Tata Power

June 13, 2022
BJ/SH-L2/
BSE Limited National Stock Exchange of India Limited

Corporate Relationship Department Exchange Plaza, 5th Floor,
1st Floor, New Trading Ring, Plot No. C/1, G Block,
Rotunda Bldg., P. J. Towers, Bandra-Kurla Complex,
Dalal Street, Fort, Bandra (East),
Mumbai 400 001. Mumbai 400 051.
Scrip Code: 500400 Symbol: TATAPOWER EQ
Dear Sirs,
Sub: Submission of the Annual Report under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations)
Pursuant to Regulation 34(1) and 53(2) of the Listing Regulations, as amended from time to time,
we forward herewith the Integrated Annual Report of the Company for FY 2021-22. The 103rd
Annual General Meeting of the Company will be held on Thursday, July 7, 2022 at 3 p.m. (IST) via
two-way Video Conference / Other Audio Visual Means. The said Integrated Annual Report FY
2021-22 is being sent through electronic mode to the shareholders of the Company and is also
available on the website of the Company at https://www.tatapower.com/pdf/investor-
relations/103Annual-Report-2021-22.pdf.
Please take the same on record.
Thanking-you,
Yours faithfully,
For The Tata Power Company Limited
(H. M. Mistry)
Company Secretary
Encl: As above
MORE POWER to you
Integrated Annual Report 2021-22

About this Report
Welcome to our third Integrated Annual Report, prepared in accordance with the
International Integrated Framework, established by the International Integrated Reporting
Council (now the Value Reporting Foundation).
Our approach to reporting Assurance
Our Integrated Reports are aimed at transparently The non-financial information disclosed in this report
communicating our value creation story to all our has been independently assured by Deloitte Haskins
stakeholders. The reports disclose objective and & Sells LLP. The independent assurance statement can
comparable information on materially important financial be accessed on page 516 of this report. The standalone
and non-financial matters, together with the strategy, and consolidated annual financial statements have been
roadmap for decarbonisation and overall approach to audited by M/s. S R B C & CO. LLP.
sustainable development.
Feedback
Frameworks, guidelines, and standards Your valuable feedback is integral to the continuous
The Integrated Report FY22 has been prepared with improvement of our reporting journey. Kindly direct
reference to the GRI Standards 2021, and further complies your comments to tatapower@tatapower.com.
with/reports on/references to the following:
Scope and boundary
• Business Responsibility and Sustainability Reporting
This report covers the business activities of Tata Power
(BRSR) based on the National Guidelines for
across its business clusters and all its subsidiaries.
Responsible Business Conduct (NGRBC)
This includes our business of renewables, conventional
• United Nations Sustainable Development Goals generation, transmission and distribution, next-gen
(UN SDGs) power solutions, power trading, renewable energy
• United Nations Global Compact Principles (UNGCP) products, utility scale solar EPC and services business.
• Companies Act, 2013
Forward-looking statements
• Indian Accounting Standards, the Securities and
Certain elements of this report contain forward‑looking
Exchange Board of India (Listing Obligations and
statements. These may be typically identified by
Disclosure Requirements) Regulations, 2015
terminology used, such as ‘believes’, ‘expects’, ‘may’,
• Secretarial Standards ‘will’, ‘could’, ‘should’, ‘intends’, ‘estimates’, ‘plans’,
‘assumes’, and ‘anticipates’, or negative variations.
Reporting cycle These forward‑looking statements are subject to
The information presented in this report pertains to the
particular risks and opportunities that could be
period from April 1, 2021 to March 31, 2022
beyond the Company’s control or currently based
on the Company’s beliefs and assumptions of future
Responsibility statement events. There could be a possibility of the Company’s
Our Board, together with our Management, acknowledges
performance differing from expected outcomes and
the collective responsibility to ensure the integrity of
performance implied in this report. With a varied
the information presented in this report. Our Board
range of risks and opportunities facing the Company,
and Management undersign that the contents of this
no assurance can be provided for future results to be
report have been presented in a fair, transparent and
achieved, as the actual results may differ materially for
balanced manner.
the Company and its subsidiaries.
Index
More Power to you 2 Statutory Reports
Tata Power in FY22 4
Board’s Report 100
Decarbonisation: Roadmap and Progress 6
Management Discussion and Analysis 135
Message from the CEO & MD 8
Report on Corporate Governance 161
Board of Directors 10
Business Responsibility and Sustainability Report 194
The Leadership Team 12
Introduction to Tata Power 14 Financial Statements

Standalone Audit Report 217
Tata Power at a Glance 16
Standalone Accounts 230
Operational Presence 18
Consolidated Audit Report 327
Strategy20
Consolidated Accounts 339
ESG Priorities and UN SDG Alignment 23
AOC-1469
Value Creation Model 24
Notice472
Independent Assurance Statement 516
Trends, Opportunities and Risks 26 Glossary of Abbreviations 521
External Environment 28
Strategy for Clusters 32
Risk Management 36 Navigating the report
Value Creation 40 Capitals

Stakeholder Engagement 42 Financial Capital
Materiality Assessment 44
Investors46
Customers52 Manufactured Capital
Suppliers and Partners 60
Communities62 Intellectual Capital
Employees68
Environment76 Human Capital
Approach to Governance 84
Awards86
Social & Relationship Capital
GRI Index 88
Natural Capital
Integrated Report Annexures 98

S Strategic Business Objectives
Read more on the web Read more in this report
M Material isuue R Risk

Introduction Trends, Opportunities Statutory Financial
Overview to Tata Power and Risks Value Creation Reports Statements
More Power to you

At Tata Power, we are on a journey to Towards this end, we are growing our green solutions
portfolio and actively advocating and participating in the
challenge conventions, set benchmarks global movement towards decarbonisation. For the past
and consistently innovate to explore three decades, we have been one of the leading green
energy players in India, offering a vast expanse of product
solutions to meet the energy needs of solutions to our customers and enabling their journey
the present and the future. Today, more towards green and responsible electric consumption. We are
India’s largest and the fastest growing electric charging
than ever, we have a responsibility to all infrastructure player, making mainstream electric mobility
our stakeholders and the world at large, a reality of today. We also have unparalleled leadership in
rooftop solar and a leading presence in solar pumps.
to find such solutions that usher in a
Powered by technology, we are enhancing customer
sustainable tomorrow. lifestyle through smart technology and home automation.
And by deploying smart grids, we are reimagining India’s
electric utility landscape. At every step, Tata Power
continues to power and empower its stakeholders,
delivering more power to everyone, every day.
More Power
with better prospects
Our business is powered by
the continued trust that our
investors place in us.
P. 46
More Power
through innovation
We are also transitioning to
becoming a B2C player, offering
future-ready and smart power
solutions to our customers.
P. 52
Integrated Annual Report 2021-22 More Power to you 2

More Power
through collaboration
Our suppliers and partners ecosystem
is integral to our value creation process.
P. 60
More Power
is social empowerment
We derive our social licence to operate
from the communities around our
operational value-chain.
P. 62
More Power
to people
The continuous commitment, contribution
and knowledge of our employees help in
delivering sustained value to our customers,
investors and all other stakeholders.
P. 68
More Power
through better stewardship
We progressively strive to leave behind a
greener footprint, and are aligned to being
a greener and more environmentally
sustainable organisation.
P. 76

Tata Power in FY22
A high-powered year
Financial
Delivered returns, upgraded ratings and progressing well on deleveraging.
Revenue EBITDA PAT

₹ 42,576 crore ₹ 8,191 crore ₹ 2,156 crore
28% 3% 50%
RoCE RoE Net Debt to equity ratio

7.8% 9.5% 1.53
Credit rating upgrades Strategic partnership New acquisitions

Ba2 (Stable) from Ba3 (Stable) by with BlackRock Real Assets along Completed acquisition of NRSS
Moody’s with Mubadala Investment Company XXXVI Transmission Limited (NRSS)
for investing ₹ 4,000 crore in our
BB Rating (Stable) from B+ Rating LOI received for acquisition of
Green business
(Positive) by S&P Global South- East UP Power Transmission
Company Limited
Operational
Solar portfolio shines, new partnerships for EV and increasing customer base.
Tata Power Solar

Utility scale Solar
Total power generation Rooftop EPC
order book
44,383 MUs ranked #1 for 8 3 GW
years in a row
HPCL, Apollo Tyres, Lodha,

Empaneled for
Across 352 cities Rustomjee, TVS Motor
2,200+ public EV Company, among others 84 MW Rooftop
charging points Comprise large Solar Project
installed partnerships for domestic consumers
across all districts of Kerala
entered during the year
Signed MoU
Clean Green capacity
Achieved with NAREDCO* to install
commissioned reduction in AT&C 5,000 EV
707 MW losses in Odisha charging points
Discom across Maharashtra
*National Real Estate Development Council

ESG
Demonstrated progress and leadership across all ESG parameters.
Environment
Clean energy portfolio Saplings planted GHG emissions reduction

34% 13.4 lakh 20%
Aligned to Aligned to Task

Science Based Carbon intensity Force on Climate-
Targets Initiative 0.794 tCO2e/MWh related Financial
(SBTi) Disclosures (TCFD)
Social
Total employee
Customers served CSR spend
training hours
7,84,761 12.3 million ₹ 32.8 crore
Governance
67/100 B+(66.7/100) 67/100

First time rating 16% Score improvement Top ranked Indian
from B- (FY20) energy utilities
Top ranked Indian
energy utilities 80th percentile globally
Score increase by 40%
Score improvement
from C to B (CDP Water)

Decarbonisation: Roadmap and Progress
Solid progress on decarbonisation goals

Being an integrated power company, we take cognisance of the role we can play
in the global movement to mitigate climate change. We have taken proactive steps
towards climate action, and have identified a robust decarbonisation roadmap
and targets for making our overall portfolio greener.
Our climate commitment Leading utility transition to

Objective clean energy
Achieve carbon net zero before 2045 by growing
renewable generation portfolio and targeting Evolving generation mix
carbon intensity reduction scientifically while (%)
aligning ourselves to the global goals of SDG 7
and SDG 13 2015
16
Largely coal-based capacity
expansion to meet the growing
84 energy demand in India
2022
Major capacity expansion of
34 greenfield solar capacity
Inorganic growth through acquisition
Decarbonisation Innovation 66
of Welspun portfolio
Zero coal-based growth Distributed generation
Thermal phase-out upon Storage solutions
completion of contractual Home automation
obligations 2030
Smart grids
Thermal operation at Carbon mitigation
benchmark efficiency 20
EV charging Infrastructure
Afforestation Pursuing new solar
SBTi alignment and hybrid capacities
80
Renewable growth Stakeholders 2040-2050

Renewable utility scale growth Demand-side management
Rooftop solar KYEC Phase-out of all
Solar pumps Club Enerji coal‑based generation
Microgrids Be Green
Low carbon lifestyle guide Carbon net zero before 2045
100
Responsible sourcing
Green power supply
TCFD alignment Thermal Clean (non-carbon based)

Committed to Science Based Targets Initiative (SBTi)
Commit Develop Submit Communicate Disclose

Submit a letter Work on an emissions Present your target Announce your target Report company-wide
establishing your intent reduction target in line to SBTi for official and inform your emissions and progress
to set a science-based with SBTi’s criteria validation stakeholders against targets on an
target annual basis
MARCH 2021 Alignment with 2023

Businesses & CDP
Currently evaluating different options aligned to below 2° Celsius scenarios and fixing yearly reduction targets basis the
Sectoral Decarbonisation Approach (SDA)
Setting collaborative and newer benchmarks in carbon mitigation

Our carbon mitigation framework includes initiatives for powering CO2 savings across
stakeholder groups.
Suppliers Business Employees

¤ Encourage ESG disclosure ¤ Stringent targets for carbon ¤ Zero emission campus –
among Tier-1 suppliers intensity reduction EVs for in-campus
¤ Responsible supply chain ¤ Focus on viable technologies ¤ Mobile app to reduce
management - ethics, − Storage technology (hydrogen) travel emissions
environment, human rights, safety − Carbon capture/mitigation ¤ Paperless office
Customers Community
¤ Qualification of carbon savings ¤ Scaling up Club Enerji as
(DSM, ESCO, New businesses) a brand property
¤ Green power supply ¤ Focus on skill-based and
for customers virtual volunteering
¤ Digitalise customer processes ¤ Refining of Tree Mittra initiative
(Paperless billing and chatbot) to increase plant survival rates

Message from the CEO & MD
A year of transition and progress

Dear Stakeholders,
It gives me immense pleasure to write to you after another from solar pumps on a y-o-y basis. Tata Power EZ Charge has
eventful year of progress, transition and transformation. cumulatively installed 13,000 + home chargers and 2,200+
We performed well across all segments, with our conventional EV charging points at the end of the year. On the T&D front,
generation, transmission and distribution (T&D) businesses we have been able to consistently reduce the AT&C losses in
delivering solid results, Odisha Discoms stabilising and the the four Odisha Discoms and have stabilised the operations
Renewables business firing on all fronts. Today, we stand with a three-pronged growth-reliability-collection model.
strong, serving more than 12 million consumers through our Transmission availability has been constantly maintained at or
distribution and new‑age businesses. near 100%. The acquisition of two transmission assets through
our Resurgent Platform- NRSS XXXVI Transmission Limited
We continue to be aggressively focused on growing our clean and South-East UP Power Transmission Limited has further
energy portfolio which today constitutes over one-third of enhanced the portfolio of our transmission business. From a
our total generation portfolio and we aim to increase it by generation standpoint, availability has been at or near 100%
more than 60% over the next five years. We are facilitating for hydro, wind and solar assets and over 85% for thermal units
this clean energy transition through new technology (excluding Mundra).
adoption in collaboration with our customers and partners.
With BlackRock and Mubadala investing ₹ 4,000 crore in our A global energy context set by climate change
Renewables business, we are well positioned to pursue even
larger opportunities in the RE space and continue to retain our There is irrefutable evidence that points to the reality of
leadership position in the new consumer centric businesses - climate change and its disastrous impact on the planet and
Rooftop Solar, EV Business, Solar Pumps etc. its people. Following COP26 and the preceding conventions,
countries across the world are taking measures, with specific
commitments being drawn up for coal phase-out and carbon
A year of standout financial performance mitigation. Large nations/blocs such as the US and the EU have
That said, FY22 also came with its fair share of challenges, committed to net zero targets by 2050, China and Russia by
with headwinds emanating from elevated commodity prices, 2060 and India by 2070.
residual effects and variants of COVID-19, geopolitical conflicts
and erratic weather patterns. However, we were able to deliver This global transition provides a huge opportunity for
a strong financial performance, with revenue at ₹ 42,576 crore energy companies to lead the decarbonisation agenda by
(up 28% y-o-y), EBITDA at ₹ 8,191 crore (up 3% y-o-y) and PAT at enabling renewable energy installations at scale with solar
₹ 2,156 crore (up 50% y-o-y). and wind leading the pack and through deployment of novel
technologies. Installed renewable power capacity has grown
We also made solid progress on some of our key issues and by over 9% in CY21, and as per the IEA, 32%
continued to strengthen our balance sheet. Leveraging our of the global electricity demand will
robust operating cash flows, we brought down our net debt to be met via renewable sources by
underlying EBITDA to 3.92. Our domestic as well as international 2024. The mainstreaming of EVs is
credit ratings received an upgrade in FY22, with our average also paving the way for newer
borrowing cost narrowing 36 bps y-o-y to 6.82%. opportunities in the public
utilities space, together with
An all-round progress across businesses new energy storage systems
and microgrids.
Tata Power’s focus on becoming a consumer-oriented,
renewables-led company continued to deliver sustained results
in FY22. Our Solar Utility Scale EPC order book stood at 3 GW
worth ₹ 12,000 crore. We achieved our highest-ever quarterly
revenue in our rooftop solar business and doubled our revenue
"At Tata Power, we believe that access

to energy is an enabler for creating a much
larger socio-economic impact in the country"

A volatile global operating environment solutions. The offtake of our products and services such as
microgrids, EV charging, home automation, rooftop solar, solar
The world economy recovered strongly at an estimated growth pumps, among others, validate our approach.
rate of 6.1% in CY21, post the year of pandemic-induced
de‑growth. As economies opened and mobility normalised, Our people are our biggest assets and we continue to invest in
demand for electricity bounced back proportionately, at a them. Their collective knowledge and skills, combined with their
decade-high rate. This spike in electricity demand coupled with will to win, set us apart. We strive to make Tata Power a truly
unforeseen weather patterns, stressed the limited inventory of enriching place to work, with conducive policies, health and
coal and natural gas. This scenario of energy crisis got further safety, meritocracy, opportunities and industry-best practices.
stretched with the geo-political tensions between Ukraine and We have also progressively improved our gender diversity ratio,
Russia. As a result, input costs rose sharply, with prices of coal and with women today constituting 8% of our full‑time employees.
natural gas more than doubling from the previous fiscal, hitting
multi-year highs, and intensifying the need for sustainable energy We consider the communities in and around our operational
solutions. All this intensified the need for sustainable energy areas as our key stakeholders and partners for growth and
solutions that assure availability, affordability and predictability. future readiness. As a part of our Tata values, volunteering and
philanthropic initiatives, we nurture a positive relationship with
them, and are always exploring ways to improve their lives and
A dynamic Indian scenario livelihoods. Our targeted programmes, under the 3E model –
India’s economy continued its positive growth trajectory, with Education, Employability and Employment, and Entrepreneurship
regional economies coming back into full function. Following – have empowered lakhs of beneficiaries, and we will continue to
the economic revival, power demand increased by 8% in FY22, enrich and deepen the impact.
with peak demand crossing 200 GW mark, majorly driven by the
commercial and industrial sector. With India’s energy supply In our business, responsibility towards environment is a key focus
largely dependent on coal-powered thermal power generation, for us. From emissions management to biodiversity conservation
the country stared at the prospect of blackouts with minimal and circular economy, we have established several practices
coal inventory and surging prices. However, with the timely that reaffirm our commitment to conserving the ecological
intervention of the government (such as utilising imported coal ecosystems around us. We have committed to the Science Based
capacities at Mundra by providing a pass through arrangement), Targets Initiative and are on track to achieve carbon net zero
the situation was salvaged. before 2045. Our efforts have been rewarded through ESG rating
improvements and recognitions over last year.
But as the famous saying goes, every crisis should also be
seen as an opportunity. The T&D sector needs another wave A future brimming with confidence
of reforms and impetus to Privatisation of Discoms can
significantly improve the overall efficiency of power distribution Looking ahead, I am more confident that Tata Power will
and provide uninterrupted electricity to the remotest areas in continue delivering on all its stated commitments across
India. On the renewables side, India’s seminal commitment at financial, operational and ESG metrics. The future is going to be
COP26 to have 500 GW of non-fossil capacity by 2030, opens up catalysed by the opportunities in RE across the spectrum, be
a world of opportunities for companies ready to take charge of it utility scale or otherwise, as the global shift to clean energy
the transition. intensifies. At Tata Power, we are strategically placed to capture
these opportunities, with our operational expertise, integrated
presence, and commitment to excellence. On the generation
A relentless pursuit of being future-fit front, the resumption of units at Mundra, enabled by the recent
Tata Power is transforming to be the ‘Utility of the Future’, government notification, will help in capacity utilisation with
which stands on the four pillars of solving key issues and fair remuneration. In our T&D business, we will further optimise
securing financial fitness; delivering growth at scale; becoming the Odisha Discom operations, stabilise the new acquisition in
a sustainability benchmark and creating shareholder value. Our the transmission business and deliver phenomenal customer
strategic priorities, governance agenda and overall approach to service, enabled by digitalisation. At the same time, we will keep
business are aligned to realising this. scanning the market for more privatisation opportunities that
we can profitably pursue and responsibly operate.
A promise of purpose The Tata Power family is truly excited for the next phase of
At Tata Power, we believe that access to energy is an enabler for our growth as we shift gears to flawless execution to realize
creating a much larger socio-economic impact in the country. our aspirations. As I conclude, let me take this opportunity to
Our stakeholder-centric business model, drawing and delivering thank every stakeholder and request your continued faith and
on various capitals, provides a clear picture of the various confidence in us.
outcomes enabled by our businesses.
Yours sincerely,
We are actively collaborating with our customers to understand
Dr. Praveer Sinha
their needs and to proactively serve them through innovative
CEO & MD, The Tata Power Company Limited

Our Board of Directors

Our Board of Directors represents the highest authority across the
Company’s governance and management paradigm. It continues to
exemplify trust, transparency and integrity, supported by Tata Power’s
ethical and inclusive Corporate Governance (CG) mechanism.
Mr. Natarajan Ms. Anjali Ms. Vibha Mr. Sanjay V. Mr. Kesava Menon
Chandrasekaran Bansal Padalkar Bhandarkar Chandrasekhar
Non-Independent Independent Independent Independent Independent
Non-Executive Director Non-Executive Director Non-Executive Non-Executive Director Non-Executive Director
Chairperson Director
2 3 1 4 5 1 2 2 1 5 1 3
Board Committees
1. Audit Committee of Directors 4. Stakeholders Relationship Committee
2. Nomination and Remuneration Committee 5. Risk Management Committee
3. Corporate Social Responsibility Committee
Chairperson Member

Mr. Ashok Mr. Hemant Mr. Saurabh Mr. Banmali Dr. Praveer
Sinha Bhargava Agrawal Agrawala Sinha
Independent Non-Executive Director Non-Executive Director Non-Executive Director CEO & Managing
Non-Executive Director Director
1 5 4 5 1 4 5 3
20%
Women Directors on Board
(2 Women Directors)
50%
Board independence
(5 Directors are independent)

The Leadership Team
Mr. Sanjeev Churiwala Mr. Ashish Khanna

Chief Financial Officer President - Renewables
Mr. Vijay Namjoshi Mr. Sanjay Banga

Chief - Generation President - Transmission & Distribution
Mr. Gurinder Sandhu

Chief – New Business Services

Mr. Himal Tewari Mr. Hasit Kaji

Chief Human Resources Officer Chief Digital and Information Officer
Ms. Jyoti Bansal Prof. Sunil Sharma

Chief - Branding, Corporate Communications, Chief - Strategy, Innovation, Business Collaboration
CSR and Sustainability
Mr. Hanoz Mistry

Company Secretary

Introduction to
Tata Power
Tata Power at a Glance 16
Operational Presence 18
Strategy 20
ESG Priorities and UN SDG Alignment 23
Value Creation Model 24
Tata Power at a Glance
Transitioning with purpose

On the back of a legacy spanning more
than a century of strengthening the
Indian economy and empowering Indians,
Tata Power is today one of the country’s
largest integrated power companies.
With a bold aspiration to become the
‘Most Preferred Green Energy Company’,
we are proactively investing in a greener
portfolio, and innovating with smart
technology for a future-ready business.
100+ 21,600+ 19
Years of legacy People employed States and UTs
served
Segments and the value chain
Renewable Energy Conventional Energy Transmission Distribution

Generation Generation
3,400 MW 10,115 MW 3,552 Ckm 12.3 million

Installed generation capacity Installed conventional Total transmission Total customers served
generation capacity line capacity
EV Charging Infrastructure Solar Rooftop Manufacturing EPC Large Projects

2,200+ 950 MW 1,135 MW 9.7 GWp
Public EV charging points Solar rooftop project Manufacturing capacity Projects executed and
installed across 352 cities executed of Solar cells & modules under pipeline

Creating a future-ready Tata Power

Our key levers for building a future-ready enterprise include:
Solving legacy issues and securing Deliver growth at scale

financial fitness ¤ Large-scale RE portfolio
¤ Deleveraging balance sheet ¤ Multi-fold growth of solar rooftop and solar pump
business
¤ Resolving challenges at Mundra for the long term
¤ Multiply distribution customers
¤ Asset-light structure for growth
¤ Incubate new age energy businesses
Create shareholder value Becoming a sustainability benchmark

¤ Maximise shareholder return ¤ Phase out thermal capacities
¤ Optimal capital allocation ¤ Increase green and clean capacities
¤ Benchmark water and waste management
¤ Nurturing a diverse, growth-ready workforce
¤ Promote awareness and responsible energy use
¤ Community groups/leaders driving SDG & ESG impact
Emerging as the ‘utility of the future’

Our future-focused ambitions for the next 5 years
>30 GW <1.5x
Generation capacity Net debt-equity ratio Innovating smart
solutions for
>20 GW >12% customers
RE Capacity RoE
>₹ 25k crore <3.5x

Growth in revenue from EPC, Net debt / underlying Becoming an ESG
rooftop and pump verticals EBITDA ratio
benchmark in the
power sector
>40 million
Customers

Operational Presence
Expanding geographical footprint

We have a wide presence throughout the length and breadth of India,
across generation, transmission and distribution (T&D), electric vehicle
(EV) infrastructure creation, and solar EPC projects.
India 1. Gujarat | 4,844 MW 10. Madhya Pradesh | 174 MW
4,150 194 500 130 44
2. Uttar Pradesh | 2,082 MW 11. West Bengal | 123 MW
14 17
1,980 102 120 3
16 Powerlines
12 Delhi 12. Delhi | 111 MW
6 3. Maharashtra | 1,991 MW
2
Ajmer 13 108 3
930 447 239
4 13. Bihar | 41 MW
1 10 11 375
Odisha
9 4. Jharkhand | 1,725 MW 41
Mumbai 3
14. Punjab | 36 MW
15 1,597 120 8
5. Karnataka | 616 MW 36
18
5 8
15. Telangana | 17 MW
19
566 50
7 17
6. Rajasthan | 401 MW
16. Haryana | 6 MW
216 185
Fuel Mix (Both Domestic + International) 6
13,515 MW 8,860 MW 880 MW 7. Tamil Nadu | 373 MW 17. Uttarakhand | 6 MW

Total Thermal Hydro
375 MW 932 MW 2,468 MW 253 120 6

Waste Heat Recovery Wind Solar
18. Goa | 0.60 MW
/BFG 8. Andhra Pradesh | 306 MW
Distribution of installed capacity (Domestic & International)

3 0.60
206 100
66% 34%
6 18 19. Andaman and Nicobar Islands
9. Odisha | 175 MW | 0.2 MW
7 135 40 0.2 MW
Domestic International
Thermal Hydro Waste Heat/BFG Wind Solar
13,028 MW 487 MW
Distribution Transmission Clean & Green

We also have a notable international footprint in Central and South Asia, and Africa, with assets
across generation, coal mining, coal logistics and representative offices.
Global
Georgia 187 MW
Bhutan 126 MW
Singapore
Indonesia 54 MW
Zambia 120 MW
Hydro Power
Coal logistics office Mauritius
Coal Mines South Africa
Representative Office
Thermal Capacity
Notable solar projects executed
World's largest solar rooftop World's largest solar rooftop India's largest solar carport of Floating solar projects at Nellore
installation of 12 MW for installation on a cricket stadium 2.67 MW at Cochin International and Kayamkulam
RSSB-EES, Amritsar (single of 820.8 kWp at Cricket Club of Airport Limited (CIAL)
location, multi-roof) India, Mumbai

Strategy
Striding ahead with resilience and innovation

At Tata Power, our strategy is formulated,
evaluated and updated with an integrated
approach which considers business inputs
bottom-up and leadership direction
top-down. With a sharp focus on yearly
Our vision
assessments, we strategise to align ourselves
with newer market realities, megatrends Empower a billion lives through
and stakeholder asks. Our well-envisioned sustainable, affordable and innovative
energy solutions.
planning process, complemented with
a feedback loop, supports seamless
implementation and course correction
of our strategic roadmap, and reinforces
sustainable outcomes.
S1 S2
Profitable scaling-up of Renewables, Focusing on sustainability, with
Transmission & Distribution, Services & an intent to attain carbon and
Energy Solutions business water neutrality
Targets Progress as on FY22 Targets Progress as on FY22
Increase share of clean 34% Attain carbon net zero 707 MW
and green energy in the Clean and green before FY45 New renewables
Company's portfolio to 80% energy portfolio capacities added
by FY30
Reduce specific fuel 20.3 MT
40 million customer base 12.3 million consumption by improving Coal consumption in FY22
across distribution Customer base in T&D operational efficiency
businesses by FY27
Benchmark in 100%
Being the leading EV 2,200+ waste management Current fly ash utilisation
charging network provider Public EV charging stations (gainful fly ash utilisation)
in India spread across 352 cities

S3 S4
Maintaining financial leverage at Leveraging digital platforms to drive

targeted levels customer-centric businesses
Strengthening of balance 1.53 Establishing digital Investments in SMART grid
sheet by maintaining debt to Net debt to equity ratio platforms for new technologies such as smart meters,
a sustainable level 1.31 businesses like EV sensors, IoTs to make more intelligent
Interest coverage ratio charging, home and efficient network
automation and
3.92 Development and upgradation of
energy services
Net debt to underlying EBITDA energy storage and battery system,
specially to meet high energy demand
Adopting debt-light 60% EZ Charge and EZ Home
models through innovative Capex financed through application launched
financial restructuring internal accruals
Leveraging data analytics Smart meter based solution being
₹ 4,000 crore to deliver customised rolled out for distribution customers
Fund committed by solutions and value- as VAS
BlackRock and Mubadala for added services (VAS) Digital solutions in Solar Rooftop
Renewables business to customers business for end consumers
Established policy for data privacy
and security
Generating insights from C-SAT score above 90% for all Discoms
various customer data
across businesses to
improve offerings
S5
Developing future energy services and solutions
Targets Progress as on FY22
Focusing on adapting and introducing new models for satisfying 3.75 lakh+
energy needs of customers Smart meters installed in Delhi and Mumbai
Green power open access solutions
Green day ahead market participation
Green power
Floating solar
Becoming the one-stop-solution provider for varied customer Established and well received offerings:
needs on energy through integrated offerings • Solar Rooftop business offerings
• Microgrids
• ESCO solutions

Strategy
S6 S7
Creating an engaged, agile, and future- Minimising coal cost under recovery
ready workforce in Mundra
Enhancing employee 97%+ Optimising the coal cost 39%

engagement, and targeting Retention rate under recovery through Blend
to be amongst the employers better coal sourcing and
7.8 lakh+ Supplementary PPA in
of choice optimal blending
Training hours in FY22 advanced stage of discussion
with full pass through of coal
Building organisational 20,089 hours
Operating plant at Aligned to production levels
capabilities to drive Training for customer‑facing
optimum efficiency levels enabled by regulatory norms
customer centricity personnel
and achieving better
17,827 hours operational parameters
Learning on Gyankosh platform
Creating next‑generation 46,364 hours

leaders Training for middle and
senior management
S8
244 new hires Set new benchmarks in operational
From top business/
engineering schools
excellence and financial returns for
existing businesses
Tiered leadership development
programmes – SLDP, AYLP Targets Progress as on FY22
and ELP
Achieving benchmark Reduction in forced outage
Focusing on diversity 10% performance in various
operational parameters in Use of digital platforms
and inclusion Women in leadership positions
thermal and hydro plants and analytics to optimise
8% plant performance
Women in overall
Maximising incentives in ` 75 crore
full‑time workforce
regulated businesses Total incentives earned
Nurture existing core Digital academy creating
competencies and build new digital literacy for fuelling Operating RE portfolio at Availability improvement
competencies in the areas of transformation and growth benchmark and above design and generation
innovation, technology and parameters to increase optimisation through
Collaborations with academia the yield technology interventions
digital platform
60+
Aggregated Technical and Being reduced and
Collaborations with bodies for
Commercial (AT&C) loss operations stabilising
new innovations, competency
reduction in Odisha Discoms
development, etc.
Improving asset New age initiatives such as
Nurturing the culture for 5.37 hours performance by maximising customer service chatbot
employee volunteering Volunteering hours digital initiatives
Introducing Industry 4.0
per employee
technologies including
Artificial Intelligence
in operations

ESG Priorities and UN SDG Alignment
Embedding ESG factors in business

We have integrated six key Environmental, Social and Governance (ESG) priorities into our business,
and as part of our future-ready roadmap.
Carbon net zero Clean capacity Customer centric

before 2045 80% by 2030 businesses
Action plan Action plan Action plan
¤ No new coal-based capacity; phasing ¤ Pursuing new solar and hybrid capacities ¤ Promoting mass adoption of rooftop
out before 2045 with the completion of to grow 4.7 GW to over 30 GW solar and solar pumps, microgrids and
contractual obligations (PPA) home automation
¤ Leading EV charging infrastructure to
spur ecosystem
¤ Value-added services (VAS) at the
distribution end
Utility benchmark Zero waste to landfill Impact 80 million lives

inwater management before 2030
directly by 2027
before 2030
Action plan
Action plan
¤ Benchmarking waste and fly-ash
Action plan
¤ Training 10,000 trainers to enable
experiential energy conservation
management (100% utilisation) education learning for 10 lakh+ youth
¤ Adopting practices to becoming 100%
water neutral before 2030 ¤ 100% zero waste to landfill before 2030 ¤ Building capabilities of 1,00,000+ self-help
group (SHG) members
¤ 15% special outreach for Tata
Affirmative Action
Aligning to UN SDGs with our business and social interventions
Business SDGs CSR SDGs

Business-wise targets have been set for the CSR SDGs for Societal Impact are below:
following prioritised SDGs to create a roadmap
Decarbonisation Education
To become carbon net neutral Train 35 lakh+ youth in as conservation and
before 2045 STEM* education champions by 2027
Thought Leadership Employability & Employment
To become a global 20 lakh+ youth trained and made
sustainability benchmark employable by 2027
Circular Economy Entrepreneurship
Move towards water neutrality or Enable 1 lakh+ community collectives
positivity and zero waste to landfill (Self Help Groups) by 2027
before 2030
*Science Technology Engineering Mathematics

Value Creation Model
Delivering sustainable outcomes

We create continuous and consistent value for our stakeholders by viewing
our resources and relationships through the lens of the six capitals.
Inputs Activities and operating model

Financial Capital
K 26,028 crore Total equity
Risk
K 39,708 crore Net external debt s an
e
K 7,268 crore Capex spend in FY22
nc do
na p
po
ve
Go
rtu
Manufactured Capital
nit
Power trading
ies
13,515 MW Total installed/managed capacity
3,552 Ckm Total length of transmission lines
3 GW Solar Utility Scale EPC order book Integrated
2,200+ Public charging points installed New age energy Power Renewables
191 Microgrids installed (UP and Bihar) solution Solutions
Intellectual Capital
es
c tiv
K 13.7 crore Total R&D investments
'My Tata Power’ Unified consumer mobile app
bje
Investment in Smart meters
ES
so
G
Transmission & Conventional

io
es
in
pr
Distribution generation
Human Capital ri t s
21,636
ie s
ic bu
te g
Total employees
47.7% Workmen cadre employees St r a
represented by unions
7,84,761 Employee training hours
Our Vision
Social & Relationship Capital Empower a billion lives through sustainable, affordable and innovative
12.3 million Distribution customer base energy solutions.
86% Customers making payments digitally
K 32.8 crore CSR spending Mission
Keeping the customer at the Sustainable growth with a
centre of all we do focus on profitability and
market leadership
Natural Capital Operating assets and executing
50 years of Deccan Mahseer conservation projects at benchmark Creating an empowered
20.3 MT Coal consumption across thermal plants level through technology workforce driven by passion
K 27,223 crore Investment in Renewable & innovation & purpose
Energy projects 'Leadership with Care' for
64,721 Water consumed all stakeholders
million litres

Outputs Outcomes
Financial Capital Underpinned
K 42,576 crore
K 2,156 crore
Revenue
PAT
by our SCALE
9.5% RoE values
K 76,321 crore Market capitalisation
44,383 MUs (as on Mar 31, 2022)
Total power generated
Manufactured Capital
707 MW Additional green capacity installed
99.90% Transmission availability Safety
Reduction in AT&C losses in Odisha Discoms
35,754 MUs
Total power distributed
Intellectual Capital
4 Patents granted in renewables Care
5.7 lakh Bills digitally distributed in FY22
3.75 lakh Smart meters installed
Human Capital
65,000 8% Women in overall workforce
No. of solar pumps installed
40% Women in digital and technology roles Agility
0.15 Lost Time Injuries per million man-hours
<3% Attrition rate
Social & Relationship Capital

90%+ Average CSAT score
3.95 GW 6,500 Energy saving appliances (DSM) Learning
Solar EPC Project executed 13.7 lakh CSR beneficiaries
59,416 Students sensitised (Club Enerji)
Natural Capital
Deccan Mahseer Now at a ‘least concern’ status Ethics
27.616 GHG emissions
13,000+ million tCO2e
Home automations installed 100% Fly ash utilisation
34% Renewable Portfolio

Trends,
Opportunities
and Risks
External Environment 28
Strategy for Clusters 32
Risk Management 36
External Environment
Responding to newer realities

The ever-evolving external environment presents us with clear opportunities to create
value for the organisation and the larger stakeholder ecosystem, while exploring
future-ready innovative solutions.
Climate change This growth has been a result of an enthusiastic policy

tone, whilst promoting a favourable environment for
The physical impacts of climate change are becoming
investment. India set itself an ambitious target to expand
frequent and severe with each successive year
its national non-fossil fuel target to 500 GW by 2030,
becoming the warmest year on record. While the Paris
while aiming to meet 50% of its energy demand from
Agreement aims to limit global warming to 1.5°C above
renewables at the recent COP26 in Glasgow.
pre-industrial levels, the average global temperature in
2021 was about 1.11 (± 0.13) °C above the pre-industrial A supportive policy framework has backed ambitious
(1850-1900) levels. As the planet continues to get targets. The notification of the Electricity Rules, 2021
warmer, extreme weather events are already taking supports clean energy over conventional power, by
toll, and will aggravate further. Electric utilities have a granting renewable power plants a ‘must-run’ status.
vital role in global decarbonisation efforts, as the power Moreover, the government has waived off inter-state
sector is responsible for 41% of global energy-related transmission system (ISTS) charges for inter-state sale
emissions, or 13.7 gigatons of carbon dioxide (GtCO2). of solar and wind power. The government has also
taken active steps to promote the development of solar
manufacturing in the country, for which we had been
Opportunity largely reliant on foreign countries. The PLI scheme
Decarbonising electricity generation to allocated ₹ 4,500 crore for domestic solar manufacturing,
which was later expanded to ₹ 24,000 crore, as a result
limit global warming of keen interest in domestic manufacturing by players
The phenomenon of climate change has resulted in in the industry. The government has also announced a
unprecedented changes in weather patterns around Basic Customs Duty of 25% on imported solar cells and
the world. As a response to this challenge, transition 40% on imported solar modules to protect domestic
to renewable energy has become a primary focus for manufacturing in the country. This backdrop has created
policy makers and businesses around the world. Today, confidence in viewing India as a hub for harnessing
India is home to one of the world's largest energy renewable energy.
transition programmes.
With an immense potential for renewable energy in the
country (ground mounted solar: 748 GW, solar rooftop:
352 GW, wind: 302 GW), there is great opportunity for
growth. Presently, India ranks fourth globally, with respect
to installed renewable capacity, having crossed 100 GW
in August 2021 (in addition to over 50 GW of hydro). India
already has the fifth largest solar installations and the
fourth largest wind installations worldwide. The industry
has seen the entry of several players, and India has also
become the only large electricity market in the world
to launch a ‘Green Day Ahead Market’ at the energy
exchange, devoted exclusively to renewable energy.

People and communities

Societal inequalities are at a tipping point. COVID-19 has
exposed the scale of societal disparities, and highlighted
the interdependencies between business and communities,
employees and customers. It is thus clear that business
success relies on thriving societies. For the electric
utilities sector, this elevates the importance of tackling
the challenges of sustainable electricity access and
affordability, to advance equal opportunities and reduce
inequalities. While achieving this, there is a dire need to
respect and remedy human rights across the value chain,
and ensure a just transition that protects workers and
communities from potential negative consequences in the
transition to a low-carbon energy system.
Opportunity
¤ Ensuring access to affordable, reliable, ¤ Providing career building and skill
sustainable and modern electricity enhancement prospects to the nation’s
services for all work-ready population
¤ Attracting and retaining a diverse ¤ Leaving no one behind in the energy
and inclusive workforce within the transition and respecting human rights
organisation and onboarding new
employees for future acquisitions
¤ Raising the bar on safety benchmarks
and ensuring a zero harm, zero incident
workplace
Nature
Ecosystems and biodiversity are rapidly declining due Opportunity
to human activities. The Intergovernmental Science-
Policy Platform on Biodiversity and Ecosystem Services ¤ Transitioning to a circular electric
(IPBES) and the Global Assessment Report on Biodiversity utility sector
and Ecosystem Services found that human activities
have significantly altered 75% of the world’s land ¤ Protecting, restoring and promoting
surface, leading to the loss of over 85% of wetlands, and sustainable use of ecosystems and driving
impacting 66% of ocean areas. The decline of ecosystems
and biodiversity can have severe societal impacts,
net biodiversity gains, going beyond only
ranging from vulnerable food supplies and adverse regulatory compliance
health outcomes, to loss of livelihoods. As the energy
system transforms, electric utilities must address risks to
ecosystems and biodiversity, driven by climate change,
land use change, and water use, and from mined metals
and materials in the supply chain.

External Environment
Technology
The digital transformation is disrupting electric utility Opportunity
business models. This brings along opportunities and
risks, and is transforming society’s engagement with the ¤ Enhancing electricity system flexibility,
electricity system. In particular, the increasing volume resilience and efficiency
of distributed energy resources, such as rooftop solar
photovoltaic (PV) panels and electric vehicles, combined ¤ Leveraging technology to empower
with digitalisation of the grid and the growth of internet of customers and drive collaborative
things (IoT) enabled devices, is democratising the energy
system. This is enabling electricity consumers to actively decarbonisation efforts
participate in the electricity system as suppliers of power.
Technology developments also mean that businesses
¤ Leveraging technology to drive and
of all types are using electricity to provide a continually promote energy efficiency
growing range of services to customers, including
mobility and HVAC, while at the same time, driving energy
efficiency and decarbonisation.

Relevant trends and responses
India commits to Net Zero Emissions Net metering on C&I capped at 500 kW
by 2070 e are processing the Net metering requests being
W
T ata Power is well poised to support India’s aspiration applied by the solar customers within the licensed
to reach net zero emissions by 2070. With roots in area. As per the Ministry of Power (MoP) notification,
hydro power generation going back a century, and it is proposed that for the locations where the
over three decades of leading presence across the regulations do not provide for net-metering,
solar and wind power value chain, we are equipped net‑billing or net feed‑in, the regulatory Commission
to leverage the country-wide momentum towards may allow net metering to the Prosumer for loads
clean generation. We are the first Indian power utility upto 500 KW or upto the sanctioned load, whichever
to commit to no thermal generation growth and is lower and net-billing or net feed-in for other loads.
phasing out of thermal power plants at the end of
contractual obligations. Aspiring to add solar and If implemented across the state, this might enable
hybrid power capacity to reach 80% clean and green push for higher adoption of rooftop solar by
generation in our portfolio by 2030 and be net zero consumers and help us to leverage this opportunity.
before 2045, well before India’s target timelines.
RE > 100 GW Operational in India PLI scheme for Solar Manufacturing

W
ith a growing solar and wind portfolio, and focused T ata Power Solar Systems Limited has doubled its
new business initiatives, we are best placed to solar cell and module manufacturing capacity at its
capitalise on the RE trend. facility in Bengaluru to 1.1 GW and is setting up 4 GW
additional cell and module capacity in Tamil Nadu.
Renewable Energy (RE) Generating Stations Entry of new players in the RE arena
granted 'must-run' status rowing and strengthening leadership position in
G
F urther boost to current and future RE power solar, wind and new business verticals, pursuing
installations of Tata Power. brand-led and B2C initiatives to increase gap
from competition.
Green Day Ahead Market segment launched at ISTS charges waived for solar and wind projects
IEX exclusively for RE very encouraging move by the regulator, the waiver
A
W
e are a key participant from the buy side to meet would promote growth of open access, which will
our Renewable Purchase Obligation (RPO). Further, it encourage further adoption of RE in the country.
would benefit in reducing curtailment of green power
which will boost our RE generations.
Read more on our analysis of the external environment in the Management Discussion and Analysis section (page 135)
Key developments in the Indian power scenario Tata Power’s response

Strategy for Clusters
Charting segmental growth roadmap

To ensure broad-based, profitable and sustainable growth, we have
charted out the opportunities, strategy and enablers for our four
key business clusters – generation, transmission and distribution,
renewables and new age energy solution business.
Renewables Generation availability Plant load factor

Our Renewables cluster consists of utility scale solar, (%) (%)
100
100
wind and hybrid assets, manufacturing of solar modules
22
99
98
97
21
21
95
and cells, solar EPC business and solar pumps. India has
19
19
indicated a total installation of 500 GW of solar and wind
17
by 2030 and we expect nearly 30 GW of capacity to be
awarded each year to achieve this target. Our Renewables
business expects to capitalise on this substantial demand, Wind Solar Wind Solar
and hence, forms a key part of our future roadmap. 2019-20 2020-21 2021-22
Key focus areas
Retain Achieve Commission and Sustain

leadership best-in-class operate 4 GW best‑in‑class
in utility scale EPC, efficiency and yield through cell and module line by FY24 project execution
solar pumps, and solar operational excellence, project as greenfield expansion through speed, cost
rooftops execution, automation, and optimisation, standardisation
sustainability and digitalisation

New age energy solutions

Our new age energy solutions cluster plays an instrumental role in ensuring long-term business sustainability, and in
enabling our transition to a greener, customer-focused power provider. The cluster comprises our rooftop solar, EV and
home automation verticals
Rooftop solar EV charging Home automation

We have consistently grown our The EV ecosystem is burgeoning in We have established our presence
rooftop solar market share, order India, and we intend to play a key role in the home automation market,
book and revenue. We have a in enabling this growth. We plan to delivering a complete range of
market opportunity to enhance tap the market opportunity driven value-led products. We have been
our portfolio size multiple times. by the government's push on electric enabled by our multi‑channel play
We will be enabled by a conducive cars, buses and OEMs, a strong across retail, direct, e-commerce, new
external environment, driven by the partner ecosystem, and digitally products and through our Discoms.
value proposition of solar, increased enabled customer experience.
The home market has a significant
government push and regulatory
potential to grow in size. To utilise
support, increased corporate pull
this opportunity, we will focus on
in the wake of climate change, and
effective demonstrations, creation of
access to capital. In the near term, we
awareness, building preference for
will focus on leveraging our brand,
the ‘EZ Home’ brand, and delivering
utilising channels, tapping into white
best-in-class customer service.
spaces, profitability, and productivity,
and contributing to 2x growth in
the portfolio.

Strategy for Clusters
Transmission and distribution AT&C Losses - Distribution

Our T&D business serves over 12 million customers across (%)
4 states and UT in India and has 3,500+ circuit km of
transmission lines. In the long-term, the business expects
10.2
36.3
10.0
32.5
9.5
to achieve its objectives under the SOAR strategy :
30.4
28.6
27.7
7.9
26.7
25.3
Showcasing capability to transform both urban and
7.3
23.1
6.8
rural geographies in distribution
Observe zero fatality across all entities
Achieving a multi-fold growth over baseline
1.4
Reaching a customer base in excess of 40 million and
0.7
0.7
transmission capacity in excess of 10,000 ckt km
Mumbai TPADL TPDDL TPCODL TPWODL TPSODL TPNODL
Key focus areas
FY20 FY21 FY22 Before take over
Turnaround Ensuring cost

of Odisha Discoms at a reflective tariffs across Tranmission-Availability
faster pace distribution business (%)
100
100
100
and amortisation of
regulatory assets
Operational
efficiency Automation and
enhancement through use
of TQM
digitalisation
of processes and
service delivery
FY20 FY21 FY22
Focus on
innovation Value added Current T&D portfolio
to reduce capex requirement services to customers
Transmission Business model CKM
Mumbai Transmission Regulated 1,224
Focused growth Powerlinks (JV) Regulated 2,328
in transmission business Total 3,552
Key actions and enablers Distribution (Dist.) Business model

Consumers
in million
Mumbai Dist Licence 0.7
Exploring opportunities Tariff-based competitive
under PPP/DF/delicensing to bidding and M&A Tata Power Delhi (Dist.) Limited Dist Licence 1.9
expand customer base opportunities for TP Central Odisha (Dist.) Limited Dist Licence 2.9
transmission projects TP Southern Odisha (Dist.) Limited Dist Licence 2.4
TP Western Odisha (Dist.) Limited Dist Licence 2.1
Developing product suite Exploring smart
TP Northern Odisha (Dist.) Limited Dist Licence 2.1
and exploring opportunities grid and energy
for smart metering and management services TP Ajmer (Dist.) Limited Dist Franchisee 0.2
other solutions Total 12.3

Generation Key focus areas

We have our conventional generation assets (including
hydro assets in Mumbai) spread across North, West and Operational Digitalisation
East India, with a combined capacity of over 10,000 MW.
Our primary objective in the short-to‑medium term is excellence Using digitalisation and
Reduction in heat rate, analytics to enhance
the operation of our assets at benchmark levels with
auxiliary power consumption, efficiency and reliability
safety to provide competitive and sustainable power to
customers. Our strategy is underlined by our adaptation forced outage
to energy transition and sustenance, and our ability to
deliver affordable and reliable power.
Flexibilisation Sustainability
Enhancing plant flexibility Reducing environmental
to enable grid stability footprint
Key actions and enablers
Benchmarking sustainability Compliance to MoEFCC mandates Enhancing people capabilities

performance via carbon net zero, through flue gas desulphurisation, through targeted development plans
enhancement of clean and green NOx abatement project and creating a future-ready workforce
capacity, benchmark water and waste implementation, specific water
management, flexibilisation, and consumption reduction, afforestation,
deployment of new technology initiatives for biodiversity and
ash utilisation
Securing financial fitness by achieving Creating shareholder value with a

long-term solution for Mundra, focus on improving RoE, operational
together with cost optimisation excellence and unit availability,
and adhering to stakeholder
engagement plan
Generation availability Plant load factor

(%) (%)
99
99
93
98
97
97
96
96
96
96
95
94
94
93
93
87
87
92
92
86
90
88
81
79
79
83
81
80
80
75
73
73
72
72
71
70
69
67
67
70
62
61
52
41
39
39
29
25
Trombay Mundra Jojobera Haldia IEL MO-Hydro Maithon PPGCL Trombay Mundra Jojobera Haldia IEL MO-Hydro Maithon PPGCL
2019-20 2020-21 2021-22

Risk Management
Mitigating risks, augmenting opportunities

As a large-scale integrated power player operating in a dynamic environment, we are
prone to externalities that can impact our value creation. To mitigate our imminent and
long-term risks, we follow Enterprise Risk Management (ERM), which supports an efficient
and risk-conscious business strategy, while laying ground to pursue opportunities.
Risk governance and management

We have devised an ever-improving and robust risk
management policy, which considers our industry We have adopted the Task Force
dynamics, emerging trends, and best-in-class risk on Climate-related Financial
mitigation measures. Last year, we implemented a new
concept in our risk management system, termed ‘Risk Disclosures (TCFD) framework and are
Velocity’, which measures how fast a risk exposure strengthening our strategy, internal
can impact the organisation. We also ensure regular governance and risk management
monitoring of the mitigation measures for high velocity
risks. In FY22, to meet the future requirement of risk while transitioning to a cleaner and
management and effective monitoring of the risk, we greener portfolio.
have upgraded to RMS 2.0, which is an advanced, fully
automated online risk management system. The system
will enable effective mitigation measures, monitoring, and
management reporting.
Risk identification and management process
Risks are identified We designate a risk The outcomes of the Our risk management
across sector specific, owner and champion first two stages are system enables Cluster
technology, regulatory, responsible for collectively mapped Risk Management
commercial, financial, structuring mitigation into our internal system Committees (CRMCs)
business, climate plans against with designated to ensure seamless
change and business identified risks responsibilities and monitoring and review
continuity parameters timelines to achieve of current and future
risk-related targets risk plans
A Risk Mitigation When the RMCI Insights from the risk Our risk register
Completion Index percentage is lower mitigation process are lays out concise and
(RMCI) is employed to than the target, further incorporated in complete details of
determine and monitor the deviation in the risk plan to enable our identified risks and
the level of completion mitigation action cross-functional learning mitigation plans
of mitigation actions areas are reviewed for across the organisation
requisite intervention and enable efficacious
risk management
Our risk management is governed by a Board-level Risk Management Committee (RMC), which comprises three
Independent and two Non-Executive Directors (NED). In FY22, the RMC met three times to review critical risks and
risk preparedness.

Risk compliance
Our risk management approach lends impetus to ensure Compliance monitoring
compliance with relevant legislations. Additionally,
we have an established proprietary software to run an
effective Compliance Management System (CMS) that
allows for keen monitoring of the compliance status, with
regard to applicable laws and regulations. The CMS at
Tata Power also provides a robust governance structure Apex Compliance Committee (ACC)
and a streamlined reporting system that ensure cohesive
compliance reporting to the management. The regulatory Chief-Internal Audit & Risk
compliance status report is presented to the Tata Power Management
Board on a quarterly basis.
Business cluster and corporate
• Compliance reports are regularly updated by the function heads
Compliance Department and independently reviewed
by senior management, allowing for efficacious
oversight across compliance practices
• The CMS covers Tata Power and all material
domestic subsidiaries Senior management
• The extensive benefits of the software capture alerts
that inform us of changes in laws/regulations, while also
updating the database. If any legislation is no longer
applicable, they are accordingly disabled in the system
Our operating context and identified risks

We have in place a dedicated internal audit function,
which reviews the sustained effectiveness of Internal
Financial Controls (IFC) by adopting a systematic
approach. To fulfil the requirements of the Companies Act,
2013, the internal audit team has integrated IFC controls
into Risk Control Matrix (RCM) of enterprise processes. IFC
controls are tested as part of the approved annual internal
audit plan. Review of the internal audit observations
and actions taken on audit observations indicate zero
adverse observations having material impact on financials
and no material non-compliances, which have not been
acted upon.
As a process, we have also continued Control Self-
Assessment (CSA) through an internally developed
online tool, whereby responses of all process owners are
used to assess the effectiveness of internal controls in
each process. This supports CEO/CFO certifications for
internal controls.

