Audited Segment-wise Revenue, Results and Capital Employed for the Year ended 31^st March, 2008

The operations of the company are mainly carried out within the country and therefore, geographical segments are not applicable.

1. The Subsidiaries and Joint Venture companies considered in the financial statements are as follows:

Name of the Company	Proportion (%) of Shareholding as on
	31.3.2008	31.3.2007
a) Subsidiary Companies
1. NTPC Electric Supply Company Ltd.	100	100
2. NTPC Hydro Ltd.	100	100
3. Pipavav Power Development Company Ltd.	100	100
4. NTPC Vidyut Vyapar Nigam Ltd.	100	100
5. Kanti Bijlee Utpadan Nigam Limited (formerly Vaishali Power Generating Company Ltd.)	51	51
6. Bhartiya Rail Bijlee Company Ltd.	74	-
b) Joint Venture Companies
1. Utility Powertech Ltd.	50	50
2. NTPC Alstom Power Services Private Ltd.	50	50
3. PTC India Ltd.	5.28	8
4. NTPC SAIL Power Company Private Ltd.	50	50
5. NTPC-Tamilnadu Energy Company Ltd.	50	50
6. Ratnagiri Gas and Power Private Ltd.*	28.33	28.33
7. Aravali Power Company Private Ltd.	50	50
8. NTPC-SCCL Global Ventures Pvt. Ltd.	50	-

* The financials statements are un-audited.
All the above Companies are incorporated in India.

2 a) The Central Electricity Regulatory Commission (CERC) has notified by Regulations in March 2004, the terms and conditions for determination of tariff applicable with effect from 1^st April 2004 for a period of five years. CERC has issued final tariff orders for all the stations/units except for two stations/units, where sales of Rs.15,028 million, for the current year (previous year Rs.40,120 million for five stations/units) have been recognised based on provisional tariff orders issued by CERC.

b) In respect of stations/units where the CERC had issued final tariff orders applicable from 1^st April 2004, the Company aggrieved over many of the issues as considered by CERC in the tariff orders, filed an appeal with Appellate Tribunal for Electricity (ATE). The ATE has disposed off the appeal favourably directing CERC to revise the tariff orders as per the directions and methodology given. The CERC has filed an appeal with the Hon'ble Supreme Court on some of the issues decided by the ATE and is yet to issue the revised tariff orders for the balance issues as per directions of ATE. Pending disposal of the appeal, sales for the year in respect of these stations amounting to Rs.307,013 million have been accounted for based on provisional tariff worked out by the Company as per the methodology and directions as decided by ATE.

c) Sales in respect of one of the stations has been provisionally recognised at Rs. 13,074 million (previous year Rs.10,449 million for ten months) on the basis of principles enunciated under the Regulations, 2004 of CERC as against billing of Rs. 13,258 million (previous year Rs.10,615 million for the ten months) as per tariff order issued by CERC, prior to the takeover of the station by the Company.

d) Sales of Rs. 11,336 million (previous year Rs.5,424 million) pertaining to previous years has been recognised based on the orders issued by CERC/ATE.

3. Sales includes Rs.6,886 million for the quarter and Rs.22,761 million for the year ending 31^st March 2008 (corresponding previous quarter Rs.188 million and Rs 16,760 million for the previous year) on account of income tax recoverable from beneficiaries as per CERC Regulations.

4. During the year, a 500 MW unit of Vindhyachal plant of the Company has been declared commercial w.e.f 15.07.2007.

5 a) The pay revision of the employees of the Company is due w.e.f 1^st January 2007. Pending recommendation of the committee formed by the GOI for pay revision, a provision of Rs. 4,094 million (previous year Rs.979 million for three months period up to 31^st March 2007) has been made towards wage revision arrears on an estimated basis during the year.

b) The pay revision of the Central Government employees is due w.e.f 1^st January 2006. Pending acceptance of the recommendations of the VI Pay Commission constituted by the Central Government, a provision of Rs.518 million (previous year Rs.276 million for fifteen months period up to 31^st March 2007) has been made towards payments to Central Industrial Security Force (CISF) and Kendriya Vidhyalaya Sangathan (KVS) on an estimated basis during the year.

6. Effect of changes in Accounting Policies:

a) In compliance to the Accounting Standard (AS) 11 notified in Companies (Accounting Standards) Rules, 2006 issued by Ministry of Company Affairs, GOI, exchange differences in respect of loans (other than regarded as borrowing cost)/deposits/liabilities relating to fixed assets/capital work-in-progress acquired from a country outside India, arising out of transactions entered after 1^st April 2004, which were hitherto adjusted in the carrying cost of related assets have been recognised as income/expense in the Profit & Loss Account. Consequently, profit for the year and fixed assets are lower by Rs.2 million.

b) As per CERC Tariff Regulations, 2004 exchange rate variation on interest payments and loan repayments corresponding to the normative loans considered for tariff of stations/units is payable/ recoverable to/from the beneficiaries on repayment of the loans and interest thereon. During the year, based on an opinion issued by the Expert Advisory Committee of the Institute of Chartered Accountants of India, foreign exchange variation on restatement of foreign currency loans as at the Balance Sheet date which is payable/recoverable to/from customers later on settlement is accounted for by creating a deferred liability/asset in the accounts instead of adjusting the same in profit & loss account. Accordingly, adjustments arising as a result of retrospective implementation of the opinion w.e.f. 1^st April 2004 being the date from which such variations are to be passed on/recovered from customers by virtue of CERC Tariff Regulations, 2004 up to 31^st March 2007 is accounted as 'Prior Period Income/Expenditure (net)' amounting to Rs. 2,918 million by debit to prior period sales.

Out of the above, an amount of Rs.114 million has been adjusted during the year on becoming due to customers on repayment of loans.

Such exchange differences for the year 2007-08 amounting to Rs.250 million have been accounted for during the year by debit to 'Deferred Foreign Currency Fluctuation Liability' and corresponding credit to 'Sales - Exchange Fluctuation Receivable from Customers'.

Due to the above, profit for the year is lower and 'Deferred Foreign Currency Fluctuation Liability' is higher by Rs.2,554 million.

7. Interest and Finance charges include exchange differences regarded as adjustment to interest costs amounting to Rs.1,123 million (debit) for the year ended 31^st March 2008 (corresponding previous year Rs.695 million (credit)).

8. During the year, the Company has implemented SAP-ERP System at some of the units of the Company. However, fixed asset module has been implemented at all the locations of the Company. As a result:

a) For computation of depreciation, life of the assets has been rounded down to nearest month as against fractional year. Due to the above change, profit for the year and fixed assets are higher by Rs.37 million.

b) The valuation of inventory items issued has undergone a change from monthly weighted average to moving weighted average at these units. Due to the above change, impact on profit for the year if any is not ascertainable.

9. The Board of Directors has recommended 8% final dividend. The total dividend for the financial year 2007-08 is 35% including interim dividend of 27% declared during the year.

10. The audited accounts are subject to review by Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.

11. Information on investors complaints pursuant to clause 41 of Listing Agreements for the quarter ended 31^st March, 2008

	Opening Balance	Additions	Disposals	Closing Balance
No. of complaints	13	2290	2294	9

12. The above results have been reviewed by the Audit Committee of the Board of Directors in their meeting held on 28^th May 2008 and approved by the Board of Directors in the meeting held on 29^th May 2008.

13. Previous year figures have been regrouped /rearranged wherever necessary.