NTPC - Financial Results

Unaudited Financial Results for the Quarter ended 31st December 2004

(Rs Million)

Sr. No.	Particulars	Quarter ended 31.12.2004	Quarter ended 31.12.2003	Nine Month period ended 31.12.2004	Nine Month period ended 31.12.2003	Year ended 31.03.2004 (Audited)
1	Net Sales/Income from operations (Net of Electricity Duty)	56982	53626	161395	136376*	188712*
2	Other Income	5724	4347	16382	49263	70930
3	Total Expenditure
	(a) Staff Cost	2070	2065	6947	6267	8835
	(b) Other Expenditure
	-Fuel Cost	34463	32318	97689	87390	122150
	-Rebate Under One Time Settlement Scheme	1747	2136	5241	16075*	21311*
	-Others	2978	2828	8710	9300	15831
	-Total (b)	39188	37282	111640	112765	159292
4	Interest & Finance Charges	2401	2507	7878	7908	12386
5	Depreciation	4981	5117	14632	14902	20232
6	Profit before Tax(1+2-3-4-5)	14066	11002	36680	43797	58897
7	Provision for:
	-Current Tax	3039	2811	8342	4948	8682
	-Deferred Tax	1467	1135	3299	5093	7901
	-Less: Recoverable	4095	1135	10097	5093	10294
	-Provision for tax (Net)	411	2811	1544	4948	6289
8	Net profit after tax	13655	8191	35136	38849*	52608*
9	Paid-up Equity share Capital (Face Value of share Rs 10/- each)	82455	78125	82455	78125	78125
10	Reserves excluding revaluation reserve (as per Balance Sheet of 31st March, 2004)	-	-	-	-	277376
11	Earning per share - Basic and Diluted(Rs) Non annualized	1.68	1.05	4.44	4.97*	6.73*
12	Aggregate of Non-Promoter shareholding
	Number of Shares	865,830,000	-	865,830,000	-	-
	Percentage of Shareholding	10.50	-	10.50	-	-

Notes

*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 and earning per share(basic&diluted) for the nine month period ended on 31st December 2003 and for the year ended 31st March 2004 would be as under:

	Nine Month period ended 31.12.2004	Nine Month period ended 31.12.2003	Year ended 31.03.2004
Net profit after tax(Rs. Million)	35136	26472	39869
Earning per share - Basic and diluted(Rs.) Non-annualized	4.44	3.39	5.10

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.

Based on the above regulation/notification the amount billed for the quarter is Rs.59,287 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. 56,008 million.

In October 2004, the company made initial public issue of 865,830,000 equity shares of Rs. 10 each for cash at a price of Rs. 62 per share including premium of Rs. 52 per share consisting of a fresh issue of 432,915,000 equity shares by the company including reservation of 20,615,000 equity shares for its employees and offer for sale of 432,915,000 equity shares by the President of India acting through Ministry of Power, Government of India aggregating to Rs. 53,681 million including premium. The company retained Rs. 26,840 million as its share of the issue proceeds including share premium of Rs. 22,512 million and the sale proceeds of the equity shares of Government of India amounting to Rs. 26,841 million was paid to the Ministry of Power, Government of India. Out of the issue proceeds, a sum of Rs. 1,421 million has been utilized during the quarter ended 31st December 2004 for part financing the capital expenditure on the projects identified for utilization of the proceeds as indicated in the prospectus. The balance amount of the proceeds after utilization for the identified projects has been invested in different instruments as per the investment policy of the company.

After the Public Issue, the issued and paid up share capital increased from Rs. 78,125 million to Rs. 82,455 million and the holding of Government of India has come down to 89.5% as against earlier 100%. Remaining shares of the company are held by individuals, Foreign Institutional Investors, Corporate bodies, etc. The shareholding pattern as on 31st December 2004 has been hosted at the the company website at www.ntpc.co.in.

The shares of the company are listed in the National Stock Exchange, Mumbai and The Stock Exchange, Mumbai on 5th November 2004.

The installed capacity of the company has increased from 21,435 MW as on 31st March 2004 to 22,435 MW as on 31st December 2004. The addition in the capacity includes commissioning of a 500 MW unit at Talcher Super Thermal Power Project on 13th May 2004 and another 500 MW unit at Ramagundam Super Thermal Power Project on 31st August 2004. The 500 MW unit of Talcher Super Thermal Power Project has also started generation on commercial basis from 1st November 2004.

Information on investors' complaints pursuant to clause 41 of Listing Agreements for the quarter ended 31st December 2004 :

	Opening Balance	Additions	Disposals	Closing Balance
No. of Complaints	-	10,645	10,596	49

The company has followed the same accounting policies as that of year 2003-04 for the quarter ended 31.12.2004

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 will be considered in the annual accounts.

The above results have been reviewed and taken on record by the Audit Committee in their meeting held on 25.01.2005 and approved by the Board of Directors in the meeting held on 25.01.2005.

Figures for previous period have been regrouped/rearranged wherever necessary.

Reporting of segment wise revenue, result and capital employed for the quarter ended 31st December, 2004

The Company has power stations located within the country and therefore, geographical segments are not applicable.


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