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 31st MARCH, 2005
				To Be Hidden	(Rs. in crores)
PARTICULARS	3 Months	Corresponding	12 Months	Corresponding	Accounting	Budget
	ended	3 Months in	ended	12 Months in	Year ended	Figures
	31/03/05	the Previous	31/03/05	the Previous	31/03/04	for
	(Provisional)	Year ended	(Provisional)	Year ended	(Audited)	First
		31/03/04		31/03/04		Quarter
		(Provisional)		(Provisional)
1. Transmission Tariff	621.85	598.54	2270.04	######	2190.61
2.Other Income
a) RLDC Expenditure Reimbursement	6.64	6.97	27.90	27.90	27.94
b) Surcharge	14.22	1.29	18.63	6.53	6.98
c) Lease Income - State Sector ULDC	10.50	10.06	48.00	54.00	53.67
d) Interest on Securitisation Bonds	59.65	56.89	178.62	296.86	265.07
e) Others (including Consultancy)	138.86	61.87	244.58	245.06	261.15
Total Other Income	229.87	137.08	517.73	630.35	614.81	5250
Total Income	851.72	735.62	2787.77	######	2805.42	5250
3. Expenditure
a) Staff Cost	56.68	57.54	224.07	208.13	220.33	5783
b) RLDC Expenditure	7.71	8.10	28.40	27.99	29.70
c) Others	53.90	38.20	190.92	163.41	243.72	4948
Total Expenditure	118.29	103.84	443.39	399.53	493.75	10731
4.  Interest & Finance Charges						23808
a) Interest & Other Charges	192.87	221.98	724.11	817.65	757.12	23808
b) Incentive to SEBs under Securitisation scheme	28.10	29.18	90.80	195.86	177.49
c) Rebate to Customers	12.65	20.90	46.47	64.07	56.35	23808
Total Interest & Finance Charges	233.62	272.06	861.38	######	990.96	23808
5. Depreciation	175.37	139.95	647.69	594.64	606.42	13970
6. Profit Before Tax	324.44	219.77	835.31	711.25	714.29	-43259
7. Provision for Taxation(MAT) *	38.00	3.52	69.00	24.00	16.64	1513
8. Profit after MAT	286.44	216.25	766.31	687.25	697.65	-44772
9. (a) Provision for Deferred Taxes *	41.00	-	41.00	-	-	800
(After reducing tax  recoverable from SEBs )
(b) Provision for Deferred Taxes Written Back	-	53.00	-	53.00	50.55	800
10. Profit after Deferred Tax *	245.44	269.25	725.31	740.25	748.20	-45572
11. (a) Paid up Equity Share Capital	3165.25	3035.25	3165.25	3035.25	3035.25
(b) Paid up Equity Share Capital	3204.06	3074.06	3204.06	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)	78	89	229	244	247
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)
13.(b) Diluted EPS (Not Annualised)	77	88	226	241	243
(Rs./Share of Rs 1000 each calculated on
profit after Deferred Tax)
* Provision for taxation for MAT and Deferred Tax for the year is higher as compared to previous year, due to extra provision on account of following :-
(a) Increase in business income liable for Deferred Tax.
(b) Impact of arrears of interest on tax free bonds in previous year.
(c) Provision written back included in income of previous year which was not liable to tax.
(d) Other item because of changes in accounting standards / tax laws.
Notes :
1.The  transmission  income  for  the  year  has  been  accounted  for  on  the  basis  of  regulations  issued  by  CERC  for  the  block  period  2004-09 and the orders received till date.  The tariff for previous block period (2001-04) in a 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 depreciation 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, if any,  as per AS-28 at the time of finalisation of  accounts for the financial year 2004-05.
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  business segments  do  not  form  a  reportable  segment  as  per  Accounting  Standard-17.
5. 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. Other Income in Financial Year 2003-04 includes Rs. 116 crore provision written back towards CERC final order implications.
6. Exchange rate variation upto 31.03.2004 on liabilities towards fixed assets was hitehrto being included in the carrying cost of respective asset. During the year in view of ASI 10 issued in reference  to AS-16 (Borrowing Costs) and on the basis of opinion obtained from ICAI, such ERV to the extent it pertains to assets not procured from outside India is decapitalized and is included in  prior period expenses for the period from 01.04.2000 to 31.03.2004 and is considered Borrowing Cost in terms of AS-16 for the year 2004-05.
7. During the quarter Delhi Transco Ltd. has securitized their dues to the extent of Rs. 67.23 crores w.e.f. 01.10.2001 and consequently interest income and incentive expenses amounting to Rs. 8.58 crores (Net) have been accounted for in this quarter.
8. The  above  results  are subject to limited review by statutory auditors of the Company.
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 29.04.2005.
	For and on behalf of POWER GRID CORPORATION OF INDIA LTD.
	Sd/-
Place :  New Delhi.	(R.P.Singh)
Date  :  29.04.2005.	Chairman & Managing Director