Investors

PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30^thJune 2012

( in Lakhs)

Sl. No.	Particulars	Quarter ended 30.06.2012 (Unaudited)	Quarter ended 31.03.2012 (Unaudited)	Quarter ended  30.06.2011  (Unaudited)	Year ended  31.03.2012 (Audited)
1	2	3	4	5	6
1	Income from operations
	(a) Net sales (net of electricity duty)	1595996	1626356	1417149	6114489
	(b) Other operating income	20599	9795	31942	90734
	Total income from operations (net)(a+b)	1616595	1636151	1449091	6205223
2	Expenses
	(a) Fuel cost	1059772	1044295	974982	4163546
	(b) Employee benefits expense	79067	89633	69072	309048
	(c) Depreciation and amortisation expense	76022	73626	64113	279170
	(d) Other expenses	94100	81154	86475	327521
	Total expenses (a+b+c+d)	1308961	1288708	1194642	5079285
3	Profit from operations before other income, finance costs and exceptional items (1-2)	307634	347443	254449	1125938
4	Other income	67894	66997	67698	277842
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	375528	414440	322147	1403780
6	Finance costs	49935	48700	37432	171164
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	325593	365740	284715	1232616
8	Exceptional items	-	-	-	-
9	Profit from ordinary activities before tax (7-8)	325593	365740	284715	1232616
10	Tax expenses:
	(a) Current tax	68232	93233	81321	306848
	(b) Deferred tax	7494	13163	(4184)	3395
	Total tax expense (a+b)	75726	106396	77137	310243
11	Net profit from ordinary activities after tax (9-10)	249867	259344	207578	922373
12	Extraordinary items (net of tax expense)	-	-	-	-
13	Net profit for the period (11-12)	249867	259344	207578	922373
14	Paid-up equity share capital  (Face value of share 10/- each)	824546	824546	824546	824546
15	Reserves excluding revaluation reserve as per balance sheet				6504571
16(i)	Earnings per share (before extraordinary items) - (of  10/- each)(not annualised) (in ):
	(a) Basic	3.03	3.15	2.52	11.19
	(b) Diluted	3.03	3.15	2.52	11.19
16(ii)	Earnings per share (after extraordinary items) - (of  10/- each) (not annualised) (in ):
	(a) Basic	3.03	3.15	2.52	11.19
	(b) Diluted	3.03	3.15	2.52	11.19

PART II : Select Information for the Quarter ended 30^th June 2012

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30^th June 2012

( in Lakhs)

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) notified the Tariff Regulations, 2009 in January 2009, and also notified First and Second Amendment in May and June 2011 (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1^st April 2009 for all the stations except Talcher Thermal Power Station (TTPS). Beneficiaries are billed in accordance with the said provisional/final tariff orders except for TTPS where it is done on provisional basis. The amount billed for the quarter ended 30^th June 2012 on this basis is  15,82,949 lakh (corresponding previous quarter  13,86,494 lakh).

(b) The CERC has issued final tariff orders for some of the stations under the Regulations, 2009. Sales for these stations has been recognised at  9,37,526 lakh for the quarter ended 30^th June 2012 (corresponding previous quarter  8,37,612 lakh) by truing up capital expenditure to arrive at the capacity charges. For all other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at 6,49,263 lakh for the quarter ended 30^th June 2012 (corresponding previous quarter  5,99,275 lakh) by truing up capital expenditure to arrive at the capacity charges on the basis of principles enunciated in the said Regulations, 2009.

(c) (i) Sales include  10,988 lakh for the quarter ended 30^th June 2012 (corresponding previous quarter (-) 24,054 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include (-)  5,881 lakh for the quarter ended 30^th June 2012 (corresponding previous quarter  Nil) on account of income tax recoverable from the customers as per Regulations, 2004. Sales also include  1,189 lakh for the quarter ended 30^th June 2012 (corresponding previous quarter  893 lakh) on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.

2. During the quarter ended 30^th June 2012, one unit of 500 MW at Farakka project and one unit of 660 MW at Sipat project have been declared commercial w.e.f 4^th April 2012 and 25^th May 2012 respectively.

3. The coal price notification No 222021/1/ 2008-CRC-UU dated 31.12.2011 issued by Ministry of Coal (MoC) proposed migration from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based pricing of coal, and also increased the coal prices. This was superseded by notification dated 31.01.2012, partially rolling back the increase in coal prices. Various stakeholders including power utilities and Ministry of Power (MOP) have expressed concern on the switchover from existing UHV to GCV based pricing of coal, without having put in place the prerequisite technical and legal framework. The issue is under deliberation at MOP and Central Electricity Authority with MoC.
Pending resolution of the issues, stations are continuing to make payment and accounting of coal as per the pre-migrated system of UHV based pricing of coal and the difference between the amounts billed by the coal companies and the payments made/accounted for has been considered as contingent liability. Since, fuel cost is a pass through component of tariff, the revision of price will not have any adverse impact on the profits of the Company.

4. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 26^th July 2012 and approved by the Board of Directors in the meeting held on 27^th July 2012.

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

6. Figures for the previous periods/year have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 27^th July 2012

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