Industry Profile On Power

FOR INTERNAL USE AT BANK OF BARODA ONLY
INDUSTRY PROFILE ON: POWER
1.0 1.1
INTRODUCTION: Electricity is the prime mover of growth and is vital to the sustenance of a modern economy. The projected growth of countrys economy depends heavily on the performance and growth of the power sector. It is therefore the endeavor of any Government to ensure that agriculture, industry, commercial establishments and all households receive uninterrupted supply of electricity at affordable rates. As is known, the electric power is amongst the most crucial inputs required for economic growth in any country. Hence even the developed countries preferred to keep power sector under Government control. Thus, Power being considered a natural monopoly and public good; is characterised by tight government control in generation, transmission and distribution. "Power" is a concurrent subject under the constitution with each state involved in regulation, under the overall policy norms spelt out by the centre. The domestic power industry was a completely under the control of government but for the existence of a few licensees and captive producers till the year 1991. Following the economic reforms in 1991, the government opened the doors to private players including foreign players. This was done through an amendment to the then existing electricity acts. Consequently more reforms were introduced in 1998 and a new act called The Electricity Regulatory Commissions Act 1998 was put in place which led to the creation of Central and state electricity regulatory commissions. India is the sixth largest country in the world power industry in terms of generation capacity and consumption (101,660 MW and 341,794 million Kwh respectively as of March 2001). Similar to other regions of the world, thermal power plants in India contribute a major chunk of the power generated (over 70 per cent). However, in contrast to other industrialised countries, the contribution of nuclear plants in India is only about 2 per cent. The Products and its uses: Electricity can be produced from nearly any form of energy, such as heat energy, kinetic energy, potential energy, nuclear energy, and the energy of waves and tides. On the basis of the actual source of energy, power plants can be broadly classified as under:Thermal power plants, based on the heat energy of fossil fuels (such as coal, lignite, natural gas, naphtha and diesel). Hydroelectric power (hydel) plants, based on the potential energy of water.
1.2
1.3
2.0
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Nuclear/atomic power plants, based on the nuclear energy of radioactive fuels such as plutonium / thorium etc. Non-conventional power plants, based on wind energy, solar energy, cogeneration, others. 3.0 3.1 Production Process: Above 60% of the Global electricity generation capacity is based on thermal power. The power plants based on steam-cycle work on steam generated at high temperature and high pressure from pulverised coal or lignite which is burnt to boil water in the boiler. The steam is used to run a steam turbine coupled with an electric generator. Some of the heat generated is lost through radiation from pipelines, through leakage from various equipment, and through the heat carried by the exhaust from the turbine. The ratio of the heat converted to electricity to the total heat generated by burning the fuel is called thermal efficiency of the plant. Typically, the thermal efficiency of conventional steam-cycle power plants ranges between 33 per cent and 38 per cent. Coal-based steam-cycle plants work economically and efficiently at a constant load. They cannot be started or stopped very frequently or rapidly. In addition, at a low capacity operation (lower than 50-70 per cent), boilers need to burn furnace oil or diesel as a supplementary fuel, in order to support steady flame. Hence, coal-based power plants cannot be used for meeting peak demand and are generally used for meeting base-load demand. The main advantages of coal-based power plants are Low cost of generation. Abundant availability of coal. Some of the disadvantages are Long gestation period. Emissions of carbon dioxide, and oxides of sulphur Lack of flexibility in operation.
3.2
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A line diagram of the standard coal based power plant is depicted below:-
3.3 Combined-cycle power plant (CCPP): The exhaust gases from the gas
turbine in open cycle mode carry a significant amount of heat. With a view to use this heat, which is otherwise being wasted, and to improve upon the efficiency level of steam turbines; combined cycle power plants (CCPP) are designed. In a combined-cycle power plant, high temperature and high-pressure gases produced by burning natural gas/naphtha are used to run a gas turbine in the open-cycle mode. In the combined-cycle mode of operation, the heat content of the exhaust gases is utilised to generate steam in a heat recovery steam generator (HRSG). The steam is used to run a steam turbine. Although the thermal efficiency of the plant in the open-cycle mode (about 30 per cent) is lower than that of a coalbased plant, the total thermal efficiency of the plant in the combined-cycle mode is significantly higher (at around 42-48 per cent). Developments in technology have enabled combined-cycle power plants to achieve thermal efficiency of up to 60 per cent. The most important development, which has contributed to the increase in efficiency, is the use of higher temperature gases at the turbine inlet.
