STATEMENT OF UNAUDITED STANDALONE & CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2019

STATEMENT OF UNAUDITED STANDALONE & CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2019

(Crore)

Sl. No.	Particulars	Quarter ended 30.06.2019 (Unaudited)	Quarter ended 31.03.2019 (Unaudited)	Quarter ended 30.06.2018 (Unaudited)	Year ended 31.03.2019 (Audited)
1	2	3	4	5	6
1	Income
	(a) Revenue from operations	24192.59	21222.39	22703.60	90307.43
	(b) Other income	326.22	1323.22	136.38	1872.13
	Total revenue (a+b)	24518.81	22545.61	22839.98	92179.56
2	Expenses
	(a) Fuel cost	13874.33	11990.67	13118.74	52493.74
	(b) Electricity purchased for trading	784.48	709.58	680.83	2713.68
	(c) Employee benefits expense	1195.81	1206.08	1241.89	4779.89
	(d) Finance costs	1565.26	925.70	1219.93	4716.74
	(e)Depreciation, amortisation and impairment expense	2050.95	1504.75	1860.15	7254.36
	(f)Other expenses	1885.59	2671.66	1707.31	7548.63
	Total expenses (a+b+c+d+e+f)	21356.42	19008.44	19828.85	79507.04
3	Profit before tax and Regulatory deferral account balances (1-2)	3162.39	3537.17	3011.13	12672.52
4	Tax expense:
	(a)Current tax (refer note 4)	696.40	897.25	585.29	2849.12
	(b)Deferred tax	373.81	(8086.33)	755.24	(5767.83)
	Total tax expense (a+b)	1070.21	(7189.08)	1340.53	(2918.71)
5	Profit after tax and before Regulatory deferral account balances (3-4)	2092.18	10726.25	1670.60	15591.23
6	Net movement in Regulatory deferral account balances (net of tax)	510.61	(6375.93)	917.54	(3841.34)
7	Profit for the period (5+6)	2602.79	4350.32	2588.14	11749.89
8	Other comprehensive income / (expense)
	Items that will not be reclassified to profit or loss (net of tax)
	(a)Net acturial gains/(losses) on defined benefit plans	(50.21)	(192.68)	2.54	(185.13)
	(b)Net gains/(losses) on fair value of equity instruments	(7.50)	(23.28)	(13.98)	(16.74)
	Other comprehensive income/(expense) (net of tax) (a+b)	(57.71)	(215.96)	(11.44)	(201.87)
9	Total comprehensive income for the period (7+8)	2545.08	4134.36	2576.70	11548.02
10	Paid-up equity share capital (Face value of share10/- each)	9894.56	9894.56	8245.46	9894.56
11	Reserves excluding revaluation reserve as per balance sheet				97513.61
12	Earnings per share (of10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in)	2.63	4.40	2.62	11.88
13	Earnings per share (of10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in)	2.11	10.84	1.69	15.76

See accompanying notes to the financial results

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2019

(Crore)

The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes:

1. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 10 August 2019 and approved by the Board of Directors in the meeting held on the same day.
2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. 1. The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed on beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations,2019. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter ended 30 June 2019 is23,124.53 crore (previous quarter21,479.97 crore as per erstwhile Tariff Regulations,2014).
   2. Sales for the quarter ended 30 June 2019 has been provisionally recognized at23,025.66 crore (previous quarter21,716.03 crore) on the said basis.
   3. Sales for the quarter ended 30 June 2019 include (-)11.64 crore (previous quarter (-)85.52 crore) pertaining to previous years, recognized on the basis of orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
   4. Sales include22.87 crore (previous quarter20.89 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.
   5. Revenue from operations include824.73 crore (previous quarter772.38 crore) on account of sale of energy through trading.
4. Provision for current tax for the quarter ended 30 June 2019 includesNil (previous quarter (-)105.88 crore) being tax related to earlier years.
5. <
6. 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 2019:356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India. In the previous year, the Arbitral Tribunal had awarded a claim of1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering a legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi against the said arbitral award in its entirety. The stay petition / appeal is yet to be disposed off by the Hon’ble High Court of Delhi. 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 of394.11 crore (upto 31 March 2019:394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent.
7. During the quarter, the Pakri Barwadih Coal Mine has been declared commercial w.e.f. 1 April 2019. Further, one thermal unit of 800 MW at Gadarwara has been declared commercial w.e.f. 1 June 2019.
8. The Company has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Company.
9. Earning per share has been adjusted for the quarter ended 30 June 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus shares during March 2019 in the ratio of one equity share of10/- each for every five shares held.
10. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.
11. Previous periods figures have been reclassified wherever considered necessary.

