STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2019

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Sl. No.	Particulars			Standalone					Consolidated
				Quarter ended 31.03.2019 (Unaudited)	Quarter ended 31.03.2018 (Unaudited)	Quarter ended 31.03.2018* (Unaudited)	Year ended 31.03.2019 (Audited)	Year ended 31.03.2018* (Audited)	Year ended 31.03.2019 (Audited)	Year ended 31.03.2018* (Audited)
1	2			3	4	5	6	7	8	9
1	Income
	(a)	Revenue from operations		21222.39	24120.36	23100.26	90307.43	83452.70	95742.03	88083.31
	(b)	Other income		1323.22	187.65	517.57	1872.13	1755.25	1795.31	1558.28
	Total income (a+b)			22545.61	24308.01	23617.83	92179.56	85207.95	97537.34	89641.59
2	Expenses
	(a)	Fuel cost		11990.67	14511.85	12569.67	52493.74	48315.47	53833.78	48992.80
	(b)	Electricity purchased for trading		709.58	710.15	528.63	2713.68	1313.51	5288.12	4323.49
	(c)	Employee benefits expense		1206.08	1146.37	1368.21	4779.89	4734.67	4907.59	4791.97
	(d)	Finance costs		925.70	1277.00	1104.17	4716.74	3984.25	5260.85	4434.59
	(e)	Depreciation, amortisation and impairment expense		1504.75	2001.01	1934.81	7254.36	7098.86	7688.10	7459.93
	(f)	Other expenses		2671.66	1172.09	2723.77	7548.63	7421.73	7603.03	7554.59
	Total expenses (a+b+c+d+e+f)			19008.44	20818.47	20229.26	79507.04	72868.49	84581.47	77557.37
3	Profit before tax, Regulatory deferral account balances and Share of net profit of joint ventures accounted for using equity method (1-2)			3537.17	3489.54	3388.57	12672.52	12339.46	12955.87	12084.22
4	Share of net profits of joint ventures accounted for using equity method								672.07	445.05
5	Profit before tax and Regulatory deferral account balances (3+4)			3537.17	3489.54	3388.57	12672.52	12339.46	13627.94	12529.27
6	Tax expense:
	(a)		Current tax (refer note 4)	897.25	785.82	195.12	2849.12	1625.50	2916.31	1664.86
	(b)		Deferred tax (refer Note 10 and 11(i))	(8086.33)	780.84	793.74	(5767.83)	3631.64	(6122.72)	3988.08
	Total tax expense (a+b)			(7189.08)	1566.66	988.86	(2918.71)	5257.14	(3206.41)	5652.94
7	Profit after tax before Regulatory deferral account balances (5-6)			10726.25	1922.88	2399.71	15591.23	7082.32	16834.35	6876.33
8	Net movement in Regulatory deferral account balances (net of tax) (refer Note 10 and 11(i))			(6375.93)	462.53	525.88	(3841.34)	3260.85	(4200.90)	3625.17
9	Profit for the year (7+8)			4350.32	2385.41	2925.59	11749.89	10343.17	12633.45	10501.50
10	Other comprehensive income/(expense)
	(a)	Items that will not be reclassified to profit or loss (net of tax)
		(i)	Net acturial gains/(losses) on defined benefit plans	(192.68)	2.57	73.18	(185.13)	(7.28)	(185.13)	(7.28)
		(ii)	Net gains/(losses) on fair value of equity instruments	(23.28)	31.38	(37.56)	(16.74)	(7.20)	(16.74)	(7.20)
		(iii)	Share of other comprehensive income of joint ventures accounted for under the equity method						(1.07)	(0.16)
	(b)	Items that will be reclassified to profit or loss (net of tax)
			Exchange differences on translation of foreign operations						11.67	(6.05)
	Other comprehensive income/(expense) (net of tax) (a+b)			(215.96)	33.95	35.62	(201.87)	(14.48)	(191.27)	(20.69)
11	Total comprehensive income (9+10)			4134.36	2419.36	2961.21	11548.02	10328.69	12442.18	10480.81
12	Profit attributable to owners of the parent								12640.02	10543.95
13	Profit attributable to non-controlling interest								(6.57)	(42.45)
14	Other comprehensive income/(expense) attributable to owners of the parent								(191.27)	(20.69)
15	Other comprehensive income/(expense) attributable to non controlling interest								-	-
16	Paid-up equity share capital (Face value of share10/- each)			9894.56	8245.46	8245.46	9894.56	8245.46	9894.56	8245.46
17	Paid-up debt capital$						127430.48	115104.29	145723.29	123368.18
18	Reserves excluding revaluation reserve as per balance sheet						97513.61	93532.31	100142.43	95318.01
19	Net worth**						106771.54	101146.56	109396.49	102932.02
20	Debenture redemption reserve						7902.43	7274.56	7902.43	7274.56
21	Earnings per share (of 10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in) (Refer Note 14)			4.40	2.41	2.96	11.88	10.45	12.77	10.66
22	Earnings per share (of 10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in) (Refer Note 14)			10.84	1.94	2.43	15.76	7.16	17.02	6.99
23	Debt equity ratio						1.19	1.14	1.33	1.20
24	Debt service coverage ratio (DSCR)						2.21	2.14	2.23	2.15
25	Interest service coverage ratio (ISCR)						5.26	5.93	5.09	5.56