Risk Management
Key risks and their mitigation

Details of our identified risks, mitigation strategy and linkage to our strategic business objectives are provided below.
Risk category Description Mitigation strategy Strategic Linkage
- Poor financial performance of state - Close monitoring of Discoms

R1 Discoms - Sustained advocacy with authorities S1
- Creditworthiness and business - Diversification of renewable portfolio across various
Sector- S8
continuity of the customers procurers, tariff structures and states
specific
- Cybersecurity risk having the - Automated detection and preventive solutions

R2 potential to impede operational - Reinforcement of security policies and procedures S4
transactions
- Enterprise-wide training and awareness programs on S5
Technology
information security
- Inputs from Computer Emergency Response Team (CERT)
and other private cyber intelligence agencies
- Periodic testing to validate effectiveness of controls
through vulnerability assessment and penetration testing
- Regular internal and external audits
- Investment in cyber insurance
- ISO27001 certification for Digitalisations & Information
Technology (D&IT). Currently, certification is done at
Corporate level and in one of our subsidiaries
- Implementation of Security Operations Centre (SOC) as
service
- Mundra coal under-recovery - Advocacy with Mundra power procurers and the
R3 - Continuity of businesses, post government at various levels S7
expiry of PPAs - Advocacy with the Ministry and regulatory bodies at
Regulatory S8
- Water securitisation of hydro various levels
plants: risk of reduced generation - New avenues to utilise fly ash in ready mix concrete, slag
- Risk of violating environment cement, fertiliser etc. for 100% ash utilisations
norms - Implementation of flue gas desulphurisation plant (FGD)
- Non-cost-reflective tariff, leading to
accumulation of regulatory assets
- Change in normative allowances -
O&M cost and ROE

Risk category Description Mitigation strategy Strategic Linkage
- Non-compliance and - Policy advocacy at the central and state levels, and legal
R4 renegotiations of PPAs remedial action, selective bidding and avoiding specific S1
- Risk accumulation in large projects, identified states
Commercial S5
EPC business and rooftop solar - Credit risk assessment of private customers, advocacy for
- Moderation of solar and wind tariff enforcement of payment security mechanism of letter of S8
putting pressure on margins in the credit
renewable sector - Mitigation through prudent operations management,
- Meeting Aggregated Technical resource optimisations and prudent bidding practices
and Commercial (AT&C) losses for - Focus on meter replacement, network strengthening,
Odisha Discoms as per the vesting increasing efficiency in billing and collection and
order enforcement activities to avoid theft
- Disallowance of costs / schemes in - Advocacy with State Transmission Utility (STU)/ regulator
transmission for acceptance of schemes through cost-benefit analysis
- Availability of cost- effective - Diversification of lenders base

R5 capital, availability of debt - Monetisations of non-core assets S1
- High leverage: increased - Advocacy with relevant government authorities
Financial S3
borrowings over the last few years
- Advocacy with regulators and government for tariff
primarily due to losses in Mundra
increase
- Liquidation of regulatory assets
- Ensuring prior approval of capex schemes from the
- Forex risk regulator
- Hedging for commodity and exchange variation
- Availability of fuel for thermal plant - Exploration of alternate coal sources

S8
R6 at optimal cost
Business
- Climate change linked transitional - Comprehensive, digitised GHG tracking through ESG
R7 risk: possibility of capping of platform and adoption of Science Based Targets S1
carbon emissions - Lowering of carbon intensity by focusing more on the
Climate S2
- Climate change linked physical renewable portfolio as well as venturing into energy
change, risks: efficient businesses like rooftop solar, EV charging, S8
water and microgrids, etc.
- For operations located in
Business
coastal areas - Improvement in operational efficiency for thermal power
Continuity
- Rise in water temperature plants
Plan (BCP)
potentially affecting processes - Installation of pollution control and energy efficient
- Extreme weather events, such equipment
as floods and droughts, fuel, - Adherence to stringent design parameters (to address
and water scarcity climate risks) while developing new projects.
- Risk of pandemic and other natural - Establishment of robust Business Continuity and
disasters Disaster Management Plan (BCDMP) evidenced through
recertification on ISO 2230: 2019 from the British Standards
Institute (BSI)

Value Creation
Stakeholder Engagement 42
Materiality Assessment 44
Investors 46
Customers 52
Suppliers and Partners 60
Communities 62
Employee 68
Environment 76
Approach to Governance 84
Awards 86
Introduction Trends, opportunities Statutory Financial
Overview to Tata Power and risks Value Creation Reports Statements
Stakeholder Engagement
Bolstering meaningful relationships

Our continued ability to engage with At Tata Power, we regularly connect with our
stakeholders to understand their perspective,
stakeholders and nurture meaningful receive feedback, and ascertain issues important
relationships with them, has been at the to them. Seamless dialogue, empathy and focus on
value creation underpin our stakeholder engagement.
core of our century-old journey.
Stakeholder Why are they Engagement mechanisms Stakeholder recommendations Tata Power’s response to stakeholder
groups important? recommendations
External stakeholders
Investors Provide equity capital - Scheduled investor meets - Reduce leverage - Divestment of non-core assets
- Quarterly results call - Growth and profitability of ESG - Introducing new businesses aligned
- Participation in events/ oriented business to the green agenda and achieving
platforms organised by - Better communication with leadership in them
investors stakeholders - Regular communications and
- Thrust on growing through energy interaction with investors
efficient businesses - Thrust on growing through energy
efficient businesses
Lenders Provide debt - Periodic meetings - Financial status of Discoms - Regular monitoring of the health of
capital - Increased disclosure on ESG Discoms and portfolio diversification
aspects - Ensuring transparency
and periodic communication with
lenders
Regulatory Provide guidance for - Scheduled meetings - Climate change related rules/ - Regular engagement,
authorities conducting business - Regular liasoning regulations communications and advocacy with
and resolving disputes - Optimal tariff to consumers regulatory authorities
- Industry forums
- Optimal utilisation of natural - Strict compliance with rules and
resources regulations-tracking compliance
Customers Ultimate recipient - Customer satisfaction - Timely and high quality completion - Timely and high quality completion
of our products and surveys of projects of renewable projects
services - Formal and informal - Quality and reliability of power - Improvement of operational
feedback supply efficiency measures
- Improved notifications of - Reduction in forced outages
disruption, failures, or maintenance - Cost-effective energy solutions
for customer transparency
- Regular safety awareness campaigns
- Integrated, smart and convenient for customers
power management solutions
- Introduction of digitally-enabled
solutions such as smart meters
- Offering bundled solutions to
enhance customer convenience
Suppliers/ Help us develop - Regular supplier / vendor - Formal supplier assessment to - Evaluation of vendors/suppliers
Vendors our business meets verify ESG performance through ESG criteria
ecosystem, support - Contract revision and - Increased awareness to partner - Shared common vision through
our sustainability negotiation meetings green initiatives vendor meets
initiatives, and create
- Contractual clauses to reflect
shared value
organisational expectations on ESG

Stakeholder Why are they Engagement mechanisms Stakeholder recommendations Tata Power’s response to stakeholder
groups important? recommendations
Civil society Enable better - Project-based stakeholder - Augmented community - Robust internal and financial control
implementation of meets involvement system
our environment and - Periodic meetings - Transparency in business practices - Emphasis on community
social initiatives and and their impacts development and affirmative action
give feedback initiatives
- Responsible business conduct and
commitment to sustainability - Collaborative initiatives for carbon
mitigation
Local Provide a better - Project-based stakeholder - Increased infrastructure for training - Training and skill development of
community socio‑economic meets community members contractors undertaken by Tata
context in our - Participation in CSR - Safety and security of facilities as Power Skill Development Institute
operating environment activities well as electricity supply (TPSDI)
- Relief work for COVID-19 - Regular safety awareness campaigns
undertaken for customers and other
community stakeholders
Media Plays a vital role - Media briefings - Increased transparency and clarity - Presence of a robust corporate
in keeping our - Press releases in shared information communications team
stakeholders
- Marketing communication - A strong media and communication
informed of business
strategy across the Company
developments, new
products and services as
well as the impact of our
business operations
Employee Help set standards for - Scheduled meetings - Ethical and responsible business - Adherence to Tata Code of Conduct
unions education, skill levels, - Dedicated surveys conduct for all employees
wages, health, and
- Equal opportunities for all - Continuous support of management
employee benefits and
to promote diversity
working conditions of
our employees - Formulation and implementation of
Human Rights policy
- Support for collective bargaining
through union employees
Internal stakeholders
Board Of Provide collective - Scheduled quarterly Board - Market Leadership - Periodic review of business strategy
Directors & guidance and direction meetings - Maximise shareholder value and performance
Leadership for the Company’s - Strategy Board Meetings - Focus on sustainable businesses - Greater emphasis on growth
strategy and through non-fossil-based business
- Scheduled Board - Focus on customer-centric policies
operations ventures
Committee Meetings and ethical business conduct
- Increased focus towards ESG
- Proactive interaction with investors
disclosures and clear communication
for ESG initiatives and strategy
on ESG aspirations
- Periodic review of perceived risks
- Sustained focus on CSR activities for
and mitigation strategy
identified thrust areas
Employees Form the backbone - Training and seminars - Work-life balance - Successful implementation of work
of our business - Meetings and reviews - Transparent appraisal and from home, ROTA system
activities
- HR programmes promotion policy - Robust appraisal system and
- Stability of internal policy redressal process
- Employee satisfaction
surveys - Fair remuneration structure - Implementation of internal audit
and control system
- Departmental meetings
- Benchmarking salary structure to be
- Townhall meetings
among the best in the industry
- Quarterly management
communication

Materiality Assessment
Topics in focus
Our material issues reflect the most crucial topics for
stakeholder value creation. These topics inform our strategy
and decision-making, and feed into our ESG goal-setting.
Progress on our material issues is also integral to our
contribution to the UN SDGs.
Our materiality assessment process

Detailed materiality assessment process was last done in
FY20, which comprised peer benchmarking, extensive
stakeholder consultations and response analysis. Through
the process, we arrived at six key topics, critical for value
creation. This year, the topics remain the same with similar
degree of relevance.
Identification Prioritisation Review of Validation of

of Material Topics of Material Topics Material Topics Material Topics

Critical material topics

Our most material topics across strategic, economic, environmental, social and governance have been provided below.
The coverage on each material topic can be found in the subsequent sections of this report.
Material topic Key focus areas Capitals impacted SBOs UN SDGs
Climate change - Increase in renewables portfolio

S1 S2
management (p. 6 and 18)
- Carbon emission management
(p. 77)
- Operational efficiency (p. 78 and 79)
- Demand-side management (p. 59)
Environmental - Waste and water management

S2
stewardship (p. 79-81)
- Resource availability (p. 81)
- Biodiversity (p. 82)
Workforce well-being - Training, education and development

S6
(p. 70)
- Occupational health and safety
(p. 71-72)
- Human rights (p. 75)
Future-ready and - Impact on business due to change in

S1 S3 S4
business continuity coal pricing (p. 9)
- Sustainable investing (p. 21) S5 S7 S8
- Innovation in process, service, and
solutions (p. 59)
- Digitisation (p. 21)
- Cybersecurity (p. 38 and 55)
- Disaster management and planning
(p. 39)
- Local sourcing (p. 60-61)
Corporate - ESG compliance (p. 83)

S2 S8
Governance - Risk management (p. 36-39)
Customer - Customer satisfaction (p. 55-56)

S4 S5
Relationships
Social And
Financial Manufactured Intellectual Human Natural S SBOs
Relationship

Investors
More Power with better prospects

Our business is powered by the continued Consistent shareholder returns (RoACE*)
trust that our investors place in us. We (%)
7.8
consider it our fiduciary duty to deliver on 6.4
7.0 7.0 7.2
their expectations, and we achieve this

through operational excellence, continued
strengthening of our balance sheet, and
efficient capital allocation that supports
capex projects and new business ventures. FY18 FY19 FY20 FY21 FY22
* before exceptional items
Key linkages
UN Sustainable Development Goals

S1 S3 S7 S8 Decent work and Partnerships for
economic growth the goals
R1 R4 R5 R6 Industry, innovation
and infrastructure
Material topics Climate action

− Future-ready and business continuity
S Strategic business objectives Social And Relationship Capital Financial Capital R Key Risk

Deleveraging to power sustainable growth

We have maintained a consistent focus Further, we have also taken a number of initiatives
to improve our working capital cycle, both on the
on strengthening our balance sheet by debtors and creditors side. We have been able to
reducing the debt on our books, with facilitate financing arrangements for our suppliers
and vendors, so that they are able to provide longer
an objective of maintaining our leverage credit periods at very attractive terms. We have also
ratios well within comfortable levels. been able to factor as well as arrange bill discounting
facilities against our receivables from the Discoms,
To achieve this, we had initiated a number of enabling us to improve our overall collections.
actions such as: Leveraging the current interest rate scenario, we also
¤ Divesting non-core investments and assets pro-actively converted a portion of our short-term
loans into long-term, thereby improving our liquidity
¤ Raising equity to repay debt
position and mitigating any refinancing risks.
¤ Restructuring / monetising the renewable business
to unlock value for all our stakeholders while raising Our actions on debt management and key outcomes
funds for growth capital on our financial rations have been positively assessed
by both domestic and international credit rating
We have made significant progress on all the above
agencies, thus resulting in a rating upgrade during
initiatives and have been able to reduce debt. With
the year.
these initiatives, our D/E ratio, which was more than
2.19 in FY19, has come down to 1.53 in FY22, a very
significant improvement.
Business transformation to foster future growth

To future-proof our business, we are undertaking significant strides across multiple levels, and have established specific
near-term goals to optimise our growth and market position.
Think Big From 13.5 GW to over 30 GW Generation

capacity in FY27
Sustainability Focus From 34% to over 80% clean energy

portfolio by FY30
Customer @ Centre From 12 million customer base in FY22 to over

40 million customer base in FY27
From a commodity player to a service provider
Innovation for the end consumer, through rooftop solar,
solar pumps, microgrids, EV ecosystem, home
automation and other new age energy solutions

Investors
Managing financial capital and Debt movement in FY22

growth prospects In FY22, we have been able to maintain a sustainable debt
profile, led by robust cash flows from operations and as an
We are on a growth trajectory that requires continual
outcome of our strategy.
investments for projects and ventures, in addition to
maintaining optimal operational performance. Our
financial capital is powered by a mix of debt and equity
sources, apart from our rising cash flows and accruals. As
Net Debt
part of our strategy, we are according an undeterred focus
(₹ in crore)
on deleveraging, tapping growth and returns from new
growth areas, and an increased funding commitment from 44,599 44,811 43,559
the promoters. 39,708
36,187
Strengthening balance sheet
In the recent past, we have offloaded considerable debt
from our books through various initiatives including
divestment in foreign assets, deploying strategies for
input price management and undertaking mergers for FY18 FY19 FY20 FY21 FY22
better tax efficiency. We are also attracting equity stake in
our future-ready Renewables business from world-class
investors, potentially unlocking substantial value.
Interest Coverage Ratio

Attracting global capital for RE (No of times)
1.30 1.31
Our Board of Directors has approved the raising 1.26
1.16
of ₹ 4,000 crore by Tata Power Renewable 1.05
Energy Limited (TPREL), wholly owned subsidiary
of Tata Power, which will set up India's most
comprehensive renewable energy platform. The
funds of ₹ 4,000 crore would be invested by a
consortium, led by BlackRock Real Assets, along
with Mubadala as co-investors, at the equity base FY18 FY19 FY20 FY21 FY22
valuation of ₹ 34,000 crore*.
Under the proposed structure, TPREL will become
the holding company of all our renewable
businesses, including utility scale generation,
manufacturing of cells and modules, EPC for
renewable business, O&M services, rooftop solar,
solar pumps and EV charging business.
All future renewable businesses will be developed
under this holding company. Ba2 with stable outlook
Moody’s credit rating
*Subject to the adjustments based on FY23 EBITDA

>12% <3.5 <1.5

RoE target Net Debt/underlying Net Debt/Equity target
EBITDA target
Key Ratios
Return on Average Net Worth (ROANW) - Net Debt to Equity
(before exceptional item) (No of times)
(%) 9.5 2.42
2.19
1.99
7.0 6.6
5.8 6.0 1.43 1.53
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Net Debt to Reported EBITDA Net Debt to Underlying EBITDA

(No. of times) (No of times)
7.08 5.68
6.19 5.19
4.70
5.24 4.85 4.09 3.92
4.54
Notes
· Return on Average Net Worth (ROANW) before exceptional items · Net Debt to Equity = Net Debt / Equity
% = PAT before exceptional items / Average Equity Net Debt = Total Debt – cash & cash equivalents – other bank balance –
· Return on Average Net Capital Employed (ROACE) before current investment – loan to related party
exceptional items % = NOPAT / Average Capital employed · Net Debt to Reported EBITDA = Net Debt / Earning before Interest, Tax,
Capital employed = T otal Equity + Total Debt-cash & cash equivalents – Depreciation & Amortisation
Other Bank Balance – current investment – · Net Debt to Underlying EBITDA = Net Debt / Earning before Interest,
loan to related party + lease liability Tax, Depreciation & Amortisation + Share of profit from JV & Associates
NOPAT = PAT before exceptional items + finance cost – other income – · Interest Coverage Ratio = Earning before Interest and tax / Finance cost
tax shield on net finance cost

Investors
Growth
At Tata Power, we are well placed to drive
long-term shareholder returns by tapping
into the large market potential and emerging
opportunities. We are exponentially scaling up
our Renewables business growth by aligning to
the burgeoning RE environment, and pursuing
strong opportunities in the transmission sector.
We are transitioning to become a brand-led,
and customer-focused player. We have laid
out plans to expand our distribution footprint
across India, leverage technology to expand
rooftop solar and solar pumps, and create
innovative, low carbon solutions for customers
through ESCO, home automation and EV
charging. This rightly positions us to become
one of the top two energy companies in India.
Planned growth for green portfolio and B2C business
Capacity growth to 30 GW – New age business possessed Multifold growth in

more than 2/3rd portfolio for significant growth customer-oriented business
‘Clean & Green’
Reallocation of capital employed

We are shifting capital employed from Mundra and thermal business to cleaner and consumer-driven businesses.
Capital employed 5‑year Capex mix Capital employed - FY27
as on March 31, 2022 (%) (%)
(%)
10 12 43
18 17 14 9
38
34
80 70
Thermal Mundra & Coal Thermal Mundra & Coal Thermal Mundra & Coal
Clean & Green T&D Clean & Green T&D Clean & Green T&D Others

Performance in FY22
All our business clusters contributed strongly to our profitable growth despite continued impact of
COVID-19 and buoyant input prices.
Revenue EBITDA
(₹ in crore) (₹ in crore)
42,576 8,317 7,978 8,191
33,239
28% 7,235 3%
6,296
29,984 28,948
26,430
9% 6%
Net Profit After Tax Free Cash Flow

5,762
2,611 2,606
4,497 4,334
2,156
50% 2,117 2,271 2,426
1,439 243
1,316
14% (1,443) (3,334) (2,934)
FY18 FY19 FY20 FY21 FY22

y-o-y growth 5-year CAGR FCFBC FCFAC
Note: The Management Discussion and Analysis section on page 135 Note: FCFBC=Free cash flow before capex
provides more details on the financial performance of the Company. FCFAC= Free cash flow after capex
Free cash flow = Cash from operating activity + dividend income –

dividend paid – distribution on unsecured perpetual securities – capex
Economic value added

Particulars FY20 FY21 FY22
Revenue generated 1
29,510 33,679 43,496
Economic value distributed 29,110 33,322 43,336
Operating costs 2
22,352 26,090 34,780
Employee wages and benefits 1,441 2,317 3,612
Payments to providers of financial capital3 4,674 4,429 4,214
Payments to government by country4 609 447 695
Community investments - CSR 34 39 35*
Economic value retained = Direct economic value generated less economic value 400 357 160
distributed
Notes:
1. Revenue generated including other income and movement in regulatory deferral balance
2. Operating cost including Cost of power purchased, Cost of fuel, Transmission charges, Raw material consumed, Purchase of finished goods, increase/
decrease in WIP, depreciation & other expenses excluding CSR
3. Payment to providers of capital includes finance cost paid, dividend paid to shareholders & Distribution on Unsecured Perpetual Securities
4. Payments to government by country include income tax paid (net of refund received)
* CSR in FY22 includes both spend and unspend amount

Customers
More Power through innovation

We are transitioning ourselves into a B2C player, offering future-ready
and smart power to our customers. Through our differentiated offerings,
continuous innovation, and smart energy solutions, we are delivering
uninterrupted power supply and beyond-the-meter services to ensure
utmost customer convenience and delight.
Distribution customer base
7.47 lakh 1.57 lakh 18.82 lakh 95.19 lakh

Mumbai Ajmer Delhi Odisha
Key linkages
S1 S4 S5 Affordable and Responsible
consumption and
clean energy production
R1 R2 Industry, innovation
Climate action
and infrastructure
Material topics Sustainable cities Partnerships for
− Future ready and business continuity and communities the goals
− Customer relationships
S Strategic business objectives Social And Relationship Capital Intellectual Capital R Key Risk

Customer centricity
Our routine operations are driven by our endeavour
to earn the affection of our customers by delivering
superior value and enrich experience thereby making
them our ambassadors. We have also adopted a
3D approach to ensure that we incorporate Tata Power’s
‘Customer Promise’, which is communicated through
our Corporate Customer Service Policy. This resonates
with our commitment to continuously exceed customer
expectations and be the most admired organisation in the
power industry.
The policy is in alignment with the Tata Group Customer Promise and
can be accessed in the Tata Power website
Our 3D approach
Develop insights Deliver quality products Delight customers

into customer needs and services with great experience
We constantly evaluate the needs of our customers and ¤ 'Varishtha Nagrik - Sanmman Seva’ initiative in which
integrate various measures of convenience into our daily senior citizen customers in Mumbai can avail doorstep
interactions and operations. bill payment through cheque pick-up service
Some on-ground initiatives we have undertaken in ¤ Recognition and felicitation of consumers registered for
the recent past include: Green Power
¤ Celebration of occasions such as ‘International Women’s
¤ Revamping IVR system, making it easier for consumers
Day’ with customers
to connect with an agent
¤ Providing bills to consumers on WhatsApp to reduce
overall cycle time and avoid paper usage
¤ Option for customers to access their bills in vernacular
5.7 lakh
Digital bills in FY22
languages such as Marathi
¤ Offers on bill payments through prominent Wallets like
Amazon Pay, PhonePe, and Paytm
1.65 lakh
Consumers availing bills on WhatsApp
¤ Introduction of webchat-integrated chat bot

Customers
¤ Message to consumers on monthly bills +

advertisement on bills
Empowering customers with ‘Ujala’
¤ Programmes under Club Enerji, a unique initiative of
Reinforcing our commitment to Tata Power-DDL, based on the maxim of ‘Collaborating
to Conserve’. Under this initiative, we conduct sessions
being an inclusive and caring service on energy conservation and awareness to effect
provider, we have introduced ‘Ujala’, attitudinal and behavioural changes among the
residents of our distribution area. We undertake this
which provides free-of-cost Braille-led through support of various schools in the area, and
electricity bills for visually challenged under Club Enerji Phase-XIV, 59,416 students have
been sensitised.
customers in our Mumbai circle.
Through this, the customers availing the facility Number of students sensitised
will be empowered to understand the various
components of their power supply bill, such as
55,000
59,416
their consumer number, billed units, registered
55,416
consumer details, bill due date, amount payable and
others. The ease in understanding will also enable
such consumers in making choices towards energy
conservation and sustainable energy usage.
FY20 FY21 FY22
In FY22, sessions were conducted at Mumbai Port Trust

and visits were arranged for key clientele to highlight
aspects of our green energy value chain. The visits were
also facilitated to clients to our Power Systems Control
Center (PSCC). Further, online technical training sessions
for 278 technicians of HRB consumers were arranged
at TPSDI.
During the year, we launched Know Your Electricity
Engagement touchpoints and initiatives Consumption (KYEC), as part of our value-added services
We have several physical and digital touchpoints we use to help consumers monitor and analyse energy usage.
to interact and engage with our customers. These include: KYEC helps consumers keep a track of various parameters
such as daily and hourly consumption details, maximum
¤ Tata Power Customer Portal demand levels, power and load factors.
¤ Tata Power Mobile Application
¤ Social Media Platforms (Twitter, Facebook, Instagram,
WhatsApp, LinkedIn, Kaizala)
¤ SMS and email communication to consumer base
¤ Newsletters and press releases
¤ Displaying posters and distributing pamphlets at
customer relations centre
¤ Personalised communication with HRB consumers
through key account managers
¤ Camps at various C&I premises and residential societies
to promote digital literacy and green tariff

Service reliability
Our extensive distribution networks require constant
monitoring to ensure minimal downtime and reliable
power availability to our customers. We undertake several
initiatives to achieve this, including:
¤ Preventive maintenance - Preparation and execution of
Annual Patrolling Program as per IMS criteria
¤ Utilisation of new technologies to strengthen the
operations, such as:
− Drone Patrolling for operational excellence
− Tower Patrolling App deployment across all sites for
centralised monitoring and digitalisation of all O&M
patrolling formats
Health, safety and security
− Using Distometer (tool) for electrical clearance
Electricity is a critical resource that mandates highest
measurement and to avoid tripping
levels of safety and precaution in its handling. At Tata
Power, we ensure that safety norms are established
¤ Motorised tree pruner to eliminate the risk of working
and followed across our value chain and extended
at height and aiding to a reliable line
to all stakeholders who either deliver or receive
¤ Creating community awareness on adverse impact our services. For example, all employees related to
of construction under line and advance intimation operations and maintenance of power plants across
to authorities generation, transmission and distribution are trained
¤ Jan-Jagriti Abhiyaan at sites to use appropriate and relevant Personal Protective
¤ Timely disbursement of crop compensation amounts as Equipment (PPE) and are expected to undergo annual
per government norms with details/guidelines health check-ups. Additionally, as a continuous procedure,
we ensure health and safety communication for 100%
of our products and services through safety signage in
Data privacy and around our substations in customer premises and
We have an established data privacy policy public places.
(https://www.tatapower.com/) in place to address We also provide appropriate information to market and
concerns about data storage and the measures taken label our products and services with relevant regulations,
to safeguard customer information. Customers can laws and codes. In FY22, there have been no incidents
also submit their complaints or concerns regarding of non-compliance with regulations or voluntary codes
data privacy through our various grievance redressal concerning product information and labelling as well as
channels, which are regularly monitored. During FY22, marketing communication.
we did not receive any complaints regarding breaches of
customer privacy or any identified leaks, thefts or losses of Feedback and satisfaction
consumer data.
At Tata Power, we have integrated a structured process
for customers to raise their concerns and voice their
feedback. Our systems ensure that any customer complain
is reviewed and resolved within 24 hours of registration.
If the resolution is not satisfactory, the customers can also
approach our internal grievance redressal cell.

Customers
Real-time monitoring and fast Low-carbon business offerings

feedback through maRC for customers
To enable our customers with future-ready and green
We have developed and implemented solutions, we have unveiled several low-carbon business
offerings that are witnessing significant traction. They play
the in-house ‘mobile-GIS assisted a key role in defining the Tata Power of tomorrow, and in
system for Restoration and Care (maRC)’ redefining India’s energy consumption landscape.
application, an innovative and cost
effective solution powering digitalisation
in technical complaint management.
#DoGreen
Creating the utility of the future
Through maRC, the technical crew’s availability at
We are bringing together smart and green choices for
a customer location can be tracked on a real-time
our retail customers through our #DoGreen initiative,
basis, and once the complaint is resolved by the
powered by the motto of ‘Do little things today, to make a
technician(s), the maRC system sends an SMS to
greener tomorrow’. The four prongs of this initiative are:
the customer, who can readily rate the service on
the platform.
Creating smart homes of tomorrow through smart

switches converters and controllers
Empowering smart mobility solutions for tomorrow

through India’s largest infrastructure of charging stations
Across our customer facing units (specifically our

distribution arms), we also undertake annual customer
Smart Meter
surveys to understand their overall satisfaction levels and
Creating energy management solutions through digitally
ascertain our own improvement areas.
enabled metering
CSAT scores across distribution units
(%)
99
96
92
Green Power
Enabling sustainable energy consumption through
Tata Power Renewables
Ajmer Mumbai Delhi

¤ Under Em-Power scheme, providing farmers with

microgrid supply, helping them save on high diesel
cost, while earning additional income by selling water
to other nearby farmers. We have also helped develop
20 Village Level Entrepreneurs (VLEs) who are fully
dependent on microgrid supply
¤ Releasing microgrid power supply to the first green,
digital and smart village at Rewana in Uttar Pradesh,
benefiting more than 100 underprivileged customers.
The microgrid supply has also lighted up lives of
those at the bottom of the pyramid at Bijua Village in
Lakhimpur, UP
Microgrids ¤ Providing microgrid supply to more than 1,800
We have pioneered the installation of scalable microgrids rural women entrepreneurs to run their small shops
in India, and have covered substantial ground in the efficiently, along with financial impetus to enhance
past two years. Microgrids enable power availability in their business
villages and townships, and are distributed in their nature. ¤ Piloting a partnership with USHA Silai School to train
Powered predominantly by solar and other renewable rural women to operate microgrid powered and
sources, we have deployed microgrids in 191 sites in Uttar electrically-operated sewing machines for additional
Pradesh and Bihar. income generation
Scaling a steep learning curve of operating in rural India ¤ Facilitating bill payments through mobile-first
across the past two years, we have identified relevant and platforms powered by Bharat Bill Payment Systems
frugal innovations that can address challenges in rural (BBPS) for rural and other customers
power supply and energy usage. Through technology‑led
initiatives, we strive to make significant and positive
social, economic and environmental impacts in the
rural ecosystem.
One such notable innovation is ‘Microgrid-in-a-Box’, along
with a compact and resilient inverter technology at more
than 30 microgrids. Similarly, we have also developed an
in-house remote monitoring solution ‘i-Tap’ for various
plant performance parameters, which has been deployed
at more than 50 microgrids. Further, to enhance safety
and security of our microgrid plant assets, a local hooter
along with the facility enabling remote calls to designated
persons has been has been mass implemented at more
than 100 microgrids.
Other selected initiatives include: Solar pumps
We empower the farming community by helping
¤ Enabling extensive usage of variable frequency drives,
them transition from conventionally diesel-powered
to enable migration of customers from diesel-operated
to solar‑powered agricultural pumps. These pumps
machines to microgrid-operated electrical machines
are critical in supporting field irrigation and supplying
and to support migration of over 200 micro-enterprises
potable water for communities, while drawing water from
and farmers from DG set to microgrid supply
multiple underground water sources. We are targeting
¤ Making energy-efficient LED tube lights available the installation of more than 5 lakh pumps across India
to more than 1,500 consumers and providing by FY27.
energy‑efficient motors, together with financing facility
on a need basis

Customers
Rooftop solar
We have been consistently ranked the #1 solar rooftop
player in India for the past eight years (by Bridge to India).
Till date, we have installed 950 MW of rooftop solar capacity
and have served 30,000 customers across 100 cities
Home automation
Tata Power EZ Home (Home Automation brand of
Tata Power) provides unique value proposition to its
users such as remote operations, voice-based control,
energy analytics, appliance overload protection and
100+ cities timer settings. The most demanding and unique value
proposition of our smart home solution is energy
serving 30,000 customers management based on energy analytics. Users can
save upto 20% of electricity bills by utilising the energy
management features.
Becoming an energy partner
As part of our transition to a B2C power company, we have The brand has established its pan India presence
innovated and introduced several solutions that help us through availability on all the major e-commerce
play a partnering role for our customers. platforms (Amazon, Flipkart, Tata Cliq and Croma online),
modern retail stores (such as Croma) and authorised
EV charging channel partners.
We are taking the lead in India for installing the largest
number of EV charging stations across the country. We
are helping drive seamless EV charging experiences
65+ cities
Tata Power EZ Home authorised channel partner
for customers across various public and private spaces presence/reach
including homes, offices, malls, hotels and retail outlets.
Today, we are present in 352 cities and 3,000+ homes
and have installed 2,200+ public EV charging points. Our ESCO
EV charging initiative would save an estimated 2 million ESCO is our 360-degree smart energy solution,
tonnes in CO2 emissions on a per year basis. envisaging integrated energy as a service (EaaS). It’s
an enterprise‑level solution for large industrial and
commercial clients helping them embrace digitalisation
in power management. ESCO deployment helps them
monitor their energy usage and savings, and subsequently
enables reduction of carbon footprint through lower
energy consumption. During the year, solutions were
offered across geographies and many innovative use cases
were successfully developed which offer tremendous
scaling up potential. The integrated solutions aimed to
meet present, latent and future energy needs of clients.
20 projects+
Successfully delivered during the year for energy intensive
2,200+ sectors/applications
Public EV charging points across 352 cities

Customer-centric, climate-friendly Empowering customers through

initiatives technology, innovation and RE
We are helping our customers adapt to new
Demand-side management (DSM) and energy energy realities through digital technologies and
efficiency programmes climate‑friendly initiatives. Some of them include:
Our DSM initiative entails cooperative activities between
our consumers and us for optimum and judicious end-use Smart grid technologies
of electricity. At Tata Power, we have a dedicated DSM cell, We deploy smart metering to facilitate more accurate,
and we approach this fairly unique programme through a real-time and transparent reading of consumer
four-pronged process: electricity usage, and in turn contribute to energy
¤ Consumption pattern: Identifying the consumption efficiency. We also capitalise on technologies such as
pattern of various consumer categories IoT, and grid-scale storage. We were the first distribution
utility in Mumbai to initiate smart metering for our
¤ Technology: Analysing various energy efficiency
consumers, and till date we have completed the
technologies available in the market
installation of 3.75 lakh smart meters (in Mumbai and
¤ Expectations: Understanding expectations of Delhi only). The deployment of smart meters have
consumers from the DSM programme resulted in several benefits including asset health
¤ Programmes: Developing a wide range of options for monitoring, reduction in billing queries and overall
stakeholders to choose from customer empowerment. At the operational end, the
smart metering system has also integrated seamlessly
In the past three years, we have saved 16,554 MWh of
with our SAP billing, CRM and GIS system. We have
power through the DSM programme (1,976 MWh of
also built a smart meter lab in our distribution area for
energy savings recommendations provided in FY22)
competency building of field technicians.
and have helped our consumers save 4,000 MWh and
shifted 2 MW load in FY22. The components of this
Green power supply
programme include:
As part of our collective green ambitions, we are
¤ BLDC Ceiling Fan programme supporting our customers in becoming fully RE100
¤ 5 star inverter-based Split AC programme compliant by offering them 100% green power at a
marginal additional tariff. Further, we also recognise
¤ 5 star Refrigerator programme
the net zero efforts of our customers by issuing Green
¤ Energy efficient LED Tube Light programme Energy certificates. We have pioneered this concept
With the launch of our ‘Be Green’ programme, we also first in Maharashtra and are scaling this model basis the
help our consumers exchange their existing appliances rising demand.
for energy efficient appliances at a large discount, by We are also developing 225 MW of hybrid renewables as
partnering with leading electronics manufacturers. Till part of our green power solutions
date, we have enabled the exchange of 25,000 appliances,
and in FY22, 6,500 appliances were delivered through Clean Energy International Incubation Centre
this initiative.
(CEIIC)
Taking forward the national and global ambitions on
Digitalisation - 100% paperless processes clean energy, we are powering India’s first-of-its-kind
Through our Maitri platform, we enable convenient
Clean Energy Lab for start-ups, entrepreneurs and
and hassle-free bill payments. Today over 86% of our
innovators, offering complete “lab to market” incubation
consumers make their payments digitally.
support to clean energy enterprises. The CEIIC is a joint
Similarly, we have enabled our customers to undertake initiative by Tata Power, Tata Trusts and the Government
their transactions via standing instruction, powered by of India.
NACH. Over 45,000 customers make e-payments via this
facility. These initiatives have helped achieve an estimated
total avoidance of 50 tonnes of CO2 per annum.

Suppliers and Partners
More Power through collaboration

Our suppliers and partners ecosystem
is integral to our value-creation process.
We engage with them through win-win
propositions and develop them to be part
of our competitive advantage.
Policies
Responsible Supply Chain Management Policy Environmental, Social and Governance Policy
(RSCM) We recognise that our partners can have notable impact
We have made sustainable improvements in the process on the environment and community, and therefore
of identification, evaluation, selection and relationship comprehend and endorse the need for adherence to
building with our suppliers and service providers. We environmental, social and governance policies consistent
have a Responsible Supply Chain Management Policy with our organisational values. To this effect, we have laid
(RSCM) which governs all our engagements with our out a strong Environmental, Social and Governance Policy
Business Associates (BA). We share our commitment Statement with necessary impetus to achieve its desired
to the Tata Power RSCM policy at various strategic growth in a responsible, inclusive and sustainable manner.
forums and business associate meets. We also evaluate From the evaluation standpoint, we look for partner
business associates' commitment to our RSCM policy initiatives and efforts to protect the environment, improve
during selection/award of any material contracts. standard of living of employees, community and society
as a whole; and ensure business is done in the most ethical
Our Procurement Policy and transparent manner. The partners are also required to
substantiate their ESG journey with specific proof points.
Our Procurement Policy caters to multiple business
Preference is given to suppliers and service providers
requirements across fuel sourcing, materials and
who score 50% or above in our ESG screening and show
services procurement, material management and
willingness to work towards our ESG commitments.
inventory management. No significant changes were
observed in our supply chain during the year.
Key linkages
S1 S5 S8 R5 Decent work and Responsible
consumption and
economic growth production
Material topics Industry, innovation

Climate action
and infrastructure
− Future ready and
business continuity Sustainable cities Partnerships
− Corporate governance and communities for the goals
S Strategic business objectives Social And Relationship Capital R Key Risk

Tata Power has been a front runner in adopting

innovative technologies and partnering with Key highlights of FY22
collaborators to drive the transformation in India's
power sector and becoming the leading power utility.
In this pursuit, we have collaborated with more than Screened 100% of new
60 partners-technology companies, institutions,
and funding agencies across the globe- to take Business Associates
technology and customer service to the next level. (suppliers and service providers included) with order
The collaboration approach is multi-faceted targeting value greater than ` 5 crore in non-fuel procurement, were
different use cases and varied need of stakeholders. screened on the ESG evaluation criteria and were found
The areas of collaboration, hence, focus on multiple acceptable
opportunities around enabling the power sector
transition in India and include elements of Smart
Metering, Battery Energy Storage System, Distributed
99.30%
of non-fuel procurement at Tata Power was sourced locally
Energy Resource Management, Low Voltage
Automation, Demand Response, Data Analytics, EV
charging infrastructure, amongst others. 54.29%
of the overall procurement was from indigenous sources
Some of the key collaborations are:
(orders in INR)
• A USTDA funded project for development of
roadmap for Distributed Energy along with an
integrated DER Planning Tool for renewable energy
39.94%
of fuel sourced locally
integration along with E3 as a partner
• GIZ Project on estimation and load forecasting
using artificial neural networks for renewable
energy integration
Partnership highlights
• In partnership with AutoGrid and SHAKTI foundation,
designing and deploying a Demand Response Surya Shakti Cell
Programme to induce lower electricity usage by With an aim to strengthen the existing financing
customers during high system demand arrangement for solar power projects, we (via Tata Power
• Under the Horizon 2020 programme, funded by the Solar Systems Ltd.) have entered into an agreement
European Union, Tata Power-DDL is deploying an with India’s largest lender State Bank of India (SBI) and
Energy Islanding System at one of its distribution launched a dedicated centralised processing cell -
sub-stations ‘Surya Shakti Cell’. The Surya Shakti Cell will process all the
• Tata Power-DDL and Nexcharge (a joint venture loan applications for solar projects with capacity up to 1
between Exide India and Leclanché) launched India’s MW, sourced from across India, for installation by business
first Grid-Connected Community Energy Storage entities as well as households.
System (CESS) in New Delhi
• Developing and deploying pole-mounted Battery
Energy Storage unit in distribution operation area in
partnership with Pixii
• Vegetation Management solution for electrical
infrastructure through satellite imagery and data
analytics in collaboration with Live-EO
• Co-developed with Solar Labs a solution for
enabling quick and accurate estimation of capacity
requirement and layout of rooftop solar system for
end customer

Communities
More Power is social empowerment

We derive our social licence to operate from At Tata Power, we execute and take forward our social
responsibility initiatives through the Tata Power
the communities around our operational Community Development Trust (TPCDT) and other
value-chain. We carry forward the socially not‑for-profit partners, envisioning our communities to
be sustainable and future‑ready by improving education
responsible ethos of the Tata Group and and livelihoods while empowering the women, youth,
follow the Tata Code of Conduct in all our institutions, and community collectively. We follow a
scientific, outcome-focused and collaborative approach
stakeholder interactions, including the ones to community development, to create sustainable impact
with our communities. for everyone.
CSR Vision
Strengthen ecosystems for inclusive education, digital & backward classes, migrant families, sanitation workers,
financial literacy, skilling and livelihoods – furthering our differently‑abled as well as other such disadvantaged
neighbouring target communities’ future-readiness and communities. TPCDT has been undertaking long‑term
environmental conservation awareness. philanthropic investments, voluntary programmes and
commitments for community development in over
Key flagship programmes include Anokha Dhaaga and
60 geographical clusters in our neighbourhoods across
Abha for empowering women and farmers collectives,
India. This also covers over 10 aspirational districts as
Roshini integrated vocational training centres, Adhikaar
declared by the Government of India
for enabling access to state social security schemes,
Club Enerji for developing conservation champions With an objective of empowering communities,
and STEM education, Arpan as a volunteering platform, we focus on three themes
PayAutention, a support network for autism spectrum
children and families, Mahseer conservation activities Education (Including Financial and
and Tree Mittra for furthering region-appropriate native Digital Literacy)
species plantations and biodiversity restoration. The focus
is on empowering public institutions and community Employability and Employment
groups through our four Es Framework i.e., Education,
(Skilling for Livelihoods)
Employability, Employment, and Entrepreneurship.
Our special commitment towards Tata Social Inclusivity
& Affirmative Action enables targeted outreach to Entrepreneurship
families from Scheduled Castes, Scheduled Tribes, other
Key linkages
S2 R7 Quality Partnerships
No poverty
education for the goals
Material topics Clean water

Zero hunger
− Future ready and and sanitation
business continuity Good health Decent work and
and well-being economic growth
S Strategic business objectives Social And Relationship Capital R Key Risk

Education
Digital Literacy, Remedial Education and We have nurtured a unique model under the
Adhikaar initiative – training and developing
Financial Inclusion (Adhikaar) programmes more than 840 'Adhikaarpreneuers', who earn a
We have helped 13.67 lakh beneficiaries across 15 states livelihood as well as act as local #changeagents to
to access schemes worth more than ` 200 crore. lead transformation in their own communities.
With a staunch focus on financial inclusivity and
digital inclusivity, Adhikaar enables communities and
institutions to access government social security and
welfare schemes. By educating and hand-holding
specific target groups such as women, elderly,
differently-abled, and other disadvantaged sections of
society, Adhikaar bridges the fundamental challenges
of financial literacy and ability to access public
welfare schemes. The programme offers support for
required documentation, digital access and proactive
convergence with relevant stakeholders in government
systems. Through this we reach out to clusters across
15 Indian states, and also enable disaster response
support such as insurance and vaccination support. We have helped 13.67 lakh beneficiaries
Such support, extended even during the COVID-19 across 15 states to access schemes
crisis, is aided by our multi-lingual live helpline.
worth more than ` 200 crore
Employability and Employment

We have focused on addressing the skill-gap challenge and trained nearly 1 lakh youth through uniquely created
integrated skilling centres; thereby, ensuring 75% placement for eligible youth.
TPSDI
Through the Tata Power Skill Development Institute
(TPSDI), we have trained more than 1.3 lakh people
in industrial safety, power sector-related skills and
employable skills. TPSDI trained students can seek
employment or internships and are even empowered
to become entrepreneurs and create employment
opportunities for others. Some alumni of the institute also
are placed indirectly through contractors of Tata Power.
TPSDI’s technical courses include hands-on practical and
simulator lab sessions. It also provides green-job centric
courses in solar, covering design, installation, operations,
and maintenance of solar installations. Over 7,100 people
have been imparted solar-related skills through the
courses so far, and the institute is prepared to skill youth
in upcoming employability areas like home automation,
EV charging and smart metering as well.

Communities
Roshini
Abha, Abha Sakthi and Abha Sakhi are vocational skilling
programmes for women implemented by Roshini –
Integrated Vocational Training Centre, using a unique
model to further women’s livelihoods by combining
customer connect and safety, and shared value generation
by involving and upskilling women’s SHGs.
Semi-skilled and unskilled women are provided mentoring
and quality training on technical domains such as electricity
metering, billing, and collections, along with awareness on
energy conservation. Today, these community ambassadors
of Tata Power are not only financially empowered but also
rally a critical cause on energy conservation.
The flagship skilling and employment model is being
furthered in Delhi as Abha, in Odisha as Abha Sakthi,
and in Mumbai as Abha Sakhi, serving a large customer
base in slums and rural areas. The initiative also focuses
on vocational skill-building of semi-skilled/unskilled
women, focusing on financial literacy, life skills and
leadership training.
2.6 lakh+ youth 99,000+ youth

benefitted through Tata Power’s skilling initiatives trained and gainfully engaged in FY22, for
since 2018 different technical and non‑technical courses
8,000+ Abha women ` 10,000

engaged across Delhi, Jharkhand, Mumbai and average monthly income earned by our
Odisha in the last four years community partners
Daksh
Through Daksh, we help in skill building among the youth
to provide employment opportunities. Till date, we have
skilled 47,000 youth (with 11% of them belonging to the
Affirmative Action community)
Youth employment programme

We have collaborated with Tata Consultancy Services (TCS)
to increase employment rate of youth in organised sectors
and have designed interventions to provide training on
soft skills, business communication and etiquette. The
qualified candidates are placed in the BPS/KPO services
of TCS.

Entrepreneurship
We have engaged directly with more than 10,000 women
members across geographies through entrepreneurship
interventions focusing on micro enterprise–collectives.
Tata Power's flagship Anokha Dhaaga has been
particularly designed to build the capabilities of women's
collectives (self-help groups) and help them become
empowered and earning members of society. Through
this project, we aim to achieve our vision to build
aspirational value for these collectives and empower them
to be a part of the larger value chain.
BlessdBox
Anokha Dhaaga x BlessdBuy x Nida Mahmood
Anokha Dhaaga - Tata Power’s flagship The collectives received an upskilling opportunity
during the pandemic through digital and in-person
women empowerment initiative, quality training and hand-holding to develop
collaborated with BlessdBuy - a platform this aspirational product line. Over 50% of the
sales proceeds from this project go directly to the
showcasing 1,000+ sustainable and women makers in Delhi and Jojobera – increasing
ethical products made by rural artisans, their earnings by more than double of the average
earnings they get by producing for local markets. The
collectives, and NGOs, to create a limited BlessdBox is available for purchase in Anokha Dhagaa's
edition ‘BlessdBox’ range. e-commerce portal SaheliWorld and BlessdBuy.
This edition is a festive gift box designed by celebrity

designer Nida Mahmood, ‘Queen of Indian Kitsch’
- aimed at supporting the livelihoods of aspiring
women's collectives. Through this project, we aim to
achieve its vision to build aspirational value for these
collectives and empower them to be a part of the
designer value chain.
With this gift box series, Anokha Dhagaa made
an earnest effort to give a platform and showcase
unique, sustainable, and ethically handmade products
created by the underserved communities from rural
and urban regions of India. With an emphasis on
circular economy and sustainably sourced materials,
this project endeavours to upskill and empower
marginalised communities.

Communities
COVID-19 response and support

As the country grappled with the COVID-19 pandemic,
Tata Power Community Development Trust (TPCDT),
complemented the government’s efforts with its
unprecedented support in the fight against this pandemic.
We undertook several relief measures in 16 states which
has benefitted over 2.87 lakh individuals with COVID-19
relief materials and extended direct support to Public
Health Facilities across 63 locations in the country
covering total 158 PHCs. Through collaborative efforts our
Company has donated over 1,400 oxygen concentrators
and produced SHG-95 masks (high protection filter based
masks appropriate for Indian weather) and immunity
boosters as well as other protection support—generating
an income of ₹ 12.65 lakh for the women.
We continue to strengthen health infrastructure support
and vaccination supplementation with the government
authorities and partners across India and aided
registrations on COWIN through push calls as a part
of our flagship programme.
Anokha Dhaaga x Billion Social Masks

To ensure livelihoods of community members during the pandemic, Anokha
Dhaaga members were trained to manufacture specialised, high-protection cotton
masks; furthering the Make in India aspiration.
TPCDT and Anokha Dhaaga are core members of the Billion Social Masks
(BSM), a growing alliance that collectively represents social innovators
from MIT, Stanford, Grand Challenges Canada, Biotechnology Industry
Research Assistance Council, IKP Knowledge Park, TPCDT, SEWA,
Samhita, SRDS and emerging startups like Parisodhana Technologies,
among others.
The SHG-95 (trademarked) pure cotton cloth masks neatly embed a
stitched-in filter within the outer cloth layers. The filter quality is tested at
accredited laboratories at per ASTM international standards. The masks
have comfortable elastic ear loops and breathability for Indian weather,
with optimum protection. Created in minimalistic designs and soothing
colours, the masks are washable up to 10 times.
Over 50,000 masks have been produced by Anokha Dhaaga members in
the first phase of the project. The alliance benefits are also being extended
now to Navjeevan Cooperative Society in Kalinganagar, Odisha, also
reaching out to the hospitality space with upcycled Benarasi masks for
The Indian Hotels Company Limited (IHCL).

Relief and resilience measures Tata Power's Focus on Inclusive

Our holistic approach towards relief and resilience Community Development
measures supported over 2.87 lakh community members,
and more than 150 public institutions in underserved PAY AUTENTION: A different mind is a gifted mind
areas around 65+ operating sites, 6+ aspirational districts. In line with Tata Power's philosophy of holistic and
We played an active role in strengthening the abilities of inclusive development, TPCDT, partnered with the Center
PHCs, sub-centres, local hospitals, district administrators, for Autism and other Disabilities Rehabilitation Research
sarpanches, police, ANMs, aanganwadi workers, and Education (CADRRE) to launch 'PAY AUTENTION -
temporary COVID-19 relief centres, CSR teams, volunteers, A different mind is a gifted mind', India's first bridgital
SHG women and others in our local ecosystems. autism support network.
Over 1.85 lakh people were covered through multiple Autism Spectrum Disorder (ASD) is a
stakeholder initiatives largely focussing on Common neuro‑developmental disorder of variable severity,
Minimum Programme, Sports and strengthening characterised by challenges in social interaction,
village institutions. We launched a Common Minimum communication, restrictive or repetitive patterns of
Programme titled “Urja: A step towards energising behaviour; signs of which usually begin during early
tomorrow”. It weaves a common standardised thread childhood and last throughout an individual’s lifespan.
through a shared value model and will impart green and It is the third‑most common developmental disorder in
clean energy awareness along with experiential learning the world.
across communities through business and CSR synergies.
The initiative aims to increase overall awareness about
Under the initiative, the police stations will be set up with Autism Spectrum Disorder (ASD) and help people
Water Filtration Solar Plant and schools will be introduced understand, accept and support individuals with autism
to integrated experiential learning, clubbed with Public and their parents and caregivers. The initiative shall
Health Delivery System, which will focus on enhancing pave the way for small towns and rural India to access
nutrition and establishing a health and sanitisation corner specialised care and support and help create an auxiliary
with focus on conducting training for local community network of champions for differently-abled. This platform
ANMs/Aanganwadis. shall also enable mentoring people with autism.
Structured programmes for physical and mental fitness, The project which is designed around Tata Power's core
self-defence and sports are integrated in key regions as CSR objective of 'Empowering with Care', is a major
a part of empowerment efforts for youth and women to milestone in our journey of inclusive growth with focus on
strengthen the social fabric and channelise youth energy. equity, equality, diversity, and inclusion.
450+ youth were supported during the reporting year to
pursue professional and technical training in the field of Under this initiative, TPCDT and CADRRE aspire to
athletics, football, regional sports among others. empower parents, caregivers, Aanganwadi workers, public
health centre workers, school teachers, staff of social
development organisations, and social workers to be the
primary identification and support champions, who will
augment early intervention for children and young adults
with autism.

Employees
More Power to people

Our people continue to be our most
valuable assets. Their continuous
commitment, contribution and
knowledge enable our large ecosystem
as a whole, and help in delivering
sustained value to our customers,
investors and all other stakeholders.
Their continued career growth,
health, well-being, experience,
skilling and development
remain our top priority.
Total employee base*

FY22
EMPLOYEE CATEGORY Age
Female Male <30 30-50 >50 Total Male Female Total
Group
Senior Management 22 444 Nil 167 299 466 <30 2,734 623 3,357
Middle Management 149 1,669 3 1,339 476 1,818 30-50 12,640 874 13,514
Junior Management 914 5,985 2,237 4,120 542 6,899 >50 4,510 255 4,765
Workmen** 401 9,911 166 7,250 2,896 10,312
FDA + SE *** 266 1,875 951 638 552 2,141
Total 1,752 19,884 3,357 13,514 4,765 21,636 19,884 1,752 21,636
* Includes only manpower numbers of Tata Power, TPREL, Mundra, TPSSL, TPRMG, PTL, WREL, MPL, IEL, TPTCL, TPADL, TPIPL, TERPL, TPCDT, FENR, NELCO,
TPDDL, TPSODL, TPCODL, TPWODL and TPNODL
** Workmen includes Non-Management Employees
*** FDA & SE includes employees and supervisory trainees on direct contract with the Company
Key linkages

S6 R1 Quality Partnerships
No poverty
education for the goals
Material topics Decent work and

Zero hunger
− Workforce well-being economic growth
Good health Reduced

and well-being inequalities
S Strategic business objectives Human Capital R Key Risk

Key focus areas

Our people strategy is guided by our Group values, meritocracy, continuous development and the philosophy of
purpose-led workplace. Across our organisation, we nurture our people to be leaders and specialists, contributing to
business growth, while charting their individual career development.
To ensure that our people have a rewarding experience, we focus on seven major focus areas as given below.
Talent acquisition and retention Diversity
Employee engagement Succession planning
Health and safety Human rights
Employee welfare
Talent acquisition and retention

With a continuously evolving external environment, we constantly evaluate our requirements for skilled professionals,
aligned with our business needs. Through fair, effective and systematic talent acquisition practices, we ensure that we
have the talent to tackle the challenges of tomorrow, while helping deliver on organisational goals today. Adding to this
is our diversity policy, which ensures that our workforce is balanced on various measures of diversity – from gender and
background to experience and skill set.
New hires
FY22
EMPLOYEE CATEGORY
Female Male <30 30-50 >50 Total Age Group Male Female Total
Senior Management 1 22 Nil 12 11 23 <30 1,273 292 1,565
Middle Management 7 95 1 88 13 102 30-50 829 64 893
Junior Management 260 1,646 1,187 719 Nil 1,906 >50 34 1 35
Workmen 9 35 20 24 Nil 44
FDA + SE 80 338 357 50 11 418
Total 357 2,136 1,565 893 35 2,493 2,136 357 2,493
With industry-benchmarked compensation and reward mechanisms, we continue to hold our position as a desired
employer. Our performance management systems pegs employee performance to various levers including innovation
and customer centricity.
Attrition levels
FY22
EMPLOYEE CATEGORY
Female Male <30 30-50 >50 Total Age Group Male Female Total
Senior Management Nil 18 Nil 7 11 18 <30 212 91 303
Middle Management 1 31 Nil 20 12 32 30-50 198 22 220
Junior Management 87 291 226 146 6 378 >50 34 3 37
Workmen Nil 1 1 Nil Nil 1
FDA + SE 28 103 76 47 8 131
Total 116 444 303 220 37 560 444 116 560

Employees
Learning is a core value at Tata Power, and we constantly

strive to provide best in class learning opportunities to our
employees, ensuring relevant capabilities are developed
for enhanced performance and productivity.
Training design is based on in-house AMP leadership
Employee engagement
competency framework that has been copyrighted. We foster a continuous dialogue between the employees
We have a robust employee development framework that and the management with formal and informal initiatives.
comprises our 3 Tier Leadership Development programs, Through various engagements, we continuously listen
Senior Leaders Development Program (Tier 1), Achieving to their concerns and aspirations, and ensure that their
Your Leadership Potential (Tier 2) and Emerging Leaders requirements are addressed in the most optimal way.
Program (Tier 3), that have been conceptualised, designed Their feedback and voice help us refine our policies and
internally and are executed and delivered in collaboration programmes, and enable continuous improvement on the
with best in class management institutions, IIM A, SPJIMR people experience front. About 47.66% of our employees
Mumbai, XLRI Jamshedpur and TMTC Pune, and our Future are represented by unions and collective bargaining
Skill academies in areas of Digital, Project Management, agreements. We maintain strong and enabling labour
Sales and Customer Centricity that are aimed to make our relations practices, to ensure that their rights are respected
employees future ready. We adopt a blended learning and needs addressed.
pedagogy for employee development pivoted on class We have a process of annual engagement survey process
room training, virtual live training, e-learning, coaching, of capturing feedback and actioning to enhance employee
action learning projects, on job training and mentoring experience. We are now looking to capture more real time
among others. and frequent feedback focusing on specific employee
Our eLearning platform ‘Gyankosh’ now has over 1 lakh cohorts which have specific needs and challenges of each
learning resources, accessible anytime, anywhere, across group, and action upon feedback received. We have specific
any device. Gyankosh was awarded ‘Skillsoft Program of employee engagement initiatives that ensure that their
the Year’ in 2020, ‘Skillsoft Champion of the Year’ in 2021 productivity remains optimal, while helping them maintain
at Skillsoft Global Perspectives, competing with some a fine work-life balance. Avenues such as Achiever’s Portal,
of the best organisations globally. It has been extremely Pulse Connect, VOICES, Engagement Action Planning, Town
popular with all our employees, having achieved global halls and Connect 2 Solve help in promoting open dialogues
benchmarks in terms of a user adoption rate of 99.69% with employees and empowering them. It also offers
in FY20, 98.52% in FY21 and 99.44% in FY22, a course employees a platform to express themselves, recognise
completion rate of 80.24% in FY20, 77.84% in FY21 and each other, share their views and provide feedback on
75.84% in FY22, respectively. In FY22 5,80,037 resources policy development as well as deployment. These initiatives
have been completed by the employees. have emerged and are continuously improved based on
feedback received from employees and organisation's
changing imperatives. Efforts are made to resolve employee
Average hours of training per employee in FY22*
grievances in a timely manner.
(levelwise)
In FY22, we conducted ‘Youth Power Confluence’,
Employee category Male Female
an in-person engagement programme for all the
Senior Management 32.41 33.05 fresh campus recruits, comprising sports, business
Middle Management 40.09 40.25 simulation games and workshops.
Junior Management 45.89 48.53
All employees (including 27.33 36.55

workmen and FDA)
*Includes data of Tata Power, TPREL, Mundra, TPSSL, TPRMG, PTL, WREL, MPL,
IEL, TPTCL, TPADL, TPIPL, TERPL, TPCDT, FENR and TPDDL

To increase employee engagement and connect, we ParibartanaRuPragati (#PRP) change management

utilised various digital platforms such as: programme was conducted at newly acquired Odisha
Discoms that saw 12K formerly government employees
− “Baaton Baaton Mein” – live online chat shows
being successfully integrated and enthusiastically delivering
featuring leaders and their life stories, meant to
results. We also publish an Engagement Activities Calendar
inspire all
with standardised events across the Company covering
− Gupshup: an informal and interactive platform to major festivals (#Festithon), birthday celebrations and
connect with employees at remote locations sports events.
− Annual R&R awards event, involving all employees
On Valentine’s Day, “Love is all we need” campaign was
and their families across locations with an evening of
launched to create engagement, awareness and celebration
recognition, entertainment and appreciation
of 5 dimensions of love: i) Being grateful ii) Embracing
− Corporate Fun@Work Community created on differences iii) Driving inclusion iv) Demonstrating
Yammer to build a happier, healthier and more empathy v) being non-judgemental. This was to nurture
connected workplace an environment of open communication and support that
would lead to high performance.
Health and safety

At Tata Power, we follow the adage “Safety is a core value
over which no business objective can have higher priority."
Led by this philosophy, we also aspire to be a leader in safe
work practices in the global power and energy business.
This aspiration is anchored by three key tenets:
Global leadership underlined with an ambition to be
world-class, and enabled by digitalisation and new
technology intervention At Tata Power, we are committed to fostering a positive
environment in our workplaces that promotes holistic
Safe work practices so that employees feel safe to wellbeing of our employees, through programmes that
work, all stakeholders experience safety and safety is support them to achieve their goals and lead a fuller life,
which in turn will help the business thrive. Our approach
embedded in the organisation’s DNA encompasses physical, mental, emotional and financial
wellbeing, and covers aspects of policies, infrastructure,
Safety performance to ensure no harm and no injury, benefits, programs and leveraging technology. Through
powered by benchmarked approaches partnerships such as with 1to1help.net, GOQii, we are
We accord paramount importance to the health and committed to supporting holistic health of our employees,
safety of all our employees, suppliers, partners, customers and are focused on delivering clear outcomes in terms
and all other stakeholders. We ensure this by engaging of improved health of employees, measured through
the Tata Power Safety Management Framework, which individual and organisational health index.
covers all our business activities and is aligned with the
Tata Group Health and Safety Management System as well Indirectly employed/contractual workforce
as ISO 45001:2018 requirements. We have established the Male Female
Hazard Identification and Risk Assessment (HIRA) process Number of fatalities 1 Nil
for both routine and non-routine jobs. We regularly
High Consequence work related injuries 8 Nil
provide HIRA and Job Safety Assessment (JSA) trainings to (except fatalities)
our operation, maintenance and service engineers.
Recordable work related injuries 4 Nil
Target of Zero Lost Time Injuries (LTIs) per million man-hours 0.15 Nil
fatalities, recordable work related injuries and LTIs

Employees
Our other key interventions include:

¤ Internal safety audits to continuously improve
safety practices
¤ SAP-EHSM platform to strengthen and ensure
systematic incident reporting and investigation
Employee welfare, feedback
¤ Digital tools such as Suraksha mobile application for and policies
swift reporting of unsafe conditions and tracking of We place significant importance on the overall welfare
remedial measures of our employees, through holistic awareness and
¤ Ensuring all personnel are aware of health and safety action programmes.
information through platforms such as Red Stripe Policies at Tata Power are created/reviewed continuously
bulletin, and campaigns to meet the needs of the organisation and different
¤ Enterprise Process Model (EPM) process established workforce segments. Inputs are taken from employees
across divisions, enabling us to continuously improve through formal and informal platforms such as engagement
our health and safety management systems. It also surveys, internal surveys, feedback from senior leaders and
guides our critical safety procedures and provides business HR. Policies are designed to ensure that employee
instructions for safe operations and maintenance feedback, industry norms and the legal norms are not only
¤ Regular health and safety training met in their true spirit, but also exceeded. For example, the
Gender Diversity Policy provides for an exclusive one-year
¤ Presence of on-site trained and experienced
sabbatical for meeting family requirements; the Health &
Occupational physicians with a formal qualification
Wellness Policy provides benefits such as medicines for
in Industrial Health / Occupational Health, who help
chronic illnesses including family members; inclusion of
identify the various health risk, health hazards at
parents-in-law in the mediclaim scheme; Medical Fund
workplace and identify the required health checks,
Scheme providing unlimited coverage of medical expenses
aligning with Factories Act and other such advisories
in excess of the eligibility; voluntary OPD to reimburse OPD
as applicable
expenses among others.
¤ Full-fledged in-house lab with all biochemistry,
pathology and Immunology apparatus and Our integrated Leave Policy addresses the leave
trained personnel requirements of various employee segments by providing
leave for marriage, paternity, adoption, surrogacy, higher
¤ Regular and scheduled check-ups and tracking of
education, compassionate circumstances, sabbatical and
health conditions of employees
others, in line with the industry best practices in the area of
¤ Protected and secure access for workers to their health employee benefits.
data and reports
¤ Access for employees and families to mediclaim, OPD
facilities, medicines for chronic conditions, specialist
medical personnel
¤ Several voluntary health promotion initiatives such as
sports clubs, gyms engagements with eminent experts,
women wellness programmes, among several others
¤ 100% employees can avail voluntary programmes such
as mental awareness, yoga, thyroid care, eye screening,
and others
¤ COVID-19 vaccination camps conducted for employees
and allied workforce for both mandatory doses
In FY22, we continued to improve on our health and
safety performance, led by our systematic processes,
technology-led initiatives and overall orientation to
safety culture.

Diversity and inclusion

Our diversity ratio for campus was over 30% last year. Our approach and plans for diversity and inclusion are
We have 22% gender diversity in sales and customer very contextual to Tata Power and based on segmented
facing roles, 34% in finance and accounting roles and 40% approach for each of the Business clusters, as the challenges
in digital and technology roles. pertaining to D&I are different in each cluster. Our focus
areas are gender diversity, generational diversity and
We are an equal opportunity employer working with the
inclusion of persons with disabilities.
core belief that diversity alone can bring in perspectives
that can promote innovation and enable a future-fit From a gender diversity perspective, women career
organisation. Even as a heavy industry, we take active trajectories are specifically mapped out and supported
interventions in ensuring that our workforce has notable through various initiatives right from recruiting, mentoring
non-male participation. We have an articulated vision and program, to career progression, to a better work-life
clarity on D&I outcomes we want to achieve at the Tata balance, and enabling life-stage transition. Through focused
Power Group level. This dovetails into our performance initiatives and programmes, we have been able to maintain
scorecards, with specific goals for leaders, managers and the gender diversity ratio of 8% even after acquisitions of
HR, and these metrics get tracked on a quarterly basis large entities, that have been traditionally gender skewed.
and discussed with leadership with clear actionables.
We have been consistently winning the KelpHR PoSH
To create a culture of teamwork and to capitalise on the
Awards, which recognises and rewards companies across
diverse thinking of the workforce, especially our younger
all industries for the best Prevention of Sexual Harassment
workforce, various cross functional teams, across the levels
(PoSH) practices.
of the organisation, are formed to work on critical projects
for the organisation, e.g. Innorise.
Women employees across roles*
30% 22% 34% 40%

Campus hires Sales and customer Finance and Digital and
facing roles accounting roles technology roles
Parental leave and return to work in FY22 Gender pay comparison*

Male Female Ratio of Ratio of total
Employees entitled to parental leave 6,621 703 basic salary of remuneration of
*Employee category women to men women to men
Parental leave availed 242 60 in FY22 in FY22
Employees returning to work after end of 226 29
Senior Management 1 : 1.06 1 : 1.08
parental leave
Employees returning from parental leave 45 11 Middle Management 1 : 1.03 1 : 1.03
taken in the prior reporting period Junior Management 1 : 1.18 1 : 1.18
Employees retained for 12 months after 185 4
resuming from parental leave Trainees 1 : 1.00 1 : 1.00
Employees yet due to return to work after Nil 20
taking parental leave * Considers remuneration for employees of Tata Power, TPREL, Mundra,
Return to work rate 93.39% 48.33% TPSSL, TPRMG, PTL, WREL, MPL, IEL, TPTCL, TPADL, TERPL, TPCDT, FENR only
Retention Rate 91% 92%

Employees
Our enabling framework

Gender diversity Women in each category
for diversity and inclusion
(%) (%)
is underpinned by
three aspects: Senior
5
management
Policies Middle
11 8
¤ Special sabbatical, extended management
maternity leaves, adoption 8 8 Junior
13
and surrogacy leaves management
¤ Flexible timings Workmen 4

post maternity
¤ Performance rating FY20 FY21 FY22 FDA+SE 12
protection during maternity
¤ Childcare facilities including
crèche and nanny
¤ Spouse and ward
recruitment policy Women officers out of new
officers joined Tata Power FY27 Outlook
Development programmes
Improve overall
(%)
¤ Women’s
mentoring programme
¤ Returning mothers' 20 gender
coaching programme
¤ Tata Group programme
16 diversity
ratio to 18%
14
for women in middle and
senior management
¤ Tata SCIP (Second Career
Innings Programme) FY20 FY21 FY22
Safety and care

¤ Special travel provisions for
women employees
¤ Self-defence programmes
¤ Sensitisation sessions
on POSH
¤ Gift hampers to
celebrate motherhood

Succession planning
As a part of our talent management strategy, we identify
roles that require succession in the near or medium term,
and plan employee development accordingly.
At Tata Power, succession planning is conducted to
ensure availability and readiness of capable manpower
to take up critical roles as when required and thus
promote business continuity from a critical resource
standpoint. This is done for critical positions with a
focus on those where incumbents are superannuating;
suitable successors are identified in immediate, 1-2 year
and 3-5 year categories with assigned development
plans. Successor development and movement are closely
monitored by the Apex leadership team. Succession
planning is the best practice in Tata Group.
Employee Retirements Talent NXT

Next 5 years 6-10 years Talent NXT is a programme that endeavours to create next
Female Male Female Male generation leaders by identifying high-potential talent to
Senior Management 4 185 5 133 be groomed for CXO level positions.
Middle Management 6 197 11 288
Junior Management 31 199 30 324
Workmen 116 1,473 57 1,318
FDA + SE 3 301 2 182
Integrated Leadership Development Framework Human rights

Structured leadership development programmes at all As part of the renowned Tata Group, we uphold
work levels will provide assured leader pipeline. the highest standards of human rights across our
value‑chain. We have zero tolerance approach towards
Tier 1 any breach of our conduct regarding human rights and/
Senior Leaders’ Development Programme or discrimination. As an outcome, we have strict measures
in place to ensure zero child/bonded labour within our
15 months AMP@ IIMA for senior leaders comprises
organisation and among organisations part of our direct
coaching, action learning projects, Hogan assessment,
value-chain. We have specific policies regarding any
with alumni status
harassment or prejudice at workplace, and we constantly
Tier 2 sensitise our employees on active and passive behaviours
Achieving Your Leadership Potential 2.0 that may constitute a violation of such policies.
6 months leadership development program in Our human rights policy is aligned to the principles of
collaboration with TMTC & SPJIMR for officers in mid to the International Labour Organisation (ILO) and United
senior roles to prepare for higher responsibilities Nations Global Compact (UNGC). We are also planning
the preparation of a comprehensive human rights due
Tier 3
diligence framework in line with the UN Guiding Principles
Emerging Leaders’ Programme Reporting Framework. The Policy is refined periodically to
4 months leadership development program in account for global best practice alignment and continued
collaboration with TMTC & XLRI for young officers relevance. The policy is a key part of our pre‑induction
towards sustained performance and managing teams training and various refresher modules.

