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« Back STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2017

(Rupee Crore)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2017 (Unaudited) Quarter ended 31.12.2016 (Unaudited) Quarter ended 31.03.2016 (Unaudited) Year ended 31.03.2017 (Audited) Year ended 31.03.2016  (Audited) Year ended 31.03.2017 (Audited) Year ended 31.03.2016 (Audited)
1 2 3 4 5 6 7 8 9
1 Revenue
(a) Revenue from operations 20416.67 19395.92 18325.15 78273.44 70843.81 82080.82 73426.44
(b) Other income 470.18 250.17 407.26 1068.86 1165.35 966.82 1057.56
Total revenue  (a+b) 20886.85 19646.09 18732.41 79342.30 72009.16 83047.64 74484.00
2 Expenses
(a) Fuel 11946.42 12080.43 10168.34 47572.19 43798.59 47947.77 44112.86
(b) Electricity purchased           3037.88 2123.83
(c) Employee benefits expense 1637.69 843.00 912.99 4324.60 3581.65 4413.87 3620.66
(d) Finance costs  897.92 909.03 875.97 3597.20 3296.41 3651.08 3313.65
(e) Depreciation, amortisation & impairment expense 1606.17 1485.31 1325.69 5920.82 5172.34 6009.91 5224.02
(f) Other expenses  1369.81 1220.58 1797.17 5092.38 5576.49 5185.51 5620.46
Total expenses (a+b+c+d+e+f) 17458.01 16538.35 15080.16 66507.19 61425.48 70246.02 64015.48
3 Profit before exceptional items, tax & Rate Regulated Activities (RRA) (1-2) 3428.84 3107.74 3652.25 12835.11 10583.68 12801.62 10468.52
4 Movements in Regulatory deferral account balances  362.06 (25.20) (3.94) 335.74 12.09 334.22 8.24
5 Profit before exceptional items and tax 3790.90 3082.54 3648.31 13170.85 10595.77 13135.84 10476.76
6 Share of net profits of joint ventures accounted for using equity method           624.71 141.16
7 Profit before exceptional items and tax after share of net profit of joint ventures accounted for using equity method (5+6)  3790.90 3082.54 3648.31 13170.85 10595.77 13760.55 10617.92
8 Exceptional items - impairment loss on investment (Refer note 12)  782.95 - - 782.95 - - -
9 Profit before tax  (7-8) 3007.95 3082.54 3648.31 12387.90 10595.77 13760.55 10617.92
10 Tax expense:              
  (a) Current tax (refer note 5) 706.30 557.51 733.62 2598.19 (349.56) 2643.31 (321.87)
  (b) Tax expense/(saving) pertaining to RRA  77.44 (5.38) (0.84) 71.82 2.58 71.51 2.58
  (c) Deferred tax (108.29) 649.15 (366.39) 1287.31 226.88 1284.47 210.21
  (d) Less: Deferred asset for deferred tax
liability (refer note 11)
(253.10) 588.00 (489.23) 954.68 53.73 952.68 53.73
  Total tax expense (a+b+c-d) 928.55 613.28 855.62 3002.64 (173.83) 3046.61 (162.81)
11 Profit after tax from continuing operations  (9-10) 2079.40 2469.26 2792.69 9385.26 10769.60 10713.94 10780.73
12 Other comprehensive income
(a) Items that will not be reclassified to profit or loss (net of tax)              
  (i) Net acturial gains/(losses) on defined benefit plans (108.02) (90.96) (2.88) (238.66) (38.35) (238.66) (38.35)
  (ii) Net gains/(losses) on fair value of equity instruments 23.94 (1.20) (3.42) 35.28 (20.28) 35.28 (20.28)
    (iii) Share of other comprehensive income of joint ventures accounted for under the equity method           (1.41) 0.07
  (b) Items that will be reclassified to profit or loss (net of tax)              
      Exchange differences on translation of foreign operations           (8.06) 3.26
  Total other comprehensive income (net of tax) (a+b) (84.08) (92.16) (6.30) (203.38) (58.63) (212.85) (55.30)
13 Total comprehensive income (11+12)  1995.32 2377.10 2786.39 9181.88 10710.97 10501.09 10725.43
14 Profit attributable to owners of the parent           10719.64 10801.15
15 Profit attributable to Non-controlling interest           (5.70) (20.42)
16 Other comprehensive income attributable to
owners of the parent
     

 

