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STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2012

Part I (Rs./Lakh)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2012 (Unaudited) Quarter ended 31.12.2011 (Unaudited) Quarter ended
31.03.2011 (Unaudited)
Year ended 31.03.2012
(Audited)
Year ended 31.03.2011 (Audited) Year ended 31.03.2012 (Audited) Year ended 31.03.2011 (Audited)
1 2 3 4 5 6 7 8 9
1 Income from operations  
(a) Net sales (net of electricity duty) 1626356 1533230 1551894 6114489 5487400 6495832 5741846
(b) Other operating income 9795 21006 7646 90734 18865 93493 18871
(c) Depreciation written back (net) & advance against depreciation recognised as prior period sales 34 101 191 135 184054 43 189821
Total income from operations (net) 1636185 1554337 1559731 6205358 5690319 6589368 5950538
2 Expenses  
(a) Fuel cost 1044295 1079329 972556 4163546 3537378 4330266 3641435
(b) Employee benefits expense 89633 71882 70819 309048 278971 324973 292226
(c) Depreciation and amortisation expense 73626 75603 69814 279170 248569 310709 271969
(d) Other expenses 79531 91681 115750 321138 357595 382439 417924
(e) Provisions 1657 4859 28398 6518 155215 7583 155277
Total expenses 1288742 1323354 1257337 5079420 4577728 5355970 4778831
3 Profit from operations before other income, finance costs and exceptional items (1-2) 347443 230983 302394 1125938 1112591 1233398 1171707
4 Other income 66997 70205 59310 277842 234465 293800 240101
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 414440 301188 361704 1403780 1347056 1527198 1411808
6 Finance costs 48700 44905 36025 171164 142096 213472 172575
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 365740 256283 325679 1232616 1204960 1313726 1239233
8 Exceptional items - - - - - - -
9 Profit from ordinary activities before tax (7-8) 365740 256283 325679 1232616 1204960 1313726 1239233
10 Tax expense:  
(a) Current tax 93233 32882 61632 306848 255332 322987 260216
(b) Deferred tax 13163 10362 (14137) 3395 39369 9273 44194
Total tax expense (a+b) 106396 43244 47495 310243 294701 332260 304410
11 Net profit from ordinary activities after tax (9-10) 259344 213039 278184 922373 910259 981466 934823
12 Extraordinary items (net of tax expense) - - - - - - -
13 Net profit for the period (11-12) 259344 213039 278184 922373 910259 981466 934823
14 Share of profit / (loss) of associates - - - - - - -
15 Minority interest - - - - - 187 (517)
16 Net profit after taxes, minority interest and share of profit of associates (13+14+15) 259344 213039 278184 922373 910259 981279 935340
17 Paid-up equity share capital
(Face value of share Rupee 10/- each)
824546 824546 824546 824546 824546 824546 824546
18 Paid-up debt capital       5027937 4318824    
19 Reserves excluding revaluation reserve as per balance sheet       6504571 5964679 6603035 6013910
20 Debenture redemption reserve       238904 223166    
21(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised):  
(a) Basic 3.15 2.58 3.37 11.19 11.04 11.90 11.34
(b) Diluted 3.15 2.58 3.37 11.19 11.04 11.90 11.34
21(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised):  
  (a) Basic 3.15 2.58 3.37 11.19 11.04 11.90 11.34
  (b) Diluted 3.15 2.58 3.37 11.19 11.04 11.90 11.34
22 Debt equity ratio       0.69 0.64    
22 Debt service coverage ratio (DSCR)       3.21 2.57    
23 Interest service coverage ratio (ISCR)       9.81 11.42    
See accompanying notes to the financial results.

Part II - Select Information

Sl. No. Particulars Standalone Consolidated
Quarter
ended 
31.03.
2012 
(Unaudited)
Quarter
ended 
31.12.
2011 
(Unaudited)
Quarter
ended 
31.03.
2011 
(Unaudited)
Year
ended 
31.03.
2012
(Audited)
Year 
ended 
31.03.
2011
(Audited)
Year 
ended 
31.03.
2012
(Audited)
Year 
ended 
31.03.
2011
(Audited)
1 2 3 4 5 6 7 8 9
A Particulars of shareholding  
1 Public Shareholding  
(a) Number of shares 127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
127810
3220
(b) Percentage of share holding 15.50 15.50 15.50 15.50 15.50 15.50 15.50
2 Promoters 
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 Shares 696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
696736
1180
- Percentage of the shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of the shares (as a % of the total share capital of the company) 84.50 84.50 84.50 84.50 84.50 84.50 84.50
Particulars Quarter ended 31.03.2012
Investor complaints  
Pending at the beginning of the quarter 2
Received during the quarter 1462
Disposed of during the quarter 1462
Remaining unresolved at the end of the quarter 2

