PDCS Project

8/3/2019 PDCS Project

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Project Report

On Balance Sheet analysis of

NTPC Ltd

SUBMITTED IN PARTIAL FULFILLMENT OF REQUIREMENTOF BACHELOR OF BUSINESS ADMINISTRATION (BBA)

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

BBA III (M)

BATCH 2010- 2013

Submitted To: Submitted By:

Ms Palak Gupta Name Saurabh Negi

Lecturer Enrolment No. 00814101710

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Students undertaking

This is to certify that Mr. Saurabh Negi, Enrollment No. 00814101710 student

of Bachelors Of Business Administration at Jagannath International

Management School, affiliated to Guru Gobind Singh Indraprastha

University has successfully completed the project titled Balance Sheet

Analysis Of NTPC Ltd.

I certify that the project has been completed under my guidance ad it is an

authentic work and have never been submitted elsewhere or has not been

sourced through other means.

Ms Palak Gupta By Saurabh Negi

[Internal Project Guide]

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TO WHOMSOEVER IT MAY CONCERN

This is to certify that SAURABH NEGI student of BBA (2010-13) has

completed his projecton BALANCE SHEET ANALYSIS OF NTPC Ltd under

my guidance.

His work is up to my satisfaction and worth appreciation.

I wish him all the best for future endeavours.

Ms. Palak Gupta

Project Guide

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Acknowledgement

I express my gratitude and convey my thanks to all the teachers for their guidanceand motivation to complete this project. I also want to thank Indraprastha

University to give us opportunity to prepare independent projects in our interested

areas i.e. students can choose from Finance, Marketing, Production, Sales and

Human Resource etc

I am also thanks to Ms. Palak Gupta, Internal Project Guide. Her constant

motivation and evaluation enabled me to make this project more analytical and

conclusive.

Saurabh Negi

Enrollment No. 00814101710

Bachelors of Business Administration

3rd Semester

Jagannath International Management School, Kalkaji

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CONTENTS

Table Of Content Page No.

Executive Summary 6

Objectives 10

Companys Profile and Competence 12

1) About The Company 13

2) Comparison 16

Research Methodology 20

Secondary Data 23

1) Balance Sheet 24

2) Profit & Loss Account 26

Ratio Analysis 29

1) Liquidity Ratio 31

2) Solvency Ratio 363) Activity Ratio 42

4) Profitability Ratio 50

Analysis 60

Cash Flow Statement 63

Analysis Of Cash Flow Statement 65

Income Statement 66

Analysis Of Income Statement 68

Conclusion 70

Bibliography 72

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NTPC Limited (NTPC) is an India-based company engaged in the generation of

thermal power. The Company's principal business is generation and sale of bulk

power. Other business includes providing consultancy, project management and

supervision, oil and gas exploration and, coal mining. During the fiscal year

ended March 31, 2010 (fiscal 2010), 66% of total power generation was from

coal stations. During fiscal 2010, the power stations of the Company generated

206.939 billion units of electricity. It has an installed coal-based capacity of

23,895 megawatts comprising 79 units with average fleet age of 18 years. The

Company has acquired 44.6% stake in Transformers and Electricals Kerala Ltd.

(TELK) from Government of Kerala on June 19, 2009.

The Company

NTPC was incorporated in 1975. In the last 31 years, it has grown into the largest

power utility of India. NTPC is the sixth largest thermal power generator in the

World and the Second most efficient utility in terms of capacity utilisation based

on data of 1998.

Consultancy

NTPC provides consultancy in all its aspects of power plant construction and

management right from concept of commissioning and beyond. Combining the

technical, managerial and financial skills, it provides the holistic solutions to

power businesses all over the world.

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INTRODUCTION

NTPC

Limited or National Thermal Power Corporation Ltd is the largest

thermal power generating company of India. NTPC is the sixth largest thermal

power generator in the world and the second most efficient utility in terms of

capacity utilisation based on data of1998.

NTPC was founded in 1975 to give boost to power development in the

country as a wholly owned company of the Government of India. Presently,

Government of India holds 89.5% equity in the company and the balance

10.5% is held by FIIs, Domestic Banks, Public and others. NTPC is

engaged in engineering, construction and operation of power generating

plants. It also provides consultancy in the area of power plant

constructions and power generation to companies in India and abroad.

NTPC was among the first Public Sector Enterprises to enter into a

Memorandum of Understanding (MOU) with the Government in 1987-88.

Since then, every year, NTPC has been placed under the 'Excellent

category' (the best category). In recognition of its excellent performance and

tremendous potential NTPC has been given the status of " Navratna " by

the Government of India.

SUBSIDIARIES

NTPC Electric Supply Company Ltd (NESCL): NESCL is a wholly owned

subsidiary of NTPC. It was incorporated in August 2002 with the objective toacquire, establish & operate Electricity Distribution Network in various

circles/cities across India. The company provides consultancy in the area of:

Turnkey execution, Project monitoring, Quality Assurance and Inspection, and

Third Party Quality inspection on the behalf of utility.

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NTPC Vidyut Vyapar Nigam Ltd. (NVVN): It was formed to cater to and deal

with the vast potential of power trading in the country and optimum capacity

utilisation.

NTPC Hydro Limited (NHL): It was set up in December, 2002 to develop small

and medium sized Hydro Electric Power Projects of up to 250 MW capacity.

Major Achievements of NTPC

Largest thermal power generating company of India.

Sixth largest thermal power generator in the world. Second most efficient utility in terms of capacity utilization.

One of the nine PSUs to be awarded the status of Navratna.

Provides power at the cheapest average tariff in the country.

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OBJECTIVE

The basic objective of the project is to know the financial position of NTPC Ltd.

by analysing the balance sheet of the company.