  (212.85) (55.30)
17 Other comprehensive income attributable to non controlling interest           - -
18
Paid-up equity share capital
(Face value of share Rupee 10/- each)
8245.46 8245.46 8245.46 8245.46 8245.46 8245.46 8245.46
19 Paid-up debt capital*       103839.65 91827.74 110649.83 97936.28
20 Reserves excluding revaluation reserve as per balance sheet        87985.77 83048.24 89592.56 83330.12
21 Debenture redemption reserve       5961.81 4608.73 5961.81 4608.73
22 Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (including regulatory deferral account balances):              
  (a) Basic 2.52 3.00 3.39 11.38 13.06 13.00 13.10
(b) Diluted 2.52 3.00 3.39 11.38 13.06 13.00 13.10
23 Earnings per share (for continuing operation) - (of Rupee 10/- each) (not annualised) (in Rupee) (excluding regulatory deferral account balances):              
  (a) Basic 2.18 3.02 3.39 11.06 13.05 12.68 13.09
(b) Diluted 2.18 3.02 3.39 11.06 13.05 12.68 13.09
24 Debt equity ratio       1.08 1.01 1.13 1.07
25 Debt service coverage ratio (DSCR)       1.55 1.74 1.59 1.75
26 Interest service coverage ratio (ISCR)       6.50 5.94 6.60 5.94

* Comprises long term debts 
See accompanying notes to the financial results.

STATEMENT OF ASSETS AND LIABILITIES

(Rupee  Crore)
Sl.No. Particulars Stand Alone Consolidated
As at
 31.03.2017 (Audited)
As at
 31.03.2016 (Audited)
As at
 01.04.2015 (Audited)
As at
 31.03.2017 (Audited)
As at
 31.03.2016 (Audited)
As at
 01.04.2015 (Audited)
A ASSETS
1 Non-current assets
  (a) Property, plant & equipment 99062.70 91499.36 78153.38 104238.54 92655.34 79205.63
  (b) Intangible assets 293.02 273.89 262.16 293.12 274.02 262.28
  (c) Capital work-in-progress 80522.55 66205.59 56463.11 86681.17 74827.92 63731.45
  (d) Intangible assets under development 214.54 217.61 30.38 214.54 217.61 30.38
  (e) Investments in subsidiaries & joint ventures 8838.88 7934.72 7140.67 7688.83 6015.04 5289.16
  (f) Financial assets            
       (i) Investments 113.48 79.60 98.48 113.48 79.60 98.48
       (ii) Trade receivables 35.59 71.18 - 35.59 71.18 0.00
       (iii) Loans 530.59 440.93 468.46 401.34 440.07 465.89
       (iv) Other financial assets 1164.26 1022.19 981.48 1164.26 1022.19 981.48
  (g) Other non-current assets 16879.15 17636.80 16343.85 17133.91 18084.05 16744.59
  Sub-total - Non-current assets 207654.76 185381.87 159941.97 217964.78 193687.02 166809.34
2 Current assets
  (a) Inventories 6504.81 7010.37 7297.06 6586.13 7050.61 7325.24
  (b) Financial assets            
       (i) Investments - 378.72 1983.34 - 378.72 1983.34
       (ii) Trade receivables 8137.92 7732.22 7604.37 8963.89 8288.79 8187.16
       (iii) Cash and cash equivalent 157.12 1372.40 280.65 363.83 1539.44 475.45
       (iv) Bank balance other than cash and cash equivalent 2773.37 3088.38 12994.35 2937.63 3398.88 13821.93
       (v) Loans 236.92 251.78 272.63 211.92 250.92 271.77
       (vi) Other financial assets 6053.32 5246.03 2930.38 6128.92 5253.17 2934.06
  (c) Other current assets 4536.44 4676.55 3865.51 4817.43 4723.57 3938.52
  Sub-total - Current assets 28399.90 29756.45 37228.29 30009.75 30884.10 38937.47
3 Regulatory deferral account debit balance  522.83 - - 522.83 - -
  TOTAL - ASSETS 236577.49 215138.32 197170.26 248497.36 224571.12 205746.81
B EQUITY AND LIABILITIES
1 Equity            
  (a) Equity share capital  8245.46 8245.46 8245.46 8245.46 8245.46 8245.46
  (b) Other equity 87985.77 83048.24 75584.64 89592.56 83330.12 75835.71
  Total equity attributable to the owners of the parent 96231.23 91293.70 83830.10 97838.02 91575.58 84081.17
  Non controlling interest - - - 803.26 793.30 774.46
  Sub-total - Total equity 96231.23 91293.70 83830.10 98641.28 92368.88 84855.63
2 Liabilities
  Non-current liabilities            
  (a) Financial liabilities            
       (i)   Borrowings 97339.28 85096.95 78564.51 104071.29 91205.49 83456.16
       (ii)  Trade payables 13.17 8.37 3.47 13.17 8.38 3.47
       (iii) Other financial liabilities 2247.13 2999.27 2213.72 2355.69 3133.81 2396.96
  (b) Provisions 463.15 436.41 1115.71 463.15 436.41 1115.71
  (c) Deferred tax liabilities (net) 1484.84 1152.21 979.07 1484.86 1153.08 996.61
  (d) Other non-current liabilities 17.49 49.68 0.01 17.49 49.68 0.01
  Sub-total -  Non-current liabilities 101565.06 89742.89 82876.49 108405.65 95986.85 87968.92
  Current liabilities            
  (a) Financial liabilities            
       (i)   Borrowings 3000.56 1299.50 - 3119.54 1487.27 148.51
       (ii)  Trade payables 4876.08 5311.64 5953.15 5572.70 5693.81 6425.60
       (iii) Other financial liabilities 19179.40 17445.02 16437.32 20395.20 18492.67 17186.37
  (b) Other current liabilities 1081.16 775.59 373.45 1264.69 784.91 950.78
  (c) Provisions 7964.92 6775.69 6022.04 8120.73 6928.62 6155.71
  (d) Current tax liabilities (net) 75.20 151.30 - 81.40 154.23 10.42
  Sub-total - Current liabilities 36177.32 31758.74 28785.96 38554.26 33541.51 30877.39
3 Deferred revenue 2121.14 2047.34 1369.97 2406.84 2373.16 1735.91
4 Regulatory deferral account credit balance  482.74 295.65 307.74 489.33 300.72 308.96
  TOTAL - EQUITY AND LIABILITIES 236577.49 215138.32 197170.26 248497.36 224571.12 205746.81

