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(Rupee in Crore)
Sl. No.Particulars

Quarter ended 30.09.2017 (Unaudited)

Quarter ended 30.06.2017 (Unaudited)Quarter ended 30.09.2016 (Unaudited)Half year ended 30.09.2017 (Unaudited)Half year ended 30.09.2016 (Unaudited)Year ended 31.03.2017   (Audited)
 (a) Revenue from operations19698.7519879.3219397.9439578.0738460.8578273.44
 (b) Other income261.60662.61190.62924.21348.511068.86
 Total revenue (a+b)19960.3520541.9319588.5640502.2838809.3679342.30
 (a) Fuel11398.8011940.1111912.9723338.9123545.3447572.19
 (b) Electricity purchased261.26137.57-398.83--
 (c) Employee benefits expense1000.991071.21847.022072.201843.914324.60
 (d) Finance costs919.47895.60889.831815.071790.253597.20
 (e) Depreciation, amortisation & impairment expense1712.681570.001434.153282.682829.345920.82
 (f) Other expenses 1597.461690.331240.853287.792501.995092.38
 Total expenses (a+b+c+d+e+f)16890.6617304.8216324.8234195.4832510.8366507.19
3Profit before exceptional items, tax & Rate Regulated Activities (RRA) (1-2)3069.693237.113263.746306.806298.5312835.11
4Movements in Regulatory deferral account balances 153.08228.27(4.43)381.35(1.12)335.74
5Profit before exceptional items & tax (3+4)3222.773465.383259.316688.156297.4113170.85
6Exceptional items - impairment loss on investment-----782.95
7Profit before tax (5-6)3222.773465.383259.316688.156297.4112387.90
8Tax expense:      
 (a) Current tax690.06703.15686.791393.211334.382598.19
 (b) Tax expense/(saving) pertaining to RRA32.6748.72(0.94)81.39(0.24)71.82
 (c) Deferred tax1048.931181.10395.592230.03746.451287.31
 (d) Less: Deferred asset for deferred tax liability987.491085.76319.112073.25619.78954.68
 Total tax expense (a+b+c-d)784.17847.21762.331631.381460.813002.64
9Profit after tax from continuing operations  (7-8)2438.602618.172496.985056.774836.609385.26
10Other comprehensive income 


 Items that will not be reclassified to profit or loss (net of tax)      
 (a) Net acturial gains/(losses) on defined benefit plans(25.36)(26.70)(24.39)(52.06)(39.68)(238.66)
 (b) Net gains/(losses) on fair value of equity instruments31.563.78(3.12)35.3412.5435.28
 Total other comprehensive income (net of tax) (a+b)6.20(22.92)(27.51)(16.72)(27.14)(203.38)
11Total comprehensive income (9+10)2444.802595.252469.475040.054809.469181.88
12Paid-up equity share capital  (Face value of share Rupee 10/- each)8245.468245.468245.468245.468245.468245.46
13Paid up debt capital*   107042.3197290.38103839.65
14Reserves excluding revaluation reserve as per balance sheet    90923.8786223.7187985.77
15Net worth**   98567.1993937.2495674.55
16Debenture redemption reserve   5761.064413.985961.81
17Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (including regulatory deferral account balances):      
 (a) Basic  2.953.
 (b) Diluted2.953.
18Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (excluding regulatory deferral account balances):      
 (a) Basic2.812.963.035.775.8711.06
 (b) Diluted2.812.963.035.775.8711.06
19Debt equity ratio
20Debt service coverage ratio (DSCR)
21Interest service coverage ratio (ISCR)   6.646.256.50

* Comprises long term debts.

** Excluding Flyash utilization reserve

See accompanying notes to the financial results.

Standalone Statement of Assets and Liabilities

(Rupee in Crore)
Sl.No.ParticularsAs at 30.09.2017
As at
1Non-current assets  
 (a) Property, plant & equipment115721.0299062.70
 (b) Intangible assets284.94293.02
 (c) Capital work-in-progress72374.1680522.55
 (d) Intangible assets under development214.66214.54
 (e) Investments in subsidiaries & joint ventures9226.698838.88
 (f) Financial assets  
(i) Investments
(ii) Trade receivables
(iii) Loans
(iv) Other financial assets
 (g) Other non-current assets11189.8116873.48
 Sub-total - Non-current assets210967.55207654.76
2Current assets  
 (a) Inventories4656.926504.81
 (b) Financial assets  
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than cash and cash equivalents
(v) Loans
(vi) Other financial assets
 (c) Other current assets5247.444536.44
 Sub-total - Current assets31277.6928399.90
3Regulatory deferral account debit balance 577.31522.83
 TOTAL - ASSETS242822.55236577.49
 (a) Equity share capital8245.468245.46
 (b) Other equity90923.8787985.77
 Sub-total - Equity99169.3396231.23
(i)Non-current liabilities  
 (a) Financial liabilities  
(i) Borrowings
(ii) Trade payables
(iii) Other financial liabilities
 (b) Provisions468.27463.15
 (c) Deferred tax liabilities (net)1641.621484.84
 (d) Other non-current liabilities -17.49
 Sub-total - Non-current liabilities106025.56101565.06
(ii)Current liabilities  
 (a) Financial liabilities  
(i) Borrowings
(ii) Trade payables
(iii) Other financial liabilities
 (b) Other current liabilities 1381.031081.16
 (c) Provisions8813.527964.92
 (d) Current tax liabilities (net)75.2075.20
 Sub-total Current liabilities35392.3336177.32
3Deferred Revenue2079.372121.14
4Regulatory deferral account credit balances155.96482.74