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4.0 4.1
Industry Structure: The power companies in India can be classified based on two criteria viz. function and ownership. Based on function the power industry can be classified in the following manner: Classification of the Indian power industry based on function
Classification of the Indian power industry based on ownership
4.2
The power sector may also be classified as Private sector licensees, Captive Power Producers, Independent Power Producers and state electricity boards.
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Licensees - Private sector licensees, who have been granted licenses by the state government in consultation with the respective SEB, are expected to supply and distribute energy in a specified area. A licensee may or may not have a generating station. They are governed by the Electricity (Supply) Act, 1948 and the Indian Electricity Act, 1910. Returns for private licensees are computed on a capital base after accounting for all costs and specified statutory appropriations. M/s AEC, M/s BSES, M/s Tata Electric Co., M/s CESC etc. are some of the Licensees operating in India. Captive Power Producers: Captive power plants (CPP) - set up by an individual Industrial units are a significant source of power for the Indian economy. As much as 35% of the electricity consumed by Indian industry comes from CPPs. Further, the central government has made it easier to set up CPPs. Most captive power projects now need approvals only from the state authorities. The central government has also recommended to the states to encourage CPPs by allowing sale to third parties, devising transparent norms for wheeling and banking and exempting independent generating entities, which are set up for captive use, from competitive bidding procedures. Independent Power Producers (IPP): Legislation governing the electricity sector was amended in October 1991 allowing private investors to set up generating stations that would supply power in bulk to the grid. These companies were also allowed to provide power directly to consumers with the consent of the state governments. Such power projects normally set up by establishing a SPV (Special Purpose Vehicle) can be based on any type of fuel. M/s Gujarat Torrent Power Co., M/s Kondapally Power Ltd. etc. are some of the IPPs presently operating in India. State Electricity Boards: The power sector- generation and distribution in the states is still dominated by the State Electricity Boards (SEBs) barring the cities of Surat, Calcutta, Mumbai, Ahmedabad and the state of Orissa. SEBs control over 95% of distribution and over 55% of generation in our country. 5.0 5.1 Market Dynamics: The Installed capacity: The main resources for electricity generation in India are coal, gas, hydel, nuclear and renewable like wind/ Solar etc. The potential of each of these resources for power generation is different. In addition, these resources are not distributed evenly among states/ regions in our country. This has implications on the balanced development of generation capacity, transportation infrastructure, and transmission of power between regions. The Total capacity for generation of electricity in India as on March2001; is as under:-
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Indian Power Scenario: Sector wise/ Installed capacity for (2000-01) Central State Private 20,918 Coal 4,449 Gas 0 Diesel Total 25,367 Thermal 2,644 Hydro 2,860 Nuclear 0 Wind Total 30,871 Source: Central Electricity Authority 35,817 2,428 540 38,785 22,021 0 57 60,863 4,291 3,615 331 8,237
Total 61,025.88 10,491.90 870.89 72,388.67
% share of total 60.0 10.3 0.9 71.2 24.7 2.8 1.2 100
477 25,141.78 0 2,860.00 1,212 1,269.63 9,927 101,660.08
As can be seen from the table above; Coal continues to be the preferred fuel for power generation. Although natural gas is an attractive fuel for power generation, its use in power generation has been limited, due to supply constraints. Import of gas through pipelines and as LNG is considered a viable option. The development of hydroelectric potential has been constrained due to several reasons. Non-conventional sources of energy, such as wind power and solar power, are being developed to supplement conventional sources and minimise the effect on the environment. Co-generation and wind power are commercially viable at current costs, while solar power is expensive due to the technological costs. 5.2 Demand / Supply Scenario: As per the available statistics for the year 1999; India is the sixth largest producer and consumer of electricity in the world while US, China, Japan, Russia and Canada are the top five power generators. The per capita consumption of electrical power in India is far behind that of developed countries. The present level of per capita consumption of electricity in India is about 350 KWh while for other developed/ developing countries the per capita consumption is as follows:Sweden 14239 KWh, USA- 11796 KWh, Japan 7083 KWh, France 6091 KWh, south Africa- 355 Kwh. Growth in demand from domestic consumer sector: The main reason for the poor per capita consumption is the poor consumption in the domestic consumer segment. In the US, domestic consumers account for nearly onethird of total electricity sales. In India they account for just 21 per cent. This implicitly shows that there is good potential for growth in this sector. The demand for power is expected to grow at a rate of 7 to 8 per cent in the next decade. The power demand for the year 2010 is estimated to be around 658 billion Kwh. As is known, the Indian power industry is a supply driven one
