STATEMENT OF UNAUDITED STANDALONE & CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

(Crore)

Sl. No.	Particulars	Quarter ended 31.12.2019 (Unaudited)	Quarter ended 30.09.2019 (Unaudited)	Quarter ended 31.12.2018 (Unaudited)	Nine months ended 31.12.2019 (Unaudited)	Nine months ended 31.12.2018 (Unaudited)	Year ended 31.03.2019 (Audited)
1	2	3	4	5	6	7	8
1	Income
	(a) Revenue from operations	23496.35	22764.57	24120.36	70453.51	69085.04	90307.43
	(b) Other income	526.27	893.66	187.65	1746.15	548.91	1872.13
	Total income (a+b)	24022.62	23658.23	24308.01	72199.66	69633.95	92179.56
2	Expenses
	(a)Fuel cost	12466.87	12912.21	14511.85	39253.41	40503.07	52493.74
	(b) Electricity purchased for trading	593.42	568.85	710.15	1946.75	2004.10	2713.68
	(c) Employee benefits expense	1164.74	1137.15	1146.37	3497.70	3573.81	4779.89
	(d) Finance costs	1760.81	1618.99	1277.00	4945.06	3791.04	4716.74
	(e)Depreciation, amortisation and impairment expense	2319.81	2123.14	2001.01	6493.90	5749.61	7254.36
	(f)Other expenses	2294.93	1800.17	1172.09	5980.69	4876.97	7548.63
	Total expenses (a+b+c+d+e+f)	20600.58	20160.51	20818.47	62117.51	60498.60	79507.04
3	Profit before tax and Regulatory deferral account balances (1-2)	3422.04	3497.72	3489.54	10082.15	9135.35	12672.52
4	Tax expense:
	(a)Current tax (refer Note 4)	671.78	498.21	785.82	1866.39	1951.87	2849.12
	(b)Deferred tax	1353.28	604.82	780.84	2331.91	2318.50	(5767.83)
	Total tax expense (a+b)	2025.06	1103.03	1566.66	4198.30	4270.37	(2918.71)
5	Profit after tax before Regulatory deferral account balances (3-4)	1396.98	2394.69	1922.88	5883.85	4864.98	15591.23
6	Net movement in Regulatory deferral account balances (net of tax)	1598.16	867.75	462.53	2976.52	2534.59	(3841.34)
7	Profit for the period (5+6)	2995.14	3262.44	2385.41	8860.37	7399.57	11749.89
8	Other comprehensive income/(expense)
	Items that will not be reclassified to profit or loss (net of tax)
	(a)Net actuarial gains/(losses) on defined benefit plans	(53.25)	(56.01)	2.57	(159.47)	7.55	(185.13)
	(b)Net gains/(losses) on fair value of equity instruments	0.30	(13.08)	31.38	(20.28)	6.54	(16.74)
	Other comprehensive income/(expense) (net of tax) (a+b)	(52.95)	(69.09)	33.95	(179.75)	14.09	(201.87)
9	Total comprehensive income for the period (7+8)	2942.19	3193.35	2419.36	8680.62	7413.66	11548.02
10	Paid-up equity share capital (Face value of share10/- each)	9894.56	9894.56	8245.46	9894.56	8245.46	9894.56
11	Other equity excluding revaluation reserve as per balance sheet						97513.61
12	Earnings per share (of 10/- each) - (not annualised) (including net movement in regulatory deferral account balances): Basic and Diluted (in) (Refer Note 12)	3.03	3.30	2.41	8.95	7.48	11.88
13	Earnings per share (of 10/- each) - (not annualised) (excluding net movement in regulatory deferral account balances): Basic and Diluted (in) (Refer Note 12)	1.41	2.42	1.94	5.95	4.92	15.76

^{Refer accompanying notes to the financial results.}

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

(Crore)