Environment
More Power through better stewardship

As an integrated energy player, we are
dependent on the continued availability
and accessibility of renewable and
non‑renewable natural resources such
as coal, water, sunlight, wind and other
raw materials. Across our operations, we
progressively strive to leave behind a
greener footprint, and have specific goals
concerning the various aspects of natural
capital conservation and preservation,
and our alignment to a greener and more
environmentally sustainable organisation.
Our sustainability aspirations

We have taken on record specific aspirations regarding Growth
overall environmental sustainability, which are aligned ¤ Achieve clean and green portfolio of 80% by 2030
to our Group strategy and goals. These aspirations are and 100% before 2045
housed under three broad levers.
¤ Grow through low carbon businesses (Distribution,
New Businesses)
ESG and environment
¤ ESG rating improvement and inclusion in S&P Global Technology
Emerging Market List by 2027 ¤ Leverage technology to create the ‘Utility of the
¤ Become carbon net zero before 2045 Future’ (IoT, Smart Grids, BESS, Green H2, robotic panel
¤ Become 100% water neutral before 2030 cleaning etc.)
¤ 100% zero waste to landfill before 2030
¤ No Net impact on Biodiversity before 2030
Key linkages
S6 R1 Affordable and
Climate action
clean energy
Material topics Industry, innovation Partnerships
¤ Climate change management and infrastructure for the goals
¤ Environmental stewardship Responsible
¤ Future ready and business continuity consumption and
production
S Strategic business objectives Natural Capital R Key Risk

Each of the identified risks have mitigation and

Climate action and green energy contingency plans outlined and integrated within our
long-term strategy.
leadership
One of the biggest trials humanity is facing today is Tata Power strives to accelerate its short-term and
climate change and as a responsible corporate, we have long‑term ESG goals by leveraging innovation,
taken early action to contribute to the global agenda digitalisation, and technology transformation and has
of climate action. Through conscious steps including adopted a circular economy framework. In line with
growth through decarbonised and digitalised energy our sustainable business approach of 'Leadership with
models; committing to no fresh coal based investments; Care’, we are pioneering inclusive energy transition and
ramping down thermal capacity at the end of contractual creating long-term value for stakeholders while carving a
obligations, and adopting water and waste circularity, leadership niche of becoming the 'Most Preferred Green
we continue to demonstrate our strong commitment to Energy Brand’.
sustainable economic development. Further, we pursue
our economic and environmental goals, while aiming to GHG emissions (million tCO2e)
provide last-mile energy access through decentralised CATEGORY FY21 FY22
power generation and reliable models of distribution.
Scope 1 emissions 34.500 27.330
By aligning our business vision with the global UNSDG Scope 2 emissions 0.031 0.285
agenda, we have strengthened our ESG focus in its Scope 3 emissions 0.003 0.001
journey of being the 'Utility of the Future'. We are
Total emissions 34.534 27.616
empowering customers with green choices, and are
enabling communities by making them future-ready. As a $
Includes IEL units and PPGCL on equity based approach
major milestone in our climate action journey, we have #
Increase due to addition of T&D Loss in Scope-2
committed to the Science-Based Targets initiative (SBTi),
doing our part to keep the rise of global temperature well CO2 intensity (tCO2e/MWh)
below 2°C, with the leadership goal of becoming carbon
FY21 FY22
net neutral before 2045.
0.687# 0.794$
We are a signatory to TCFD and are committed towards 0.675#
alignment with TCFD Framework for Climate Change $
Due to addition of IEL units and PPGCL on equity based approach
related Risk and Opportunity assessment and mitigation. #
On operational basis approach as carried in FY21 excluding PPGCL and IEL
emissions

Environment
Air emissions profile

Air emissions (MT)
Apart from GHG emissions, we take cognisance of the PM
various other air pollutants such as oxides of sulphur
3,500
and nitrogen and particulate matter, generated by
3,150
our operations. To manage these emissions, we have
implemented state‑of‑the‑art equipment to reduce these
2,348
at source, and manage them before releasing into the
1,747
1,632
1,534
1,504
environment. The technologies and mechanisms we
1,235
1,148
1,134
deploy to minimise air emissions include electrostatic
653
585
precipitators, monitoring devices for carbon monoxide
410
emissions, flue gas desulphurisation.
Mundra Maithon Trombay Jojobera PPGCL
NOx SOx
1,11,867
43,739
41,758
96,098
24,459
23,507
22,711
21,600
20,002
18,452
17,352
37,922
35,029
12,186
30,082
27,852
27,828
27,446
21,897
21,132
4,792
4,225
3,663
5,188
4,383
2,730
Mundra Maithon Trombay Jojobera PPGCL Mundra Maithon Trombay Jojobera PPGCL
Auxiliary power consumption (APC)

We continuously optimise our auxiliary power consumption (power used for own operations),
through various measured such as stopping electrical equipment usage during low load operations
and introduction of more power-efficient devices for lighting.
APC
(%)
10.3
10.0
9.9
9.8
9.9
9.5
9.2
8.9
8.8
8.7
7.9
7.7
7.7
7.6
7.6
6.9
6.7
6.4
6.1
5.9
5.8
5.7
5.6
5.4
5.3
1.7
1.7
1.7
Mundra Maithon Trombay Jojobera IEL PH6 IEL Unit 5 IEL Haldia Hydro PPGCL
Jamshedpur Kalinganagar (consolidated)
FY20 FY21 FY22

Station Heat Rate (SHR)

We lay constant focus on improving the overall conversion efficiency of our plants and generation systems. Such
initiatives enable more power per unit of input material, while reducing wastage, cost and GHG emissions.
SHR
(GJ/kWh)
0.011
0.011
0.011
0.011
0.011
0.011
0.010
0.01
0.01
0.01
0.01
0.01
0.01
0.009
0.009
FY20
FY21
FY22
Mundra Maithon Trombay Jojobera IEL Unit5

Jamshedpur
Water management
A significant part of our generation portfolio still From a discharge standpoint, most of our thermal units
depends on thermal power generation, which uses have attained a Zero Liquid Discharge (ZLD) status
substantial amounts of water for operational purposes. (excepting seawater used for cooling), and the quality of
With water being a scarce and common resource, we are discharge in other locations is managed as per regulatory
progressively reducing our dependence on freshwater norms. The recycled water from Sewage Treatment Plants
and are taking proactive measures such as rainwater at our locations is used for gardening purposes.
harvesting to achieve water neutrality before 2030.
PLANT SOURCE OF WATER
Trombay Fresh water (supplied by Brihanmumbai Municipal Corporation) for processes and services, Seawater for
cooling processes
Mundra Desalinated water for processes and cooling purpose. It is the only power plant in India which generates
fresh water for itself
Haldia Hooghly River
Kalinganagar Kharsua River
Maithon Maithon dam, Barakar River
Jojobera Subarnarekha River
Prayagraj Yamuna River
Water withdrawal, consumption and discharge by source (million litres)

*Third party water data comprises water purchased from municipal corporation, third-party treated effluent and packaged drinking water

Environment
Water withdrawal and consumption by source

(million litres)
Source of water Plant
Water withdrawn Water consumed
withdrawal
Surface water Maithon 16,974 16,974
Trombay $$ 2 2
IEL Kalinganagar# 35 35
IEL PH#6$ 5 5
Jojobera# 6 6
Bhira 8,30,621 Nil
Bhivpuri 2,13,187 Nil
Haldia 2,415 2,415
Khopoli 2,30,651 Nil
PPGCL$$ 23,696 25,397
Total surface water 13,17,592 44,834
Groundwater Solar 271 271
Total groundwater 271 271
Third Party* Trombay 668 704
Jojobera$$ 8,946 9,437
IEL PH#6$$ 2,638 2,703
IEL Kalinganagar$ 486 6,445
Wind 3 3
Solar 102 102
T&D ( Mumbai and Delhi) 222 222
Seawater* (kilo litres) Total third-party water 13,065 19,616
Plant Water withdrawn Water consumed $
Includes Rain water harvested
Mundra 2,04,77,34,264 9,33,08,886 $$
Consumption Includes Recycled water
Trombay 81,06,62,000 6,95,08,033 #
Rainwater
Total seawater 2,85,83,96,264 16,28,16,919 * Third party water data comprises of water purchased from municipal corporation,
third-party treated effluent (e.g. Tata Steel provides clarified/treated water at IEL
*Sea water is used for cooling only Kalinganagar) and packaged drinking water
Specific Water Consumption (m3/mWh)

The Government of India, through a Gazette Notification in 2015 and subsequent amendments, mandated limits
on fresh water for specific water consumption for coal fired thermal power generation. This is 3.5 m3/Mwh for units
commissioned prior to 01-01-2017 and 3.0 m3/Mwh for others. Tata Power's specific water consumption falls within this
metric across units, as illustrated below.
Specific water consumption
(%) GOI regulation is applicable GOI regulation is not applicable
2.72
3.31
3.22
2.59
3.07
2.92
2.91
2.32
2.32
2.82
2.27
2.27
2.71
2.63
2.05
2.31
0.86
0.18
0.16
0.15
0.14
0.13
Maithon Jojobera PPGCL$ Trombay IEL PH#6 IEL Kalinganagar Mundra Haldia
$
New addition. FY20 FY21 FY22
Note: Specific water consumption at CGPL and Trombay considers water used for steam generation only. Cooling requirements are excluded as both plants
utilise sea water for cooling.

Raw material management

Our dependence on conventional fuels and raw materials are gradually decreasing, with our portfolio becoming
greener. This portends to a reduced raw material risk for us as an organisation, and reduced extraction of limited natural
resources such as coal, benefiting the environment.
Raw material consumption
Power station Light diesel oil Heavy furnace Natural gas BFG COG LDG
Coal (MT)
(Tons) oil (Tons) (MT) (Million NM3) (Million NM3) (Million NM3)
Mundra 3.6 2,860 1,886 Nil NA NA NA
Maithon 4.6 929 Nil Nil NA NA NA
Trombay 2.3 1,199 Nil 181 NA NA NA
IEL- Jojobera (U#1- U#4) 2.0 626 NA Nil NA NA NA
Jojobera (U#5) 0.6 1,095 NA NA NA NA NA
PPGCL 7.2 2,867 NA NA NA NA NA
IEL- Kalinganagar NA 962 NA NA 2,468 112 NA
IEL- PH#6 NA NA NA NA 2,162 19 293
Waste management
At Tata Power, we are setting up the blocks to contribute to a circular economy at large. We have taken solid strides
in proactive waste management practices across our value-chain, including maximisation of fly-ash utilisation and
progressing to zero waste to landfill (in cases of PV panel disposal). Similarly, before the start of any project, we assess
the proposed operations for best-in-class waste management practices and take the best possible way forward.
Considering an average of 25 years life for PV panels, we also expect the waste from PV panels to go up post 2035 and
are planning for future courses of action accordingly.
Our ambitions include 100% fly ash Plant Type of waste Generated Diverted from
utilisation and zero waste to landfill Wind Hazardous

(MT)
18
disposal (MT)
18
before FY30 Non-hazardous Nil Nil
Solar Hazardous 67 67
Plant Type of waste Generated Diverted from
Non-hazardous 1,090 1,090
(MT) disposal (MT)
PPGCL Hazardous 540 540
Mundra Hazardous 73 73
Non-hazardous 24,19,364 18,20,347
Non-hazardous 3,88,580 4,16,096
Total Hazardous 1,095 1,095
Maithon Hazardous 23 23
Non-hazardous 60,50,898 52,85,220
Non-hazardous 18,55,089 16,60,778
Trombay Hazardous 14 14
Non-hazardous 55,047 55,187 Waste diverted from disposal
Jojobera Hazardous 288 288 Onsite Offsite
Total (MT)
Non-hazardous 13,09,901 13,09,895 (MT) (MT)
IEL PH 6 Hazardous 1 1 Hazardous waste
Non-hazardous 41 41 Reuse Nil Nil Nil
IEL Kalinganagar Hazardous 60 60 Recycling Nil Nil Nil
Non-hazardous 21,178 21,178 Other recovery options Nil 1,095 1,095
Haldia Hazardous 1 1 Total 1,095 1,095
Non-hazardous Nil Nil Non-hazardous waste
Bhira Hazardous 8 8 Reuse Nil Nil Nil
Non-hazardous 70 70 Recycling Nil Nil Nil
Bhivpuri Hazardous Nil Nil
Other recovery options Nil 52,85,220 52,85,220
Non-hazardous 199 199
Total 52,86,315
Khopoli Hazardous 2 2
Non-hazardous 339 339 <GRI 306-2> (2016 standard)

Environment
Biodiversity
The hydro catchment areas in and around our hydro
plants are rich in biodiversity and genetic material.
They are closely linked to ecological and social
sustainability as well. At Tata Power, we are cognisant
of our responsibility towards ensuring biodiversity
conservation and we undertake biodiversity-related
interventions under the following broad areas:
¤ Protection to existing flora and fauna
¤ Increasing Green cover
¤ Prevent soil erosion and reduce siltation
¤ Provide minor forest produce for the local villagers
Key highlights
Biodiversity Action Plans (BAPs) for
10 locations across clusters
Proactive engagement
with bodies such as WII, BNHS, IBBI, WASI
13.4 lakh
saplings planted in FY22
Key conservation efforts across locations
¤ Grassland conservation - Neemuch
¤ GIS flora mapping – Mundra and Hydro
¤ Renewable initiated Biodiversity
Management Plan for solar and wind sites
¤ Elephant conservation – TPCODL, TPNODL
¤ Mahseer conservation breeding project
¤ Miyawaki plantation for improving
green cover
Act For Mahseer 50 years by Tata Power bags

Gold as the
Through targeted interventions, we have conserved
and grown the population of the rare and endangered Corporate Social Crusader
Deccan Blue Fin Mahseer fish. Once an endangered of the year
species on the IUCN red listed, the Mahseer is now at Olive Crown Awards by IAA
at a “Least Concern” status, owing to Tata Power’s
initiative.

Long-term roadmap
We have a clear plan of action for achieving our environmental and
ESG goals in the short, medium and long-terms.
Setting medium and long-term goals for ‘Leadership in Sustainability’
Immediate (Y1) Short term (Y2-5) Mid Term (Y5+)
Focus on Product
Ideate the science-based Mid-term evaluation and
Recalibrate targets to align sustainability and
carbon net zero target for course correction of carbon
to 1.5° scenario ESG mainstreaming in
‘below 2 degree’ scenario. net zero targets
supply chain
Circular economy, baselining Initiate industry

Circular economy roadmap for
of our operations for shaping efforts
becoming Water Neutral and Circular business models
water intensity and waste Catalyze net zero pathways for
Zero Waste to Landfill
upcycle potential with alternate fuels
Baselining all Biodiversity roadmap Nature based

operations on their to achieve net solutions to preserve
biodiversity impact positive impact biodiversity
Adopt structured ESG frameworks Establish an industry leader
Selective ESG disclosures to
with common minimum position for technology adoption
prominent raters and indexes
methodologies/disclosing with regards to carbon capture,
based on quality of assessment
sustainability performance for better green hydrogen, BESS and
and actionable outcome
usability by investors storage solutions

Approach to Governance
Responsibility led by values

Our business operations, strategy, growth prospects and overall transformation are led by
our visionary leadership, comprising our Board and Management. Our leaders and, in turn,
the organisation are further guided by the principles of the Tata Code of Conduct and the
Tata Business Excellence Model. These principles guide the organisation’s growth, along
a sound and sustainable pathway.
With our core objective of ‘Leadership with Care’, we aim

Ownership Structure
to drive initiatives that are material to our Company and
(%)
its stakeholders as well as in line with national thrust areas
for development. Furthermore, we have strengthened
our sustainability strategy in line with our goal to become
carbon net neutral before 2045. An augmented element 46.86 33.03
of sustainability to Tata Power’s core governance structure
has paved the way for numerous sustainability-related
policies that effectively govern our strategic direction and
ability to create value. 20.11
53.14
The Board of Directors is kept informed about regulatory
changes, CSR and sustainability related matters to gain
valued perspective and strategic orientation for the
future performance of our Company. In addition, we have Promoter and Promoter Group
successfully completed a Senior Leaders’ Development Public (Institutional investors)
Programme (SLDP) in partnership with IIM Ahmedabad.
This is an on-campus leadership development journey, Public & Retail investors
which covered diverse modules such as emerging
business models, customer-centric strategic planning,
digital transformation, design thinking, and disruptive
innovation, among others.

Tata Power’s Policies
Health and Safety Policy Whistle Blower Policy
Corporate Sustainability Policy Responsible Supply Chain Management Policy
Human Rights Policy Corporate Risk Management Policy
Environment Policy Safety Code of Conduct
Further details on our policies can be accessed here
Leading with responsibility and empathy

We employ a responsible approach to enhance indigenous people, child labour, forced labour, freedom of
organisational performance across the economic, association, the right of collective bargaining and gender
environment, social and governance paradigm. or social discrimination. Besides, we comply with product
We consciously conduct business in an ethical and fair and service regulations in regard to health and safety
manner, propagating a corporate culture that is socially and impacts, marketing communication as well as information
environmentally responsible. For FY22, there were no cases and labelling. In FY22, there were no pending or unresolved
pending in line with unfair trade practices, irresponsible show-cause notices issued from the Central Pollution
advertising and/or anti-competitive behaviour. Additionally, Control Board (CPCB) or State Pollution Control Board
there were no cases of corruption, with reference to our (SPCB). At Tata Power, compliance is ubiquitous to our value
employees or our business partners. creation story and we are proud to state that there have
been no significant regulatory fines or sanctions for non-
We strongly encourage respect for human rights and the
compliance with environmental or social local and national
dignity of all people in line with Tata Power’s core values.
laws. All shareholder complaints received during FY22 have
We are humbled to state that, to the best of our knowledge,
been resolved.
there have been no complaints concerning the rights of

Awards
Recognitions across the spectrum

A list of top awards and accolades received by Tata Power is provided below.
Financial and governance
JRD QV Award Institute of Chartered Tata Power won the

by the Tata Group Accountants of India Award for Silver Award for
Excellence in Financial Excellence in Financial
Reporting Reporting
for the second consecutive year
CERT-In empanelment for the year 2021 by ICAI under
as an Information Security the category – Infrastructure
Auditing Organisation and Construction Sector
‘Best Electronics (turnover equal to or more than
` 500 crore)
Security Company-
Tata Power-DDL wins various Integrator’ Award
accolades at TATA Business by International Institute of Security
Excellence Convention 2021 at & Safety management (IISSM)
Mumbai
AIRA (Asia Integrated
Won the Reporting Awards)
Various accolades at 2nd Runner Up Award Finalist for Asia’s Best Integrated
International Convention on for Best Presented Annual Report Report for 2021 in the category
Quality Control Circles ’21 at awards, Integrated Reporting of Large Company
Hyderabad Award
Safety
Tata Power-DDL wins Platinum Award
Safety Innovation at 11th EXCEED Occupational
Award - 2021 Health, Safety and Security 2021
from Institution Of Engineers
(India)

Innovation and smart technology
Top 25 Innovative Tata InnoVista Smart Grid Lab recognised as

Companies Award Award 2021 ‘In-House R&D Unit’
at CII Industrial Innovation Design Honour by Department of Scientific & Industrial Research
Awards 2021 Category (DSIR), Ministry of Science & Technology,
Government of India
India Smart Grid Forum 2022
Gold Award Sanjeevni Award

- for Effective OT Cybersecurity Implementation for Modern for Smart Technology (Electricity
Grids & Asset Management Distribution)
- for Pole Mounted Battery Energy Storage System (BESS)
- for Smart Technology (Electricity Distribution) Drain Valve
Less Transformer
- for Adoption of Disruptive Technology/Solution by a Utility -
Platinum Award
for its one-of-a-kind Submersible
Intelligent Reactive Power Compensation & Control
Distribution Transformer Substation
Social
Global CSR Awards
Highest Participation
Rate Award Platinum Award Award for
in Tata Volunteering Week under the ‘Best Country Promoting Gender Equality
(TVW) 16 Award for Overall CSR
Performance’ category
and Women Empowerment
by Indian Chamber of Commerce
Act For Mahseer 50 years by Tata

Power bags Gold as the
Corporate Social Silver Award Gold at 2nd Edition of ‘Green
Crusader of the year for ‘Best Community Urja and Energy Efficiency Award’
Programme’ category by Indian Chamber of Commerce
at Olive Crown Awards by IAA
Environmental
“Energy Efficient Unit” Award 3R Awards 2021

during the 22nd National Award Ceremony for (service-sub category:
Excellence in Energy Management by CII waste to worth) by CII

GRI Index
Tata Power Company Limited (TPCL) has reported the information cited in this GRI content index for the period April 01,
2021 to March 31, 2022 in accordance to the GRI Standards.
GRI Indicator Response/Page
Code number
2-1 Organizational Details
Name of the organization 2
Location of headquarters Back cover
Location of operations 18-19
Ownership and legal form 2,10-13
Nature of ownership and legal form.
2-2 Entities included in the organization’s sustainability reporting
List all entities included in its sustainable reporting Inside Cover
This includes subsidiaries, joint ventures, and affiliates, including joint interests.
If the organization has audited consolidated financial statements or financial information filed on public record, specify the Consolidated
differences between the list of entities included in its financial reporting and the list included in its sustainability reporting; financial
if the organization consists of multiple entities, explain the approach used for consolidating the information, including: statements
• whether the approach involves adjustments to information for minority interests
• how the approach takes into account mergers, acquisitions, and disposal of entities or parts of entities
• whether and how the approach differs across the disclosures in this Standard and across material topics.
2-3 Reporting period
Date of most recent report Inside Cover
Reporting cycle Inside Cover
Contact point for questions regarding the report Inside Cover
2-4 Restatements of information Inside Cover
Restatement and the effect of any restatements of information given in previous reports, and the reasons for such
restatements.
2-5 External assurance Inside Cover
Describe the policy and practice for seeking external assurance along with if and how and senior body is involved.
If the report has been externally assured, provide
i. the assurance statement,
ii. What has been assured, using which standard and the limitations
iii. describe relationship between the company and the assurance provider
2-6 Activities, value chain and other business relationships 24-25
The company should disclose sectors of activity, describe their entire value chain, and describe other business relations.
Also, they are to disclose any significant changes which have occurred since the previous reporting period.
2-7 Employees 68
The company should report the total number of employees with breakdown by gender and region.
They should also give the following by breakdown into gender and region
i. Permanent Employees
ii. Temporary Employees
iii full-time employees
iv. Part-time Employees
2-8 Workers who are not employees 68
a. report the total number of workers who are not employees and whose work is controlled by the organization and
describe:
i. the most common types of worker and their contractual relationship with the organization;
ii. the type of work they perform;
b. describe the methodologies and assumptions used to compile the data, including whether the number of workers
who are not employees is reported:
i. in head count, full-time equivalent (FTE), or using another methodology;
ii. at the end of the reporting period, as an average across the reporting period, or using another methodology;
c. describe significant fluctuations in the number of workers who are not employees during the reporting period and
between reporting periods.


Code number
2-9 Governance structure and composition 84-85, 163-164,
describe its governance structure, including committees of the highest governance body; 167-170
a. list the committees of the highest governance body that are responsible for decisionmaking on and overseeing the
management of the organization’s impacts on the economy, environment, and people;
b. describe the composition of the highest governance body and its committees by:
i. executive and non-executive members;
ii. independence;
iii. tenure of members on the governance body;
iv. number of other significant positions and commitments held by each member, and the nature of the commitments;
v. gender;
vi. under-represented social groups;
vii. competencies relevant to the impacts of the organization;
viii. stakeholder representation.
2-10 Nomination and selection of the highest governance body 165
a describe the nomination and selection processes for the highest governance body and its committees;
b. describe the criteria used for nominating and selecting highest governance body members, including whether and
how the following are taken into consideration:
i. views of stakeholders (including shareholders);
ii. diversity;
iii. independence;
iv. competencies relevant to the impacts of the organization.
2-11 Chair of the highest governance body 10-11
a. report whether the chair of the highest governance body is also a senior executive in the organization;
b. if the chair is also a senior executive, explain their function within the organization’s management, the reasons for this
arrangement, and how conflicts of interest are prevented and mitigated.
2-12 Role of the highest governance body in overseeing the management of impacts 84
a. describe the role of the highest governance body and of senior executives in developing, approving, and updating the
organization’s purpose, value or mission statements, strategies, policies, and goals related to sustainable development;
b. describe the role of the highest governance body in overseeing the organization’s due diligence and other processes
to identify and manage the organization’s impacts on the economy, environment, and people, including:
i. whether and how the highest governance body engages with stakeholders to support these processes;
ii. how the highest governance body considers the outcomes of these processes;
c. describe the role of the highest governance body in reviewing the effectiveness of the organization’s processes as
described in 2-12-b, and report the frequency of this review.
2-13 Delegation of responsibility for managing impacts 84
a. describe how the highest governance body delegates responsibility for managing the organization’s impacts on the
economy, environment, and people, including:
i. whether it has appointed any senior executives with responsibility for the management of impacts;
ii. whether it has delegated responsibility for the management of impacts to other employees;
ii. describe the process and frequency for senior executives or other employees to report back to the highest
governance body on the management of the organization’s impacts on the economy, environment, and people.
2-14 Role of the highest governance body in sustainability reporting Inside Front
a. report whether the highest governance body is responsible for reviewing and approving the reported information, Cover
including the organization’s material topics, and if so, describe the process for reviewing and approving the information;
b. if the highest governance body is not responsible for reviewing and approving the reported information, including the
organization’s material topics, explain the reason for this.
2-15 Conflicts of interest 161
a. Processes for the highest governance body to ensure conflicts of interest are avoided and managed.
b. Whether conflicts of interest are disclosed to stakeholders, including, at a minimum, conflicts of interest relating to:
i. Cross-board membership;
ii. Cross-shareholding with suppliers and other stakeholders;
iii. Existence of controlling shareholder;
iv. Related party disclosures.

GRI

Code number
2-16 Communicating critical concerns 170
a. Process for communicating critical concerns to the highest governance body.
b. Nature and total number of critical concerns
i. Total number and nature of critical concerns that were communicated to the highest governance body.
ii. Mechanism(s) used to address and resolve critical concerns."
2-17 Collective knowledge of highest governance body 165
a. Measures taken to develop and enhance the highest governance body’s collective knowledge of economic,
environmental, and social topics.
2-18 Evaluating the highest governance body’s performance 168-169
a. Processes for evaluating the highest governance body’s performance with respect to governance of economic,
environmental, and social topics.
b. Whether such evaluation is independent or a self-assessment, and its frequency.
c. Actions taken in response to evaluation of the highest governance body’s performance including changes to the
composition of the highest governance body and organizational practices.
2-19 Remuneration policies 112-113
a. describe the remuneration policies for members of the highest governance body and senior executives, including:
i. Fixed pay and variable pay, including performance-based pay, equity-based pay, bonuses, and deferred or vested
shares;
ii. Sign-on bonuses or recruitment incentive payments;
iii. Termination payments;
iv. Clawbacks;
v. Retirement benefits, including the difference between benefit schemes and contribution rates for the highest
governance body, senior executives, and all other employees.
b. How performance criteria in the remuneration policies relate to the highest governance body’s and senior executives’
objectives for economic, environmental, and social topics.
When compiling the information specified in Disclosure 102-35, the reporting organization should, if termination
payments are used, explain whether:
1) notice periods for governance body members and senior executives are different from those for other employees;
2) termination payments for governance body members and senior executives are different from those for other
employees;
3) any payments other than those related to the notice period are paid to departing governance body members and
senior executives;
4) any mitigation clauses are included in the termination arrangements.
2-20 Process for determining remuneration 112-113
a. describe the process for designing its remuneration policies and for determining remuneration, including:
i. whether independent highest governance body members or an independent remuneration committee oversees
the process for determining remuneration;
ii. how the views of stakeholders (including shareholders) regarding remuneration are sought and taken into
consideration;
iii. whether remuneration consultants are involved in determining remuneration and, if so, whether they are
independent of the organization, its highest governance body and senior executives;
b. report the results of votes of stakeholders (including shareholders) on remuneration policies and proposals,
if applicable.
2-21 Annual total compensation ratio 134
a. Ratio of the annual total compensation for the organization’s highest-paid individual in each country of significant
operations to the median annual total compensation for all employees (excluding the highest-paid individual) in the
same country.
b. Ratio of the percentage increase in annual total compensation for the organization’s highest-paid individual in each
country of significant operations to the median percentage increase in annual total compensation for all employees
(excluding the highest-paid individual) in the same country.
2-22 Statement on sustainable development strategy 8-9
Present a statement from the highest governance body or most senior executive of the organization about the relevance
of sustainable development to the organization and its strategy for contributing to sustainable development


Code number
2-23 Policy commitments 85, 105
a. describe its policy commitments for responsible business conduct, including:
i. the authoritative intergovernmental instruments that the commitments reference;
ii. whether the commitments stipulate conducting due diligence;
iii. whether the commitments stipulate applying the precautionary principle;
iv. whether the commitments stipulate respecting human rights;
b. describe its specific policy commitment to respect human rights, including:
i. the internationally recognized human rights that the commitment covers;
ii. the categories of stakeholders, including at-risk or vulnerable groups, that the organization gives particular
attention to in the commitment;
c. provide links to the policy commitments if publicly available, or, if the policy commitments are not publicly available,
explain the reason for this;
d. report the level at which each of the policy commitments was approved within the organization, including whether
this is the most senior level;
e. report the extent to which the policy commitments apply to the organization’s activities and to its business
relationships;
f. describe how the policy commitments are communicated to workers, business partners, and other relevant parties.
2-24 Embedding policy commitments 85, 105
a. describe how it embeds each of its policy commitments for responsible business conduct throughout its activities and
business relationships, including:
i. how it allocates responsibility to implement the commitments across different levels within the organization;
ii. how it integrates the commitments into organizational strategies, operational policies, and operational
procedures;
iii. how it implements its commitments with and through its business relationships;
iv. training that the organization provides on implementing the commitments.
2-25 Processes to remediate negative impacts 91
a. describe commitments to provide for or cooperate in the remediation of negative impacts that the organization
identifies it has caused or contributed to;
b. describe approach to identify and address grievances, including the grievancemechanisms that the organization has
established or participates in;
c. describe other processes by which the organization provides for or cooperates in the remediation of negative impacts
that it identifies it has caused or contributed to;
d. describe how the stakeholders who are the intended users of the grievance mechanisms are involved in the design,
review, operation, and improvement of these mechanisms;
e. describe how the organization tracks the effectiveness of the grievance mechanisms and other remediation processes,
and report examples of their effectiveness, including stakeholder feedback.
2-26 Mechanisms for seeking advice and raising concerns 53, 85
The organization shall:
a. describe the mechanisms for individuals to:
i. seek advice on implementing the organization’s policies and practices for responsible business conduct;
ii. raise concerns about the organization’s business conduct.
2-27 Compliance with laws and regulations 85
a. report the total number of significant instances of non-compliance with laws and regulations during the reporting
period, and a breakdown of this total by:
i. instances for which fines were incurred;
ii. instances for which non-monetary sanctions were incurred;
b. report the total number and the monetary value of fines for instances of noncompliance with laws and regulations
that were paid during the reporting period, and a breakdown of this total by:
i. fines for instances of non-compliance with laws and regulations that occurred in the current reporting period;
ii. fines for instances of non-compliance with laws and regulations that occurred in previous reporting periods;
c. describe the significant instances of non-compliance;
d. describe how it has determined significant instances of non-compliance.
2-28 Membership associations 98
The organization shall report industry associations, other membership associations, and national or international advocacy
organizations in which it participates in a significant role.

GRI

Code number
2-29 Approach to stakeholder engagement 42-43
a. describe its approach to engaging with stakeholders, including:
i. the categories of stakeholders it engages with, and how they are identified;
ii. the purpose of the stakeholder engagement;
iii. how the organization seeks to ensure meaningful engagement with stakeholders.
2-30 Collective bargaining agreements 43, 70, 85
a. report the percentage of total employees covered by collective bargaining agreements;
b. for employees not covered by collective bargaining agreements, report whether the organization determines their
working conditions and terms of employment based on collective bargaining agreements that cover its other
employees or based on collective bargaining agreements from other organizations.
GRI Standard Disclosure Description Page number /

Reference Link
GRI 200: ECONOMIC
GRI 201: 103-1 Explanation of the material topic and its Boundary 143-151
ECONOMIC 103-2 The management approach and its components 143-151
PERFORMANCE 2016
103-3 Evaluation of the management approach 143-151
201-1 Direct economic value generated and distributed 51
201-2 Financial implications and other risks and opportunities due to climate change 39
201-3 Defined benefit plan obligations and other retirement plans 203, 281-286
201-4 Financial assistance received from government 51
MARKET PRESENCE 103-2 The management approach and its components 18-19
2016
202-1 Ratios of standard entry level wage by gender compared to local minimum 208
wage
INDIRECT 103-2 The management approach and its components 60-65
ECONOMIC IMPACTS
2016
203-1 Infrastructure investments and services supported 60-65
203-2 Significant indirect economic impacts 60-65
PROCUREMENT 103-2 The management approach and its components 60-61
PRACTICES 2016
204-1 Proportion of spending on local suppliers 61


Reference Link
GRI 205: 103-1 Explanation of the material topic and its Boundary 85, 201
ANTI-CORRUPTION 103-2 The management approach and its components 85, 201
2016
103-3 Evaluation of the management approach 85, 201
205-1 Operations assessed for risks related to corruption 85, 201
205-2 Communication and training about anti-corruption policies and procedures 85, 201
205-3 Confirmed incidents of corruption and actions taken 85, 201
ANTI-COMPETITIVE 103-2 The management approach and its components 84-85
BEHAVIOR 2016
206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices 84-85
TAX 2019 103-2 The management approach and its components 298-301
207-1 Approach to tax 298-301
207-2 Tax governance, control, and risk management 298-301
207-3 Stakeholder engagement and management of concerns 298-301
GRI 300: ENVIRONMENT
GRI 301: 103-1 Explanation of the material topic and its Boundary 81
MATERIAL 2016 103-2 The management approach and its components 81
103-3 Evaluation of the management approach 81
301-1 Materials used by weight or volume 81
301-2 Recycled input materials 81
ENERGY 2016 103-2 The management approach and its components 78
302-1 Energy consumption within the organization 78
302-2 Energy consumption outside of the organization 78
302-3 Energy intensity 77
302-4 Reduction of energy consumption 78
302-5 Reductions in energy requirements of products and services 56
WATER AND 103-2 The management approach and its components 79-80
EFFLUENTS 2018
303-1 Interactions with water as a shared resource 79-80
303-2 Management of water discharge-related impacts 79-80
303-3 Water withdrawal 79-80
303-4 Water discharge 79-80
303-5 Water consumption 79-80

GRI

Reference Link
BIODIVERSITY 103-2 The management approach and its components 82
2016
304-1 Operational sites owned, leased, managed in, 82
or adjacent to, protected areas and areas of high
biodiversity value outside protected areas
304-2 Significant impacts of activities, products, and services on biodiversity 82
304-3 Habitats protected or restored 82
304-4 IUCN Red List species and national conservation list species with habitats in 82
areas affected by operations
EMISSIONS 103-2 The management approach and its components 77-78
2016
305-1 Direct (Scope 1) GHG emissions 77
305-2 Energy indirect (Scope 2) GHG emissions 77
305-3 Other indirect (Scope 3) GHG emissions 77
305-4 GHG emissions intensity 77
305-5 Reduction of GHG emissions 77
305-6 Emissions of ozone-depleting substances (ODS) 77
305-7 Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions 78
WASTE 2020 103-2 The management approach and its components 81
306-1 Waste generation and significant waste-related impacts 81
306-2 Management of significant waste related impacts 81
306-3 Waste generated 81
306-4 Waste diverted from disposal 81
306-5 Waste directed to disposal 81
GRI 307: 103-1 Explanation of the material topic and its Boundary 83, 85
ENVIRONMENTAL 103-2 The management approach and its components 83, 85
COMPLIANCE 2016
103-3 Evaluation of the management approach 83, 85
307-1 Non-compliance with environmental laws and regulations 85
SUPPLIER 103-2 The management approach and its components 60-61
ENVIRONMENTAL
ASSESSMENT
2016 308-1 New suppliers that were screened using environmental criteria 61
308-2 Negative environmental impacts in the supply chain and actions taken 61


Reference Link
GRI 400: SOCIAL
EMPLOYMENT 2016 103-2 The management approach and its components 69
401-1 New employee hires and employee turnover 69
401-2 Benefits provided to full-time employees that are not provided to temporary or 203
part-time employees
401-3 Parental leave 73
LABOR/MANAGEMENT 103-2 The management approach and its components 70
RELATIONS 2016
402-1 Minimum notice periods regarding operational changes 167 (A minimum notice
period of 3 months to all
employees)
OCCUPATIONAL 103-2 The management approach and its components 71-72
HEALTH AND SAFETY
2018
403-1 Occupational health and safety management system 71
403-2 Hazard identification, risk assessment, and incident investigation 71
403-3 Occupational health services 71
403-4 Worker participation, consultation, and communication on occupational health 71
and safety
403-5 Worker training on occupational health and safety 71-72
403-6 Promotion of worker health 71-72
403-7 Prevention and mitigation of occupational health and safety impacts directly 72
linked by business relationships
403-8 Workers covered by an occupational health and safety management system 71
403-9 Work-related injuries 71
403-10 Work-related ill health 71-72
TRAINING AND 103-2 The management approach and its components 70
EDUCATION
2016
404-1 Average hours of training per year per employee 70
404-2 Programs for upgrading employee skills and transition assistance programs 70
404-3 Percentage of employees receiving regular performance 70
and career development reviews
DIVERSITY AND 103-2 The management approach and its components 73-74
EQUAL OPPORTUNITY
2016
405-1 Diversity of governance bodies and employees 74
405-2 Ratio of basic salary and remuneration of women to men 73

GRI

Reference Link
NON-DISCRIMINATION 103-2 The management approach and its components 75
2016
406-1 Incidents of discrimination and corrective actions taken 85
FREEDOM OF 103-2 The management approach and its components 70
ASSOCIATION
AND COLLECTIVE
BARGAINING 2016 407-1 Operations and suppliers in which the right to freedom of association and 85
collective bargaining may be at risk
CHILD LABOR 103-2 The management approach and its components 75
2016
408-1 Operations and suppliers at significant risk for incidents 85
of child labor
FORCED OR 103-2 The management approach and its components 75
COMPULSORY
LABOR 2016
409-1 Operations and suppliers at significant risk for incidents of 85
forced or compulsory labor
SECURITY PRACTICES 103-2 The management approach and its components 71
2016
RIGHTS OF 103-2 The management approach and its components 85
INDIGENOUS PEOPLES
2016
411-1 Incidents of violations involving rights of indigenous peoples 85
HUMAN RIGHTS 103-2 The management approach and its components 75
ASSESSMENT
2016
412-1 Operations that have been subject to human rights reviews or impact 75
assessments
412-2 Employee training on human rights policies or procedures 75
LOCAL 103-2 The management approach and its components 62-65
COMMUNITIES 2016
413-1 Operations with local community engagement, impact assessments, and 62-65
development programmes
SUPPLIER SOCIAL 103-2 The management approach and its components 60-61
ASSESSMENT
2016
414-1 New suppliers that were screened using social criteria 60-61
414-2 Negative social impacts in the supply chain and actions taken 60-61


Reference Link
GRI 415: 103-1 Explanation of the material topic and its Boundary N/A
PUBLIC POLICY 103-2 The management approach and its components N/A
2016
103-3 Evaluation of the management approach N/A
415-1 Political contributions N/A
CUSTOMER HEALTH 103-2 The management approach and its components 55
AND SAFETY
2016
416-1 Assessment of the health and safety impacts of product and service categories 55
416-2 Incidents of non-compliance concerning the health and safety impacts of 55
products and services
MARKETING AND 103-2 The management approach and its components 56-58
LABELING
2016
417-1 Requirements for product and service information and labeling 56, 58
417-2 Incidents of non-compliance concerning product and service information 85
and labeling
417-3 Incidents of non-compliance concerning marketing communications 85
CUSTOMER PRIVACY 103-2 The management approach and its components 55
2016
418-1 Substantiated complaints concerning breaches of customer 55
privacy and losses of customer data
SOCIO-ECONOMIC 103-2 The management approach and its components 84-85
COMPLIANCE 2016
419-1 Non-compliance with laws and regulations in the social 84-85
and economic area

Annexures
Annexure 1 - List of Memberships

The Tata Power Company Limited - Memberships
Indian Energy Exchange Ltd Bombay Chamber of Commerce India Energy Forum
National Safety Council (NSC) Confederation of Indian Industry (CII) Association of Power Producer
Committee for International Council on Electrical Research & Development Association Central Power Research Institute
Large Electric Systems (CIGRE)
Annexure 2 - List of Subsidiaries

The Tata Power Company Limited - Domestic subsidiaries
Af-Taab Investment Co. Limited (Merged with Tata Power Solar Systems Limited Tata Power Trading Company Limited
Holding Company)
Tata Power Green Energy Limited Nelco Limited Tatanet Services Limited
(Merged with Nelco Limited)
Maithon Power Limited Coastal Gujarat Power Limited (Merged with Tata Power Renewable Energy Limited
Holding Company)
TP Renewable Microgrid Limited Tata Power Delhi Distribution Limited NDPL Infra Limited
Tata Power Jamshedpur Distribution Limited Supa Windfarm Limited Poolavadi Windfarm Limited
Nivade Windfarm Limited TP Wind Power Limited TP Solapur Limited
TP Kirnali Limited Walwhan Renewable Energy Limited Walwhan Urja Anjar Limited
Walwhan Solar AP Limited Walwhan Solar Raj Limited Northwest Energy Private Limited
Walwhan Solar Energy GJ Limited Dreisatz MySolar24 Private Limited MI MySolar24 Private Limited
Walwhan Energy RJ Limited Walwhan Solar MP Limited Walwhan Solar MH Limited
Walwhan Solar KA Limited Walwhan Solar PB Limited Walwhan Solar RJ Limited
Walwhan Wind RJ Limited Walwhan Solar TN Limited Walwhan Solar BH Limited
Clean Sustainable Solar Energy Private Limited Walwhan Urja India Limited Solarsys Renewable Energy Private Limited
Chirasthayee Saurya Limited Nelco Network Products Limited Vagarai Windfarm Limited
TP Ajmer Distribution Limited TCL Ceramics Limited (Ceased to be Subsidiary) TP Central Odisha Distribution Limited
TP Kirnali Solar Limited TP Solapur Solar Limited TP Saurya Limited
TP Akkalkot Renewable Limited TP Roofurja Renewable Limited TP Western Odisha Distribution Limited
TP Southern Odisha Distribution Limited TP Northern Odisha Distribution Limited TP Solapur Saurya Limited
Dugar Hydro Power Limited # Powerlinks Transmission Limited# Industrial Energy Limited#
#
Classified as Joint Ventures as per Indian Accounting Standards (Ind AS)
The Tata Power Company Limited - Foreign Subsidiaries

Bhira Investments Pte Limited Bhivpuri Investments Limited Khopoli Investments Limited
Trust Energy Resources Pte. Limited PT Sumber Energi Andalan Tbk Tata Power International Pte. Limited
Far Eastern Natural Resources LLC PT Andalan Group Power PT Sumber Power Nusantara
PT Indopower Energi Abadi PT Andalan Power Teknikatama

The Tata Power Company Limited - Joint Ventures

PT Mitaratama Perkasa PT Mitratama Usaha PT Kalimantan Prima Power
PT Guruh Agung PT Citra Kusuma Perdana PT Citra Prima Buana
LTH Milcom Private Limited Mandakini Coal Company Limited Solace Land Holding Limited
Tubed Coal Mines Limited Itezhi Tezhi Power Corporation Limited Candice Investments Pte. Limited
PT Dwikarya Prima Abadi PT Nusa Tambang Pratama PT Marvel Capital Indonesia
PT Arutmin Indonesia PT Kaltim Prima Coal PT Indocoal Kalsel Resources
PT Indocoal Kaltim Resources Indocoal Resources (Cayman) Limited Indocoal KPC Resources (Cayman) Limited
Resurgent Power Ventures Pte. Limited Renascent Power Ventures Pvt Limited Prayagraj Power Generation Co. Limited
Adjaristsqali Netherlands B.V. Adjaristsqali Georgia LLC Koromkheti Netherlands BV
Koromkheti Georgia LLC PT Baramulti Suksessarana Tbk PT Antang Gunung Meratus
(Ceased to be Joint Venture)
The Tata Power Company Limited - Associates

Brihat Trading Private Limited Yashmun Engineers Ltd. Dagachhu Hydro Power Corporation
Limited
Tata Projects Limited The Associated Building Co. Limited

Board’s Report
To the Members,
The Directors are pleased to present to you the third integrated report (prepared as per the framework set forth by the International
Integrated Reporting Council and in accordance with Global Reporting Initiatives (GRI) Standards 2021) and One Hundred and Third
Annual Report on the business and operations of your Company along with the audited Financial Statements for the financial year
ended March 31, 2022.
1. Financial Results
(` crore)
Sl. Particulars Standalone Consolidated
No. FY22 FY21 # FY22 FY21$
(a) Revenue from Operations* 11,242 13,469 42,576 33,239
(b) Less: Operating Expenditure 9,560 10,447 35,305 25,700
(c) Operating Profit 1,682 3,022 7,271 7,539
(d) Add: Other Income 2,987 1,260 920 439
(e) Earning before Interest, Tax, Depreciation & Amortisation 4,669 4,282 8,191 7,978
(f ) Less: Finance Cost 2,189 2,497 3,859 4,010
(g) Profit before Depreciation and Tax 2,480 1,785 4,332 3,968
(h) Less: Depreciation & Amortisation 1,134 1,235 3,122 2,745
(i) Profit Before Share of Profit of Associates and Joint Ventures 1,346 550 1,210 1,223
(j) Add: Share of Profit of Associates and Joint Ventures Nil Nil 1,943 873
(k) Pofit/(Loss) before Exceptional Item 1,346 550 3,153 2,096
(l) (Less)/Add: Exceptional Item 1,412 (109) (150) (109)
(m) Profit/(Loss) before Tax 2,758 441 3,003 1,987
(n) (Less)/Add: Tax Expenses or credit 493 (101) (379) (502)
(o) Net Profit after Tax from Continuing Operations 3,251 340 2,624 1,485
(p) Net Profit/(Loss) after Tax from Discontinued Operations (468) (220) (468) (220)
(q) (Less)/Add: Tax Expenses or Credit from Discontinued Operations Nil 174 Nil 174
(r) Net Profit/(Loss) after Tax from Discontinued Operations (468) (46) (468) (46)
(s) Net Profit for the year 2,783 294 2,156 1,439
(t) Net Profit for the year Attributable to -
- Owners of the Company 2,783 294 1,742 1,128
- Non-controlling interests Nil Nil 414 311
(u) Other Comprehensive income (Net of Tax) 314 243 473 (380)
(v) Total Comprehensive Income Attributable to - 3,097 537 2,629 1,059
- Owners of the Company 3,097 537 2,215 747
- Non-controlling interests Nil Nil 414 312
*Including regulatory income/ (expense)
# Restated due to CGPL and Af-Taab merger (refer page no. 325 of the Standalone Financial Statement)
$ Restated due to completion of acquisition accounting of Odisha Discoms (refer page nos. 464 and 465 of the Consolidated Financial Statement)
2. FINANCIAL PERFORMANCE AND THE STATE improved performance and full year impact of Odisha
Discoms offset by lower generation in Mundra [erstwhile
OF THE COMPANY’S AFFAIRS Coastal Gujarat Power Limited (CGPL)]. Finance costs
2.1 CONSOLIDATED decreased from ₹ 4,010 crore to ₹ 3,859 crore mainly due to
The Operating Revenue stood at ₹ 42,576 crore in FY22 full year impact of repayment of loans in Mundra (erstwhile
compared to ₹ 33,239 crore in FY21 on a consolidated CGPL). The Profits from Joint Ventures (JVs) and Associates
basis. The increase was mainly due to acquisition of Odisha were higher mainly due to higher profits from Indonesian
Discoms, RE capacity addition and execution of major solar coal mines due to higher coal prices which was partly offset
EPC projects. EBITDA was at ₹ 8,191 crore in FY22 compared by higher loss in Tata Projects Limited (Tata Projects).
to ₹ 7,978 crore in FY21 mainly due to favourable regulatory
The Consolidated Profit after tax in FY22 was at ₹ 2,156 crore
orders and capacity addition in RE generating companies,
compared to ₹ 1,439 crore in FY21 mainly due to improved

performance and full year impact of Odisha Discoms, 4. MANAGEMENT DISCUSSION AND ANALYSIS
favourable regulatory orders in RE generating companies,
The Management Discussion and Analysis, as required in
lower finance cost offset by higher loss in Tata Projects.
terms of the Securities and Exchange Board of India (Listing
2.2 STANDALONE Obligations and Disclosure Requirements) Regulations, 2015
The Operating Revenue stood at ₹ 11,242 crore in FY22 (Listing Regulations), is annexed to this Report.
compared to ₹ 13,469 crore in FY21 on a standalone basis.
The decrease was mainly due to lower generation on 5. DIVIDEND
account of partial shutdown in Mundra. The Profit after tax Based on the Company’s performance, the Directors of your
in FY22 was ₹ 2,783 crore as compared to ₹ 294 crore in FY21. Company recommend a dividend of ₹ 1.75 per share of ₹ 1
The increase in the profit was mainly due to higher dividend each, subject to the approval of the Members.
from foreign subsidiaries, creation of deferred tax assets on
merger, gain on sale of shares in Trust Energy Resources Pte. Pursuant to the Finance Act, 2020, dividend income is
Limited to Tata Power International Pte. Limited partly offset taxable in the hands of the Members w.e.f. April 1, 2020 and
by impairment loss in Strategic Engineering Division. the Company is required to deduct tax at source (TDS) from
dividend paid to the Members at prescribed rates as per the
Refer Section 4 of Management Discussion and Analysis Income-tax Act, 1961.
(MD&A) for more details.
The Register of Members and Share Transfer Books of the
No material changes and commitments have occurred after Company will remain closed from Friday, June 17, 2022 to
the close of the year under review till the date of this Report Thursday, July 7, 2022 (both days inclusive) for the purpose
which affect the financial position of the Company. of payment of dividend for the financial year ended March
2.3 ANNUAL PERFORMANCE 31, 2022.
Details of your Company’s annual financial performance as According to Regulation 43A of the Listing Regulations,
published on the Company’s website and presented during the top 1000 listed entities based on market capitalization,
the Analyst Meet, after declaration of annual results, can be calculated as on 31st March of every financial year are
accessed using the following link: https://www.tatapower. required to formulate a Dividend Distribution Policy which
com/investor-relations/investor-downloads.aspx. shall be disclosed on the website of the listed entity and
a weblink shall also be provided in their Annual Reports.
2.4 INTEGRATED REPORT
Accordingly, the Dividend Distribution Policy of the
Continuing with our commitment towards a sustainable Company can be accessed using the following link: https://
future and focus on governance-based reporting, your www.tatapower.com/pdf/aboutus/dividend-policy.pdf.
Company has progressed to publish third Integrated
Report highlighting the Company’s efforts to empower all
categories of customers and stakeholders with future-ready,
6. CURRENT BUSINESS
smart energy solutions. Your Company is present across the entire value chain of
power business viz. Generation, Transmission, Distribution,
Power Trading, Power Services, Coal Mines and Logistics,
3. IMPROVEMENT IN LEVERAGE RATIOS AND Solar PV manufacturing and associated Engineering,
CASH FROM OPERATIONS Procurement and Construction services (EPC), Consumer
Your Company’s Net Debt / Underlying EBIDTA ratio has facing businesses such as solar rooftop, solar pumps, EV
shown improvement from 4.1 to 3.9 from FY21 to FY22 on a charging, home automation and microgrid. Leading position
consolidated level reinforcing the Company’s commitment in many of these segments places your Company as one of
to maintain comfortable debt position for sustainable India’s largest integrated power companies.
growth. Net Debt / Equity on a consolidated level has
There has been no change in the nature of business of the
remained largely in line with the previous year even after
Company during the year.
repayment of Unsecured Perpetual Securities of ₹ 1,500
crore and capex of ₹ 7,268 crore. A brief discussion on the As on March 31, 2022, your Company has an installed
highlights of financial performance of your Company and capacity of 13,515 MW out of which 4,655 MW is from “Clean
financial and return ratios is presented in the Investors and Green sources” (Hydro, waste heat recovery, wind and
section of Integrated Report (Pages 46-51). solar) which constitute about 34% of total portfolio.
Moving away from conventional coal-based power plants
with a commitment to reduce carbon footprint and

Board’s Report
dependency on fossil fuel-based resources like coal and 7. RESERVES

gas, your Company has decided to focus on renewable
As per Standalone financials, the net movement in the
generation, venturing into consumer-facing businesses
reserves of the Company for FY22 and FY21 is as follows:
like solar rooftop, solar pumps, EV charging, home
automation as well as tapping into opportunities to widen (₹ crore)
its distribution network and broaden its customer base. Particulars As of As of
March 31, 2022 March 31, 2021#
During the year, your Company has acquired NESCO Utility
through TP Nothern Odisha Distribution Limited (TPNODL) Capital Redemption Reserve 5 5
in Odisha through competitive bidding which will cater Capital Reserve 66 66
to around 2 million consumers and is pursuing similar Securities Premium 3,108 3,108
growth opportunity in distribution and transmission. Your Special Reserve Nil 126
Company, through Resurgent Power Ventures Pte. Limited Debenture Redemption 297 297
(Resurgent Platform), has acquired NRSS XXXVI Transmission Reserve
Limited. Your Company has installed 191 microgrid projects General Reserve Nil Nil
till March 31, 2022 in line with its commitment to provide Retained Earnings 5,896 3,575
rural population affordable, clean and reliable power. Equity Instruments through 529 222
OCI
Furthermore, your Company has launched smart energy
solutions with the idea of “power of smart” through Statutory Reserve 660 660
IoT based Home Automation solutions, smart energy # Restated due to CGPL and Af-Taab merger
management tools and various other home automation
products encouraging customers to implement efficient The Board of Directors has decided to retain the entire
and cost-effective home automation solutions to manage amount of profits for FY22 in P&L account.
electricity usage.
8. SUBSIDIARIES/JOINT VENTURES/ASSOCIATES
Focussing on achieving growth in an environmentally
As on March 31, 2022, your Company had 61 subsidiaries (41
responsible and sustainable manner, your Company has
were wholly owned subsidiaries), 32 JVs and 5 Associates.
added 684 MW Solar PV assets in operating portfolio for supply
Of the subsidiaries, 3 companies have been classified as JVs
of power to Discoms and captive consumers and around
under Indian Accounting Standards (Ind AS).
23 MW of rooftop projects. Your Company’s subsidiary, Tata
Power Solar Systems Limited (TPSSL) has commissioned During the year under review, the following changes
1.5 GW of Utility scale projects and has an order book of occurred in your Company’s holding structure:
around 3 GW amounting to ₹ 12,000 crore as on March 31, 2022.
a) The Company has acquired 51% stake in the following
In the solar products domain, your Company is a leading
Odisha Discom:
player, with a portfolio of over 65,000 solar agricultural
pumps in 16 states. i) TP Northern Odisha Distribution Limited
During the year, your Company has refinanced ₹ 1,500 crore b) The following company has been incorporated as a
of unsecured perpetual securities with long term debt subsidiary of the Company:
carrying lower interest rate. i) TP Solapur Saurya Limited
The National Company Law Tribunal, Mumbai Bench, vide its c) The following companies have merged with
Orders dated March 31, 2022 and March 15, 2022 approved the Company:
the Composite Scheme of Arrangement between between i) Coastal Gujarat Power Limited
CGPL and the Company and their respective shareholders ii) Af-Taab Investment Company Limited
and the Scheme of Amalgamation of Af-Taab Investment
Company Limited (Af-Taab) with the Company, under d) The following company has been merged with Nelco
Sections 230 to 232 of the Act, respectively. The Appointed Limited (subsidiary):
Date of both the Schemes was April 1, 2020. i) Tatanet Services Limited
Your Company’s business portfolio has been discussed e) The following companies have ceased to be a subsidiary
in detail in the Strategy for cluster section of Integrated / JV of the Company:
Report (Pages 32-35). i) TCL Ceramics Limited
ii) Koromkheti Georgia LLC

A report on the performance and financial position of each 10.