The objective was to determine the financial health of the company by finding out

various ratios and analysing the various financial statements of the company like

profit and loss account, balance sheet etc

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ABOUT THE COMPANY

NTPC Limited (Formerly National Thermal Power Corporation) is the largest

state-owned power generating company in India. Forbes Global 2000 for 2009

ranked it 317th in the world. It is an Indian public sector company listed on

the Bombay Stock Exchange although at present the Government of India holds

84.5%(after divestment the stake by Indian government on 19october2009) of its

equity. With a current generating capacity of 31134 MW, NTPC has embarked on

plans to become a 75,000 MW company by 2017. It was founded on November

7, 1975.

NTPC's core business is engineering, construction and operation of power

generating plants and providing consultancy to power utilities in India and

abroad.

The total installed capacity of the company is 31134 MW (including JVs) with 15

coal based and 7 gas based stations, located across the country. In addition

under JVs, 3 stations are coal based & another station uses naphtha/LNG as

fuel. By 2017, the power generation portfolio is expected to have a diversified

fuel mix with coal based capacity of around 53000 MW, 10000 MW through gas,

9000 MW through Hydro generation, about 2000 MW from nuclear sources and

around 1000 MW from Renewable Energy Sources (RES). NTPC has adopted a

multi-pronged growth strategy which includes capacity addition through green

field projects, expansion of existing stations, joint ventures, subsidiaries and

takeover of stations.

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NTPC has been operating its plants at high efficiency levels. Although the

company has 18.79% of the total national capacity it contributes 28.60% of total

power generation due to its focus on high efficiency. NTPCs share at 31 Mar

2001 of the total installed capacity of the country was 24.51% and it generated

29.68% of the power of the country in 2008-09. Every fourth home in India is lit

by NTPC. 170.88BU of electricity was produced by its stations in the financial

year 2005-2006. The Net Profit after Tax on March 31, 2006 was INR 58,202

million. Net Profit after Tax for the quarter ended June 30, 2006 was INR 15528

million, which is 18.65% more than for the same quarter in the previous financial

year. 2005).

Pursuant to a special resolution passed by the Shareholders at the Companys

Annual General Meeting on September 23, 2005 and the approval of the Central

Government under section 21 of the Companies Act, 1956, the name of the

Company "National Thermal Power Corporation Limited" has been changed to

"NTPC Limited" with effect from October 28, 2005. The primary reason for this is

the company's foray into hydro and nuclear based power generation along with

backward integration by coal mining.

NTPC is in the 138th position in Fortune 500 in 2010.

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Competition

Name Last Price Market Cap.(Rs. cr.)

SalesTurnover

Net Profit Total Assets

NTPC 174.05 143,512.31 54,874.00 9,102.59 111,572.36

Power Grid Corp 103.55 47,940.81 8,388.70 2,696.89 62,092.11

NHPC 24.20 29,767.80 4,225.25 2,166.67 39,153.15

Reliance Power 103.15 28,934.88 36.38 274.55 17,450.62

Tata Power 102.35 24,288.40 6,599.36 970.01 18,229.27

Adani Power 84.60 18,443.10 2,106.43 523.75 23,668.77

Neyveli Lignite 81.85 13,732.05 3,949.08 1,298.33 15,178.57

Reliance Infra 468.80 12,360.86 9,195.41 1,080.91 21,636.80

Torrent Power 226.55 10,703.32 6,834.56 1,065.72 7,846.63

Jaiprakash Pow 36.45 9,567.24 840.74 165.14 17,551.83

SJVN 22.10 9,141.94 1,812.67 912.13 8,959.44

JSW Energy 49.80 8,167.47 3,861.93 885.61 11,494.45

CESC 270.95 3,413.97 3,940.00 488.00 8,585.82

KSK Energy Vent 78.95 2,941.92 159.68 33.50 3,559.82

IndiaBPower 10.70 2,164.65 0.75 9.66 4,829.01

GVK Power 13.05 2,060.87 41.48 68.29 2,635.13BF Utilities 492.35 1,854.57 17.46 -3.45 161.16

Guj Ind Power 78.10 1,181.27 1,089.46 162.95 2,478.61

DPSC 2,771.90 1,173.59 - - -

Orient Green 14.25 667.01 2.24 5.21 1,310.30

Entegra 15.75 220.09 0.91 -41.93 980.15

Energy Dev 44.20 121.55 47.02 6.92 193.15

Indowind Energy 8.15 73.14 45.31 4.70 306.33

Bil Energy 65.00 68.71 - - 107.02

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http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/ntpc/NTPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/powergridcorporationindia/PGChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/nhpc/N07http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/reliancepower/RPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/tatapowercompany/TPChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/adanipower/AP11http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/neyvelilignitecorporation/NLChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/relianceinfrastructure/RI38http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/torrentpower/TP14http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/jaiprakashpowerventures/JHP01http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/sjvn/S11http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/jswenergy/JE01http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/cesc/CEShttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/kskenergyventures/KEVhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/indiabullspower/IP09http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/gvkpowerinfrastructure/GVKhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/bfutilities/BFUhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/gujaratindustriespowerco/GIPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/dpsc/DPShttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/orientgreenpowercompany/OGPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/entegra/E07http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/energydevelopmentcompany/EDChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/indowindenergy/IE08http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/bilenergysystems/BES01http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/ntpc/NTPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/powergridcorporationindia/PGChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/nhpc/N07http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/reliancepower/RPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/tatapowercompany/TPChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/adanipower/AP11http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/neyvelilignitecorporation/NLChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/relianceinfrastructure/RI38http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/torrentpower/TP14http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/jaiprakashpowerventures/JHP01http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/sjvn/S11http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/jswenergy/JE01http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/cesc/CEShttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/kskenergyventures/KEVhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/indiabullspower/IP09http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/gvkpowerinfrastructure/GVKhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/bfutilities/BFUhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/gujaratindustriespowerco/GIPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/dpsc/DPShttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/orientgreenpowercompany/OGPhttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/entegra/E07http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/energydevelopmentcompany/EDChttp://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/indowindenergy/IE08http://www.moneycontrol.com/india/stockpricequote/powergenerationdistribution/bilenergysystems/BES01