Note: The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes to Standalone Financial Results:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 7 February 2020 and approved by the Board of Directors in their meeting held on the same day.
2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
3. 1. The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations, 2019. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter and nine-months ended 31 December 2019 is21,476.20 crore and66,410.30 crore respectively (previous quarter and nine-months22,633.04 crore and65,507.55 crore as per erstwhile Tariff Regulations, 2014).
   2. Sales for the quarter and nine-months ended 31 December 2019 have been provisionally recognized at21,856.07 crore and66,742.61 crore respectively (previous quarter and nine-months22,926.52 crore and66,092.96 crore) on the said basis.
   3. Sales for the quarter and nine-months ended 31 December 2019 include443.61 crore and500.04 crore respectively (previous quarter and nine-months256.00 crore and120.10 crore) pertaining to previous years, recognized on the basis of orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
   4. Sales for the quarter and nine-months ended 31 December 2019 also include17.63 crore and52.89 crore respectively (previous quarter and nine-months20.89 crore and62.67 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.
   5. Revenue from operations for the quarter and nine-months ended 31 December 2019 include646.44 crore and2,072.35 crore respectively (previous quarter and nine-months751.30 crore and2,154.76 crore) on account of sale of energy through trading.
4. Provision for current tax for the quarter and nine-months ended 31 December 2019 includes (-)1.30 crore and (-)1.30 crore respectively (previous quarter and nine-monthsNil and (-)105.88 crore) being tax related to earlier years.
5. 5.The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off 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 judgement 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. All the units of the project have been declared commercial in the earlier years. The carrying cost of the project as at 31 December 2019 is15,533.37 crore (31 March 2019:15,598.80 crore). Management is confident that the approval 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 Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand 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 31 December 2019 is163.39 crore (31 March 2019:163.33 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
7. An amount of 731.65 crore (31 March 2019:719.71 crore) has been incurred upto 31 December 2019 in respect of one of the hydro power projects of the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI, which includes422.96 crore (31 March 2019:413.40 crore) in respect of arbitration awards challenged by the Company before the Hon'ble High Court of Delhi. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions made in this regard. 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. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years after which it was to be transferred to the Company at1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company. An amount of356.31 crore (31 March 2019:356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India. In the previous year, the Arbitral Tribunal had awarded a claim of1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi (Hon'ble High Court) against the said arbitral award in its entirety.
   Hon'ble High Court, vide its order dated 23 September 2019 held that subject to deposit of500 crore by the Company with the Registrar General of the Court within six weeks, execution of the impugned award shall remain stayed till the next date of hearing and upon handing over the entire infrastructure in terms of the contract by the operator to the Company, the Registrar General shall release the amount to the operator against a bank guarantee. The said amount was deposited with the Hon'ble High Court on 5 November 2019. Hon'ble High Court vide its order dated 8 January 2020 directed the parties to commence formal handing over of the infrastructure in the presence of appointed Local Commissioner, which is under progress.
   Pending final disposal of the appeal by the Hon’ble High Court, considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, Significant Accounting Policies of the Company and the principle of conservatism, an amount of394.20 crore (31 March 2019:394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent liability.
9. During the quarter, one thermal unit of 800 MW at Lara w.e.f. 1 October 2019 and one thermal unit of 660 MW at Tanda w.e.f. 7 November 2019 have been declared commercial.
10. The Company has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Company.
11. In pursuance to Section 115BAA of the Income Tax Act, 1961 announced by Government of India through Taxation Laws (Amendment) Ordinance, 2019, the Company has an irrevocable option of shifting to a lower tax rate along with consequent reduction in certain tax incentives including lapse of the accumulated MAT credit. The Company has not exercised this option after evaluating the same and continues to recognize the taxes on income as per the earlier provisions.
12. Earning per share has been adjusted for the quarter and nine-months ended 31 December 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus shares during March 2019 in the ratio of one equity share of10/- each for every five equity shares held.
13. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on property,plant and equipment through English/Equitable mortgage as well as hypothecation of movable assets of the Company.
14. Previous periods figures have been reclassified wherever considered necessary.

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

(Crore)

