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

(Rupee in Lakhs)
Sl. No. Particulars Quarter ended
30.06.2012

(Unaudited)
Quarter ended 31.03.2012
(Unaudited)
Quarter ended 
30.06.2011 
(Unaudited)
Year ended 
31.03.2012
(Audited)
1 2 3 4 5 6
1 Income from operations        
  (a) Net sales (net of electricity duty) 1595996 1626356 1417149 6114489
  (b) Other operating income 20599 9795 31942 90734
  Total income from operations (net)(a+b) 1616595 1636151 1449091 6205223
2 Expenses        
  (a) Fuel cost 1059772 1044295 974982 4163546
  (b) Employee benefits expense 79067 89633 69072 309048
  (c) Depreciation and amortisation expense 76022 73626 64113 279170
  (d) Other expenses 94100 81154 86475 327521
  Total expenses (a+b+c+d) 1308961 1288708 1194642 5079285
3 Profit from operations before other income, finance costs and exceptional items (1-2) 307634 347443 254449 1125938
4 Other income 67894 66997 67698 277842
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 375528 414440 322147 1403780
6 Finance costs 49935 48700 37432 171164
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 325593 365740 284715 1232616
8 Exceptional items - - - -
9 Profit from ordinary activities before tax (7-8) 325593 365740 284715 1232616
10 Tax expenses:        
  (a) Current tax 68232 93233 81321 306848
  (b) Deferred tax 7494 13163 (4184) 3395
  Total tax expense (a+b) 75726 106396 77137 310243
11 Net profit from ordinary activities after tax (9-10) 249867 259344 207578 922373
12 Extraordinary items (net of tax expense) - - - -
13 Net profit for the period (11-12) 249867 259344 207578 922373
14 Paid-up equity share capital 
(Face value of share Rupee10/- each)
824546 824546 824546 824546
15 Reserves 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) Basic 3.03 3.15 2.52 11.19
  (b) Diluted 3.03 3.15 2.52 11.19
16(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):        
  (a) Basic 3.03 3.15 2.52 11.19
  (b) Diluted 3.03 3.15 2.52 11.19

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

Sl.No. Particulars Quarter ended
30.06.2012

(Unaudited)
Quarter ended 31.03.2012
(Unaudited)
Quarter ended 
30.06.2011 
(Unaudited)
Year ended 
31.03.2012
(Audited)
1 2 3 4 5 6
A PARTICULARS OF SHAREHOLDING        
1 Public Shareholding        
  - Number of shares 1278103220 1278103220 1278103220 1278103220
  - Percentage of shareholding 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 6967361180 6967361180 6967361180 6967361180
  - Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00
  - Percentage of shares (as a % of the total share capital of the company) 84.50 84.50 84.50 84.50
Sl.No. Particulars Quarter ended
30.06.2012
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 2
  Received during the quarter 1399
  Disposed of during the quarter 1400
  Remaining unresolved at the end of the quarter 1

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

(Rupee in Lakhs)
Sl.No. Particulars Quarter ended
30.06.2012
(Unaudited)
Quarter ended
31.03.2012
(Unaudited)
Quarter ended
30.06.2011 
(Unaudited)
Year ended
31.03.2012
(Audited)
1 2 3 4 5 6
1 Segment revenue        
  - Generation 1619098 1639578 1449136 6211551
  - Others 2950 3208 3616 14605
  - Total 1622048 1642786 1452752 6226156
2 Segment results (Profit before tax and interest)        
  - Generation 335196 379712 276356 1230036
  - Others (343) (1174) 1165 (1946)
  - Total 334853 378538 277521 1228090
  Less:        
  (i) Unallocated interest and finance charges 49935 48700 37432 171164
  (ii) Other unallocable expenditure net of unallocable income (40675) (35902) (44626) (175690)
  Profit before tax 325593 365740 284715 1232616
3 Capital employed (Segment assets - Segment liabilities)        
  - Generation 5505598 5640727 4779095 5640727
  - Others 4462 5299 5906 5299
  - Un-allocated 2068923 1683091 2211802 1683091
  - Total 7578983 7329117 6996803 7329117

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)