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

(Rupee 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)
123456
1Income from operations    
 (a) Net sales (net of electricity duty)1808647209380815612897160263
 (b) Other operating income2502810075811841630
 Total income from operations (net)1833675210388315694077201893
2Expenses    
 (a) Fuel cost127651314434119425834582971
 (b) Employee benefits expense934248946594874386799
 (c) Depreciation and amortisation expense11154712076494233414219
 (d) Other expenses111875116752100526455669
 Total expenses1593359177039212322165839658
3Profit from operations before other income, finance costs and exceptional items (1-2)2403163334913371911362235
4Other income548395990469693268889
5Profit from ordinary activities before finance costs and exceptional items (3+4)2951553933954068841631124
6Finance costs667915676961741240659
7Profit from ordinary activities after finance costs but before exceptional items (5-6)2283643366263451431390465
8Exceptional items----
9Profit from ordinary activities before tax (7+8)2283643366263451431390465
10Tax expenses:

 

   
 (a) Current tax (Refer note 3)(1328)3329587115279360
 (b) Deferred tax9572(6023)532613631
 Total tax expense (a+b)82442727292441292991
11Net profit from ordinary activities after tax (9-10)2201203093542527021097474
12Extraordinary items (net of tax expense)----
13Net profit for the period (11-12)2201203093542527021097474
14Paid-up equity share capital 
(Face value of share Rupee10/- each)
824546824546824546824546
15Reserves excluding revaluation reserve as per balance sheet   7756986
16(i)Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):    
 (a) Basic2.673.753.0613.31
 (b) Diluted2.673.753.0613.31
16(ii)Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):    
 (a) Basic2.673.753.0613.31
 (b) Diluted2.673.753.0613.31

See accompanying notes to the financial results

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

Sl.No.ParticularsQuarter ended
30.06.2014

(Unaudited)
Quarter ended 31.03.2014
(Unaudited)
Quarter ended 
30.06.2013 
(Unaudited)
Year ended 
31.03.2014
(Audited)
123456
APARTICULARS OF SHAREHOLDING    
1Public Shareholding    
 - Number of shares2064849420206136610020613661002061366100
 - Percentage of shareholding25.0425.0025.0025.00
2Promoters and promoter group shareholding    
 (a) Pledged/Encumbered    
 - Number of shares----
 - Percentage of shares (as a % of the total shareholding of promoter and promoter group)----
 - Percentage of shares (as a % of the total share capital of the company)----
 (b) Non-encumbered    
 - Number of shares6180614980618409830061840983006184098300
 - Percentage of shares (as a % of the total shareholding of promoter and promoter group)100.00100.00100.00100.00
 - Percentage of shares (as a % of the total share capital of the company)74.9675.0075.0075.00
Sl.No.Particulars

Quarter ended
30.06.2014

BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter12
 Received during the quarter1795
 Disposed of during the quarter1800
 Remaining unresolved at the end of the quarter7

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

(Rupee in Lakhs)
Sl.No.ParticularsQuarter ended
30.06.2014
(Unaudited)
Quarter ended
31.03.2014
(Unaudited)
Quarter ended
30.06.2013 
(Unaudited)
Year ended
31.03.2014
(Audited)
123456
1Segment revenue    
 - Generation1836097210940115743617224026
 - Others26992776291611507
 - Total1838796211217715772777235533
2Segment results (Profit before tax and interest)    
 - Generation2695383688733695661497480
 - Others(117)807731623
 Total2694213696803696391499103
 Less:    
 (i) Unallocated interest and finance charges667915676961741240659
 (ii) Other unallocable expenditure net of unallocable income(25734)(23715)(37245)(132021)
 Profit before tax2283643366263451431390465
3Capital employed (Segment assets - Segment liabilities)    
 - Generation8056956820281071641598202810
 - Others10146590254424490254
 - Un-allocated6426852884681123050288468
 Total8801106858153282914538581532
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

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 31st 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. 1st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 as provided in the Regulations,2014. The amount billed for the quarter ended 30th June 2014 on this basis is Rupee 18,91,134 lakh (corresponding previous quarter Rupee 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 Rupee 18,58,486 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 15,28,371 lakh) on the basis of said Regulations.

(c) Sales include Rupee 23,007 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee20,072 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL). Sales include (-) Rupee 78,421 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 8,110 lakh) on account of income tax refundable to / recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee 2,952 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 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 (-) Rupee 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  Rupee 67,902 lakh as at 30th June 2014 (Rupee 2,57,875 lakh as at 31st March 2014), an amount of Rupee 45,516 lakh (Rupee 1,53,596 lakh as at 31st March 2014) has been paid / provided against the same and the balance amount of Rupee 22,386 lakh (Rupee1,04,279 lakh as at 31st 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 1st April 2014. Consequently, profit for the quarter is lower by Rupee 467 lakh and fixed assets are lower by Rupee 1,013 lakh. Further, an amount of Rupee 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 1st 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. 30th 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: 31st July 2014

(K. BISWAL)
DIRECTOR (FINANCE)