Sl. No.	Particulars			Quarter ended 31.12.2019 (Unaudited)	Quarter ended 30.09.2019 (Unaudited)	Quarter ended 31.12.2018 (Unaudited & not subjected to review) (refer note 2)	Nine months ended 31.12.2019 (Unaudited)	Nine months ended 31.12.2018 (Unaudited & not subjected to review) (refer note 2)	Year ended 31.03.2019 (Audited)
1	2			3	4	5	6	7	8
1	Income
	(a) Revenue from operations			25412.39	24459.70	25491.04	75803.20	72852.22	95742.03
	(b) Other income			540.63	814.85	186.05	1696.61	540.02	1795.31
	Total income (a+b)			25953.02	25274.55	25677.09	77499.81	73392.24	97537.34
2	Expenses
	(a)Fuel cost			13084.05	13370.72	14893.45	40875.43	41383.60	53833.78
	(b) Electricity purchased for trading			1074.34	1221.06	1278.50	3738.44	3951.81	5288.12
	(c) Employee benefits expense			1191.29	1176.88	1184.44	3589.28	3652.19	4907.59
	(d) Finance costs			2048.19	1805.05	1407.26	5620.47	4194.39	5260.85
	(e)Depreciation, amortisation and impairment expense			2541.97	2285.58	2100.22	7019.70	6057.03	7688.10
	(f)Other expenses			2469.36	1867.85	1232.90	6283.56	5022.54	7603.03
	Total expenses (a+b+c+d+e+f)			22409.20	21727.14	22096.77	67126.88	64261.56	84581.47
3	Profit before tax, Regulatory deferral account balances and Share of net profit of joint ventures accounted for using equity method (1-2)			3543.82	3547.41	3580.32	10372.93	9130.68	12955.87
4	Share of net profits of joint ventures accounted for using equity method			84.12	123.91	142.44	355.14	405.61	672.07
5	Profit before tax and Regulatory deferral account balances (3+4)			3627.94	3671.32	3722.76	10728.07	9536.29	13627.94
6	Tax expense:
	(a)	Current tax (refer Note 5)		696.63	525.05	794.65	1946.90	1976.43	2916.31
	(b)	Deferred tax		1331.83	604.94	780.84	2310.58	2318.50	(6122.72)
	Total tax expense (a+b)			2028.46	1129.99	1575.49	4257.48	4294.93	(3206.41)
7	Profit after tax before Regulatory deferral account balances (5-6)			1599.48	2541.33	2147.27	6470.59	5241.36	16834.35
8	Net movement in Regulatory deferral account balances (net of tax)			1598.25	867.59	460.91	2976.34	2533.06	(4200.90)
9	Profit for the period (7+8)			3197.73	3408.92	2608.18	9446.93	7774.42	12633.45
10	Other comprehensive income/(expense)
	(a)	Items that will not be reclassified to profit or loss (net of tax)
		(i)	Net actuarial gains/(losses) on defined benefit plans	(53.25)	(56.01)	2.57	(159.47)	7.55	(185.13)
		(ii)	Net gains/(losses) on fair value of equity instruments	0.30	(13.08)	31.38	(20.28)	6.54	(16.74)
		(iii)	Share of other comprehensive income of joint ventures accounted for under the equity method	(0.34)	(0.58)	(0.89)	(1.24)	(0.40)	(1.07)
	(b)	Items that will be reclassified to profit or loss (net of tax)
		(i)	Exchange differences on translation of foreign operations	3.11	7.91	(13.40)	8.60	14.95	11.67
	Other comprehensive income/(expense) (net of tax) (a+b)			(50.18)	(61.76)	19.66	(172.39)	28.64	(191.27)
11	Total comprehensive income for the period (9+10)			3147.55	3347.16	2627.84	9274.54	7803.06	12442.18
12	Profit attributable to owners of the parent			3179.06	3400.84	2597.95	9417.02	7792.80	12640.02
13	Profit attributable to non-controlling interest			18.67	8.08	10.23	29.91	(18.38)	(6.57)
14	Other comprehensive income/(expense) attributable to owners of the parent			(50.18)	(61.76)	19.66	(172.39)	28.64	(191.27)
15	Other comprehensive income/(expense) attributable to non controlling interest			-	-	-	-	-	-
16	Paid-up equity share capital (Face value of share10/- each)			9894.56	9894.56	8245.46	9894.56	8245.46	9894.56
17	Other equity excluding revaluation reserve as per balance sheet								100142.43
18	Earnings per share (of10/- each) - (not annualised) (including net movement in regulatory deferral account balances): Basic and Diluted (in ) (Refer Note 12)			3.21	3.43	2.63	9.52	7.88	12.77
19	Earnings per share (of10/- each) - (not annualised) (excluding net movement in regulatory deferral account balances): Basic and Diluted (in ) (Refer Note 12)			1.60	2.56	2.16	6.51	5.32	17.02

^{Refer accompanying notes to the financial results.}

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

(Crore)

Note: The operations of the Group are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes to Consolidated Financial Results:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 7 February 2020 and approved by the Board of Directors in their meeting held on the same day.
2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The comparative figures for the quarter and nine-months ended 31 December 2018 have been prepared by the Management and have not been subjected to limited review or audit. However, the Management has exercised necessary due diligence in preparing these results.
3. The subsidiary and joint venture companies considered in the consolidated financial results are as follows:

   a)	Subsidiary Companies	Ownership (%)
   1	NTPC Electric Supply Company Ltd.	100.00
   2	NTPC Vidyut Vyapar Nigam Ltd.	100.00
   3	Kanti Bijlee Utpadan Nigam Ltd.	100.00
   4	Nabinagar Power Generating Company Ltd.	100.00
   5	Bhartiya Rail Bijlee Company Ltd.	74.00
   6	Patratu Vidyut Utpadan Nigam Ltd.	74.00
   7	NTPC Mining Ltd. (Incorporated on 29 August 2019)	100.00
   b)	Joint Venture Companies
   1	Utility Powertech Ltd.	50.00
   2	NTPC GE Power Services Private Ltd.	50.00
   3	NTPC SAIL Power Company Ltd.	50.00
   4	NTPC Tamilnadu Energy Company Ltd.	50.00
   5	Ratnagiri Gas and Power Private Ltd.	25.51
   6	Aravali Power Company Private Ltd.	50.00
   7	Meja Urja Nigam Private Ltd.	50.00
   8	NTPC BHEL Power Projects Private Ltd.	50.00
   9	National High Power Test Laboratory Private Ltd.	20.00
   10	Transformers and Electricals Kerala Ltd.	44.60
   11	Energy Efficiency Services Ltd.	47.15
   12	CIL NTPC Urja Private Ltd.	50.00
   13	Anushakti Vidhyut Nigam Ltd.	49.00
   14	Hindustan Urvarak and Rasayan Ltd.	29.67
   15	Konkan LNG Private Ltd.	14.82
   16	Trincomalee Power Company Ltd.	50.00
   17	Bangladesh-India Friendship Power Company Private Ltd.	50.00