DIRECTORS AND KEY MANAGERIAL
of the subsidiaries, JVs and Associates has been provided in PERSONNEL
Form AOC-1 as per Section 129(2) of the Companies Act, 2013
During the year under review, there was no change in the
(the Act).
composition of the Board. However, at the Annual General
Further, pursuant to the provisions of Section 136 of the Act, Meeting (AGM) held on July 5, 2021, Members approved
the audited financial statements including consolidated the re-appointment of Ms. Anjali Bansal, Ms. Vibha Padalkar
financial statements along with relevant documents of and Mr. Sanjay V Bhandarkar as Independent Directors of
the Company and audited financial statements of the the Company for the second consecutive term of 5 years
subsidiaries are available on the website of the Company commencing from October 14, 2021.
https://www.tatapower.com/investor-relations/annual- In accordance with the requirements of the Act and the
reports-subsidiaries.aspx. Company’s Articles of Association, Mr. Saurabh Agrawal
The policy for determining material subsidiaries of the retires by rotation and is eligible for re-appointment.
Company has been provided in the following link: https:// Members’ approval is being sought at the ensuing AGM for
www.tatapower.com/pdf/aboutus/policy-for-determining- his re-appointment.
material-subsidiaries.pdf. Mr. Kesava Menon Chandrasekhar was appointed as
Independent Director by the Members on August 23, 2017
9. DIRECTORS’ RESPONSIBILITY STATEMENT for a period of 5 years w.e.f. May 4, 2017 upto May 3, 2022.
Based on the framework of internal financial controls (IFCs) Based on an evaluation of the balance of skills, knowledge
and compliance systems established and maintained by the and experience on the Board and further, on the report of
Company, the work performed by the internal, statutory performance evaluation, the external business environment,
and secretarial auditors and external consultants, including business knowledge, skills, experience and the substantial
the audit of IFCs over financial reporting by the Statutory contribution made by him during his tenure and considering
Auditors and the reviews performed by management that the continued association of Mr. Chandrasekhar as an
and the relevant Board Committees, including the Audit Independent Director of the Company would be beneficial
Committee of Directors, the Board is of the opinion that the to the Company, and based on the recommendation
Company’s IFCs were adequate and effective during FY22. of the Nomination and Remuneration Committee, the
Board, vide Resolution passed on April 21, 2022, appointed
Pursuant to Section 134(5) of the Act, the Board of Directors,
Mr. Chandrasekhar as an Additional Director of the
to the best of its knowledge and ability, confirm that:
Company and subject to approval of the Members by way
i. in the preparation of the annual accounts, the of Special Resolution at the ensuing AGM of the Company,
applicable accounting standards have been followed re-appointed him as a Non-Executive Independent Director,
and there are no material departures. not liable to retire by rotation, for a second consecutive term
ii. they have selected such accounting policies and commencing from May 4, 2022 upto February 19, 2023, when
applied them consistently and made judgements and he attains the retirement age of 75 years, as per the terms
estimates that are reasonable and prudent so as to of the Governance Guidelines for Tata Companies on Board
give a true and fair view of the state of affairs of the Effectiveness. Mr. Chandrasekhar shall also cease to be a
Company at the end of the financial year and of the Director of the Company with effect from close of business
profit of the Company for that period; hours on February 19, 2023. Accordingly, Members’ approval
iii. they have taken proper and sufficient care for the is being sought at the ensuing AGM for his re-appointment.
maintenance of adequate accounting records
in accordance with the provisions of the Act for During the year under review, the Non-Executive Directors
safeguarding the assets of the Company and for (NEDs) of the Company had no pecuniary relationship or
preventing and detecting fraud and other irregularities; transactions with the Company, other than sitting fees and
iv. they have prepared the annual accounts on a going commission, as applicable, received by them.
concern basis; In terms of Section 149 of the Act, Ms. Anjali Bansal, Ms. Vibha
v. they have laid down internal financial controls to be Padalkar, Mr. Sanjay V. Bhandarkar, Mr. Kesava Menon
followed by the Company and such internal financial Chandrasekhar and Mr. Ashok Sinha are the Independent
controls are adequate and operating effectively; Directors of the Company.
vi. they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such In terms of Regulation 25(8) of the Listing Regulations, they
systems are adequate and operating effectively. have confirmed that they are not aware of any circumstances
or situation which exists or may be reasonably anticipated

Board’s Report
that could impair or impact their ability to discharge their In a separate meeting of Independent Directors, performance
duties. Based upon the declarations received from the of Non-Independent Directors, the Board as a whole and
Independent Directors, the Board of Directors has confirmed the Chairman of the Company was evaluated, taking into
that they meet the criteria of independence as mentioned account the views of the Executive Director and NEDs.
under section 149(6) of the Act and Regulation 16(1)(b) of
The NRC reviewed the performance of individual directors
the Listing Regulations and that they are independent of
on the basis of criteria such as the contribution of the
the management.
individual director to the Board and Committee meetings
In the opinion of the Board, there has been no change in the like preparedness on the issues to be discussed, meaningful
circumstances which may affect their status as Independent and constructive contribution and inputs in meetings, etc.
Directors of the Company and the Board is satisfied of the
The above criteria are broadly based on the Guidance note
integrity, expertise, and experience (including proficiency
on Board Evaluation issued by the Securities and Exchange
in terms of Section 150(1) of the Act and applicable rules
Board of India on January 5, 2017.
thereunder) of all Independent Directors on the Board.
Further, in terms of Section 150 read with Rule 6 of the In a subsequent Board meeting, the performance of the
Companies (Appointment and Qualification of Directors) Board, its Committees and individual Directors was also
Rules, 2014, as amended, Independent Directors of the discussed. Performance evaluation of Independent Directors
Company have included their names in the data bank of was done by the entire Board, excluding the Independent
Independent Directors maintained with the Indian Institute Director being evaluated.
of Corporate Affairs.
During the year under review, Mr. Ramesh N. Subramanyam,
12. POLICY ON BOARD DIVERSITY AND DIRECTOR
Chief Financial Officer and Key Managerial Personnel (KMP)
ATTRIBUTES AND REMUNERATION POLICY
of the Company tendered his resignation w.e.f. close of
FOR DIRECTORS, KEY MANAGERIAL
business hours on December 31, 2021. The Board places on
PERSONNEL AND OTHER EMPLOYEES
record its appreciation for the valuable contribution and In terms of the provisions of Section 178(3) of the Act
guidance of Mr. Subramanyam during his tenure as Chief and Regulation 19 read with Part D of Schedule II to the
Financial Officer. Mr. Sanjeev Churiwala has been appointed Listing Regulations, the NRC is responsible for determining
as the Chief Financial Officer and designated as KMP of the qualification, positive attributes and independence of a
Company w.e.f. January 1, 2022. Director. The NRC is also responsible for recommending
to the Board, a policy relating to the remuneration of
In terms of Section 203 of the Act, following are the KMP of the Directors, KMP and other employees. In line with this
the Company as on March 31, 2022: requirement, the Board has adopted the Policy on Board
• Dr. Praveer Sinha, CEO and Managing Director Diversity and Director Attributes, which is provided in
Annexure - I to this Report and Remuneration Policy for
• Mr. Sanjeev Churiwala, Chief Financial Officer
Directors, KMP and other employees of the Company, which
• Mr. Hanoz M. Mistry, Company Secretary is reproduced in Annexure - II to this Report.
11.
ANNUAL EVALUATION OF BOARD 13. BOARD AND COMMITTEES OF THE BOARD
PERFORMANCE AND PERFORMANCE OF ITS Board Meetings:
COMMITTEES AND INDIVIDUAL DIRECTORS
8 Board Meetings were held during the year under review.
The Board of Directors has carried out an annual evaluation
For further details, please refer to the Report on Corporate
of its own performance, board committees and individual
Governance, which forms a part of this Annual Report.
directors pursuant to the provisions of the Act and the
Listing Regulations. Committees of the Board:
The performance of the Board was evaluated by the Board The Committees of the Board focus on certain specific
after seeking inputs from all the Directors based on criteria areas and make informed decisions in line with the
such as the board composition and structure, effectiveness delegated authority.
of board processes, information and functioning, etc. The following statutory Committees constituted by the
The performance of the Committees was evaluated by the Board function according to their respective roles and
Board after seeking inputs from the Committee members defined scope:
based on criteria such as the composition of Committees, • Audit Committee of Directors
effectiveness of Committee meetings, etc. • Nomination and Remuneration Committee

• Corporate Social Responsibility Committee 16. VIGIL MECHANISM

• Stakeholders Relationship Committee
Your Company believes in the conduct of the affairs of its
• Risk Management Committee
constituents in a fair and transparent manner by adopting
Details of composition, terms of reference and number of the highest standards of professionalism, honesty, integrity
meetings held for respective Committees are given in the and ethical behaviour. In line with the TCoC, any actual or
Report on Corporate Governance, which forms a part of this potential violation, howsoever insignificant or perceived as
Annual Report. such, would be a matter of serious concern for the Company.
The role of the employees in pointing out such violations of
The Company has adopted a Code of Conduct for its
the TCoC cannot be undermined.
employees including the Managing Director. In addition,
the Company has adopted a Code of Conduct for its Non- Pursuant to Section 177(9) of the Act, a vigil mechanism
Executive Directors which includes Code of Conduct for was established for directors and employees to report to
Independent Directors which suitably incorporates the the management instances of unethical behaviour, actual
duties of Independent Directors as laid down in the Act. The or suspected, fraud or violation of the Company’s code of
same can be accessed using the following link: https://www. conduct or ethics policy. The Vigil Mechanism provides a
tatapower.com/pdf/aboutus/Code-of-Conduct-NEDs.pdf. mechanism for employees of the Company to approach the
Chief Ethics Counsellor / Chairman of the Audit Committee
All Senior Management personnel have affirmed compliance
of Directors of the Company for redressal. No person has
with the Tata Code of Conduct (TCoC). The CEO & Managing
been denied access to the Chairman of the Audit Committee
Director has also confirmed and certified the same. The
of Directors.
certification is enclosed as Annexure - I at the end of the
Report on Corporate Governance.
17. RISK MANAGEMENT
14.
CONSERVATION OF ENERGY AND The Board has formed a Risk Management Committee
to frame, implement and monitor the risk management
TECHNOLOGY ABSORPTION plan for the Company. The Committee is responsible for
Your Company is a pioneer in propagating energy monitoring and reviewing the risk management plan and
conservation and operational efficiency with the objective ensuring its effectiveness. The Audit Committee of Directors
of providing substantial benefit to customers in the form of has additional oversight in the area of financial risks and
reduced emissions, pollutants and deliver cost effective and controls. The major risks identified by the businesses and
environment friendly energy solutions. functions are systematically addressed through mitigating
In Mumbai License area, a unique consumer initiative actions on a continuing basis. Furthermore, your Company
called ‘Be Green’ under Demand Side Management (DSM) has set up a robust internal audit function which reviews
was launched for residential customers to purchase energy and ensures sustained effectiveness of IFC by adopting a
efficient appliances at discounted prices and doorstep systematic approach to its work. The development and
delivery. More than 6,500 appliances were delivered in implementation of risk management policy has been
FY22. It is our endeavour to incorporate cutting-edge covered in the Integrated Report (Pages 36-39).
energy efficiency technologies in our programs. These Internal Financial Control Systems and their
initiatives have been discussed in detail in the information Adequacy
on conservation of energy and technology absorption
Your Company’s internal control systems are commensurate
stipulated under Section 134(3)(m) of the Act read with Rule
with the nature of its business, the size and complexity of
8 of the Companies (Accounts) Rules, 2014, as amended from
its operations and such IFCs with reference to the Financial
time to time, attached as Annexure - III to this Report.
Statements are adequate. Your Company has implemented
robust processes to ensure that all IFCs are effectively
15. CORPORATE GOVERNANCE working. For details on IFC systems, please refer Integrated
Pursuant to Regulation 34 of the Listing Regulations, Report Report (Page 37).
on Corporate Governance along with the certificate from a
Practicing Company Secretary certifying compliance with 18. DETAILS OF SIGNIFICANT AND MATERIAL
conditions of Corporate Governance forms part of this
Annual Report.
ORDERS
No significant and materials orders were passed by the
regulators or courts or tribunals impacting the going
concern status and your Company’s operations in future.

Board’s Report
There was no application made or proceeding pending Government under section 148 (1) of the Act is not applicable
against the Company under the Insolvency and Bankruptcy to the Company. The Cost Audit Report does not contain any
Code, 2016 (31 of 2016) during the year under review. qualifications, reservations, adverse remarks or disclaimers.
19. STATUTORY AND BRANCH AUDITORS 22. SECRETARIAL AUDIT REPORT

S R B C & CO. LLP (SRBC) (ICAI Firm Registration Number: M/s. Makarand M. Joshi & Co., Company Secretaries (Peer
324982E / E300003), who are the statutory auditor of your Review Number: P2009MH007000), were appointed
Company, hold office until the conclusion of the 103rd AGM as Secretarial Auditors of your Company to conduct a
to be held on July 7, 2022. Secretarial Audit of records and documents of the Company
for FY22. The Secretarial Audit Report confirms that the
Pursuant to the provisions of Sections 139, 142 and other
Company has complied with the provisions of the Act,
applicable provisions, if any, of the Act (including any
Rules, Regulations and Guidelines and that there were no
statutory modification or re-enactment thereof for the time
deviations or non-compliances. The Secretarial Audit Report
being in force) and the Companies (Audit and Auditors) Rules,
is provided in Annexure-IV to this Report.
2014, as amended from time to time, SRBC are proposed to
be re-appointed as Statutory Auditors of the Company for a The Secretarial Audit Report does not contain any
second term of five years to hold office from the conclusion qualifications, reservations, adverse remarks or disclaimers.
of the 103rd AGM till the conclusion of the 108th AGM in
As per the requirements of the Listing Regulations, Practicing
2027, subject to approval of Members in the ensuing AGM.
Company Secretaries of the material unlisted subsidiaries of
The necessary resolutions for re-appointment of SRBC form
the Company have undertaken secretarial audits of such
part of the Notice convening the ensuing AGM scheduled to
subsidiaries for FY22. The Audit Reports of such material
be held on July 7, 2022.
unlisted subsidiaries confirm that they have complied with
The Company has in its Notice convening AGM sought the provisions of the Act, Rules, Regulations and Guidelines
approval from the Members for passing a resolution and that there were no deviations or non-compliances.
vide item No. 19 authorizing the Board to appoint Branch
The Secretarial Audit Reports of the unlisted material
Auditors of any Branch office of the Company, whether
subsidiaries viz. Tata Power Delhi Distribution Limited, Tata
existing or which may be opened/acquired, outside India,
Power Solar Systems Limited and Walwhan Renewable
to act as Branch Auditors.
Energy Limited have been annexed to this Report.
20. STATUTORY AUDITOR'S REPORT 23. SECRETARIAL STANDARDS

The standalone and the consolidated financial statements of
The Company has devised proper systems to ensure
the Company have been prepared in accordance with Ind AS
compliance with the provisions of all applicable Secretarial
notified under Section 133 of the Act.
Standards issued by the Institute of Company Secretaries
The Statutory Auditor’s report does not contain any of India and that such systems are adequate and
qualifications, reservations, adverse remarks or disclaimers. operating effectively.
The Statutory Auditors of the Company have not reported
any fraud to the Audit Committee as specified under section 24.
LOANS, GUARANTEES, SECURITIES AND
143(12) of the Act, during the year under review. INVESTMENTS
The Statutory Auditors were present in the last AGM. Your Company, being an infrastructure company, is exempt
from the provisions as applicable to loans, guarantees,
securities and investments under Section 186 of the Act.
21. COST AUDITOR AND COST AUDIT REPORT Therefore, no details are required to be provided.
Your Board has appointed M/s. Sanjay Gupta and Associates
(Firm Registration No 000212), Cost Accountants, as Cost
Auditors of the Company for conducting cost audit for
25. RELATED PARTY TRANSACTIONS
FY23. A resolution seeking approval of the Members for In line with the requirements of the Act and the Listing
ratifying the remuneration of ₹ 6,50,000 (Rupees Six lakh Regulations, the Company has formulated a Policy on
fifty thousand) plus applicable taxes, travel and actual Related Party Transactions and the same can be accessed
out-of-pocket expenses payable to the Cost Auditors for using the following link: https://www.tatapower.com/pdf/
FY23 is provided in the Notice to the ensuing AGM. aboutus/rpt-policy-framework-guidelines.pdf.
Maintenance of cost records as specified by the Central

During the year under review, all transactions entered into Your Company enlists support from all its employees to run
with related parties were approved by the Audit Committee a wide and deep volunteering program (Arpan) through
of Directors. Certain transactions, which were repetitive in which multiple Bio-diversity conservation efforts including
nature, were approved through omnibus route. There were Tree Mittra (to conserve native species) and Club Enerji (to
no material transactions of the Company with any of its develop young conservation champions) are amplified and
related parties. Therefore, the disclosure of Related Party clock over one lakh volunteering hours annually.
Transactions as required under Section 134(3)(h) of the Act
in Form AOC-2 is not applicable to the Company for FY22 Your Company has been committed to long-term sustainable
and, hence, the same is not required to be provided. conservation efforts, most notable among them being 50
years of Mahseer conservation (which led to the Deccan
Mahseer moving from endangered to Least Concern status)
26. SUSTAINABILITY in Maharashtra. Your Company is also working in Odisha to
Your Company is committed to the Tata Group values and the raise awareness around Elephant Conservation.
nation’s vision for sustainable growth and energy security for
In FY22, your Company's flagship programmes enabled an
all. Your Company stays on the path to progressive practices
impact for lakhs of community members in over 60 districts
and societal imperatives, in alignment with UN SDGs. Your
spread across 17 states, including 10 aspirational districts (as
Company is also conscious of rising gen-next consumer
defined by Government of India) and multiple marginalized
sentiment around environmentally responsible lifestyle
communities served under our Tata AA efforts.
and consumption and has created multiple products and
services that enable customers to make small changes today As a part of its COVID-19 response initiatives, your Company
for a greener tomorrow. reached out to all possible geographical clusters across
16 states and union territories (UT) and also enabled COVID
Nearly 1/3rd of your Company's generating capacity comes
and disaster response support like insurance and vaccination
from clean energy sources like solar, wind and hydro. Your
support aided by a multi-lingual live helpline in the country.
Company aims to be a significant contributor to India’s
The Company's relief and resilience measures supported over
promise on Carbon Net Zero by 2045, with an additional
1.90 lakh community members and more than 150 public
target on Water neutrality and Zero Waste to Landfill
institutions in underserved areas around 65+ operating
before 2030.
sites, 6+ aspirational districts; strengthening the abilities of
Your Company’s efforts on this path have been validated and PHCs, sub-centres, local hospitals, district administrators,
acknowledged by external ESG experts, with your Company sarpanches, police; ANMs, aanganwadi workers, temporary
consistently leading the Energy sector rankings, domestic Covid relief centres, CSR teams, volunteers, Self-Help Group
and global. Your Company represented India to co-create (SHG) women and others in our local ecosystems.
the Global SDG roadmap for electric utilities with WBCSD
Flagship initiatives undertaken across various locations
(World Business Council for Sustainable Development) along
during FY22 can be summarized as below:
with 10 other global energy utilities.
• Financial inclusivity (Adhikaar) program was
26.1
CARE FOR OUR COMMUNITY/COMMUNITY
undertaken across all major locations with nearly
RELATIONS
3 lakh beneficiaries covered with resources worth ₹ 200
As the country’s oldest and leading integrated energy crore accessed under various Government schemes
utility, your Company today serves millions of lives through by communities. A unique model has been furthered
its business value chain and the social development and under #Adhikaar - training and empowering more
ecological initiatives seeded through the Tata Power than 840 'Adhikaarpreneurs' who earn livelihoods
Community Development Trust (TPCDT). while acting as local community change agents to
Our ethos of nation building finds visibility through our lead transformation.
focus on women empowerment and inclusive growth. • 2,300 SHG (women) covering 16,000 members involved
Your Company has been working on three thrust areas in various flagship initiatives such as Anokha Dhaaga,
viz. Education (including Financial and Digital Literacy), Abha, Roshni and Adhikaar with 5,000+ members are
Employability and Employment (including skill training active economic value generating members through
for livelihoods) and Entrepreneurship (including micro- semi-organized, income generating activities with
enterprise through Self-Help Groups). In addition, cumulative turnover of ₹ 2.3 crore across sites for all
special programs around Affirmative Action (AA) and SHGs. A unique blend of Reduce, Re-use and Recycle
Disabilities including Autism Care help further the inclusive has been adopted, piloted and deployed with SHG
growth commitment.

Board’s Report
members in Maharashtra and Jharkhand focussing on ecosystem. It also made them compete with positive
products made from recycled papers. discrimination element by offering a price preference of 5%
over the L1 bidder and gives incentive of 1% of contract value
• With core focus on addressing skill-gap challenge,
for engaging 50% workforce from SC/ST community. Your
your Company has trained nearly 1 lakh youth through
Company also promoted entrepreneurship at community
uniquely created integrated skilling centres (Roshni)
level by supporting enterprise development. In FY22,
ensuring 75% of placement to eligible youth.
business worth ₹ 9.63 crore was given to 24 vendors from
• Over 45,000 youth were skilled through Tata Power SC/ST community.
Skill Development Institute (Roshni). Of which 25%
26.3 SUSTAINABILITY REPORTING
youth from AA community were benefitted from the
intervention. Your Company has also launched and Your Company has voluntarily adopted the International
signed MoU for Skill Park in Kerala. Integrated Reporting Council (IIRC)-IR Framework to prepare
its third Integrated Report FY22 as per SEBI recommendations
• Through its Tree Mittra program, over 8.5 lakh saplings in February 2017. Your Company has also voluntarily prepared
are planted by its volunteers and partners year on year the Business Responsibility and Sustainability Report (BRSR)
- covering multiple sites. a year before the mandate by SEBI in May 2021 for the top
The CSR policy of the Company has been provided on the 1,000 listed companies (by market capitalization) to report
Company’s website at https://www.tatapower.com/pdf/ on BRSR by FY23. The content of the report is in accordance
aboutus/csr-policy.pdf. with the Global Reporting Initiative (GRI) 2021 standards and
aligns to the National Voluntary Guidelines (NVG) on Social,
The Company’s standalone CSR spend for FY22 stood at ₹ Environmental and Economic responsibilities of the business
2.09 crore (i.e. 2% CSR obligation). Details of the consolidated as well as the United Nations Sustainable Development
CSR activities of your Company and its key subsidiaries are Goals (SDGs). The Integrated Report communicates your
described in Communities section of Integrated Report Company's performance on financial and non-financial
(Pages 62-67) as well as in the Business Responsibility and aspects to all stakeholders, underlying the priority of our
Sustainability Report (BRSR). The annual report on CSR leadership and strategy towards value creation as well as
activities (standalone) is provided in Annexure - V to this commitment to a more sustainable future with low-carbon
Report. On a consolidated basis, the Company's Group smart energy solutions giving more power to you.
entities expenditure on CSR activities stood at ₹ 32.77 crore
against the CSR obligation of ₹ 40.30 crore (calculated as per 1. Environment
Section 135 of the Act) in FY22. The balance unspent of CSR Your Company continues to strive for efficiency in
obligation has been transferred to Special Bank Account in operations and maintenance through adoption of
compliance with the provisions of the Act. best practices optimizing its efficiency parameters like
heat rate and auxiliary power consumption resulting
26.2 AFFIRMATIVE ACTION
in lower resource consumption and lower carbon
As a part of AA, your Company continued particular focus on emissions. Continuing its path to be a pioneer for
Social Inclusivity and AA commitment, targeted outreach to environmental stewardship in the power industry,
families from Scheduled Castes (SC), Scheduled Tribes (ST), your Company further focusses on efficient use of
Other Backward Classes (OBC), migrant families, sanitation water, prudent recycling and waste disposal measures
workers, differently abled as well as other such disadvantaged and remains committed to comply with regulations.
communities. In alignment to Tata philosophy, your Your Company also has been strategically focussing
Company remains committed to the upliftment of the most on scaling up renewables business, venturing into
marginalized communities and groups through defined new energy efficient green business initiatives like
Es- Entrepreneurship, Employability and Employment Microgrids, EV charging, Home Automation, Solar
and Education around the operating sites. In its journey, Rooftop as well as exploring new opportunities in
your Company continued working with local vendors and distribution businesses. All these initiatives reinforce
promoting inclusion of SC/ST in the business opportunities. your Company’s commitment towards sustainable
This is driven by Corporate Contracts department with a 'Green' growth and encouraging the customer to
single point of contact at the corporate level as well as at avail energy efficient, future-ready, smart energy
division/site level to facilitate inclusion of SC/ST vendors. AA solutions. A brief outline of your Company’s efforts
process for vendor enlistment and ordering was deployed towards protection of environment and biodiversity is
to encourage and evolve entrepreneurship skill among given in the Environment section of Integrated Report
the communities and enable them to be a part of business (Pages 76-83).

2. Health and Safety in the reduced tariff proposal in the Multi Year Tariff
Your Company is consciously committed to health (MYT) petition.
and safety of all employees and other stakeholders Your Company has an Internal Grievance Redressal
with a defined safety vision 'To be a leader in Safety Cell for customers to lodge complaint in case of any
Excellence in the global power and energy business'. dissatisfaction. As of March 31, 2022, there have been
Your Company employs a pro-active and pre-emptive 0.011% of customer complaints or consumer cases
approach to occupational health and safety and is pending beyond the turnaround time in Mumbai
committed to actively drive the agenda through the Distribution area.
length and breadth of the organization. Consequently,
100% of your employees and contractual workforce are Your Company has also been a pioneer in leveraging
trained on various aspects of Occupational Health and digital technology to serve customers efficiently. Few
Safety. Close monitoring of safety performance has of such initiatives are Know Your Energy Consumption
also helped your Company to achieve desired goal of (KYEC), Webchat integrated chatbot TINA, e-Nach,
zero injuries and fatalities. Suraksha mobile app is one all women customer relations centre, etc. Webchat
such monitoring intervention that enables employees integrated chatbot TINA went live on customer portal
to conveniently report unsafe conditions and similar since January 2021 through which consumers can
provision for reporting of unsafe conditions has been have live communication with Company officials.
made available to contractual workforce through Furthermore, through implementation of e-billing,
Stakeholder Suraksha Application. Furthermore, your your Company reinforces its commitment towards
Company has already started venturing towards saving of trees and ecosystem. Since the inception
application of advanced technologies like digitization, of this initiative, around 3.4 lakh customers opted for
e-enablement of safety processes, usage of drones, e-billing in Mumbai license area resulting in saving
remote monitoring, safe systems for high-risk activities, of approximately 5,960 trees. A detailed description
etc. to eliminate and minimize the risks associated with of your customer relation measures is given in
various activities for betterment of safety performance. the Customers section in the Integrated Report
More deployment of advanced technologies, skill set, (Pages 52-59).
and behavioral interventions are planned in the near 4. Human Resource Management
future for further enhancement of safety performance. A key area of focus for your Company is to create a
A detailed description of Health and Safety initiatives performance driven workforce while ensuring the
taken by your Company is outlined in Employee section health and well-being of employees and their families.
of Integrated Report (Pages 68-75). Many policies and benefits were implemented to
3. Customer Relationship maximize employee engagement and welfare. Your
Your Company is working consistently towards Company also continues to endeavour to create a work
a dedicated theme of energizing and sensitizing environment which is collaborative and learning and
customers for smart and future-ready energy solutions growth oriented to enable employees to perform at
to ensure a sustainable future. Relationships with their full potential. Our Human Resource (HR) strategy
customers play a crucial role in our value creation adopts a multipronged approach covering all the
journey. The focus in our routine operations revolves key facets of employee development. Learning as
around our customer affection statement, 'To earn a stated value of the Company also sets the tone of
the affection of customers by delivering superior your Company’s aim to develop competencies to rise
value and superior experience thereby making them to new challenges especially posed by ventures into
ambassadors'. Your Company ensures 100% health new business areas and renewable energy. Some of
and safety communication for products and services the key HR programmes of your Company are Talent
through safety signage in and around substations and Next, Youth Power Confluence, Gyankosh, Reward
public places. and Recognition, etc. A detailed description is given
in the Employee section of the Integrated Report
Your Company customises product and service
(Pages 68-75).
delivery as per customer needs and offering customers
a combination of power supply sources to minimise 26.4
BUSINESS RESPONSIBILITY & SUSTAINABILITY
costs. Multiple technical solutions (basis study REPORT (BRSR)
conducted by IIT, Mumbai) have been implemented The Company has provided BRSR in lieu of Business
to reduce voltage fluctuations. Measures were also Responsibility Report and the same is in line with the SEBI
implemented to reduce cost which was reflected requirement based on the ‘National Voluntary Guidelines

Board’s Report
on Social, Environmental and Economic Responsibilities of also have been classified as unskilled, semi-skilled, skilled
Business’ notified by Ministry of Corporate Affairs (MCA), and highly skilled.
Government of India, in July 2011 and the amendment to
Listing Regulations in May 2021. Your Company reported 29. DEPOSITS
its performance for FY22 as per the BRSR framework,
The Company has not accepted any deposits from public
describing initiatives taken from an environmental, social
and as such, no amount on account of principal or interest
and governance perspective.
on deposits from public was outstanding as on the date of
As per Regulation 34 of the Listing Regulations, a BRSR is a the Balance Sheet.
part of this Annual Report. Since the Company is publishing
Annual Report under Integrated Reporting Council
Framework (IIRC), report on the nine principles of the
30. FOREIGN EXCHANGE - EARNINGS AND OUTGO
(` crore)
National Voluntary Guidelines on social, environmental and
economic responsibilities of business as framed by the MCA, Particulars - Standalone FY22 FY21#
is provided in relevant sections of IR with suitable references Foreign Exchange Earnings 4,656 809
to the BRSR. Foreign Exchange Outflow 4,714 4,891
mainly on account of:
26.5 PREVENTION OF SEXUAL HARASSMENT
• Fuel purchase 4,678 4,745
Disclosures in relation to the Sexual Harassment of Women at • Interest on foreign currency 5 4
Workplace (Prevention, Prohibition and Redressal) Act, 2013 borrowings, NRI dividends
have been provided in the Report on Corporate Governance • Purchase of capital 31 142
as well as MD&A. equipment, components
and spares and other
27. ANNUAL RETURN miscellaneous expenses
Pursuant to Section 92 of the Act and Rule 12 of the # Restated due to CGPL and Af-Taab merger
Companies (Management and Administration) Rules,
2014, the Annual Return is available on the website of the 31. ACKNOWLEDGEMENTS
Company on the following link: https://www.tatapower. On behalf of the Directors of the Company, I would like to
com/pdf/investor-relations/Annual-Return-MGT-21-22.pdf. place on record our deep appreciation to our shareholders,
customers, business partners, vendors (both international
28.
PARTICULARS OF EMPLOYEES AND and domestic), bankers, financial institutions and academic
institutions for all the support rendered during the year.
REMUNERATION
The information required under Section 197(12) of the The Directors are thankful to the Government of India, the
Act read with Rule 5 of the Companies (Appointment and various ministries of the State Governments, the Central
Remuneration of Managerial Personnel) Rules, 2014, is and State Electricity Regulatory authorities, communities
attached as Annexure - VI. in the neighbourhood of our operations, municipal
authorities of Mumbai and local authorities in areas where
Statement containing the particulars of top ten employees we are operational in India; as also partners, governments
and the employees drawing remuneration in excess of and stakeholders in international geographies where the
limits prescribed under Section 197(12) of the Act read Company operates, for all the support rendered during
with Rule 5(2) and (3) of the Companies (Appointment the year.
and Remuneration of Managerial Personnel) Rules, 2014
is an annexure forming part of this Report. In terms of the The Directors regret the loss of life due to COVID-19
proviso to Section 136(1) of the Act, the Report and Accounts pandemic and are deeply grateful and have immense
are being sent to the Members excluding the aforesaid respect for every person who risked their life and safety to
annexure. The said statement is also available for inspection fight this pandemic.
with the Company. Any Member interested in obtaining a Finally, we appreciate and value the contributions made by
copy of the same may write to the Company Secretary at all our employees and their families for making the Company
investorcomplaints@tatapower.com. what it is.
Officers of the organisation are classified into five On behalf of the Board of Directors,
management work levels i.e. MA, MB, MC, MD and ME. N. Chandrasekaran
The work levels are further divided into grades. Non- Chairman
management employees are across different grades and Mumbai, May 6, 2022 (DIN:00121863)

Annexure - I : POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES

(Ref.: Board's Report, Section 12)
1. Objective Act') and the Securities and Exchange Board

1.1 The Policy on Board Diversity ('the Policy') sets out of India (Listing Obligations and Disclosure
the approach to diversity on the board of directors Requirements) Regulations, 2015 in respect of the
(‘the Board’) of The Tata Power Company Limited 'independence' criterion.
('the company'). Additional Attributes
1.2 The company recognises that diversity at board level • The directors should not have any other pecuniary
is a necessary requirement in ensuring an effective relationship with the company, its subsidiaries,
board. A mix of executive, independent and other non- associates or joint ventures and the company’s
executive directors is one important facet of diverse promoters, besides sitting fees and commission.
attributes that the company desires. Further, a diverse • The directors should not have any of their relatives
board representing differences in the educational (as defined in the Act and Rules made thereunder)
qualifications, knowledge, experience, gender, age, as directors or employees or other stakeholders
thought and perspective results in delivering a (other than with immaterial dealings) of
competitive advantage and a better appreciation of the company, its subsidiaries, associates or
the interests of stakeholders. These differences should joint ventures.
be balanced against the need for a cohesive, effective
board. All board appointments shall be made on merit • The directors should maintain an arm’s length
having regard to this policy. relationship between themselves and the
employees of the company, as also with the
2. Attributes of Directors directors and employees of its subsidiaries,
associates, joint ventures, promoters and
2.1 The following attributes need to be considered in
stakeholders for whom the relationship with
considering optimum board composition:
these entities is material.
i) Gender diversity • The directors should not be the subject of
Having at least one woman director on the Board allegations of illegal or unethical behaviour, in
with an aspiration to reach three women directors. their private or professional lives.
ii) Age • The directors should have ability to devote
The average age of board members should be in sufficient time to the affairs of the Company.
the range of 60 - 65 years.
iii) Competency 3. Role of the Nomination and Remuneration
The board should have a mix of members with Committee
different educational qualifications, knowledge 3.1 The Nomination and Remuneration Committee
and with adequate experience in finance, ('the NRC') shall review and assess board composition
accounting, economics, legal and regulatory whilst recommending the appointment or
matters, the environment, green technologies, reappointment of independent directors.
operations of the company’s businesses, energy
commodity markets and other disciplines related 4. Review of the Policy
to the company’s businesses.
4.1 The NRC will review this policy periodically and
iv) Independence recommend revisions to the board for consideration.
The independent directors should satisfy the
requirements of the Companies Act, 2013 ('the

Board’s Report
Annexure - II : REMUNERATION POLICY FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND

OTHER EMPLOYEES
The philosophy for remuneration of directors, Key Managerial o Overall remuneration should be reflective of size
Personnel ('KMP') and all other employees of The Tata Power of the company, complexity of the sector/industry/
Company Limited ('company') is based on the commitment of company’s operations and the company’s capacity to
fostering a culture of leadership with trust. The remuneration pay the remuneration.
policy is aligned to this philosophy.
o Overall remuneration practices should be consistent
This remuneration policy has been prepared pursuant to the with recognized best practices.
provisions of Section 178(3) of the Companies Act, 2013 ('Act')
o Quantum of sitting fees may be subject to review on a
and Regulation 19 read with Part D of Schedule II of the Securities
periodic basis, as required.
and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('Listing Regulations'). In case o The aggregate commission payable to all the NEDs
of any inconsistency between the provisions of law and this and IDs will be recommended by the NRC to the Board
remuneration policy, the provisions of the law shall prevail and based on company performance, profits, return to
the company shall abide by the applicable law. While formulating investors, shareholder value creation and any other
this policy, the Nomination and Remuneration Committee ('NRC') significant qualitative parameters as may be decided
has considered the factors laid down under Section 178(4) of the by the Board.
Act, which are as under:
o The NRC will recommend to the Board the quantum
“(a) the level and composition of remuneration is reasonable of commission for each director based upon the
and sufficient to attract, retain and motivate directors of the outcome of the evaluation process which is driven by
quality required to run the company successfully; various factors including attendance and time spent
in the Board and committee meetings, individual
(b) relationship of remuneration to performance is clear and
contributions at the meetings and contributions made
meets appropriate performance benchmarks; and
by directors other than in meetings.
(c) remuneration to directors, key managerial personnel and
o In addition to the sitting fees and commission,
senior management involves a balance between fixed and
the company may pay to any director such fair
incentive pay reflecting short and long-term performance
and reasonable expenditure, as may have been
objectives appropriate to the working of the company and
incurred by the director while performing his/her
its goals.”
role as a director of the company. This could include
Key principles governing this remuneration policy are as follows: reasonable expenditure incurred by the director for
• Remuneration for independent directors and non- attending Board/Board committee meetings, general
independent non-executive directors meetings, court convened meetings, meetings with
shareholders/ creditors/management, site visits,
o Independent directors ('ID') and non-independent
induction and training (organized by the company for
non-executive directors ('NED') may be paid sitting
directors) and in obtaining professional advice from
fees (for attending the meetings of the Board and
independent advisors in the furtherance of his/her
of committees of which they may be members) and
duties as a director.
commission within regulatory limits.
• Remuneration for managing director ('MD')/executive
o Within the parameters prescribed by law, the payment
directors ('ED')/KMP/rest of the employees1
of sitting fees and commission will be recommended
by the NRC and approved by the Board. o The extent of overall remuneration should be sufﬁcient
to attract and retain talented and qualified individuals
o Overall remuneration (sitting fees and commission) suitable for every role. Hence remuneration should be:
should be reasonable and sufﬁcient to attract, retain
and motivate directors aligned to the requirements § Market competitive (market for every role is
of the company (taking into consideration the defined as companies from which the company
challenges faced by the company and its future growth attracts talent or companies to which the
imperatives). company loses talent).

§ Driven by the role played by the individual. by way of commission, calculated with reference
to the net profits of the company in a particular
§ Reflective of size of the company, complexity of
financial year, as may be determined by the Board,
the sector/industry/company’s operations and
subject to the overall ceilings stipulated in Section
the company’s capacity to pay.
197 of the Act. The specific amount payable to
§ Consistent with recognized best practices. the MD/EDs would be based on performance as
evaluated by the Board or the NRC and approved
§ Aligned to any regulatory requirements.
by the Board.
o In terms of remuneration mix or composition:
§ The company provides the rest of the employees
§ The remuneration mix for the MD/EDs is as per the a performance linked bonus. The performance
contract approved by the shareholders. In case of linked bonus would be driven by the outcome
any change, the same would require the approval of the performance appraisal process and the
of the shareholders. performance of the company.
§ Basic/fixed salary is provided to all employees to • Remuneration payable to Director for services rendered
ensure that there is a steady income in line with in other capacity
their skills and experience. The remuneration payable to the Directors shall be inclusive
§ In addition to the basic/fixed salary, the company of any remuneration payable for services rendered by such
provides employees with certain perquisites, director in any other capacity unless:
allowances and benefits to enable a certain level a) The services rendered are of a professional nature; and
of lifestyle and to offer scope for savings and tax
optimization, where possible. The company also b) The NRC is of the opinion that the director possesses
provides all employees with a social security net requisite qualification for the practice of the profession.
(subject to limits) by covering medical expenses • Policy implementation
and hospitalisation through re-imbursements
The NRC is responsible for recommending the remuneration
or insurance cover and accidental death
policy to the Board. The Board is responsible for approving
and dismemberment through personal
and overseeing implementation of the remuneration policy.
accident insurance.
§ The company provides retirement benefits
as applicable. 1
Excludes employees covered by any long term settlements or
§ In addition to the basic/fixed salary, benefits, specific term contracts. The remuneration for these employees
perquisites and allowances as provided above, the would be driven by the respective long term settlements
company provides MD/EDs such remuneration or contracts.

Board’s Report
Annexure - III : CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION

A. CONSERVATION OF ENERGY 4. Renovation of raw water pipelines with internal Coro-

coating to eliminate internal corrosion in Haldia
i. The steps taken or impact on conservation of energy:
5. Specific Energy Consumption (SEC) formulation for
Your Company is a pioneer in propagating energy
optimum use of equipment in Coal Handling Plant (CHP)
conservation and operational efficiency with the objective
in MPL
to provide substantial benefit to customers in the form of
reduce emissions, pollutants and deliver cost effective and 6. Real time monitoring of Generation schedule, Automatic
environment friendly energy solutions. Generation Control (AGC) to avoid Deviation Settlement
Mechanism (DSM) losses in Maithon Power Limited
In Mumbai License area, your Company launched a unique
consumer initiative called ‘Be Green’ under Demand Side 7. Use of G-APM tool in Boiler Feed Pump (BFP) for efficiency
Management (DSM) for residential customers to purchase calculation led to reduction of Aux consumption
energy efficient appliances at discounted prices and in Mundra
doorstep delivery. More than 6,500 appliances delivered in
8. Optimization of shut down losses by switching off
FY22. It is our endeavour to incorporate cutting-edge energy
redundant transformers in Mundra
efficiency technologies in our programs.
Renewables Business
Following DSM programs were implemented in FY22.
Few of the initiatives taken in our renewables business is
i) BLDC Ceiling Fan program highlighted below:
ii) 5-star inverter based Split AC program For Solar sites:
iii) 5-star Refrigerator program 1. Central Control Room for Renewable Assets (CCRA)
capability is further augmented for providing Predictive
iv) Energy efficient LED Tube Light program
and Prescriptive analytics
One of the significant steps taken in Mumbai is introduction
2. CCRA equipped to provide weather forecasting data
of the concept of 'paperless office' through e-billing. Since
in short and medium term led to the accuracy of
the inception of this initiative around 3.4 lakh customers
generation forecasting and scheduling in solar sites
opted for e-billing in Mumbai resulting in saving of
approximately 5,960 trees. 3. Drone based thermography across all solar sites to
detect faulty / disconnected modules
Your Company continues to strive for new avenues
to improve operational efficiency across generation, 4. Serial number mapping of modules in Solar Field
renewables and transmission and distribution businesses
5. AI based soiling loss analysis in solar sites
leading to conservation of energy and optimization of
resource consumption. For Wind sites:
Generation Business 1. Common mode mitigation modification in DFIG
machines to reduce generator bearings and
In the generation business, various initiatives have been
PM3000 failures
taken for optimization of operating parameters across
various plants. Few of these initiatives are highlighted below: 2. Refurbishment for blade and generators to avoid failures
for old machines
1. Unit 8 FGET optimization and Unit 7 Asset Performance
Management (APM) gas under drawl project taken up 3. Modifications to reduce breaker tripping during
under 6 Sigma quality initiative (Trombay) lightening conditions
2. Optimization under Reliability Centred Maintenance Transmission and Distribution Business
(RCM) approach and GE APM analytics in Trombay Few initiatives taken in transmission and distribution

3. Raw Water consumption optimized under business are highlighted below:
SANKALP initiative

1. IoT based feeder pillar for data analysis and network chat. Furthermore, your Company introduced availability
planning in Mumbai Distribution Area of hourly, daily and monthly consumption graphs, peer
consumption comparison, alerts for consumption slab cross
2. Space optimization by implementing Micro Pad
overs and increase in daily consumptions by Smart Meter
mounted substation and Tower mounted substation
Analytics are few of the initiatives undertaken to enhance
3. Voice assisted Switchgear to improve operational safety customer experience.

4. LORA based monitoring for improving In Delhi License area, the Company installed a total of 234
reliability parameters solar net meters with a capacity of 4.5 MWp in FY22. Further,
the Company conducted Solar EPC activity awareness
5. Smart metering Infrastructure back bone developed for
campaigns at RWA, IWA and Customer meetings covering
1 lakh smart meters in Mumbai
domestic and industrial customers and one to one outreach
6. Integration of Smart meter data with energy audit done to Express and Key Customers, Educational Institutes
transformer loading report, AT&C loss calculations duly and High Revenue Customers, etc. Solar EPC order of 224
integrated with GIS, billing engine, implementation of KW received from three consumers, out of which 70 KW has
Smart prepaid metering been commissioned.
7. Unique in-house developed KYEC (Know Your Electricity Your Company’s mission of 'being the lead adopter of
Consumption) which facilitates consumer to monitor technology with a spirit of pioneering and calculated risk
and control their energy consumption taking' is geared to make the Company future ready for all
technological disruption coming up in the near future.
8. In-house Energy Management Solutions: Facilitates
customers for installation of home automation devices ii. The steps taken by the Company for utilising alternate
sources of energy:
9. Development of mobile apps for ease of access
Your Company has taken following major initiatives for
10. Installation of energy efficient devices under Demand
utilising alternate sources of energy:
Side Management (DSM) programme
a. Installation of Rooftop Solar project in receiving stations.
11. IoT based transformer monitoring
7 receiving stations are in commissioning stage
Furthermore, your Company facilitated energy audits for and additional 12 receiving stations are planned
industrial and commercial consumers through energy for solarisation
auditors accredited by Bureau of Energy Efficiency
b. Solar project in Trombay plant of 2,000 KWp for
(BEE) helping them to get precise and actionable
Auxiliary consumption
recommendations for energy saving. 1,976 MWh of energy
savings recommendations provided in FY22. c. Installation of solar plant of 867.27 KW in various
location in Mumbai license area
Your Company remains committed to deliver superior
customer value by leveraging on digital technologies. d. Installed roof top solar plant of 10.23 KW in Pratapgarh
In FY22, designing an aesthetic sub-station in line with wind plant to reduce energy consumption
the architecture of the Mumbai International Airport
iii. The capital investment on energy conservation equipments:
and offering customers a combination of power supply
sources to minimise costs e.g. providing solar rooftop The total capital investment on energy conservation
EPC solutions to consumers drawing power from the equipments is ₹ 6.55 crore.
distribution grid, webchat integrated chatbot TINA were
made live on customer portal enabling consumers to
interact with the Company officers directly through live

Board’s Report
B. TECHNOLOGY ABSORPTION
1 The efforts made towards a) Deployment of Distributed Acoustic Sensing System for transmission line for real time monitoring and
technology absorption use of Augmented Operator Adviser for real time operations and monitoring
b) Transmission lines conductor core inspection bot and use of Asset guard devices for vacuum breakers
health monitoring
c) Deployment of Unmanned Aerial Vehicles (Drones) with different sensors and cameras for inspection
of solar plants, transmission lines, high rise structures, switchyard thermal scanning, hydro power plant
assets and by DISCOMs for billing and theft detection in rural areas
d) Deployment of BOTs for waterless cleaning of solar modules
e) Implemented Augmented Reality (AR) and Virtual Reality (VR) based various training modules
f ) IoT based smart devices for control, monitoring and efficient energy management of home appliances
under Home Automation services
g) TPDDL with Nexcharge launched India’s First Grid-Connected Community Energy Storage System with
installation of 150 KW storage to improve the supply reliability
h) Installation of pole mounted Battery Energy Storage unit in Tata Power-DDL operational area which is
helpful in contributing to a greener, more cost-effective and reliable grid
i) Vegetation Management through Satellite Imagery: Using ML based satellite imagery based analytics
to identify area of concerns for vegetation growth across geographical spread
j) Designing unitized sub-station (USS) - DT, RMU and Low Tension Switch on single Platform
k) Monopole having handrails on Arms for safe maintenance work
l) Prototype design of Distance Hot Line Tool for LT Live Works at height
m) Mass roll out of DT cooling fan temperature Monitoring system
n) Commissioning of Digital Grid Sub-station at Bawana-6
o) Planned to adopt SF6 free Switchgear at 33 kV Indoor Panel
2 The benefits derived like product a) Increase in power system reliability and equipment availability by reducing forced outages
improvement, cost reduction, b) Potential business opportunities vide new product development initiatives
product development or import
c) Substantial reduction in cost, time and efforts for preventive maintenance and inspection on improving
substitution
safety standards
d) Digitization of assets and inspected objects for future reference
e) Better maintenance planning, vegetation management and improved operational management
aspects
f ) Set-up of energy storage units will be helpful in contributing to a greener, cost-effective and reliable
grid solutions
3 In case of imported technology Artificial Intelligence and Machine Language (AI and ML) based solution for load forecasting: Integrated
(imported during the last three Blue Wave AI with Power Planner.
years reckoned from the beginning System driven approach towards load forecast of TPC-D consumers. Automation of process reduced cycle
of the financial year), following time of entire process. Timely decision for power management leads to reduction in DSM charges and
information may be furnished: penalties.
a) The details of technology a) BluWave AI
imported
b) The year of Import b) April 2021
c) Whether the technology been c) Yes
fully absorbed?
d) If not fully absorbed, areas where d) Not Applicable
this has not taken place and the
reasons thereof
4 Expenditure on R & D (in ₹ crore)
a) Capital a) ₹ 13.72 crore
b) Revenue b) R&D, Prototyping, Pilot Projects and expenses towards innovation initiatives: ₹ 2.54 crore

C. RESEARCH AND DEVELOPMENT

1 Specific area in which a) Universal Solar Module Mounting Structure, Material optimization for PV Modules, development of cost-effective
R&D carried out by safety accessories and cost optimization of Floating Solar System for renewables business
the Company b) Development of 490 W module with 182 mm cell, Bifacial Photo Voltaic Cell, smart HSAT tracking system and Top Link
Mechanism for Module Tilting
c) Development of I -Taps Remote monitoring and NOC Monitoring system, Solar Power bank / wall for residential and
Industrial applications and soiling loss estimation Model for yield improvement
d) Development of Thermal cooler based industrial scale dehumidifiers for moisture control in high voltage termination
box
e) Application of Robotics for medium voltage switchgear remote and unmanned operations
f ) Digitalization with Video analytics for optimization of coal conveyer operations
g) In-house development of Tetrapods using bottom ash from thermal plants
h) CCUS opportunity evaluation with engagement with technology OEMs for CO2 utilization options
i) Evaluation of opportunities in the Green hydrogen, Hydrogen blending, P2P and Green ammonia opportunities
j) Optimum utilization of resources (land) to utilize additional water resources for power generation in hydro areas
k) Drone Technology in T&D operation provides variety of solutions like Transmission Tower spot check, regular ground
patrolling, substation upgradation, storm restoration, etc.
l) Development of low cost smart meter with OEM
m) IElectrix Project: In collaboration with European Union (EU) framework for R&D, Tata Power-DDL partnered for joint
demonstration of urban Microgrid / Integrated local energy system focusing on integration and optimization of solar
energy
n) Distributed Energy Resources: This is a USTDA funded project for development of a tool for RE integration
o) GiZ Project (Load Forecasting): State estimation and load forecasting using artificial neural network for RE integration
p) Designing and deploying Demand Response program in partnership with AutoGrid and SHAKTI Foundation. This
induces lower electricity usage by consumers during high system demand through Critical Peak Pricing (CPP) or
Critical Peak Rebate (CPR) to meet load growth
2 Benefits derived as a) Reduce forced outages by improving plant and equipment reliability and enhancing equipment life by upgrading
a result of the above preventive maintenance capabilities
R&D b) Optimum utilization of bottom and fly ash
c) Improvement in human safety, quality of surveillance and quick response through digitization and automation
d) Operational cost reduction with emphasis on safety standards improvement
e) Business potential by upscaling of low-cost customized products / devices
f ) Cost savings with SCADA replacement for utility scale and rooftop businesses in renewables
g) Improvement in efficiency of solar generation, cycle time reduction in module tilting and reduction in cell to module
conversion loss, increase in higher watt product distribution enabling further cost competitiveness in our solar
offering
h) Availability of additional hydro resource water during the dry season every year resulting in additional Power
Generation (87 MUs in FY22) thereby giving 57% savings towards land requirement conventionally
i) Improved Grid reliability and restoration time
j) Higher business potential by upscaling of low-cost customized products / devices
k) Capacity building and load forecasting efficiency enhancement
l) Cost optimization and revenue generation opportunities
m) Improved customer participation and engagement leading to customer empowerment and better customer services
n) Enablement for smooth energy transition
o) Establishment of brand image as a green / sustainable company among external stakeholders

Board’s Report
3 Future plan of action a) Collaboration with start-ups for new technology and incubating start-ups with potential innovative idea which will be
useful to organisation for business growth
b) Upscaling and horizontal deployment of innovative solutions and identification of innovative solutions which have
business potential
c) Explore innovative, Portable float decks for floating solar business, Solar trackers for roof top power plants, BIPV
d) Investments in SMART grid technologies such as smart meters, sensors, IoTs to make more intelligent and efficient
network
e) Development and upgradation of energy storage and battery system specially to meet high energy demand due to
EV charging solutions, etc
f ) Aerial meter reading through Drone and Bluetooth technology
On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
Mumbai, May 6, 2022 (DIN:00121863)

Annexure - IV : Secretarial Audit Report

FORM NO. MR.3 and also that the Company has proper Board processes and
SECRETARIAL AUDIT REPORT compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
For the Financial Year Ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, We have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company for
2013 and rule 9 of the Companies (Appointment the financial year ended on March 31, 2022 according to the
and Remuneration of Managerial Personnel) provisions of:
Rules, 2014] (i) The Companies Act, 2013 (‘the Act’) and the rules made
there under;
To,
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
The Members,
the rules made there under;
The Tata Power Company Limited
Bombay House, 24 (iii) The Depositories Act, 1996 and the Regulations and Bye-
Homi Mody Street laws framed there under;
Fort Mumbai - 400001
(iv) Foreign Exchange Management Act, 1999 and the rules
We have conducted the secretarial audit of the compliance of and regulations made thereunder to the extent of Overseas
applicable statutory provisions and the adherence to good Direct Investment; (Foreign Direct Investment and
corporate practices by The Tata Power Company Limited External Commercial Borrowings Not Applicable to the
(hereinafter called 'the Company'). Secretarial Audit was Company during the Audit Period)
conducted in a manner that provided us a reasonable basis for (v) The following Regulations and Guidelines prescribed under
evaluating the corporate conducts/ statutory compliances and the Securities and Exchange Board of India Act, 1992 (‘SEBI
expressing our opinion thereon. Act’):
Auditor’s Responsibility: (a) The Securities and Exchange Board of India (Substantial
Our responsibility is to express an opinion on the compliance of Acquisition of Shares and Takeovers) Regulations, 2011;
the applicable laws and maintenance of records based on audit. (b) The Securities and Exchange Board of India (Prohibition
We have conducted the audit in accordance with the applicable of Insider Trading) Regulations, 2015;
Auditing Standards issued by The Institute of Company Secretaries
of India. The Auditing Standards requires that the Auditor shall (c) The Securities and Exchange Board of India (Issue of
comply with statutory and regulatory requirements and plan Capital and Disclosure Requirements) Regulations, 2018;
and perform the audit to obtain reasonable assurance about (d) The Securities and Exchange Board of India (Share
compliance with applicable laws and maintenance of records. Based Employee Benefits) Regulations, 2014 and the
Due to the inherent limitations of audit including internal, Securities and Exchange Board of India (Share Based
financial and operating controls, there is an unavoidable risk that Employee Benefits and Sweat Equity) Regulations,
some material misstatements or material non-compliances may 2021; (Not Applicable to the Company during the
not be detected, even though the audit is properly planned and Audit Period)
performed in accordance with the Standards. (e) The Securities and Exchange Board of India (Issue
Unmodified Opinion: and Listing of Debt Securities) Regulations, 2008, the
Securities and Exchange Board of India (Issue and Listing
Based on our verification of the Company’s books, papers, minute of Non-Convertible Redeemable Preference Shares)
books, forms and returns filed and other records maintained by Regulations, 2013 and the Securities and Exchange
the Company and also the information provided by the Company, Board of India (Issue and Listing of Non-Convertible
its officers, agents and authorized representatives during the Securities) Regulations, 2021; (Not Applicable to the
conduct of secretarial audit, we hereby report that in our opinion, Company during the Audit Period)
the Company has, during the audit period covering the financial
year ended on March 31, 2022 (hereinafter called the ‘Audit (f) The Securities and Exchange Board of India (Registrars
Period’) complied with the statutory provisions listed hereunder to an Issue and Share Transfer Agents) Regulations,

Board’s Report
1993 regarding the Companies Act and dealing All decisions at Board Meetings and Committee Meetings are
with client; carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committee of the Board,
(g) The Securities and Exchange Board of India (Delisting of
as the case may be.
Equity Shares) Regulations, 2009 and the Securities and
Exchange Board of India (Delisting of Equity Shares) We further report that there are adequate systems and processes
Regulations, 2021 (Not Applicable to the Company in the Company commensurate with the size and operations of
during the Audit Period); and the Company to monitor and ensure compliance with applicable
laws, rules, regulations and guidelines.
(h) The Securities and Exchange Board of India (Buyback
of Securities) Regulations, 2018 (Not Applicable to the We further report that during the audit period, the Company:
Company during the Audit Period).
i. has received approval from National Company Law Tribunal
We have also examined compliance with the applicable clauses vide order dated March 15, 2022, sanctioning the Scheme
of the following: of Amalgamation of Af-Taab Investment Company Limited
with the Company and their respective shareholders under
(i) Secretarial Standards issued by The Institute of Company
Section 230 to 232 and other applicable provisions of the
Secretaries of India.
Companies Act, 2013.
(ii) The Securities and Exchange Board of India (Listing
ii. has received approval from National Company Law Tribunal
Obligations and Disclosure Requirements) Regulations, 2015
vide order dated March 31, 2022, sanctioning the Composite
and amendments made thereunder (Hereinafter referred as
Scheme of Arrangement between Coastal Gujarat Power
'Listing Regulations').
Limited and the Company and their respective shareholders
We further report that, having regard to the compliance system under Section 230 to 232 and other applicable provisions of
prevailing in the Company and on the examination of the relevant the Companies Act, 2013.
documents and records in pursuance thereof, on test -check basis
Makarand M. Joshi & Co.
the Company has complied with the following specific laws to the
Practicing Company Secretaries
extent applicable to the Company:
§ The Electricity Act, 2003
Makarand M. Joshi
§ The Indian Electricity Rules, 1956
Partner
§ The rules, regulations and applicable order(s) under Central FCS No. 5533
and State Electricity Regulatory Commissions/ Authority CP No. 3662
P.R. No: 640/2019
§ The Energy Conservation Act, 2001
UDIN: F005533D000280390
During the period under review, the Company has complied
with the provisions of the Act, Rules, Regulations, Guidelines
and Standards made there under for all the above laws to the
extent possible. Date: May 6, 2022
Place: Mumbai
We further report that
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of
*This report is to be read with our letter of even date which is
the Board of Directors that took place during the period under
annexed as Annexure A and forms an integral part of this report.
review were carried out in compliance with the provisions of the
Act and Listing Regulations.
Adequate notice is given to all directors to schedule the Board
Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance and a system exists for seeking and
obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at
the meeting.

‘Annexure A’ 4. Where ever required, we have obtained the Management

representation about the compliance of laws, rules and
regulations and happening of events etc.
To,
5. The compliance of the provisions of Corporate and
The Members,
other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited
Bombay House, 24
to the verification of procedures on test basis.
Homi Mody Street
Fort Mumbai - 400001 6. The Secretarial Audit report is neither an assurance as to
the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted
Our Secretarial Audit Report for the financial year ended March 31,
the affairs of the Company.
2022 of even date is to be read along with this letter.
Makarand M. Joshi & Co.
1. Maintenance of secretarial record is the responsibility of
the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on
Makarand M. Joshi
our audit.
Partner
2. We have followed the audit practices and processes as FCS No. 5533
were appropriate to obtain reasonable assurance about the CP No. 3662
correctness of the contents of the Secretarial records. The P.R. No: 640/2019
verification was done on test basis to ensure that correct UDIN: F005533D000280390
facts are reflected in secretarial records. We believe that the
processes and practices, we followed provide a reasonable Date: May 6, 2022
basis for our opinion. Place: Mumbai

3. We have not verified the correctness and appropriateness of
financial records and Books of Accounts of the Company.

Board’s Report
FORM No. MR-3 f) The Secretarial Audit Report is neither an assurance as to

the future viability of the Company nor of the efficacy or
SECRETARIAL AUDIT REPORT effectiveness with which the management has conducted
For the Financial Year ended March 31, 2022 the affairs of the Company.
[Pursuant to section 204(1) of the Companies g) We adhered to best professional standards and practices
Act, 2013 and rule no. 9 of the Companies as could be possible while carrying out audit during the
conditions due to Covid-19. The Company made due efforts
(Appointment and Remuneration of Managerial to make available all the relevant records and documents
Personnel) Rules, 2014] which were verified through online means to conduct and
complete the audit in the aforesaid conditions.
Based on our verification of the Company’s books, papers, minute
books, forms and returns filed and other records maintained by
To,
the Company and also the information provided by the Company,
The Board of Directors,
its officers, agents and authorized representatives during the
Tata Power Delhi Distribution Limited
conduct of Secretarial Audit, we hereby report that in our opinion,
(CIN: U40109DL2001PLC111526)
the Company has, during Financial Year ended on March 31, 2022
NDPL House,
(Audit Period), complied with the statutory provisions listed
Hudson Lines, Kingsway Camp,
hereunder and also that the Company has proper Board processes
Delhi- 110 009
and compliance mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter.
We have conducted the Secretarial Audit of the compliance of
We have examined the books, papers, minute books, forms and
the applicable provisions of the Companies Act, 2013 and the
returns filed and other records maintained by the Company for
adherence to good corporate practices by Tata Power Delhi
the Audit Period according to the provisions of:
Distribution Limited (hereinafter called 'the Company'), which
is an Unlisted Company. Secretarial Audit was conducted in a (i) The Companies Act, 2013 (the Act) and the rules
manner that provided us a reasonable basis for evaluating the made thereunder;
corporate conducts/statutory compliances and expressing our
(ii) The Depositories Act, 1996 and the Regulations and Bye-
opinion thereon.
laws framed thereunder;
We report that-
(iii) Foreign Exchange Management Act, 1999 and the rules
a) Maintenance of secretarial records is the responsibility of and regulations made thereunder to the extent of Foreign
the management of the Company. Our responsibility is to Direct Investment, Overseas Direct Investment and External
express an opinion on these secretarial records based on Commercial Borrowings {Not Applicable during the audit
our audit. period}
b) We have followed the audit practices and processes as (iv) The Company is engaged in the business of electricity
were appropriate to obtain reasonable assurance about the distribution and on the basis of management representation
correctness of the contents of the secretarial records. The and our check on test basis, we are of the view that the
verification was done on test basis to ensure that correct Company has adequate system to ensure compliance of
facts are reflected in secretarial records. We believe that the laws specifically applicable on it which are mentioned
processes and practices, we followed, provide a reasonable herein below:
basis for our opinion.
§ The Electricity Act, 2003;
c) We have not verified the correctness and appropriateness of
§ The Electricity (Supply) Act, 1948;
the financial statements of the Company.
§ The Indian Electricity Rules, 1956;
d) Wherever required, we have obtained the Management
representation about the compliances of laws, rules and § The Rules, regulations and applicable order(s) under
regulations and happening of events, etc. Central and State Electricity Regulatory Commission/
Authority;
e) The compliance of the provisions of the corporate and
other applicable laws, rules, regulation, standards is the § The Energy Conservation Act, 2001
responsibility of the management. Our examination was
limited to the verification of procedures on test basis.

We have also examined compliance with the applicable clauses of We further report that Statutory Registers as required under the
the Secretarial Standard on Meetings of the Board of Directors and Act were maintained by the Company.
General Meetings issued by the Institute of Company Secretaries
We further report that during the audit period the Company had
of India, which the Company has been generally complied.
no specific events or actions which are having a major bearing on
During the Audit Period, the Company has complied with the the Company’s Affairs in pursuance of the above referred laws,
provisions of the Act, Rules, Regulations and Guidelines to the rules, regulations, guidelines, standards, etc. referred to above
extent applicable, as mentioned above. except as under:
We further report that the Board of Directors of the Company is The Board in its meeting held on January 21, 2022 had accorded
duly constituted with proper balance of Non-Executive Directors, its approval for issuance of Listed/Unlisted Non-Convertible
Woman Directors and Independent Directors. There were Debentures upto ₹ 500 crore.
changes in the composition of the Board of Directors during the
For Sanjay Grover & Associates
period under review which were in Compliance of the provisions
Company Secretaries
of the Act.
Firm Registration No. P2001DE052900
Adequate notices were given to all Directors to schedule the
Board Meetings, Committee meetings, agenda and detailed Kapil Dev Taneja
notes on agenda were sent at least seven days in advance, and a Partner
system exists for seeking and obtaining further information and FCS No: F4019, CP No: 22944
clarifications on the agenda items before the meeting and for UDIN: F004019D000118595
meaningful participation at the meeting.
Place: New Delhi
Board decisions were carried out with unanimous consent and
Date: April 14, 2022
therefore, no dissenting views were required to be captured and
recorded as part of the minutes.
We further report that there are systems and processes in the
Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.

Board’s Report
FORM No. MR-3 Direct Investment, Overseas Direct Investment and External
Commercial Borrowings; (Not applicable to the Company
SECRETARIAL AUDIT REPORT during the audit period)
For The Financial Year Ended March 31, 2022
(v) The following Regulations and Guidelines prescribed under
(Pursuant to Section 204 (1) of the Companies the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act, 2013 and rule No. 9 of the Companies Act’):
(Appointment and Remuneration of Managerial (a) The Securities and Exchange Board of India (Substantial
Personnel) Rules, 2014) Acquisition of Shares and Takeovers) Regulations, 2011;
(Not applicable to the Company during the audit
To, period)
The Members, (b) The Securities and Exchange Board of India (Prohibition
Tata Power Solar Systems Limited of Insider Trading) Regulations, 1992 and Securities and
CIN U40106MH1989PLC330738 Exchange Board of India (Prohibition of Insider Trading)
C/o The Tata Power Company Limited, Regulations, 2015; (Not applicable to the Company
Corporate Center B, 34 Sant Tukaram Road, during the audit period)
Carnac Bunder Mumbai- 400009
(c) The Securities and Exchange Board of India (Issue of
I have conducted the secretarial audit of the compliance of Capital and Disclosure Requirements) Regulations, 2018
applicable statutory provisions and the adherence to good and amendments from time to time; (Not applicable
corporate practices by TATA POWER SOLAR SYSTEMS LIMITED to the Company during the audit period)
(hereinafter called the Company). Secretarial Audit was conducted
in a manner that provided me a reasonable basis for evaluating (d) The Securities and Exchange Board of India (Employee
the corporate conducts/statutory compliances and expressing my Stock Option Scheme and Employee Stock Purchase
opinion thereon. Scheme) Guidelines, 1999 and The Securities and
Exchange Board of India (Share Based Employee
Based on my verification of the Tata Power Solar Systems Limited Benefits) Regulations, 2014; (Not applicable to the
books, papers, minute books, forms and returns filed and other Company during the audit period)
records maintained by the company and also the information
provided by the company, its officers, agents and authorized (e) The Securities and Exchange Board of India (Issue and
representatives during the conduct of secretarial audit, I hereby Listing of Debt Securities) Regulations, 2008; (Not
report that in my opinion, the Company has, during the audit applicable to the Company during the audit period)
period covering the financial year ended on March 31, 2022, (f) The Securities and Exchange Board of India (Registrars
complied with the statutory provisions listed hereunder and also to an Issue and Share Transfer Agents) Regulations,
that the Company has proper Board processes and compliance 1993 regarding the Companies Act and dealing with
mechanism in place to the extent, in the manner and subject to client; (Not applicable to the Company during the
the reporting made hereinafter: audit period)
I have examined the books, papers, minute books, forms and (g) The Securities and Exchange Board of India (Delisting
returns filed and other records maintained by Tata Power Solar of Equity Shares) Regulations, 2009 (Not applicable to
Systems Limited for the financial year ended on March 31, 2022 the Company during the audit period); and
according to the provisions of:
(h) The Securities and Exchange Board of India (Buyback of
(i) The Companies Act, 2013 (the Act) and the rules Securities) Regulations, 1998; (Not applicable to the
made thereunder; Company during the audit period)
(ii) The Securities Contract (Regulation) Act, 1956 ('SCRA') (vi) Other laws applicable specifically to the Company namely:
and the rules made thereunder; (Not applicable to the
Company during the audit period) (a) The Indian Electricity Rules, 1956;
(iii) The Depositories Act, 1996 and the Regulations and Bye- (b) The Energy Conservation Act, 2001;
laws framed thereunder; (Not applicable to the Company
during the audit period)
and regulations made thereunder to the extent of Foreign

I have also examined compliance with the applicable clauses of ANNEXURE -A

the following:
To,
1. Secretarial Standards issued by The Institute of
The Members,
Company Secretaries of India with respect to board and
Tata Power Solar Systems Limited
general meetings.
CIN U40106MH1989PLC330738
During the period under review, the Company has complied C/o The Tata Power Company Limited,
with the provisions of the Act, Rules, Regulations, Guidelines, Corporate Center B, 34 Sant Tukaram Road,
Standards etc. mentioned above. Carnac Bunder Mumbai- 400009
I further report that: 1. Maintenance of secretarial record is the responsibility of the
management of the company. My responsibility is to express
The Board of Directors of the Company is duly constituted.
an opinion on these secretarial records based on my audit.
The changes in the composition of the Board of Directors that
took place during the period under review were carried out in 2. I have followed the audit practices and processes as were
compliance with the provisions of the Act. appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The
Adequate notices were given to all directors to schedule the Board
verification was done on the test basis to ensure that correct
Meeting, Agenda and detailed notes on agenda were sent at least
facts are reflected in secretarial records. I believe that the
seven days in advance other than those held at shorter notice,
processes and practices, I followed provide a reasonable
and a system exists for seeking and obtaining further information
basis for my opinion.
and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting. 3. I have not verified the correctness and appropriateness of
All the decisions in the Board Meeting and Committee meeting
are carried out unanimously and recorded in the minutes of the 4. Wherever required, I have obtained the Management
meetings of the Board of Directors and committee of the Board representation about the compliance of laws, rules and
of Directors, as the case may be. regulations and happening of events etc.
I further report that there are adequate systems and processes in 5. The compliance of the provisions of Corporate and
the Company commensurate with the size and operations of the other applicable laws, rules, regulations, standards is the
Company to monitor and ensure compliance with applicable laws, responsibility of management. My examination was limited
rules, regulations and guidelines. to the verification of procedures on the test basis.
I further reported that during the audit period no events occurred 6. The Secretarial Audit report is neither an assurance as to
which had bearing on the Company’s affairs in pursuance of the the future viability of the company nor of the efficacy or
above referred laws, rules, regulations, guidelines, standards, etc. effectiveness with which the management has conducted
the affairs of the Company.
For and behalf of Sumant Bhargava & Co.
For and behalf of Sumant Bhargava & Co.
Sumant K. Bhargava
Proprietor Sumant K. Bhargava
FCS No. 8250 Proprietor
CP. No.: 15656 FCS No. 8250
UDIN: F008250D000115247 CP. No.: 15656
Date: 14/04/2022 UDIN: F008250D000115247
Place: Navi Mumbai Date: 14/04/2022
Place: Navi Mumbai
This report is to be read with my letter of even date which is
annexed as ‘’Annexure A’’ and forms an integral part of this report.

