Investors

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2017

( in Crore)

Sl. No.	Particulars	Quarter ended 30.06.2017 (Unaudited)	Quarter ended 31.03.2017 (Unaudited)	Quarter ended 30.06.2016 (Unaudited)	Year ended 31.03.2017 (Audited)
1	2	3	4	5	6
1	Revenue
	(a) Revenue from operations	19879.32	20416.67	19062.91	78273.44
	(b) Other income	662.61	470.18	157.89	1068.86
	Total revenue  (a+b)	20541.93	20886.85	19220.80	79342.30
2	Expenses
	(a) Fuel	11940.11	11946.42	11632.37	47572.19
	(b) Electricity purchased	137.57	-	-	-
	(c) Employee benefits expense	1071.21	1637.69	998.17	4324.60
	(d) Finance costs	895.60	897.92	900.42	3597.20
	(e) Depreciation, amortisation & impairment expense	1570.00	1606.17	1395.19	5920.82
	(f) Other expenses	1690.33	1369.81	1261.14	5092.38
	Total expenses (a+b+c+d+e+f)	17304.82	17458.01	16187.29	66507.19
3	Profit before exceptional items, tax & Rate Regulated Activities (RRA) (1-2)	3237.11	3428.84	3033.51	12835.11
4	Movements in Regulatory deferral account balances	228.27	362.06	3.31	335.74
5	Profit before exceptional items and tax (3+4)	3465.38	3790.90	3036.82	13170.85
6	Exceptional items - impairment loss on investment	-	782.95	-	782.95
7	Profit before tax (5-6)	3465.38	3007.95	3036.82	12387.90
8	Tax expense:
	(a) Current tax	703.15	706.30	647.32	2598.19
	(b) Tax expense/(saving) pertaining to RRA	48.72	77.44	0.70	71.82
	(c) Deferred tax	1181.10	(108.29)	350.86	1287.31
	(d) Less: Deferred asset for deferred tax liability	1085.76	(253.10)	300.67	954.68
	Total tax expense (a+b+c-d)	847.21	928.55	698.21	3002.64
9	Profit after tax from continuing operations  (7-8)	2618.17	2079.40	2338.61	9385.26
10	Other comprehensive income
	Items that will not be reclassified to profit or loss (net of tax)
	(a) Net acturial gains/(losses) on defined benefit plans	(26.70)	(108.02)	(14.28)	(238.66)
	(b) Net gains/(losses) on fair value of equity instruments	3.78	23.94	15.66	35.28
	Total other comprehensive income (net of tax) (a+b)	(22.92)	(84.08)	1.38	(203.38)
11	Total comprehensive income (9+10)	2595.25	1995.32	2339.99	9181.88
12	Paid-up equity share capital (Face value of share  10/- each)	8245.46	8245.46	8245.46	8245.46
13	Reserves excluding revaluation reserve as per balance sheet				87985.77
14	Earnings per share (for continuing operation) - (of  10/- each) (not annualised) (in ) (including regulatory deferral account balances):
	(a) Basic	3.18	2.52	2.83	11.38
	(b) Diluted	3.18	2.52	2.83	11.38
15	Earnings per share (for continuing operation) - (of  10/- each) (not annualised) (in ) (excluding regulatory deferral account balances):
	(a) Basic	2.96	2.18	2.83	11.06
	(b) Diluted	2.96	2.18	2.83	11.06

See accompanying notes to the financial results

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2017

( in Crore)

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29 July 2017 and approved by the Board of Directors in the meeting held on the same day.

2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3. (a) The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for all stations except Koldam, Mouda-II and Barh-II  for the period 2014-19 under Regulations 2014, and beneficiaries are billed based on such tariff orders issued by the CERC. For other stations, beneficiaries are billed in accordance with the principles given in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV of coal 'as received', measured at wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties. The amount provisionally billed for the quarter ended 30 June 2017 is  18,847.22 crore (previous quarter  18,367.86 crore).

(b) The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal on ‘as received’ basis, CERC has issued an order dated 25 January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from wagon top at the generating stations. The Company's review petition before the CERC in respect of the above order was dismissed vide their order dated 30 June 2016. Vide order dated 10 November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementation of the order of CERC in this regard. Accordingly, the Company has filed a petition with the CERC, hearing of the same was held on 31 January 2017. Pending disposal of the petition by the CERC and ratification by the Hon'ble Delhi High Court, measurement of GCV of coal is being  done from wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties.

Sales for the quarter ended 30 June 2017 has been provisionally recognized at  19,455.75  crore (previous quarter  18,786.76 crore) on the said basis. 

(c) Sales for the quarter ended 30 June 2017 include  43.97 crore (previous quarter (-)  35.18 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d) Sales for the quarter ended 30 June 2017 also include  17.49 crore (previous quarter  12.31 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4. During the quarter, 16 MW wind farm at Rojmal Wind Power Project w.e.f. 24 May 2017 and solar units of 245 MW at Mandsaur Power Project at  at different dates between 31 May 2017 to 29 June 2017 have been commissioned.

5. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of  movable assets of the Company.

6. Previous periods figures have been regrouped/rearranged wherever considered necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 29 July 2017

Sd/-
       (K.BISWAL)
DIRECTOR (FINANCE)