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(i.e. supply has been well below the demand) with the demand exceeding supply by 7.8 per cent on an average. Further, the demand exceeds the supply by around 13 per cent many times during peak hours. This shows that power generators will be able to sell their products without special market promotions as in other service sectors like telecom.. Power generation: The total power generated in India in 1999-2000 was 448 billion Kwh. Power generation levels grew at a CAGR of 6.2 per cent over the last ten years. In the last five years, nearly 17,376.2 MW of power capacity was added to the grid supply. Coal fired thermal power stations accounted for a lions share of these additions. Around 11,509.7 MW capacities were added in the thermal power segment. On an ownership basis, the major contribution was from the state utilities segment (8,526 MW). This pace of growth is likely to be maintained through capacity additions. The contribution from non-conventional energy sources like solar, wind power etc. is negligible and only 1724 MW of capacities has been realised so far. Captive power producers also play a major role in the power scenario in India. Earlier, captive power plants were used as standby units. But with increasing tariff levels for the industry and declining quality of power supplied by SEBs, they became the main source of power. Power intensive industries like cement, fertilisers and industries like sugar, which have a ready supply of fuel source, are the main users of captive power plants. The working group on power has targeted to add nearly 8500 MW of capacities every year till 2012. Such planned capacity additions (provided they come up as per schedule) is expected to act as key revenue drivers. Consumption: Power consumption in India in 2000-01 was estimated at 341,794 Kwh having increased at a CAGR of around 6.27 per cent over the last 5 years. Demand has always exceeded supply. The demand-supply gap, which is denoted as energy shortage was 7.8 per cent of the total demand in 2000-01. The peak shortage, which is a measure of shortage during peak power consumption hours, stood at 13 per cent in 2000-01. This shows that the country is far away from the ninth plan target of reducing the energy and peak shortage to 1.4 per cent and 11.6 per cent, respectively. Apart from shortage in capacity, the poor performance of power companies, particularly SEBs is the main reason for the demand supply gap. Domestic power majors perform poorly in terms of performance indicators like plant load factor (PLF) -a measure of capacity utilisation, transmission and distribution (T&D) losses, quality of power and commercial performance. Major Players in the Industry: The major players in the domestic power industry can be categorised into Central Utilities, State Electricity Boards (SEBs), Independent Power Producers (IPPs) and Licensees as follows:Central utilities National Thermal Power Corporation Ltd (NTPC): NTPC is the countrys premier power generation company. Nearly 20 per cent of the countrys power generation
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capacity was with NTPC as of March 2001. The company had 12 coal-based power plants and six-gas/liquid fuel based power plants as of March 2001. At present the company is in the process of constructing a 1,000 MW thermal power project at Simhadri in Andhra Pradesh and a 2,000 MW project in Talchar, Orissa. NTPC is planning to add another 18,500 MW before 2012 and thus increase its total power generation capacity to 40,000 MW in 2012. National hydel Power Corporation Ltd. (NHPC): NHPC is the countrys largest hydropower producer. The company generated around 9,581.0 million units of power in 2000-01. The total installed power generation capacity with the company as of March 2001, was 2,175 MW from eight plants. Nuclear Power Corporation of India Ltd (NPC): NPC is the only company in India, which is authorised to run nuclear power plants. At present the company has six nuclear power stations with a total capacity of 2,860 MW. Currently, the company is Constructing two new units of 500 MW each. State Electricity Boards (SEBs) : The State Electricity Boards (SEBs) enjoy a monopoly status in case of the local transmission and distribution segments. However, they are fast losing this status. Various state governments are in the process of unbundling the SEBs and are trying to corporatise them. Already the SEBs in Orissa, Andhra Pradesh and Haryana have been unbundled and converted in to companies and privatised partially. Independent Power Producers (IPPs) : The actual additions from Independent power producers in the Indian power sector have been miniscule given the problems that they face. Despite such problems, IPPs have commissioned their projects and have been supplying power to the SEBs. Licencees : Licencees are the oldest private players in the Indian power industry. The performances of the licencees are relatively better when compared with the SEBs. Some of the major Licencees operating in India are M/s AEC, M/s BSES, M/s Tata Power Co. Ltd. , M/s CSES etc. 7.0 Globle Scenario: Global consumption of power in the year 1999 was an estimated 12,832.7 billion Kwh. The United States is the largest market in the global power industry in terms of generation capacities, generation levels and consumption. In 1999, Americans consumed around 3,236 billion Kwh of power. Thermal power plants account for nearly 66 per cent of the total power generation capacities in the world -- around 3,180 MW as of December 1999. Hydel-plants are the second largest source of power generated and accounted for nearly 21.5 per cent of global power generating capacities. While nuclear plants globally account for around 11 per cent of generation capacities. In industrialized countries, nuclear power generation touches around 12-20 per cent.
