Investors

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31^ST DECEMBER 2016

( in Crore)

Sl. No.	Particulars	Quarter ended 31.12.2016 (Unaudited)	Quarter ended 30.09.2016 (Unaudited)	Quarter ended 31.12.2015 (Unaudited)	Nine months ended 31.12.2016 (Unaudited)	Nine months ended 31.12.2015 (Unaudited)
1	2	3	4	5	6	7
1	Income from operations
	(a) Gross sales	19287.47	19241.47	17358.98	57468.75	52117.56
	(b) Other operating income	108.45	156.47	126.74	388.02	401.10
	Total income from operations (a+b)	19395.92	19397.94	17485.72	57856.77	52518.66
2	Expenses
	(a) Fuel cost	12080.43	11912.97	10580.28	35625.77	33630.25
	(b) Employee benefits expense	843.68	848.31	868.42	2690.16	2668.66
	(c) Depreciation and amortisation expense	1485.31	1434.15	1371.63	4314.65	3846.65
	(d) Other expenses	1220.58	1240.85	1233.38	3722.57	3779.32
	Total expenses (a+b+c+d)	15630.00	15436.28	14053.71	46353.15	43924.88
3	Profit from operations before other income, finance costs and exceptional items (1-2)	3765.92	3961.66	3432.01	11503.62	8593.78
4	Other income	250.17	190.62	238.96	598.68	758.09
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	4016.09	4152.28	3670.97	12102.30	9351.87
6	Finance costs	909.03	889.83	842.43	2699.28	2420.44
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	3107.06	3262.45	2828.54	9403.02	6931.43
8	Exceptional items	-	-	-	-	-
9	Profit from ordinary activities before tax (7+8)	3107.06	3262.45	2828.54	9403.02	6931.43
10	Regulatory income/(expense)	(25.20)	(4.43)	(38.43)	(26.32)	16.03
11	Profit from ordinary activities before tax  (9+10)	3081.86	3258.02	2790.11	9376.70	6947.46
12	Tax expense:
	(a) Current tax (refer note 6)	557.37	686.51	85.20	1891.20	(1083.18)
	(b) Tax expense/(saving) pertaining to rate regulated activities	(5.38)	(0.94)	(15.43)	(5.62)	3.42
	(c) Deferred tax	649.15	395.59	485.30	1395.60	593.27
	(d) Less: Deferred asset for deferred tax liability	588.00	319.11	433.73	1207.78	542.96
	Total tax expense (a+b+c-d)	613.14	762.05	121.34	2073.40	(1029.45)
13	Net profit from ordinary activities after tax (11-12)	2468.72	2495.97	2668.77	7303.30	7976.91
14	Extraordinary items (net of tax)	-	-	-	-	-
15	Net profit for the period (13-14)	2468.72	2495.97	2668.77	7303.30	7976.91
16	Other comprehensive income (net of tax)	(91.62)	(26.50)	(3.33)	(116.74)	(52.33)
17	Total comprehensive income (15+16)	2377.10	2469.47	2665.44	7186.56	7924.58
18	Paid-up equity share capital  (Face value of share  10/- each)	8245.46	8245.46	8245.46	8245.46	8245.46
19(i)	Earnings per share (before extraordinary items) - (of  10/- each) (not annualised) (in ):
	(a) Basic	3.00	3.03	3.23	8.86	9.67
	(b) Diluted	3.00	3.03	3.23	8.86	9.67
19(ii)	Earnings per share (after extraordinary items) - (of  10/- each) (not annualised) (in ):
	(a) Basic	3.00	3.03	3.23	8.86	9.67
	(b) Diluted	3.00	3.03	3.23	8.86	9.67
19(iii)	Earnings per share (for continuing operations) - (of  10/- each) (not annualised) (in ):
	(a) Basic	3.00	3.03	3.23	8.86	9.67
	(b) Diluted	3.00	3.03	3.23	8.86	9.67

See accompanying notes to the financial results.

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31^ST DECEMBER 2016

( in Crore)

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 8^th February 2017 and approved by the Board of Directors in the meeting held on the same day.

2. The statutory auditors of the Company have carried out the limited review of the financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3. The unaudited standalone financial statements do not include figures for the previous year ended 31^st March 2016 as per the option given in SEBI's Circular No. CIR/CFD/FAC/2016 dated 5^th July 2016.

4. The Company adopted Ind AS from 1^st April 2016 and accordingly the financial results are prepared in compliance with Ind AS pursuant to the Notification of Ministry of Corporate Affairs (MCA) dated 16^th February 2016. The comparative figures for the quarter and nine-months ended 31^st December 2015 have been restated as per Ind AS. Reconciliation of net profit as reported in previous GAAP to Ind AS:

( in Crore)

5(a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for thirteen stations for the period 2014-19 under Regulations, 2014 and beneficiaries are billed based on tariff orders issued by the CERC. Pending issue of provisional/final tariff orders w.e.f. 1^st April 2014 for balance stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31^st March 2014 and as provided in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV 'as received' measured after the secondary crusher till 30^th September 2016 and GCV measured on wagon top w.e.f. 1^st October 2016. The amount provisionally billed for the quarter and nine-months ended 31^st December 2016 is  18,457.79 crore and  55,595.31 crore respectively (previous quarter and nine-months  16,492.62 crore and  52,798.23 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Tariff Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal ‘as received’, CERC has issued an order dated 25^th January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from wagon top at the generating stations. The Company's review petition before the CERC in respect of the above order has been dismissed vide their order dated 30^th June 2016. Pending final decision of the Hon'ble Delhi High Court, in line with the CERC order, measurement of GCV from wagon top samples at the unloading end has been started w.e.f 1^st October 2016. Vide order dated 10^th November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementing wagon top sampling.

Sales for the quarter and nine-months ended 31^st December 2016 have been provisionally recognized at  18,739.00 crore and  56,483.22 crore respectively (previous quarter and nine-months  17,228.07 crore and  53,201.24 crore) on the basis of said Regulations 2014, wherein energy charges included in sales, in respect of the coal based stations have been recognized based on the GCV ‘as received’ measured after secondary crusher till 30^th September 2016 and GCV measured on wagon top w.e.f. 1^st October 2016.

(c). Sales for the quarter and nine-months ended 31^st December 2016 include  374.05 crore and  471.84 crore respectively (previous quarter and nine-months (-)  24.11 crore and  207.34 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(d). Sales for the quarter and nine-months ended 31^st December 2016 includes  Nil (previous quarter and nine-months  Nil and (-)  1,693.65 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the quarter and nine-months ended 31^st December 2016 also include  12.31 crore and  36.94 crore respectively (previous quarter and nine-months (-)  5.89 crore and  19.60 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

6. Provision for current tax for the quarter and nine-months ended 31^st December 2016 includes (-)  107.56 crore, being tax related to earlier years (previous quarter and nine-months (-)  414.46 crore and (-)  2,453.48 crore).  

7. The Board of Directors has recommended interim dividend of  2.61 per equity share (face value of  10/- each) for the financial year 2016-17 in their meeting held on 8^th February 2017.

8.For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.

9. Figures for the previous periods have been regrouped/reclassified wherever necessary, to conform to current period's classification.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 8^th February, 2017

(K. BISWAL)
DIRECTOR (FINANCE)