Investors

PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30^thJune 2013

( in Lakhs)

Sl. No.	Particulars	Quarter ended 30.06.2013 (Unaudited)	Quarter ended 31.03.2013 (Unaudited)	Quarter ended  30.06.2012  (Unaudited)	Year ended  31.03.2013 (Audited)
1	2	3	4	5	6
1	Income from operations
	(a) Net sales (net of electricity duty)	1561289	1646184	1595996	6431638
	(b) Other operating income	4896	88725	20599	135755
	Total income from operations (net)	1566185	1734909	1616595	6567393
2	Expenses
	(a) Fuel cost	942583	1038969	1059772	4101825
	(b) Employee benefits expense	94250	98136	79372	336012
	(c) Depreciation and amortisation expense	94233	102126	76022	339676
	(d) Other expenses	97928	118434	94100	418150
	Total expenses	1228994	1357665	1309266	5195663
3	Profit from operations before other income, finance costs and exceptional items (1-2)	337191	377244	307329	1371730
4	Other income	69693	88410	68199	310158
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	406884	465654	375528	1681888
6	Finance costs	61741	59117	49935	192436
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	345143	406537	325593	1489452
8	Exceptional items	-	168411	-	168411
9	Profit from ordinary activities before tax (7+8)	345143	574948	325593	1657863
10	Tax expenses:
	(a) Current tax	87115	126205	68232	368084
	(b) Deferred tax	5326	10582	7494	27840
	Total tax expense (a+b)	92441	136787	75726	395924
11	Net profit from ordinary activities after tax (9-10)	252702	438161	249867	1261939
12	Extraordinary items (net of tax expense)	-	-	-	-
13	Net profit for the period (11-12)	252702	438161	249867	1261939
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				7214205
16(i)	Earnings per share (before extraordinary items) - (of  10/- each)(not annualised) (in ):
	(a) Basic	3.06	5.31	3.03	15.30
	(b) Diluted	3.06	5.31	3.03	15.30
16(ii)	Earnings per share (after extraordinary items) - (of  10/- each) (not annualised) (in ):
	(a) Basic	3.06	5.31	3.03	15.30
	(b) Diluted	3.06	5.31	3.03	15.30

See accompanying notes to the financial results

PART II : Select Information for the Quarter ended 30^th June 2013

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30^th June 2013

( in Lakhs)

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

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 29^th July 2013 and approved by the Board of Directors in the meeting held on 30^th July 2013.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and First, Second and Third Amendments thereto in May 2011, June 2011 and December 2012 respectively (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1^stApril 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 2013 on this basis is  15,50,469 lakh (corresponding previous quarter  15,82,949 lakh).

(b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009, sales have been recognised at  13,66,366 lakh for the quarter ended 30^thJune 2013 (corresponding previous quarter  15,06,138 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at  1,62,005 lakh for the quarter ended 30^th June 2013 (corresponding previous quarter 80,651 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.

(c) (i) Sales include  20,072 lakh for the quarter ended 30^th June 2013 (corresponding previous quarter  10,988 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include  8,110 lakh for the quarter ended 30^th June 2013 (corresponding previous quarter (-)  5,881 lakh) on account of income tax recoverable from the beneficiaries as per Regulations, 2004. Sales also include 1,892 lakh for the quarter ended 30^th June 2013 (corresponding previous quarter  1,189 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1^st January 2012. The Coal Supply Agreements entered into by the Company were required to be amended to incorporate acceptable procedures for sample collection, preparation, testing and analysis, to facilitate such migration, which are still pending. The Company's Board of Directors approved payments to the coal companies based on the GCV based pricing system, and directed to frame modalities for implementation of GCV based grading system. Accordingly, modalities were framed to effect joint sampling and testing of coal at mine end/station end and future payments to coal companies. The above modalities were communicated to the coal companies w.e.f. October/ November 2012, thereafter the Company released payments on the basis of GCV measured at station end following the implementation of the said modalities since variation in the GCV of coal supplied and received at power stations was noticed. The Company regularly informed coal companies about this variation which has not been accepted by them. The issue has been taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. Pending resolution of the issue, difference between the amount billed by the coal companies and the amount admitted by the company amounting to  3,52,318 lakh upto 30^th June 2013 has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

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

5. 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: 30^th July 2013

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