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 SEPTEMBER, 2004
					(Rs. in crores)
PARTICULARS	3 Months	Corresponding	6 Months	Corresponding	Accounting
	ended	3 Months in	ended	6 Months in	Year ended
	30/09/04	the Previous	30/09/04	the Previous	31/03/04
	(Provisional)	Year ended	(Provisional)	Year ended	(Audited)
		30/09/03		30/09/03
		(Provisional)		(Provisional)
1. Transmission Tariff	557.79	431.36	1084.01	1031.74	2190.61
2.Other Income
a) RLDC Expenditure Reimbursement	6.91	6.98	14.35	13.96	27.94
b) Surcharge	1.04	Nil	1.04	Nil	6.98
c) Lease Income - State Sector ULDC	12.50	12.34	25.00	29.29	53.67
d) Interest on Securitisation Bonds	39.65	181.01	79.31	202.85	265.07
e) Others	26.99	132.48	60.93	147.01	261.15
Total Other Income	87.09	332.81	180.63	393.11	614.81
Total Income	644.88	764.17	1264.64	1424.85	2805.42
3. Expenditure
a) Staff Cost	57.96	48.44	109.90	95.76	220.33
b) RLDC Expenditure	6.84	6.67	14.10	13.32	29.70
c) Others	48.34	37.86	92.07	80.01	243.72
Total Expenditure	113.14	92.97	216.07	189.09	493.75
4.  Interest & Finance Charges
a) Interest & Other Charges	183.01	205.87	361.86	430.32	757.12
b) Incentive to SEBs under Securitisation scheme	19.94	148.74	36.06	148.74	177.49
c) Rebate to Customers	11.93	14.52	22.13	28.52	56.35
Total Interest & Finance Charges	214.88	369.13	420.05	607.58	990.96
5. Depreciation	154.71	148.02	312.13	289.98	606.42
6. Profit Before Tax	162.15	154.05	316.39	338.20	714.29
7. Provision for Taxation(MAT)	11.00	7.21	20.00	20.48	16.64
8. Profit after MAT	151.15	146.84	296.39	317.72	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	151.15	146.84	296.39	317.72	748.20
11. (a) Paid up Equity Share Capital	3035.25	3035.25	3035.25	3035.25	3035.25
(b) Paid up Equity Share Capital	3074.06	3074.06	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)	50	48	98	105	247
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)
13.(b) Diluted EPS(Not Annualised)	49	48	96	103	243
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)
1. Pending disposal of appeal filed by the Company against the CERC orders before the Hon'ble Delhi High Court, the transmission income for the period has been accounted for provisionally on the basis of tariff determined as per CERC norms.
2. CERC notification for tariff norms effective from 01.04.2001 provide for amended rates of depreciation for the purpose of tariff.  Consequently, the transmission charges for the half year ending 30.09.2002 are lower by Rs.20226 lacs.  However, the rate
3.* Results for the corresponding quarter ending 30th September, 2001 and half year ending 30th September, 2001, as published earlier, have been recasted  in view of (1)and (2) above.
(1) CERC has issued notification no. L-7/25(1)/2001-CERC dated 26.03.2001 prescribing the terms and conditions of
tariff as applicable from 01.04.2001. Keeping in view the stay granted by Honourable High Court of Delhi and Gazettee notification
dated 24.01.2002 the tariff upto 31.03.2002 has been cosidered based on GOI notification dated 16.12.1997 which has been followed hitherto.
(2) Transmission Incentive amounting to Rs.166 crores upto F.Y. 2000-01 and Rs. 110 cr. For 2001-02 has been considered.
4. The above results have been taken on record  by the Board of Directors in their meeting held on 25.10.2002.
Place: New Delhi.		For and on behalf of Power Grid Corp. of India Ltd.
Date:  25.10.2002.
Notes :
1.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.  The tariff for previous block period (2001-04) in few cases is subject to revision, impact thereof shall be considered after the final orders are passed by CERC.
2. 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. The issue of charging depreciatin has been referred by CAG to the Ministry of Power (MOP).  The decision of MOP is awaited.  Impact thereof will be considered on receipt of final decision.
3. AS-28  w.r.t. "Impairment of Assets" is applicable w.e.f. 01.04.2004. The company shall consider the effect of impairement of assets as per AS-28 at the end of the current financial year i.e., year ended 31.03.2005.
4. 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.
5. AS-11 "The effects of Changes in Foreign Exchange Rates (Revised 2003)" requires to charge the exchange rate variation on liabilites towards fixed assets to the Profit & Loss A/c, whereas in terms of provisions of Schedule VI and accounting policy of the corporation, the same continues to be included in the carrying cost of the respective fixed assets.
6. Deferred Tax liability in pursuant to AS-22 on "Accounting for Taxes on Income" is not provided as the tax liability is recoverable from the beneficiaries.
7. During the second quarter of the financial year 2003-04 bonds worth Rs. 1717 crore were received under securitisation scheme w.e.f. 01.10.2001 and the interest income with arrears was accounted for.
8. 'Other Income' (Sl. No. 2e) during the second quarter of the financial year 2003-04 includes provision of Rs. 116 crore written back towards CERC final order implications.
9. 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 30.10.2004.
10. The  above  results  have undergone to limited review by statutory auditors of the company.
	For and on behalf of POWER GRID CORPORATION OF INDIA LTD.
	Sd/-
Place :  New Delhi.	(R.P.Singh)
Date  :  30.10.2004.	Chairman & Managing Director