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However, the share of such plants is expected to decline to less than 10 per cent by 2010. The main reason for this is the safety and radiation factors associated with them. 8.0 8.1 Government Policy / Controls: The structure and functioning of the power sector in India is regulated by five authorities viz. the Union Power Ministry, the Central Electricity Authority (CEA), the Central Electricity Regulatory Commission (CERC) at the central level and the state governments and the State Electricity Regulatory Commission (SERC) at the state level. Apart from the above authorities, the Planning Commission of India (PCI) also plays an important role in Indian power industry. The Planning Commission sets the target for capacity addition and other renovation works. Besides the state and central utilities get their fund allotments as per the framework set by the Planning Commission. In the ninth five-year plan the target for capacity additions has been set as 40,245 MW. The primary legislations that govern the power sector are: Indian Electricity Act, 1910 Electricity (Supply) Act, 1948 Electricity Laws (Amendment) Act, 1998 Electricity Regulatory Commission Act, 1998. During August 2001, the Government enacted the Energy Conservation Act, 2001, in order to encourage the efficient usage of electricity and other forms of energy by the industrial and domestic sector. The Indian Electricity Act specifies the technical and operational parameters related to the power sector. The Electricity (Supply) Act specifies the structure of the power sector, and lays down financial norms for various players in the sector. The Electricity Regulatory Commissions Act stipulates the establishment of regulatory commissions at the central and state levels, and lays down their functions with respect to the fixing of tariffs. In order to eliminate multiple governing legislations and introduce enabling provisions for the restructuring of the power sector, the Government proposes to enact the Electricity Bill, 2001. The Government has also notified policy guidelines with respect to the use of various fuels, the norms for computing tariffs for private sector power projects, and private sector investments in the transmission sector. 8.2 Policy Initiatives by Govt.:Mega Power Policy: This power policy was announced in 1998. The government planned to set up big power projects - a capacity of 1,000 MW for thermal plants and over 400 MW for hydel plants. The power ministry planned to add 15,000-20,000 MW of power in a short span of time. About 14 thermal
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projects and 4 hydel projects have been chosen as mega power projects. Nevertheless many of these projects are yet to get requisite clearances and attain financial closure. However, there has been a lack of interest in these projects due to absence of structured payment guarantees for the power produced by these projects besides certain legal issues in implementing the security mechanism. Problems in obtaining the requisite clearances from the respective government departments have delayed the financial closure and commissioning of projects leading to foreign partners or companies walking out. A prime example is that of the Mangalore Power Project where Cogentrix, the prime promoter walked out due to inordinate delays in government clearances. Plan allotment: The state and central power utilities essentially depend on the plan allotments from the Planning Commission for their expansion and renovation activities. Therefore, if the plan allotment for the power sector goes up, spending on renovation and modernization would also go up. This in turn should improve the performance of central and state utilities. Generally, the plan allotment for the power sector has been 15 to 20 per cent of the total plan outlay. In the Tenth and Eleventh Five-Year Plans also, it is expected to be around 15 per cent of the total plan outlay. Private participation & reforms: Experiencing the shortage of funds government began encouraging private investments. However, actual investments from private players have been rather dismal. Besides, the pace of reforms in the power sector has been painfully slow. Even after 10 years of reforms very few SEBs have been unbundled and corporatised. The Electricity Bill 2001 is expected to bring about a sea change in the performance of the private power producers. With the funds allotment procedure failing to motivate the state governments to carry out speedier reforms (for SEBs), a new Aaccelerated Power Development Programme (APDP) was implemented in December 2000. This programme gives more importance to power reforms particularly for reforming SEBs and allotted Rs 10 billion for this purpose in the first year of enforcement and Rs 30 billion in the subsequent periods through the year 2012. Growth in rural electrification: Though nearly 86.3 per cent of the villages in India were electrified, as of March 2000, about 80,000 villages are yet to be electrified. The Government is planning to electrify around 62,000 of these villages by the end of the Tenth plan and the rest in the Eleventh plan period. As per the Power Policy 2002 document by GOI; India is likely to become a completely electrified country by end of the year 2012. 9.0 Problem areas for Indian Power Sector:- In general, the power business is a highly profitable business. But in India though, the supply is less than the demand, power companies are not doing well. Some of the key problems that plague the domestic power industry are as follows:-