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Comparison with Competitors

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Balance Sheet ------------------- in Rs. Cr. -------------------

NTPC Power GridCorp

NHPC Reliance Power Tata Power

Mar '11 Mar '11 Mar '11 Mar '11 Mar '11

Sources Of Funds

Total Share Capital 8,245.46 4,629.73 12,300.74 2,805.13 237.33

Equity Share Capital 8,245.46 4,629.73 12,300.74 2,805.13 237.33

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 60,138.66 16,579.61 12,283.15 13,091.44 11,002.66

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Networth 68,384.12 21,209.34 24,583.89 15,896.57 11,239.99

Secured Loans 9,910.68 36,325.07 10,884.36 0.00 4,753.91

Unsecured Loans 33,277.56 4,557.70 3,684.90 1,554.05 2,235.37

Total Debt 43,188.24 40,882.77 14,569.26 1,554.05 6,989.28

Total Liabilities 111,572.36 62,092.11 39,153.15 17,450.62 18,229.27

NTPCPower GridCorp

NHPC Reliance Power Tata Power


Application Of Funds

Gross Block 72,583.94 50,343.35 22,874.92 85.23 10,518.92

Less: Accum. Depreciation 33,519.19 13,127.80 5,774.04 0.00 4,735.98

Net Block 39,064.75 37,215.55 17,100.88 85.23 5,782.94

Capital Work in Progress 38,441.84 26,633.02 17,142.39 58.86 1,469.50

Investments 12,344.84 1,365.05 5,399.50 8,578.32 7,939.91

Inventories 3,639.12 381.51 33.71 0.00 629.57

Sundry Debtors 7,924.31 3,162.09 1,908.60 12.20 1,974.32

Cash and Bank Balance 326.34 1,558.89 2,864.14 1,234.92 235.11

Total Current Assets 11,889.77 5,102.49 4,806.45 1,247.12 2,839.00

Loans and Advances 7,648.10 3,013.74 2,034.61 7,599.93 2,571.53

Fixed Deposits 15,858.92 2,121.17 0.00 0.00 602.18

Total CA, Loans & Advances 35,396.79 10,237.40 6,841.06 8,847.05 6,012.71

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 10,945.55 10,485.86 3,917.09 115.51 2,273.30

Provisions 2,730.31 2,875.46 3,413.59 3.33 702.49

Total CL & Provisions 13,675.86 13,361.32 7,330.68 118.84 2,975.79

Net Current Assets 21,720.93 -3,123.92 -489.62 8,728.21 3,036.92

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Miscellaneous Expenses 0.00 2.41 0.00 0.00 0.00

Total Assets 111,572.36 62,092.11 39,153.15 17,450.62 18,229.27

Contingent Liabilities 33,227.29 35,167.14 13,210.23 2.90 1,165.53

Book Value (Rs) 82.94 45.81 19.99 56.67 473.65

Profit & Loss account ------------------- in Rs. Cr. -------------------

NTPCPower Grid

CorpNHPC

ReliancePower

Tata Power


Income

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Sales Turnover 55,216.69 8,388.70 4,225.25 0.00 6,910.23

Excise Duty 278.01 0.00 0.00 0.00 8.78

Net Sales 54,938.68 8,388.70 4,225.25 0.00 6,901.45

Other Income 2,525.48 827.04 708.66 471.53 563.93

Stock Adjustments 0.00 0.00 0.00 0.00 0.00

Total Income 57,464.16 9,215.74 4,933.91 471.53 7,465.38

Expenditure

Raw Materials 31.33 0.03 3.94 0.00 4,360.49

Power & Fuel Cost 35,796.37 75.63 0.00 0.00 0.00

Employee Cost 3,395.27 1,042.95 699.62 60.75 341.12

Other ManufacturingExpenses

1,273.14 182.38 162.14 23.24 396.38

Selling and Admin Expenses 2,264.01 178.94 0.00 0.00 153.16

Miscellaneous Expenses 525.63 155.05 514.06 90.38 131.94

Preoperative Exp Capitalised -1,052.98 -202.76 0.00 0.00 0.00

Total Expenses 42,232.77 1,432.22 1,379.76 174.37 5,383.09

NTPCPower Grid

CorpNHPC

ReliancePower

Tata Power


Operating Profit 12,705.91 6,956.48 2,845.49 -174.37 1,518.36

PBDIT 15,231.39 7,783.52 3,554.15 297.16 2,082.29

Interest 2,027.21 1,786.28 413.56 42.35 459.80

PBDT 13,204.18 5,997.24 3,140.59 254.81 1,622.49

Depreciation 2,485.69 2,199.39 916.74 1.14 510.14

Other Written Off 4.50 1.86 0.00 0.00 0.00

Profit Before Tax 10,713.99 3,795.99 2,223.85 253.67 1,112.35

Extra-ordinary items 1,330.06 31.26 648.32 20.91 18.48

PBT (Post Extra-ord Items) 12,044.05 3,827.25 2,872.17 274.58 1,130.83

Tax 2,630.54 1,123.25 703.70 0.03 189.34

Reported Net Profit 9,102.59 2,696.89 2,166.67 274.55 941.49

Total Value Addition 42,201.44 1,432.19 1,375.82 174.37 1,022.60

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 3,133.26 810.23 738.04 0.00 296.92

Corporate Dividend Tax 514.77 132.33 119.73 0.00 16.27

Per share data (annualised)

Shares in issue (lakhs) 82,454.64 46,297.25 123,007.43 28,051.26 2,373.07

Earning Per Share (Rs) 11.04 5.83 1.76 0.98 39.67

Equity Dividend (%) 38.00 17.50 6.00 0.00 125.00

Book Value (Rs) 82.94 45.81 19.99 56.67 473.65

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Cash Flow Statement ------------------- in Rs. Cr. -------------------

NHPCPower

CorpTata

PowerNHPC NTPC


12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 2402.08 3824.73 1112.35 2878.43 10410.88