AUDITED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31 MARCH 2017

(Rupee  Crore)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2017 (Unaudited) Quarter ended 31.12.2016 (Unaudited) Quarter ended 31.03.2016 (Unaudited) Year ended 31.03.2017 (Audited) Year ended 31.03.2016  (Audited) Year ended 31.03.2017 (Audited) Year ended 31.03.2016 (Audited)
1 2 3 4 5 6 7 8 9
1 Segment revenue
  - Generation 20698.56 19555.62 18443.28 78861.92 71087.15 79547.92 71464.76
  - Others 39.67 48.08 42.32 165.97 120.39 3353.47 2348.91
  - Unallocated 148.62 42.39 246.81 314.41 801.62 146.25 670.33
  - Total 20886.85 19646.09 18732.41 79342.30 72009.16 83047.64 74484.00
2 Segment results (Profit before tax and interest)
- Generation 4951.64 4236.32 4524.27 17765.47 14212.77 17805.74 14154.64
  - Others (11.41) 20.52 11.18 (64.51) (16.43) 60.06 64.33
  - Total 4940.23 4256.84 4535.45 17700.96 14196.34 17865.80 14218.97
  Less
  (i) Unallocated finance costs 897.92 909.03 875.97 3597.20 3296.41 3651.08 3313.65
  (ii) Other unallocable expenditure net of unallocable income 1034.36 265.27 11.17 1715.86 304.16 454.17 287.40
  Profit before tax 3007.95 3082.54 3648.31 12387.90 10595.77 13760.55 10617.92
3 Segment assets
  - Generation 126728.63 122990.13 118667.36 126728.63 118667.36 132682.79 120150.07
  - Others 3518.96 3090.76 2501.19 3518.96 2501.19 5001.20 3833.40
  - Un-allocated 106329.90 107368.64 93969.77 106329.90 93969.77 110813.37 100587.65
  - Total 236577.49 233449.53 215138.32 236577.49 215138.32 248497.36 224571.12
4 Segment liabilities              
  - Generation 14531.36 14133.16 14154.98 14531.36 14154.98 16460.69 15707.41
  - Others 2159.92 1735.89 1577.65 2159.92 1577.65 3327.83 2629.63
  - Un-allocated 123654.98 120720.35 108111.99 123654.98 108111.99 130870.82 114658.50
  - Total 140346.26 136589.40 123844.62 140346.26 123844.62 150659.34 132995.54

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

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 29 May 2017 and approved by the Board of Directors in the meeting held on the same day.

