• Sale for the quarter was higher by 27% to Rs 2495.02 crore. Aided further by 740 bps to 64% the operating profit was up by 43% to Rs 1596.63 crore.

• Expansion in operating profit margin to the tune of 740 bps was largely due to fall in all cost heads. The staff cost was down by 380 bps to 14.5%. Generation Expenses was down 210 bps to 11.2%. The other expense was lower by 150 bps to 10.4%. During the quarter, revision of pay scales w.e.f. 01.01.2017 has been implemented for the employees in the executive category. Revision of pay scales for supervisor and workmen category is under consideration. Pending finalization of the same, provision of Rs 23.41 crore has been made for the quarter ended Sep 30, 2018 (corresponding previous quarter Rs 12.34 crore).

• Other income was down by 9% to Rs 471.56 crore. Thus the PBIDT was up by 27% to Rs 2068.19 crore. The interest cost was down by 3% to Rs 228.29 crore and the depreciation was up by 15% to Rs 404.44 crore. Thus the PBT was up by 37% to Rs 1435.46 crore.

• Taxation in absolute terms was up by 59% to Rs 274.46 crore. Thus the growth at PAT moderated at 33% to Rs 1161.00 crore. Further the regulatory income was down by 60% to Rs 57.51 crore. Thus on high base, the PAT after RI was up by 20% to Rs 1218.51 crore.

• Other comprehensive income was an expense of Rs 10.37 crore compared to an income of Rs 24.13 crore in the corresponding previous period. The net profit was up by 16% to Rs 1208.14 crore.

Half yearly performance

Sales was up by 8% to Rs 4624.01 crore but with OPM expand to 62.4% (from 58.2% in corresponding previous period) the fall in operating profit was up by 15% to Rs 2887.06 crore. After accounting for lower other income, lower interest and higher depreciation the PBT was up by 15% to Rs 2245.03 crore. The taxation was up by 20% to Rs 489.60 crore and thus PAT was up by 14% to Rs 1744.43 crore. Regulatory income was down by 42% to Rs 200.65 crore and thus the PAT was up by 4% to Rs 1956.08 crore. The other comprehensive expense was Rs 29.05 crore (down from an income of Rs 28.49 crore in corresponding previous period) and thus the total comprehensive income was up by 1% to Rs 1927.03 crore.

Other development

Board of Directors of the company has approved the proposal to buyback not exceeding 21,42,85,714 (Twenty One Crore Forty Two Lakh Eighty Five Thousand Seven Hundred Fourteen) equity shares (representing approximately 2.09% of the total number of equity shares in the paid-up equity share capital of the Company) at a price of '281- (Rs. Twenty Eight only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding ' 599,99,99,992/- (Rupees Five Hundred Ninety Nine Crore Ninety Nine Lakh Ninety Nine Thousand Nine Hundred Ninety Two only) (the "Buyback Offer Size"), representing 2.50% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the Company for the financial year ended March 31, 2018 (the last audited standalone financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a "Tender Offer" route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (including any statutory modification(s) or reenactment(s)) and the Companies Act, 2013 (the "Buyback"), subject to all other applicable statutory approvals. The Buyback Offer Size is within the statutory limits of 10% (Ten Percent) of the aggregate of fully paid-up equity share capital and free reserves under the Board of Directors approval route as per the provisions of the Companies Act, 2013.

In terms of Regulation 42 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 9(1) of Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and other applicable provisions, it is to inform that the Board of Directors of the Company, at its meeting held on 14th November, 2018, has fixed Friday, November 30, 2018 as the 'Record Date' to determine: (a) the entitlement and names of the shareholders who are eligible to participate; and (b) the shareholders to whom the Letter of Offer and Tender Form will be delivered in relation to the Buyback.