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2019

(Crore)

Sl. No.	Particulars		Quarter ended 30.06.2019 (Unaudited)	Quarter ended 31.03.2019 (Unaudited & not subjected to review) (refer note 2)	Quarter ended 30.06.2018 (Unaudited & not subjected to review) (refer note 2)	Year ended 31.03.2019 (Audited)
1	2		3	4	5	6
1	Income
	(a) Revenue from operations		25931.11	22889.81	24013.23	95742.03
	(b) Other income		341.13	1255.28	135.27	1795.31
	Total income (a+b)		26272.24	24145.09	24148.50	97537.34
2	Expenses
	(a) Fuel cost		14420.66	12450.18	13351.82	53833.78
	(b) Electricity purchased for trading		1443.04	1336.31	1496.88	5288.12
	(c) Employee benefits expense		1221.11	1255.39	1256.31	4907.59
	(d) Finance costs		1767.23	1066.45	1343.28	5260.85
	(e)Depreciation, amortisation and impairment expense		2192.15	1631.07	1962.32	7688.10
	(f)Other expenses		1946.35	2580.50	1740.70	7603.03
	Total expenses (a+b+c+d+e+f)		22990.54	20319.90	21151.31	84581.47
3	Profit before tax, Regulatory deferral account balances and Share of net profit of joint ventures accounted for using equity method (1-2)		3281.70	3825.19	2997.19	12955.87
4	Share of net profits of joint ventures accounted for using equity method		147.11	270.94	126.47	672.07
5	Profit before tax and Regulatory deferral account balances (3+4)		3428.81	4096.13	3123.66	13627.94
6	Tax expense:
	(a)Current tax (refer Note 5)		725.22	939.88	595.38	2916.31
	(b)Deferred tax		373.81	(8441.22)	755.24	(6122.72)
	Total tax expense (a+b)		1099.03	(7501.34)	1350.62	(3206.41)
7	Profit after tax before Regulatory deferral account balances (5-6)		2329.78	11597.47	1773.04	16834.35
8	Net movement in Regulatory deferral account balances (net of tax)		510.50	(6733.96)	915.92	(4200.90)
9	Profit for the period (7+8)		2840.28	4863.51	2688.96	12633.45
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	(50.21)	(192.68)	2.54	(185.13)
		(ii)Net gains/(losses) on fair value of equity instruments	(7.50)	(23.28)	(13.98)	(16.74)
		(iii)Share of other comprehensive income of joint ventures accounted for under the equity method	(0.32)	(0.66)	0.09	(1.07)
	(b)Items that will be reclassified to profit or loss (net of tax)
		Exchange differences on translation of foreign operations	(2.42)	(3.38)	7.88	11.67
	Other comprehensive income/(expense) (net of tax) (a+b)		(60.45)	(220.00)	(3.47)	(191.27)
11	Total comprehensive income (9+10)		2779.83	4643.51	2685.49	12442.18
12	Profit attributable to owners of the parent		2837.12	4843.13	2700.99	12640.02
13	Profit attributable to non-controlling interest		3.16	20.38	(12.03)	(6.57)
14	Other comprehensive income/(expense) attributable to owners of the parent		(60.45)	(220.00)	(3.47)	(191.27)
15	Other comprehensive income/(expense) attributable to non controlling interest		-	-	-	-
16	Paid-up equity share capital (Face value of share10/- each)		9894.56	9894.56	8245.46	9894.56
17	Reserves excluding revaluation reserve as per balance sheet					100142.43
18	Earnings per share (of10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in)		2.87	4.89	2.73	12.77
19	Earnings per share (of10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in)		2.35	11.70	1.80	17.02

See accompanying notes to the financial results.

