STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

(in Crore)

Sl. No.	Particulars	Quarter ended 31.12.2018 (Unaudited)	Quarter ended 30.09.2018 (Unaudited)	Quarter ended 31.12.2017 (Unaudited)	Nine-Months ended 31.12.2018 (Unaudited)	Nine-Months ended 31.12.2017 (Unaudited)	Year ended 31.03.2018 (Audited)
1	2	3	4	5	6	7	8
1	Income
	(a) Revenue from operations	24120.36	22261.08	20774.37	69085.04	60352.44	83452.70
	(b) Other income	187.65	224.88	313.47	548.91	1237.68	1755.25
	Total income (a+b)	24308.01	22485.96	21087.84	69633.95	61590.12	85207.95
2	Expenses
	(a) Fuel cost	14511.85	12872.48	12406.89	40503.07	35745.80	48315.47
	(b) Electricity purchased for trading	710.15	613.12	386.05	2004.10	784.88	1313.51
	(c) Employee benefits expense	1146.37	1185.55	1294.26	3573.81	3366.46	4734.67
	(d) Finance costs	1277.00	1294.11	1065.01	3791.04	2880.08	3984.25
	(e)Depreciation, amortisation & impairment expense	2001.01	1888.45	1881.37	5749.61	5164.05	7098.86
	(f)Other expenses	1172.09	1997.57	1410.17	4876.97	4697.96	7421.73
	Total expenses (a+b+c+d+e+f)	20818.47	19851.28	18443.75	60498.60	52639.23	72868.49
3	Profit before tax and Regulatory deferral account balances (1-2)	3489.54	2634.68	2644.09	9135.35	8950.89	12339.46
4	Tax expense:
	(a)Current tax (refer note 4)	785.82	580.76	37.17	1951.87	1430.38	1625.50
	(b)Deferred tax	780.84	782.42	607.87	2318.50	2837.90	3631.64
	(c)Less: Deferred asset for deferred tax liability	772.53	784.61	408.41	2314.57	2481.66	2707.85
	Total tax expense (a+b-c)	794.13	578.57	236.63	1955.80	1786.62	2549.29
5	Profit after tax before Regulatory deferral account balances (3-4)	2695.41	2056.11	2407.46	7179.55	7164.27	9790.17
6	Net movement in Regulatory deferral account balances (net of tax)	(310.00)	369.91	(46.65)	220.02	253.31	553.00
7	Profit for the period (5+6)	2385.41	2426.02	2360.81	7399.57	7417.58	10343.17
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	2.57	2.44	(28.40)	7.55	(80.46)	(7.28)
	(b)Net gains/(losses) on fair value of equity instruments	31.38	(10.86)	(4.98)	6.54	30.36	(7.20)
	Other comprehensive income (net of tax) (a+b)	33.95	(8.42)	(33.38)	14.09	(50.10)	(14.48)
9	Total comprehensive income for the period (7+8)	2419.36	2417.60	2327.43	7413.66	7367.48	10328.69
10	Paid-up equity share capital (Face value of share10/- each)	8245.46	8245.46	8245.46	8245.46	8245.46	8245.46
11	Reserves excluding revaluation reserve as per balance sheet						93532.31
12	Earnings per share (of10/- each) - (not annualised) (including regulatory deferral account balances): Basic and Diluted (in)	2.89	2.94	2.86	8.97	9.00	12.54
13	Earnings per share (of10/- each) - (not annualised) (excluding regulatory deferral account balances): Basic and Diluted (in)	3.27	2.50	2.92	8.71	8.69	11.87

See accompanying notes to the financial results.

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE-MONTHS ENDED 31 DECEMBER 2018

(in Crore)

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 30 January 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 Tariff Regulations, 2014 in February 2014 (Regulations, 2014). The CERC has issued tariff orders for all the stations except six 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 the quantity supplied through conveyors/road. The amount provisionally billed for the quarter and nine-months ended 31 December 2018 is22,633.04 crore and65,507.55 crore respectively (previous quarter and nine-months19,773.08 crore and58,045.80 crore).
   2. The Company has filed a writ petition before the Hon'ble Delhi High Court contesting certain provisions of the Regulations, 2014. As per directions from the Hon'ble Delhi High Court on the issue of point of sampling for measurement of GCV of coal on ‘as received’ basis, CERC has issued an order dated 25 January 2016 (subject to final decision of the Hon'ble High Court) that samples for measurement of coal on ‘as received’ basis should be collected from wagon top at the generating stations. Vide order dated 10 November 2016, the Hon'ble Delhi High Court has permitted the Company to approach the CERC with the difficulties being faced in implementation of the order of CERC in this regard and the Company has filed a petition with the CERC. Vide Order dated 19 September 2018, CERC has held that NTPC’s petition is maintainable. Pending disposal of the petition by the CERC and ratification by the Hon'ble Delhi High Court, measurement of GCV of coal is being done from wagon top samples in respect of most of the stations barring the quantity supplied through conveyors/road.
      Sales for the quarter and nine-months ended 31 December 2018 have been provisionally recognized at22,926.52 crore and66,092.96 crore respectively (previous quarter and nine-months20,232.43 crore and58,747.37 crore) on the said basis.
   3. Sales for the quarter and nine-months ended 31 December 2018 include256 crore and120.10 crore respectively (previous quarter and nine-months11.83 crore and (-)11.41 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL) and other adjustments.
   4. Sales for the quarter and nine-months ended 31 December 2018 includeNil and0.02 crore (previous quarter and nine-months105.61 crore) on account of income-tax refundable to the beneficiaries as per Regulations, 2004.Sales for the quarter and nine-months ended 31 December 2018 also include20.89 crore and62.67 crore respectively (previous quarter and nine-months17.48 crore and52.46 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.
4. Provision for current tax for the quarter and nine-months ended 31 December 2018 includesNil and (-)105.88 crore respectively (previous quarter and nine-months (-)563.03 crore) tax related to earlier years.
5. The Board of Directors, in their meeting held on 30 January 2019, has recommended issuance of 1 bonus equity share of10/- each for existing 5 equity shares of10/- each, subject to approval of shareholders.
6. The Board of Directors has recommended interim dividend of3.58 per equity share (face value of10/- each) for the financial year 2018-19 in their meeting held on 30 January 2019.
7. The Company has adopted Ind AS 115 - 'Revenue from Contracts with Customers' which is mandatory for reporting periods beginning on or after 1 April 2018. Application of Ind AS 115 does not have any material impact on the financial results of the Company.
8. 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.
9. 9.Previous periods figures have been reclassified wherever considered necessary.

Place: New Delhi
Date: 30January, 2019For and on behalf of the Board of Directors
(Saptarshi Roy)
Director (HR & Finance)