Board’s Report
Secretarial Audit Report of Walwhan Renewable Direct Investment, Overseas Direct Investment and External
Commercial Borrowings;
Energy Limited (The Unlisted Material Subsidiary)
(v) The following Regulations and Guidelines prescribed under
FORM No. MR-3 the Securities and Exchange Board of India Act, 1992 (‘SEBI
SECRETARIAL AUDIT REPORT Act’):
For the Financial Year Ended March 31, 2022 (a) The Securities and Exchange Board of India (Substantial
[Pursuant to Section 204 (1) of the Acquisition of Shares and Takeovers) Regulations,
2011; (Not applicable to the Company during the audit
Companies Act, 2013 and rule 9 of the period);
Companies (Appointment and Remuneration
(b) The Securities and Exchange Board of India (Prohibition
of Managerial Personnel) Rules, 2014] of Insider Trading) Regulations, 2015; [applicable upto
January 31, 2022 since the Non-Convertible Debentures
To, were redeemed]
The Members,
Walwhan Renewable Energy Limited (c) The Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations,
We have conducted the secretarial audit of the compliance of 2018 and amendments from time to time; (Not
applicable statutory provisions and the adherence to good applicable to the Company during the audit period);
corporate practices by Walwhan Renewable Energy Limited
(hereinafter called 'the Company'). Secretarial Audit was (d) The Securities and Exchange Board of India (Share
conducted in a manner that provided us a reasonable basis for Based Employee Benefits) Regulations, 2014 and The
evaluating the corporate conducts/statutory compliances and Securities and Exchange Board of India (Share Based
expressing our opinion thereon. Employee Benefits and Sweat Equity) Regulations,
2021; (Not applicable to the Company during the audit
Based on our verification of the Company’s books, papers, minute period);
books, forms and returns filed and other records maintained by
the Company, the information to the extent provided by the (e) The Securities and Exchange Board of India (Issue and
Company, its officers, agents and authorised representatives Listing of Debt Securities) Regulations, 2008 and The
during the conduct of secretarial audit, the explanations and Securities and Exchange Board of India (Issue and
clarifications given to us and the representations made by the Listing of Non-Convertible Securities) Regulations,
Management and considering the relaxations granted by The 2021; [applicable upto January 31, 2022 since the Non-
Ministry of Corporate Affairs warranted due to the spread of the Convertible Debentures were redeemed]
COVID-19 pandemic, we hereby report that in our opinion, the (f) The Securities and Exchange Board of India (Registrars
Company has during the audit period covering the financial year to an Issue and Share Transfer Agents) Regulations,
ended on March 31, 2022, generally complied with the statutory 1993 regarding the Companies Act and dealing
provisions listed hereunder and also that the Company has proper with client;
Board processes and compliance mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter: (g) The Securities and Exchange Board of India (Delisting
of Equity Shares) Regulations, 2009 and The Securities
We have examined the books, papers, minute books, forms and Exchange Board of India (Delisting of Equity
and returns filed and other records made available to us and Shares) Regulations, 2021 and amendments from time
maintained by the Company for the financial year ended on to time; (Not applicable to the Company during the
March 31, 2022 according to the applicable provisions of: audit period);
(i) The Companies Act, 2013 (the Act) and the rules (h) The Securities and Exchange Board of India (Buyback
made thereunder; of Securities) Regulations, 2018; (Not applicable to the
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and Company during the audit period)
the rules made thereunder; (vi) Other laws applicable specifically to the Company namely:-
(iii) The Depositories Act, 1996 and the Regulations and Bye- a. The Electricity Act, 2003
laws framed thereunder;
b. The Indian Electricity Rules, 1956
and regulations made thereunder to the extent of Foreign

c. The rules, regulations and applicable order(s) under the As per the minutes, decisions at the Board Meetings were
Central and State Electricity Regulatory Commissions/ taken unanimously.
Authority
We further report that there are systems and processes in the
d. The Energy Conservation Act, 2001 Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws,
We have also examined compliance with the applicable clauses
rules, regulations and guidelines etc.
of the following:
We further report that during the audit period following
(i) Secretarial Standards issued by The Institute of
event occurred which had bearing on the Company’s affairs
Company Secretaries of India with respect to board and
in pursuance of the above referred laws, rules, regulations,
general meetings.
guidelines, standards etc:
(ii) The Listing Agreements entered into by the Company with
a) The Non-Convertible Debentures aggregating to ` 1200
National Stock Exchange of India Limited read with the
crore were fully redeemed as on January 31, 2022.
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. [applicable upto January 31, 2022 since b) Commercial papers aggregating to ` 500 core were
the Non-Convertible Debentures were redeemed]. issued during the period under review and commercial
papers aggregating to ` 900 crore were redeemed on the
During the period under review, the Company has generally
maturity date.
complied with the provisions of the Act, Rules, Regulations,
Guidelines, standards etc. mentioned above.
We report that the Company has spent an amount of Rs. 1.16 crore For Parikh & Associates
against the amount of ` 2.45 crore to be spent during the year Company Secretaries
towards Corporate Social Responsibility.
We further report that:
Mohammad Pillikandlu
The Board of Directors of the Company is duly constituted with Partner
proper balance of Non-Executive Directors and Independent FCS No: 10619 CP No: 14603
Directors. The changes in the composition of the Board of UDIN: F010619D000187950
Directors that took place during the period under review were PR No.: 1129/2021
carried out in compliance with the provisions of the Act.
Notice was given to all directors to schedule the Board Meetings,
Place: Mumbai
agenda and detailed notes on agenda were sent at least seven
days in advance for meetings other than those held at shorter
notice, and a system exists for seeking and obtaining further
information and clarifications on the agenda items before the This Report is to be read with our letter of even date which is
meeting and for meaningful participation at the meeting. annexed as Annexure A and Forms an integral part of this report.

Board’s Report
‘Annexure A’ 4. Where ever required, we have obtained the Management

Representation about the Compliance of laws, rules and
regulations and happening of events etc.
To,
5. The Compliance of the provisions of Corporate and
The Members,
other applicable laws, rules, regulations, standards is the
Walwhan Renewable Energy Limited
responsibility of management. Our examination was limited
to the verification of procedure on test basis.
Our report of even date is to be read along with this letter.
6. The Secretarial Audit report is neither an assurance as to
1. Maintenance of secretarial record is the responsibility of the future viability of the Company nor of the efficacy or
the management of the Company. Our responsibility is to effectiveness with which the management has conducted
express an opinion on these secretarial records based on the affairs of the Company.
our audit.
For Parikh & Associates
2. We have followed the audit practices and process as were Company Secretaries
appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. Mohammad Pillikandlu
The verification was done on test basis to ensure that correct Partner
facts are reflected in secretarial records. We believe that the FCS No: 10619 CP No: 14603
process and practices, we followed provide a reasonable UDIN: F010619D000187950
basis for our opinion. PR No.: 1129/2021
3. We have not verified the correctness and appropriateness of
Place: Mumbai

Annexure - V : Annual Report on CSR Activities

(Ref.: Board's Report, Section 26.1)
1. Brief outline on CSR Policy of the Company:

Tata Power is committed to ensuring the social wellbeing of the communities in the vicinity of its business operations through
Corporate Social Responsibility initiatives (CSR) in alignment with Tata Group Focus Initiatives.
Tata Power shall engage with the community by undertaking the following principles and activities:
• Consult pro-actively with the community and other key stakeholders for understanding needs and designing initiatives for
the social wellbeing of the community.
• Undertake activities as per 3 major thrust areas, which include:
1. Education (Including financial and digital literacy)
2. Employability and Employment (Skilling for livelihood)
3. Entrepreneurship
The Company focussed on Consolidation, Co-Creation and Communication with focus on standardizing our CSR narrative and
flagship programmes across our regions. The consolidation across locations helped achieve scale and deliver sustainable results
and bring positive change to the communities through Tata Power Community Development Trust (TPCDT), which has internal
capabilities to execute CSR programs effectively and efficiently. The Company’s CSR policy, including overview of projects or
programs undertaken or proposed to be undertaken, is provided on the Company’s website.
2. Composition of CSR Committee:
Sl. Name of the Director Category of Directorship No. of CSR Committee No. of CSR Committee
No. Meetings held during Meetings attended
tenure
1. Ms. Anjali Bansal, Independent, Non-Executive 4 4

Chairperson
2. Mr. K. M. Chandrasekhar Independent, Non-Executive 4 4
3. Dr. Praveer Sinha Executive 4 4
3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the company:
https://www.tatapower.com/corporate/board-committees.aspx
https://www.tatapower.com/pdf/aboutus/csr-policy.pdf
https://www.tatapower.com/investor-relations/tata-power/social-and-relationship-capital.html
4. Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social
responsibility Policy) Rules, 2014, if applicable (attach the report):
Not Applicable

Board’s Report
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility
Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Sl. Financial Year Amount available for set-off from preceding Amount required to be set off for the
No. financial years (in `) financial year, if any (in `)
..................................Not Applicable......................
6. Average net profit of the company as per section 135(5):

₹ 104.25 crore
7. (a) Two percent of average net profit of the company as per section 135(5):
₹ 2.09 crore
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years:
Not Applicable
(c) Amount required to be set off for the financial year, if any:
Not Applicable
(d) Total CSR obligation for the financial year (7a+7b-7c).
₹ 2.09 crore
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (in `)
Spent for the
Financial Year Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as per
(in `) Account as per section 135(6) second proviso to section 135(5)
Amount Date of Transfer Name of the Fund Amount Date of Transfer
₹ 2.09 crore ..................................Not Applicable......................
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item form Local Location of the Project Amount Amount Amount Mode of Mode of
No. of the the list of Area Project Duration allocated spent transferred Implemen- Implementation
Project activities in (Yes/ for the in the to Unspent tation - - Through
Schedule No) project current CSR Direct Implementing Agency
VII to the (in `) financial Account (Yes/No)
State District Name CSR Regis-
Act year for the
tration
(in `) project as
number
per Section
135(6) (in `)
..................................Not Applicable......................

(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Name Item from Local Location of the project Amount Mode of Mode of Implementation -
No. of the the list of area spent for Implemen- Through Implementing
Project activities (Yes/ the tation - Agency
in Schedule No) project Direct
VII to the State District (in ` (Yes/No) Name CSR Regis-
Act crore) tration number
1. COVID (ii) Yes • Andhra Cuddapah 1.05 No TPCDT CSR00002946
Response Pradesh Kadapa
initiatives • Bihar Kurnool
• Delhi Gaya
• Gujarat Muzaffarpur
• Jharkhand Delhi
• Karnataka Kutch
• Kerala Ahmedabad
• Madhya Dhanbad
Pradesh East Singhbhum
• Maharashtra Bengaluru
• Odisha Kolar
• Punjab Chitradurga
• Rajasthan Kasaragod
• Tamil Nadu Neemuch
• Telangana Mumbai
• Uttar Pune
Pradesh Ahmednagar
• West Bengal Sangli
Satara
Solapur
Sambalpur
Ganjam
Balasore
Khordha
Bhatinda
Bikaner
Jaisalmer
Jodhpur
Sawai
Madhopur
Churu
Ajmer
Pratapgarh
Tiruppur
Dindigul
Tiruchirappalli
Vikarabad
Mancherial
Prayagraj
Gonda
Siliguri
Purba
Medinipur
2. Integrated (ii) Yes • Maharashtra Mumbai 0.44 Yes TPCDT CSR00002946
Vocational • Gujarat Kutch
Training • Jharkhand East Singhbhum

Board’s Report
(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Name Item from Local Location of the project Amount Mode of Mode of Implementation -
No. of the the list of area spent for Implemen- Through Implementing
Project activities (Yes/ the tation - Agency
in Schedule No) project Direct
VII to the State District (in ` (Yes/No) Name CSR Regis-
Act crore) tration number
3. Promotion (ii) Yes • Maharashtra Mumbai 0.08 No TPCDT CSR00002946
of
e-education
4. Sports (vii) Yes • Jharkhand Dhanbad 0.10 No TPCDT CSR00002946
Intervention • Odisha Khordha
5. Others (x) Yes • Maharashtra Mumbai 0.32 No TPCDT CSR00002946
TOTAL 1.99
(d) Amount spent in Administrative Overheads:
₹ 0.10 crore
(e) Amount spent on Impact Assessment, if applicable:
Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e):
₹ 2.09 crore
g) Excess amount for set off, if any
Sl. Particulars Amount
No. (in ` crore)
(i) Two percent of average net profit of the company as per section 135(5) 2.09
(ii) Total amount spent for the Financial Year 2.09
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. Preceding Amount Amount spent Amount transferred to any fund specified under Schedule VII Amount
No. Financial transferred to in the as per second proviso to section 135(5) remaining to be spent in
Year Unspent CSR reporting succeeding
Name of the Fund Amount Date of Transfer
account under Financial Year financial years (in `)
section 135 (6) (in `)
(in `)
..................................Not Applicable......................

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Sl. Project ID Name Financial Year Project Total Amount Cumulative Status of the
No. of the in which the duration amount spent on the amount spent project -
Project project was allocated project in at the end of Completed
commenced for the the reporting reporting /Ongoing
project Financial Year Financial
(in `) (in `) Year (in `)
..................................Not Applicable......................
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent
in the financial year (asset-wise details):
Not Applicable
(a) Date of creation or acquisition of the capital asset(s):
Not Applicable
(b) Amount of CSR spent for creation or acquisition of capital asset:
Not Applicable
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc:
Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset):
Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):
Not Applicable
Praveer Sinha Anjali Bansal

CEO & Managing Director Chairperson, CSR Committee
(DIN: 01785164) (DIN: 00207746)
Mumbai
May 6, 2022

Board’s Report
Annexure - VI : DISCLOSURE OF MANAGERIAL REMUNERATION

a) The ratio of the remuneration of each director to the b) The percentage increase in remuneration of each
median remuneration of the employees of the Company director, Chief Financial Officer, Chief Executive
for the financial year: Officer, Company Secretary or Manager, if any, in the
Name of Director Ratio of Director’s financial year:
remuneration to the
Name of Director and Key Managerial Percentage increase
median remuneration
Personnel in remuneration in the
of the employees of
financial year
the Company for the
financial year Mr. N. Chandrasekaran $ N.A.
Mr. N. Chandrasekaran $
N.A. Ms. Anjali Bansal 14.70
Ms. Anjali Bansal 5.21 Ms. Vibha Padalkar 7.50
Ms. Vibha Padalkar 5.23 Mr. Sanjay V. Bhandarkar 14.57
Mr. Sanjay V. Bhandarkar 5.57 Mr. K. M. Chandrasekhar 15.29
Mr. K. M. Chandrasekhar 5.19 Mr. Hemant Bhargava 9.33
Mr. Hemant Bhargava 4.03 Mr. Saurabh Agrawal # N.A.
Mr. Saurabh Agrawal # N.A. Mr. Banmali Agrawala # N.A.
Mr. Banmali Agrawala # N.A. Mr. Ashok Sinha 12.55
Mr. Ashok Sinha 5.51 Dr. Praveer Sinha, CEO and Managing 11.26
Dr. Praveer Sinha, CEO and Managing 54.55 Director (KMP)
Director Mr. Sanjeev Churiwala^, Chief Financial
Officer (KMP) (w.e.f. January 1, 2022) N.A.
Mr. Ramesh N. Subramanyam@, Chief
Financial Officer (KMP) (till December
31, 2021) 15.21
Mr. Hanoz M. Mistry, Company
19.34
Secretary (KMP)
$ As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from receiving Commission from the Company.
# In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who
are in full time employment with any other Tata Company.
^ Mr. Sanjeev Churiwala, Chief Financial Officer of the Company was appointed effective January 1, 2022. Hence, his remuneration is not comparable.
@ Mr. Ramesh Subramanyam, Chief Financial Officer of the Company resigned w.e.f. close of business hours on December 31, 2021. Hence, only the
proportionate increase in remuneration is considered.
c) The percentage increase in the median remuneration of f) Affirmation that the remuneration is as per the remuneration
employees in the financial year: 3.82 policy of the Company:
d) The number of permanent employees on the rolls of the It is affirmed that the remuneration is as per the 'Remuneration
company: 2,815 Policy for Directors, Key Managerial Personnel and other
employees' adopted by the Company.
e) Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last On behalf of the Board of Directors,
financial year, its comparison with the percentile increase in
the managerial remuneration, justification thereof and point N. Chandrasekaran
out if there are any exceptional circumstances for increase in Chairman
the managerial remuneration: Mumbai, May 6, 2022 (DIN:00121863)
- Average percentile increase in the salaries of employees
other than managerial personnel was 9%.
- Average increase in remuneration of Managers (defined
as MD and ED on the Board of your Company) was 11.26%.

Management Discussion & Analysis
1. INDUSTRY DEVELOPMENTS Receding Impact of COVID

The year 2021 unfolded as the year of recovery, although the
pandemic’s grip continued over the course of the year. The year
ended with downside impacts, such as emergence of the Omicron
variant that held back a broader recovery. With slightly receding
GLOBAL POWER SECTOR impact of COVID, the global GDP tread on the path towards
With clean energy, and meeting net zero targets becoming recovery, growing at an estimated rate of 5.9% in 2021 from
imperative for the world at large, transformation of the global -3.1% in the previous year (Source: IMF World Economic Outlook,
power sector is gaining ground. New benchmarks are being set January 2022). This was accompanied by exceptional demand for
across a range of segments and sectors, ranging from mining, electricity combined with strong economic growth and extreme
automobile, telecom, IT, and so on. Decarbonisation continues weather conditions, boosting electricity demand by more than 6%
to fuel exponential growth in renewable capacity installations, in 2021 (Source: IEA Electricity Market Report, January 2022), the
driven by solar and wind. Battery energy storage systems largest increase since 2010. The steep rise in demand strained coal
and microgrids have become mainstream grid components. and natural gas supplies, putting upward pressure on electricity
Advanced nuclear power designs and hydrogen-based energy prices and impacting end users across countries, especially in
schemes are gradually progressing, and carbon capture and China, Europe and India.
storage (CCS) is becoming the new norm, with a focus on
climate change amidst increased pace of industrialisation. Significant Energy Crisis
These emerging trends could thus pave a new operating
While economic activities recovered post COVID, supply of
path for the global power and renewables market in the
materials and inputs did not keep pace with the demand, causing
coming years.
imbalance, resulting in a series of energy shortages and rapid rise
The electrification move opens up opportunities for power in wholesale electricity prices across several countries in 2021.
companies to capitalise on the trend, by tapping the innovative Multiple electricity security events took place including the Texas
mindset prevalent across academic institutions, research labs power crisis in February, supply shortages in Japan and China,
and start-ups around the world that would come up with large-scale outages in Pakistan and Chinese Taipei. Subsequently,
newer, encouraging and challenging technologies in future. Lebanon suffered a complete blackout in early October 2021
The sector is witnessing the next level of competition across due to a diesel supply shortage for the country’s thermal power
the value chain with the advent of newer technologies and plants, and China and India were subject to electricity supply
the entry of non-conventional players and start-ups offering shortages in September and October 2021, mainly affecting
unique solutions. industrial consumers.
Demand for natural gas and coal rose higher than expected driven
by unforeseen weather-related events, while on the supply side,
both gas and coal faced constraints including heavy maintenance
and unplanned outages, leading to sluggish built up of inventories,
thus pushing up prices to multi-year highs in the second half of
2021. Natural gas prices more than doubled compared to 2020
to $ 4.5/MBtu during H2 2021, prompting substantial gas-to-coal
switching in the developed economies, especially Europe. The rise
in price of coal got further accentuated by the geo-political crisis
between Russia and Ukraine in February 2022. Global coal prices
that stood at about $ 61/MT in 2020, increased to $ 138/MT in 2021
(Source: World Commodity Outlook, April 2022, World Bank) and
further soared to above $ 200/MT in February 2022.

The energy crisis brought to the fore the importance of coal, as

energy security, affordability and sustainability continue to be the
centre stage of nations across the globe. After declining in 2019
and 2020, coal-fired electricity generation increased by around
9% and reached a new all-time high, contributing to more than
half of the rise in demand in 2021. Renewables, on the other hand,
grew by 6% in 2021, despite the unfavourable weather conditions.
This rise in coal power generation can be seen as a one-off
event, attributed to the exceptional year for electricity markets
due to the strong growth in electricity demand, unfavourable
renewable conditions and increasing gas prices, while the shift
in trend towards renewables is expected to continue under
normal circumstances.
Rising Climate Actions

Climate protection policies are shaping up energy transition System Flexibility Needs
worldwide, as governments are increasingly focused on tackling The massive influx of variable renewable capacities is driving
climate change issues, deploying a suite of policy measures more emphasis on greater flexibility needs. Coal and natural gas
to decarbonise their economies and electricity sectors in line generation continue to remain the cornerstones of electricity
with both, medium and long-term climate ambitions, including flexibility, but flexibility profiles could undergo a change in
coal phase out plans and a range of carbon pricing measures. the longer term with hydropower, bioenergy, and also nuclear
International carbon markets received a boost in 2021 with a power plants becoming more central to system flexibility. Energy
series of commitments announced at the COP26 conference held storage systems are making inroads and gaining prominence
in Glasgow in November 2021. 23 nations committed to phase out driven by declining costs, improved performance indices, and
coal by 2030-2040, and a group of 25 countries along with public policy support, thus creating opportunities for battery storage
financial institutions signed a joint statement to end international market. Storage technologies, including batteries, pumped
public support to fossil fuel investments by the end of 2022. hydro, compressed air energy storage, gravity storage, hydrogen
Amongst the net zero targets by the top five emitters globally, and ammonia energy storage, would likely play a larger role in
the US, and the EU undertook to meet the said target by 2050, the coming years, alongside a greater potential for demand side
while the developing countries like China, and Russia targeted response as well.
2060, and India committed to meet it by 2070.
Electric Vehicles (EVs) on the Rise
Growth of RE Sources Electric Vehicles are growing rapidly as they play a central role in
Driven by the climate commitments and the aim towards a the ambitious objective of zero emission targets set by nations
sustainable growth path, investment in cleaner energy sources is around the world. EV sales have been growing steadily over the
gaining greater prominence. Renewable energy sector remained past few years and 2021 seems to be a turnaround year, with EV
markedly resilient in 2021, as rapid technology improvements, sales more than doubling to 6.6 million, representing close to 9%
and decreasing renewables’ costs accompanied with increased of the global car market (Source: IEA). All the net growth in global
competitiveness of battery storage, helped the segment emerge car sales in 2021 came from electric cars. The segment started to
as one of the most promising among other energy sources. see a wide range of offerings from the manufacturers like more
Despite global uncertainties, renewables continued to grow and affordable models, various choices across different brands and
gain momentum. By the end of 2021, global renewable generation in different segments, enabling rise in sales. The prospect of EV
capacity amounted to 3,064 (GW), growing by 9.1 % from the adoption is getting brighter, driven by a combination of factors
previous year, with wind and solar accounting for 88% of the new of policy support, improvements in battery technologies, more
renewable capacity in 2021. As per IEA’s Electricity Market Report charging infrastructure being built, and rising commitments
2022, renewables are expected to provide more than 32% of the from automakers. The combined intent and support from all
world’s electricity supply (from 28% in 2021) by 2024, holding its stakeholders- government’s action, automakers’ commitments,
position as the promising energy technology, going ahead. and customers’ demand, would help catapult it to the next level
in the years to come.

H2 and CCS Gaining Ground

Driven by the decarbonisation commitments with the pressing
climate protection urgency, green hydrogen is emerging
as a game changer for achieving climate neutrality without INDIAN POWER SECTOR
compromising industrial growth and development. A growing
India’s power market is undergoing a significant transformation,
number of countries have set pathways to tap hydrogen’s
owing to the efforts taken by the government to improve
decarbonisation potential, with 39 countries, led by the EU, having
electricity access in the country, along with its plans to increase
adopted the hydrogen strategy and several others developing,
the share of renewables in the country's power generation
or considering developing of strategies for the said purpose.
mix. India’s green push gained momentum during the year,
The hydrogen industry growth momentum remains strong
intensifying further with the COP26 Conference at Glasgow.
around the world, with more than 520 projects announced in
Driven by its commitment towards climate change, India made
2021, up 100% compared to 2020, translating to an investment
a historic announcement of becoming net zero emitter by 2070,
of $ 160 billion. However, of this just $ 20 billion (13%) has passed
and having 500 GW of non‑fossil capacity by 2030, meeting 50%
the final investment decision (FID) so far, with another $ 64 billion
of energy requirements from RE by the said period. While the
(40%) in the feasibility or front-end engineering and design (FEED)
Indian power sector was relatively less affected by the COVID-19
stage. While the sentiment remains strong, right regulatory and
pandemic, it witnessed its own share of issues during the year as
policy framework is required for implementation and scaling up
the lingering effects of the pandemic induced supply disruptions
of this technology to tap its full potential. Alongside, other newer
during the year.
technologies like carbon capture and storage (CCS) are also
gaining momentum amid countries’ efforts to limit greenhouse FY22 began with reoccurrence of COVID that continued to impact
gas emissions across key industries. Rapid industrialisation, life and economic activities for the second year in a row, with the
particularly in emerging economies, along with significant second wave having dampening impact during the first half of
expansion of manufacturing facilities is primarily facilitating the the year. While increased vaccination coverage helped resume
deployment of carbon capture and storage across the globe, activities in H2 2021, the year ended with a new variant- Omicron
supported by favourable initiatives being undertaken by the making rounds. Energy demand increased by about 8% in FY22,
government bodies. driven by the C&I segment as industries sprung back to action
with easing of lockdown restrictions. Peak power demand crossed
the 200 GW mark, reaching the highest ever level in July during
Digitalisation Becoming Core to Power Sector
the year.
With the connected energy systems getting more complex,
digitalisation plays a central part in unlocking insights, providing As power demand in India continues to be met mainly through
flexibility, and cutting costs through increased efficiency. thermal generation, a surge in power demand puts pressure
Companies worldwide are undertaking significant digitalisation on fuel supply. The unanticipated rise in demand for electricity
initiatives to improve plant performance, boost operations and with pickup in economic activities was not met by proportional
maintenance, and improve services. As the focus shifts from being growth in coal supplies (also in part due to sharp jump in global
an energy provider to offering end-to-end management of a coal price), resulting in severe coal shortages. The coal stocks fell
customer’s energy assets and services, digitisation forms the most to critical level to as low as three days at some thermal plants in
important element for customised offerings. This has brought October 2021. The demand-supply gap also prompted increased
about increased M&As and partnership deals between companies demand at the power exchange, where electricity prices surged
and with start-ups to leverage the technological knowhows and to the ceiling rate of ₹ 20/unit for some 15-minute blocks in
unique solutions. Thus, digitalisation, mergers and collaborations August and October 2021. The government quickly intervened,
are playing a greater role in shaping the global power sector. initiating a slew of measures like utilising 6 GW capacity at Mundra
that remained idle on account of PPA issue, urging utilities to
use imported coal for blending and enhancing rake availability
among others, to alleviate the crisis, resulting in normalisation
of prices at the exchange. The average price of electricity at the
exchange ranged between ₹ 3-4/unit in November and December
2021 from an average of ₹ 8/unit in October 2021.
Another pressing issue to be addressed is the turnaround of
Discoms. A major focus of the government has been increased
participation of the private players in the T&D space to improve

Generation
India’s installed generation capacity stands at 399.5 GW as on
March 31, 2022, with capacity addition of more than 17 GW in
FY22 compared to 12 GW during FY21. The capacity additions
in FY22 happened majorly in the renewables segment, led by
solar. Renewables accounted for 90% share of the incremental
capacity addition in FY22, up from 61% in the previous year,
with solar alone contributing to 80% of the total capacity
addition in FY22-a sharp jump from 45% in the previous year.
Thermal Generation
Coal-based capacities continue to dominate India’s total
installed capacity, accounting for half of the capacities installed,
though the share has been consistently declining over the past
ten years from 56% in FY12 to about 52% in FY22. India’s new
thermal capacity installations have come down significantly
the operational efficiencies and financial performance of the with only 1.3 GW net additions in FY22, contributing to less
Discoms. Distribution continued to be plagued by several than 10% of total capacities installed, indicating a slowdown
issues like high AT&C losses, insufficient tariff hikes widening of the sector with movement towards clean energy. This is
ACS-ARR gap, accumulation of regulatory assets, thus also evident in the PLF of thermal plants that have witnessed
impacting the financial position of Discoms, resulting in rise of a declining trend in the last decade, falling from 73.3% in FY12
pending dues to Gencos. The state-wise ratings of Discoms by to 58.8% in FY22.
the Ministry of Power (MoP) indicated a skewed improvement
Renewable Generation
of ratings with just about two states performing, while others
mostly showing below average and/or poor performance over The focus on renewable energy sector has led to steady growth
the years. The government announced multiple schemes and of India’s renewable energy capacity over the years. The total
decisions towards addressing the issues in the distribution installed renewable energy capacity of the country has been on
sector, including the Revamped Reforms Based Result the rise from 12% share in FY12 to 28% in FY22, crossing the 100
Linked Power Distribution Sector Scheme worth ₹ 3 trillion, GW mark in FY22. Solar has been the mainstay of renewables
aimed at improving operational efficiencies and financial growth in India over the past decade. Its share in total RE
stability of Discoms, subject to stringent preconditions to installed capacity has risen from 4% in FY12 to 49% in FY22 and
avail the financial assistance. It also came up with Electricity its share in India’s total installed capacity has increased from
(Amendment) Bill, 2021 proposing “delicensing” of the power 0.5% to 14% during the same period.
distribution business to foster competition in the sector. The government-backed policy initiatives along with the
However, progress on both, privatisation and Electricity Bill consistent fall in cost of solar technology boosted solar energy
remained slow. Privatisation of UT Discoms faced hurdles. sector as seen in increased participation by both, domestic
While privatisation of Chandigarh UT could not be concluded, and global players in project tenders. The changing dynamics
Dadra and Nagar Haveli and Daman and Diu finally took off driven by maturing technologies have shifted the trend from
after a hiatus of High Court orders suspending the tender plain standalone solar and wind projects, to rising interest in
process, and the Supreme Court thereafter, lifting the stay more complex projects including hybrid, RTC, peak power,
orders. Though slow, the stage is set for privatisation to take floating solar and storage.
place and may not be halted as seen from the successful
takeover of Odisha Discoms that could set a trend for others The average solar tariffs discovered in auction had fallen steeply
to follow. The much-awaited Electricity Amendment Bill also over 2014-18 at a CAGR of 19%. From 2018, the tariffs continued
could not be passed in the parliament, as it was surrounded by to drop, albeit at a slower pace. Entry of new players, declining
protests and its passage is likely to take some time. equipment costs and gaining experience of IPPs, are leading to
fall in average tariffs. However, supply disruptions caused due
to COVID, hike in GST rate from 5% to 12%, imposition of 40%

Installed Capacity Global Coal Price and India's Coal Imports

(GW)
250.00 7.00
Coal price (USD/tn)
Coal imports (MT)

211 6.00
200.00
5.00
150.00 4.00
100.00 3.00
2.00
112 110 50.00
1.00
0.00 0.00
Apr‑19
Jul‑19
Oct‑19
Jan‑20
Apr‑20
Jul‑20
Oct‑20
Jan‑21
Apr‑21
Jul‑21
Oct‑21
Jan‑22
39 47
18 25 25
5 7 1 1
Global Coal Price Movement (USD/tn)
Coal Gas Nuclear Hydro Renewables Others Coal Import by Power Plants (MT)
FY12 FY22 Source: World Bank, CEA
Source: CEA
Basic Custom Duty (BCD) on module imports, the application

Transmission
of Approved List of Models & Manufacturers (ALMM) and
rising commodity prices are seen to have an upward pressure The backbone transmission system in India is mainly through
on tariffs of solar projects. Government continued with its 765 kV, 400 kV and 220 kV AC networks, with the highest
enabling policies like net metering, ISTS waiver for renewable transmission voltage level being 800 kV (HVDC). Total transmission
projects, etc. to help further boost adoption of renewables. lines and substation capacity reached nearly 4.56 lakh Ckms and
With a push towards domestic solar manufacturing and lower 11.04 lakh MVA, respectively, reflecting an increase of about
import dependency, the government introduced the PLI scheme 14,895 Ckms and 78,982 MVA over the previous year. The National
across 13 sectors including solar modules and batteries. It gave Electricity Plan (Volume II-Transmission) i.e., NEP-Trans, has been
a nod to the Production Linked Incentives (PLI) scheme worth notified to review the development of transmission system during
₹ 4,500 crore for solar manufacturing, aimed at adding 10 GW the 12th Plan period, the current planning period 2017-2022 and
manufacturing capacity of integrated solar PV modules, which the subsequent period 2022-2027.
was further enhanced to ₹ 24,000 crore. The sector, however, With changing power generation mix on account of increase in
is faced with some challenges like delay in Power Purchase renewables, the government is emphasising on augmenting the
Agreement (PPA) tie-ups, renegotiation of PPAs, cancellation of transmission infrastructure to support demand growth. In order
bids, land issues, supply chain disruptions, etc. which need to be to expedite the development of transmission lines for solar/
resolved for the sector to meet its targeted growth. wind parks, the Green Energy Corridor is a series of infrastructure
Fuel projects aimed at synchronising the power generated from
renewable energy sources like wind, solar, hydro, etc. with the
Coal produced by Coal India Limited (CIL), and its subsidiaries,
conventional national grid of India. The project is divided into two
increased by 4.4% during FY22 to 623 MT (from 596 MT in previous
parts i.e., Phase-I and Phase-II.
fiscal). Despite improved production by the coal behemoth,
domestic thermal power sector faced massive supply crisis as Under Green Corridor Phase-I, Power Grid Corporation of India
fuel supplies could not keep pace with the rebound in demand Limited (PGCIL) is responsible for strengthening transmission
for electricity, as economic activities picked up post COVID. networks and constructing inter‑state transmission network for
Sharp rise in global coal price (127% in 2021) deterred import connecting renewable energy‑rich states.
of coal, putting further pressure on demand for domestic coal.
Under Green Corridor Phase-II, the government has opened-up
The war between Russia and Ukraine has further aggravated the
private participation (which is still limited to 7%), and has decided
situation, with a sharp upward movement in global coal prices.
to award these projects to private players through Tariff Based
Competitive Bidding (TBCB). As of now, 64 TBCB projects have
been awarded, amongst which, 34 have been commissioned,
22 are under construction, and the rest have not been started
due to litigation or have been scrapped by Central Electricity
Regulatory Commission (CERC).

Overdue Amount at Month end

Distribution
(` Bn)
Distribution sector, the most important part of the power value
1038.36
1027.80
1027.27
chain, continues to face challenges impacting the viability of the
1029.3
1017.5
990.06
973.19
957.64
999.4
941.58
939.11
entire power value chain. While the distribution segment was
843.77
837.16
on path towards transformation on the back of several reforms
and schemes announced by the government to help address
the challenges faced by the sector, a trend reversal in terms of
the betterment of Discom performance in the recent past is
being witnessed as far as Discom dues are concerned. Overdue
amount of Discoms to Gencos crossed the ₹ 1 trillion‑mark again
in the last quarter of FY22, indicating the stress in the sector. The
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
segment continues to be faced with the lingering issues of high
AT&C losses, widening ACS-ARR gap, insufficient tariff hikes and
backlog of subsidy payments by the government, resulting in
Source: PRAAPTI portal
continued weakness in the operational and financial performance
of Discoms. This is despite a number of schemes and reforms
Power Trading
launched in the distribution segment in the past, implying
limited success in improving the overall financial and operational Around 184 billion units (BUs) of electricity were traded in the
performance of Discoms. One of the biggest reform packages short-term power market during FY22, as compared to a total
announced in 2021 was the ₹ 3.03 trillion Revamped Distribution of 146 BUs traded during FY21. Out of this, about 47% of trading
Sector Scheme (RDSS), aimed at improving the operational took place using power exchange platforms. The trading margins
efficiency and financial sustainability through measures focussed were under immense pressure due to high competition amongst
towards smart metering, energy accounting, infrastructure works traders. The market is concentrated with 8 larger players and
for loss reduction, modernisation and system augmentation. The remaining traders operating in regional pockets, largely for
central government also allowed additional borrowing space to trading their own power.
the state governments, conditioned on them undertaking and At ₹ 4.39 per unit, the average clearing price for spot markets in
sustaining specific reforms. The government also emphasised on FY22 increased by 56% as compared to the previous fiscal. The
Discom privatisation and competition in the distribution sector, increase in spot prices is largely attributable to the combined
in order to help improve the situation. However, the Discoms’ effect of surge in overall demand post second - wave of Covid-19,
privatisation drive in the UTs saw limited success so far with erratic renewable generation, increase in prices of international
progress being seen only in Dadra and Nagar Haveli. Thus, the coal and gas, shortage in supply of domestic coal, especially
revival of the power distribution segment is contingent on the during monsoons.
on-ground effective implementation of the reform measures,
introduced under government schemes and programmes. Regulatory and Policy Developments
Regulatory and policy reforms in the sector are critical to help
All India AT&C Loss avert the issues surrounding the power value chain alongside
creating an enabling environment for increased investments in
(%)
the sector. 2021 was a year of policy announcements across all
23.70
segments of the power sector. Some of the key announcements
23.61
21.50 21.74 by the government during the year included the following:
20.93
• Net Metering‑ The Ministry of Power (MoP) allowed net
metering for rooftop solar systems for loads up to 500 kW, thus
removing the ambiguity surrounding the rooftop segment.
• ISTS waiver‑ With a view to encourage faster capacity addition
based on solar or wind energy sources, in supersession of
earlier orders, MoP notified that for solar or wind, Hydro
Pumped Storage Plant (HPSP) and Battery Energy Storage
System (BESS) projects commissioned up to June 30, 2025, the
waiver of inter-state transmission charges shall be applicable
Source: PFC Report on Performance of Power Utilities 2019-20 subject to certain conditions. The waiver shall be applicable

for a period of 25 years for solar, wind and hydro PSP or for a • Renewable Energy (RE) Bundling‑ Guidelines issued for
period of 12 years for BESS or for a period subsequently notified RE bundling wherein thermal power generation companies
for future projects by the central government, from the date of could either set up renewable energy generation capacities
commissioning of the power plant. Waiver is allowed for ISTS themselves or through developers by inviting bids and supply
charges only, and not for loss. However, it is clarified that the power to consumers under existing PPAs.
waiver of losses shall be applicable for the projects whose
• National Infrastructure Monetization Pipeline- National
bidding was completed up to January 15, 2021.
Infrastructure Monetisation Pipeline announced opening up
• Change in Law Rules‑ The MoP notified the Electricity (Timely opportunities for participation of private players.
Recovery of Costs due to Change in Law) Rules, 2021 vide
• Emission Norms- The date for meeting the emission norms
notification dated October 22, 2021 applicable to generating
was extended based on the categorisation as per the severity
company and transmission licensee affected by a ‘Change in
of pollution. Thermal power plants within 10 km of the
Law’ (CIL) event to be restored to the same economic position
National Capital Region (NCR) and in cities with more than
as before the event by way of adjustments to the monthly tariff.
1 million population were to comply with new emission norms
Further, a formula has been provided under the Schedule to
by December 2022, while those within 10 km radius of critically
the Rules, to calculate adjustments in the monthly tariff due
polluted areas or non-attainment cities need to comply by
to the impact of CIL.
December 2023, and the remaining by December 2024.
• Curtailment Rules‑ The MoP has notified the Electricity
• DSM Regulations- CERC has notified DSM Regulations 2022.
(Promotion of Generation of Electricity from Must-Run Power
Linkage to frequency has been removed, to be controlled by
Plant) Rules, 2021 vide notification dated October 22, 2021,
System Operator by way of ancillary services. Deviation limits
providing that a must-run power plant will not be subjected to
for over injection have been curtailed for RE. Penalty charges
curtailment or regulation of generation or supply of electricity
for under injection linked to normal rate i.e., weighted average
on account of merit order dispatch or any other commercial
ancillary service charge. Till such rate is available, it will be
consideration. It may be curtailed or regulated only in the event
highest of the weighted average area clearing price (ACP) of
of any technical constraint in the electricity grid or for reasons
the day ahead market segments of all the power exchanges,
of security of the electricity grid. In the event of a curtailment
the weighted average ACP of the real-time market segments
of supply from a must‑run power plant, compensation will be
of all the power exchanges, or the weighted average ancillary
payable by the procurer to the must-run power plant at the
service charge of all the regions for that time block.
rates specified in the agreement for purchase or supply of
electricity. The RE generator is also allowed to sell power in • Cyber Security- Release of Cyber Security Guidelines for the
the power exchange and recover the cost suitably helping in power sector for the first time.
realisation of revenue by the generator and power available in
• Green Hydrogen Mission document has been announced.
the electricity grid for use of consumers.
This will lead to increase in demand for RE as green hydrogen
• GDAM‑ Launch of Green Day Ahead Market segment at Indian has to be produced by electrolysis process enabled by RE.
Energy Exchange Limited (IEX) exclusively for renewable
• Hydro Purchase Obligation- HPO notified as a separate entity
energy, thus expected to deepen the green market and
within Non-Solar Renewable Purchase Obligation (RPO).
provide competitive price signals.
• Automatic Pass Through‑ Union Power Ministry directed With electricity falling under the concurrent list, reforms
state electricity regulators to adopt an ‘automatic pass‑through initiated at the central level will be subject to states’ Electricity
model’, requiring the state-run Discoms to pay higher tariffs to Regulatory Commissions’ discretion for implementation in the
power plants as soon as the cost of fuel escalates. respective states.

2. TATA POWER BUSINESS PORTFOLIO, OPPORTUNITIES AND OUTLOOK

The Company’s generation business operates under various business models across divisions in the domestic as well as international
markets with the PPA / Fixed Tariff model contributing to the largest share of the generation segment. The following is a summary of
the different business models under which various generation assets of the Company operate:
Capacity % Overall
Model Returns Project (MW) Capacity
Regulated Tariff Regulated Return on Equity Mumbai operations (Trombay and Hydro), Maithon 2,775 20.5
(ROE) Jojobera (Unit 2 and 3), TPDDL‑Rithala
PPA / Fixed Tariff (Renewables) Feed In Tariff+ Bid Driven Wind and Solar Projects (Domestic), TPTCL,TPDDL 3,400 25.2
PPA / Fixed Tariff (Bid / Others) Bilateral Agreement + Bid Jojobera (Unit 1 and 4), Mundra, Itezhi‑Tezhi, Hydro 4,685 34.7
Driven Projects, Georgia Hydro, IEL-Kalinganagar
Captive Bilateral Captive Agreement IEL (Unit 5, PH6, KPO), CKP (Indonesia) 429 3.2
Merchant Market Driven Haldia, Dagachhu 246 1.8
Under Platform Management PPA Based Prayagraj 1,980 14.6
Total 13,515 100
The Company had significant footprint in the power distribution business in the country and is present in the following areas:
No. of Customers
Model Returns Distribution Area / Entity (million)
Distribution Licensee Regulated Return on Equity (ROE) Mumbai Distribution 0.75
Public‑Private‑Partnership (PPP) Regulated + Bid conditions driven TPDDL, TPCODL, TPWODL, TPSODL and TPNODL 11.40
Distribution Franchisee (DF) Input energy growth and TPADL 0.16
investment driven
Total 12.31
The Indian market continues to remain the primary focus of be evaluating inorganic opportunities that might come up in
business for the Company. Currently, the domestic market hydro power generation assets. The Company is also looking
accounts for more than 95% of its generation capacity. As at opportunities in Waste Heat Recovery (WHR) based portfolio
highlighted earlier, the Company has plans in place to grow in through the JV (IEL) with Tata Steel Limited (Tata Steel).
the areas of renewable generation, transmission, distribution and
Additionally, the Company is evaluating growth opportunities in
new and service‑led businesses.
services for thermal and hydro plants by leveraging the technical
and operation expertise.
THERMAL AND HYDRO GENERATION

In line with its intent of achieving carbon neutrality by FY45, CONSUMER BUSINESSES
the Company plans to limit its exposure to coal-based projects
The Company has major plans to scale up consumer businesses,
and does not intend to expand its existing portfolio, offsetting
such as rooftop solar, EV charging, solar pumps, microgrids,
the generated carbon dioxide (CO2) storage, etc. to achieve net
energy efficiency solutions, and home automation.
zero emission of greenhouse gases. the Company is promoting
carbon neutrality, which will not only reduce carbon emissions We have collaborated with electric vehicle Original Equipment
constantly, but also decrease the concentration of air pollutants, Manufacturers (OEMs) to roll out EV charging infrastructure
thus improving air quality. The Company does not have any and aim to expand our presence further in many cities of India.
greenfield or brownfield expansion plans in the near term, but The Company has also developed a robust software platform
would continue to maintain the existing thermal and hydro for customers of EV charging, and has released a mobile-based
operations in a sustainable manner. The Company will, however, application (Tata Power EZ Charge) for the same. This would

enable us to offer value-added services to our customers. With 3. BUSINESS PERFORMANCE

the increase in EV adoption, the Company plans to cover the
Consolidated operations of the Company can be categorised
segments of home, workplace and captive charging (including
into four segments: generation, transmission and distribution,
e-Bus charging) through different models and approaches. We
renewables and others. Report on the performance and financial
are also actively evaluating opportunities in the electric 3-wheeler
position of each of the subsidiaries, JVs and associate companies
and 2-wheeler charging market.
has been provided in Form AOC-1.
In the space of rooftop solar, the Company has presence
The Company’s business performance in FY22 was higher mainly
in more than 180 districts of India and has rolled out
due to full year impact of Odisha Discoms, favourable order in
differentiated value‑added services with its offerings across
RE generating companies, lower finance cost and improved
segments (residential, commercial and industrial, including
performance across all business offset by higher loss in Tata
corporates, owners, MSMEs, institutions and small commercial
Projects. A sizable portfolio of the Company’s business under the
establishments). The Company has recognised the opportunities
regulated framework provides a steady and reliable source for
arising in rooftop solar and is developing new offerings and
its finances. Also, the Company’s portfolio is suitably structured
models to enhance its adoption among consumers, including
to capitalise on favourable market conditions for market-linked
financing solutions, extending the EPC model, recurring revenue
businesses in its portfolio, while ensuring stable returns from the
model and other value-added offerings.
regulated businesses.
We have installed over 191 microgrids till March 2022 and are
Highlights of the operational performance of key entities are
evaluating numerous approaches and models for scaling up this
listed below:
business. We have been successful in benefiting a rural consumer
base of over 14,000 consumers. As a part of value-added services,
we have launched a mobile app and EMI scheme for new
connections and are providing energy efficient appliances.
The Company has identified eight business-wide Strategic
RENEWABLES
Business Objectives (SBO) for a focused approach towards
capitalising the opportunities. You may refer to page number ……
of the Integrated Report for a detailed explanation of these SBOs TATA POWER RENEWABLE ENERGY LIMITED (TPREL & ITS
along with goals and action plans to achieve these objectives. SUBSIDIARIES) (2,079 MW)
Type of Entity: Wholly-owned subsidiary (TPREL, TP Wind Power,
TP Kirnali and TP Solapur)
Particulars FY22 FY21
Generation‑Sales (MUs) 3,078 2,611
Revenue from Operations (₹ crore) 1,435 1,143
PAT (₹ crore) 195 13
Higher sales were due to addition of 652 MW solar capacity during

the year and higher PLF from wind capacity.
PAT for the year increased on account of additional
capacities commissioned, coupled with one-time impact of
₹ 126 crore pertaining to favourable tariff order, judgements
and compensations.
TP Kirnali Limited is currently executing 220 MW solar PV projects
under long-term PPAs in Gujarat and Maharashtra. 120 MW
capacity is under execution in Gujarat with Gujarat Urja Vikas
Nigam Limited (GUVNL), and 100 MW capacity is under execution
in Maharashtra with Maharashtra State Electricity Distribution
Company Limited (MSEDCL).
The commissioned capacity plus capacity under execution by
TPREL and its direct subsidiaries at the end of FY22 was 2,299 MW,
which included TPREL standalone (2,049 MW), TP Kirnali Limited
(220 MW under execution) and TP Wind Power Limited (30 MW).

WALWHAN RENEWABLES ENERGY LIMITED ‑ WREL TATA POWER SOLAR SYSTEMS LIMITED – TPSSL
(CONSOLIDATED) (1,010 MW) Type of entity: Wholly‑owned subsidiary
Type of entity: Wholly‑owned subsidiary of TPREL Particulars FY22 FY21
WREL has an operating capacity of 1,010 MW, out of which 864 MW Revenue from Operations (₹ crore) 8,506 5,119
is solar power and 146 MW is wind power. A major part of the PAT (₹ crore) 161 208
capacity is in Tamil Nadu, followed by Rajasthan, Madhya Pradesh,
Karnataka and Andhra Pradesh. TPSSL continues to demonstrate significant growth driven
The generation achieved by WREL in FY22 was 1,676 MUs, by growing demand for renewable power in the country and
marginally higher than 1,659 MUs achieved in FY21. In FY22, the capabilities of the Company, which have been augmented
availability of wind and solar assets of WREL has improved through over time.
various initiatives taken during last two years. Wind generation The sales from the large projects segment, which contributes a
has also been better in FY22 as compared to FY21. major portion of sales for TPSSL, has increased by 54% as compared
Particulars FY22 FY21 to the previous year. Further, the revenue from rooftop solar and
Generation Sales (MUs) 1,663 1,645 products segments increased by approximately 2.5 times and
2 times respectively, as compared to the previous year and had
an order book of 184 MW.
PAT (₹ crore) 441 320
During the year, TPSSL has commissioned 1.5 GW of utility‑scale
PAT has increased mainly due to one-time impact of ₹ 56 crore solar projects and has an additional 3 GW under execution
pertaining to favourable tariff orders / judgements coupled with amounting to ₹ 12,000 crore.
reduction in finance cost due to prepayments of borrowings
made in FY21 / FY22 and downward interest rate resets. During the year, TPSSL stabilised its manufacturing operations
of the newly commissioned Cell and Module lines, which have
significantly augmented the production capacity and capability
RENEWABLES ‑ CAPTIVE (105 MW) to manufacture modules of 440 Wp.
Type of Entity: Subsidiary (Poolavadi, Vagarai, TP Kirnali Solar,
TP Solapur Solar and TP Akkalkot) TP RENEWABLE MICROGRID LIMITED
Particulars FY22 FY21 Type of entity: Wholly‑owned subsidiary
Generation Sales (MUs) 163 85 TP Renewable Microgrid has been setting up microgrids in rural
Revenue from Operations (₹ crore) 62 35 villages of Bihar (six districts) and Uttar Pradesh (seven districts).
PAT (₹ crore) (4) (10) As of March 31, 2022, the Company has commissioned
191 microgrids with an installed capacity of 5.73 MW, serving more
Loss has lowered in FY22 mainly due to capacity addition during than 14,000 rural consumers.
the year, full year impact of capacity commissioned in the previous
year and higher generation from wind sites. The Company has been creating a green footprint in rural
India. Various ‘Do Green’ initiatives are getting deployed, which
reduce environmental (air and noise) pollution and reduce
RENEWABLES ‑ OTHERS (174 MW) consumer dependence on fossil fuels and alleviate poverty. Few
Type of Entity: Wholly‑owned subsidiary (Tata Power Green, TP green flagship programs are DG to MG Conversion (migration
Saurya,TP Roofurja, Chirasthayee Saurya and TP Solapur Saurya); of diesel operated motors to electrical operated motors of
Division (Nivade and Visapur) micro-entrepreneurs), financing for energy efficient motors (for
consumers on EMI), green irrigation for farmers (diesel pumps
replaced with electric pumps and linked to income generation),
Generation Sales (MUs) 276 263
Nari Shakti (self-defence training for new women police cadets),
Revenue from Operations (₹ crore) 120 127 empowering women entrepreneurship (green electricity with
PAT (₹ crore) 15 33 financial stimuli), development of new village level entrepreneur
(VLE) for launching a new business in the rural community using
PAT has decreased in FY22 mainly due to lower rates offset by
microgrid supply.
higher generation on account of higher average wind speed.

The Company not only deployed various new technologies, Loss in FY22 was higher as compared to FY21 mainly due to lower
and enabled process automation and digitalisation for business capacity revenue on account of lower units in operation partly
sustainability, but also showed impetus for digital transformation offset by lower fuel under‑recovery, effective coal procurement
at the rural community level. The Company has released a strategy and reduction in finance cost on pre‑payment of
microgrid power supply to UP’s 1st Green, Digital and Smart long‑term loans.
Village at Rewana in Lakhimpur District, thereby benefiting more
Under‑recovery of fuel cost is listed below:
than 100 underprivileged customers. Further, to improve digital
payment penetration for its rural consumers, the Company, apart Particulars FY22 FY21
from providing physical outlets for payment collection through (in ₹ crore) (527) (1,019)
payments bank rural outlets, has also collaborated with Common (in ₹ per kWh) (0.63) (0.42)
Service Centres (CSC) for payment collection at their centres and
Bharat Bill Payment System (BBPS) for payment collection through * Fuel under‑recovery consists of total coal cost under recovery
mobile phones. (Fuel revenue net of coal costs) and non-cash impact of Ind-AS 116 of
₹ 243 crore and ₹ 260 crore for FY22 and FY21 respectively..
TATA POWER HYDROS (447 MW) The Company continues to engage with the procuring states to
find a solution for long-term commercial viability of the plant
Type of entity: Division
and the supplementary PPA is in advanced stage of discussion
Particulars FY22 FY21 with procurers.
Generation Sales (MUs)* 1,566 1,500
Mundra is also making efforts to reduce losses through initiatives
*Includes sales to Company's distribution division like sourcing of low-cost coal from other geographies, and
increasing blending of low calorific value coal.
During the year, generation sales were higher, mainly due to
increase in storage capacity in Mulshi reservoir, and increased
demand for hydro power by beneficiaries. Availability for the
year was 98.77% in line with previous year. Reduction in Aux
Power Consumption (APC) was achieved through various energy
conservation measures under sustainability initiatives and
COAL AND INFRASTRUCTURE COMPANIES
6-Sigma projects.
The Company, through its subsidiaries, holds a 30% stake in
PT Kaltim Prima Coal (KPC) and a 26% stake in PT Baramulti
Suksessarana Tbk (BSSR), which are strategic assets to hedge
imported coal price exposure at Mundra, and form an important
part of the supply chain for its coal off-take requirements.
MUNDRA, COAL AND RELATED INFRASTRUCTURE We have signed an agreement in the earlier year to sell our 30%
COMPANIES stake in PT Arutmin Indonesia and associated companies in coal
trading and infrastructure. The aggregate consideration for the
MUNDRA THERMAL PLANT (4,150 MW) stake is $ 401 million, subject to certain closing adjustments and
Type of entity: Division [erstwhile Coastal Gujarat Power Limited restructuring actions. The Company received $ 243 million till
(CGPL)] March 2022, and is pursuing steps to conclude this transaction.
Particulars FY22 FY21 The mining licence for KPC has been renewed for 10 years in
Generation Sales (MUs) 8,361 24,536 December 2021, with a total area of 61,543 ha. The government
of Indonesia has changed several regulations effective
January 1, 2022, such as royalty with tier rate depending on HBA
PAT (₹ crore) (1,651) (637)
price of coal, new corporate tax rate of 22%, obligation to pay
VAT as per prevailing law, and 10% profit sharing to government.

PT Kaltim Prima Coal, Indonesia

Coal Production (Million Tons) 52.9 59.1
Revenue from Operations* (₹ crore) 34,206 21,663 THERMAL GENERATION
PAT* (₹ crore) 4,615 910
*Figures are on 100% basis. The Company’s share is 30% MAITHON POWER LIMITED‑ MPL (1,050 MW)
Type of entity: Subsidiary (Tata Power: 74%, DVC: 26%)
KPC’s coal production was impacted due to incessant heavy
rainfall during the second half of the financial year. The coal Particulars FY22 FY21
price realisation for the year was at $ 85.2/tonne as compared to Generation Sales (MUs) 7,215 5,819
$ 48.8/tonne in the previous year. KPC’s profitability was higher Revenue from Operations (₹ crore) 2,782 2,503
due to an increase in the international coal price index. PAT (₹ crore) 281 311
Profit for the FY22 is lower mainly due to one-time impact of order
PT Baramulti Suksessarana Tbk and PT Antang Gunung
issued by the CERC during the year.
Meratus, Indonesia
MPL maintained its strong financial position as evident from
the ratings given by CARE and CRISIL for the long-term facilities
Coal Production (Million Tons) 13.3 10.7
(CARE AA Stable and CRISIL AA+) and short-term (CRISIL A1+) bank
Revenue from Operations* (₹ crore) 5,413 2,358 facilities. MPL started coal transportation through railway mode
PAT* (₹ crore) 1,642 222 during the year.
*Figures are on 100% basis. The Company’s share is 26% The construction work for setting up of the flue gas
PAT is higher due to higher average price realisation at desulphurisation (FGD) has started and expected to be completed
$ 55.6/tonne as compared to $ 29.7/tonne in the previous year. as per the agreed timelines.
PT Nusa Tambang Pratama, Indonesia (Infrastructure INDUSTRIAL ENERGY LIMITED‑ IEL (415 MW)
Company) Type of entity: Subsidiary (Tata Power: 74%,
Tata Steel: 26%) (Joint Venture under Ind AS)
Revenue from Operations* (₹ crore) 815 935 Particulars FY22 FY21
PAT* (₹ crore) 466 653 Generation Sales (MUs) 2,999 2,845
Revenue from Operations (₹ crore) 300 298
*Figures are on 100% basis. The Company’s share is 30%
PAT (₹crore) 121 112
PAT is lower mainly due to the reduction in rates and lower
tonnage of coal handled during the year. IEL operates a 120 MW tolling coal-based plant in Jojobera.
It also operates a 120 MW co-generation plant (Powerhouse #6)
in Jamshedpur, inside the Tata Steel plant, which is based on
TRUST ENERGY RESOURCES PTE. LIMITED- (TERPL) blast furnace and coke oven gas. Two out of the three units of
Type of entity: Wholly-owned subsidiary of Tata Power 67.5 MW each of co-generation plant at Kalinganagar, Odisha, are
International Pte Limited (TPIPL) also under operation by deploying production gases from Tata
Steel’s plant.
Revenue from Operations (₹ crore) 538 1,003 PAT for the year is higher due to reduction in finance cost due to
PAT (₹ crore) 8 608 scheduled repayment of loan offset by lower PLF incentives.
Post-sale of vessel in FY21, TERPL continues to perform freight IEL is in an advanced stage of executing the third turbine of
services for Mundra at an optimised freight rate under the 67.5 MW co-generation plant at Kalinganagar, Odisha and Domjuri
Unified Freight Contract. Revenue and PAT for FY22 has reduced Solar Plant (15 MW), based on discussions with Tata Steel.
on account of reduction in number of shipments due to lower
offtake from Mundra.