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Failure in meeting capacity addition targets: The track record of the domestic power sector has been rather bad. For instance, against the targetted capacity addition of around 30538 MW during the Eighth Five-Year Plan period, only an estimated 16422.4 MW was added. This trend cuts across the lines of ownership and the mode of generation. The story is not different for the ninth five-year plan also. The target for the capacity additions in the Ninth Plan is 40,245 MW. But going by the present pace, this target is unlikely to be achieved. The main reasons for poor performance include the lack of adequate funds with the state and central utilities to invest on their own. Poor finances and bureaucratic delays: The Independent Power Producers (IPPs) have suffered the most in the post-reform period of the power sector. When the Government of India opened up the power sector to private players, there was great enthusiasm from the power multinationals. Now after 10 years the mood amongst the private players, particularly MNCs, is negative. The main reason for the problems of the IPPs is the pathetic financial condition of SEBs, to whom they have to sell the power. Most SEBs are not in a position to pay for power procured from these companies. Financial institutions, therefore, are hesitant to finance power projects. Consequently, power companies are unable to achieve financial closure even after securing the required permission from the state governments and CEA. Bureaucratic procedures in obtaining permission from the state governments compound the woes of the IPPs. Unfriendly state government policies: Captive power plants also face problems. Many state governments discourage captive power plants fearing that if industries start operating their own captive power plants, the SEBs will eventually lose valuable consumers. The subsidies given to domestic and agricultural consumers are to some extent compensated by revenues from industrial consumers. If the latter opt for captive power plants, uncovered subsidies are bound to go up further. Loss making SEBs: The problems of the Indian electric power industry have its origin in the State Electricity Boards. They continue to reel from heavy losses. All the 19 SEBs and 9 Electricity Departments are making losses. According to the Electricity (Supply) Act 1948, the SEBs are required to earn a minimum return of 3 per cent over their fixed assets. But the poor performance of the SEBs has made it impossible to cover even the revenue expenditure of the SEBs. Consequently, the SEBs dont pay their dues to the IPPs and the central utilities. Some of the reasons for poor past performance of SEBs are:Subsidies: The subsidies given to the agricultural and domestic consumers take a heavy toll on the financials of SEBs. While the agricultural segment consumed nearly 30 per cent of total power sold by the SEBs, it accounted for just 3.4 per cent of total revenues realized in the year 1999-2000. The cross subsidies (the extra tariff charged from the industrial consumers to make the subsidy given for the domestic and agricultural consumers) covered just 25 per cent of total subsidy in same
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year. This steep increase in subsidy levels has resulted in SEBs selling power at a price lower than the cost of generation. The following table shows the average cost of power generation and average tariff levels between the periods 1996-2001:
The losses from the uncovered subsidies in 2000-01 stood at nearly 30 per cent of the total cost of generation. Poor plant utilisation levels The power plants owned by SEBs are generally poorly maintained. The plant load factor for thermal power plants of the state utilities is 65.6 per cent when compared with national average of 69 per cent. This obviously increases the cost of production. Heavy T&D losses - T&D losses in India are very heavy and are in the range of 20 to 25 per cent as against the acceptable norms of 8 to 10 per cent. Since the SEBs are in charge of transmission and distribution in many states, it is they who are most affected. 10.0 Our Banks Exposure to Power Industry:
As per the ASCROM statement for industry wise exposure as on 31.06.2002; the total credit outstanding for Power industry (incl. IPP) is Rs.416.52 Cr out of which credit outstanding of Rs.415.33 Cr is classified as standard while balance amount of Rs.1.19 Cr is classified as NPA. Further, the total NPA of Rs.1.19Cr to the power industry consists of sub-standard amount of Rs.1.01Cr, doubtful advances of Rs.0.17Cr and loss accounts of Rs.0.01Cr. Thus, the ratio of total NPAs to total advances under Power industry works out to be 0.28%, which is well below the ratio of total NPAs to gross advances by our Bank at 15.06% as on 30.06.2002.