2. The Company adopted Ind AS from 1 April 2016 with a transition date of 1 April 2015 and accordingly the financial statements  and  financial results have been prepared in compliance with Ind AS pursuant to the Notification of Ministry of Corporate Affairs (MCA) dated 16 February 2016. The comparative figures for the year ended 31 March 2016 and as at 1 April 2015  have been restated as per Ind AS.

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. 65.00
4 Bhartiya Rail Bijlee Company Ltd. 74.00
5 Patratu Vidyut Utpadan Nigam Ltd. 74.00
b) Joint venture Companies
1 Utility Powertech Ltd. 50.00
2 NTPC GE Power Services Private Ltd. (Previously NTPC Alstom Power Services Private Ltd.)* 50.00
3 NTPC SAIL Power Company Ltd. (Previously NTPC SAIL Power Company Private 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 BF-NTPC Energy Systems Ltd. 49.00
10 Nabinagar Power Generating Company Private Ltd. 50.00
11 National High Power Test Laboratory Private Ltd.* 20.00
12 Transformers and Electricals Kerala Ltd.* 44.60
13 Energy Efficiency Services Ltd.* 28.80
14 CIL-NTPC Urja Pvt.Ltd.* 50.00
15 Anushakti Vidhyut Nigam Ltd.* 49.00
16 Hindustan Urvarak and Rasayan Ltd.* 33.28
17 Trincomalee Power Company Ltd.* 50.00
18 Bangladesh-India Friendship Power Company Private Ltd.* 50.00
All the above companies are incorporated in India except company at Sl.No.17 and 18 which are incorporated in Srilanka and Bangladesh respectively.
* The financial statements are un-audited and certified by the management of respective companies and have been considered for Consolidated Financial Statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.

 

4. a) The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for some of the 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 after the secondary crusher till 30 September 2016 and on wagon top w.e.f. 1 October 2016 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 diffculties. The amount provisionally billed is Rupee 74,710.65  crore (31 March 2016: Rupee 69,616.43 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 CERC, hearing of the same was held on 31 January 2017. Pending disposal of the petition by CERC and ratification by the Hon'ble Delhi High Court, measurement of GCV of coal from wagon top samples at the unloading point has started with effect from 1 October 2016 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 diffculties. 
Sales  has been provisionally recognized at Rupee 75,800.54 crore (31 March 2016: Rupee 71,355.67 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 of coal ‘as received’ measured after secondary crusher till 30 September, 2016 and GCV measured on wagon top w.e.f. 1 October, 2016  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.

c) Sales include  Rupee 995.59 crore (31 March 2016: Rupee 50.74 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales include Rupee Nil (31 March 2016: Rupee(-) 1,693.65 crore) on account of income-tax refundable to the beneficiaries as per Regulations, 2004. Sales also include Rupee 46.04 crore (31 March 2016: Rupee 28.12 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

5. Provision for current tax for the year includes tax related to earlier years amounting to (-) Rupee 107.56 crore (previous year (-) Rupee 2,453.48 crore). 

6. During the year, one thermal unit of 250 MW at Bongaigaon w.e.f. 1st April 2016, solar pv power capacity of 200 MW (50MW x 4) w.e.f. 9th May 2016 & 50 MW w.e.f. 10th August 2016 at N.P Kunta Ultra Mega Solar Power Project, one thermal unit of 660 MW at Mouda w.e.f. 1st February 2017 and Solar PV power capacity of 260 MW at Bhadla Solar w.e.f. 25th March 2017 have been declared commercial.

7. The reconciliation of total equity and total comprehensive income as per previous GAAP and as per Ind AS are as per the tables given below:

(a) Reconciliation of total equity as reported in previous GAAP and as per Ind AS as at:

(Rupee Crore)
Particulars Stanadalone Consolidated
  31 March 2016 1 April 2015 31 March 2016 1 April 2015
Total equity (shareholder’s funds) as per previous GAAP 88,782.00 81,657.35 89,196.51 82,093.98
Adjustments:        
Proposed dividend and tax  1,732.64 1,736.71 1,732.64 1,736.71
Capitalisation of major overhaul & spares 468.54 - 468.54 -
Recognition of financial assets/liabilities at amortised cost 349.20 411.65 400.97 463.04
Depreciation and amortization 99.28 (49.55) 99.29 (49.54)
Fair valuation of investments  64.80 85.08 64.80 85.08
Recognition of government grant as deferred revenue (125.33) (0.30) (491.27) (366.24)
Provision of rebate to customers (40.59) - (38.09) -
Impact of embedded leases (1.52) 24.48 (1.89) 24.49
Recognition of liabilities on leasehold land (35.32) (35.32) (35.34) (35.34)
Impact on non-controlling interest - - 99.49 113.48
Impact of equity method accounting of joint ventures - - 79.93 15.51
Total adjustments 2,511.70 2,172.75 2,379.07 1,987.19
Total equity as per Ind AS 91,293.70 83.830.10 91.575.58 84.081.17

(b) Reconciliation of net profit as reported in privious GAAP to total comprehensive Income a per Ind AS for the quarter and year ended 31 March 2016.