STATEMENT OF ASSETS AND LIABILITIES

(Rs./Lakh)
Sl.No. Particulars Standalone Consolidated
As at 31.03.2012 (Audited) As at 31.03.2011 (Audited) As at 31.03.2012 (Audited) As at 31.03.2011 (Audited)
A Equity and liabilities
1 Shareholders’ funds:
  (a) Share capital 824546 824546 824546 824546
  (b) Reserves and surplus 6504571 5964679 6603035 6013910
  Sub-total - shareholders' funds 7329117 6789225 7427581 6838456
2 Deferred revenue 143006 85448 143006 85448
3 Ash utilisation fund - - 12698 5896
4 Minority interest - - 59559 48505
5 Non-current liabilities
  (a) Long-term borrowings 4590827 3973568 5485194 4705957
  (b) Deferred tax liabilities (net) 63690 60295 76449 67165
  (c) Other long-term liabilities 172906 205058 179157 246903
  (d) Long-term provisions 60370 56190 62349 56852
  Sub-total - non-current liabilities 4887793 4295111 5803149 5076877
6 Current liabilities
  (a) Short-term borrowings - - 15016 3940
  (b) Trade payables 446807 408801 504539 439167
  (c) Other current liabilities 955495 776250 1221350 936210
  (d) Short-term provisions 321562 219053 339302 226715
  Sub-total - current liabilities 1723864 1404104 2080207 1606032
  TOTAL - equity and liabilities 14083780 12573888 15526200 13661214
B ASSETS
1 Non-current assets        
  (a) Fixed assets (including capital work-in-progress) 8708622 7473129 10153121 8595523
  (b) Goodwill on consolidation - - 62 62
  (c) Non-current investments 958392 1053284 492288 654533
  (d) Long-term loans and advances 388326 390196 462674 496185
  (e) Other non-current assets 137188 45915 137516 46340
  Sub-total - non-current assets 10192528 8962524 11245661 9792643
2 Current assets
  (a) Current investments 162246 181200 162246 181200
  (b) Inventories 370285 363912 417791 391083
  (c) Trade receivables 583251 143496 668102 174627
  (d) Cash and bank balances 1614611 1618526 1809167 1785983
  (e) Short-term loans and advances 275473 377786 296228 388983
  (f) Other current assets 885386 926444 927005 946695
  Sub-total - current assets 3891252 3611364 4280539 3868571
  TOTAL - ASSETS 14083780 12573888 15526200 13661214

AUDITED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED 31ST MARCH 2012

(Rs./Lakh)
Sl. No. Particulars Standalone Consolidated
Quarter ended 31.03.2012 (Unaudited) Quarter ended 31.12.2011 (Unaudited) Quarter ended 31.03.2011 (Unaudited) Year ended 31.03.2012 (Audited) Year ended 31.03.2011 (Audited) Year ended 31.03.2012 (Audited) Year ended 31.03.2011 (Audited)
1 2 3 4 5 6 7 8 9
1 Segment revenue
- Generation 1639578 1557238 1559975 6211551 5506913 6548411 5724182
- Others 3208 3462 4895 14605 17174 80007 61709
Total 1642786 1560700 1564870 6226156 5524087 6628418 5785891
2 Segment results (profit before tax and interest)
- Generation 379712 260568 326702 1230036 1208333 1333659 1266283
- Others (1174) (3231) 768 (1946) 5021 19238 13539
- Total 378538 257337 327470 1228090 1213354 1352897 1279822
Less
(i) Unallocated Interest and Finance Charges 48700 44905 36025 171164 142096 213472 172575
(ii) Other Unallocable expenditure net of unallocable income (35902) (43851) (34234) (175690) (133702) (174301) (131986)
Profit before tax 365740 256283 325679 1232616 1204960 1313726 1239233
3 Capital employed (segment assets - segment liabilities)
- Generation 5640727 5697925 4526023 5640727 4526023 6240077 5050764
- Others 5299 4241 425 5299 425 44926 29635
- Un-allocated 1683091 1750095 2262777 1683091 2262777 1142578 1758057
- Total 7329117 7452261 6789225 7329117 6789225 7427581 6838456
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.
Notes:
1 The Subsidiaries and Joint Venture Companies considered in the Consolidated Financial Results are as follows.
a) Subsidiary companies Ownership (%)
1 NTPC Electric Supply Company Ltd. 
(incl. its Joint Venture Kinesco Power and Utilities Private Ltd. with 50% holding)
100
2 NTPC Vidyut Vyapar Nigam Ltd. 100
3 NTPC Hydro Ltd. (under amalgamation with NTPC Ltd.) 100
4 Kanti Bijlee Utpadan Nigam Ltd. 64.93
5 Bhartiya Rail Bijlee Company Ltd. 74
b) Joint venture companies
1 Utility Powertech Ltd. 50
2 NTPC Alstom Power Services Private Ltd. 50
3 NTPC SAIL Power Company Private Ltd.* 50
4 NTPC - Tamilnadu Energy Company Ltd. 50
5 Aravali Power Company Private Ltd.* 50
6 Ratnagiri Gas and Power Private Ltd.* 31.52
7 Meja Urja Nigam Private Ltd. 50
8 NTPC-BHEL Power Projects Private Ltd. 50
9 BF-NTPC Energy Systems Ltd.* 49
10 Nabinagar Power Generating Company Private Ltd. 50
11 National Power Exchange Ltd.* 16.67
12 NTPC-SCCL Global Ventures Private Ltd.* 50
13 International Coal Ventures Private Ltd.* 14.28
14 Transformers and Electricals Kerala Ltd. 44.60
15 Energy Efficiency Services Ltd.* 25
16 National High Power Test Laboratory Private Ltd. 25
17 CIL-NTPC Urja Pvt.Ltd.* 50
18 Anushakti Vidhyut Nigam Ltd.* 49
19 Trincomalee Power Company Limited* 50
20 Pan-Asian Renewables Pvt.Ltd.* 50
All the above companies are incorporated in India except company at Sl.No.19 which is incorporated in Srilanka.
* The financial statements are un-audited.
2 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, during the year 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 year ended 31st March 2012 on this basis is Rupee 59,96,557 lakh (previous year Rupee 51,93,533 lakh).