*Restated

^$Comprises long term debts
** Excluding fly ash utilization reserve and corporate social responsibility reserve
See accompanying notes to the financial results.

STATEMENT OF ASSETS AND LIABILITIES

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AUDITED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31 MARCH 2019

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*Restated

The operations of the company are mainly carried out within the country and therefore, there is no reportablegeographical segment.

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 25 May 2019 and approved by the Board of Directors in the meeting held on the same day.
2. The subsidiary and joint venture companies considered in the consolidated financial results are as follows:

   a)	Subsidiary Companies	Ownership (%)
   1	NTPC Electric Supply Company Ltd.	100.00
   2	NTPC Vidyut Vyapar Nigam Ltd.	100.00
   3	Kanti Bijlee Utpadan Nigam Ltd.	100.00
   4	Nabinagar Power Generating Company Ltd.(previously Nabinagar Power Generating Company Private Ltd.)#	100.00
   5	Bhartiya Rail Bijlee Company Ltd.	74.00
   6	Patratu Vidyut Utpadan Nigam Ltd.	74.00
   b)	Joint venture Companies
   1	Utility Powertech Ltd.	50.00
   2	NTPC GE Power Services Private Ltd.*	50.00
   3	NTPC SAIL Power Company Ltd.	50.00
   4	NTPC Tamilnadu Energy Company Ltd.	50.00
   5	Ratnagiri Gas and Power Private Ltd.	25.51
   6	Aravali Power Company Private Ltd.	50.00
   7	Meja Urja Nigam Private Ltd.	50.00
   8	NTPC-BHEL Power Projects Private Ltd.*	50.00
   9	National High Power Test Laboratory Private Ltd.*	20.00
   10	Transformers and Electricals Kerala Ltd.*	44.60
   11	Energy Efficiency Services Ltd.*	36.36
   12	CIL NTPC Urja Private Ltd.*	50.00
   13	Anushakti Vidhyut Nigam Ltd.*	49.00
   14	Hindustan Urvarak and Rasayan Ltd.	33.33
   15	Konkan LNG Private Ltd.*	14.82
   16	Trincomalee Power Company Ltd.*	50.00
   17	Bangladesh-India Friendship Power Company Private Ltd.*	50.00
   All the above Companies are incorporated in India except Company at Sl. No.16 and 17 which are incorporated in Srilanka and Bangladesh respectively.
   * The financial statements are un-audited and certifed by the management of respective companies and have been considered for consolidated financial statements of the Group. The figures appearing in their respective financial statements may change upon completion of their audit.