Net Cash From Operating Activities 3138.32 5687.94 1674.51 3066.94 11095.20

Net Cash (used in)/fromInvesting Activities

-4572.51 -13331.03 -2623.36 -3882.83 -7658.85

Net Cash (used in)/from Financing Activities 4631.62 8045.51 473.37 -1417.35 -1710.57

Net (decrease)/increase In Cash and Cash Equivalents 3197.43 402.42 -475.48 -2233.24 1725.78

Opening Cash & Cash Equivalents 1899.95 3277.64 1318.95 5097.38 14459.48

Closing Cash & Cash Equivalents 5097.38 3680.06 843.47 2864.14 16185.26

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RESEARCH METHODOLOGY

SECONDARY DATA : The methodology used for conducting the research is the

collection and analysis of secondary data; which is the data available in the published

form and is not primary in nature. The following forms of secondary data tools were

used for the research purpose:

1. INTERNET SITES

2. CONCERNED BOOKS

3. PEOPLE

4. MAGAZINES

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BALANCE SHEET

Balance Sheet

31-Mar-10 %BT 31-Mar-09 %BT 31-Mar-08 %BT

Equity Capital 0.00 0.00 0.00 0.00 82455.00 10.21

Preference Capital 0.00 0.00 0.00 0.00 0.00 0.00

Share Capital 82455.00 7.84 82455.00 9.22 82455.00 10.21

Reserves and Surplus 491246.00 46.69 443931.00 49.66 403513.00 49.96

Loan Funds 345678.00 32.85 271906.00 30.42 244844.00 30.32

Current Liabilities 74391.00 7.07 55483.00 6.21 53235.00 6.59

Provisions 32495.00 3.09 23816.00 2.66 17028.00 2.11

Current Liabilities and Provisions 106886.00 10.16 79299.00 8.87 70263.00 8.70

Total Liabilities and Stockholders Equity (BT) 1052248.00 100.00 893880.00 100.00 807643.00 100.00

Tangible Assets Net 328974.00 31.26 260614.00 29.16 256402.00 31.75

Intangible Assets Net 383.00 0.04 303.00 0.03 63.00 0.01

Net Block 329357.00 31.30 260917.00 29.19 256465.00 31.75

Capital Work In Progress Net 264049.00 25.09 224783.00 25.15 168392.00 20.85

Fixed Assets 593426.00 56.40 485720.00 54.34 424873.00 52.61

Investments 139835.00 13.29 152672.00 17.08 160943.00 19.93

Inventories 32434.00 3.08 26757.00 2.99 25102.00 3.11

Accounts Receivable 35842.00 3.41 29827.00 3.34 12523.00 1.55

Cash and Cash Equivalents 162716.00 15.46 149332.00 16.71 133146.00 16.49

Other Current Assets 12961.00 1.23 10475.00 1.17 12154.00 1.50

Current Assets 243953.00 23.18 216391.00 24.21 182925.00 22.65

Loans & Advances 65300.00 6.21 39097.00 4.37 38902.00 4.82

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Miscellaneous Expenditure Other Assets 0.00 0.00 0.00 0.00 0.00 0.00

Total Assets (BT) 1052248.00 100.00 893880.00 100.00 807643.00 100.00

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P&L Account

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ParticularsMar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 26,318.60 32,817.3037,302.40

42,196.80

Excise Duty 175.70 185.60 211.40 221.60

Net Sales 26,142.90 32,631.70

37,091.0

0 41,975.20

Other Income 2,897.90 2,875.60 3,119.70 3,012.80

Stock Adjustments 0.00 0.00 0.00 0.00

Total Income 29,040.80 35,507.3040,210.70

44,988.00

Expenditure

Raw Materials 25.00 23.70 26.80 31.00

Power & Fuel Cost 16,497.10 19,947.6022,160.70

27,292.30

Employee Cost 1,137.50 1,362.60 2,229.30 2,897.60

Other ManufacturingExpenses

705.10 842.90 920.00 940.00

Selling and AdminExpenses

353.20 410.80 389.80 473.20

MiscellaneousExpenses

247.20 292.40 368.20 394.90

Preoperative ExpCapitalised

-256.40 -418.40 -544.70 -637.40

Total Expenses 18,708.70 22,461.6025,550.10

31,391.60

Mar '07 Mar '08 Mar '09Mar'10

12 mths 12 mths 12 mths 12 mths

Operating Profit 7,434.20 10,170.1011,540.90

10,583.60

PBDIT 10,332.10 13,045.7014,660.60

13,596.40

Interest 2,004.60 2,055.70 1,982.20 1,737.00

PBDT 8,327.50 10,990.0012,678.4

011,859.40


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As on 31-Mar-10 31-Mar-09 31-Mar-08

Return RelatedReturn on Total Assets (%) 8.70 11.50 10.90

Return on Networth (%) 14.50 14.60 14.10

Return on Capital Employed (%) 20.00 24.90 19.20

Profitability

Gross Margin (%) 26.90 32.70 32.50

Operating Margin (%) 19.50 25.40 24.50

Net Profit Margin (%) 19.50 20.00 21.00

Adjusted Net Profit Margin (%) 19.80 20.70 21.00Asset Turnover(x) 0.50 0.50 0.50

Leverage

Debt/Equity ratio (x) 2.19 1.63 0.50

Total Debt/Total Assets (x) 3.04 3.28 0.30

Long term Debt/Networth (x) 0.60 0.50 0.50

Interest Coverage (x) 5.20 6.40 5.10

LiquidityCurrent Ratio (x) 2.28 2.72 2.70

Quick Ratio (x) 1.97 2.39 3.00

Cash Ratio (x) 2.20 2.70 2.50

Working Capital

Working Capital to Sales (x) 0.40 0.40 0.40

Working Capital Days (days gross sales) 146.70 157.40 145.10

Receivables (days gross sales) 31.00 29.20 14.00

Creditors (days cost of sales) 61.90 47.50 46.80

FG Inventory (days cost of sales) -- -- --

RM Inventory (days consumption) -- -- --

Cash Flow Indicator

Operating Cash Flow/Sales (%) 23.10 26.40 24.70

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Per Share

Book Value Per Share (Rs) 59.50 53.80 58.90

Earnings Per Share (Rs) 9.90 9.00 8.30

Dividend Per Share (Rs) 3.60 3.50 3.20

Growth(%)Total Operating Income 13.16 13.67 22.08

EBITDA -8.52 14.47 25.29

EBIT -12.86 17.44 33.46

Net Profit 10.61 8.01 17.95

Total Assets 16.05 10.47 12.41

(I) Liquidity Ratios

1. Current ratio:-

It establishes a relationship between current assets and current liabilities.

