निवेशक

PART I : Statement of Standalone Unaudited Financial Results for the Quarter and Nine-Months ended 31^st December 2014

( in Lakhs)

Sl. No.	Particulars		Quarter ended 31.12.2014 (Unaudited)	Quarter ended 30.09.2014 (Unaudited)	Quarter ended 31.12.2013 (Unaudited)	Nine-Months ended 31.12.2014 (Unaudited)	Nine-Months ended 31.12.2013 (Unaudited)	Year  ended 31.03.2014 (Audited)
1	2		3	4	5	6	7	8
1	Income from operations
	(a)	Net sales (net of electricity duty)	1873898	1658236	1877939	5340781	5066455	7160263
	(b)	Other operating income	11911	15427	5774	52366	31555	41630
	Total income from operations (net)		1885809	1673663	1883713	5393147	5098010	7201893
2	Expenses
	(a)	Fuel cost	1211963	1143933	1183052	3632409	3139560	4582971
	(b)	Employee benefits expense	90136	91801	118258	273778	294322	382478
	(c)	Depreciation and amortisation expense	125341	115158	102428	352046	293455	414219
	(d)	Other expenses (refer note 3)	117738	113696	117115	343309	338917	455669
	Total expenses		1545178	1464588	1520853	4601542	4066254	5835337
3	Profit from operations before other income, finance costs and exceptional items (1-2)		340631	209075	362860	791605	1031756	1366556
4	Other income		48128	53069	75188	154453	205973	264568
5	Profit from ordinary activities before finance costs and exceptional items (3+4)		388759	262144	438048	946058	1237729	1631124
6	Finance costs		70081	66741	60103	203613	183890	240659
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)		318678	195403	377945	742445	1053839	1390465
8	Exceptional items		-	-	-	-	-	-
9	Profit from ordinary activities before tax  (7+8)		318678	195403	377945	742445	1053839	1390465
10	Tax expense:
	(a)	Current tax (refer note 4)	11275	(2188)	85375	7759	246065	279360
	(b)	Deferred tax	6568	9446	6442	25586	19654	13631
	(c)	Less: Deferred tax recoverable (refer note 5)	6565	19018	-	25583	-	-
	Total tax expense (a+b-c)		11278	(11760)	91817	7762	265719	292991
11	Net profit from ordinary activities after tax (9-10)		307400	207163	286128	734683	788120	1097474
12	Extraordinary items (net of tax expense)		-	-	-	-	-	-
13	Net profit for the period (11-12)		307400	207163	286128	734683	788120	1097474
14	Paid-up equity share capital (Face value of share 10/- each)		824546	824546	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	3.73	2.51	3.47	8.91	9.56	13.31
	(b)	Diluted	3.73	2.51	3.47	8.91	9.56	13.31
16(ii)	Earnings per share (after extraordinary items) - (of 10/- each) (not annualised) (in ):
	(a)	Basic	3.73	2.51	3.47	8.91	9.56	13.31
	(b)	Diluted	3.73	2.51	3.47	8.91	9.56	13.31

PART II : Select Information for the Quarter and Nine-Months ended 31^st December 2014

Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine-Months ended 31^st December 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 30^th January 2015.

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 provisionally billed for the quarter and nine-months ended 31^st December 2014 is 18,89,572 lakh and 54,87,611 lakh respectively (corresponding previous quarter and nine-months 17,87,233 lakh and 49,22,890 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 the CERC and disposal of the petition, sales have been provisionally recognised at 18,56,997 lakh for the quarter and 54,20,032 lakh for the nine-months ended 31^st December 2014 (corresponding previous quarter and nine-months 17,89,173 lakh and 49,28,495 lakh) on the basis of said Regulations.  

(c) Sales include 12,082 lakh for the quarter and 44,099 lakh for the nine-months ended 31^st December 2014 (corresponding previous quarter and nine-months 63,955 lakh and 95,780 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity. Sales also include (-) 1,019 lakh for the quarter and (-) 1,39,942 lakh for the nine-months ended 31^st December 2014 (corresponding previous quarter and nine-months 19,855 and 27,965 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 and 8,856 lakh for the nine-months ended 31^st December 2014 (corresponding previous quarter and nine-months 1,892 lakh and 5,676 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. In line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to 20,832 lakh upto 31^st March 2014 has been recognised as prior period sales and netted from 'Other expenses'.

4. Provision for current tax for the quarter and nine-months includes tax related to earlier years amounting to (-) 66,360 lakh and (-) 1,95,253 lakh respectively (corresponding previous quarter and nine-months 19,879 lakh). 

5. Regulations, 2014 provides recovery of income tax from the beneficiaries by grossing up of the return on equity based on effective tax rate for the financial year i.e. based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the quarter and nine-months ended 31^st December 2014 on the generation income is accounted as 'Deferred tax recoverable' as the same will be recovered from the beneficiaries in future years.

6. Government of India has promulgated Coal Mines (Special Provisions) Ordinance, 2014 (Ordinance) on 21^st October 2014 wherein five coal blocks allotted to the Company have been cancelled. As per Section 5 of the said Ordinance, the cancelled coal blocks may be allotted to a Government Company subject to fulfillment of certain conditions. The Nominated Authority of the Ministry of Coal, vide order dated 18^th December 2014 has earmarked 36 coal blocks for ‘Allotment’ under Section 5(1) of Ordinance. The five coal blocks of the Company are appearing in this list. The Company expects the allotment of the cancelled coal blocks in its favour. Accordingly, the Company considers the expenditure incurred on these coal blocks as good.

7. 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 and nine-months ended 31^st December 2014 is lower by 319 lakh & 1,145 lakh respectively and fixed assets as at 31^st December 2014 are lower by 1,692 lakh.  Further, an amount of   547 lakh has been adjusted with 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.

8.The Board of Directors has recommended interim dividend of 0.75 per equity share (face value 10/-each) for the financial year 2014-15 in their meeting held on 30^th January 2015.

9. During the quarter, one thermal unit of 660 MW at Barh w.e.f. 15^th November 2014 and solar PV power station of 15 MW at Singrauli w.e.f. 31^st December 2014 have been declared commercial.

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

11. 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: 30^th January, 2015

(K. BISWAL)
DIRECTOR (FINANCE)