TROMBAY (930 MW)

Generation Sales (MUs)* 5,153 4,703 TRANSMISSION
*Includes sales to Company's distribution division
MUMBAI TRANSMISSION
Trombay plant achieved an availability of 92.1% in FY22 as
compared to last year’s availability of 92.3%. Higher generation
in FY22 is mainly due to surge in demand post COVID period. Particulars FY22 FY21
Unit 8 LP turbine and boiler overhauling and Unit 7 STG blade Grid Availability (%) 99.9 99.9
replacement have been successfully completed. Trombay plant
had undertaken several operational improvement measures, The transmission assets, which are a part of the Mumbai licence
including reduction in make-up losses, optimising operational area, had a grid availability of 99.9% in FY22 as against the
expenses and reducing store inventory. Maharashtra Electricity Regulatory Commission (MERC) norm
of 98%. Availability was maintained at high levels by proactive
actions taken to reduce forced shutdowns. Key initiatives
JOJOBERA (428 MW) included, effective preventive maintenance practices, adoption
Type of entity: Division of new technology and digitalisation initiatives for condition
monitoring and optimisation of planned outages by judicious
planning and execution.
Generation Sales (MUs) 2,814 2,523
Jojobera plant achieved availability of 96% in FY22 as compared POWERLINKS TRANSMISSION LIMITED – PTL
to last year’s availability of 93%. Higher generation in FY22 is
Type of entity: Subsidiary (Tata Power: 51%, PGCIL: 49%) (Joint
mainly due to surge in demand post COVID period. Jojobera plant
Venture under Ind AS)
has secured 1.28 lakh MT coal through special forward e-auction
for FY22. Particulars FY22 FY21
Revenue from Operations (₹ crore) 139 117
HALDIA (120 MW) PAT (₹ crore) 91 102
Type of entity: Division The average availability of the lines was maintained at same level
as in previous year (i.e., 99.96%).
Generation Sales (MUs) 792 655 Revenue for the year is higher mainly due to recovery of way leave
charges from beneficiaries. PAT is lower mainly as previous year
Generation sales in FY22 were higher than previous year mainly including one-time tax impact .
due to improvement in flue gas availability from Tata Steel coke
oven plant, on account of higher demand of coke. Significant
improvement in PLF in FY22 of 87% compared to previous year
level of 72% is due to several operational improvement measures,
such as enhancing boiler and coke oven performance through
collaborative approach with Tata Steel, and reduction in high
energy steam loss.

TATA POWER DELHI DISTRIBUTION LIMITED – TPDDL

Type of entity: Subsidiary (Tata Power: 51%, Government of
National Capital Territory (NCT) of Delhi: 49%)
DISTRIBUTION Particulars FY22 FY21
Distribution Sales (MUs) 8,787 8,347
MUMBAI DISTRIBUTION Revenue from Operations (₹ crore) 7,978 7,297
Type of entity: Division PAT (₹ crore) 439 428
Particulars FY22 FY21 In FY22, TPDDL had a registered customer base of 18.82 lakh,
Sales (MUs) 4,851 4,184 spanning across an area of 510 sq. km. in north and north-west
Consumer Base (Nos.) 7,47,458 7,30,515 parts of Delhi. The AT&C losses for the year stood at 6.8% as
against 7.3% last year .
Mumbai Distribution has added approx. 17,000 customers in FY22
and MUs sales increased by 16% during the year, mainly due to TPDDL was able to reduce the System Average Interruption
increase in demand as compared to the previous year. Duration Index (SAIDI) to a level of 13.2 hours against 16.6 hours
in the previous year, an improvement of 21%. TPDDL has adopted
Some key highlights of the Mumbai distribution business, TQM framework for taking operational excellence to the next level.
including certain initiatives to improve customer experience, are:
Average System Availability Index has improved from 99.80% to
• More than 16,000 consumers opted for green power tariff with 99.84%.
annualised consumption of 176 MUs.
TPDDL has also added solar generation as a part of its sustainable
• Over 3.4 lakh consumers have opted for e-bills. WhatsApp bill initiatives since 2008 and has installed 15 solar plants on the
services were launched in FY22 and 1 lakh+ consumers opted rooftop of its grid sub-stations, with a total generation capacity of
for the same. 1.8 MW. It also has a total net metering cumulative capacity of 46.8
• 42,500 smart meters installed under Smart Meter Rollout MWp. The Company is now working on setting up a smart grid
project in Mumbai. with the integration of roof top solar, energy storage, e-charging
of electric vehicles, home automation, etc. in its network.
• NABL Accreditation received as per IS 16,444 for meter testing
and calibration laboratory. Key initiatives undertaken by TPDDL during the year are:
• Wi-Fi devices and mobile applications were developed for • Digital Payment Index increased to 84% in FY22 compared to
meter reading and data transfer for real time billing. 77.5% in last year
• Deployment of Robotic Process Automation (RPA) in • The Company sustained system reliability at 99.84% and
business processes. touched the peak load at 2106 MW during the year. Street light
functionality was 99.2%, there were 590 collection avenues,
• Social advancement for knowledge and household income customer delight index was 96, and billing efficiency and
-134 Sakhis enrolled for bill delivery and recovery. collection efficiency were at 92.9% and 100.4% respectively,
• 100+ EV chargers installed in societies. as on March 31, 2022.
• 2,000+ lead generated for home automation. • TPDDL in partnership with AutoGrid has launched a unique
Incentive linked Behavioral Demand Response program to
• UJALA-Braille Electricity Supplementary Bills launched for support effective utilisation of smart meters and reduce
visually impaired consumers. network management cost.
• A Patent has been granted to Tata Power Mumbai Distribution • TPDDL has been recognised as the first power distribution
for voice-assisted switchgear innovation. utility in the country to receive CERT-In empanelment as an
• Won 3 Gold Awards in ICCQC 2021 and 6 Par Excellence Awards Information Security Auditing Organisation (related to cyber
in NCQC. security)
• Launched an interactive bill service through WhatsApp with
audio description, six months billing history and nearby
payment avenues along with existing offers and schemes.

• Launched various energy efficiency programmes such as In FY22, TPCODL has a registered consumer base of 29.38 lakh
5-star AC replacement scheme, super-efficient BLDC fan, LED spanning over an area of 29,354 sq.km in central part of Odisha.
lighting products, which helped energy savings of 108 MUs The AT&C loss stood at 26.7%.
and 88,480 KG CO2 reduction since FY15
PAT for the year has increased mainly due to full year operation
• Under the Horizon 2020 program, funded by the European coupled with lower AT&C losses.
Union, TPDDL is carrying out a pilot exercise of deploying an
The key initiatives taken up by TPCODL are as under:
energy islanding system at one of its distribution sub-stations
with the aim of creating a model for individual community- • 96,605 new connections with a load of 310.5 MW have been
based storage systems. The project has deployed a holistic energised during the year
approach, including community engagement and technology
• Booked theft load of 90.5 MW and recovered ₹ 22.4 crore
deployment to create a successful model.
during FY22
• Partnered with SUN Mobility to set up a network of swap
• Integrated 113 primary substations during the year.
points in New Delhi to cater to the growth of 2-wheeler
Cumulatively, 169 substations are being remotely monitored,
and 3-wheeler EV market, recently established the battery
out of which 86 are controlled from Central PSCC,
swapping station in Azadpur, Delhi.
Bhubaneswar. In FY22, 51 substations have been unmanned
• Collaborated with Nexcharge to power up India’s first grid
• 21 Area PSCC (APSCC) have been made operational in TPCODL
connected Community Energy Storage System (CESS) at Rani
for better monitoring of non-automated sub stations.
Bagh, Delhi
Works related to 33 kV and 11 kV are carried out through
PTW (Suraksha Kavach application). All breakdown-related
TP AJMER DISTRIBUTION LIMITED – TPADL trippings are entered into the application for near real
Type of Entity: Wholly-owned Subsidiary time information
Particulars FY22 FY21 • 3.9 lakh defective and mechanical single- phase meters
Distribution Sales (MUs) 488 461 have been replaced in FY22. This has led to an overall meter
Revenue from Operation (₹ crore) 431 418
replacement of 6.1 lakh
PAT (₹ crore) (0.34) 0.36 • 660 ‘Gaon Chalo’ Programs and RWA meets conducted to
reach out to rural customers. Various Pay and Win schemes
TPADL has been operating as a franchisee for the supply and introduced to enhance digital payment. 9 CCC (total 14) across
distribution of power in Ajmer, over the past five years. The total various divisions. Mobile cash collection van introduced.
area under the franchisee is around 190 sq km. The total consumer
base in FY22 is 1.57 lakh and peak demand was 97.90 MW, which • 8 trolley mounted mobile sub stations have been introduced
has increased by 5% compared to last year. to mitigate any emergency
In FY22, PAT is lower mainly due to higher O&M expenses. • Rebar Lacing Pole has been tested at CPRI Bangalore and can
withstand 300 km/ hr. It is lighter and cheaper than H Pole and
For enhancing customer-centricity and reliability, various can be now used for disaster resilient network
initiatives were implemented, resulting in improvement in
business performance and reduction in AT&C loss to 9.5% in FY22
from 10.2% in the last year. Further reduction in provisional billing TP Northern Odisha Distribution Limited – TPNODL
from 1.6% in previous year to 1.2% in FY22 and increase in digital
Type of Entity: Subsidiary (Tata Power: 51%,
payment to 55% in FY22 compared to 49% in FY21.
GRIDCO Limited: 49%)
Particulars FY22
TP Central Odisha Distribution Limited – TPCODL
Distribution Sales (MUs) 4,392
Type of Entity: Subsidiary (Tata Power: 51%, Revenue from Operations (₹ crore) 2,722
GRIDCO Limited: 49%)
PAT (₹ crore) 74
Particulars FY22 FY21*
Distribution Sales (MUs) 6,722 5,226 During the year, the Company acquired 51% stake in TP Northern
Odisha Distribution Limited as a licensee to carry out the function
of distribution and retail supply of electricity, covering the
distribution circles of Balasore, Bhadrak, Baripada, Jaipur and
* Acquisition date June 1, 2020

Keonjhar in the state of Odisha for a period of 25 years effective • 500 smart meters installed for government consumers
from April 1, 2021. This added a further 19.10 lakh to the Company’s
• SCADA,GIS and 50-seater call centres made operational
customer base.
• Achieved reduction in energy theft to 53 MW against target
In FY22, TPNODL had a registered customer base of 20.89 lakh,
of 50 MW
spanning across an area of 28,000 sq. km. in northern parts of
Odisha. The AT&C losses for the year stood at 23.1%. • New Load added: 134 MW against target of 83 MW
TPNODL achieved the System Average Interruption Duration
Index (SAIDI) to a level of 455 hours and System Average
TP Western Odisha Distribution Limited – TPWODL
Interruption Frequency Index (SAIFI) of 680 Nos.
Type of Entity: Subsidiary (Tata Power: 51%,
Key initiatives undertaken by TPNODL during the year are: GRIDCO Limited: 49%)
• AT&C losses - 23.1% - reduction of 2%+ in the very first year Particulars FY22 FY21*
of operation Distribution Sales (MUs) 7,493 1,562
• 24 x 7 call centre and customer care centre started in 5 circles Revenue from Operations (₹ crore) 4,243 839
and launched ‘My Tata Power’ app with features of OCR based PAT (₹ crore) 64 (1)
self-meter reading/billing, bill payment, billing and payment
* Acquisition date January 1, 2021
history, online complaint registration, and others
In FY22, TPWODL had a registered customer base of 21.10 lakh.
• 18 primary substations mapped under unmanned SCADA
It has a vast distribution area in western part of Odisha covering
operation and 30 integrated
48,373 sq. km across nine revenue districts of Odisha, such as
• Received ‘Original Business Leader of the Year Award’ for Bargarh, Bolangir, Deogarh, Jharsuguda, Kalahandi, Nuapada,
innovative project of the year - aerial meter reading for rural Sambalpur, Sonepur and Sundergarh.
and lift irrigation customers
AT&C losses for the year stood at 27.7%. TPWODL has established
• Suraksha portal launched for reporting safety incidents/near Power System Control Center (PSCC) in TPWODL for complete
miss/unsafe situation/unsafe acts/others remote monitoring of the distribution network for any
abnormalities and helps in taking corrective measures within the
• Booked theft load of 72.2 MW and recovered ₹ 19.6 crore
stipulated time frame.
during FY22
SAIDI is measured to 424 hour and SAIFI is 600 Nos.
Key initiatives undertaken by TPWODL during the year are:
TP Southern Odisha Distribution Limited – TPSODL
Type of Entity: Subsidiary (Tata Power: 51%, • ‘My Tata Power,’ mobile application launched to digitally
GRIDCO Limited: 49%) empower 2.1 million electricity consumers and to generate
their Electricity Bills online by providing self-meter reading
Particulars FY22 FY21*
and instantly paying option, in addition to getting a chance to
Distribution Sales (MUs) 3,021 686 claiming a rebate of 4%
Revenue from Operations (₹ crore) 1,689 338
• Basic SCADA System was implemented to control and monitor
the 33/11 KV network
* Acquisition date January 1, 2021
• 24x7 call centre was established for 3 languages (Odia, Hindi
In FY22, TPSODL had a registered customer base of 23.82 lakh, and English) IVRS, and auto-forwarding of complaints and
spanning across an area of 48,751 sq. km. in the southern part of acknowledgments over SMS
Odisha. The AT&C losses for the year stood at 32.5%.
• Exclusive E- Care Centre has been set up for responding to
TPSODL achieved the SAIDI of 155 hours and SAIFI of 233 Nos. consumer queries, requests, complaints, and grievances
through e-mails, letters and social media
Key initiatives undertaken by TPSODL during the year are:
• Interactive Voice Response System (IVRS) was developed for
• 3 lakh single phase and 12,000 three phase defective meters
capturing mobile numbers and e-mail ids to improve consumer
were replaced
reachability and other service-related communications
• 25 digital payment avenues made available to the consumers
• Load of 416 MVA added

• 1,34,817 man-hours of safety training provided and safety for e-buses used by multiple state transport utilities. During the
practices created in 17 divisions year, the Company rolled out Version 2.0 of its software platform
and mobile app that plays a crucial role in EV charging by helping
• Constructed 427 DTR fencing for public safety and
customers in locating EV charging stations, charging EVs and
elephant corridor
making bill payments online. Tata Power EV charging points are
• Enforcement load of 80.9 MW booked and recovered now present in more than 352 cities and various key highways
₹ 19.1 crore under various business models and market segments. The
Company aims to increase its presence, both in terms of a greater
number of charging stations and larger geographical presence
TATA POWER TRADING COMPANY LIMITED ‑ TPTCL across the country.
Type of Entity: Wholly owned subsidiary CONSUMER BUSINESSES‑ HOME AUTOMATION
Particulars FY22 FY21 The Company has developed IoT-based home automation
Traded (MUs) 19,433 10,626 solutions and introduced home automation products as a part of
Revenue from Operations (₹ crore) 374 265 its smart energy management tool. The purpose is to encourage
PAT (₹ crore) 55 33 customers to implement efficient and cost-effective home
automation solutions to manage their electricity usage. These
TPTCL’s sales volumes are 19,433 MUs in FY22 with an increase products enable customers to monitor, operate and schedule
of 83% over last year. Further, PAT is also 65% higher than last any kind of home appliances such as AC, geyser, light and fan
year's actuals on account of higher volumes due to high demand from anywhere through EZ home app and can also be operated
and increased participation through tenders as well as in power through voice-enabled devices The Tata Power EZ home products
exchange. There is optimum utilisation of the working capital sold across India through some solar rooftop channel partners.
cycle along efficient receivable management, resulting in In addition, we have also initiated sales of our home automation
negligible finance costs and higher interest incomes. TPTCL has products through e-commerce platforms and modern retail
no long‑term or any short‑term borrowings and can be termed as stores. The annual sale of FY22 was 33,373 units.
a debt free company.
INTERNATIONAL BUSINESSES
DAGACHHU HYDRO POWER CORPORATION LIMITED ‑ DHPC

(126 MW)
Type of Entity: Associate (Tata Power 26%, DGPC & Affiliates:
OTHER BUSINESSES SERVICES
74%)
In FY22, the services division of T&D worked on assignments in
diverse geographies in India and abroad. T&D services added
large scale implementation projects in India, which include Generation Sales (MUs) 587 536
smart metering of 37 lakh consumers for KSEB Kerela, and smart Revenue from Operations (₹ crore) 184 181
grid implementation for BEST, Mumbai. International advisory PAT (₹ crore) 34 65
assignments during the year include consulting for smart metering
*Figures are on 100% basis. The Company’s share is 26%
for Oman, and management and technical advisory for Tajikistan.
CONSUMER BUSINESSES‑ EV CHARGING
ADJARISTSQALI NETHERLANDS BV (ABV)
The Company has made a significant impact in developing an EV
Type of Entity: Joint Venture
ecosystem and we are encouraging EV adoption in the country.
(TPIPL: 50%, Clean Energy Invest: 50%)
The Company is committed to playing a key role along with
other stakeholders in achieving the national goal of transition to Adjaristsqali Georgia LLC (AGL) is wholly owned subsidiary of ABV.
electric-mobility. Tata Power partnered with Tata Motors, Morris AGL has developed a 187 MW hydropower project (Shuakhevi
Garages India Limited and Jaguar Land Rover for developing and Skhalta projects) on the Adjaristsqali river and its tributaries
EV charging infrastructure for their customers and dealers and in Georgia. This is one of the largest infrastructure investments
installed 2,253 charging points across the country, including those in Georgia.

Based on the operational performance in the last two years, the • WhatsApp integration: WhatsApp integration has been
Company, during the year, reassessed the recoverability of its completed for sending bill generation messages to consumers,
investment in ABV and accordingly, has recognised an impairment who have provided their consent for availing the facility
provision of ₹ 150 crore in the consolidated financial results.
Investment in ABV is shown as ‘assets held for sale’ during the year. Initiatives to enhance employee productivity, experience and
learning
DIGITAL INITIATIVES
• Employee Mobile App: Single mobile app available for
The Company is focussed on leveraging digital technologies
employees that enables to fetch information and carry out
and solutions across the different business segments to achieve
various tasks on mobility
operational efficiency, enhance consumer experience, create
competitive differentiation by providing digital platforms and • Do Green App: Mobile App to enable employees to contribute
support the business growth. All of these have led to a significant towards the organisational goal of carbon reduction
increase in digitalisation across the Company.
• Stakeholder Suraksha App: Has improved safety awareness
Tata Power Digital and IT services have aligned with the accepted in vendors / contractor workforce, which in turn has led to
global benchmarks with its sustained certification for Integrated improve the safe working environment and safety indices of
Management System (IMS) comprising ISO 27001:2013 and the plant
ISO 9001:2015 for digital and IT in March 2020, and will go for
recertification in FY23 after successful closure of two cycles of Initiatives for business growth
surveillance audits. • Enabled the EV platform with new booking / cancellation
Some of the key initiatives across business/functions during the facility, customer review, RFID card-based charging, additional
year are as follows: payment channels for customers, etc. Also, added features for
housing society and home accounts
Initiatives to enhance customer experience
• New features added for rooftop platform, like channel
• Smart meter consumer analytics: Personalised insights
partner account statement, tracking of leads, smartruck
regarding the consumption trends and savings potential
salesforce integration for shipment tracking, monitoring and
provided on the customer portal. Self-service facility has also
management of the entire field sales team
been enabled for the consumers to subscribe / unsubscribe to
alert notifications • Mobile app and consumption analytics launched for home
automation customers with dashboard, developed for call
• Prepaid metering and billing: Implementation of prepaid
centre agents to resolve customer queries quickly
metering using smart meter interfaces like daily meter
reading, meter operational state, remote disconnection and
Initiatives to enhance operational efficiency (asset
remote reconnection post recharge
performance and digitalisation of processes)
• Transmission lines image analytics: Use of AI / ML to build a • Field Force Automation: Deployment of meter installation,
model that provides analytics for predictive decision-making replacement and removal app, which is integrated with GIS
and also to derive valuable insights and actionable items for and various map functionalities
eliminating safety hazards
• Robotic Process Automation: Robotic Process Automation
• Consumer sentiment analysis: Feedback received from (RPA) implemented in various functions of consumer billing
consumers through various digital channels is collated and and meter reading, finance and HR, which has reduced the
analysed using Natural Language Processing (NLP) and cycle time and also improved workforce productivity
classified into 3 categories viz. positive, negative and neutral.
This has enabled the customer relationship team to provide • Condenser Vacuum Optimisation: Predictive analytics
better services by diagnosing the problems and taking for vacuum level of condensers and real time monitoring to
informed decisions reduce losses and improve power plant operations

4. FINANCIAL PERFORMANCE – STANDALONE TRANSMISSION CHARGES

The Company recorded a profit after tax of ₹ 2,783 crore during (₹ in crore)
the financial year ended March 31, 2022 (PAT was ₹ 294 crore in %
Particulars FY 22 FY 21 Change Change
FY21). Both the basic and the diluted earnings per share were at
₹ 8.61 for FY22. During the year, National Company Law Tribunal Transmission Charges 259 258 1 0.4
(NCLT) issued an order for merger of Coastal Gujarat Power Transmission charges is in line with PY.
Limited (CGPL) and Af-taab with the Company effective April 1,
2020 and accordingly previous year figures are restated. EMPLOYEE BENEFIT EXPENSES
The analysis of major items of the standalone financial statements (₹ in crore)
is shown below. %
REVENUE Employee Benefit Expenses 738 697 41 6
(₹ in crore)
%
Employee benefit expenses are higher mainly due to
Particulars FY 22 FY 21 Change Change normal increment.
Revenue from Operations 11,108 13,169 (2,061) (16)
Regulatory Deferral Balances 134 300 (166) (55)
FINANCE COSTS
including deferred tax (₹ in crore)
recoverable/(payable) %
Total 11,242 13,469 (2,227) (17)
Finance Costs 2,189 2,497 (308) (12)
The decrease in revenue is mainly due to lower generation in
Mundra due to unit shutdown on account of higher coal prices. Finance costs were lower mainly due to refinancing of borrowings
at lower interest rates.
OTHER INCOME
(₹ in crore) DEPRECIATION AND AMORTISATION
% (₹ in crore)
Particulars FY 22 FY 21 Change Change %
Interest Income 250 180 70 39
Depreciation and Amortisation 1,134 1,235 (101) (8)
Dividend Income 2,640 998 1,642 165
Gain/(Loss) on Investments 8 23 (15) (65) Depreciation has decreased mainly due to sale of winds assets to
Other Non‑operating Income 89 59 30 51 TPREL and Tata Power Green Energy Limited (TPGEL).
Total 2,987 1,260 1,727 137
OPERATIONS AND OTHER EXPENSES
The increase in Other Income is mainly due to higher dividend (₹ in crore)
income from foreign subsidiary. %
COST OF POWER PURCHASED AND COST OF FUEL Repairs and Maintenance 479 441 38 9
(₹ in crore)
Others 718 628 90 14
%
Total 1,197 1,069 128 12
Cost of Power Purchased 798 581 217 37 Repairs and maintenance expenses are higher mainly due to
Cost of Fuel 6,569 7,842 (1,273) (16) repairs work related to SCADA projects in MO-Transmission being
charged off to P&L account, based on MERC order. Other expenses
Cost of power purchased was higher on account of increase in are higher due to forex loss.
power purchase price. Cost of fuel was lower mainly due to lower
generation in CGPL.

EXCEPTIONAL ITEMS‑ CONTINUED OPERATION TAX EXPENSES / (CREDIT) FOR CONTINUED

(₹ in crore) OPERATIONS
% (₹ in crore)
Particulars FY 22 FY 21 Change Change %
Gain on sale of Investment in 1,519 Nil 1,519 NA Particulars FY 22 FY 21 Change Change
Subsidiary Current Tax (105) 207 (312) (151)
Standby Litigation Nil (109) 109 (100) Deferred Tax (9) (105) 96 (91)
Provision for Impairment of (107) Nil (107) NA Deferred Tax Relating to (739) Nil (739) NA
Investments Earlier Year
Total 1,412 (109) 1,521 (1,395) Remeasurement of Deferred 360 Nil 360 NA
Tax on Account of New Tax
Gain on sale of investment in subsidiary Regime (net)
During the year, the Company has sold its investment in TERPL, a Total (493) 101 (594) (588)
wholly owned subsidiary of the Company to TPIPL another wholly
owned subsidiary of the Company for a consideration of ₹ 2,127 Current tax
crore ($ 286 million) and recognised a profit amounting to ₹ 1,519 Subsequent to the merger of the erstwhile CGPL with the Company
crore in the financial results. with effect from April 1, 2020, the Company has reassessed its
provision for current taxes and has written back an amount of
Provision for impairment of investments
₹ 105 crore during the current year pertaining to earlier year.
During the year, the Company has reassessed the recoverability of
its investment in ABV, held through its wholly owned subsidiary Deferred tax
TPIPL based on the current operational performance and During previous year, the Company entered into a Business
accordingly, has recognised an impairment provision of ₹ 107 Transfer Agreement with TPREL and TPGEL, wholly-owned
crore as an exceptional item in the financial results. subsidiaries, for the transfer of renewable assets (forming part
of renewable segment) as a ‘going concern’ on a slump sale
Standby litigation
basis effective on or after April 1, 2021. Consequently, as per
In the previous year, MERC vide its order dated March 30, 2020 the requirement of Ind AS 12, the Company has reassessed its
allowed the recovery of part of the total standby litigation amount deferred tax balances including its unrecognised deferred tax
from consumers. During the previous year, MERC vide its order assets on capital losses and has recognised gain of ₹ 131 crore.
dated December 21, 2020, revised its earlier order and disallowed
the recovery of said standby charges. Consequently, the Company Deferred tax relating to earlier year
has recognised an expense of ₹ 109 crore (including carrying cost) The Company has also reassessed the recoverability of unabsorbed
and disclosed it as an exceptional item. depreciation and brought forward tax losses post merger and has
recognised deferred tax asset amounting to ₹ 969 crore and has
EXCEPTIONAL ITEMS‑ DISCONTINUED OPERATION written off deferred tax asset on capital losses amounting to ₹ 230
(Strategic Engineering Division) crore during the current year.
(₹ in crore)
Remeasurement of deferred tax on account of new tax
%
regime (net)
Impairment Loss on (468) (160) (308) 193 The Company has transitioned to the new tax regime effective
Remeasurement to Fair Value April 1 2020 and accordingly, the Company had remeasured its
tax balances and reversed the deferred tax asset amounting to
During the previous year, the Company had sold its Strategic ₹ 360 crore.
Engineering Division (SED) to Tata Advanced Systems Limited
(TASL). During the year, the Company has reassessed the fair
value of the contingent consideration receivable and recognised
an impairment loss of ₹ 468 crore as an exceptional item in the
financial results (₹ 160 crore in previous year).

TAX EXPENSES FOR DISCONTINUED OPERATIONS TRADE RECEIVABLES

% %
Particulars FY 22 FY 21 Change Change Particulars FY 22 FY 21 Change Change
Current Tax Nil (101) 101 (100) Non‑current Nil Nil Nil Nil
Deferred Tax Nil (72) 72 (100) Current 1,027 1,580 (553) (35)
Total Nil (173) 173 (100) Total 1,027 1,580 (553) (35)
During FY21, the Company completed sale of its SED business Decrease in trade receivables is mainly due to lower billing in
to TASL. Mundra on account of lower generation and higher recovery of
dues in Mumbai operations.
PROPERTY, PLANT AND EQUIPMENT, INVESTMENT
PROPERTY AND INTANGIBLE ASSETS LOANS
% %
Property, plant and equipment 20,875 21,602 (727) (3) Non‑current 453 454 (1) (0.2)
Right of Use Assets 2,834 2,831 3 0.1 Current 1,328 1,336 (8) (0.6)
Intangible Assets 37 61 (24) (39) Total 1,781 1,790 (9) (0.6)
Capital Work‑in‑Progress 965 322 643 200
No major change in the loan balance during the year.
Total 24,711 24,816 (105) 0.4
The above assets decreased mainly due to transfer of renewable FINANCE LEASE RECEIVABLE
assets to TPREL and TPGEL in FY22 offset by increased (₹ in crore)
capex spending. %
NON‑CURRENT INVESTMENTS Non‑current 521 530 (9) (2)

(₹ in crore) Current 43 37 6 16
% Total 564 567 (3) (0.5)
Finance lease receivable reduced due to recovery of lease rentals
Investment in Subsidiary, JV 9,543 9,236 307 3
and Associate
offset by new contracts undertaken in EV business segment
during the year.
Statutory Investments 124 168 (44) (26)
Others 1,044 558 749 87
OTHER FINANCIAL ASSETS
Total 10,711 9,962 749 8 (₹ in crore)
Non-current investments increased mainly due to infusion %
of additional investments in Tata Project for future growth,
acquisition of TPNODL and reclassification of Tata Teleservices Non‑current 97 658 (561) (85)
(Maharashtra) Limited (TTML) from assets held for sale. Current 1,987 147 1,840 1,252
Total 2,084 805 1,279 159
CURRENT INVESTMENTS
Other financial assets increased mainly due to dividend receivable
(₹ in crore)
from Bhira, offset by reversal of contingent consideration
%
receivable from sale of SED business.
Mutual Funds (Unquoted) 68 247 (179) (72)
OTHER ASSETS
Total 68 247 (179) (72)
(₹ in crore)
Current investment is lower mainly due to redemption of %
investment in mutual funds during the year.
Non-current 1,649 1,342 307 23
Current 213 192 21 11
Total 1,862 1,534 328 21

Other assets increased mainly due to increase in recoverable TOTAL EQUITY

from consumers in Mumbai Regulated Business, higher pre-paid (₹ in crore)
expenses and increase in capital advances in Mundra, Jojobera %
and SRA projects. Particulars FY 22 FY 21 Change Change
Equity Share Capital 320 320 Nil Nil
ASSETS CLASSIFIED AS HELD FOR SALE Unsecured Perpetual Securities Nil 1,500 (1,500) (100)
(₹ in crore) Other Equity 10,560 8,059 2,501 31
% Total Equity 10,880 9,879 1,001 10
Land 301 301 Nil Nil Total Equity has increased mainly due to higher profit during the
Building 1 9 (8) (89) year on account gain on sale of TERPL's shares to TPIPL, higher
Investments 276 276 Nil Nil dividend from coal companies and tax income on account of
Investment carried at fair value Nil 179 (179) (100)
merger offset by higher losses in Mundra. During the year, the
through Other Comprehensive Company has exercised the call option to redeem the unsecured
Income perpetual securities along with interest.
Loan and other receivables 23 23 Nil Nil
(including interest accrued) BORROWINGS
Transmission Lines Nil 9 (9) (100) (₹ in crore)
Total 601 797 (16) (25) %

Assets held for sale reduced mainly due to reclassification of TTML Non‑current 18,088 16,583 1,505 9
to investment and receipt of reimbursement of expenses incurred Current 6,620 7,878 (1,258) (16)
for Vikhroli Transmission lines from MERC. Total 24,708 24,461 247 1
LIABILITY CLASSIFIED AS HELD FOR SALE Current borrowings is refinanced by Non-current borrowings to
(₹ in crore) improve liquidity risk profile.
%
Particulars FY 22 FY 21 Change Change LEASE LIABILITY
Other Liabilities 114 114 Nil Nil (₹ in crore)
Total 114 114 Nil Nil %

This liability pertains to advance received towards sale of Non‑current 2,555 2,460 95 4
Dehrand land. Current 304 289 15 5
Total 2,859 2,749 110 4
REGULATORY DEFERRAL ACCOUNT – ASSET/
(LIABILITY) Lease liability has increased mainly due to remeasurement
(₹ in crore) of future lease liabilities on account of change in CERC Index
%
pertaining to Mundra.
Regulatory Deferral – Asset 726 574 152 26 TRADE PAYABLES
(₹ in crore)
Less: Regulatory Deferral – Nil Nil Nil Nil
Liability %
Total Regulatory Deferral – 726 574 152 26
Asset (Net) Non‑current Nil Nil Nil Nil
Current 4,080 3,282 798 24
Regulatory Deferral Assets (Net) pertains to regulatory receivables
Total 4,080 3,282 798 24
in the Mumbai Distribution Business. The same has increased
mainly due to increase in power purchase cost and higher carrying Trade payable increased mainly on account of payable for fuel in
cost on regulatory assets. the Mundra and Mumbai Regulated Business.

OTHER FINANCIAL LIABILITIES During the current year, subsequent to the merger of the
(₹ in crore) erstwhile CGPL, the Company has reassessed its recoverability of
% unabsorbed depreciation and brought forward tax losses and has
Particulars FY 22 FY 21 Change Change recognised deferred tax asset amounting to ₹ 969 crore and has
Non‑current 13 12 1 8 written off deferred tax asset on capital losses amounting to ₹
Current 2,761 2,208 553 25 230 crore during the year. Further, the Company has transitioned
Total 2,774 2,220 554 25 to the new tax regime effective April 1, 2020 and accordingly,
the Company had remeasured its tax balances and reversed the
Other Financial Liabilities increased mainly due to higher factoring deferred tax asset amounting to ₹ 360 crore during the year.
liability pertaining to receivables of Mundra and Mumbai
Generation Business. During the previous year, the Company entered into a Business
Transfer Agreement with TPREL and TPGEL, wholly-owned
OTHER LIABILITIES subsidiaries, for the transfer of renewable assets (forming part
(₹ in crore) of renewable segment) as a ‘going concern’ on a slump sale
%
basis effective on or after April 1, 2021. Consequently, as per the
Particulars FY 22 FY 21 Change Change requirement of Ind AS 12, the Company reassessed its deferred tax
Non‑current 757 667 90 13 balances including its unrecognised deferred tax assets on capital
Current 555 500 55 11
losses and has recognised gain of ₹ 131 crore.
Total 1,312 1,167 145 12
5. Financial Performance – Consolidated
Other liabilities increased mainly due to increase in deferred (₹ in crore)
revenue liability pertaining to Mundra and increase in statutory %
liabilities and statutory consumer reserve. Particulars FY 22 FY 21 Change Change
Revenue from Operations* 42,576 33,239 9,337 28
PROVISIONS Depreciation & Amortisation 3,122 2,745 377 14
(₹ in crore)
Finance Costs 3,859 4,010 (151) (4)
%
Particulars FY 22 FY 21 Change Change Exceptional Items (618) (269) (349) (130)
Non‑current 274 275 (1) (0.3) Profit Before Taxes 2,535 1,767 768 43
Current 45 39 6 15 Profit for the year 2,156 1,439 717 50%
Total 319 314 5 2 *Includes Regulatory Income/ (Expenses)
No major movement in provisions during the year. • Revenue from Operations increased primarily due to full year
impact of Odisha Discoms and execution of solar EPC projects
TAX ASSETS/(LIABILITY)
• Depreciation increased primarily due to increased capitalisation
(₹ in crore)
% • Finance costs were lower mainly due to refinancing of loans,
Particulars FY 22 FY 21 Change Change and reduction in interest rate
Non‑Current Tax Assets 338 144 194 134
• Exceptional items in FY22 included impairment of Georgia
Deferred Tax Assets 250 Nil 250 NA
assets and reversal of contingent consideration in SED
Deferred Tax Liability Nil (135) 135 (100)
Current Tax Liability (108) (135) 27 (20)
• Exceptional items in FY21 included disallowance of recovery
of standby charges by MERC and reversal of contingent
Total 480 (126) 606 (481)
consideration in SED
The Hon’ble NCLT has approved the composite scheme of
arrangement for merger of erstwhile CGPL along with the capital
reorganisation with the Company effective April 1, 2020.

PROPERTY, PLANT AND EQUIPMENT, INVESTMENT TRADE RECEIVABLES

PROPERTY AND INTANGIBLE ASSETS (₹ in crore)
(₹ in crore) %
% Particulars FY 22 FY 21 Change Change
Particulars FY 22 FY 21 Change Change Non‑current 686 605 81 13
Property, plant and equipment 50,503 45,356 5,147 11 Current 5,980 5,200 780 15
Right to use assets 3,662 3,682 (20) (0.5) Total 6,666 5,805 861 15
Intangible Assets 1,366 1,345 21 2
Increase in trade receivables was mainly due to increase in
Capital Work‑in‑Progress 4,635 3,270 1,365 42
receivables in Odisha Discom offset by higher collection in
Total 60,166 53,653 6,513 12 Mundra and TPSSL.
The above assets increased mainly on account of increased
spending in renewables business, acquisition of Odisha Discoms, LOANS
increased capitalisation in TPDDL and Mumbai Regulated Business. (₹ in crore)
%
GOODWILL
(₹ in crore) Non‑current 3 5 (2) (40)
% Current 9 8 1 13
Particulars FY 22 FY 21 Change Change Total 12 13 (1) (8)
Goodwill 1,858 1,795 63 4
There is no major movement in loans during the year.
Goodwill increased on account of acquisition of TPNODL during
the year. FINANCE LEASE RECEIVABLE
(₹ in crore)
NON‑CURRENT INVESTMENTS %
(₹ in crore) Particulars FY 22 FY 21 Change Change
% Non‑current 589 599 (10) (2)
Particulars FY 22 FY 21 Change Change Current 47 41 6 15
Investments in Joint Ventures & 12,580 11,921 659 6 Total 636 640 (4) (1)
Associates
Statutory Investments 124 168 (44) (26) There is no major movement in finance lease receivable during
Others 1,046 561 485 86
the year.
Total 13,750 12,650 1,100 9
OTHER FINANCIAL ASSETS
Increase in non-current investment is mainly due to additional (₹ in crore)
infusing of equity in Tata Projects to fund the future expansion %
plan and reclassification of TTML from assets held for sale. Particulars FY 22 FY 21 Change Change
Non‑current 1,685 1,919 (234) (12)
CURRENT INVESTMENTS Current 501 330 171 52
(₹ in crore) Total 2,186 2,249 (63) (3)
%
Particulars FY 22 FY 21 Change Change Non-current financial assets has decreased mainly due to
Statutory Investments 56 Nil 56 NA reversal of contingent consideration in SED division, conversion
Investments in Mutual Funds 355 500 (145) (29)
of advance against equity for acquisition of TPNODL offset by
increase in deposit balances on account of acquisition of Odisha
Total 411 500 (89) (18)
Discoms. Current financial assets increased mainly due to increase
Current investments are lower mainly due to lower investment in in advances in TPREL, Mumbai T&D Business and new business in
mutual fund in Tata Power & MPL offset by increase in investment Tata Power.
in WREL and TPWODL.

OTHER ASSETS TOTAL EQUITY

% %
Non‑current 1,850 1,459 391 27 Equity Share Capital 320 320 Nil Nil
Current 1,480 914 566 62 Unsecured Perpetual Securities Nil 1,500 (1,500) (100)
Total 3,330 2,373 957 40 Other Equity 22,122 20,503 1,619 8
Total 22,442 22,323 119 1
Non-current Assets increased mainly due to increase in recoverable
from consumers in Mumbai Regulated Business and increase in Total equity has increased mainly due to higher profit during the
capital vendor in MPL on account of FGD projects. Current Assets year offset by the repayment of unsecured perpetual securities.
increased mainly due to increase in advances to vendors in TPSSL
and Orissa Discoms and higher pre-paid expenses in Tata Power. BORROWINGS
(₹ in crore)
ASSETS/ (LIABILITY) CLASSIFIED AS HELD FOR SALE %
(₹ in crore) Particulars FY 22 FY 21 Change Change
% Non-current 32,730 30,045 2,685 9
Current 14,860 13,126 1,734 13
Assets Classified as Held for 3,047 3,047 Nil Nil
Total 47,590 43,171 4,419 10
Sale
(Less): Liability Classified as (114) (140) 26 (23) Increase in borrowing is mainly due to funding for growth projects
Held for Sale in renewables and T&D business and to fund the repayment of
Total (Net) 2,933 2,907 26 23 perpetual securities.
Net movement in assets/ (liability) classified as held for sale due
LEASE LIABILITY
to completion of sale transaction of TCL Ceramics Limited during
(₹ in crore)
the year.
%
REGULATORY DEFERRAL ACCOUNT – ASSET/
Non‑current 3,208 3,142 66 2
(LIABILITY)
Current 397 395 2 1
(₹ in crore)
%
Total 3,605 3,537 68 2
Lease liability has increased due to remeasurement of future lease
Regulatory Deferral – Asset 6,811 6,222 589 10 liabilities on account of change in CERC index pertaining to the
Less: Regulatory Deferral – (635) (99) (536) 541 Mundra during the year.
Liability
Total Regulatory Deferral – 6,176 6,123 53 1 TRADE PAYABLES
Asset (Net) (₹ in crore)
Regulatory deferral assets (net) pertains to regulatory receivables %
in TPDDL, Odisha Discoms and Mumbai Distribution Business. This
has marginally increased in Delhi Discom, Mumbai Discom, and Non‑current Nil 2 (2) (100)
Odisha Discoms. Current 10,460 7,146 3,314 46
Total 10,460 7,148 3,312 46
Trade payable increased mainly in TPSSL on account of being

payable to vendors for execution of solar EPC projects, increase
in fuel payable in Mundra and Tata Power and higher power
purchase payable in Delhi and Orissa Discoms.

OTHER FINANCIAL LIABILITIES TAX LIABILITIES / (ASSETS)

% %
Non‑current 1,157 1,371 (214) (16) Non‑current Tax Liability 3 3 Nil Nil
Current 9,632 7,648 1,984 26 Current Tax Liability 147 198 (51) (26)
Total 10,789 9,019 1,770 20 Deferred Tax Liabilities (Net) 1,033 976 57 6
(Less): Non‑current Tax Assets (521) (360) (161) 45
Other financial liabilities have increased mainly due to acquisition
of Odisha Discoms and advance received from sale of investments (Less): Deferred Tax Assets (335) (184) (151) 82
in PT Arutmin. Total (Net) 327 633 (306) (48)
The Hon’ble NCLT has approved the composite scheme of

OTHER LIABILITIES
arrangement for merger of erstwhile CGPL along with the capital
(₹ in crore)
reorganisation with the Company effective April 1, 2020.
%
Particulars FY 22 FY 21 Change Change During the current year, subsequent to the merger of the
Non‑current 8,139 5,987 2,152 36 erstwhile CGPL, the Company has reassessed its recoverability
Current 2,779 2,481 298 12 of unabsorbed depreciation and brought forward tax losses and
Total 10,918 8,468 2,450 29 has recognised deferred tax asset amounting to ₹ 969 crore and
has written off deferred tax asset on capital losses amounting to
Other liabilities have increased mainly due to deferred revenue on ₹ 380 crore during the year. Further, the Company has transitioned
account of service line contribution and deferred revenue grant to the new tax regime effective April 1, 2020 and accordingly,
pertaining to Orissa Discoms and increase in statutory liabilities the Company had remeasured its tax balances and reversed the
in Orissa Discom and Tata Power. deferred tax asset amounting to ₹ 360 crore during the year.
PROVISIONS During the previous year, the Company entered into a Business
(₹ in crore) Transfer Agreement with TPREL and TPGEL, wholly-owned
%
subsidiaries, for the transfer of renewable assets (forming part
Particulars FY 22 FY 21 Change Change of renewable segment) as a ‘going concern’ on a slump sale
Non‑current 1,218 667 551 83 basis effective on or after April 1, 2021. Consequently, as per the
Current 345 163 182 112
requirement of Ind AS 12, the Company reassessed its deferred tax
balances including its unrecognised deferred tax assets on capital
Total 1,563 830 733 88
losses and has recognised gain of ₹ 131 crore.
Provision has increased mainly due to the increase in provision for
employee benefits in Orissa Discoms and increase in provision for
rectification works in TPSSL during the year.

Report on Corporate Governance
“The Tata philosophy of management has always been, and is today more than ever, that corporate enterprises must be managed
not merely in the interests of their owners, but equally in those of their employees, of the consumers of their products, of the local
community and finally the country as a whole.”
- Jamsetji N. Tata
Company’s Philosophy on Corporate Governance and the Tata Code of Conduct for Prevention of Insider Trading
The essence of Corporate Governance is about maintaining and Code of Corporate Disclosure Practices. Further, these codes
the right balance between economic, social, individual and allow the Board to make decisions that are independent of the
community goals. At Tata Power, good corporate governance is a management. The Company is committed to focus its energies
way of life and the way we do our business, encompassing every and resources in creating and positively leveraging shareholders’
day’s activities and is enshrined as a part of our way of working. wealth and, at the same time, safeguarding the interests of
The Company is focused on enhancement of long-term value all stakeholders. This is our path to sustainable and profitable
creation for all stakeholders without compromising on integrity, existence and growth.
societal obligations, environment and regulatory compliances. The Company has adopted Governance Guidelines to cover
Our actions are governed by our values and principles, which are aspects related to composition and role of the Board, Chairman
reinforced at all levels of the organisation. These principles have and Directors, Board diversity, Director’s term, retirement age
been and will continue to be our guiding force in future. and committees of the Board. It also covers aspects relating to
For your Company, good corporate governance is a synonym nomination, appointment, induction of Directors, Director's
for sound management, transparency and adequate disclosure, remuneration, subsidiary oversight, Board effectiveness review.
encompassing good corporate practices, procedures, standards The Company is in compliance with the requirements stipulated
and implicit rules which propel a company to take sound decisions. under Regulation 17 to 27 read with Schedule V and clauses (b) to
As a Company with a strong sense of values and commitment, (i) and (t) of sub-regulation (2) of Regulation 46 of the Securities
Tata Power believes that profitability must go hand in hand and Exchange Board of India (Listing Obligations and Disclosure
with a sense of responsibility towards all stakeholders. This is an Requirements) Regulations, 2015 (Listing Regulations), as
integral part of Tata Power’s business philosophy. The cardinal amended from time to time, including relaxations granted by the
principles such as independence, accountability, responsibility, Ministry of Corporate Affairs (MCA) and Securities and Exchange
transparency, trusteeship and disclosure serve as means for Board of India (SEBI) from time to time on account of the COVID-19
implementing the philosophy of Corporate Governance. pandemic with regard to corporate governance.
This philosophy is reflected and practised through the Tata Code
of Conduct (TCoC), the Tata Business Excellence Model (TBEM)
The various material aspects of corporate governance and the Company’s approach to them are discussed in the table below:
Table 1
Material Aspect Company’s Approach
Avoidance of conflict Chairmanship of the Board is a non-executive position and separate from that of the Chief Executive Officer and Managing
of interest Director (CEO & Managing Director). The Code of Conduct for Non-Executive Directors (NEDs) and for Independent Directors
(IDs) carries explicit clauses covering avoidance of conflict of interest. Likewise, there are explicit clauses in the TCoC
prohibiting any employee - including the Managing Director (MD) and Executive Directors (EDs) - from accepting any position
of responsibility, with or without remuneration, with any other organisation without the Company’s prior written approval.
For MD and EDs, such approval must be obtained from the Board.
Board independence The TCoC, which defines the governance philosophy at Tata Power, emphasizes fairness and transparency to all stakeholders.
and minority Shareholders can communicate any grievance to the Company Secretary’s office through a well-publicized channel, where
shareholders’ complaints are tracked to closure. The Stakeholders’ Relationship Committee (SRC) oversees the redressal of these complaints.
interests The Annual General Meeting (AGM) is another forum where they can interact with the Board.

Material Aspect Company’s Approach
Values, Ethics and Tata Power consistently adheres to the highest principled conduct and has earned its reputation for trust and integrity in the
compliance course of building a highly successful global business. The Company’s core values are SCALE viz. Safety, Care, Agility, Learning
and Ethics.
TCoC, which every employee signs at the time of joining the Company, serves as a moral guide and a governing framework for
responsible corporate citizenship. Periodic refresher courses are conducted to ensure continued awareness of the code, and
employee communications from the leadership reiterate the importance of our values and the TCoC.
Customers and suppliers are made aware of the TCoC principles in contract discussions, and through inclusion of specific
clauses in proposals and contracts. The Tata Power Supplier Code of Conduct is shared with suppliers as part of the
procurement process and is published on the Tata Power website.
Changes to legislation are closely monitored, risks are evaluated and effectively managed across our operations. Avenues
have been provided for all employees and stakeholders to report concerns or non-compliance which are investigated and
addressed by following due process. At the apex level, the Audit Committee of Directors (AC) oversees compliance with
internal policies and external regulations.
Succession planning Succession planning is an integral part of the operations of the Company. Succession planning of senior management is
reviewed by the Board. Business or unit heads are invited to present on specific topics at Board meetings from time to time,
offering an opportunity for the directors to assess their values, competencies and capabilities.
Board of Directors
i. The Board is the focal point and custodian of corporate governance for the Company. The Company recognizes and embraces
the benefits of having a diverse Board and sees increasing diversity at Board level as an essential element in maintaining a
competitive advantage. A truly diverse Board will include and make good use of differences in the skills, regional and industry
experience, background, gender and other distinctions between directors. These differences will be considered in determining
the optimum composition of the Board and when possible, will be balanced appropriately.
The size and composition of the Board as on March 31, 2022 is as under:
ii.
As on March 31, 2022, the Company has 10 (ten) Directors. Out of 10, 5 (five) (i.e. 50%) are Independent, Non-Executive; 4 (four)
(i.e. 40%) are Non-Independent, Non-Executive (including a Nominee Director) and 1 (one) (i.e. 10%) is Executive.
None of the Directors held directorship in more than 7 (seven) listed companies. Further, none of the IDs of the Company served
as an ID in more than 7 (seven) listed companies. None of the IDs serving as a whole-time director/managing director in any listed
entity, serves as an ID of more than 3 (three) listed entities. None of the Directors held directorship in more than 20 (twenty) Indian
companies, with not more than 10 (ten) public limited companies.
None of the Directors is a member of more than 10 (ten) committees or acted as chairperson of more than 5 (five) committees (being
AC and SRC, as per Regulation 26(1) of the Listing Regulations) across all the public limited companies in which he/she is a Director.
The necessary disclosures regarding committee positions have been made by the Directors.
All IDs of the Company have been appointed as per the provisions of the Companies Act, 2013 (the Act) and Listing Regulations.
The Chairman of the Company is an NED and not related to the CEO & Managing Director.
iii. The composition of the Board is in compliance with the requirements of the Act and Regulation 17 of the Listing Regulations.
The profile of the Directors can be accessed on our website at https://www.tatapower.com/corporate/leadership/board-of-
directors.aspx.
iv. Eight Board meetings were held during the year under review and the gap between two meetings did not exceed 120 days.
The said meetings were held on April 2, 2021, May 12, 2021, July 1, 2021, August 6, 2021, September 11, 2021, October 28, 2021,
February 9, 2022 and March 25, 2022. All Board meetings in FY22 were held through Video Conferencing.
v. There are no inter-se relationships between the Board members.

The details of each member of the Board as on March 31, 2022 and their attendance at Board Meetings during the year
vi.
and last AGM are provided hereunder:
Table 2
Sl. Name of the Category of Number of Whether No. of other No. of No. of Directorship in other
No. Director Directorship Board attended Directorships* Committee shares listed entities
Meetings last AGM positions held** held in the including debt listed
attended held on Company (Category of Directorship)
during July 5, Chair- Member Chair- Member
FY22 2021 person person
1. Mr. N. Non-Independent, 8 Yes 7 0 0 0 7,00,000 Tata Consultancy Services
Chandrasekaran, Non-Executive Limited @
Chairman Tata Steel Limited @
DIN: 00121863 Tata Motors Limited @
The Indian Hotels Company
Limited @
Tata Consumer Products
Limited @ (formerly Tata Global
Beverages Limited)
Tata Chemicals Limited @
2. Ms. Anjali Bansal Independent, 7 Yes 0 4 0 2 Nil Voltas Limited #
DIN: 00207746 Non-Executive Piramal Enterprises Limited #
Siemens Limited #
3. Ms. Vibha Independent, 8 Yes 0 3 1 2 Nil HDFC Life Insurance Company
Padalkar Non-Executive Limited (MD & CEO)
DIN: 01682810
4. Mr. Sanjay V. Independent, 8 Yes 0 6 4 2 8,162 HDFC Asset Management
Bhandarkar Non-Executive (As a joint Company Limited #
DIN: 01260274 holder) Walwhan Renewable Energy
Limited (Debt Listed) #
Tata Power Renewable Energy
Limited (Debt Listed) #
Chemplast Sanmar Limited #
5. Mr. K. M. Independent, 8 Yes 0 8 0 4 Nil Coastal Gujarat Power Limited
Chandrasekhar Non-Executive (Debt Listed) #$
DIN: 06466854
6. Mr. Hemant Non-Independent, 7 Yes 0 3 0 2 Nil Larsen & Toubro Limited ^
Bhargava Non-Executive ITC Limited #
[Nominee of Life UGRO Capital Limited #
Insurance
Corporation of
India (LIC) as an
equity investor]
DIN: 01922717
7. Mr. Saurabh Non-Independent, 8 Yes 5 2 0 1 Nil Tata Steel Limited @
Agrawal Non-Executive Voltas Limited @
DIN: 02144558 Tata AIG General Insurance
Company Limited
(Debt Listed) @
Tata Capital Limited
(Debt Listed) @
8. Mr. Banmali Non-Independent, 8 Yes 4 2 1 0 Nil Tata Realty and Infrastructure
Agrawala Non-Executive Limited (Debt Listed) @
DIN: 00120029 Tata Housing Development
Company Limited
(Debt Listed) @
Tata Projects Limited
(Debt Listed) @

Sl. Name of the Category of Number of Whether No. of other No. of No. of Directorship in other
No. Director Directorship Board attended Directorships* Committee shares listed entities
Meetings last AGM positions held** held in the including debt listed
attended held on Company (Category of Directorship)
during July 5, Chair- Member Chair- Member
FY22 2021 person person
9. Mr. Ashok Sinha Independent, 8 Yes 0 7 4 2 Nil Cipla Limited #
DIN: 00070477 Non-Executive J. K. Cement Limited #
Navin Fluroine International
Limited #
Coastal Gujarat Power Limited
(Debt Listed) #$
Maithon Power Limited
(Debt Listed) #
Tata Telecommunications
Limited #
10. Dr. Praveer Executive 8 Yes 3 4 0 0 Nil Tata Power Renewable Energy
Sinha&, Limited (Debt Listed) @
CEO & Managing
Director
DIN: 01785164
Notes:
1. Category of Directorship held: @ Non-Independent, Non-Executive; # Independent, Non-Executive; ^ Nominee Director
2. * Excludes directorship in the Company, private companies, foreign companies and companies under Section 8 of the Act.
3. ** Pertains to memberships/chairpersonships of the AC and SRC of Indian public companies (excluding the Company) as per Regulation 26(1)(b) of
the Listing Regulations.
4. & Dr. Praveer Sinha, CEO & Managing Director is not an ID of any other listed company.
5. $ Coastal Gujarat Power Limited has been merged with the Company effective from April 28, 2022.
vii. The Company has not issued any convertible instruments. x. Skills/expertise/competencies of the Board of Directors
viii. Necessary disclosures regarding Committee positions in The Board is satisfied that the current composition reflects
other public companies as on March 31, 2022 have been an appropriate mix of knowledge, skills, experience,
made by the Directors. diversity and independence. The Board provides leadership,
strategic guidance, objective and an independent view to
ix. IDs are NEDs as defined under Regulation 16(1)(b) of the
the Company’s management while discharging its fiduciary
Listing Regulations read with Section 149(6) of the Act along
responsibilities, thereby ensuring that the management
with rules framed thereunder. In terms of Regulation 25(8) of
adheres to high standards of ethics, transparency and
the Listing Regulations, IDs have confirmed that they are not
disclosure. The Board periodically evaluates the need for
aware of any circumstance or situation which exists or may
change in its composition and size.
be reasonably anticipated that could impair or impact their
ability to discharge their duties. Based on the declarations The Company requires skills/expertise/competencies in
received from the IDs, the Board of Directors has confirmed the areas of strategy, finance, leadership, technology,
that they meet the criteria of independence as mentioned governance, mergers and acquisitions, human resources, etc.
under Regulation 16(1)(b) of the Listing Regulations and that to efficiently carry on its core businesses such as generation,
they are independent of the management. Further, in terms distribution and transmission of thermal/renewables/hydro
of Section 150 of the Act read with Rule 6 of the Companies power, power trading, solar photovoltaic (PV) manufacturing
(Appointment and Qualification of Directors) Rules, 2014, and associated engineering, procurement and construction
the IDs of the Company have included their names in the (EPC) services, coal mines and logistics.
data bank of IDs maintained with the Indian Institute of
Corporate Affairs.