  b) CERC has issued final tariff orders for some of the stations under the Regulations, 2009, considering the year-wise projected capital expenditure for the tariff period 2009-14. Sales for these stations has been recognised at Rupee 13,19,636 lakh for the year ended 31st March 2012 by truing up capital expenditure to arrive at the capacity charges (previous year Rupee 11,32,096 lakh). For all other stations, pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rupee 47,48,643 lakh for the year ended 31st March 2012 (previous year Rupee 42,22,249 lakh) on the basis of principles enunciated in the said Regulations, 2009.
  c) Sales include Rupee 54,778 lakh for the year ended 31st March 2012 (previous year Rupee 80,087 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
  d)(i)

The Company aggrieved over many of the issues as considered by the CERC in the tariff orders for its stations for the period 2004-09 had filed appeals with the APTEL. The APTEL disposed off the appeals favourably directing the CERC to revise the tariff orders as per directions and methodology given. Some of the issues decided in favour of the Company by the APTEL were challenged by CERC in the Hon’ble Supreme Court of India. Subsequently, CERC has issued revised tariff orders for most of the stations for the period 2004-09, considering the judgment of APTEL subject to disposal of appeals pending before the Hon’ble Supreme Court of India. Consequently, the impact of the aforesaid issues amounting to (-) Rupee 4,916 lakh for the year ended 31st March 2012 (previous year Rupee Nil) has been recognised as sales and included in b) above. Consequently, 'Provision for tariff adjustment' of equivalent amount has been reversed.

  (ii) Pursuant to issuance of second amendment to Regulations, 2009, sales amounting to (-) Rupee 26,359 lakh has been adjusted and reflected in b) and c) above during the year ended 31st March 2012. Corresponding provision for tariff adjustment created in 2010-11 has also been reversed during the year.
  e) Sales include (-) Rupee 26,614 lakh for the year ended 31st March 2012 (previous year Rupee 33,851 lakh) on account of income tax recoverable/payable from/to customers as per Regulations, 2004. Sales also include Rupee 3,777 lakh for the year ended 31st March 2012 (previous year Rupee 2,172 lakh) on account of deferred tax materialized which is recoverable from customers as per Regulations, 2009.
3 Provision for current tax for the year includes tax related to earlier years amounting to Rupee 15,484 lakh (previous year Rupee 5,602 lakh). 
4 During the year, one unit of 500 MW at Simhadri and one unit of 660 MW at Sipat have been declared commercial w.e.f 16th September 2011 and 1st October 2011 respectively.
5

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 for an early resolution.

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 shown 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.

6 Claims recoverables include Rupee 76,612 lakh (previous year Rupee 74,882 lakh) towards the cost incurred upto 31st March 2012 in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power, GOI. Management expects that the total cost incurred, anticipated expenditure on the safety and stablisation measures, other recurring site expenses and interest costs as well as claims of various packages of contractors/vendors for this project will be compensated in full by the GOI. Hence no provision is considered necessary.
7 The Company is executing a thermal power project in respect of which possession certificates for 1,489 acres (previous year 1,489 acres) of land has been handed over to the Company and all statutory and environment clearances for the project have been received.Subsequently, a high power committee has been constituted as per the directions of GOI to explore alternate location of the project since present location is stated to be a coal bearing area. During the year, the High Power Committee has recommended to the Group of Ministers not to shift the present location of the plant. Aggregate cost incurred up to 31st March 2012, Rupee 19,445 lakh (previous year Rupee 19,019 lakh) is included in tangible assets/CWIP and long-term loans & advances.
8

During the quarter, the Company has paid an interim dividend of Rupee 3.50 per share (face value Rupee 10/-each) for the year 2011-12. The Board of Directors has recommended final dividend of Rupee 0.50 per share (face value Rupee10/-each). The total dividend (including interim dividend) for the financial year 2011-12 is Rupee 4.00 per share (face value Rupee 10/-each).

9 The audited accounts are subject to review by Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
10 Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction + Principal repayment) and ISCR = Earning before Interest, Depreciation and Tax/(Interest net off transferred to expenditure during construction).
11 The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 10th May 2012 and approved by the Board of Directors in the meeting held on the same day.
12 Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year’s classification. Further, previous periods/years figures have been regrouped/rearranged wherever necessary.
13 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.

For and on behalf of Board of Directors

Place: New Delhi
Date: 10thMay 2012

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