(Rupee in Crore)
Particulars Standalone Consolidated
Quarter Year  Year
Profit after tax as per previous GAAP 2,716.41 10,242.91 10,162.43
Adjustments:      
Capitalisation of major overhaul & spares 63.88 468.54 468.54
Depreciation and amortization 38.99 148.83 148.83
Actuarial loss on defined benefit plans recognised in OCI (net of tax) 2.88 38.35 38.35
Recognition of financial assets/liabilities at amortised cost (15.57) (62.44) (62.06)
Provision of rebate to customers (3.95) (40.59) (38.09)
Impact of embedded leases (9.95) (26.00) (26.38)
Impact of equity method accounting of joint ventures 0.00 - 89.11
Total adjustments 76.28 526.69 618.30
Profit after tax as per Ind AS 2,792.61 10,769.60 10,780.73
Other comprehensive income (net of tax):      
Actuarial loss on defined benefit plans  (2.88) (38.35) (38.28)
Fair valuation of investments  (3.42) (20.28) (20.28)
Exchange differences on translation of foreign operations 0.00 - 3.26
Total (6.30) (58.63) (55.30)
Total comprehensive income as per Ind AS 2,786.39 10,710.97 10,725.43

8. 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 31 March 2017 is Rupee 14,461.58 crore (31 March 2016: Rupee 11,748.50 crore, 1 April 2015: Rupee 8,728.42 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

9.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 March 2017 is Rupee 160.75 crore (31 March 2016: Rupee 157.19 crore, 1 April 2015 Rupee 157.47 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

10. Claims recoverable includes Rupee 619.34 crore (31 March 2016: Rupee 469.73 crore, 1 April 2015: Rupee 466.28 crore) towards the cost incurred upto 31 March 2017 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 332.38 crore (31 March 2016: Rupee 185.41 crore, 1 April 2015: Rupee 214.34 crore) in respect of arbitration awards challenged by the Company before Hon'ble High Court. In the event the 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.

11. Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. Accordingly, deferred tax provided during the year ended 31 March 2017 on the generation income is accounted as 'Deferred asset for deferred tax liability'. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.

12. The Company has an investment of Rupee 974.30 crore in the equity shares of M/s Ratnagiri Gas & Power Pvt.Ltd. (RGPPL), a joint venture of the Company. As required by Ind AS 36, an assessment of impairment of the investment in RGPPL was carried out by an independent expert and recoverable amount of Rupee191.35 crore has been assessed based on value in use after considering the proposed demerger scheme of LNG Terminal and Power Block awaiting approval of NCLT, New Delhi. RGPPL is committed for implementing the plan persuant to the receipt of necessary approvals and has communicated the restructuring scheme to all stakeholders. Consequently, impairment loss on the investment in RGPPLamounting to Rupee 782.95 Crore (31 March 2016: Rupee Nil) has been provided and disclosed as 'Exceptional items - Impairment loss on investments' in the Statement of Profit and Loss.

13. During the quarter, the Company has paid an interim dividend of Rupee 2.61 per equity share (par value Rupee 10/-each) for the year 2016-17. The Board of Directors has recommended final dividend of Rupee 2.17 per equity share (par value Rupee 10/- each). The total dividend (including interim dividend) for the financial year 2016-17 is Rupee 4.78 per equity share (par value Rupee 10/-each).

14. The audited accounts are subject to review by Comptroller and Auditor General of India under Section 143(6) of the Companies Act, 2013.

15. 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).

16. 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.

17. The financial results of the Company will be available on the investors section of our website http://www.ntpc.co.in and under Corporate Section of BSE Limited and National Stock Exchange of India Limited at http://www.bseindia.com & http://www.nseindia.com.

18. Previous periods/year figures have been regrouped/rearranged wherever considered necessary.

19. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

20. The statutory auditors have issued unmodified opinion on the standalone and the consolidated financial statements of the Company for the year ended 31 March 2017.

For and on behalf of Board of Directors

Place: New Delhi
Date: 29 May 2017

sd/-
(K. BISWAL)
DIRECTOR (FINANCE)