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Unaudited Financial Results for the Quarter ended 30th June 2009

(Rs./ Lakh)
Sl..ParticularsQuarter ended 30.06.2009 (Unaudited)Quarter ended 30.06.2008 (Unaudited)Year ended 31.03.2009 (Audited)
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1(a) Net Sales (Net of Electricity Duty)12002689539474192373
 (b) Other Operating Income5252941801220235
2Expenditure   
 (a) Fuel Cost7742666138552711069
 (b) Employees Cost5904257790246313
 (c) Depreciation6127955244236448
 (d) Other Expenditure4939340124195209
 Total (a+b+c+d)9439807670133389039
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)3088172287351023569
4Other Income2509929922114668
5Profit before Interest & Exceptional Items (3+4)3339162586571138237
6Interest & Finance charges4446742191202290
7Profit after Interest but before Exceptional Items (5-6)289449216466935947
8Exceptional items---
9Profit (+) /Loss (-) from Ordinary Activities before Tax (7+8)289449216466935947
10Tax Expenses:   
 a) Current Tax5819043317113834
 b) Deferred Tax118971733(44880)
 c) Fringe Benefit Tax (FBT)-5052098
 Total (a+b+c)700874555571052
 Less: Deferred Tax Recoverable/(Payable)-1733(44880)
 FBT transferred to Expenditure during construction/ Development of coal mines 9115
 Tax Expenses (Net)7008743813115817
11Net profit (+)/ Loss (-) from Ordinary Activities after Tax (9-10)219362172653820130
12Extraordinary Items (Net of tax expenses)---
13Net profit (+)/ Loss (-) for the period (11-12)219362172653820130
14Paid-up Equity Share Capital 
(Face value of share Rs.10/- each)
824546824546824546
15Reserves excluding Revaluation Reserve as per Balance Sheet of 31st March 2009  4912460
16Earning per share - (EPS in Rs.)   
 (a) Basic and diluted EPS before Extraordinary items (not annualised)2.662.099.95
 (b) Basic and diluted EPS after Extraordinary items (not annualised)2.662.099.95
17Public Shareholding   
 (a) Number of shares865830000865830000865830000
 (b) %age of shareholding10.50%10.50%10.50%
18Promoters and Promoter Group Shareholding   
 (a) Pledged/Encumbered   
 - Number of Shares---
 - Percentage of share (as % of the total shareholding of promoter and promoter group)---
 - Percentage of share (as % of the total share capital of the company)---
 (b) Non-encumbered   
 - Number of Shares737963440073796344007379634400
 - Percentage of share (as % of the total shareholding of promoter and promoter group)100%100%100%
 - Percentage of share (as % of the total share capital of the company)89.50%89.50%89.50%

REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2009

(Rs./ Lakh)
Sl.ParticularsQuarter ended 30.06.2009 (Unaudited)Quarter ended 30.06.2008 (Unaudited)Year ended 31.03.2009 (Audited)
12345
1Segment Revenue (Net Sales)   
 - Generation11968609511934179119
 - Others3408275413254
 - Total12002689539474192373
2Segment Results (Profit before Tax and Interest)   
 - Generation267629193308905305
 - Others11644044184
 - Total268793193712909489
 Less:   
 (i) Unallocated Interest and Finance Charges2850728787208630
 (ii) Other Unallocable expenditure net of unallocable income(49163)(51541)(235088)
 Total Profit before Tax289449216466935947
3Capital Employed (Segment Assets - Segment Liabilities)   
 - Generation336289628269803383665
 - Others255832403226
 - Un-allocated259091926062932350115
 - Total595637354365135737006

The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

Notes:

1. a) The Central Electricity Regulatory Commission (CERC) has notified by Regulations the terms and conditions for determination of tariff applicable with effect from 1st April 2009 for a period of five years. Pending final determination of stationwise tariff by the CERC, sales have been provisionally recognized at Rs. 11,97,081 lakh on the basis of principles enunicated by the CERC in the said Regulations.

Pending final determination of tariff by the CERC as above, the Company continues to provisionally bill the beneficiaries from 1st April 2009 at the tariff approved by the CERC and applicable as on 31st March 2009 as provided in the Regulations, 2009. The amount billed for the quarter on this basis is Rs.11,48,541 lakhs.

b) Sales includes (-) Rs.221 lakh for the quarter (previous quarter Rs.6,179 lakh) pertaining to previous years recognized based on the orders issued by CERC/ATE.

2. In respect of stations/units where the CERC had issued final tariff orders applicable from 1st April 2004 to 31stMarch 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the Appellate Tribunal for Electricity (ATE). The ATE disposed off the appeals favourably directing the CERC to revise the tariff orders as per the directions and methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of India on some of the issues decided by the ATE which is pending. Sales for the tariff period 2004-2009 have been accounted for based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE. The sales so recognised for this quarter based  on CERC Regulations, 2009 have not been ascertained.

3. Employees cost includes the following provisions: 
a) Rs.17,063 lakh (previous quarter Rs.10,014 lakh) towards pay revision of the employees due w.e.f. 1st January 2007 in line with the guidelines issued by the Department of Public Enterprises, Government of India. 
b) Rs.8,291 lakh (previous quarter Rs.17,201 lakh) towards other employee benefits.

4. Interest and Finance Charges include: 
a) Exchange differences regarded as adjustment to interest costs Rs.Nil for the quarter ended 30th June 2009 (previous quarter Rs.3,054 lakh). 
b) Other exchange differences arising on translation of foreign currency loans/liabilities Rs.23 lakh for the quarter ended 30th June 2009 (previous quarter Rs.2,989 lakh).

Consequent to the amendment to Accounting Standard (AS) 11 notified by the Central Government on 3lst March 2009, exchange differences arising from restatement/settlement of long term foreign currency monetary items relating to acquisition of depreciable capital assets are adjusted in the cost of related assets w.e.f. the financial year 2008-09.

5. Considering the proposals made in the Finance Bill, 2009, no provision towards fringe benefit tax has been made during the quarter.

6. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th June 2009:

Sl.No.Opening BalanceAdditionsDisposalsClosing Balance
No. of complaints9226122637

7. The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 27th July 2009.

8. The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

9. Figures for the previous period have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 27th July 2009

Sd/-
(A. K. SINGHAL)
DIRECTOR (FINANCE)