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PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30thJune 2012

(Rupee in Lakhs)
Sl. No.ParticularsQuarter ended
30.06.2012

(Unaudited)
Quarter ended 31.03.2012
(Unaudited)
Quarter ended 
30.06.2011 
(Unaudited)
Year ended 
31.03.2012
(Audited)
123456
1Income from operations    
 (a) Net sales (net of electricity duty)1595996162635614171496114489
 (b) Other operating income2059997953194290734
 Total income from operations (net)(a+b)1616595163615114490916205223
2Expenses    
 (a) Fuel cost105977210442959749824163546
 (b) Employee benefits expense790678963369072309048
 (c) Depreciation and amortisation expense760227362664113279170
 (d) Other expenses941008115486475327521
 Total expenses (a+b+c+d)1308961128870811946425079285
3Profit from operations before other income, finance costs and exceptional items (1-2)3076343474432544491125938
4Other income678946699767698277842
5Profit from ordinary activities before finance costs and exceptional items (3+4)3755284144403221471403780
6Finance costs499354870037432171164
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3255933657402847151232616
8Exceptional items----
9Profit from ordinary activities before tax (7-8)3255933657402847151232616
10Tax expenses:    
 (a) Current tax682329323381321306848
 (b) Deferred tax749413163(4184)3395
 Total tax expense (a+b)7572610639677137310243
11Net profit from ordinary activities after tax (9-10)249867259344207578922373
12Extraordinary items (net of tax expense)----
13Net profit for the period (11-12)249867259344207578922373
14Paid-up equity share capital 
(Face value of share Rupee10/- each)
824546824546824546824546
15Reserves excluding revaluation reserve as per balance sheet   6504571
16(i)Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):    
 (a) Basic3.033.152.5211.19
 (b) Diluted3.033.152.5211.19
16(ii)Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):    
 (a) Basic3.033.152.5211.19
 (b) Diluted3.033.152.5211.19

PART II : Select Information for the Quarter ended 30th June 2012

Sl.No.ParticularsQuarter ended
30.06.2012

(Unaudited)
Quarter ended 31.03.2012
(Unaudited)
Quarter ended 
30.06.2011 
(Unaudited)
Year ended 
31.03.2012
(Audited)
123456
APARTICULARS OF SHAREHOLDING    
1Public Shareholding    
 - Number of shares1278103220127810322012781032201278103220
 - Percentage of shareholding15.5015.5015.5015.50
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 shares6967361180696736118069673611806967361180
 - 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)84.5084.5084.5084.50
Sl.No.ParticularsQuarter ended
30.06.2012
BINVESTOR COMPLAINTS 
 Pending at the beginning of the quarter2
 Received during the quarter1399
 Disposed of during the quarter1400
 Remaining unresolved at the end of the quarter1

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30th June 2012

(Rupee in Lakhs)
Sl.No.ParticularsQuarter ended
30.06.2012
(Unaudited)
Quarter ended
31.03.2012
(Unaudited)
Quarter ended
30.06.2011 
(Unaudited)
Year ended
31.03.2012
(Audited)
123456
1Segment revenue    
 - Generation1619098163957814491366211551
 - Others29503208361614605
 - Total1622048164278614527526226156
2Segment results (Profit before tax and interest)    
 - Generation3351963797122763561230036
 - Others(343)(1174)1165(1946)
 - Total3348533785382775211228090
 Less:    
 (i) Unallocated interest and finance charges499354870037432171164
 (ii) Other unallocable expenditure net of unallocable income(40675)(35902)(44626)(175690)
 Profit before tax3255933657402847151232616
3Capital employed (Segment assets - Segment liabilities)    
 - Generation5505598564072747790955640727
 - Others4462529959065299
 - Un-allocated2068923168309122118021683091
 - Total7578983732911769968037329117

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

Notes:

1. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and also notified First and Second Amendment in May and June 2011 (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1st April 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 30th June 2012 on this basis is Rupee 15,82,949 lakh (corresponding previous quarter Rupee 13,86,494 lakh).

(b) The CERC has issued final tariff orders for some of the stations under the Regulations, 2009. Sales for these stations has been recognised at Rupee 9,37,526 lakh for the quarter ended 30th June 2012 (corresponding previous quarter Rupee 8,37,612 lakh) by truing up capital expenditure to arrive at the capacity charges. For all other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at Rupee6,49,263 lakh for the quarter ended 30th June 2012 (corresponding previous quarter Rupee 5,99,275 lakh) by truing up capital expenditure to arrive at the capacity charges on the basis of principles enunciated in the said Regulations, 2009.

(c) (i) Sales include Rupee 10,988 lakh for the quarter ended 30th June 2012 (corresponding previous quarter (-) Rupee24,054 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include (-) Rupee 5,881 lakh for the quarter ended 30th June 2012 (corresponding previous quarter Rupee Nil) on account of income tax recoverable from the customers as per Regulations, 2004. Sales also include Rupee 1,189 lakh for the quarter ended 30th June 2012 (corresponding previous quarter Rupee 893 lakh) on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.

2. During the quarter ended 30th June 2012, one unit of 500 MW at Farakka project and one unit of 660 MW at Sipat project have been declared commercial w.e.f 4th April 2012 and 25th May 2012 respectively.

3. The coal price notification No 222021/1/ 2008-CRC-UU dated 31.12.2011 issued by Ministry of Coal (MoC) proposed migration from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based pricing of coal, and also increased the coal prices. This was superseded by notification dated 31.01.2012, partially rolling back the increase in coal prices. Various stakeholders including power utilities and Ministry of Power (MOP) have expressed concern on the switchover from existing UHV to GCV based pricing of coal, without having put in place the prerequisite technical and legal framework. The issue is under deliberation at MOP and Central Electricity Authority with MoC.
Pending resolution of the issues, stations are continuing to make payment and accounting of coal as per the pre-migrated system of UHV based pricing of coal and the difference between the amounts billed by the coal companies and the payments made/accounted for has been considered as contingent liability. Since, fuel cost is a pass through component of tariff, the revision of price will not have any adverse impact on the profits of the Company.

4. The above results have been reviewed by the Audit Committee of the Board of Directors in the meeting held on 26th July 2012 and approved by the Board of Directors in the meeting held on 27th July 2012.

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

6. 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: 27th July 2012

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