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PART I : Statement of Standalone Unaudited Financial Results for the Quarter ended 30thJune 2013

(Rupee in Lakhs)
Sl. No. Particulars Quarter ended
30.06.2013

(Unaudited)
Quarter ended 31.03.2013
(Unaudited)
Quarter ended 
30.06.2012 
(Unaudited)
Year ended 
31.03.2013
(Audited)
1 2 3 4 5 6
1Income from operations    
  (a) Net sales (net of electricity duty) 1561289 1646184 1595996 6431638
  (b) Other operating income 4896 88725 20599 135755
 Total income from operations (net)1566185173490916165956567393
2Expenses    
  (a) Fuel cost 942583 1038969 1059772 4101825
  (b) Employee benefits expense 94250 98136 79372 336012
  (c) Depreciation and amortisation expense 94233 102126 76022 339676
  (d) Other expenses 97928 118434 94100 418150
 Total expenses1228994135766513092665195663
3Profit from operations before other income, finance costs and exceptional items (1-2)3371913772443073291371730
4 Other income 69693 88410 68199 310158
5Profit from ordinary activities before finance costs and exceptional items (3+4)4068844656543755281681888
6 Finance costs 61741 59117 49935 192436
7Profit from ordinary activities after finance costs but before exceptional items (5-6)3451434065373255931489452
8 Exceptional items - 168411 - 168411
9Profit from ordinary activities before tax (7+8)3451435749483255931657863
10 Tax expenses:

 

   
  (a) Current tax 87115 126205 68232 368084
  (b) Deferred tax 5326 10582 7494 27840
  Total tax expense (a+b) 92441 136787 75726 395924
11Net profit from ordinary activities after tax (9-10)2527024381612498671261939
12 Extraordinary items (net of tax expense) - - - -
13Net profit for the period (11-12)2527024381612498671261939
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    7214205
16(i) Earnings per share (before extraordinary items) - (of Rupee 10/- each)(not annualised) (in Rupee):    
  (a) Basic 3.06 5.31 3.03 15.30
  (b) Diluted 3.06 5.31 3.03 15.30
16(ii) Earnings per share (after extraordinary items) - (of Rupee 10/- each) (not annualised) (in Rupee):    
  (a) Basic 3.06 5.31 3.03 15.30
  (b) Diluted 3.06 5.31 3.03 15.30

See accompanying notes to the financial results

PART II : Select Information for the Quarter ended 30th June 2013

Sl.No. Particulars Quarter ended
30.06.2013

(Unaudited)
Quarter ended 31.03.2013
(Unaudited)
Quarter ended 
30.06.2012 
(Unaudited)
Year ended 
31.03.2013
(Audited)
1 2 3 4 5 6
APARTICULARS OF SHAREHOLDING    
1 Public Shareholding    
  - Number of shares 2061366100 2061366100 1278103220 2061366100
  - Percentage of shareholding 25.00 25.00 15.50 25.00
2Promoters 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 6184098300 6184098300 6967361180 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) 75.00 75.00 84.50 75.00
Sl.No. Particulars Quarter ended
30.06.2012
BINVESTOR COMPLAINTS 
  Pending at the beginning of the quarter 1
  Received during the quarter 1479
  Disposed of during the quarter 1480
  Remaining unresolved at the end of the quarter -

Segment-wise Revenue, Results and Capital Employed for the Quarter ended 30th June 2013

(Rupee in Lakhs)
Sl.No. Particulars Quarter ended
30.06.2013
(Unaudited)
Quarter ended
31.03.2013
(Unaudited)
Quarter ended
30.06.2012 
(Unaudited)
Year ended
31.03.2013
(Audited)
1 2 3 4 5 6
1Segment revenue    
  - Generation 1571139 1913528 1619098 6753745
  - Others 2916 4041 2950 12846
 - Total1574055191756916220486766591
2Segment results (Profit before tax and interest)    
  - Generation 369566 580979 335196 1664505
  - Others 73 1213 (343) 1614
 - Total3696395821923348531666119
  Less:    
  (i) Unallocated interest and finance charges 61741 59117 49935 192436
  (ii) Other unallocable expenditure net of unallocable income (37245) (51873) (40675) (184180)
 Profit before tax3451435749483255931657863
3Capital employed (Segment assets - Segment liabilities)    
  - Generation 7164159 7100418 5505598 7100418
  - Others 4244 4496 4462 4496
  - Un-allocated 1123050 933837 2068923 933837
 - Total8291453803875175789838038751

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 the meeting held on 29th July 2013 and approved by the Board of Directors in the meeting held on 30th July 2013.

2. (a) The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2009 in January 2009, and First, Second and Third Amendments thereto in May 2011, June 2011 and December 2012 respectively (Regulations, 2009). In line with the Regulations, 2009, the CERC has issued provisional/final tariff orders w.e.f. 1stApril 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 2013 on this basis is Rupee 15,50,469 lakh (corresponding previous quarter Rupee 15,82,949 lakh).

(b) In respect of stations for which the CERC has issued final tariff orders under the Regulations, 2009, and Renewable Energy Regulations, 2009, sales have been recognised at Rupee 13,66,366 lakh for the quarter ended 30thJune 2013 (corresponding previous quarter Rupee 15,06,138 lakh) after truing up capital expenditure to arrive at the capacity charges. For other stations, pending determination of station-wise final tariff by the CERC, sales have been provisionally recognized at Rupee 1,62,005 lakh for the quarter ended 30th June 2013 (corresponding previous quarter Rupee80,651 lakh) on the basis of principles enunciated in the said Regulations, 2009 after truing up capital expenditure to arrive at the capacity charges.

(c) (i) Sales include Rupee 20,072 lakh for the quarter ended 30th June 2013 (corresponding previous quarter Rupee 10,988 lakh) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

(ii) Sales include Rupee 8,110 lakh for the quarter ended 30th June 2013 (corresponding previous quarter (-) Rupee 5,881 lakh) on account of income tax recoverable from the beneficiaries as per Regulations, 2004. Sales also include Rupee1,892 lakh for the quarter ended 30th June 2013 (corresponding previous quarter Rupee 1,189 lakh) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2009.

3. Vide gazette notification F no.22021/1/2008-CRC/II dated 30.12.2011 issued by Ministry of Coal, grading and pricing of non-coking coal was migrated from Useful Heat Value (UHV) to Gross Calorific Value (GCV) based system w.e.f. 1st January 2012. The Coal Supply Agreements entered into by the Company were required to be amended to incorporate acceptable procedures for sample collection, preparation, testing and analysis, to facilitate such migration, which are still pending. The Company's Board of Directors approved payments to the coal companies based on the GCV based pricing system, and directed to frame modalities for implementation of GCV based grading system. Accordingly, modalities were framed to effect joint sampling and testing of coal at mine end/station end and future payments to coal companies. The above modalities were communicated to the coal companies w.e.f. October/ November 2012, thereafter the Company released payments on the basis of GCV measured at station end following the implementation of the said modalities since variation in the GCV of coal supplied and received at power stations was noticed. The Company regularly informed coal companies about this variation which has not been accepted by them. The issue has been taken up with the coal companies directly and through the Ministry of Power and Ministry of Coal, GOI for resolution. Pending resolution of the issue, difference between the amount billed by the coal companies and the amount admitted by the company amounting to Rupee 3,52,318 lakh upto 30th June 2013 has been considered as contingent liability with corresponding possible reimbursements from the beneficiaries.

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

5. 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: 30th July 2013

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