T he Board has identified the following skills/expertise/ competencies fundamental for the effective functioning of the Company,
which are currently available with the Board:
Table 3
Name of the Director Area of skills/expertise/competence
Strategy Finance Leadership Technical HR Governance M&A Government/
Regulatory
Mr. N. Chandrasekaran √ √ √ √ √ √ √ √
Ms. Anjali Bansal √ √ √ √ √ √ - -
Ms. Vibha Padalkar √ √ √ - √ √ √ -
Mr. Sanjay V. Bhandarkar √ √ √ - - √ √ -
Mr. K. M. Chandrasekhar √ √ √ - √ √ - √
Mr. Ashok Sinha √ √ √ √ √ √ √ √
Mr. Hemant Bhargava √ √ √ - √ √ √ √
Mr. Saurabh Agrawal √ √ √ - - √ √ √
Mr. Banmali Agrawala √ - √ √ √ √ - √
Dr. Praveer Sinha √ - √ √ √ √ √ √
xi. Changes in Board composition new domain expertise, if any, the NRC reviews potential
candidates. The assessment of candidates to the Board
There were no changes in board composition during FY22.
is based on a combination of criteria that include ethics,
However, during the year under review, at the AGM of the
personal and professional stature, domain expertise,
Company held on July 5, 2021, the Members approved the
gender diversity and specific qualification required for the
re-appointment of Ms. Anjali Bansal, Ms. Vibha Padalkar
position. For appointment of an ID, the NRC evaluates the
and Mr. Sanjay Bhandarkar as IDs of the Company for a
balance of skills, knowledge and experience on the Board
second consecutive term of 5 years commencing from
and on the basis of such evaluation, prepares a description
October 14, 2021 to October 13, 2026. Further,
of the role and capabilities required of an ID. The
Mr. K. M. Chandrasekhar was appointed as an Additional
potential ID is also assessed on the basis of independence
Director w.e.f. May 4, 2022. He was also re-appointed as a
criteria defined in Section 149(6) of the Act read with
Non-Executive Independent Director of the Company for
rules framed thereunder and Regulation 16(1)(b) of the
a second consecutive term commencing from May 4, 2022
Listing Regulations. If the Board approves, the person is
upto February 19, 2023, when he attains the retirement age
appointed as an Additional Director whose appointment
of 75 years, as per the terms of the Governance Guidelines for
is subject to the approval of the Members at the Company’s
Tata Companies on Board Effectiveness, subject to approval
general meeting.
of the Members at the ensuing 103rd AGM of the Company.
xiv. Letter of appointment issued to Independent
xii. Term of Board membership
Directors
The Nomination and Remuneration Committee (NRC)
The IDs on the Board of the Company are given a formal
determines the appropriate characteristics, skills and
appointment letter inter alia containing the term of
experience required for the Board as a whole and for
appointment, role, duties and responsibilities, time
individual members. Board members are expected to
commitment, remuneration, insurance, code of conduct,
possess the required qualifications, integrity, expertise and
training and development, performance evaluation process,
experience for the position. They also possess expertise and
disclosure, confidentiality, etc. The terms and conditions of
insights in sectors/areas relevant to the Company and have
appointment of IDs are available on the Company’s website
ability to contribute to the Company’s growth. As per the
at https://www.tatapower.com/pdf/investor-relations/
existing policy, the retirement age for MD / EDs is 65 years,
Terms-&-conditions-of-IDs-appointment.pdf.
NEDs is 70 years and IDs is 75 years.
xv. Information provided to the Board
xiii. Selection and appointment of new directors
During FY22, information as mentioned in Part A of
The Board is responsible for the appointment of new
Schedule II of the Listing Regulations, has been placed
directors. The Board has delegated the screening and
before the Board for its consideration.
selection process for new directors to the NRC. Considering
the existing composition of the Board and requirement of

xvi. Meeting of Independent Directors xx. Remuneration to Directors and Key Managerial
Personnel
During the year under review, one separate meeting of the
IDs was held on March 25, 2022. At the said meeting, the IDs a) Details of remuneration to NEDs during and for FY22:
reviewed the performance of the NEDs, of the Board as a Table 4
whole and the Chairman, after considering the view of the (Gross Amount in `)
CEO & Managing Director and NEDs. Sl. Name of Commission for Sitting Fees paid
No. the Director FY22* during FY22
xvii. Details of familiarisation programmes for Directors
including Independent Directors 1 Mr. N. Chandrasekaran$
Chairman N.A. 3,30,000
All Board members of the Company are accorded every
2 Ms. Anjali Bansal 70,00,000 5,70,000
opportunity to familiarize themselves with the Company,
its management, its operations and above all, the industry 3 Ms. Vibha Padalkar 70,00,000 6,00,000
perspective and issues. They are made to interact with 4 Mr. Sanjay V. Bhandarkar 75,00,000 6,00,000
senior management personnel and proactively provided 5 Mr. K. M. Chandrasekhar 70,00,000 5,40,000
with relevant news, views and updates on the Company and
6 Mr. Ashok Sinha 75,00,000 5,10,000
sector. All the information/documents sought by them are
also shared with them for enabling a good understanding 7 Mr. Hemant Bhargava@ 55,00,000 3,60,000
of the Company, its various operations and the industry 8 Mr. Saurabh Agrawal # N.A. 3,90,000
of which it is a part. Separate sessions are organised with 9 Mr. Banmali Agrawala # N.A. 3,90,000
external domain experts to enable Board members to
update their knowledge of the sector. * Commission relates to the financial year ended March 31, 2022,
which was approved by the Board on May 6, 2022, to be paid

Details of the familiarization program on cumulative basis during FY23.
are available on the Company’s website at https://www. $ As a policy, Mr. N. Chandrasekaran has abstained from receiving
tatapower.com/pdf/investor-relations/familiarisation- commission from the Company.
programme-for-directors-21-22.pdf. @ Sitting fees for attending meetings are paid to Mr. Bhargava and
the Commission is paid to LIC.
xviii. Code of Conduct # In line with the internal guidelines of the Company, no payment
is made towards commission to the NEDs of the Company, who
The Company has adopted a Code of Conduct for its
are in full time employment with any other Tata Company.
employees including the MD. In addition, the Company
has adopted a Code of Conduct for its NEDs which includes The NEDs are paid remuneration by way of Commission
Code of Conduct for IDs which suitably incorporates the and Sitting Fees. The distribution of Commission amongst
duties of IDs as laid down in the Act. All Board members and the NEDs is placed before the NRC and the Board. The
senior management personnel have affirmed compliance Commission payment for the financial year ended
with their respective Code of Conduct. The CEO & Managing March 31, 2022 was distributed based on the Company's
Director has also confirmed and declared the same. The performance and keeping in mind the attendance of
declaration is reproduced at the end of this Report and Directors at Board and Committee meetings and their
marked as Annexure I. contribution at these meetings.
xix. Tata Code of Conduct for Prevention of Insider None of the NEDs had any pecuniary relationship or
Trading & Code of Corporate Disclosure Practices transactions with the Company other than the Directors’
sitting fees and commission, as applicable, received by
In accordance with the SEBI (Prohibition of Insider Trading)
them. The Company reimburses the out-of-pocket expenses,
Regulations, 2015, as amended from time to time, the Board
if any, incurred by the Directors for attending meetings.
of Directors of the Company has adopted the Tata Code
of Conduct for Prevention of Insider Trading and Code of
Corporate Disclosure Practices (the Code).
Mr. Sanjeev Churiwala, Chief Financial Officer (CFO) of the
Company is the ‘Compliance Officer’ in terms of this Code.

b) Details of remuneration and perquisites paid to the CEO & Managing Director during FY22:
Table 5
(Gross Amount in `)
Name Salary & allowances Commission for Perquisites & Retirement Total
FY22@ Benefits Benefits
Dr. Praveer Sinha 1,68,15,006 5,00,00,000 95,65,178 29,16,000 7,92,96,184
@ Commission (variable component) relates to the financial year ended March 31, 2022, which was approved by the Board on May 6, 2022, to be paid during FY23.
Salient features of the agreement executed by the Company with the CEO & Managing Director:
Table 6
Terms of Agreement
Period of appointment 01.05.2018 to 30.04.2023
Remuneration Basic salary upto a maximum of ` 15,00,000 p.m.
Commission Within the limits stipulated under the Act.
Incentive Remuneration Not exceeding 200% of basic salary.
Benefits, perquisites and allowances (excluding Company's As may be determined by the Board from time to time.
contribution to Provident Fund, Superannuation, Gratuity,
Leave Encashment)
Notice period The Agreement may be terminated by either party giving to the other party six
months' notice or the Company paying six months' remuneration in lieu thereof.
Severance fees There is no separate provision for payment of severance fees.
Stock Option Nil
c) Details of remuneration and perquisites paid to the other Key Managerial Personnel during FY22:
Table 7
(Gross Amount in `)
Name of KMPs Designation Salary & allowances Perquisites & Retirement benefits Total
benefits
Mr. R. N. Subramanyam* Chief Financial Officer 4,04,34,645^ 7,19,464 7,38,009 4,18,92,118
Mr. Sanjeev Churiwala* Chief Financial Officer 1,14,97,380^ Nil 2,84,400 1,17,81,780
Mr. H. M. Mistry Company Secretary 1,43,15,211^ 3,99,524 11,03,929 1,58,18,664
* Mr. Subramanyam resigned as CFO w.e.f. December 31, 2021 and Mr. Sanjeev Churiwala was appointed as CFO w.e.f. January 1, 2022.
^
Includes Performance Pay for FY21 paid in FY22.
The Company does not have any employee stock option plan.
Board Committees have been formed considering the needs of the Company. Details
The Committees constituted by the Board focus on specific of the statutory and non-statutory committees are as follows:
areas and take informed decisions within the framework v Statutory Committees
designed by the Board and make specific recommendations to
The Board has the following statutory Committees as on
the Board on matters in their areas or purview. All decisions and
March 31, 2022:
recommendations of the Committees are placed before the Board
for information or for approval, if required. To enable better and (i) Audit Committee of Directors
more focused attention on the affairs of the Company, the Board (ii) Nomination and Remuneration Committee
has delegated particular matters to the Committees of the Board
(iii) Corporate Social Responsibility Committee
set up for the purpose.
(iv) Stakeholders Relationship Committee
The Board has seven committees as on March 31, 2022, comprising
(v) Risk Management Committee
five statutory committees and two non-statutory committees that

Audit Committee of Directors from victimization and the provision of access by whistle-
The composition of the Committee as on March 31, 2022 and blowers to the Chairman of the Committee.
attendance details of meetings during FY22, are as follows: • Approval/modification of the transactions with
Table 8 related parties.
Name of the Director No. of meetings No. of meetings • Enquiry into reasons for any default by the Company in
held during attended honouring its obligations to its creditors and members.
FY22
• Oversee the quality of internal accounting controls and
Mr. Ashok Sinha, Chairman 5 5
other controls.
Mr. Sanjay V. Bhandarkar 5 5
• Oversee the system for storage (including back-up).
Ms. Vibha Padalkar 5 5
• Oversee the quality of the financial reporting process,
Mr. Saurabh Agrawal 5 5
including the selection of the most appropriate of permitted
Ms. Anjali Bansal 5 5 accounting policies.
Mr. K. M. Chandrasekhar 5 5 • Ensure the independence of the auditor.
All members are financially literate and bring in expertise • Recommend to the Board the appointment and
in the fields of finance, accounting, development, strategy remuneration of the auditors (including cost auditors).
and management. • Framing of rules for the hiring of any current or former
Meetings of the Committee were held on May 11, 2021, employee of the audit firm.
July 1, 2021, August 5, 2021, October 27, 2021 and February 8, 2022, • Scrutinize inter-corporate loans and investments.
with the requisite quorum.
• Monitor the end use of funds raised through public offers.
The CFO assists the Committee in the discharge of its
• Conducting the valuation of any undertaking or asset of
responsibilities. The Committee invites such employees or
the Company.
advisors as it considers appropriate to attend. The CFO, the head
of internal audit and statutory auditors are generally invited to • Oversee the internal audit function and approve the
attend meetings unless the Committee considers otherwise. appointment of the Chief Internal Auditor.
Quarterly Reports are provided to the members of the Committee • Bring to the notice of the Board any lacunae in the TCoC and
on matters relating to the Code. The Company Secretary acts as the vigil mechanism (whistle blowing process) adopted by
the Secretary of the Committee. the Company.
The Internal Auditors and Statutory Auditors of the Company • Reviewing with the CEO and the CFO of the Company
discuss their audit findings and updates with the Committee and the underlying process followed by them in their annual
submit their views directly to the Committee. Separate discussions certification to the Board of Directors.
are held with the Internal Auditors to focus on compliance issues • Approving the appointment of the CFO.
and to conduct detailed reviews of the processes and internal
controls in the Company. The permissible non-audit related All the recommendations made by the Committee during the year
services undertaken by the Statutory Auditors are also pre- under review were accepted by the Board.
approved by the Committee. Mr. Ashok Sinha, Chairman of the Committee, was present at the
The Board has approved the Charter of the Audit Committee last AGM held on July 5, 2021.
defining inter alia its composition, role, responsibilities, powers Nomination and Remuneration Committee
and processes.
The composition of the Committee as on March 31, 2022 and
The terms of the Charter broadly include: attendance details of meetings during FY22, are as follows:
• Oversee the processes that ensure the integrity of Table 9
financial statements. Name of the Director No. of meetings No. of meetings
held during FY22 attended
• Oversee the adequacy and effectiveness of the processes
Mr. Sanjay V. Bhandarkar, 3 3
and controls for compliance with laws and regulations.
Chairman
• Oversee the adequacy and effectiveness of the process by
Mr. N. Chandrasekaran 3 3
which confidential or anonymous complaints or information
regarding financial or commercial matters are received and Ms. Vibha Padalkar 3 3
acted upon. This includes the protection of whistle-blowers
Meetings of the Committee were held on May 12, 2021,
October 28, 2021 and March 25, 2022, with the requisite quorum.

In terms of the provisions of Section 178(3) of the Act and Stakeholders' Relationship Committee
Regulation 19(4) read with Part D of Schedule II to the Listing
Regulations, the Committee is responsible for inter alia formulating
attendance details of meetings during FY22, are as follows:
the criteria for determining qualification, positive attributes and
independence of a Director. The Committee is also responsible for Table 11
Name of the Director No. of meetings No. of meetings
recommending to the Board a policy relating to the remuneration
of the Directors, Key Managerial Personnel and other employees.
The Board has adopted the Policy on Board Diversity & Director Mr. Banmali Agrawala, 2 2
Chairman
Attributes and Remuneration Policy for Directors, Key Managerial
Mr. Hemant Bhargava 2 2
Personnel and other employees of the Company, which are
attached as Annexures I and II respectively to the Board’s Report. Ms. Anjali Bansal 2 2
The Company does not have any Employee Stock Option Scheme. Meetings of this Committee were held on November 30, 2021 and
The Board has also approved the Charter of the Committee March 28, 2022 with the requisite quorum.
defining its composition, powers, responsibilities, reporting, The Committee specifically discharges duties of servicing and
evaluation, etc. The terms of the Charter broadly include Board protecting the various aspects of interest of shareholders,
composition and succession planning, evaluation, remuneration, debenture holders and other security holders.
board development and review of HR Strategy, Philosophy
and Practices. The Board has approved the Charter of the Committee defining
its composition, powers, responsibilities, etc. The terms of the
Mr. Sanjay V. Bhandarkar, Chairman of the Committee was present Charter broadly include:
at the last AGM held on July 5, 2021.
• Approval of issue of duplicate certificates for securities and
Corporate Social Responsibility Committee transmission of securities.
The composition of the Committee as on March 31, 2022 and • Resolving the grievances of the security holders of the
attendance details of meetings during FY22, are as follows: Company including complaints related to transfer/
Table 10 transmission of shares, non-receipt of annual report, non-
Name of the Director No. of meetings No. of meetings receipt of declared dividends, issue of new/duplicate
held during FY22 attended certificates, general meetings etc.
Ms. Anjali Bansal, Chairperson 4 4
• Review of measures taken for effective exercise of voting
Mr. K. M. Chandrasekhar 4 4 rights by shareholders.
Dr. Praveer Sinha 4 4
• Review of adherence to the service standards adopted by
Meetings of this Committee were held on May 11, 2021, the Company in respect of various services being rendered
August 5, 2021, October 27, 2021 and February 8, 2022 with the by the Registrar & Share Transfer Agent.
requisite quorum. • Review of the various measures and initiatives taken by
the Company for reducing the quantum of unclaimed
The Company has adopted a CSR policy which indicates the
dividends and ensuring timely receipt of dividend warrants/
activities to be undertaken by the Company as specified in
annual reports/statutory notices by the shareholders of
Schedule VII to the Act. The policy, including overview of projects
the company.
or programs proposed to be undertaken, is provided on the
Company’s website at https://www.tatapower.com/pdf/aboutus/ • Oversee the statutory compliance relating to all securities
csr-policy.pdf. including dividend payments and transfer of unclaimed
amounts to the Investor Education and Protection Fund.
Brief Terms of Reference/Roles and Responsibilities:
• Review of movements in shareholding and ownership
• Formulate and recommend to the Board, a CSR Policy structures of the Company.
indicating the activities to be undertaken by the Company • Conduct a Shareholder Satisfaction Survey to judge the level
as specified in Schedule VII to the Act. of satisfaction amongst shareholders.
• Recommend the amount of expenditure to be incurred on • Suggest and drive implementation of various investor-
the activities mentioned in the CSR Policy. friendly initiatives.
• Monitor the CSR Policy. • Carry out any other function as is referred by the Board
Ms. Anjali Bansal, Chairperson of the Committee, was present at from time to time or enforced by any statutory notification /
the last AGM held on July 5, 2021. amendment or modification as may be applicable.

Name, designation and address of the Compliance Meetings of this Committee were held on July 14, 2021,
Officer: November 22, 2021 and March 28, 2022 with the requisite quorum.
Mr. H. M. Mistry, Company Secretary The Board has adopted Risk Management Strategy Document
Bombay House, 24, Homi Mody Street, Mumbai 400 001 which specifies the objective, benefits of Risk Management, Risk
Tel: 022 6665 8282 Management Policy, Risk Management Process, Risk Organization
Email id: investorcomplaints@tatapower.com Structure, Risk Culture, etc. The Board has also approved the
In accordance with Regulation 6 of the Listing Regulations, the Charter of the Committee defining its composition, powers,
Board has appointed Mr. H. M. Mistry, Company Secretary as the responsibilities, etc.
Compliance Officer. He is authorised to approve share transfers/ The terms of the Charter broadly include:
transmissions, in addition to the powers with the members of the
Committee. Share transfer formalities are regularly attended to •
Formulate a detailed risk management policy which
and atleast once a fortnight. All investor complaints which cannot shall include:
be settled at the level of the Compliance Officer, are placed before
o A framework for identification of internal and
the Committee for final settlement.
external risks specifically faced by the listed entity,
The status of total number of complaints received during the year in particular including financial, forex, commodity,
under review is as follows: product, reputational, operational, sectoral, market,
Table 12 sustainability (particularly ESG related risks),
Sl. Total information, cyber security risks or any other risk as
Description may be determined by the Committee.
No. Received Replied Pending
A. Letters received from o Measures for risk mitigation including systems and
Statutory Bodies processes for internal control of identified risks.
Securities & Exchange o Business continuity plan.
Board of India 17 17 1*
• Ensure that appropriate methodology, processes and
Stock Exchanges 18 18 0
systems are in place to monitor and evaluate risks associated
Depositories (NSDL/CDSL) 4 4 0
with the business of the Company.
Ministry of Corporate
Affairs 0 0 0 • Review the Company’s risk governance structure, risk
Consumer Forum 0 0 0 assessment and risk management practices and guidelines,
B. Dividends policies and procedures for risk assessment and risk
Non-receipt of dividend/ management including the risk management plan.
interest warrants (pending • Appointment, removal and terms of remuneration of
reconciliation at the time of the Chief Risk Officer (if any) shall be subject to review by
receipt of letters) 0 0 0 the Committee.
Total 39 39 1*
• Review the alignment of the ERM framework with the
* 1 complaint of Mr. J. P. Balasubramanian, received through SEBI and brought strategy of the Company.
forward from last year, remains pending for closure at SEBI's end.
• Oversee Company’s process and policies for determining
Mr. Banmali Agrawala, Chairman of the Committee, was present risk tolerance and review management’s measurement and
at the last AGM held on July 5, 2021. comparison of overall risk tolerance to established levels.
Risk Management Committee • Review and analyze risk exposure related to specific issues,
concentrations and limit excesses, and provide oversight of
risk across organization.
attendance details of meetings during FY22, are as follows:
• Monitor and oversee implementation of the risk
Table 13 management policy, including evaluating the adequacy of
Name of the Director No. of meetings No. of meetings risk management systems
• Nurture a healthy and independent risk management
Ms. Vibha Padalkar, Chairperson 3 3
function in the Company.
Mr. Banmali Agrawala 3 3
Mr. Sanjay V. Bhandarkar 3 3
• Periodically review the risk management policy, at least once
in two years, including by considering the changing industry
Mr. Hemant Bhargava 3 2
dynamics and evolving complexity.
Mr. Ashok Sinha 3 3

• Carry out any other function as is referred by the Board • Create security on the assets of the Company to secure the
from time to time or enforced by any statutory notification / borrowings of the Company subject to these being within
amendment or modification as may be applicable. the limit approved by the shareholders of the Company
Ms. Vibha Padalkar, Chairperson of the Committee, was present at under Section 180(1)(a) of the Act.
the last AGM held on July 5, 2021. • Issue of corporate guarantees to secure the borrowings
of wholly owned subsidiaries / step-down subsidiaries of
v Non-statutory Committees wholly owned subsidiaries of the Company.
The Board has also constituted the following non- • Change in authorised signatories for the existing borrowings
statutory Committees: including working capital facilities of the Company.
(i) Executive Committee of the Board • Commitment to capex item exceeding ₹ 200 crore (within
Board approved Annual Business Plan) in a financial year.
(ii) Committee of Directors
• Enter into any coal, fuel and freight contracts having tenure
Executive Committee of the Board above 5 years.
The Committee comprises the following as on March 31, 2022: • Write off of receivables exceeding ₹ 10 crore in a financial year.
• Mr. N. Chandrasekaran, Chairman • Claim settlement and dispute exceeding ₹ 25 crore per
instance and ₹ 50 crore in aggregate in a financial year.
• Mr. Sanjay V. Bhandarkar • Waiver of delayed payment surcharge exceeding ₹ 50 crore
• Dr. Praveer Sinha in a financial year.
Terms of Reference: • Approve investments and recommend investment
proposals to Tata Power group companies within overall
The Committee covers a detailed review of the following matters Board approved framework.
before they are presented to the Board:
• Framing of Investment Guidelines outlining prudential norms
• Business and strategy review. for investing in Mutual Funds, Fixed Deposits, Inter-Corporate
• Long-term financial projections and cash flows. Deposits with approved corporates, Central and State
• Capital and revenue budgets and capital expenditure Government securities and any subsequent amendments.
programmes. • Modification/addition/deletion of authorised signatory
• Acquisitions, divestments and business restructuring list to give effect to investments within the Prudential
proposals. Investment Norms.
• Any other item as may be decided by the Board. • Reconstitution of the Boards of Trustees of The Tata Power
Consolidated Provident Fund, The Tata Power Company
The said matters were discussed in various Board meetings held
Limited Staff Superannuation Fund and Tata Power
during the year under review in the presence of the Executive
Gratuity Fund.
Committee of the Board with the intent to avail expertise of all
Board members. • Change in operating instructions involving the Company’s
bank accounts.
Committee of Directors • Submit Request for Qualification for any project and
The Committee comprises the following as on March 31, 2022: authorise execution of all documents, including Powers of
• Mr. Sanjay V. Bhandarkar, Chairman Attorney, in connection with the same.
• All other matters earlier delegated by the Board/ Committee
• Mr. Banmali Agrawala thereof, to a Committee comprising the CEO & Managing
• Dr. Praveer Sinha Director and COO & Executive Director.
Terms of Reference: • To change the authorised signatories for all transactions,
The role of this Committee is as follows: contracts, agreements, etc., entered into by the Company in
the ordinary course of business.
• Borrowings of the Company subject to outstanding facilities
not exceeding an amount of ₹ 12,500 crore of term loans and • Grant authority to the Company’s officers to exercise powers
₹ 8,000 crore of working capital facilities. of a higher Work level under the Company’s Schedule
of Authorities.

General Body Meetings

a) The details of the last three AGMs of the Company:
Table 14
Year ended Day, Date & Time Venue Special Resolutions passed
• Re-appointment of Ms. Anjali Bansal (DIN:00207746) as

an Independent Director
Monday, July 5, 2021 at • Re-appointment of Ms. Vibha Padalkar (DIN:01682810)
March 31, 2021 Virtual Meeting through Video
3 p.m. (IST) as an Independent Director
Conferencing / Other Audio Visual • Re-appointment of Mr. Sanjay V. Bhandarkar (DIN:
Means 01260274) as an Independent Director
Thursday, July 30, 2020 at • Issuance of Equity Shares to Tata Sons Private Limited,
March 31, 2020
3 p.m. (IST) Promoter of the Company, on a Preferential basis
Birla Matushri Sabhagar, Sir
Tuesday, June 18, 2019 at
March 31, 2019 Vithaldas Thackersey Marg, 19, New Nil
3 p.m. (IST)
Marine Lines, Mumbai 400 020
b) Extraordinary General Meeting:

No Extraordinary General Meeting of the Members was held during FY22.
c) Details of the meeting convened in pursuance of the order passed by the National Company Law Tribunal (NCLT):
Not applicable
d) Postal Ballot:
(i) Details of special resolutions passed by postal ballot:
During the year under review, below resolution was passed by means of postal ballot on December 2, 2021:
• Amended Composite Scheme of Arrangement between Coastal Gujarat Power Limited and the Company and their
respective shareholders
(ii) Details of Voting Pattern: Table 15

Special Ballots Total In Against Invalid
Resolution Received Shares favour
No. Ballots Votes Ballots Votes Ballots Votes
1 7,522 215,59,07,387 7,365 215,58,35,263 157 72,124 Nil Nil
(iii) Person who conducted the aforesaid postal applicable provisions of the Act, read with (i) Rule
ballot exercise: 20 and Rule 22 of the Companies (Management and
Mr. P. N. Parikh (ICSI Membership No. FCS 327), Administration) Rules, 2014, as amended; (ii) Regulation
Practising Company Secretary of Parikh & Associates 44 of the Listing Regulations, as amended from time to
conducted the aforesaid postal ballot exercise in a fair time and read with (iii) General Circular No. 14/2020 dated
and transparent manner. April 8, 2020, General Circular No. 17/2020 dated
April 13, 2020 and General Circular No. 10/2021 dated
(iv) Whether any special resolution is proposed to be
June 23, 2021 in relation to “Clarification on passing of
conducted through postal ballot:
ordinary and special resolutions by companies under
No Special Resolution is currently proposed to be
the Companies Act, 2013 and the rules made thereunder
conducted through postal ballot.
on account of the threat posed by Covid-19”, issued by
(v) Procedure followed for Postal Ballot: the MCA, to the extent applicable (MCA Circulars), the
In compliance with the NCLT Orders dated October 6, Company provided only remote e-Voting facility to
2021 in connection with CA.239/2021 in CP.CAA.42/2021 its Equity Shareholders to enable them to cast their
in CA(CAA)1140/2020 and CP(CAA) No.42/MB-IV/2021 votes electronically instead of submitting the Postal
connected with CA(CAA) No. 1140/MB-IV/2020 (NCLT Ballot form.
Orders), provisions of Sections 108, 110 and other

The Company engaged the services of National and countersign the Scrutinizer’s Report as well as
Securities Depository Limited (NSDL) for facilitating declare the voting results in accordance with the
remote e-Voting to enable the Members to cast their provisions of the Act, the Rules framed thereunder
votes electronically. and the Secretarial Standard 2 on General Meetings.
The consolidated results of the voting by postal ballot
In terms of the MCA Circulars read with the NCLT
and e-Voting were then announced by Mr. Mistry.
Orders, the Company sent the Postal Ballot Notice
The results were announced on December 2, 2021
in electronic form only to those Equity Shareholders
and were also available on the Company’s website at
whose names appeared in the Register of Members/
www.tatapower.com besides being communicated
List of Beneficial Owners as received from NSDL and
to BSE Limited (BSE), National Stock Exchange of India
Central Depository Services (India) Limited (CDSL)
Limited (NSE) and NSDL.
and whose email addresses were available with the
Company / Depositories / the Depository Participants Means of Communication to the shareholders
/ the Company’s Registrar and Share Transfer Agent as a) Calendar of financial year ended March 31, 2022
on the cut-off date.
The Company follows April-March as the financial year.
Voting rights were reckoned on the paid-up value of the The meetings of the Board of Directors for approval of
shares registered in the names of the Members as on quarterly and annual financial results for the financial year
the cut-off date i.e. Friday, October 29, 2021. Members ended March 31, 2022 were held on the following dates:
who desired to exercise their votes by electronic mode
were requested to vote before close of business hours Table 16
on the last date of e-Voting. Particulars Date
Quarter ended June 30, 2021 August 6, 2021
The Scrutinizer, after the completion of scrutiny, Quarter/half-year ended September 30, 2021 October 28, 2021
submitted his report to Mr. H. M. Mistry, Company Quarter/nine months ended December 31, 2021 February 9, 2022
Secretary who was authorised to accept, acknowledge Quarter/year ended March 31, 2022 May 6, 2022
b) Quarterly, Half-yearly and Annual Results

Quarterly, half-yearly and annual financial results of the Company are published in widely circulated national newspapers, as per
the details given below:
Table 17
Name of the Newspaper Region Language
Indian Express - All editions Kolkata, Jaipur, Delhi, Pune, Mumbai, Lucknow, Chandigarh and Ahmedabad English
Kolkata, Jaipur, Delhi, Pune, Mumbai, Lucknow, Chandigarh, Ahmedabad, Chennai,
Financial Express - All editions English
Hyderabad, Kochi and Bengaluru
Loksatta - All editions Ahmednagar, Mumbai, Pune, Nagpur, Nashik and Aurangabad Marathi
Jam-e-Jamshed Weekly Mumbai English
Vyapar + Phulchhab Vyapar (Mumbai) and Phulchhab (Rajkot) Gujarati
Post results, an Investor Conference call is held where members of the financial community are invited to participate in the Q&A
session with the Company’s management. The key highlights are discussed and investor/analyst queries are resolved in this
forum. The quarterly, half-yearly, annual financial results and audio call recordings of the analyst calls are also uploaded on the
Company’s website at https://www.tatapower.com/investor-relations/quarterly-results.aspx.

c) nnual Reports and Annual General Meetings:

A h) Web-based Query Redressal System: Members also
The Annual Reports are emailed to Members and others have the facility of raising their queries/complaints on
entitled to receive them. The Annual Report is also available share related matters through an option provided on the
on the Company’s website at https://www.tatapower.com/ Company’s website at https://www.tatapower.com/investor-
investor-relations/annual-reports.aspx in a user-friendly relations/investor_query.aspx.
downloadable form. The Company also provides live
i) SEBI Complaints Redressal System (SCORES):
webcast facility of its AGM in co-ordination with NSDL.
A centralised web-based complaints redressal system, which
The Notice of the AGM along with the Annual Report for
serves as a centralised database of all complaints received,
FY22 is being sent only through electronic mode to those
enables uploading of Action Taken Reports (ATRs) by the
Members whose email addresses are registered with the
concerned company and online viewing by the investors of
Company/Depositories. However, Members desiring a
physical copy of the Annual Report for FY22, may either write actions taken on the complaint and its current status.
to us or email us on investorcomplaints@tatapower.com, to j) Dedicated email ID for communication with Investor
enable the Company to dispatch a copy of the same. Please Education and Protection Fund Authority: The
include details of Folio No./DP ID and Client ID and holding Company has a dedicated email ID iepf@tatapower.com
details in the said communication. for communication with the IEPF Authorities. Investors
d) News Releases, Presentations, etc.: Official news releases, are requested to send their IEPF claim documents at
detailed presentations made to media, analysts, institutional iepfclaim@tcplindia.co.in.
investors, etc. are displayed on the Company’s website at k) Reminder to investors: Reminders to collect unclaimed
https://www.tatapower.com/investor-relations/analyst- dividend on shares or debenture redemption/interest are
presentation-archive.aspx. Official media releases, sent to sent to the concerned shareholders and debenture holders.
the Stock Exchanges, are given directly to the press.
General Shareholder Information
e) Website: Comprehensive information about the Company, (a) Details of : Thursday, July 7, 2022 at 3 p.m. (IST)
its business and operations, Press Releases and investor
AGM The AGM will be held through Video
information can be viewed at the Company’s website at
www.tatapower.com. The "Investor" section serves to inform Conferencing (VC) / Other Audio Visual
the investors by providing key and timely information like Means (OAVM) only.
financial results, annual reports, shareholding pattern,
presentations made to analysts, etc. (b) Financial Year : April 1 to March 31
f) NSE Electronic Application Processing System (NEAPS) (c) Dividend : Dividend of ₹ 1.75 per Equity share of ₹ 1
and BSE Online Portal: NSE has provided online platform each fully paid up (175%) for the financial
NEAPS wherein the Company submits all the compliances/ year 2021-22 has been recommended by
disclosures to the Stock Exchanges in the SEBI prescribed the Board of Directors to Members for their
format. Similar filings are made with BSE on their online approval. If approved by the Members,
Portal viz. BSE Corporate Compliance & Listing Centre. payment will be made on and from Monday,
July 11, 2022. For the Members who are
g) eXtensible Business Reporting Language (XBRL): XBRL unable to receive the dividend directly in
is a standardized and structured way of communicating their bank accounts, the Company shall
business and financial data in an electronic form. XBRL dispatch the dividend warrant to them.
provides a language containing various definitions (tags) (d) Book Closure : From Friday, June 17, 2022 to Thursday,
which uniquely represent the contents of each piece July 7, 2022 (both days inclusive).
of financial statements or other kinds of compliance
(e) E-Voting : The cut-off date for the purpose of
and business reports. BSE and NSE provide XBRL based
Dates determining the shareholders eligible for
compliance reporting featuring identical and homogeneous
e-Voting is Thursday, June 30, 2022.
compliance data structures between Stock Exchanges and
The e-Voting commences on Monday,
MCA. XBRL filings are done on the NEAPS portal as well as July 4, 2022 at 9 a.m. (IST) and ends on
the BSE online portal. Wednesday, July 6, 2022 at 5 p.m. (IST)

(f) International Securities Identification Number (ISIN) Supply Company Limited issued Global Depository Shares
(for equity shares): INE245A01021 (GDS) in the International Market which have been listed on
(g) Corporate Identity Number (CIN): Luxembourg Stock Exchange, 35 Boulevard Joseph II, 1840,
Luxembourg and have been accepted for clearance through
L28920MH1919PLC000567
Euroclear and Cedel. They have also been designated for
(h) Listing on Stock Exchanges: trading in the PORTAL System of the National Association
of Securities Dealers, Inc.
Listing of Equity Shares: The Company’s Equity Shares are
listed on two Stock Exchanges in India viz. (a) BSE Limited In July 2009, the Company raised USD 335 million through
(Regional Stock Exchange), Phiroze Jeejeebhoy Towers, Dalal offering of Global Depositary Receipts (GDRs). The GDRs
Street, Mumbai 400 001 and (b) National Stock Exchange are listed and traded in Euro MTF market of Luxembourg
of India Limited, Exchange Plaza, Bandra Kurla Complex, Stock Exchange and are also available for trading on IOB
Bandra (E), Mumbai 400 051. (International Order Board) of London Stock Exchange.
Listing of GDS and GDRs: In February 1994, the Company Number of outstanding GDS as on March 31, 2022:
jointly with the erstwhile The Tata Hydro-Electric Power
• 376 (Issued in 1994 to Citibank NA)
Supply Company Limited and The Andhra Valley Power
• 2,180 (Issued in 2009 to Bank of New York, Mellon)
Listing of Debt Securities: The various series of Debentures issued by the Company are listed as under:
Table 18
Sl. Series Amount outstanding as Listed on Name of the Debenture trustees with full
No. on March 31, 2022 contact details
(` in crore)
1. 9.15% Secured, Non-Convertible,
Non-Cumulative, Redeemable, Taxable Centbank Financial Services Limited
80 NSE Central Bank of India, MMO Bldg.,
Debentures with Separately Transferable
Redeemable Principal Parts 3rd Floor (East Wing),
55, Mahatma Gandhi Road, Fort, Mumbai 400 001.
2. 9.15% Secured, Non-Convertible, Tel: 022 2261 6217
Non-Cumulative, Redeemable, Taxable Fax: 022 2261 6208
74 NSE
Debentures with Separately Transferable Email : info@cfsl..in
Redeemable Principal Parts
3. 9.40% Redeemable, Transferable, Secured,
210 NSE
Non-Convertible Debentures
4. 10.75% Unsecured Debentures 1,500 NSE
5. 7.99% Unsecured, Redeemable,
900 BSE IDBI Trusteeship Services Limited
Asian Building, Ground Floor, 17, R. Kamani Marg,
6. 9% Series I Unsecured, Redeemable, Taxable, Ballard Estate, Mumbai 400 001.
250 NSE
Listed, Rated, Non-Convertible Debentures Tel: 022 4080 7000
7. 8.84% Series II Unsecured, Redeemable, Fax: 022 6631 1776
Taxable, Listed, Rated, Non-Convertible 500 NSE Email : itsl@idbitrustee.com
Debentures
8. 8.84% Series III Unsecured, Redeemable,
Taxable, Listed, Rated, Non-Convertible 750 NSE
Debentures
9. 7.60% Unsecured, Redeemable, SBICAP Trustee Company Limited
1,000 NSE
Non-Convertible Debentures Apeejay House, 6th Floor, 3, Dinshaw Wachha Road,
10. 6 % Unsecured, Redeemable, Churchgate, Mumbai 400 020
1,000 NSE
Non-Convertible Debentures Tel: 022 4302 5555
11. 8.21% Unsecured, Redeemable, Fax: 022 2204 0465
300 NSE Email: corporate@sbicaptrustee.com

Sl. Series Amount outstanding as Listed on Name of the Debenture trustees with full
No. on March 31, 2022 contact details
(` in crore)
12. 6.18% Unsecured, Redeemable, Axis Trustee Services Limited
400 BSE
Non-Convertible Debentures The Ruby, 2nd Floor, SW, 29 Senapati Bapat Marg,
13. 7.05% Unsecured, Redeemable, Dadar West, Mumbai 400 028
500 BSE
Non-Convertible Debentures Tel: 022 6230 0603
14. 7.77% Unsecured, Redeemable, Mob: 98191 37920
500 BSE Email: Sameer.Kabra@axistrustee.in
(i) Listing and Custodial Fees: (j) Listing Details:

The Company has paid the requisite Annual Listing and Table 19
Custodial Fees to the Stock Exchanges and Depositories viz. Name of the Exchange Stock Code
CDSL and NSDL, respectively for the financial years 2021-22 BSE Limited
and 2022-23. (physical form) 400
(demat form) 500400
National Stock Exchange of India Limited TATAPOWER EQ
(k) Market Price Data: Month wise High, Low and trading volumes of the Company’s Equity Shares during the last financial year at
BSE and NSE are given below:
Table 20
Stock Exchange BSE NSE
Month High Low No. of shares High Low No. of shares
(`) (`) traded (`) (`) traded
April 2021 105.05 92.20 5,33,37,366 105.05 92.20 85,74,28,757
May 2021 110.00 99.85 5,30,23,633 109.95 99.85 77,91,64,292
June 2021 127.60 104.75 12,17,35,392 127.60 104.65 149,04,40,703
July 2021 125.90 120.40 5,62,87,302 125.90 120.35 56,78,63,571
August 2021 135.15 124.95 5,80,60,808 135.15 124.95 68,81,28,549
September 2021 158.70 130.05 8,73,71,798 158.75 130.05 70,59,13,470
October 2021 257.25 163.75 24,29,17,708 257.30 163.75 259,66,75,894
November 2021 249.90 216.80 12,11,06,281 249.90 216.80 136,46,14,418
December 2021 230.20 209.10 6,66,88,460 230.25 209.10 72,42,31,023
January 2022 248.65 223.35 6,07,38,425 248.65 223.40 64,04,53,708
February 2022 254.35 204.35 8,52,19,392 254.35 204.30 78,52,39,707
March 2022 241.60 216.65 4,68,53,117 241.70 216.20 44,82,44,719

(l) The market share price in comparison to broad-based indices like BSE Sensex and Nifty are given below:
(i) Comparison of the Company's Share Price with BSE Sensex and BSE Power Sensex in FY22
Table 21
(ii) Comparison of the Company’s Share Price with NSE Nifty and NSE Nifty Energy in FY22:
Table 22

(m) None of the Company’s securities have been For the convenience of Members, all communications/documents
suspended from trading. are also accepted at the abovementioned branches/agency of
TCPL between 10.00 a.m. to 3.30 p.m. (Monday to Friday except
(n) Registrars and Transfer Agents: For share related matters,
bank holidays).
Members are requested to correspond with the Company’s
Registrar and Transfer Agents (RTA) - TSR Consultants (o) Share transfer system:
Private Limited (erstwhile TSR Darashaw Consultants Private
Members may please note that SEBI vide its Circular No. SEBI/
Limited) (TCPL) quoting their Folio No./DP ID & Client ID at
HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25,
the following addresses:
2022 has mandated the Listed Companies to issue securities
1. For transfer lodgement, delivery and correspondence: in demat form only while processing service requests viz.
TSR Consultants Private Limited, Unit: The Tata Power Issue of duplicate securities certificate; claim from Unclaimed
Company Limited, C-101, 1st Floor, 247 Park, Lal Bahadur Suspense Account; Renewal/Exchange of securities
Shastri Marg, Vikhroli (West), Mumbai - 400 083. Tel: certificate; Endorsement; Sub‑division/Splitting of securities
022-6656 8484; Fax: 022- 6656 8494; email: csg-unit@ certificate; Consolidation of securities certificates/folios;
tcplindia.co.in; website: https://www.tcplindia.co.in. Transmission and Transposition. Accordingly, Shareholders
2. For the convenience of investors based in the following are requested to make service requests by submitting a
cities, transfer documents and letters will also be duly filled and signed Form ISR–4, the format of which is
accepted at the following branches/agencies of TSR available on the Company’s website under the weblink at
Consultants Private Limited: https://www.tatapower.com/investor-relations/investor-
services-forms.aspx and on the website of the Company’s
(i) Mumbai: Building 17/19, Office no. 415 Rex
RTA at https://www.tcplindia.co.in/. It may be noted that
Chambers, Ballard Estate, Walchand Hirachand
any service request can be processed only after the folio is
Marg, Fort, Mumbai-400 001. Tel: 7304874606,
KYC compliant. SEBI vide its notification dated January 24,
Email : csg-unit@tcplindia.co.in
2022 has mandated that all requests for transfer of securities
website: https://www.tcplindia.co.in.
including transmission and transposition requests shall be
(ii) Bengaluru: C/o. Mr. D. Nagendra Rao, "Vaghdevi"
processed only in dematerialized form. In view of the same
543/A, 7th Main 3rd Cross, Hanumanthnagar,
and to eliminate all risks associated with physical shares
Bengaluru - 560 019. Tel: +91-80-26509004,
and avail various benefits of dematerialisation, Members
Email : tsrdlbang@tcplindia.co.in
are advised to dematerialise the shares held by them in
(iii) Jamshedpur: Bungalow No.1, “E” Road,
physical form. Members can contact the Company or RTA,
Northern Town, Bistupur, Jamshedpur - 831 001.
for assistance in this regard.
Tel: +91-657-2426937,
Email : tsrdljsr@tcplindia.co.in Compliance of Share Transfer formalities:
(iv) Kolkata: C/o Link Intime India Private Limited, As per the requirement of Regulation 40(9) of the Listing
Vaishno Chamber, Flat No. 502 & 503, 5th Regulations, the Company has obtained certificates from the
Floor, 6, Brabourne Road, Kolkata - 700 001. Company Secretary in practice for due compliance of share
Tel: +91-33-40081986, transfer formalities.
Email : tsrdlcal@tcplindia.co.in
The number of shares transferred/transmitted in physical
(v) New Delhi: C/o Link Intime India Private
form during the last two financial years are given below:
Limited, Noble Heights, 1st Floor,Plot No NH-
2, C-1 Block, LSC Near Savitri Market, Janakpuri,
Table 23
New Delhi - 110 058. Tel: +91-11-49411030,
Email : tsrdldel@tcplindia.co.in Shares transferred/transmitted in FY22 FY21
physical form
(vi) Ahmedabad: C/o Link Intime India Private Limited,
Amarnath Business Centre-1 (ABC-1), Beside Gala Number of transfers/transmissions 130 581
Business Centre, Nr. St. Xavier's College Corner, Number of shares 4,51,933 9,02,808
Off. C.G. Road, Ellisbridge, Ahmedabad - 380 006.
Tel: +91-79-26465179,
Email : csg-unit@tcplindia.co.in

(p) Shareholding details of the Company:

i. Distribution of Equity Shareholding as on March 31, 2022:
Table 24
Number of shares Number of shareholders
Range of Holdings
Physical Demat Total % Physical % Demat % Total %
1 - 5000 1,82,56,541 47,98,13,082 49,80,69,623 15.59 14,389 90.79 34,90,476 99.45 35,04,865 99.41
5001 - 10000 72,32,568 7,89,31,762 8,61,64,330 2.70 1,045 6.59 11,055 0.31 12,100 0.34
10001 - 20000 39,69,699 6,53,36,436 6,93,06,135 2.17 282 1.78 4,676 0.13 4,958 0.14
20001 - 30000 15,31,409 3,34,41,290 3,49,72,699 1.09 64 0.40 1,361 0.04 1,425 0.04
30001 - 40000 12,38,500 1,96,48,971 2,08,87,471 0.65 35 0.22 563 0.02 598 0.02
40001 - 50000 5,24,580 1,45,07,095 1,50,31,675 0.47 12 0.08 322 0.01 334 0.01
50001 - 100000 10,31,400 4,28,26,335 4,38,57,735 1.37 16 0.10 613 0.02 629 0.02
100001 and above 19,74,340 242,50,75,539 242,70,49,879 75.96 6 0.04 606 0.02 612 0.02
Total 3,57,59,037 315,95,80,510 319,53,39,547* 100.00 15,849 100.00 35,09,672 100.00 35,25,521 100.00
*It only represents number of listed Equity shares. It excludes 28,32,060 equity shares not allotted but held in abeyance, 44,02,700 equity shares cancelled pursuant
to a Court Order, 4,80,40,400 equity shares of the Company held by the erstwhile The Andhra Valley Power Supply Co. Ltd. cancelled pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature at Bombay and 16,52,300 forfeited equity shares.
ii. Shareholding pattern of the Company as on March 31, 2022:

Table 25
Equity Shares of ` 1 each

Particulars
No. of Shares %
Promoters (including Promoter Group) 149,72,57,565 46.86
Directors and their relatives 7,16,262 0.02
Insurance Companies 34,51,86,392 10.80
Financial Institutions/Banks 12,11,512 0.04
Mutual Funds / UTI 15,43,64,937 4.83
Provident Funds / Pension Funds 23,72,716 0.07
Clearing Members 50,73,185 0.16
Corporate Bodies 3,16,33,033 0.99
Body Corporate-NBFC 92,042 0.00
Limited Liability Partnership-LLP 28,71,052 0.09
Alternate Investment Fund 44,44,477 0.14
Trusts 10,20,614 0.03
Resident Individuals & HUF 74,32,77,742 23.27
Central / State Governments 1,01,55,863 0.32
Foreign Portfolio Investors - Corporate 34,58,13,689 10.82
OCBs 4,000 0.00
OCBs-DR 3,65,990 0.01
Global Depository Receipts 3,60,300 0.01
Non-Resident Indians 3,95,50,553 1.24
IEPF Suspense A/c 95,67,623 0.30
Total 319,53,39,547 100.00

iii. Top 10 Shareholders of the Company as on March 31, 2022

Table 26
Sl. No. Name of Shareholder Total holdings % to capital
1 Tata Sons Private Limited 144,45,13,021 45.21
2 Life Insurance Corporation of India 21,57,40,379 6.75
3 Tata Steel Limited 3,91,22,725 1.22
4 HDFC Life Insurance Company Limited 3,90,30,554 1.22
5 Matthews Pacific Tiger Fund 3,56,86,119 1.12
6 General Insurance Corporation of India 3,11,20,100 0.97
Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International
7 2,83,30,290 0.89
Equity Index Funds
8 Vanguard Total International Stock Index Fund 2,59,92,358 0.81
9 Kotak Equity Arbitrage Fund 2,17,83,333 0.68
10 Franklin India Equity Advantage Fund 1,77,71,050 0.56
Grand Total 189,90,89,929 59.43
Persons holding 1% or more of the equity shares in the Company as on March 31, 2022 excluding the list of top 10 shareholders
of the Company: None
(q) Details of Equity Shares in dematerialised and physical form as on March 31, 2022:

The Company’s shares are compulsorily traded in dematerialised form and are available for trading through both the Depositories
in India viz. NSDL and CDSL. The details of number of equity shares of the Company which are in dematerialised and physical form
are given below:
Table 27
Particulars of Shares Shares of ₹ 1 each Shareholders
Dematerialised form Number % to total Number % to total
NSDL* (A) 279,18,67,864 87.37 7,19,262 20.40
CDSL (B) 36,77,12,646 11.51 27,90,410 79.15
Sub-total (A+B) 315,95,80,510 98.88 35,09,672 99.55
Physical form 3,57,59,037 1.12 15,849 0.45
Total 319,53,39,547 100.00 35,25,521 100.00
* includes shares held by Tata Sons and promoter group representing 46.86% of the total shareholding.
(r) Commodity price risk or foreign exchange risk and hedging activities:

The Company has adopted the Commodity Price Risk Management Policy to manage its risks associated with commodity imports
(presently only Coal) from international markets. The objective of this policy is to ensure protection from risk arising out of
adverse and volatile movement in commodity prices by proper monitoring of the exposures and taking timely actions to keep
risks to acceptable levels. In terms of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated November 15, 2018, the
required information is provided as under:
i) Risk management policy of the Company with respect to commodities including through hedging: The Commodity Price Risk
Management Policy is available on the Company’s website at https://www.tatapower.com/pdf/aboutus/commodity.pdf.
ii) Exposure of the Company to commodity and commodity risks faced by the Company throughout the year:
• Total exposure of the listed entity to commodities in ` - Total coal exposure of the Company in FY22 was approx.
` 3,115.27 crore.
• Exposure of the listed entity to various commodities:

Table 28
Commodity Exposure in ` towards the Exposure in quantity % of such exposure hedged through
Name particular commodity terms towards the commodity derivatives
particular commodity
Domestic market International market Total
OTC Exchange OTC Exchange
Coal Trombay Plant - ` 744.52 crore Trombay Plant - 2.37 Million MT (imported)
Jojobera Plant - ` 382.83 crore Jojobera Plant - 0.94 Million MT (domestic) Nil Nil Nil Nil Nil
Mundra Plant - ` 1,987.92 crore Mundra Plant - 4.74 Million MT (imported)
• Commodity risks faced by the Company during the year and how they have been managed are given below:
The Company has its coal based power generation plants situated at Trombay, Mumbai (Maharashtra) and Jojobera, Jamshedpur
(Jharkhand) and Mundra (Gujarat). The Trombay and Mundra plants import coal from Indonesia under long term index linked
contract in accordance with Indonesian price regulation, while Jojobera Plant uses domestic coal (Indigenous coal) which is
governed by notified price declared by Coal India Limited.
The Company, therefore, inherently faces commodity price risk from use of coal for its power generation facilities. In case of
Trombay and Jojobera, the cost of coal is pass-through and the Company does not have any risk towards fluctuation of price of
coal being sourced for these plants. Therefore, the price risk on imported as well as domestic coal is not hedged. The foreign
exchange variation on the imported coal for Trombay Plant is allowed as a full cost pass-through in the tariff of the two regulated
businesses and is, therefore, not hedged.
However, in case of Mundra Plant, the Company has entered into a PPA under which a portion of the fuel component in revenues
recoverable is not eligible for escalation. This exposes the Company to any unfavourable movement in spot coal prices over the
term of the PPA. Further, since the Plant relies entirely on coal imported primarily from Indonesia, its profitability has been affected
by the Indonesian government’s directive that coal can only be sold at market rates/benchmark price, regardless of mutually
negotiated or contracted rates. As the Company’s bid for the Mundra UMPP was based on coal prices forecasted based on
prevailing rates at the time of bidding, the Company has been exposed to considerably higher costs than originally contemplated.
Given the volatility in fuel prices and significant increases in recent years, this has already had, and could in the future, have a
material adverse effect on the Company’s results of operations and financial condition. While the Company has taken certain
commercial and technical measures to reduce the impact of this adverse development including renegotiation of the commercial
terms of the power sale arrangement with the power procurers, there can be no assurance that such measures will be successful.
To reduce the price fluctuation risk, the foreign exchange variation on the imported coal for Mundra Plant is hedged.
To address short term price volatility and assure supply, the Company has entered into long term coal procurement agreements.
Further, to manage sourcing, the Company has a dedicated Fuel Procurement team with strong understanding of coal markets.
This team works closely with coal suppliers and the Company’s operations team to plan and source its coal supplies through
reliable and lowest cost supply chain.
(s) Plant locations of the Company and Group Companies:
Table 29
Type of plants Address of plants
Thermal Trombay Generating Station, Mahul Road, Chembur, Mumbai, Maharashtra
Power Jojobera Power Plant, Jojobera, Jamshedpur, Jharkhand
Generating
Haldia Power Plant, HFC Complex, Patikhali, Haldia, District Purb, Medinipur, West Bengal
Plants
Mundra Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda, Taluka Mundra, Kutch, Gujarat
Maithon Power Limited, Village Dambhui, P.O. Barbindia, P.S. Nirsa, District Dhanbad, Jharkhand
Industrial Energy Limited, Inside of Tata Steel Limited, Kalinganagar, Jajpur, Jajpur Road, Duburi, Odisha
Prayagraj Power Generation Company Limited., P.O. Lohgara, Tehsil: Bara, Prayagraj (Allahabad), Uttar Pradesh


Hydro Bhira P.O. Bhira, Taluka Mangaon, District Raigad, Maharashtra
Generating Bhivpuri, P.O. Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra
Stations Khopoli, P.O. Khopoli Power House, Taluka Khalapur, District Raigad, Maharashtra
Dagachhu Hydro Power Corporation Limited, Dagapela, Dagana, Bhutan
Adjaristaqali Georgia LLC:
- Shuakhevi - 178 MW (2 x 89 MW) - Shuakhevi Hydro Power Plant, Adjara Region Shuakhevi Municipality, Village Akhaldaba, Georgia
- Skhalta - 9 MW (3 x 3 MW) - Skhalta Hydro Power Plant, Adjara Region Khulo Municipality, Village Tsablana, Georgia
Wind Farms Walwhan Wind RJ Limited, 132 KV Dhalmoo Substation, Village Dhalmoo, Tehsil Pratapgarh, District Pratapgarh, Rajasthan
Walwhan Energy Rajasthan Limited, Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
Tata Power Renewable Energy Limited:
- Agaswadi Wind Farm, Village Kannarwadi, Hiwarwadi & Agaswadi, Taluka Khatav, District Satara, Maharashtra
- Poolavadi Wind Farm, Villages Anikaduvu, Mongilphuluvu, Illupunagaram, Taluka Madathukulam, District Tripur, Tamil Nadu
- Samana Wind Farm, Village Mota Panchdevda, Taluka Kalavad, District Jamnagar, Gujarat
- Gadag Wind Farm, Hosur, Kanavi, Mulgund, Shiroland Harti, District Gadag, Karnataka
- Dalot Wind Farm, Village Raipur, Jungle, Khanpur, Talabkheda, Karaikhede, Taluka Arnod, District Pratapgarh, Rajasthan
- Rojmal Phase I Wind Farm, Village Sukhpur, Taluka Babra, District Amreli, Gujarat
- Rojmal Phase II Wind Farm, Village Sukhpur, Taluka Babra, District Amreli, Gujarat
- Dwarka Wind Farm, Village Bhatiya, District Khambhalia, Gujarat
- Lahori Wind Farm, Village Lahori, District Shajapur, Madhya Pradesh
- Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
- Nimbagallu Wind Project, Nimbagallu Village, Uravakonda (Mandal), District Anantapur, Andhra Pradesh
- Visapur 32 MW Wind Farm, Village Kokrale, Visapur, Girijashankarwadi & Rajachekurle, Taluka Khatav, District Satara, Maharashtra
Tata Power Green Energy Limited:
- Supa Wind Farm, Kauda Dongar, Village Shahjahanpur & Pimpalgaon Kauda, Taluka - Parner, District Ahmednagar, Maharashtra
- Khandke Wind Farm, Village Ranjani Agadgaon, Deogaon & Mehkari, District Ahmednagar, Maharashtra
- Bramanvel Wind Farm, Village Valve, Taluka Sakri, District Dhulia, Maharashtra
- Sadawaghapur Wind Farm, Village Sadawaghapur, Taluka Patan, District Satara, Maharashtra
The Tata Power Company Limited:
- Nivade Wind Farm, Village Sawarghar and Niwade, Taluka Patan, District Satara, Maharashtra
- Visapur 10 MW Wind Farm, Village: Kakrole, Visapur, Taluka - Khatav, District – Satara
TP Wind Power Limited, Jath, Dist-Sangli, Maharashtra
Vagarai Wind Farm Limited, Appayampatti Village, Oddan Chatram Taluk, District Dindigul, Tamil Nadu
Solar Plants Walwhan Urja Anjar Limited, Village Khirasara, Taluka Anjar, District Kutch, Gujarat
Walwhan Solar Energy GJ Limited, Village Khirasara, Taluka Anjar, District Kutch, Gujarat
MI MySolar 24 Private Limited, Village Fatepur, Taluka Dasada, District Surendranagar, Gujarat
Dreisatz MySolar 24 Private Limited, Village Fatepur, Taluka Dasada, District Surendranagar, Gujarat
Walwhan Solar Raj Limited, Khasra No. 44, Village Rawra, Tehsil Bap, Phalodi District, Jodhpur, Rajasthan
Northwest Energy Private Limited, Khasra No. 240/1, Village Rawra, Tehsil Bap, Phalodi District, Jodhpur, Rajasthan
Walwhan Solar AP Limited, Village Shrimandrup Nagar and Rawra, Tehsil Phalodi, District Jodhpur, Rajasthan
Walwhan Solar RJ Limited, Village Deh, Tahsil Kolayat, District Bikaner, Rajasthan
Walwhan Solar MP Limited:
- 105 MW Solar Power plant, Village Bhagwanpura, Diken Area, Tehsil Jawad, District Neemuch, Madhya Pradesh
- 25 MW Solar Power plant, Village Padaliya, Ratangarh Area, Tehsil Singoli, District Neemuch, Madhya Pradesh
Walwhan Solar MH Limited, MIDC Mangalwedha (G.C.), Taluka Mangalwedha, Maharashtra
Walwhan Renewable Energy Limited, C/o Clean Sustainable Solar Energy Private Limited, Village Shirshuphal, Baramati, Pune,
Maharashtra
Walwhan Solar AP Limited., Plot No- 5A, 6A & 6B., IDC Park, APIIC, Pulivendula, Kadappa District, Andhra Pradesh

Solar Plants Walwhan Renewable Energy Limited:

- 30 MW Site, Survey No. 863 & 864, Near Lomada Village, Shimadripuram Mandal, Pulivendula Taluka, District Kadapa, Andhra Pradesh
- 70 MW Site Vermalapudu, Owk - Mandal Tq, Kurnool District, Andhra Pradesh
- 16 MW Site Rajapura Village, Molakalmuru Tq, Chitradurga District, Karnataka
- 34 MW Site, Kodihalli Village, Hiriyuru Tq, Chitradurga District, Karnataka
- 50 MW Site Bedareddyhalli Village, Challakere Tq, Chitradurga District, Karnataka
- 50 MW Solar Site, Panchapatti, Veeriyapalayam Village, Krishnarayauram Taluk, Karur District, Tamil Nadu
- 50 MW Solar Site, Iyermalai, Karupathur & Vayalur Village, Krishnarayauram Taluk, Karur District, Tamil Nadu
- Kayathar - 49 MW Plant, Metupirancheri Village, Manur Taluk, Tiruneliveli District, Tamil Nadu
- Honda Cars India Limited, Plot No. A-1, Sector - 40/41, Surajpur Kasna Road, Greater Noida, Uttar Pradesh
- Honda Cars India Limited, SPL-1, Tapukara Industrial Area, Khuskhera, Alwar District, Rajasthan
Walwhan Solar KA Limited, Villages Nagasamudra & Heruru Taluka Molakalamuru, District Chitradurga, Karnataka
Walwhan Solar PB Limited, Villages Jagaram Tirath & Teona Pujarian, Tehsil Talwandi Sabo, Bhatinda, Punjab
Walwhan Solar TN Limited, Musri & TT PET - 100 MW, Krishnapuram Village, Valaiyeduppu Post, Musiri Taluk, Trichy District, Tamil Nadu
Walwhan Solar BH Limited:
-Bahera, Block: Dobhi, P.O. Barachatti Anchal, Gaya, Bihar
-Savkala & AMP, Khaira Khurd, Block Amas, P.O.: Sherghati Anchal, Sherghati, Gaya, Bihar
Walwhan Solar MH Limited, Village Dhalmu, Pratapgarh, Rajasthan
Tata Power Renewable Energy Limited (TPREL):
- Mulshi Solar Plant, Mulshi (Khurd), Post Male, Taluka Mulshi, District Pune, Maharashtra
- Bidar, Srinivasapura, Kanakagiri, Karnataka
- Palsawade Solar Plant, Palsawade, Taluka Maan, District Satara, Maharashtra
- Mithapur Solar Plant, Plot B, Survey No. 78, Mithapur, District Jamnagar, Gujarat
-Solar Plant, Belampalli Village, Ankepalli and Venkapalli, Mandal, Tandur, District Mancherial, Telangana
- Plot No.6, Gujarat Solar Park Charanka, District Patan, Gujarat
- 400 MW Solar Power Plants (blocks # 15,17, 18, 19, 21, 27, 32 and 34) @ 2000 MW Solar Park, Thirumani Village, Pavagada Taluka,
Tumkur District, Karnataka
- Plot - P4&P5, Ananthapuramu Ultra Mega Solar Park, Thumkunta Village, Galiveedu Mandal, Raychoti Taluka, Kadapa, Andhra Pradesh
- 150 MW TPREL MSEDCL Chhayan Solar PV Plant, Chhayan I, Pokhran, District Jaisalmer, Rajasthan
-150 MW TPREL TPC-D Chhayan Solar PV Plant, Chhayan II, District - Jaisalmer, Rajasthan
-100 MW TPREL 100 MW, Raghanesda Solar Park, Plot - G, Village - Raghanesda, Taluka - Vav, Dist - Banaskantha, Gujarat
-50 MW TPREL Solar PV Plant, Vill: Bijora-Bijuria, Block- Khutar, Tehsil:- Powayan, Dist, Shahjahanpur, Uttar Pradesh
-50 MW TPREL Prayagraj Solar PV Plant Vill-Khan Semra, Tehsil- Bara, Dist.-Prayagraj, Uttar Pradesh
- 300 MW TPREL Mahadevpura Village, Rahtalav Road, Dholera S.I.R, Dholera Taluk, Dist. Ahmedabad, Gujarat
Poolavadi Windfarm Limited, Netmagic 50 MW, Gholasgaon, Taluka: Akkalkot, District Solapur, Maharashtra
TP Kirnali Solar Limited, (11.5 MW IHCL) Gholasgaon, Taluka: Akkalkot, District Solapur, Maharashtra
TP Solapur Solar Limited, (10 MW) Gholasgaon, Taluka: Akkalkot, District Solapur, Maharashtra
Transmission Ambernath Receiving Station, Murbad Road, Varap, P O (Via) Kalyan, Dist. Thane, Mumbai, Maharashtra
and
Distribution Antophill Receiving Station, The Tata Power Company Limited, Transmission project Site, Shaikh Misree Road, Antop Hill, Wadala
Division Landmark- Near Wamanrao Mahadik MCGM School, Mumbai, Maharashtra
Backbay Receiving Station, 148, Lt. Gen. J. Bhonsle Marg, Nariman Point, Mumbai, Maharashtra
BKC Substation, Near Asian Heart Hospital, Opposite Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai,
Maharashtra
Borivali Receiving Station, Tata Power House Road, Borivali (E), Mumbai, Maharashtra


Transmission Bhokarpada Receiving Station, Hiranandani Business Park, Opposite Maharashtra Jeevan Pradhikaran at Bhokarpada Village, Post
and Poyanje, Panvel, District – Raigad, Mumbai, Maharashtra
Distribution Carnac Receiving Station, 34, Sant Tukaram Road, Carnac Bunder, Mumbai, Maharashtra
Division
Chembur Receiving Station, PO Box H O 18801, RCF Premises, Near Gate No.2, Chembur, Mumbai, Maharashtra
Dharavi Receiving Station, Matunga, Near Shalimar Industrial Estate, Dharavi, Mumbai, Maharashtra
Kalyan Receiving Station, Transmission Division, Shil Road, Netivli, Kalyan, Dist. Thane, Mumbai, Maharashtra
Kolshet Sub Station, Ghodbunder Road, Manpada, Thane (W), Mumbai, Maharashtra
Kurla Receiving Station, Tata Power, Kirol Road, Kamani, (Inside HDIL Premier SRA project, opposite building No. 29), Kurla(W),
Mumbai, Maharashtra
Malad Sub Station, Malad Marve Road, Malad (W), Mumbai, Maharashtra
Mankhurd Sub Station, Near Mankhurd - Ghatkopar Highway, Mumbai Pune Road, Mankhurd, Mumbai, Maharashtra
Mahalaxmi Sub-Station, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra
Parel Receiving Station, G D Ambekar Marg (Parel Tank Road), Parel, Mumbai, Maharashtra
Panvel Receiving Station, Old Mumbai Pune Road, Behind MSEDCL Bhingari, substation, Bhingari Panvel, Dist Raigad, Maharashtra
Powai Receiving Station, Near MTNL Hiranandani Kailas Complex Road, Powai, Mumbai, Maharashtra
Saki Receiving Station, 42, Saki Vihar Road, Andheri (East), Mumbai, Maharashtra
Sahar Receiving Station, Near Hotel Leela, Sahar T2 Airport Road, Andheri East, Mumbai, Maharashtra
Salsette Receiving Station, Lake Road, Bhandup, Mumbai, Maharashtra
Versova Sub Station, Off Andheri - Malad Link Road, Andheri (West), Mumbai, Maharashtra
Vikhroli Sub Station, Godrej Soap Premises, Vikhroli (East), Mumbai, Maharashtra
Trombay Station A RSS, Mahul Road, Chembur, Mumbai, Maharashtra
Distribution Division, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra
Waghiwali Receiving Station, Transmission project Site NMIA, Waghiwali Sector 17A, Navi Mumbai, Panvel, Maharashtra
Karanjade, The Tata Power Company Limited, Transmission project Site, Plot no 81A, Sector 5A, Karanjade Village, Panvel, Maharashtra
(t) Address for correspondence: The rating of A1+ for the Company's short-term bank
The Tata Power Company Limited facilities and Commercial Paper has also been reaffirmed
Bombay House, 24, Homi Mody Street, Mumbai 400 001. by CRISIL. This highest rating of A1+ indicates a very strong
Tel.: 022 6665 8282 degree of safety with regard to timely payment of interest
Email: tatapower@tatapower.com; and principal. Such instrument carry lowest credit risk.
Website: www.tatapower.com
CARE Ratings Limited has reaffirmed its rating on the long
(u) Credit Rating: term bank facilities and NCDs (including subordinated NCD)
as CARE AA with Stable outlook.
During the year under review, ICRA Limited (ICRA) has
upgraded its rating on Non-Convertible Debentures (NCDs) India Ratings & Research Private Limited (Ind-Ra), has
of the Company from AA-/Positive to AA/Stable. Instruments reaffirmed its rating on NCDs of the Company as IND AA with
with AA rating are considered to have high degree of safety Stable outlook.
regarding timely servicing of financial obligations. Such
The rating of A1+ for Commercial Paper has also been
instruments carry very low credit risk.
reaffirmed by Ind-Ra. Rating of A1+ indicates a very strong
Further, CRISIL Limited has reaffirmed its rating on the long degree of safety with regard to timely payment of interest
term bank facilities and NCDs (including subordinated and principal.
NCD) as CRISIL AA/Stable. Instruments with AA rating are
considered to have high degree of safety regarding timely
servicing of financial obligations. Such instruments carry
very low credit risk.