   # Joint Venture Company till 28 June 2018 and Subsidiary w.e.f. 29 June 2018.

3. 1. The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for all the stationsof the Company except five stations for the period 2014-19, under Regulations, 2014, and beneficiaries are billed based on such tariff orders issued by the CERC. For other stations, beneficiaries are billed in accordance with the principles given in the Regulations, 2014. The energy charges in respect of the coal based stations are provisionally billed based on the GCV of coal 'As received', measured at wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/road and other difficulties. The amount provisionally billed is 88,278.09 crore (31 March 2018:79,231.07 crore).
   2. The Company filed a writ petition before the Hon'bleHigh Court of Delhi contesting certain provisions of the Regulations, 2014 including issue relating to the measurement of GCV. As per directions from the Hon'ble High Court on the issue of point of sampling for measurement of GCV of coal on ‘As received’ basis, CERC issued an order dated 25 January 2016 that samples for measurement of coal on ‘Asreceived’ basis should be collected from wagon top at the generating stations. Consequent to this order , wagon top sampling for measurement of ‘Asreceived’ GCV was implemented at NTPC Stations w.e.f 1 October 2016. Thereafter the company approached the CERC with the difficulties being faced in implementation of said order through Petition No. 244/MP/2016 seeking inter-alia a margin in the GCV measured at wagon top. This petition is pending in CERC.
      Pending disposal of the petition by the CERC for the tariff period 2014-19, measurement of GCV of coal is being done from wagon top samples in respect of most of the stations barring a few on the grounds of safety issues, for the quantity supplied through conveyors/ road and other difficulties.
      The writ Petition filed in Hon’ble High Court of Delhi was withdrawn without prejudice to the rights and contentions of the Company in the above petition pending before the CERC for adjustments of loss of GCV relating the period 2014-19. Subsequently, in the Tariff Regulation forthe tariff period 2019-24, CERC has allowed a compensation of 85 kcal/kg on the Weighted Average GCV of coal ‘As received’ on account of compensation during storage at the generating stations.
      Sales have been provisionally recognized at89,007.64 crore (31 March 2018: 79,683.50 crore) on the said basis.
   3. Sales of the Company include0.02 crore (31 March 2018:210.33 crore) on account of income tax refundable to the beneficiaries as per Regulations, 2004. Sales also include82.68 crore (31 March 2018:66.98 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
   4. Sales include (-)2,775.82 crore (31 March 2018:6.44 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL). This includes reversal of sales amounting to2,926.47 crore in respect of one of the stations, considering the directions issued by the CERC and subsequent developments as detailed in Note 3(e) below.
   5. The commercial operation date (COD) of one of the stations of the Company declared by the Company as 14 November 2014 was challenged by one of its beneficiaries. CERC vide order dated 20 September 2017, directed to consider the COD of the said unit as 8 March 2016 in place of 14 November 2014. The CERC further directed that the revenue earned over and above fuel cost from sale of infirm power from 15 November 2014 to 7 March 2016, be adjusted in the capital cost of the said unit. The Company filed an appeal against this order in APTEL on 11 October 2017. Pending disposal of the appeal and considering the said order of the CERC, sales for the year 2017-18 was recognized as per CERC order and provision for tariff adjustment was made for the sales recognised till March 2017. On 25 January 2019, APTEL disposed off the Company’s appeal by upholding the said CERC order. Further, the Company’s appeal against the said CERC order has also been dismissed by the Hon’ble Supreme Court of India on 5 April 2019. Consequently, provision for tariff adjustment amounting to276.69 crores, expenditure of2,708.88 crore and sales of2,926.47 crore for the period from 15 November 2014 to 31 March 2018 have been reversed and related adjustment have been carried out in the property, plant and equipment during the year. This has resulted in increase in profit for the year by59.10 crore and reduction in PPE amounting to499.37 crore.
4. Provision for current taxof the Company for the year includes tax related to earlier years amounting to (-)105.88 crore (31 March 2018 (-)951.30 crore).
5. During the year, one thermal unit of 800 MW at Kudgi w.e.f. 15 September 2018, one thermal unit of 250 MW at Bongaigaon w.e.f. 26 March 2019 and one thermal unit of 660 MW at Solapur w.e.f. 30 March 2019 of the company have been declared commercial.Further, pursuant to Memorandum of Understanding dated 15 May 2018 with Government of Bihar and Bihar Power Utilities, the Companyhas acquired Barauni thermal Power Station having 2 units 110 MW (R&M) and 2 units 250 MW (under construction).