Its objective is to measure the ability of the firm to meet its short term obligations

and to reflect the short term financial solvency of the firm.

FORMULA => CURRENT RATIO = CURRENT ASSETS

CURRENT LIABILITIES

IDEAL RATIO: - 2:1

COMPANYS CURRENT RATIO TABLE:-

Ratio Year

Years 2009 2010

Current Ratio 216391/79299 243953/106886

Current Ratio 2.72:1 2.28:1

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2

2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

2009 2010

Ratios

32

Comments

As we can see in the above ratio table as well as in the graph the current

ratio for the year 2009-10 have decreased as compared to current ratio for

the year 2008-09 but yet it is slightly greater then 2:1. As ideal ratio is always

2:1.

This signifies that the company has better capacity to meet its liabilities or we

can say that the company has enough resources to discharge its obligations.

As very high current ratio shows the idleness of the source or funds available

at its disposal.


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2. Quick Ratio

It establishes a relationship between quick assets and current liabilities.

Its objective is to measure the ability of the firm to meet its short term obligations.

FORMULA => CURRENT RATIO = LIQUID ASSET/QUICK ASSETS

CURRENT LIABILITIES

QUICK ASSET = CURRENT ASSET STOCK PREPAID EXPENSES

IDEAL RATIO: - 1:1

COMPANYS CURRENT RATIO TABLE:-

Ratio Year

Years 2009 2010Quick Ratio 189634/79299 211519/106886

Quick Ratio 2.39:1 1.97:1

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0

0.5

1

1.5

2

2.5

2009 2010

Ratio

34

Comments:-

As we can see in the above ratio as well as in the graph the quick ratio for

the year, 2010 have decreased as compared to the quick ratio for the

previous year i.e. 2009 but it is slightly greater than 1:1 i.e. 1.97:1. As we

know that the ideal ratio is 1:1

Even if the ratio has decreased but it still represents the good short term

position of the company.


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WORKING NOTES

Quick Assets = current assets inventory prepaid expenses

Quick asset for the year2009 = 2, 16,391-26,957-0

Quick asset for the year2009 = 1, 89,434

Quick asset for the year2010 = 2, 43,953-32,434-0

Quick asset for the year2010 = 2, 11,519

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II) Solvency Ratio:-

1. Debt Equity Ratio:-

It establishes a relationship between long-term debts and shareholders

funds.

Its objective is to measure the relative proportion of debt and equity in

financing the assets of a firm.

FORMULA => DEBT EQUITY RATIO:- DEBT

EQUITY

IDEAL RATIO:- 2:1

COMPANYS DEBT EQUITY RATIO TABLE:-

Ratio Year

Years 2009 2010

Debt Equity Ratio 134782/82454 181277/82454

Debt Equity Ratio 1.63:1 2.19:1

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0

0.5

1

1.5

2

2.5

2009 2010

Ratios

37

Comments:-

As we can see in the above ratio as well as in the graph the debt-equity

ratio for the year, 2010 have decreased as compared to the debt equity

ratio for the previous year i.e. 2009

As we know that the ideal ratio is 2:1

Therefore this increase in the debt equity ratio to 2.19 slightly impacts both

the creditors and the firm. Now the firm will enjoy benefits of trading on

equity but there will be a greater risk to the creditors.


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2. Total Assets to Debt Ratio:-

Its establishes a relationship between total assets and long term debts.

Its objectives are to measure the safety margin available to the suppliers

of long term debts. It measures the extent to which the assets can cover

the debt.

Formula => Total Assets to Debt Ratio: Total Assets

Long Term Debts

Ideal Ratio: 2:1

Company Total Asset to Debt Ratio Table:

Ratio Year

Years 2009 2010Total Asset Debt Ratio 893880/271906 1052248/345678

Total Asset Debt Ratio 3.28 3.04

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2.9

2.95

3

3.05

3.1

3.15

3.2

3.25

3.3

2009 2010

Ratio

39

Comments:-

As we can see in the above ratio as well as in the graph the total assets to debt

ratio for the year 2010 have slightly decreased as compared to total assets to

debt ratio for the previous year i.e. 2009. As we know, that ideal ratio is 2:1.

Therefore, this decrease in the total assets to debt equity ratio to 3.04:1 implies

that the company is using less equity then debt, which means less safety

margins for creditors.


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3. Proprietary Ratio:-

It measures a relationship between proprietors fund and total assets.

Its objectives are to measure how the proprietors have financed the

assets.

Formula => Proprietors Ratio: Proprietors Funds *100

Total Assets

Ideal Ratio: Higher the ratio better uses of proprietors funds

Company Proprietors Ratio Table:

Ratio Year

Years 2009 2010

Proprietors Ratio 443931*100/893880 491246*100/1052248

Proprietors Ratio 49.66 46.68

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45

45.5

46

46.5

47

47.5

48

48.5

49

49.5

50

2009 2010

Ratio

41

Comments:-

As we can see in the above ratio as well as in the graph the total Proprietors

Ratio for the year 2010 have slightly decreased as compared to Proprietors

Ratio for the previous year i.e. 2009.