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11.0 11.1
Present status of the Industry / Outlook: In order to improve the financial health and efficiency of the Indian power sector, many state governments have initiated structural reforms in their SEBs. The main objectives of these reforms are rationalization of the tariff structure, improving the T&D infrastructure and setting up of independent and autonomous electricity regulatory commissions. In addition, the unbundling, corporatisation and privatisation of the various functions of the SEBs, like generation, transmission and distribution are being attempted. This is expected to result in transparency and accountability in the power sector and provide operational and financial autonomy to the various enitites operating in the power sector. The demand for electric power in India is projected to be 1058 billion Kwh by the year 2012 by the Planning Commission. To meet the demand, India will have to double its present generation capacity of 1,00,000 MW. This will need investments of around US$ 300 billion during the same period. To meet the electricity demand of 1,058 billion Kwh in 2012, India needs to add 8500 MW every year. This growth in power demand is projected to be higher than the global average growth of around 2.7 per cent. The power generation in the captive segment is expected to touch 56.25 billion Kwh in 2004-05. Simultaneously, the dependency on various fuel sources is also likely to undergo a transformation as explained at the table below:-.
11.2
As can be seen, the share of natural gas-based power plants the fuel of future; may go up from the current 11 per cent to 11.5 per cent in 2010 and 15 per cent in 2020. 11.3 In terms of end-user segments, the share of agriculture is expected to come down from the current 30 per cent levels of the total consumption to around 27 per cent by 2005. Though there may be some political resistance, the following reforms are expected to sweep the Indian power sector in the next decade: SEBs would be unbundled, corporatised and ultimately be privatised.
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Tariff structure will be rationalized and the SERC will become the authority to fix the tariff. State governments will have to bear the uncovered subsidies. The T&D losses, which are around 24 per cent now, may come down to 21.4 per cent by 2005. The role of the private sector would increase. The government expects the private sector to account for 50 per cent of the planned capacity additions through the year 2012. Private players would gain entry in to the transmission and distribution segments also. 11.4 The past performance of Indian Power Sector and the financial aggregates for selected units covering more than 80% in terms of domestic sales is narrated at Annexure I. As observed, the OPBIDT for these select 7- Nos. of units is found increasing from 28.95% from the year 1997 to 33.04% in the year 1999. However, there is a decline in the OPBIDT to 30.58% in the year 2000. The Eco-Industry Risk Rating: The Scoring Sheet for Economy/ Industry modules along with justification is at Annexure - II to facilitate the rating of existing/ proposed borrower in this segment of Industry. As per the details submitted by CRISINFAC; the marks under module-I allotted to Indian Power Sector works out to 34.67 out of 56 for SEBs and 35.67 out of 56 for IPPs as on 30.06.2002. ---------------+++++++++++-------------------
11.5
Mahabal / E- CRC/ Risk Management Deptt., Bank Of Baroda, Central Office, MUMBAI-23. Date: 09.09.2002.
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Annexure I Industry aggregates: Power Basic Utilities No. of companies considered for aggregation : 7 Nos. All figures in Rs. Mn Manufactured Goods Others Excise Operating Income (OI) Cost of power purchase Fuel Others Operating Cost OPBDIT OPBDT OPBT PBT PAT Gross Block Net Block CWIP Investment Current Assets Equity Capital Reserves Debt OCL ROCE RONW D/E FY00 83209 1982 -19 85172 14840 21594 22690 59125 26046 18167 8467 12104 9920 156307 98105 33870 21298 68594 23240 71952 84859 41817 12.15% 10.42% 0.89 % of OI FY99 75138 6357 -13 81482 14709 19546 20308 54564 30.58 26918 21.33 19535 9.94 9370 14.21 12211 11.65 9834 133909 84868 37981 13193 71945 22825 65977 84678 34508 13.71% 11.07% 0.95 % of OFY98 69828 2470 -35 72263 15726 18397 15945 50068 33.04 22194 23.98 15350 11.5 7146 14.99 9414 12.07 6445 124327 85748 29013 11380 58497 22413 60483 75282 26459 11.81% 7.77% 0.91 FY97 64519 1649 -11 66158 15845 16555 14603 47004 30.71 19153 21.24 13484 9.89 6461 13.03 8266 8.92 7269 97914 64740 40337 4252 55908 22405 54549 63849 24434 13.27% 9.45% 0.83
28.95 20.38 9.77 12.5 10.99
Mahabal / E- CRC/ Risk Management Deptt., Bank Of Baroda, Central Office, MUMBAI-23. Date : 09.09.2002.
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