6. The environmental clearance (“clearance”) granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project consisting of three units of 800 MW each, was challenged before the National Green Tribunal (NGT). The NGT disposed off the appeal, inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgement of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon’ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. All the three units of 800 MW each have since been declared commercial. Aggregate cost incurred on the project upto 31 March 2019 is15,598.80 crore (31 March 2018:15,522.77 crore). Management is confident that the approval for the project shall be granted, hence no provision is considered necessary.
7. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon’ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon’ble Supreme Court of India on 7 May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the said hydro project of the Company. In the proceedings, Hon’ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 31 March 2019 is163.33 crore (31 March 2018:163.23 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.
8. Non-current assets - other financial assets includes719.71 crore (31 March 2018:680.11 crore) towards the cost incurred upto 31 March 2019 in respect of one of the hydro power projectsof the Company, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI which includes413.40 crore (31 March 2018:390.59 crore) in respect of arbitration awards challenged by the Company before Hon'ble High Court of Delhi. In the event the Hon'ble High Court grants relief to the Company, the amount would be adjusted against Current liabilities - Provisions. Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.
9. The Company had entered into an agreement for movement of coal through inland waterways for one of its stations. As per the agreement, the operator was to design, finance, build, operate and maintain the unloading and material handling infrastructure for 7 years after which it was to be transferred to the Company at1/-. After commencement of the operations, the operator had raised several disputes, invoked arbitration and raised substantial claims on the Company. An amount of356.31 crore (31 March 2018:158.50 crore) has been deposited till 31 March 2019 based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India. During the year, the Arbitral Tribunal has awarded a claim of1,891.09 crore plus applicable interest in favour of the operator vide their order dated 27 January 2019. The Company aggrieved by the arbitral award and considering a legal opinion obtained has filed an appeal before Hon'bleHigh Court of Delhi against the said arbitral award in its entirety. Considering the provisions of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, Significant Accounting Policies of the Company and the principle of conservatism, an amount of394.07 crore has been estimated and provided for and an amount of1,875.73 crore has been disclosed as contingent liability, along with applicable interest.
10. During the year, the Company has recognised MAT credit available to the Company in future amounting to8,257.38 crore (31 March 2018:Nil) as the same is likely to give future economic benefits in the form of availability of set off against future income tax liability. Out of the above, an amount of7,615.10 crore (31 March 2018:Nil) has been recognized as payable to beneficiaries through regulatory deferral account balances.
11. In accordance with Ind AS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' and Ind AS 1 ' Presentation of Financial Statements', the Group has retrospectively restated its Balance Sheet as at 31 March 2018 and 1 April 2017 (beginning of the preceding period) and Statement of Profit and Lossfor the year ended31 March 2018 for the reasons as stated below.
    1. As per CERC Regulations, 2014, the power utilities of the Group areentitled to a fixed return on its investment, net of tax. Consequently, tax is a pass-through cost.Apractice was followed by recognising an asset ('Deferred assets for Deferred tax liability') for the tax liability recognised in the financial statements which is recoverable from the beneficiaries. The Group used to offset deferred asset for deferred tax liability recognised with the deferred tax liabilities (Net) and income on account of deferred asset for deferred tax liability was also offset with the tax expense recognised in the Statement of Profit and Loss.
       During the year, based on an opinion pronounced by(EAC) of(ICAI), the Group has recognised Deferred asset for Deferred tax liability as a regulatory deferral account debit/credit balance in accordance with Ind AS 114, Regulatory Deferral Accounts.
       As a result, regulatory deferral account debit/credit balance has increased with a corresponding increase in Deferred tax liabilities (Net) as under:
       As at 1 April 2017:4,927.84 croreand4,925.85 crore on standalone and consolidated basis respectively.
       As at 31 March 2018:7,638.53 croreand 7,993.49 crore on standalone and consolidated basis respectively.
       Further, for the year ended 31 March 2018, 'Net movement in regulatory deferral account balances' has increased by2,707.85 crore crore and3,064.80 crore, on standalone and consolidated basis respectively, with a corresponding increase in deferred tax expense .