Therefore, this decrease in the Proprietors Ratio to 46.68% implies that theProprietors Funds are not using properly i.e. there is some problem while using

funds so the company has to take some decision unless their company will

suffer..


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III) Activity Ratio:-

1. Capital Turnover Ratio:-

It establishes a relationship between Net sales and Capital Employed.

Its objective is to measure the efficiency with which the capital employed

is utilised.

Formula => Capital Turnover Ratio: - Net Sales

Capital Employed

Ideal Ratio: Higher the ratio, the more efficient the management and

utilization of capital employed.

Companys Capital Turnover Ratio Table:-

Ratio Year

Years 2009 2010

Capital Turnover Ratio 20 24.9

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0

5

10

15

20

25

2009 2010

Ratio

43

Comments:-

We can see in the above ratio as well as in the graph the capital turnover ratio

for the year, 2010 have increased as compared to the capital turnover ratio for

the previous year i.e.2009

Therefore, the increase in the capital turnover ratio to 24.9 times imply that the

management is trying to work efficiently and capital employed has increased in

the same proportion as the net sales increases. That is why the ratio increases

for the year 2010.


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2. Fixed Assets Turnover Ratio:-

a. I establish a relation between Net sales and fixed assets.

b. Its objective is to determine the efficiency with which the fixed

assets are utilised.

Formula => Fixed Assets Turnover Ratio: - Net Sales

Net Fixed Operating Assets

Ideal Ratio:- Higher the Ratio, the more efficient the management and

utilization of fixed assets and vice versa.

Company Fixed Assets Turnover Ratio Table:-

Ratio Year

Years 2009 2010

Fixed Assets Turnover

Ratio

.50 .50

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0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

2009 2010

Fixed Assets

Turnover Ratio

45

Comments:-

We can see in the above ratio as well as in the graph the fixed asset turnover

ratio for the year 2009 has been the same to the fixed asset turnover ration for

the year 2010.

Therefore, the no change in the fixed asset ratio implies that the company hasnot utilised nor over utilised its assets in efficient way.


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3. Working Capital Turnover Ratio:-

a. This establish a relation between Net sales and working capital.

b. Its objective is to determine the efficiency with which the working

capital is utilised.

Formula => Working Capital Turnover Ratio: - Net Sales

Working Capital

Ideal Ratio: - Higher the Ratio, the more efficient the management and


Company Working Capital Turnover Ratio Table:-

Ratio Year

Years 2009 2010

Working Capital Turnover

Ratio

.40 .40

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0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

2009 2010

Ratio

47

Comments:-

We can see in the above ratio as well as in the graph, the working capital

turnover ratio in the year 2010 has not increased or decreased as compared to

previous year i.e. 2009 working capital turnover ratios.

This signifies that the company is not utilizing the working capital efficiency in the

year 2010.


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4. Stock Turnover Ratio:-

a. It establishes a relation between Cost of Goods Sold and Average

Inventory.

b. Its objective is to determine the efficiency with which the Inventory

is utilised.

Formula => Stock Turnover Ratio: - Cost Of Goods Sold

Average Inventory



Company Stock Turnover Ratio Table:-

Ratio Year

Years 2009 2010

Stock Turnover Ratio 14.60 14.50

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14.44

14.46

14.48

14.5

14.52

14.54

14.56

14.58

14.6

2009 2010

Ratio

49

Comments:-

We can see in the above ratio as well as in the graph, the stock turnover ratio in

the year 2010 has decreased as compared to the previous year i.e. 2009 stock

turnover ratios.

This decrease in stock turnover ratio to 14.50 times in the year 2010 might be

due to inventory levels, obsolete inventory and due to this; the firm may incur hgh

carrying costs.


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(IV)Profitability Ratio

A. In relation To Sales

1. Gross Profit Ratio:-

a. It measures a relation between Net sales and Gross Profit.

b. Its objective is to determine the efficiency with which the production

operation is carried out.

Formula => Gross Profit Ratio: - Gross Profit * 100

Net Sales

Ideal Ratio: - Higher the Ratio, the more efficient the management

Company Gross Profit Ratio Table:-

Ratio Year

2009 2010

Gross Profit Ratio 32.70 26.90

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0

5

10

15

20

25

30

35

2009 2010

Ratio

51

Comments:-

We can see in the above ratio as well as in the gross profit ratio in the year 2010

has decreased as a compared to previous year i.e. 2009 gross profit ratios.

This decrease in the gross profit ratio in the year 2010 might be due to lower

sales price with constant cost of goods sold.


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2. Net Profit Ratio:-

a. It measures a relation between Net sales and Net Profit.

b. Its objective is to determine the overall profitability due to various

factors.

Formula => Net Profit Ratio: - Net Profit before Tax * 100

Net Sales

Net Profit Ratio: - Net Profit after Tax * 100

Net Sales

Ideal Ratio: - Higher the Ratio, the more efficient the capacity of the firm

and the demand for the product is falling.

Company Net Profit Ratio Table:-

Ratio Year 2009 2010

Net Profit Ratio 20.00 19.50

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19.2

19.3

19.4

19.5

19.6

19.7

19.8

19.9

20

2009 2010

Ratio

Working Notes

53

Comments:-

We can see in the above ratio as well as in the graph, the net profit ratio in the

year 2010 have fall down drastically as compared to previous year i.e. 2009.

This decline in the net profit ratio indicates the cost of production is increasing

and also expenses are increasing as a result there is a decline in the net profit so

the company should try to reduce its expenses otherwise the company might

have pay huge amount of money or might be shut down its operations for a

while.


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Here we are considering Net profit be equal to net profit before interest and

tax.

B. In Relation to Investment

3. Return On Total Assets:-

a. It measures a relation between Net Profit before interest and tax

and total Assets.

b. Its objective is to find out how efficiently the total assets have been

used by the management.

(Formula)

Return On Total Assets: - Net Profit Before Interest and Tax *100

Total Assets


utilisation of total assets.

