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Unaudited Financial Results for the Quarter ended 30th June 2010

(Rs./ Lakh)
S.No.ParticularsQuarter ended 30.06.2010 (Unaudited)Quarter ended 30.06.2009 (Unaudited)Year ended 31.03.2010 (Audited)
12345
1(a) Net Sales (Net of Electricity Duty)129444912002684632259
 (b) Other Operating Income3580652529189873
2Expenditure   
 (a) Fuel Cost8702317742662946274
 (b) Employees Cost6838259042241236
 (c) Depreciation6827261279265006
 (d) Other Expenditure5716349393202710
 Total (a+b+c+d)10640489439803655226
3Profit from Operations before Other Income, Interest & Exceptional Items (1-2)2662073088171166906
4Other Income2268725099102533
5Profit before Interest & Exceptional Items (3+4)2888943339161269439
6Interest & Finance Charges5357544467180893
7Profit after Interest but before Exceptional Items (5-6)2353192894491088546
8Exceptional items---
9Profit (+) /Loss (-) from Ordinary Activities before Tax (7+8)2353192894491088546
10Tax Expenses:   
 a) Current Tax4211758190194544
 b) Deferred Tax90131189720913
 c) Fringe Benefit Tax (FBT)--269
 Total Tax Expenses5113070087215726
11Net Profit (+)/ Loss (-) from Ordinary Activities after Tax (9-10)184189219362872820
12Extraordinary Items (Net of tax expenses)---
13Net Profit (+)/ Loss (-) for the period (11-12)184189219362872820
14Paid-up Equity Share Capital 
(Face value of share Rs.10/- each)
824546824546824546
15Reserves excluding Revaluation Reserve as per Balance Sheet of 31st March 2010  5419196
16Earning per share - (EPS in Rs.)   
 (a) Basic and diluted EPS before Extraordinary items (not annualised)2.232.6610.59
 (b) Basic and diluted EPS after Extraordinary items (not annualised)2.232.6610.59
17Public Shareholding   
 (a) Number of shares12781032208658300001278103220
 (b) %age of shareholding15.5010.5015.50
18Promoters and Promoter Group Shareholding   
 (a) Pledged/Encumbered   
 - Number of Shares---
 - Percentage of share (as % of the total shareholding of promoter and promoter group)---
 - Percentage of share (as % of the total share capital of the company)---
 (b) Non-encumbered   
 - Number of Shares696736118073796344006967361180
 - Percentage of share (as % of the total shareholding of promoter and promoter group)100.00100.00100.00
 - Percentage of share (as % of the total share capital of the company)84.5089.5084.50

REPORTING OF SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th JUNE 2010

(Rs./ Lakh)
S.No.ParticularsQuarter ended 30.06.2010 (Unaudited)Quarter ended 30.06.2009 (Unaudited)Year ended 31.03.2010 (Audited)
12345
1Segment Revenue (Net Sales)   
 - Generation129049511968604616867
 - Others3954340815392
 - Total129444912002684632259
2Segment Results (Profit before Tax and Interest)   
 - Generation2389272676291015253
 - Others153711645816
 - Total2404642687931021069
 Less:   
 (i) Unallocated Interest and Finance Charges3425828507111682
 (ii) Other Unallocable expenditure net of unallocable income(29113)(49163)(179159)
 Total Profit before Tax2353192894491088546
3Capital Employed (Segment Assets - Segment Liabilities)   
 - Generation390267833628963945020
 - Others338125585445
 - Un-allocated252187225909192293277
 - Total642793159563736243742

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, containing inter-alia the terms and conditions for determination of tariff applicable for a period of five years with effect from 1st April 2009. Pending determination of station-wise tariff by the CERC, sales have been provisionally recognized at Rs.1,280,172 lakh during the quarter ended 30th June 2010 (previous quarter Rs. 1,197,081 lakh) on the basis of principles enunciated in the said Regulations on the capital cost considering the orders of Appellate Tribunal for Electricity (ATE) for the tariff period 2004-2009 including as referred in para (c).

The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the Company has to provisionally bill the beneficiaries at the tariff applicable as on 31st March 2009 approved by the CERC. The amount provisionally billed during the quarter ended 30th June 2010 on this basis is Rs. 1,246,524 lakh (previous quarter Rs. 1,148,541 lakh).

b) Sales of Rs.3,927 lakh (previous quarter Rs.(-) 221 lakh) pertaining to previous years has been recognized based on the orders issued by the CERC/ATE.

c) In respect of stations/units where the CERC had issued tariff orders applicable from 1st April 2004 to 31st March 2009, the Company aggrieved over many of the issues as considered by the CERC in the tariff orders, filed appeals with the ATE. The ATE disposed off the appeals favourably directing the CERC to revise the tariff orders as per the directions and methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of India on some of the issues decided by the ATE which is pending. The Company has submitted that it would not press for determination of the tariff by the CERC as per ATE orders pending disposal of the appeal by the Supreme Court.

Considering expert legal opinions obtained that, it is reasonable to expect ultimate collection, the sales for the tariff period 2004-2009 amounting to Rs. 102,560 lakh were recognised in earlier years based on provisional tariff worked out by the Company as per the methodology and directions as decided by the ATE. Due to further CERC tariff orders received during the quarter ended 30th June 2010, the provisional sales of Rs.102,560 lakh has now been increased to Rs.105,006 lakh. The sales accounted as above is subject to final outcome of the decision of the Hon’ble Supreme Court of India and consequential effect, if any, will be given in the financial statements upon disposal of the appeal.

d) Sales for the quarter ended 30th June 2010 includes Rs.6,396 lakh on account of deferred tax recoverable from customers as per CERC Tariff Regulations, 2009.

2 Employees cost includes:

a) Rs.7,932 lakh (previous quarter Rs.5,644 lakh) towards pay revision of the employees in the non-executive category due w.e.f. 1st January 2007 having regard to the guidelines issued by the Department of Public Enterprises, Government of India.

b) Rs.7,001 lakh (previous quarter Rs.8,291 lakh) towards other employee benefits.

3 Interest and finance charges include:

a) Exchange differences regarded as adjustment to interest costs Rs.4,612 lakh for the quarter ended 30th June 2010 (previous quarter Rs.Nil).

b) Other exchange differences arising from settlement/translation of foreign currency monetary items denominated in foreign currency (other than long term) amounting to Rs.(-)1,159 lakh for the quarter ended 30th June 2010 (previous quarter Rs.(-) 196 lakh).

4 Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 30th June 2010:

Sl.No.Opening BalanceAdditionsDisposalsClosing Balance
No. of complaints6295229517

5 The above results have been reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors in their meetings held on 26th July 2010.

6 The above results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreements.

7 Figures for the previous period have been regrouped/rearranged wherever necessary.

For and on behalf of the Board of Directors

Place: New Delhi
Date: 26th July 2010

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