       For the quarter ended 31 December 2018 and 31 March 2018, 'Net movement in regulatory deferral account balances' has increased by an amount of772.53 crore and226.19 crore respectively with a corresponding increase in deferred tax expense in the standalone financial results.
    2. The Company was capitalizing expenditure incurred under Rehabilitation and Resettlement (R&R) Schemes as cost of land. During the year, an opinion has been pronounced by Expert Advisory Committee (EAC) of Institute of Chartered Accountants of India (ICAI) stating that the R&R expenditure incurred for development activities associated with the project (not merely for acquisition of land) can be considered as directly attributable to the project. Accordingly, R&R expenditure incurred for development activities associated with the project capitalized as cost of land have been reviewed. This has resulted in decrease in property,plant and equipment as at 31 March 2018 by1,293.04 crore (1 April 2017:1,619.36 crore)with corresponding increase in capital work-in progress to the same extent standalone and consolidated basis.
12. 1. During the year, the Company has voluntarily changed the accounting policy for ‘Development expenditure on coal mines’ considering the expected time for delivering sustainable operations by the coal mines. Consequently, one of the coal mines has been declared commercial w.e.f. 1 April 2019 instead of 7 December 2018. Due to the above change, impact on profit for the year is (-)24.70 crore
    2. During the year, the Company has revised certain other accounting policies for improved disclosures. There is no impact on accounts due to these changes. 
13. During the quarter, the Company has paid an interim dividend of3.58 per equity share (par value10/- each) for the Finanicalyear 2018-19. The Board of Directors has recommended final dividend of2.50 per equity share (par value10/- each). The total dividend (including interim dividend) for the financial year 2018-19 is6.08per equity share (par value10/- each).
14. The Company has issued 164,90,92,880 equity shares of10/- each as fully paid bonus shares during the year ended 31 March 2019in the ratio of one equity share of10/- each for every five equity shares held. This has been considered for calculating weighted average number of equity shares for all comparative periods presented as per Ind AS 33. In line with the above, EPS (basic and diluted) have been adjusted for all periods presented.
15. The Company entered into a Memorandum of Understanding (MoU) with State Government of Bihar and its affiliate companies on 15 May 2018 for buy-out of equity of Bihar State Power Generation Company Limited (BSPGCL) in Kanti Bijlee Utpadan Nigam Limited (KBUNL) and Nabinagar Power Generating Company Private Limited (NPGCL) and acquisition of Barauni Thermal Power Station (BTPS). Consequently, the Company bought the equity shares of BSPGCL in KBUNL and NPGCL for an amount of392.78 crore and 1,737.19 crore respectively. As a result, KBUNL and NPGCL became wholly-owned subsidiaries of the Company with effect from 29 June 2018. Further, pursuant to the same MoU, all assets and liabilities (including mining rights) of BTPS have been acquired for an amount of2,145.33 crore by the Company with effect from 15 December 2018. The acquisition of NPGCL and BTPS has been accounted as per the provisions of Ind AS 103 - Business Combinations.
16. The Group has adopted Ind AS 115 - 'Revenue from Contracts with Customers' which is mandatory for reporting periods beginning on or after 1 April 2018, using the cumulative effect method and therefore the comparatives have not been restated and continues to be reported as per Ind AS 11 and Ind AS 18. On account of adoption of Ind AS 115, no cumulative adjustment was required as at 1 April 2018. Application of Ind AS 115 does not have any impact on the standalone financial results of the Company. However, adoption of Ind AS 115 has resulted in decline in both 'Revenue from operations' and 'Electricity purchased for trading' by1,046.39 crore for the year ended 31 March 2019 on consolidated basis.
17. Formula used for computation of coverage ratios DSCR = Earning before Interest, Depreciation, Tax and Exceptional items /(Interest net of transfer to expenditure during construction +Scheduled principalrepayment of the long term borrowings) and ISCR = Earning before Interest, Depreciation, Tax and Exceptional items/(Interest net of transfer to expenditure during construction).
18. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on property, plant and equipmentthrough English/Equitable mortgage as well as hypothecation of movable assets of the Company.
19. Previous periods/year figures have been reclassified wherever considered necessary.
20. 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, post adjustments as detailed in Note 11.
21. The audited accounts are subject to review by the Comptroller and Auditor General of India under Section 143 (6) of the Companies Act, 2013.
22. The standalone and consolidated financial statements of the Company for the year ended 31 March 2019 have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013.The statutory auditors have issued unmodified opinion on these standalone and the consolidated financial statements.

For and on behalf of Board of Directors
(K.Sreekant)
DIRECTOR (FINANCE)Place: New Delhi
Date: 25May 2019