Company Net Profit Ratio Table:-

Ratio Year

2009 2010


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0

2

4

6

8

10

12

2009 2010

Ratio

55

Comments:-

We can see in the above ratio as well as in the graph, the return on total assets

in the year 2010 have decreased as compared to previous year i.e. 2009 return

on total assets.

This decrease in the return on total assets to 1.87% in the current year implies

that the management is not efficient enough and the assets are not utilized

properly.


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4. Return On Capital Employed/ Return On Investment(ROI):-

a. It measures a relation between Capital Employed and Net Profit

before Interest and Tax.

b. Its objective is to find out how efficiently the long term funds

supplied by the creditors and shareholders have been used.

(Formula)

Return on Investment: - Net Profit before Interest and Tax * 100

Capital Employed


utilisation of capital employed.

Companys Return on Investment Table:-

Ratio Year

2009 2010


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14.44

14.46

14.48

14.5

14.52

14.54

14.56

14.58

14.6

2009 2010

Ratio

Comments:-

We can see in the above ratio as well as in the graph, the return on investment in

the year 2010 have decreased as compared to previous year i.e. 2009 return on

investment of 14.60%

This decrease in the return on investment implies that the management is not

working efficiently and capital employed is not utilized at its fullest.

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5. Return On Shareholders Fund:-

a. It measures a relation between Shareholders Fund and Net Profit

after Interest and Tax.

b. Its objective is to find out how efficient the management and

utilization of shareholders have been used.

Formula => Return on Net Worth: - Net Profit after Interest and Tax * 100

Shareholders Fund


utilization of shareholders funds.

Companys Return On Net Worth Table:-

Ratio Year

2009 2010

Return On Shareholders Fund 14.60 14.50

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59

Comments:-

As we can see in the above ratio as well as in the graph, the return on

shareholders Funds in the year 2010 have changed slightly as compared to

previous year i.e. 2009 Return On shareholders Fund of 14.60

This change in the Return on shareholders Funds is a danger for the company as

there is no proper utilization of shareholders funds.


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Analysis

1. Companys Current ratio has declined from 2.39 to 1.97 in the year 2010.

But yet it is above ideal ratio of 2:1. As in previous year the current ratio is

too high which shows that the company has idle funds available at its

pocket. But now in this year i.e.2009 this high ratio slows down. As a

result we can say that now there is good margin for short term creditors.

2. Now again we see in the case of Quick Ratio that this year 2010 this ratio

has declined to 1.97:1 as compared to previous year having quick ratio to

be equal to 2.39:1 which is too high than the ideal ratio of 1:1. As we can

see in the profit and loss account the amount of debtors is the chief

reason for the decline in this ratio. So this makes the ratio as a satisfactory

ratio.

3. Companys debt equity ratio has slightly increased from the previous year

having ratio of 1.63:1 which makes ratio a safety margin for the creditors

since the owners equity is treated as a margin of safety by creditors.

4. Companys Total Assets to debt ratio has decreased from 3.28:1 to 3.04:1

which means less safety for short term as well as long term creditors as

owners equity is treated as margin of safety by creditors.

5. Proprietary Ratio of the company has declined from 49.66% to 46.68% in

the year 2010. It means now the assets of the firm are not financed out of

proprietors funds.

6. Companys Capital Turnover Ratio has increased from 20.00 to 24.9 times

in the year 2010. This shows that company is on the path of using capital

employed efficiently and the management is also becoming efficient. Now

this is positive sign for the company.

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7. In year 2009 companys fixed turnover ratio did not changed at all. It was .

50 times in 2009 and still .50 times in 2010. There is no direct relationship

between sales and fixed assets.

8. In the year 2010 companys working capital ratio didnt increase at all. It

means management didnt become more efficient and firm has no ability

to generate sales per rupee of working capital.

9. Companys stock turnover Ratio didnt move from .50 times.

If there is decline it is due to excessive inventory levels.

Slow moving and obsolete inventory etc.

As a result the firm may have to incur high carrying costs.

10. In the year 2010 the companys net profit ratio has declined as compared

to net profit ratio in the year 2009 which is 20.00%. Due to this decline in

the net profit ratio there is a danger for the company with regard to future

adverse economic conditions.

11. Due to decline in net profit ratio last year i.e. 2010 return on total assets

also decreases which is shows that the management is not utilizing thetotal assets efficiently.

12. Due to decline in the net profit before interest and tax in the year 2010

return on investment also declines to 8.70%. this shows that the capital

employed is not utilized properly.

13. Decline in companys return on net worth in the year 2010 is very low

compared to 2009 which is 14.60% declined. But in this year this goes

down to 14.50% it shows that the management is not taking this issue as

serious issue as a result inefficient utilisation of shareholders funds. This

decline is also due to increase in house tax which reduces the net profit.

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Cash Flow of NTPC ------------------ in Rs. Cr. -------------------


12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 6271.20 8896.50 10529.40 9467.80 10807.60

Net Cash From Operating Activities 6206.40 8065.30 10171.10 9688.10 10594.20

Net Cash (used in)/from

Investing Activities-2713.60 -3145.80 -6203.80 -7500.40 -10497.70

Net Cash (used

in)/from Financing Activities-1099.70 -76.30 -2348.70 -849.30 -1908.60

Net (decrease)/increase In Cash

and Cash Equivalents2393.10 4843.20 1618.60 1338.40 -1812.10

Opening Cash & Cash Equivalents 6078.30 8471.40 13314.60 14933.20 16271.60

Closing Cash & Cash Equivalents 8471.40 13314.60 14933.20 16271.60 14459.50

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The cash flow statement shows how much cash comes in and goes out of thecompany over the quarter or the year.

Cash Flows from Operating Activities

This section shows how much cash comes from sales of the company's goods

and services, less the amount of cash needed to make and sell those goods and

services. Investors tend to prefer companies that produce a net positive cash

flow from operating activities. High growth companies, such as technology firms,

tend to show negative cash flow from operations in their formative years. At the

same time, changes in cash flow from operations typically offer a preview of

changes in net future income. Normally it's a good sign when it goes up. Watch

out for a widening gap between a company's reported earnings and its cash flow

from operating activities. The net income is higher than cash flow in year 2010,

the company is speeding or slowing its booking of income or costs.