(Rupee in Crore)
Sl.No.ParticularsQuarter ended
Quarter ended
Quarter ended
Year ended
1Segment revenue      
 - Generation19915.9919930.3219491.5439846.3138607.7478861.92
 - Others(97.30)182.5343.5585.2378.22165.97
 - Unallocated141.66429.0853.47570.74123.40314.41
 - Total19960.3520541.9319588.5640502.2838809.3679342.30
2Segment results (Profit before tax and interest)      
 - Generation4659.694234.474414.308894.168577.5117765.47
 - Others15.0513.79(82.29)28.84(73.62)(64.51)
 (i) Unallocated finance costs919.47895.60889.831815.071790.253597.20
 (ii) Other unallocable expenditure net of unallocable income532.50(112.72)182.87419.78416.231715.86
 Profit before tax3222.773465.383259.316688.156297.4112387.90
3Segment assets      
 - Generation143582.43125730.22122593.19143582.43122593.19126728.63
 - Others3072.793027.433050.853072.793050.853518.96
 - Unallocated96167.33113671.2699146.8996167.3399146.89106329.90
4Segment liabilities      
 - Generation14173.9815416.4813548.1114173.9813548.1114531.36
 - Others2279.732155.141701.172279.731701.172159.92
 - Unallocated127199.51126011.27115072.48127199.51115072.48123654.98
 - Total143653.22143582.89130321.76143653.22130321.76140346.26
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.


1. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 13 November 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 for the quarter and half year ended 30 September 2017 as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

3 (a). The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for all the stations except five stations for the period 2014-19, under Regulations, 2014, and beneficiaries are billed based on such tariff orders issued by the CERC. For other stations, beneficiaries are billed in accordance with the principles given in the Regulations 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV of coal 'as received', measured at wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties. The amount provisionally billed for the quarter and half-year ended 30 September 2017 is Rupee 19,836.41 crore and Rupee 38,683.63 crore respectively (previous quarter and half-year Rupee 18,769.66 crore and Rupee 37,137.52 crore).

(b). The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Regulations, 2014. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal on ‘as received’ basis, CERC has issued an order dated 25 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 was dismissed vide their order dated 30 June 2016. Vide order dated 10 November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementation of the order of CERC in this regard. Accordingly, the Company has filed a petition with the CERC, hearing of the same was held on 31 January 2017. Pending disposal of the petition by the CERC and ratification by the Hon'ble Delhi High Court, measurement of GCV of coal is being  done from wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties.

Sales  for the quarter and half-year ended 30 September 2017 have been provisionally recognized at Rupee  19,470.10 crore and Rupee  38,925.85 crore respectively (previous quarter and half-year Rupee 18,957.46 crore and Rupee 37,744.22 crore) on the said basis.

(c). Sales for the quarter and half-year ended 30 September 2017 include (-) Rupee 67.21 crore and (-) Rupee 23.24 crore respectively (previous quarter and half-year Rupee 132.97 crore and Rupee 97.79 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 half-year ended 30 September 2017 also include Rupee 17.49 crore and Rupee 34.98 crore respectively (previous quarter and half-year Rupee 12.32 crore and Rupee 24.63 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

4. The commercial operation date (COD) of Barh Stage-II (Unit IV - 660 MW) declared by the Company as 14 November 2014 was challenged by one of its beneficiaries. During the quarter, CERC vide order dated 20 September 2017 directed to consider the COD of Barh Stage II (Unit IV) as 8 March 2016 in place of 14 November 2014. The Company filed an appeal against this order in APTEL which has been admitted. Pending disposal of the appeal and considering the said order of the CERC, sales of Rupee 416.08 crore recognized till 31 March 2017 has been provided for/reversed and sales for the current quarter and half-year ended 30 September 2017 has been recognized as per the said order.

5.The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's ongoing project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 30 September 2017 is Rupee15,175.38 crore (Rupee14,458.58 crore as at 31 March 2017). Moreover, one of the units of the project has been declared for commercial operation during the current quarter and started generating revenue. Management is confident that the approval from MOEF for the project shall be granted, hence no provision is considered necessary. 

6.The Company is executing a hydro power project in the state of Uttarakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttarakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7 May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the said hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 30 September 2017 is Rupee 162.07 crore (Rupee 160.74 crore as at 31 March 2017). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

7. Other financial assets - Non current as at 30 September 2017 include claims recoverable of Rupee 633.01crore (Rupee 619.34 crore as at 31 March 2017) towards the cost incurred in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI which includes Rupee 238.13 crore (Rupee 332.38 crore as at 31 March 2017) in respect of arbitration awards challenged by the Company before the Hon'ble High Court. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions already made. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of  contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

8. During the quarter, 32 MW wind farm at Rojmal Wind Power Project and solar units of 5 MW at Mandsaur Solar PV Project at different dates have been commissioned. Further, one thermal unit of 800 MW at Kudgi w.e.f. 31 July 2017, one thermal unit of 660 MW at Mauda w.e.f. 18 September 2017, one thermal unit of 660 MW at Solapur w.e.f. 25 September 2017 and one thermal unit of 500 MW at Unchahar w.e.f. 30 September 2017 have been declared commercial.

9. During the quarter, the Company has paid final dividend of Rupee 2.17 per share (face value of Rupee 10/- each) for the financial year 2016-17.

10. Formula used for computation of coverage ratios - DSCR  = Earning before Interest, Depreciation, Tax and Exceptional Items/(Interest net of transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation, Tax and Exceptional Items/(Interest net of transferred to expenditure during construction).

11. 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.

12. Previous periods figures have been regrouped/reclassified wherever considered necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 13th November, 2017