Investors

PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30^thJune 2014

( in Lakhs)

Sl. No.	Particulars	Quarter ended 30.06.2014 (Unaudited)	Quarter ended 31.03.2014 (Unaudited)	Quarter ended  30.06.2013  (Unaudited)	Year ended  31.03.2014 (Audited)
1	2	3	4	5	6
1	Income from operations
	(a) Net sales (net of electricity duty)	1808647	2093808	1561289	7160263
	(b) Other operating income	25028	10075	8118	41630
	Total income from operations (net)	1833675	2103883	1569407	7201893
2	Expenses
	(a) Fuel cost	1276513	1443411	942583	4582971
	(b) Employee benefits expense	93424	89465	94874	386799
	(c) Depreciation and amortisation expense	111547	120764	94233	414219
	(d) Other expenses	111875	116752	100526	455669
	Total expenses	1593359	1770392	1232216	5839658
3	Profit from operations before other income, finance costs and exceptional items (1-2)	240316	333491	337191	1362235
4	Other income	54839	59904	69693	268889
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	295155	393395	406884	1631124
6	Finance costs	66791	56769	61741	240659
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	228364	336626	345143	1390465
8	Exceptional items	-	-	-	-
9	Profit from ordinary activities before tax (7+8)	228364	336626	345143	1390465
10	Tax expenses:
	(a) Current tax (Refer note 3)	(1328)	33295	87115	279360
	(b) Deferred tax	9572	(6023)	5326	13631
	Total tax expense (a+b)	8244	27272	92441	292991
11	Net profit from ordinary activities after tax (9-10)	220120	309354	252702	1097474
12	Extraordinary items (net of tax expense)	-	-	-	-
13	Net profit for the period (11-12)	220120	309354	252702	1097474
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				7756986
16(i)	Earnings per share (before extraordinary items) - (of  10/- each)(not annualised) (in ):
	(a) Basic	2.67	3.75	3.06	13.31
	(b) Diluted	2.67	3.75	3.06	13.31
16(ii)	Earnings per share (after extraordinary items) - (of  10/- each) (not annualised) (in ):
	(a) Basic	2.67	3.75	3.06	13.31
	(b) Diluted	2.67	3.75	3.06	13.31

See accompanying notes to the financial results

PART II : Select Information for the Quarter ended 30^th June 2014

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30^th June 2014

( in Lakhs)

Notes:

1. These results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their respective meetings held on 31^st July 2014.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). Pending issue of provisional/final tariff orders w.e.f. 1^st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31^st March 2014 as provided in the Regulations,2014. The amount billed for the quarter ended 30^th June 2014 on this basis is  18,91,134 lakh (corresponding previous quarter  15,50,469 lakh).

(b) The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations 2014. Pending issue of provisional/final tariff orders under Regulations, 2014 by CERC and disposal of the petition, sales have been provisionally recognised at  18,58,486 lakh for the quarter ended 30^th June 2014 (corresponding previous quarter  15,28,371 lakh) on the basis of said Regulations.

(c) Sales include  23,007 lakh for the quarter ended 30^th June 2014 (corresponding previous quarter 20,072 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL). Sales include (-)  78,421 lakh for the quarter ended 30^th June 2014 (corresponding previous quarter  8,110 lakh) on account of income tax refundable to / recoverable from the beneficiaries as per Regulations, 2004. Sales also include  2,952 lakh for the quarter ended 30^th June 2014 (corresponding previous quarter  1,892 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. Provision for current tax for the period includes tax related to earlier years amounting to (-)  72,563 lakh (corresponding previous quarter Nil).

4. Due to variation in the Gross Calorific Value (GCV) of coal supplied by coal companies and received at power station, the Company during October/November 2012 to October/November 2013, disputed the bills raised by the coal companies and released payments on the basis of GCV measured at station end. Settlement with most of the CIL subsidiaries has been reached and matter has been taken up with other CIL subsidiaries for early resolution. In respect of coal companies where settlements are yet to be reached, against the disputed billed amount of   67,902 lakh as at 30^th June 2014 ( 2,57,875 lakh as at 31^st March 2014), an amount of  45,516 lakh ( 1,53,596 lakh as at 31^st March 2014) has been paid / provided against the same and the balance amount of  22,386 lakh (1,04,279 lakh as at 31^st March 2014) has been estimated as contingent liability with corresponding possible reimbursement from the beneficiaries. Sales corresponding to variable charges recoverable for the amounts paid/provided as above have been recognised.

5. The Company has revised the accounting policy for depreciation of certain assets in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1^st April 2014. Consequently, profit for the quarter is lower by  467 lakh and fixed assets are lower by  1,013 lakh. Further, an amount of  546 lakh has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1^st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

6. Solar PV Power capacity of 20 MW at Rajgarh has been declared commercial w.e.f. 30^th April 2014.

7. These results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

8. 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: 31^st July 2014

(K. BISWAL)
DIRECTOR (FINANCE)