Unaudited Financial Results for the Quarter ended 30th september 2004 and half-year ended 30the september 2004

Sr. No.	Particulars	Quarter ended 30.09.2004	Quarter ended 30.09.2003	Half Year ended 30.09.2004	Half Year ended 30.09.2003 (Audited)	Year ended 31.03.2004 (Audited)
1	Net Sales/Income from operations (Net of Electricity Duty)	52497	34840*	104413	82750*	188712*
2	Other Income
	-Recurring	5276	38364*	10655	40058*	61282*
	-Non Recurring	2	4858	3	4858	9648
	-Total(2)	5278	43222	10658	44916	70930
3	Total Expenditure
	(a) Staff Cost	2497	1957	4877	4202	8835
	(a) Other Expenditure
	-Fuel Cost	31343	27735	63226	55072	122150
	-Rebate Under One Time Settlement
	-Scheme	1747	13939*	3494	13939*	21311*
	-Others	3103	3405	5732	6472	15831
	-Total (b)	36193	45079	72452	75483	159292
4	Interest & Finance Charges	2713	2823	5477	5401	12386
5	Depreciation	4866	4981	9651	9785	20232
6	Profit before Tax(1+2-3-4-5)	11506	23222	22614	32795	58897
7	Provision for:
	-Current Tax	3093	1610	5303	2137	8682
	-Deferred Tax	725	601	1832	3958	7901
	-Less: Recoverable	3252	601	6002	3958	10294
	-Provision for tax (Net)	566	1610	1133	2137	6289
8	Net profit after tax	10940	21612*	21481	30658*	52608*
9	Paid-up Equity share Capital (Face Value of share Rs 10/- each)	78125	78125	78125	78125	78125
10	Reserver excluding revaluation reserve (as per Balance Sheet of 31st March, 2004)		-		-	277376
11	#Earning per share - Basic and Diluted(Rs)	1.40	2.77	2.75	3.92	6.73

#Non annualized

Note

1. * Net sales, other income and rebate under One Time Settlement Scheme are not comparable as they include adjustments pertaining to previous years carried out with retrospective effect. If these adjustments are excluded, comparable net profit after tax for the quarter ended 30th September 2003, for the Half-year ended 30th September 2003 and for the year ended 31st March 2004 works out to Rs. 9242 million, Rs. 18281 million and Rs. 39869 million respectively and comparative position of item Sl. No. 8 would be as under:
   
   

   	Quarter ended 30.09.2004	Quarter ended 30.09.2003	Half year ended 30.09.2004	Half year ended 30.09.2003	Year ended 31.03.2004
   Net profit after tax (Rs. Million)	10940	9242	21481	18281	39869

   
   
   
2. Central Electricity Regulatory Commission (CERC) have issued tariff regulations, 2004 with respect to norms for determination of tariff applicable for a period of 5 years w.e.f. 1.4.2004. As per these regulations, Return on Equity is 14% p.a. as against 16% p.a. earlier allowed. Further, pending determination of tariff, CERC have directed by notification that on provisional basis, the annual fixed charges as applicable on 31.03.2004 shall be billed at the target availability and variable charges based on norms of operation notified in the Regulations 2004.
   
   
3. Based on the above regulation/notification the amount billed for the quarter is Rs.54,434 million. Since the amount billed is subject to adjustment w.e.f. 1st April 2004 on final determination of tariff, sales have been provisionally recognized for the quarter for an amount of Rs. 52,256 million based on the norms enunciated by CERC in the Tariff Regulation, 2004
   
   
4. The company has followed the same accounting policies as that of year 2003-04 for the quarter ended 30.09.2004.
   
   
5. The effect of Accounting Standard - 28, Impairment of Assets and Accounting Standard -29, Provisions, Contingent Liabilities and Contingent Assets, which have become effective from 1.4.2004 for preparation of financial statements, have not been considered in the above provisional results.
   
   
6. The above results have been taken on record by the Board of Directors in the meeting held on 27.10.2004.
   
   
7. Figures for previous period have been regrouped/rearranged wherever necessary.