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30 JUNE 2019

(Crore)

The operations of the Company are mainly carried out within the country and therefore, there is no reportable geographical segment.

Notes:

1. 1.The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 10 August 2019 and approved by the Board of Directors in the meeting held on the same day.
2. The statutory auditors of the Company have carried out the limited review of these financial results as required under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The comparative figures for the quarter ended 30 June 2018 and for the quarter ended 31 March 2019 have been prepared by the Management and have not been subject to limited review or audit. However, the Management has exercised necessary due diligence in preparing these results.
3. 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.		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.		41.29
   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 Companies at Sl. No.16 and 17 which are incorporated in Srilanka and Bangladesh respectively.

4. 1. The CERC notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2019 vide Order dated 7 March 2019 (Regulations, 2019) for determination of tariff for the tariff period 2019-2024. Pending issue of provisional/final tariff orders with effect from 1 April 2019 for all stations, capacity charges are billed on beneficiaries in accordance with the tariff approved and applicable as on 31 March 2019, as provided in Regulations,2019. Energy charges are billed as per the operational norms specified in the Regulations 2019. The amount provisionally billed for the quarter ended 30 June 2019 is23,597.28 crore (previous quarter21,431.98 crore as per erstwhile Tariff Regulations,2014).
   2. Sales for the quarter ended 30 June 2019 has been provisionally recognized at23,523.99 crore (previous quarter21,765.55 crore) on the said basis.
   3. Sales for the quarter ended 30 June 2019 include13.73 crore (previous quarter (-)85.52 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).
   4. Sales include22.87 crore (previous quarter20.89 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2019.
   5. Revenue from operations include2,042.31 crore (previous quarter2,037.28 crore) on account of sale of energy through trading.
5. Provision for current tax for the quarter ended 30 June 2019 includesNil (previous quarter (-)105.88 crore) being tax related to earlier years.
6. 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 2019:356.31 crore) has since been deposited based on the interim arbitral award and subsequent directions of the Hon’ble Supreme Court of India. In the previous year, the Arbitral Tribunal had awarded a claim of1,891.09 crore plus applicable interest in favour of the operator. The Company aggrieved by the arbitral award and considering a legal opinion obtained had filed an appeal before Hon'ble High Court of Delhi against the said arbitral award in its entirety. The stay petition / appeal is yet to be disposed off by the Hon’ble High court of Delhi. 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 of394.11 crore (upto 31 March 2019:394.07 crore) has since been provided for on an estimated basis as against the above claim and the balance is considered as contingent.
7. 7.During the quarter, the Pakri Barwadih Coal Mine has been declared commercial w.e.f. 1 April 2019. Further, one thermal unit of 800 MW at Gadarwara has been declared commercial w.e.f. 1 June 2019.
8. The Group has adopted Ind AS 116 'Leases' effective 1 April 2019, using modified retrospective approach and therefore the comparatives have not been restated. On the date of initial application, the lease liability has been measured at the present value of the remaining lease payments and right of use assets has been recognized at an amount equal to the lease liabilities. Application of Ind AS 116 does not have any material impact on the financial results of the Group.
9. Earning per share has been adjusted for the quarter ended 30 June 2018 as per Ind AS 33 'Earning per share' on account of issue of fully paid bonus sharesduring March 2019 in the ratio of one equity share of10/- each for every five shares held.
10. For all secured bonds issued by the Company, 100% security cover is maintained for outstanding bonds. The security has been created on fixed assets through English/Equitable mortgage as well as hypothecation of movable assets of the Company.
11. Previous periods figures have been reclassified wherever considered necessary.

For and on behalf of the Board of Directors
(K.SREEKANT)
DIRECTOR (FINANCE)Place: New Delhi
Date: 10August 2019