Cash Flows from Investing Activities

This section largely reflects the amount of cash the company has spent

on capital expenditures, such as new equipment or anything else that needed to

keep the business going. It also includes acquisitions of other businesses and

monetary investments such as money market funds.

Cash Flow From Financing Activities

This section describes the goings-on of cash associated with outside financing

activities. Typical sources of cash inflow would be cash raised by selling stock

and bonds or by bank borrowings. Likewise, paying back a bank loan would

show up as a use of cash flow, as would dividend payments and common stock

repurchases.

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The income statement is basically the first financial statement you will come

across in an annual report or quarterly Securities And Exchange

67

31-Mar-

10(12)

31-Mar-

09(12)

31-Mar-

08(12)

Profit / Loss A/C Rs mn %OI Rs mn %OI Rs mn %OI

Net Sales (OI) 419765.00 100.00 370936.00 100.00 326335.00 100.00

Material Cost 310.00 0.07 268.00 0.07 237.00 0.07

Increase Decrease Inventories 0.00 0.00 0.00 0.00 0.00 0.00

Personnel Expenses 25012.00 5.96 19289.00 5.20 11908.00 3.65

Manufacturing Expenses 281563.00 67.08 229985.00 62.00 208109.00 63.77

Gross Profit 112880.00 26.89 121394.00 32.73 106081.00 32.51

Administration Selling and Distribution

Expenses 7291.00 1.74 5975.00 1.61 5255.00 1.61

EBITDA 105589.00 25.15 115419.00 31.12 100826.00 30.90

Depreciation Depletion and Amortisation23645.00 5.63 21385.00 5.77 20754.00 6.36

EBIT 81944.00 19.52 94034.00 25.35 80072.00 24.54

Interest Expense 20229.00 4.82 17981.00 4.85 19806.00 6.07

Other Income 32963.00 7.85 29241.00 7.88 28699.00 8.79

Pretax Income 94678.00 22.56 105294.00 28.39 88965.00 27.26

Provision for Tax 11582.00 2.76 28401.00 7.66 20427.00 6.26

Extra Ordinary and Prior Period Items

Net-1083.00 -0.26 -2745.00 -0.74 109.00 0.03

Net Profit 82013.00 19.54 74148.00 19.99 68647.00 21.04

Adjusted Net Profit 82013.00 19.54 74148.00 19.99 68647.00 21.04

Dividend - Preference 0.00 0.00 0.00 0.00 0.00 0.00

Dividend - Equity 29683.00 7.07 28859.00 7.78 26385.00 8.09


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Commission (SEC) filing. It also contains the numbers most often discussed

when a company announces its results -numbers such as

revenue, earnings and earnings per share. Basically, the income

statementshows how much money the company generated (revenue), how much

it spent (expenses)andthedifference between the two (profit) over a certain time

period.

NET SALES

Revenue, also commonly known as sales, is generally the most straightforward

part of the income statement. Often, there is just a single number that represents

all the money a company brought in during a specific time period, although bigcompanies sometimes break down revenue by business segment or geography.

The company have improved profitability by increasing sales revenue for the year

2010.

EXPENSES

There are many kinds of expenses, but the two most common are the cost of

goods sold (COGS) and selling, general and administrative expenses (SG&A).

Cost of goods sold is the expense most directly involved in creating revenue. It

represents the costs of producing or purchasing the goods or services sold by

the company.

Profits = Revenue - Expenses

Profit, most simply put, is equal to total revenue minus total expenses. However,

there are several commonly used profit subcategories that tell investors how the

company is performing. Gross profit is calculated as revenue minus cost of sales.

Operating profit is equal to revenues minus the cost of sales and SG&A. This

number represents the profit a company made from its actual operations, and

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excludes certain expenses and revenues that may not be related to its central

operations. High operating margins can mean the company has effective control

of costs, or that sales are increasing faster than operating costs. Operating profit

also gives investors an opportunity to do profit-margin comparisons between

companies that do not issue a separate disclosure of their cost of goods sold

figures (which are needed to do gross margin analysis). Operating profit

measures how much cash the business throws off, and some consider it a more

reliable measure of profitability since it is harder to manipulate with accounting

tricks than net earnings.

Net income generally represents the company's profit after all expenses,

including financial expenses, have been paid. This number is often called the

"bottom line" and is generally the figure people refer to when they use the word

"profit" or "earnings".

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Conclusion

After analyzing the Ratios, Balance sheet, Income statement, Cash Flows, I

came to the conclusion that NTPC (National Thermal Power Corporation) ltd.From the past 2 years there is an increase in the profit of the company NTPC

Ltd.

This is due to high efficiency of the management of the company and resources

have been utilized properly in this year 2009-10.

So we can say that company is taking this issue of making the company more

efficient and effective through proper management in the future. And the issue of

making the company more indulge in social services and less focussing on profit

making.

The company more and more achievement has made the company liable to

show better improvement in the nest few years.

So overall companys performance is satisfactory.

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Bibliography

BOOKS

Maheshwari, S.N.; Principles of Management Accounting, SultanChand & Sons, 2003 Fourteenth Edition

Bhattacharya, S.K. & Dearden; Accounting for Management Text andCases, Vikas Publishing House, 2003 Third Edition.

Pandey, I.M.; Management Accounting, Vikas Publishing House, 2003Third Edition.

SITES

http://www.bseindia.com

http://en.wikipedia.org/wiki/National_Thermal_Power_Corporation

https://www.ntpc.co.in/

http://www.moneycontrol.com/financials/ntpc/balance-sheet/NTPC

http://money.rediff.com/companies/ntpc-ltd/15130025/balance-sheet

Documents

PDCS Project