   All the above Companies are incorporated in India except Companies at Sl. No.16 and 17 which are incorporated in Srilanka and Bangladesh respectively.

4. 1. The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed to beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations, 2019. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter and nine-months ended 31 December 2019 is23,537.01 crore and70,026.47 crore respectively (previous quarter and nine-months24,228.15 crore and67,213.67 crore as per erstwhile Tariff Regulations, 2014).
   2. Sales for the quarter and nine-months ended 31 December 2019 have been provisionally recognized at22,909.10 crore and68,949.73 crore respectively (previous quarter and nine-months23,235.51 crore and66,512.96 crore) on the said basis.
   3. Sales for the quarter and nine-months ended 31 December 2019 include443.61 crore and525.41 crore respectively (previous quarter and nine-months256.00 crore and120.10 crore) pertaining to previous years, recognized on the basis of orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
   4. Sales for the quarter and nine-months ended 31 December 2019 also include17.63 crore and52.89 crore respectively (previous quarter and nine-months20.89 crore and62.67 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.
   5. Revenue from operations for the quarter and nine-months ended 31 December 2019 include1,595.37 crore and5,323.27 crore respectively (previous quarter and nine-months1,803.74 crore and5,490.45 crore) on account of sale of energy through trading.
5. Provision for current tax for the quarter and nine-months ended 31 December 2019 includes (-)1.28 crore and (-)1.28 crore respectively (previous quarter and nine-monthsNil and (-)105.88 crore) being tax related to earlier years.
6. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off 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 judgement 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. All the units of the project have been declared commercial in the earlier years. The carrying cost of the project as at 31 December 2019 is15,533.37 crore (31 March 2019:15,598.80 crore). Management is confident that the approval for the project shall be granted, hence no provision is considered necessary.
7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand 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 31 December 2019 is163.39 crore (31 March 2019:163.33 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
8. An amount of 731.65 crore (31 March 2019:719.71 crore) has been incurred upto 31 December 2019 in respect of one of the hydro power projects of the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI, which includes422.96 crore (31 March 2019:413.40 crore) in respect of arbitration awards challenged by the Company before Hon'ble High Court of Delhi. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against provisions made in this regard. 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.
9. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years after which it was to be transferred to the Company at1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company. An amount of356.31 crore (31 March 2019:356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India. In the previous year, the Arbitral Tribunal had awarded a claim of1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi (Hon'ble High Court) against the said arbitral award in its entirety.
   Hon'ble High Court, vide its order dated 23 September 2019 held that subject to deposit of500 crore by the Company with the Registrar General of the Court within six weeks, execution of the impugned award shall remain stayed till the next date of hearing and upon handing over the entire infrastructure in terms of the contract by the operator to the Company, the Registrar General shall release the amount to the operator against a bank guarantee. The said amount was deposited with the Hon'ble High Court on 5 November 2019. Hon'ble High Court vide its order dated 8 January 2020 directed the parties to commence formal handing over of the infrastructure in the presence of appointed Local Commissioner, which is under progress.<
   Pending final disposal of the appeal by the Hon’ble High Court, considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, Significant Accounting Policies of the Company and the principle of conservatism, an amount of394.20 crore (31 March 2019:394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent liability.
10. 10.During the quarter, one thermal unit of 800 MW at Lara w.e.f. 1 October 2019 and one thermal unit of 660 MW at Tanda w.e.f. 7 November 2019 have been declared commercial.
11. The Group has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Group.
12. Earning per share has been adjusted for the quarter and nine-months ended 31 December 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus shares during March 2019 in the ratio of one equity share of10/- each for every five equity shares held.
13. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on property,plant and equipment through English/Equitable mortgage as well as hypothecation of movable assets of the Company.
14. Previous periods figures have been reclassified wherever considered necessary.

For and on behalf of the Board of Directors
(A.K.Gautam)
DIRECTOR (FINANCE)Place: New Delhi
Date: 7February 2020