POWERGRID CORPORATION OF INDIA LTD.

(A Govt. of India Enterprise)

B-9, QUTAB INSTITUTIONAL AREA,KATWARIA SARAI,

NEW DELHI-110016.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL)

FOR THE THREE MONTHS ENDED 30th June, 2004

PARTICULARS	3 Months	Corresponding	Accounting
	ended	3 Months in	Year ended
	30/06/04	the Previous	31/03/04
	(Provisional)	Year ended	(Audited)
		30/06/03
		(Provisional)
1. Transmission Tariff	526.22	600.38	2190.61
2.Other Income
a) RLDC Expenditure Reimbursement	7.44	6.98	27.94
b) Surcharge	Nil	Nil	6.98
c) Lease Income - State Sector ULDC	12.50	16.95	53.67
d) Others	73.60	36.37	526.22
Total Other Income	93.54	60.30	614.81
Total Income	619.76	660.68	2805.42
3. Expenditure
a) Staff Cost	51.94	47.32	220.33
b) RLDC Expenditure	7.26	6.65	29.70
c) Others	43.73	42.15	243.72
Total Expenditure	102.93	96.12	493.75
4. Interest & Finance Charges
a) Interest & Other Charges	178.85	224.45	757.12
b) Incentive to SEBs under Securitisation scheme	16.12	Nil	177.49
c) Rebate to Customers	10.20	14.00	56.35
Total Interest & Finance Charges	205.17	238.45	990.96
5. Depreciation	157.42	141.96	606.42
6. Profit Before Tax	154.24	184.15	714.29
7. Provision for Taxation(MAT)	9.00	13.27	16.64
8. Profit after MAT	145.24	170.88	697.65
9. (a) Provision for Deferred Taxes
(After reducing tax recoverable from SEBs )
(b) Provision for Deferred Taxes Written Back			50.55
10. Profit after Deferred Tax	145.24	170.88	748.20
11. (a) Paid up Equity Share Capital	3035.25	3035.25	3035.25
(b) Paid up Equity Share Capital	3074.06	3074.06	3074.06
(including Share Capital deposit)
12. Reserves excluding Revaluation Reserve	-	-	5454.23
but including Capital Reserves ( as per
Balance Sheet of previous accounting year)
13.(a) Basic EPS(Not Annualised)	48	56	247
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)
13.(b) Diluted EPS(Not Annualised)	47	56	243
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)

Notes :
1. Audited figures of the Company for the year ended 31.03.2004 are subject to review by Comptroller and Auditor General of India under Section 619(3) of the Companies Act, 1956.
2.The transmission income for the period has been accounted for on the basis of draft regulations issued by CERC for the block period 2004-09.
3. During the year the company has provided depreciation at the rates notified for the purpose of recovery of tariff by Central Electricity Regulatory Commission empowered under The Electricity Act, 2003.
4. AS-28 on Impairment of Assets is applicable w.e.f. 01.04.2004. The effect, if any, of this is yet to be considered.
5. Power Transmission is principal business activity of the corporation. The Company has transmission projects located across different states within the country and no geographical segment is distinguishable. Other segments do not form a reportable segment as per Accounting Standard-17.
6. The above results are subject to limited review by statutory auditors of the company.
7. The above results have been reviewed by the Audit Committee and have been taken on record by the Board of Directors in its meeting held on 28.07.2004.
	For and on behalf of POWER GRID CORPORATION OF INDIA LTD.
	Sd/-
	(R.P.Singh)
	Chairman & Managing Director