyderabad, Volume No.VI, No.3, September 2008, Pp.51-64.   “ Power Sector in Karnataka - A Review of Reforms Status and Impact of the Electricity Act 2003” PARLIAMENTARY AFFAIRS , monthly journal published by Institute of Parliamentary Affairs, Bangalore, Volume 25, Issue 12, December 2005, Pp 23-33. “ Power Sector in India – Heading towards Reforms” ICFAI Journal of Public Administration , ICFAI University Press, Hyderabad, Volume 2, Issue 1, January 2006. Pp 39-56. “ Wind Power Development In Karnataka – A Micro Study” SOUTHERN ECONOMIST , Bangalore, October 15, 2005, Volume 44, Issue No.12, Pp.13-15. “ International Financial Reporting Standards (IFRS)- Emerging Opportunities and Challenges for India”, CHARTERED ACCOUNTANT , New Delhi,, Volume 54, No.07, January 2006, Pp 988-992. “ A Peep into the Power Sector of India ” GITAM JOURNAL OF MANAGEMENT , Visakhapatnam, Volume.4, No.2, July-December 2006, Pp.115-140.

Editor's Notes

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