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PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30thJune 2014

(Rupee in Lakhs)
Sl. No. Particulars

Quarter ended
30.06.2014

(Unaudited)

Quarter ended 31.03.2014
(Unaudited)
Quarter ended 
30.06.2013 
(Unaudited)
Year ended 
31.03.2014
(Audited)
1 2 3 4 5 6
1 Income from operations        
  (a) Net sales (net of electricity duty) 1808647 2093808 1561289 7160263
  (b) Other operating income 25028 10075 8118 41630
  Total income from operations (net) 1833675 2103883 1569407 7201893
2 Expenses        
  (a) Fuel cost 1276513 1443411 942583 4582971
  (b) Employee benefits expense 93424 89465 94874 386799
  (c) Depreciation and amortisation expense 111547 120764 94233 414219
  (d) Other expenses 111875 116752 100526 455669
  Total expenses 1593359 1770392 1232216 5839658
3 Profit from operations before other income, finance costs and exceptional items (1-2) 240316 333491 337191 1362235
4 Other income 54839 59904 69693 268889
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 295155 393395 406884 1631124
6 Finance costs 66791 56769 61741 240659
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 228364 336626 345143 1390465
8 Exceptional items - - - -
9 Profit from ordinary activities before tax (7+8) 228364 336626 345143 1390465
10 Tax expenses:

 

     
  (a) Current tax (Refer note 3) (1328) 33295 87115 279360
  (b) Deferred tax 9572 (6023) 5326 13631
  Total tax expense (a+b) 8244 27272 92441 292991
11 Net profit from ordinary activities after tax (9-10) 220120 309354 252702 1097474
12 Extraordinary items (net of tax expense) - - - -
13 Net profit for the period (11-12) 220120 309354 252702 1097474
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       7756986
16(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):        
  (a) Basic 2.67 3.75 3.06 13.31
  (b) Diluted 2.67 3.75 3.06 13.31
16(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):        
  (a) Basic 2.67 3.75 3.06 13.31
  (b) Diluted 2.67 3.75 3.06 13.31

See accompanying notes to the financial results

PART II : Select Information for the Quarter ended 30th June 2014

Sl.No. Particulars Quarter ended
30.06.2014

(Unaudited)
Quarter ended 31.03.2014
(Unaudited)
Quarter ended 
30.06.2013 
(Unaudited)
Year ended 
31.03.2014
(Audited)
1 2 3 4 5 6
A PARTICULARS OF SHAREHOLDING        
1 Public Shareholding        
  - Number of shares 2064849420 2061366100 2061366100 2061366100
  - Percentage of shareholding 25.04 25.00 25.00 25.00
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 6180614980 6184098300 6184098300 6184098300
  - 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) 74.96 75.00 75.00 75.00
Sl.No. Particulars

Quarter ended
30.06.2014

B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter 12
  Received during the quarter 1795
  Disposed of during the quarter 1800
  Remaining unresolved at the end of the quarter 7

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30th June 2014

(Rupee in Lakhs)
Sl.No. Particulars Quarter ended
30.06.2014
(Unaudited)
Quarter ended
31.03.2014
(Unaudited)
Quarter ended
30.06.2013 
(Unaudited)
Year ended
31.03.2014
(Audited)
1 2 3 4 5 6
1 Segment revenue        
  - Generation 1836097 2109401 1574361 7224026
  - Others 2699 2776 2916 11507
  - Total 1838796 2112177 1577277 7235533
2 Segment results (Profit before tax and interest)        
  - Generation 269538 368873 369566 1497480
  - Others (117) 807 73 1623
  Total 269421 369680 369639 1499103
  Less:        
  (i) Unallocated interest and finance charges 66791 56769 61741 240659
  (ii) Other unallocable expenditure net of unallocable income (25734) (23715) (37245) (132021)
  Profit before tax 228364 336626 345143 1390465
3 Capital employed (Segment assets - Segment liabilities)        
  - Generation 8056956 8202810 7164159 8202810
  - Others 101465 90254 4244 90254
  - Un-allocated 642685 288468 1123050 288468
  Total 8801106 8581532 8291453 8581532
The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

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 31st July 2014.

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. 1st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 as provided in the Regulations,2014. The amount billed for the quarter ended 30th June 2014 on this basis is Rupee 18,91,134 lakh (corresponding previous quarter Rupee 15,50,469 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 CERC and disposal of the petition, sales have been provisionally recognised at Rupee 18,58,486 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 15,28,371 lakh) on the basis of said Regulations.

(c) Sales include Rupee 23,007 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee20,072 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL). Sales include (-) Rupee 78,421 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 8,110 lakh) on account of income tax refundable to / recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee 2,952 lakh for the quarter ended 30th June 2014 (corresponding previous quarter Rupee 1,892 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

3. Provision for current tax for the period includes tax related to earlier years amounting to (-) Rupee 72,563 lakh (corresponding previous quarter Nil).

4. Due to variation in the Gross Calorific Value (GCV) of coal supplied by coal companies and received at power station, the Company during October/November 2012 to October/November 2013, disputed the bills raised by the coal companies and released payments on the basis of GCV measured at station end. Settlement with most of the CIL subsidiaries has been reached and matter has been taken up with other CIL subsidiaries for early resolution. In respect of coal companies where settlements are yet to be reached, against the disputed billed amount of  Rupee 67,902 lakh as at 30th June 2014 (Rupee 2,57,875 lakh as at 31st March 2014), an amount of Rupee 45,516 lakh (Rupee 1,53,596 lakh as at 31st March 2014) has been paid / provided against the same and the balance amount of Rupee 22,386 lakh (Rupee1,04,279 lakh as at 31st March 2014) has been estimated as contingent liability with corresponding possible reimbursement from the beneficiaries. Sales corresponding to variable charges recoverable for the amounts paid/provided as above have been recognised.

5. 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 1st April 2014. Consequently, profit for the quarter is lower by Rupee 467 lakh and fixed assets are lower by Rupee 1,013 lakh. Further, an amount of Rupee 546 lakh has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

6. Solar PV Power capacity of 20 MW at Rajgarh has been declared commercial w.e.f. 30th April 2014.

7. These results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

8. 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: 31st July 2014

(K. BISWAL)
DIRECTOR (FINANCE)