Other Disclosures:
Table 30
Regulation/Schedule of
Particulars Details and Web link
Listing Regulations
Web link where policy for Regulation 16 (1)(c) and The policy for determining material subsidiaries, adopted by the Board, is uploaded
determining material subsidiaries Schedule V (C) 10(e) on the Company’s website.
is disclosed https://www.tatapower.com/pdf/aboutus/policy-for-determining-material-
subsidiaries.pdf
Code of Conduct Regulation 17 The members of the Board and Senior Management Personnel have affirmed
compliance with the Code of Conduct applicable to them. A certificate by the CEO
& Managing Director on the compliance of same, is reproduced at the end of this
report and marked as Annexure I.
Details of establishment of Vigil Regulation 22 and The Company has adopted a Whistle Blower Policy & Vigil Mechanism for directors,
Mechanism, Whistle Blower Schedule V (C) 10(c) employees and stakeholders to report concerns about unethical behaviour, actual
policy, and affirmation that no or suspected fraud or violation of the Company’s Code of Conduct. The said
personnel has been denied access policy has been posted on the Company’s website. The Company affirms that no
to the Audit Committee personnel have been denied access to the Chairman of the AC.
https://www.tatapower.com/pdf/aboutus/whistle-blower-policy-and-vigil-
mechanism.pdf
Disclosures on materially Regulation 23 and There are no material related party transactions during the year under review that
significant related party Schedule V (C) 10(f ) have conflict with the interest of the Company. Transactions entered into with
transactions that may have related parties during the financial year were in the ordinary course of business
potential conflict with the and at arm’s length basis and were approved by the AC. Certain transactions, which
interests of listed entity at large were repetitive in nature, were approved through omnibus route.
and Web link for policy on dealing The Board has received disclosures from senior management relating to material,
with related party transactions financial and commercial transactions where they and/or their relatives have
personal interest. There are no materially significant related party transactions
which have potential conflict with the interest of the Company at large.
The policy on dealing with related party transactions, adopted by the Company, is
uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/rpt-policy-framework-guidelines.pdf
Subsidiary Companies Regulation 24 The AC reviews the financial statements of subsidiaries of the Company. It also
reviews the investments made by such subsidiaries, the statement of all significant
transactions and arrangements entered into by the subsidiaries, if any, and the
compliances of each materially significant subsidiary on a periodic basis. The
minutes of board meetings of the unlisted subsidiary companies are placed before
the Board. Composition of the Board of material subsidiaries is in accordance with
Regulation 24(1) of the Listing Regulations.
Familiarisation Program Regulation 25(7) read Details of familiarization program imparted to IDs are available on the Company’s
with Regulation 46 website.
https://www.tatapower.com/investor-relations/corporate-governance/
familiarisation-programme.aspx
Archival Policy and Policy on Regulation 30 and The Archival Policy and Policy on Preservation of Documents, adopted by the
Preservation of Documents Regulation 9 Board, are uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/archival-policy.pdf
https://www.tatapower.com/pdf/aboutus/preservation-policy-documents.pdf
Policy on Determination of Regulation 30 The Policy on determination of materiality for disclosures, adopted by the Board, is
Materiality for Disclosures uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/determining-policy.pdf
Dividend Distribution Policy Regulation 43A The Dividend Policy, adopted by the Board, is uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/dividend-policy.pdf
Terms and conditions of Regulation 46 Terms and conditions of appointment/re-appointment of IDs are available on the
Appointment of IDs Company’s website.
https://www.tatapower.com/pdf/investor-relations/Terms-&-conditions-of-IDs-
appointment.pdf

Regulation/Schedule of
Particulars Details and Web link
Listing Regulations
Details of mandatory Schedule II Part E All mandatory requirements of the Listing Regulations have been complied with
requirements and adoption of the by the Company. The status of compliance with the discretionary requirements, as
non-mandatory requirements stated under Part E of Schedule II to the Listing Regulations, is as under:
• Shareholder Rights: The half-yearly financial performance of the Company is
sent to all the Members possessing email IDs. The results are also posted on the
Company’s website.
• Modified opinion(s) in Audit Report: The auditors have expressed an
unmodified opinion in their report on the financial statements of the Company.
• Reporting of Internal Auditor: The Internal Auditor reports to the AC.
Details of non - compliance by Schedule V(C) 10(b) There were no instances of non-compliance, penalties, strictures imposed on the
the Company, penalty, strictures Company by the Stock Exchanges, SEBI or any statutory authority, on any matter
imposed on the Company by the related to capital markets, during the last 3 years.
Stock Exchange or SEBI or any
statutory authority on any matter
related to capital markets
Disclosures of commodity price Schedule V(C) 10(g) The disclosure of commodity price risks and hedging activities is provided under
risks and commodity hedging section ‘General Shareholder Information’. The policy on Commodity Price Risk
activities Management adopted by the Company is uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/commodity.pdf
A certificate from Company Schedule V(C) 10(i) A certificate from the Practicing Company Secretaries has been received stating
Secretary in practice for that none of the Directors on the Board of the Company have been debarred or
non-debarment/disqualification disqualified from being appointed or continuing as directors of companies by
SEBI/MCA or any such statutory authority and the same is reproduced at the end of
this report and marked as Annexure IV.
Disclosure with respect Schedule V(C) 10(j) All the recommendations of the various mandatory committees were accepted by
to non-acceptance of any the Board.
recommendation of any
Committee of the Board which is
mandatorily required, along with
reasons thereof
Details of utilization of funds Schedule V(C) 10(h) During the year, there was no issuance of equity shares of the Company under
raised through preferential preferential allotment or qualified institutions placement.
allotment or qualified institutions
placement as specified under
Regulation 32 (7A)
Other Disclosures: 3. The Company has obtained compliance certificate from the
Practising Company Secretaries on corporate governance.
1. The Company has maintained an integrated compliance The same is reproduced at the end of this report and marked
dashboard which provides assurance to the Management as Annexure III.
and the Board of Directors regarding effectiveness of timely
compliances. All the compliances applicable to the Company 4. Details of fees paid/payable to the Statutory Auditors and
have been captured in the dashboard and are mapped all entities in the network firm/network entity of which
amongst the respective users. The timelines are fixed based the Statutory Auditor is a part, by the Company and its
on the legal requirement and the system is aligned in such a subsidiaries, during the year, are given below:
manner that it alerts the users in a timely manner. Table 31
(₹ in crore)
2. In terms of Regulation 17(8) of the Listing Regulations, the
By the By Total
CEO & Managing Director and the CFO made a certification Particulars
Company* Subsidiaries* Amount
to the Board of Directors in the prescribed format for the Statutory Audit 4.73 4.14 8.87
year under review, which has been reviewed by the Audit
Other Services 0.68 1.63 2.31
Committee and taken on record by the Board. The same
is reproduced at the end of this report and marked as Out-of-pocket
expenses 0.01 0.12 0.13
Annexure II.
Total 5.42 5.89 11.31
* The above fees are exclusive of applicable tax.

5. Disclosures in relation to the Sexual Harassment of has taken a Directors and Officers Liability Insurance (D&O)
Women at Workplace (Prevention, Prohibition and on behalf of all Directors including IDs and Officers of the
Redressal) Act, 2013: Company for indemnifying any of them against any liability
in respect of any negligence, default, misfeasance, breach
The Company has always believed in providing a safe and
of duty or breach of trust for which they may be guilty in
harassment-free workplace for every individual working in
relation to the Company.
the Company. The Company has complied with the applicable
provisions of the aforesaid Act, and the rules framed thereunder, Other Shareholder Information:
including constitution of the Internal Complaints Committee.
Ø Transfer of unclaimed/unpaid amounts to Investor
The Company has in place an Anti-Sexual Harassment Policy
Education and Protection Fund:
in line with the requirements of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) In accordance with the provisions of Sections 124, 125 and
Act, 2013 and the same is available on the Company's website other applicable provisions, if any, of the Act, read with
at https://www.tatapower.com/pdf/aboutus/Sexual-harass- the Investor Education and Protection Fund Authority
policy.pdf. All employees (permanent, contractual, temporary (Accounting, Audit, Transfer and Refund) Rules, 2016
and trainees, etc.) are covered under this Policy. (hereinafter referred to as ‘IEPF Rules’) (including any
statutory modification(s) or re-enactment(s) thereof for
The Company took many initiatives for spreading awareness
the time being in force), the amount of dividend remaining
like POSH Posters, POSH films, caricature series, different
unclaimed or unpaid for a period of seven years from the
competition regarding POSH, POSH stories in English and
date of transfer to the Unpaid Dividend Account is required
local languages. Going beyond, the Company extended
to be transferred to the Investor Education and Protection
awareness to employees' children by arranging competition
Fund (IEPF) maintained by the Central Government. In
for them on a sensitive subject like ‘GOOD Touch & BAD
pursuance of this, the dividend remaining unclaimed in
Touch Poster’. The Company also made film for the children
respect of dividends declared upto the financial year ended
on ‘GOOD & BAD Touch’ and shared across. All these efforts
March 31, 2014 have been transferred to the IEPF. The details
were widely appreciated by employees as well as the outside
of the unclaimed dividends so transferred are available on
world. This has led to proud moment for the Company for
the Company's website at https://www.tatapower.com/
winning Kelp HR- POSH award for safe work place for two
investor-relations/unclaimed-dividends.aspx and on the
consecutive years viz. FY21 and FY22.
website of MCA at http://www.iepf.gov.in/.
Status of complaints as on March 31, 2022:
In accordance with Section 124(6) of the Act, read with the
Table 32 IEPF rules, all the shares in respect of which dividend has
Sl. No. Particulars
Number of remained unclaimed for a period of seven consecutive years
Complaints or more from the date of transfer to the unpaid dividend
1. Number of complaints filed during the account are required to be transferred to the demat account
1
financial year of the IEPF Authority. Accordingly, all the shares in respect
2. Number of complaints disposed off of which dividends were declared upto the financial year
1
during the financial year
ended March 31, 2014 and remained unclaimed were due to
3. Number of complaints pending at the
0 be transferred to the IEPF. The Company had sent notices to
end of the financial year
all such Members in this regard and published a newspaper
6. The Company has complied with all the requirements of advertisement and, thereafter, transferred the shares to the
Corporate Governance Report as stated under sub-paras (2) IEPF during FY21. The details of such shares transferred have
to (10) of section (C) of Schedule V to the Listing Regulations. been uploaded on the Company's website at https://www.
tatapower.com/investor-relations/unclaimed-dividends.
7. The Company follows Indian Accounting Standards
aspx.
(Ind-AS) in the preparation of its financial statements.
The details of unclaimed dividends and equity shares
8. As required under Regulation 36(3) of the Listing Regulations
transferred to IEPF during the year 2021-22 are as follows:
and the Secretarial Standards, particulars of the Director
seeking re-appointment at the forthcoming AGM are given Table 33
in the Notice of the AGM to be held on July 7, 2022. Amount of unclaimed
Number of Equity shares transferred
dividend transferred
9. Directors and Officers Liability Insurance: ₹ 1,87,76,701.73 7,32,629
As per the provisions of the Act and in compliance with
Regulation 25(10) of the Listing Regulations, the Company

The below table gives information relating to various c) Self-attested copy of the PAN Card of all the holders; and
outstanding dividends and the dates by which they can be
d) Self-attested copy of any document (such as Aadhaar
claimed by the Members from the Company’s RTA:
Card, Driving License, Election Identity Card, Passport)
Table 34
(Amount in `) in support of the address of the first holder as registered
Unclaimed Dividend
with the Company.
Last date for
Date of dividend claiming Further, Members are requested to refer to process
declaration (As on March 31, 2022) payment from
TCPL detailed on https://tcplindia.co.in/home-KYC.html and
05.08.2015 2,15,67,190.51 07.09.2022
proceed accordingly.
21.09.2016 2,58,28,127.00 24.10.2023 Ø Shares held in electronic form: Members holding shares
23.08.2017 2,53,16,211.70 24.10.2023 in electronic form may please note that their bank details
20.09.2024 2,69,52,552.90 20.09.2024 as furnished by the respective DPs to the Company will be
27.07.2018 2,13,61,718.30 20.08.2025 considered for remittance of dividend as per the applicable
18.06.2019 2,02,51,229.70 17.07.2026 regulations of the DPs and the Company will not be able to
30.07.2020 2,32,40,708.60 30.08.2027 accede to any direct request from such Members for change/
07.07.2021 2,37,76,365.45 07.08.2028 addition/deletion in such bank details. Accordingly, the
Members holding shares in electronic form are requested
It may be noted that the unclaimed dividend for FY15
to ensure that their Electronic Bank Mandate is updated
declared on August 5, 2015, is due to be transferred
with their respective DPs by Monday, June 27, 2022. Further,
to the IEPF. The same can, however, be claimed by the
please note that instructions, if any, already given by
Members by September 12, 2022. Members who have
Members in respect of shares held in physical form, will not
not encashed the dividend warrant(s) from the financial year
be automatically applicable to the dividend paid on shares
ended March 31, 2015 onwards may forward their claims to
held in electronic form. For Members who are unable to
TCPL before they are due to be transferred to the IEPF.
receive the dividend directly in their bank account through
The Members whose unclaimed dividends/shares have Electronic Clearing Service or any other means, due to
been transferred to IEPF, may claim the same by making an non-registration of the Electronic Bank Mandate, the
application to the IEPF Authority in e-Form IEPF-5 available Company shall dispatch the Warrant/Bankers’ Cheque/
on www.iepf.gov.in. No claim shall lie against the Company Demand Draft through postal or courier services and, in
in respect of the dividend/shares so transferred. case of any disruption of postal or courier services due
to prevalence of COVID-19 in containment zones, upon
Ø Shares held in physical form: Members holding shares in
normalisation of such services.
physical form are requested to send the following details/
documents to TCPL at C-101, 1st Floor, 247 Park, Lal Bahadur Ø Payment of dividend or interest or redemption or
Shastri Marg, Vikhroli (West), Mumbai ‑ 400 083, latest by repayment:
Monday, June 27, 2022:
As required under Regulation 12 read with Schedule I to the
a) Form ISR-1 along with supporting documents. The Listing Regulations, companies are directed to use, either
said form is available on the website of the Company directly or through the depositories or through their RTA,
at https://www.tatapower.com/investor-relations/ electronic clearing services (local, regional or national),
investor-services-forms.aspx and on the website of the direct credit, real time gross settlement, national electronic
RTA at https://tcplindia.co.in/home-KYC.html. funds transfer, etc. for making payment of dividend/interest
on securities issued/redemption or repayment amount to
b) Cancelled cheque in original, bearing the name of the
the investors. For investors holding shares in demat mode,
Member or first holder, in case shares are held jointly. In
relevant bank details from the depositories will be sought.
case name of the holder is not available on the cheque,
Investors holding shares in physical form, are requested to
kindly submit the following documents:
register instructions regarding their bank details with the
i) Cancelled cheque in original; RTA. Only in cases where either the bank details such as
Magnetic Ink Character Recognition (MICR), Indian Financial
ii) Bank attested legible copy of the first page of
System Code (IFSC), etc., that are required for making
the Bank Passbook / Bank Statement bearing
electronic payment, are not available or the electronic
the names of the account holders, address, same
payment instructions have failed or have been rejected by
bank account number and type as on the cheque
the bank, physical payment instruments for making cash
leaf and full address of the bank branch.
payments to the Investors may be used.

Ø Investor contact: Tel. No. : 022 2272 3333; Fax No. : 022 2272 3199
Email : investor@cdslindia.com; Website: www.cdslindia.com
In compliance with Regulation 62 of the Listing Regulations,
a separate email ID investorcomplaints@tatapower.com has Ø Secretarial Audit:
been set up as a dedicated email ID solely for the purpose of In terms of the Act, the Company appointed M/s. Makarand
dealing with Members’ queries/complaints. M. Joshi & Co, Practising Company Secretaries, to conduct
The Company maintains a TOLL-FREE Investor Helpline No. Secretarial Audit of records and documents of the Company
1800-209-8484 to give Members the convenience of one for FY22. The Secretarial Audit Report is provided as
more contact point with TCPL for redressal of grievances/ Annexure IV to the Board’s Report.
responses to queries. Reconciliation of Share Capital Audit:
Ø
The Shareholders’ Relations Team is located at the Registered A Company Secretary in practice carried out a quarterly
Office of the Company. Reconciliation of Share Capital Audit to reconcile the
Contact Person: Mr. Jitendra Prasad Tel.: 022 6665 7526 total admitted capital with NSDL and CDSL (collectively
‘Depositories’) and the total issued and listed capital. The
Ø E-Voting: audit report confirms that the total issued/paid-up capital
E-voting is a common internet infrastructure that enables is in agreement with the aggregate of the total number
investors to vote electronically on resolutions of companies. of shares in physical form and the total number of shares
The Company will also have the e-Voting facility for the items in dematerialised form (held with NSDL and CDSL). The
to be transacted at this AGM. The MCA has authorised NSDL Audit report is disseminated to the Stock Exchanges on
and CDSL for setting up electronic platform to facilitate quarterly basis and is also available on our website https://
casting of votes in electronic form. The Company has www.tatapower.com/investor-relations/stock-exchange-
entered into agreements with NSDL and CDSL for availing intimation.aspx
e-Voting facilities. Ø Description of voting rights:
Ø Nomination Facility: All Equity shares issued by the Company carry equal
Pursuant to the provisions of Section 72 of the Act, Members voting rights.
are entitled to make nominations in respect of shares held Ø Awareness Sessions/Workshops:
by them. Members holding shares in physical form and
intending to make/change the nomination in respect of their Employees across the Company as well as those forming
shares in the Company, may submit their requests in Form part of the Tata Power group are being sensitized about the
No. SH.13 to TCPL. Members holding shares in electronic various policies and governance practices of the Company.
form are requested to give the nomination request to their The Company had developed a system of keeping its
respective DPs directly. employees educated about TCoC, Vigil Mechanism and
Whistle Blower Policy, Sexual Harassment of Women at
Form No. SH.13 can be obtained from TCPL or downloaded Workplace (Prevention, Prohibition & Redressal) Act, 2013,
from the Company’s website under the section ‘Investor SEBI Insider Trading Regulations, etc. through emails,
Relations’ at https://www.tatapower.com/pdf/nomination- presentations and workshops.
form-14.pdf.
Ø Stakeholder Engagement:
Ø Depository Services:
The Company has a dedicated department which facilitates
Members may write to the respective Depository or to an on-going dialogue between the Company and its
TCPL for guidance on depository services. Address for stakeholders. The communication channels include:
correspondence with the Depositories is as follows:
For external stakeholders - Analyst/investors meet,
N ati o na l S e cu r i ti e s D e p osi to r y L im i te d , meeting with key stakeholders, online service and dedicated
Trade World, 4th Floor, Kamala Mills Compound, Senapati email service for grievances, corporate website and access to
Bapat Marg, Lower Parel, Mumbai 400 013 business media to respond to queries, etc.
Tel. No. : 022 2499 4200; Fax No. : 022 2497 6351
Email : info@nsdl.co.in; Website: www.nsdl.co.in For internal stakeholders - Employee satisfaction surveys,
employee engagement surveys for improvement in
Central Depository Services (India) Limited,
employee engagement processes, circulars and messages
Marathon Futurex, A-Wing, 25th floor, N. M. Joshi Marg,
from management, corporate social initiatives, welfare
Lower Parel, Mumbai 400 013

initiatives for employees and their families, online updates Contract Note/Confirmation Memo contains order no.,
for conveying topical developments, helpdesk facility, etc. trade no., trade time, quantity, price and brokerage.
Ø Investor safeguards: vi) Prevention of Frauds
In pursuit of the Company’s objective to mitigate/avoid risks There is a possibility of fraudulent transactions relating
while dealing with shares and related matters, the following to folios which lie dormant. Hence, we urge you to
are the Company’s recommendations to its Members: exercise diligence and notify the Company of any
change in address, as and when required.
Open Demat Account and dematerialise your shares
i)
vii) Web links of Corporate policies and Charters
Members are requested to convert their physical
are available on the Company’s website at
holdings into electronic holdings.
https://www.tatapower.com/corporate/policies.aspx.
ii) Consolidate your multiple folios
Ø Norms for furnishing of PAN, KYC, Bank details

Members are requested to consolidate their and Nomination
shareholdings held under multiple folios. This facilitates
SEBI vide circular dated November 3, 2021, has mandated
one-stop tracking of all corporate benefits on the
listed companies to have PAN, KYC, bank details and
shares and would reduce time and efforts required to
Nomination of all shareholders holding shares in physical
monitor multiple folios. It will also help in avoidance of
form. Folios wherein any one of the cited details / documents
multiple mailing.
(i.e. PAN, KYC, Bank details and Nomination) are not available
iii) Confidentiality of security details with us, on or after April 1, 2023, shall be frozen as per the
aforesaid SEBI circular.
Folio Nos./DP ID/Client ID should not be disclosed to
any unknown persons. Signed delivery instruction slips The forms for updation of PAN, KYC Bank details and
should not be given to any unknown persons. Nomination viz., Forms ISR-1, ISR-2, ISR-3, SH-13 and the
said SEBI circular are available on our website https://www.
iv) Dealing with Registered Intermediaries
tatapower.com/investor-relations/investor-information.
Members should transact through a registered aspx. In view of the above, we urge Members holding shares
intermediary. In case the intermediary does not act in physical form to submit the required forms along with
professionally, Members can take up the matter the supporting documents at the earliest.
with SEBI.
The Company has sent a letter to the Members holding
v) Obtain documents relating to purchase and sale of shares in physical form in relation to the aforesaid on
securities February 10, 2022.
A valid Contract Note/Confirmation Memo should be In respect of Members who hold shares in dematerialized
obtained from the broker/sub-broker, within 24 hours form and wish to update their PAN, KYC, Bank details and
of execution of the trade. It should be ensured that the Nomination are requested to contact their respective
Depository Participants.
Annexure I
DECLARATION
As required by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, I affirm
that Board Members and the Senior Management Personnel have confirmed compliance with the Codes of Conduct, as applicable to
them, for the year ended March 31, 2022.
Praveer Sinha
CEO & Managing Director
DIN: 01785164
Mumbai, May 6, 2022

Annexure II
Chief Executive Officer (CEO) & Chief Financial Officer (CFO) Certification
To
The Board of Directors
We, the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of The Tata Power Company
Limited (“the Company”), to the best of our knowledge and belief certify that:
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended March 31, 2022 and to the
best of our knowledge and belief, we state that:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might
be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the existing
accounting standards, applicable laws and regulations.
(b) There are no transactions entered into by the Company during the financial year, which are fraudulent, illegal or violative of the
Company’s code of conduct.
(c) We are responsible for establishing and maintaining internal controls and for evaluating the effectiveness of the same over
the financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, deficiencies in the
design or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify
these deficiencies.
(d) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
(i) significant changes, if any, in the internal control over financial reporting during the year;
(ii) significant changes, if any, in the accounting policies made during the year and that the same has been disclosed in the
notes to the financial statements; and
(iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or
an employee having a significant role in the Company’s internal control system over financial reporting.
Praveer Sinha Sanjeev Churiwala

Mumbai, May 6, 2022 CEO & Managing Director Chief Financial Officer
(DIN:01785164)

Annexure III
Practicing Company Secretaries’ Certificate on Corporate Governance
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE
To
The Members,
We have examined the compliance of conditions of Corporate Governance by The Tata Power Company Limited (“the Company”) for
the year ended on March 31, 2022, as stipulated in Regulations 17 to 27 and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation
46 and Para C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to
procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and representations made by the
management, we certify that the Company, to the extent applicable, has complied with the conditions of Corporate Governance as
stipulated in Regulations 17 to 27, clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and Para C, D and E of Schedule V of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For Makarand M. Joshi & Co.
Makarand Joshi
Partner
FCS No. 5533
CP No. 3662
UDIN: F005533D000280478
P.R. No: 640 / 2019
Place: Mumbai
Date: May 6, 2022

Annexure IV
Practicing Company Secretaries’ Certificate on Independent Directors
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34 (3) and Schedule V Para C Clause (10) (i) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
THE TATA POWER COMPANY LIMITED
We have examined the relevant disclosures provided by the Directors (as enlisted in Table A) to THE TATA POWER COMPANY LIMITED
having CIN L28920MH1919PLC000567 and having registered office at Bombay House, 24, Homi Mody Street, Mumbai, Maharashtra,
400001 (hereinafter referred to as ‘the Company’) for the purpose of issuing this Certificate, in accordance with Regulation 34 (3) read
with Schedule V Para C clause 10 (i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information, based on (i) Documents available on the website of the Ministry of Corporate Affairs
(MCA) (ii) Verification of Directors Identification Number (DIN) status on the website of the MCA, and (iii) disclosures provided by the
Directors (as enlisted in Table A) to the Company, we hereby certify that none of the Directors on the Board of the Company (as enlisted
in Table A) have been debarred or disqualified from being appointed or continuing as directors of the companies by the Securities and
Exchange Board of India, under Section 164 of Companies Act, 2013 for MCA or such other statutory authority as on March 31, 2022.
Table A
Sl. No. Name of the Directors Director Identification Number Date of appointment in the Company
1. Mr. Chandrasekaran Natarajan 00121863 11/02/2017
2. Ms. Anjali Bansal 00207746 14/10/2016
3. Ms. Vibha Padalkar 01682810 14/10/2016
4. Mr. Sanjay Vijay Bhandarkar 01260274 14/10/2016
5. Mr. Kesava Menon Chandrasekhar 06466854 04/05/2017
6. Mr. Hemant Bhargava 01922717 24/08/2017
7. Mr. Saurabh Mahesh Agrawal 02144558 17/11/2017
8. Mr. Banmali Agrawala 00120029 17/11/2017
9. Mr. Ashok Sinha 00070477 02/05/2019
10. Dr. Praveer Sinha 01785164 01/05/2018
For Makarand M. Joshi & Co.

Kumudini Bhalerao
Partner
UDIN: F006667D000276057
FCS No. 6667
CP No. 6690
Place: Mumbai
Date: May 5, 2022

Business Responsibility & Sustainability Report
The Tata Power Company Limited (Tata Power/the Company) is one of India’s largest integrated power companies with presence
across the power value chain viz. generation of renewable and conventional power including hydro and thermal energy; transmission,
distribution and trading. Tata Power is committed to sustainable and clean energy development and is shaping the power sector
transformation through new business models in EV charging, Solar rooftop and pumps, Microgrids, storage solutions, ESCO, Home
automation and smart meters.
Tata Power believes in conducting its business activities in a responsible and sustainable manner and is aligned to the United Nations
Sustainable Development Goals (SDGs). In consonance with the Materiality assessment, 9 SDGs, 4 business SDGs and 5 CSR SDGs have
been prioritized for focused action in achieving Tata Power's vision to ‘Empower a billion lives through sustainable, affordable
and innovative energy solutions’.
On March 31, 2022, Tata Power together with its subsidiaries and jointly controlled entities, had an installed/managed capacity of
13,515 MW based on various fuel sources - thermal (coal, oil, gas), hydroelectric power, renewable energy (wind and solar PV) and waste
heat recovery. The Company (including its subsidiaries) has 34% of its capacity (in MW terms) in clean and green generation sources
(hydro, wind, solar and waste heat recovery). Tata Power is currently serving more than 12 million consumers via its Discoms, under
public-private partnership model viz. Tata Power Delhi Distribution Limited with the Government of National Capital Territory of Delhi
in North and North West Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha
Distribution Limited and TP Southern Odisha Distribution Limited with Government of Odisha.
The Business Responsibility & Sustainability Report (BRSR) is provided in lieu of Business Responsibility Report (BRR) and is aligned with
the National Voluntary Guidelines (NVGs) on Social, Environmental and Economic Responsibilities of Business, issued by the Ministry
of Corporate Affairs (MCA) and is in accordance with clause (f) of sub-regulation (2) of Regulation 34 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (Listing Regulations).
Your Company's Business Performance and Impacts are disclosed based on the 9 Principles as mentioned in the NVGs.
Principle 1 Principle 2 Principle 3

Ethics, Transparency Product Life Employee
& Accountability Cycle Sustainability Well-Being
Principle 4
Principle 5 Principle 6
Stakeholder
Human Rights Environment
Engagement
Principle 8 Principle 9
Principle 7
Inclusive Growth Customer
Policy Advocacy and Equitable Value
Development Creation

SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity: 10. Name of the Stock Exchange(s) where shares are listed:
L28920MH1919PLC000567 BSE Limited and National Stock Exchange of India Limited
2. Name of the Listed Entity: The Tata Power Company Limited 11. Paid-up Capital: ₹ 319.56 crore
3. Year of incorporation: 1919 12. Name and contact details (telephone, email address) of
the person who may be contacted in case of any queries
4. Registered office address: Bombay House, 24, Homi Mody on the BRSR report: Ms. Jyoti Kumar Bansal, Chief-Branding,
Street, Mumbai - 400 001, Maharashtra, India Corp Communication, CSR & Sustainability
5. Corporate address: Corporate Center, 34 Sant Tukaram Email – jyotikumar.bansal@tatapower.com
Road, Carnac Bunder, Mumbai - 400 009, Maharashtra, India
Contact Number: 022-6717 1666
6. E-mail: tatapower@tatapower.com
13. Reporting boundary - Are the disclosures under this
7. Telephone: 022-6665 8282 report made on a standalone basis (i.e. only for the
8. Website: www.tatapower.com entity) or on a consolidated basis (i.e. for the entity and
all the entities which form a part of its consolidated
9. Financial year for which reporting is being done: April financial statements, taken together): Consolidated basis
2021 - March 2022
II. Products/services
14. Details of business activities (accounting for 90% of the turnover):
S. Description of % of Turnover
Description of Business Activity
No. Main Activity of the entity
Comprises generation of power from hydroelectric sources and thermal sources (coal, gas and oil)
1 Generation from plants owned and operated under lease arrangement and related ancillary services. It also 17.5
comprises coal - mining, trading, shipping and related infra business.
Comprises generation of power from renewable energy sources i.e. wind and solar. It also comprises
2 Renewables 17.1
EPC and maintenance services with respect to solar.
Comprises transmission and distribution network, sale of power to retail customers through
Transmission &
3 distribution network and related ancillary services. 64.7
Distribution
It also comprises power trading business.
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
% of total
S.
Product/Service NIC Code Turnover
No.
contributed
1 Electric Power Generation, Transmission and Distribution 351 99.3

III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
State Total Hydro Wind Solar Thermal Transmission Distribution
Andhra Pradesh 6 Nil 1 5 Nil Nil Nil
Andaman & Nicobar 1 Nil Nil 1 Nil Nil Nil
Bihar 2 Nil Nil 2 Nil Nil Nil
Delhi 30 Nil Nil 27 1 1 1
Goa 1 Nil Nil 1 Nil Nil Nil
Gujarat 14 Nil 5 8 1 Nil Nil
Haryana 2 Nil Nil 2 Nil Nil Nil
Jharkhand 10 Nil Nil 7 3 Nil Nil
Karnataka 14 Nil 1 13 Nil Nil Nil
Madhya Pradesh 2 Nil 1 1 Nil Nil Nil
Maharashtra 48 3 9 33 1 1 1
Odisha 5 Nil Nil Nil 1 Nil 4
Punjab 1 Nil Nil 1 Nil Nil Nil
Rajasthan 12 Nil 4 7 Nil Nil 1
Tamil Nadu 9 Nil 2 7 Nil Nil Nil
Telangana 5 Nil Nil 5 Nil Nil Nil
Uttar Pradesh 6 Nil Nil 5 1 Nil Nil
Uttarakhand 6 Nil Nil 6 Nil Nil Nil
West Bengal 5 Nil Nil 4 1 Nil Nil
Total 179 Nil 23 135 9 2 7

Total number of plants
Location
and/or operations/offices
National 179
International 7
17. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) 19 (including 4 license areas -Ajmer, Delhi, Odisha and Mumbai)
International (No. of Countries) 7 (Bhutan, Georgia, Indonesia, Singapore, Zambia, South Africa and Mauritius)
b. What is the contribution of exports as a percentage of the total turnover of the entity? Nil
c. A brief on types of customers: Tata Power serves B2G, B2B and B2C customers meeting their energy requirements across
the power value chain. Please refer the Customer section of the Integrated Report FY22 (Pages 52-59).

IV. Employees
18. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
S No. Particulars Total Male Female
(A) No. (B) % (B/A) No. (C ) % (C/A)
EMPLOYEES
1. Permanent (D) 19,495 18,009 92.38 1,486 7.62
2. Other than Permanent (E ) 2,141 1,875 87.58 266 12.42
3. Total Employees (D + E) 21,636 19,884 91.90 1,752 8.10
WORKERS
4. Permanent (F) Nil Nil NA Nil NA
5. Other than Permanent (G ) 44,311 43,408 97.96 903 2.04
6. Total Employees (F + G) 44,311 43,408 97.96 903 2.04
b. Differently abled Employees and workers:

S No. Particulars Total Male Female
(A) No. (B) % (B/A) No. (C ) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent 34 31 91.18 3 8.82
19. Participation/Inclusion/Representation of women
No. and percentage of Females

Total
(A)
No. (B) % (B / A)
Board of Directors 10 2 20
Key Management Personnel 3 Nil Nil
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years):
FY22 FY21 FY20
Male Female Total Male Female Total Male Female Total
Permanent Employees 1.89% 5.92% 2.20% 1.82% 3.59% 1.95% 4.26% 10.12% 4.82%
V. Holding, Subsidiary and Associate Companies (including joint ventures)

21. Names of holding / subsidiary / associate companies / joint ventures: As on March 31, 2022, the Company had 61 subsidiaries,
32 Joint Ventures (JVs) and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs under Indian Accounting
Standards (Ind AS). Please refer page nos. 350 and 437 of the Integrated Report FY22.
VI. CSR Details

22. Tata Power, in alignment to its CSR policy, Schedule VII to the Companies Act, 2013 and the 5 prioritised CSR SDGs undertakes
initiatives across three themes viz. Education (including Financial and Digital Literacy), Employability and Employment (Skilling
for Livelihoods) and Entrepreneurship. Tata Power has covered 13.67 lakh beneficiaries in 65+ operating sites across 15 states
utilizing ` 32.8 crore CSR funds.
(i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
(ii) Turnover (in `): ₹ 42,576 crore
Net worth (in `): ₹ 26,028 crore
(iii)
The highlights of Tata Power Group entities’ CSR interventions are reported in the Integrated Report FY22 (Pages 62-67).

VII. Transparency and Disclosures Compliances

23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
Being a Tata Group company, Tata Power abides by the Tata Code of Conduct (TCoC), which is a comprehensive document for
ethical conduct for all internal and external stakeholders of the Company, thus, covering 100% of its operations. TCoC consists
10 sections with sub-clauses that cover employees, customers, communities and the environment, value chain partners, financial
stakeholders, governments and group companies. The TCoC extends to Group JVs/Subsidiaries/Suppliers/Contractors. There are
defined channels for receiving complaints/grievances from stakeholders and these are addressed with expediency in upholding
the ethical standards practiced in the Group.
Stakeholder Grievance Redressal FY22 FY21
group from whom Mechanism in Place (Yes/ Number of Number of Remarks Number of Number of Remarks
complaint is No) (If Yes, then provide complaints complaints complaints complaints
received web-link for grievance filed during pending filed during pending
redress policy) the year resolution at the year resolution
close of the at close of
year the year
Communities Yes
https://www.tatapower.
com/contact/ 2 Nil NA Nil Nil NA
community-relations.
aspx
Investors Yes
(other than https://www.tatapower.
Nil Nil NA Nil Nil NA
Shareholders) com/contact/registered-
office.aspx
Shareholders Complaint of Mr. J.
P. Balasubramanian,
Yes received through
https://www.tcplindia. SEBI and brought
39 1 13 Nil NA
co.in/InvestorCharter. forward from
html last year, remains
pending for closure
at SEBI's end.
Employees and The
workers complaints
85 Nil NA 63 2 pending have
Yes been duly
https://www.tatapower. resolved.
Customers com/pdf/aboutus/ 13 Nil NA 1 Nil NA
Value Chain whistle-blower-policy-
28 Nil NA 15 Nil NA
Partners and-vigil-mechanism.
Other (including pdf
contract workers,
1 Nil NA Nil Nil NA
anonymous,
trainees, etc)
Above complaints of various stakeholders are only relating to concerns raised through the TCoC channel.
24. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications:
Materiality Assessment is a foundational aspect of Integrated Reporting at Tata Power given the influence material issues have
on the business activities, stakeholders and their ability to create sustainable value. In FY20, the Company undertook a new
materiality assessment methodology in accordance with the IIRC framework to gain a detailed understanding of the most

relevant matters that could impact the Company's business in the short, medium and long term and the Company re-visits the
material issues annually to factor in any realignment due to evolving business environment. Please refer section on Materiality
assessment in Integrated Report FY22 (Pages 44-45).
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.
Tata Power has a well-established Sustainability Governance Structure to benchmark, implement and monitor sustainability aligned
decisions and actions. The sustainability performance funnels into the Apex Leadership team and the CSR Committee at Board
for guidance.
Apex
leadership
SBU Heads
Corporate
Sustainability Team
Sustainability SPOCs
Thermal, T&D, Hydros, Renewables, HR,
CSR, Ethics, IA&RM, Environment, etc.
SUSTANABILITY GOVERNANCE STRUCTURE

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Policy and management processes
1. a. Whether your entity’s policy/policies cover each principle and its core
Yes Yes Yes Yes Yes Yes Yes Yes Yes
elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes
c. Web Link of the Policies, if available https://www.tatapower.com/corporate/policies.aspx
2. Whether the entity has translated the policy into procedures. (Yes / No) Yes Yes Yes Yes Yes Yes Yes Yes Yes
3. Do the enlisted policies extend to your value chain partners? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes
4. Name of the national and international codes/certifications/labels/ Tata Power policies are based on the NVG principles and conform
standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest to the International standards like ISO 9000, 14000, and 45001,
Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by UNGC principles, ILO principles and United Nations SDGs. Tata
your entity and mapped to each principle. Power follows GRI standards for measuring and reporting its
sustainability performance, reports to Carbon Disclosure Project
(CDP) on Climate Change and Water and has also committed to
Science Based Targets initiative (SBTi)
5. Specific commitments, goals and targets set by the entity with defined Please refer 'Embedding ESG factors in business' section on Page
timelines, if any. 23 of the Integrated Report FY22
6. Performance of the entity against the specific commitments, goals and Please refer 'Strategy' section on Pages 20-22 of the
targets along-with reasons in case the same are not met. Integrated Report FY22
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility Please refer 'Message from the CEO & MD' on Pages 8-9 of the
report, highlighting ESG related challenges, targets and achievements Integrated Report FY22
(listed entity has flexibility regarding the placement of this disclosure)

Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
8. Details of the highest authority responsible for implementation and Dr. Praveer Sinha, CEO & Managing Director (DIN: 01785164)
oversight of the Business Responsibility policy (ies).
9. Does the entity have a specified Committee of the Board / Director Corporate Social Responsibility Committee (CSR Committee).
responsible for decision making on sustainability related issues? (Yes / For composition of CSR Committee, please refer Page 169 of the
No). If yes, provide details. Integrated Report FY22.
10. Details of Review of NGRBCs by the Company*
Performance against above policies and follow up action
- Indicate whether review was undertaken by Director / Committee of the
Board / Any other Committee
- Frequency ** A A A A A A A Q A
Compliance with statutory requirements of relevance to the principles,
and, rectification of any non-compliances
- Indicate whether review was undertaken by Director / Committee of the
Board / Any other Committee
- Frequency** A A A A A A A Q A
11. Has the entity carried out independent assessment / evaluation of the
working of its policies by an external agency? (Yes/No). If yes, provide Yes Yes Yes Yes Yes Yes Yes Yes Yes
name of the agency.***
* Reviews are conducted periodically, however specific issues on NGRBCs are also addressed on a need to need basis.
** A - Annually, Q - Quarterly
*** The policies and performance on its working is part of the Tata Business Excellence Model (TBEM) assessments of Tata Power. Any opportunities for
improvement are addressed through implementation of TBEM action plan.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Not Applicable since the policies of the Company cover all Principles on NGRBCs.
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are
expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by
entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Tata Power is guided by the principles of the TCoC and TBEM. The Company requires its employees to be aware of the TCoC
and conduct themselves in line with the principles outlined therein. There are regular training sessions for new inductees and
annual online certification/re-certification on the learning platform which are required to be completed to ensure thorough
dissemination of what is considered ethical conduct and the repercussions of non-adherence.
% age of persons in
Total number of Topics / principles covered under the training and
respective category
Segment training and awareness its impact
covered by the awareness
programmes held
programmes
During the year, the Board engaged in various updates pertaining to
Board of Directors business, regulatory, safety, ESG matters, etc. These topics provided 100
insights on the said Principles.
Key Managerial Personnel 2 TCoC, ESG 100
Employees other than BoD and KMPs 254 TCoC, Business Ethics and values 100
Workers 195 TCoC, Business Ethics and values 100

2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law enforcement agencies / judicial institutions, in the financial year. (Note:
the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of the Listing Regulations, 2015
and as disclosed on the entity’s website):
For FY22, there were no cases pending pertaining to unfair trade practices, irresponsible advertising and/or anti-competitive
behavior. Additionally, there were no cases of corruption, with reference to the employees or the business partners.
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or
non-monetary action has been appealed:
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a
web-link to the policy:
In the TCoC, clause 10, section D: Our Employees, the guidance on Bribery and Corruption is outlined as: Our employees and
those representing us, including agents and intermediaries, shall not, directly or indirectly, offer or receive any illegal or improper
payments or comparable benefits that are intended or perceived to obtain undue favours for the conduct of our business.
Emphasis is laid on violation by even a single employee of any law relating to anti-bribery, anti-corruption, anti-competition, data
privacy, etc. resulting in severe financial penalties and irreparable reputational damage to the Company.
https://www.tatapower.com/pdf/aboutus/Tata-Code-of-Conduct.pdf
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption:
No Directors/KMPs/employees/workers were involved in bribery/corruption both in FY22 and FY21. On above grounds, no action
was taken by any law enforcement agency.
6. Details of complaints with regard to conflict of interest:
No complaints were received with regard to conflict of interest against Directors/KMPs in FY22 and FY21.
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest:
Not applicable
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively:
FY22 FY21 Details of improvements in environmental and social impacts

(%) (%)
Please refer section on Research and Development in Annexure III to the Board's
R&D 100 100
Report (Page no. 133 of the Integrated Report FY22)
Capex 63 41 Capex represents spend on clean and green business

2. a. Does the entity have procedures in place for sustainable sourcing?

Yes
b. If yes, what percentage of inputs were sourced sustainably?
Tata Power has policies and robust process to ensure sustainable sourcing from Business Associates. The Company's
Responsible Supply Chain Management Policy (RSCM) governs all the engagements with Business Associates. The Company
also evaluates Business Associates commitment to the Company's RSCM policy during selection / award of any material
contracts. The Business Associates share same commitment as enunciated in Tata Power Corporate Environment policy,
Energy Conservation and Corporate Sustainability Policy. The terms and conditions of business are structured and uniform
across divisions to ensure business process standardization and governance.
Tata Power practices responsible sourcing with respect to environment, safety, human rights and ethics, apart from
economic considerations. Strict conformation to labour principles and related laws are mandatory requirements for all
suppliers to qualify. Work method and standards, along with performance of supply and services, form a critical part of
technical evaluation. In addition, safety evaluation and qualification are an integral part for the award and online vendor
registration process. Please refer page nos. 60 and 61 of the Integrated Report FY22.
100% of the non-fuel inputs sourced from Corporate Contracts are sourced sustainably.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life,
for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste:
Tata Power believes in going beyond compliance and has taken numerous steps to improve waste management practices across
its operations. All businesses are optimized to minimise waste generation through evaluation of various options of resources,
technologies and processes. These processes are also continuously reviewed and improvement initiatives are suitably undertaken
and monitored for effectiveness. There are policies in place to ensure effective waste management including:
https://www.tatapower.com/pdf/aboutus/ash-policy.pdf
https://www.tatapower.com/pdf/aboutus/e-waste-mgmt-policy.pdf
The major waste for Tata Power is the Fly Ash generated from thermal power stations. This is redirected towards construction (Ready
Mix Concrete as per Fly Ash Notification) and Quarry filling (as per SPCB No Objection Certificate). Tata Power’s endeavour is to utilize
the bottom ash as well in line with MoEFCC guidelines. For the renewable operations, Tata Power conducted a study on end-of-life
considerations for photovoltaic solar panels. The study portrays future projections with respect to PV panel waste quantum, disposal
problems and how to address them through technology and advocacy. Please refer page no. 81 of the Integrated Report FY22.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Boards? If not, provide steps taken to address the same.
Extended Producer Responsibility is currently not applicable to Tata Power’s activities. However, waste management plan of the
Company considers the evolving regulations both from a waste minimization and recycling/reuse perspective. Tata Power also
engages its communities to propagate plastic reuse through its energy and resource conservation programs.

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their
value chains
1. a. Details of measures for the well-being of employees:
Category % of employees covered by
Total (A) Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Number % (B / A) Number % (C / A) Number % (D / A) Number % (E / A) Number % (F / A)
(B) (C) (D) (E) (F)
Permanent employees
Male 18,009 18,009 100 18,009 100 18,009 100 18,009 100 18,009 100
Female 1,486 1,486 100 1,486 100 1,486 100 1,486 100 1,486 100
Total 19,495 19,495 100 19,495 100 19,495 100 19,495 100 19,495 100
Other than Permanent employees
Male 1,875 1,875 100 1,875 100 1,875 100 Nil NA 1,875 100
Female 266 266 100 266 100 266 100 Nil NA 266 100
Total 2,141 2,141 100 2,141 100 2,141 100 Nil NA 2,141 100
b. Details of measures for the well-being of workers:

The Company ensures that all statutory benefits are extended to contract workforce.
2. Details of retirement benefits, for Current FY and Previous Financial Year:
Benefits FY22 FY21
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
covered as a % of covered as a % of deposited with the covered as a % of covered as a % of deposited with the
total employees total workers authority (Y/N/N.A.) total employees total workers authority (Y/N/N.A.)
PF 100 100 Y 100 100 Y
Gratuity 100 100 Y 100 100 Y
ESI 100 100 Y 100 100 Y
3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements
of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web-link to the policy.
In line with Tata Power's philosophy of holistic and inclusive development, TPCDT, partnered with the Center for Autism and
other Disabilities Rehabilitation Research and Education (CADRRE) to launch 'PAY AUTENTION - A different mind is a gifted mind',
India's first bridgital Autism support network:
https://www.tatapower.com/sustainability/social-capital/pay-autention.aspx
https://www.tatapower.com/pdf/aboutus/Tata-Code-of-Conduct.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
Gender Permanent employees Permanent workers
Return to work rate Retention rate Return to work rate Retention rate
(%) (%) (%) (%)
Male 93.39 91.00
There are no permanent workers in the
Female 48.33 92.00
Company.
Total 84.44 91.00

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker?
If yes, give details of the mechanism in brief:
If yes, give details of the mechanism in brief
Permanent Workers
Other than Permanent Workers Yes, the Company has multiple mechanisms to redress grievances such as
Suraksha (safety), TCoC (ethics) and Connect to Solve (HR and admin) platforms
Permanent Employees on Sangam, an internal portal.
Other than Permanent Employees
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY22 FY21
Total No. of employees / % (B/A) Total No. of employees / % (D/C)
employees / workers workers in employees / workers workers in
in respective respective category, in respective respective category,
category who are part of category who are part of
(A) association(s) or (C) association(s) or
Union Union
(B) (D)
Total Permanent Employees
Male 18,009 9,911 55.03 15,584 9,273 59.50
Female 1,486 401 26.99 1,227 377 30.73
8. Details of training given to employees and workers*:

Category FY22 FY21
Total (A) On Health and safety On Skill Total (D) On Health and safety On Skill
measures upgradation measures upgradation
No. % No. % No. % No. %
(B) (B / A) (C) (C / A) (E) (E / D) (F) (F / D)
Permanent employees
Male 4,437 3,286 74.06 3,583 80.75 4,247 2,205 51.92 3,025 71.23
Female 538 443 82.34 481 89.41 425 266 62.59 369 86.82
Total 4,975 3,729 74.95 4,064 81.69 4,672 2,471 52.89 3,394 72.65
*Includes Tata Power, Mundra, TPTCL, IEL, MPL, TPREL, TPRMG, PTL, TPCDT, TPSSL, TPADL, WREL, TERPL, TPIPL and FENR
All the employees have access to relevant learning and development opportunities. The Company has a robust e-learning
platform which is coupled with other online and offline interventions. The learning needs are identified by a combination of self,
manager and department head and classified under functional, behavioral and organizational needs.
9. Details of performance and career development reviews of employees and worker:
Category FY22 FY21
Total No. % (B/A) Total No. % (D/C)
(A) (B) (C) (D)
Employees
Male 19,884 19,884 100 17,134 17,134 100
Female 1,752 1,752 100 1,492 1,492 100
Total 21,636 21,636 100 18,626 18,626 100
All the employees undergo Performance and Career Development Reviews. The Company has a robust IT tool to conduct the
same. Discussions are carried out periodically and feedback for development is provided.
Performance review of workers are determined on the basis of Productivity Linked Performance Based Contract (PLPBC).

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No).
If yes, the coverage such system?
Yes, safety is a core value over which no business objective can have a higher priority. Tata Power Safety Management
Framework covers all the business activities and the same are aligned with the Tata Group Health and Safety Management
System as well as ISO 45001:2018 requirements. The coverage is 100% and includes all employees and workers.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
by the entity?
Tata Power Safety Management System (TPSMS) comprises followings safety processes for identifying Work related hazards
and assess risks on routine and non-routine basis-
i. Safety Leadership and accountability with OH&S Objective Planning
ii. Hazard Identification Risk Assessment and Risk Management
iii. Design, Construction, Operational planning and control
iv. People Competency Behaviours
v. Communication, Consultation and Participation
vi. Observation Incident Nonconformity reporting, Investigation and Learning
vii. Change Management Process
viii. Contractor Safety Management
ix. Measurement, monitoring and review
x. Fire Detection Protection System Management
c. Whether you have processes for workers to report the work related hazards and to remove themselves from such
risks.
Yes, the Company has an established Hazard Identification and Risk Assessment (HIRA) process for both routine and non-
routine jobs and routinely provides HIRA and Job Safety Assessment (JSA) trainings to operation, maintenance and service
engineers. The process of incident reporting and investigation is digitalized through the SAP-EHSM platform and through
the Suraksha mobile application.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
Yes, all the sites have access to non-occupational medical and healthcare services either on-site or through tie-ups with
reputed medical entities in close proximity. In addition, personnel are being trained to respond appropriately to medical
emergencies on-site.
11. Details of safety related incidents, in the following format:
Safety Incident/Number Category FY22 FY21
Lost Time Injury Frequency Rate (LTIFR) (per one million- Employees Nil 0.14
person hours worked) Workers 0.15 0.14
Employees Nil 4
Total recordable work-related injuries
Workers 4 4
Employees Nil Nil
No. of fatalities
Workers 1 2
High consequence work-related injury or ill-health Employees Nil 2

(excluding fatalities) Workers 8 7

12. Describe the measures taken by the entity to ensure a safe and healthy work place:
i. Hazard identification, Risk Assessment and Management is done in accordance with Hazard Identification and Risk
Assessment (HIRA) Procedure and Job Safety Analysis (JSA) Procedure.
ii. Hierarchy of controls is followed for application of risk control measures, Control Plans commensurate to risk are deployed
before execution of job. No job is executed until risks are brought to acceptable range.
iii. Safety Committees are in place at various levels to review the adequacy of resources for safety and to provide support for
safety management system deployment.
iv. Deployment of Safe and Healthy system of work is assured through periodic safety audits and inspections across sites.
13. Number of Complaints on the Working Conditions and Health and Safety made by employees and workers:
Tata Power has not received any complaint on "Health & Safety" and "Working Conditions" in FY22 and FY21. However, the
Company encourages its employees and contractor workers to proactively submit safety observations and report unsafe acts
and conditions at workplace as a preventive action.
14. Assessments for the year:

% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Working Conditions 100
Health and Safety 100
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
i. All safety related accidents are being investigated and learnings from investigation reports are shared across organization
for deployment of corrective actions to stop recurrence of such incidents. Effectiveness of Corrective actions deployment
being checked during safety Audits.
ii. Significant risks/concerns arising from assessment of Health and Safety Practices are addressed through elimination of
manual job by use of Technology/Digitization, Safety Capability Building, Monitoring and supervision, etc.
Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of
(A) Employees: Yes
(B) Workers: Yes
2. Details on assessment of value chain partners:
% of value chain partners
(by value of business done with such partners) that were assessed
Health and safety practices 100
Working Conditions 100
3. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
i. ISO 45001 /OHSAS 18001 certification is mandatory for all Value chain partners involved with High-Risk jobs execution
with organization
ii. Ensured 100% Safety Training of Workforce of Service providers by approved Training Institute
iii. Periodic safety performance Evaluation of Service providers.
iv. Safety performance linked incentive schemes for service providers.

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
Tata Power identifies its stakeholder groups through the Stakeholder Engagement and Materiality Assessment (SEMA) process.
2. List of stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.
Stakeholder Group Whether identified as Channels of communication Frequency of engagement Purpose and scope of
Vulnerable & Marginalized (Email, SMS, Newspaper, (Annually/ Half yearly / engagement including key
Group (Yes/No) Pamphlets, Advertisement, Quarterly / others - please topics and concerns raised
Community Meetings, Notice specify) during such engagement
Board, Website), Other
Communities On site community
Yes (Affirmative Action) Regular CSR interventions
meetings, sms
Investors (other No Investor meet, email Annual, periodic Tata Power performance
than Shareholders)
Shareholders No Annual General Meeting, Annual, periodic Tata Power performance
email
Employees and No Sangam portal, Yammer, Regular Employee engagement
workers email, MD communication
meet, Business wise town
halls
Customers No Email, sms, advertisement, Regular Offers
website, social media
Value Chain Process refresh,
No Email, vendor meet Annual, periodic
Partners engagement
PRINCIPLE 5 Businesses should respect and promote human rights

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format*:
Category FY22 FY21
Total No. of % (B/A) Total No. of % (D/C)
(A) employees / (C) employees /
workers workers
covered (B) covered (D)
Employees
Permanent 4,424 1,985 44.87 4,402 2,949 66.99
Other than Permanent 551 14 2.54 270 Nil Nil
Total Employees 4,975 1,999 40.18 4,672 2,949 63.12

2. Details of minimum wages paid to employees and workers, in the following format:
Category FY22 FY21
Total (A) Equal to More than Total (D) Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
Number % No. % Number % Number %
(B) (B/A) (C) (C / A) (E) (E/D) (F) (F / D)
Employees
Permanent
Male 18,009 Nil NA 18,009 100 15,584 Nil NA 15,584 100
Female 1,486 Nil NA 1,486 100 1,227 Nil NA 1,227 100
Other than
Permanent
Male 1,875 Nil NA 1,875 100 1,550 Nil NA 1,550 100
Female 266 Nil NA 266 100 265 Nil NA 265 100
Workers
Permanent
Male Nil Nil NA Nil NA Nil Nil NA Nil NA
Female Nil Nil NA Nil NA Nil Nil NA Nil NA
Other than
Permanent
Male 43,408 Nil NA 43,408 100 40,025 Nil NA 40,025 100
Female 903 Nil NA 903 100 1,792 Nil NA 1,792 100
3. Details of remuneration/salary/wages, in the following format*:

Male Female
Number Median remuneration / Number Median remuneration /
salary / wages of respective salary / wages of respective
category category
Board of Directors (BoD)** 8 67,00,000 2 75,85,000
Key Managerial Personnel 2 2,45,32,310 Nil Nil
Employees other than BoD and KMP (including
3,969 10,97,718 452 8,49,390
Workmen)
**Includes commission and sitting fees
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business?
Human rights is the basic tenet at Tata Power and is guided by Human Rights Policy. Focal points of contacts are:
Dr. Praveer Sinha - CEO & Managing Director
Mr. Himal Tewari - CHRO
Ms. Jyoti Kumar Bansal - Chief-Branding, Corporate Communications, CSR, Sustainability
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The Human Rights Policy elaborated on the grievance mechanism. Refer link - https://www.tatapower.com/pdf/sustainability/
human-rights-policy.pdf
6. Number of Complaints on the Sexual Harassment, Discrimination at workplace, Child Labour, Forced Labour/Involuntary
Labour, Wages and Other human rights related issues made by employees and workers:
Please refer Employee and Worker section in response 23 on Section A.
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Refer TCoC at https://www.tatapower.com/pdf/aboutus/Tata-Code-of-Conduct.pdf

8. Do human rights requirements form part of your business agreements and contracts?
Yes
9. Assessments for the year:
Human Rights assessment is being undertaken in FY23.
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 9 above.
Not applicable
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY22 FY21
Total electricity consumption (Giga Joules) (A) 1,23,319 2,39,432
Total fuel consumption (Giga Joules) (B) 27,79,48,920 36,17,59,315
Total energy consumption (Giga Joules) (A+B) 27,80,72,239 36,19,98,747
Energy intensity per crore rupee of turnover (Total energy consumption (Giga Joules) /
6,531.20 10,890.78
turnover in crore rupees)
Note: Data verification is carried out through 3rd party assurance each year for Integrated Report and CDP Climate and CDP Water
reports. For FY22, the assurance on Integrated Report has been carried out by Deloitte and for FY21, the assurance was carried
out by S R B C & Co LLP.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and
Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have
been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Yes, all thermal operating divisions of Tata Power were part of PAT cycle II (2016-17 to 2018-19) notified on March 31, 2016 and
aims to achieve an overall energy consumption reduction of 8.869 MTOE. PAT cycle II Target details along with action plan is as
outlined below. New targets will be taken in alignment with PAT cycle VII which is awaited in FY24.
Divisions PAT Cycle II Notified Achieved (Kcal/kwh) Remedial Action in case target not achieved
Target (Kcal/kwh)
Mundra 2,256 2,257 Unit 30 & 50 HP Heaters replacement along with installation of Variable
Frequency Drive in Condensate Extraction pump variable was planned
and commissioned.
Maithon 2,460 2,445 Better than Notified Target
Trombay (coal, 2,652 2,566 Better than Notified Target
oil and gas)
Trombay (Gas) 2,006 2,047 This was not achieved due to lower Plant load factor in view of low APM
gas availability. This has been taken up with BEE, however it was not
considered for normalization.
Jojobera 2,839 2,836 Better than Notified Target
3. Provide details of the following disclosures related to water, in the following format:
Parameter FY22 FY21
Water withdrawal by source (in million litres)
(i) Surface water 13,17,592 12,39,352
(ii) Groundwater 271 194
(iii) Third party water 13,065 17,709
(iv) Seawater / desalinated water 28,58,396 53,66,791
Total volume of water withdrawal (in million litres) (i + ii + iii + iv) 41,89,324 66,24,046
Total volume of fresh water consumption (in million litres) 64,721 33,437
Water intensity per rupee of turnover (litre/rupee) 0.15 0.10

4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
The Company's major thermal power plants has Zero-Liquid Discharge (ZLD) wherein the waste water is treated and reused. -
Maithon, Jojobera, Waste Heat Recovery units. Trombay and Mundra use sea water.
The quality of effluent discharge where applicable is ensured as per regulatory requirements at all applicable locations.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify unit FY22 FY21
NOx Tonnes 72,784 93,461
SOx Tonnes 1,33,209 1,49,441
Particulate matter (PM) Tonnes 6,904 6,696
Persistent organic pollutants (POP) NA NA NA
Volatile organic compounds (VOC) NA NA NA
Hazardous air pollutants (HAP) NA NA NA
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
Parameter Unit FY22 FY21
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Million Metric
PFCs, SF6, NF3, if available) tonnes of CO2 27.330 34.500
equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Million Metric
PFCs, SF6, NF3, if available) tonnes of CO2 0.285 0.031
equivalent
Total Scope 1 and Scope 2 emissions per rupee of
6.486 x 10(-5) 10.389 x 10(-5)
turnover
Total Scope 1 and Scope 2 emission intensity (optional) 0.794*
tCO2e/MWh 0.687**
– the relevant metric may be selected by the entity 0.675**
*In FY22, PPGCL and IEL units have been included. Calculations are as per equity-based approach.
**The calculations are as per operational basis approach as carried out in FY21 and PPGCL and IEL are not included.
7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Tata Power is committed to climate action and to create a positive impact for the community and environment in which it
operates. The Company is India’s first power utility to publicly pledge to Carbon Net Zero before 2045. In line with the aspirations,
Tata Power has committed to SBTi to provide the pathway to develop integrated solutions for becoming carbon neutral. This
includes phasing out coal-based power plants and ramping up renewables and other forms of clean energy, investments in
improvement measures and operational efficiency technology for Station Heat Rate and Auxiliary Power Consumption to reduce
GHG emissions. Please refer to the key collaborations section on page no 61 of the Integrated Report FY22.

8. Provide details related to waste management by the entity, in the following format*:
Parameter FY22 FY21
Total Waste generated (in metric tonnes)
Hazardous waste generated 1,095 314
Non-hazardous waste generated 60,50,898 32,60,147
Total 60,51,993 32,60,461
Waste diverted from disposal
Category of waste (Hazardous)
(i) Recycled Nil 63
(ii) Re-used Nil Nil
(iii) Other recovery operations 1,095 45
Total 1,095 108
Category of waste ( Non Hazardous)
(i) Recycled Nil 19,82,181
(ii) Reused Nil 8
(iii) Other recovery options 52,85,220 19
Total 52,85,220 19,82,208

* Increase in Waste from the previous year is due to addition of PPGCL.
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.
Tata Power has robust waste management practices and aims to be Zero Waste to Landfill before 2030. The major
waste stream at Tata Power is ash (fly ash +bottom ash) and the Company has achieved 100% fly ash utilization in FY22.
In addition, measures are being taken up to increase the bottom ash utilization to reach the Company's stated intent.
Tata Power has also conducted a study on end-of-life considerations for Solar PV panels in preparedness for dealing
with future waste streams. 100% of the hazardous and toxic waste is treated/discarded responsibly. For further details,
please refer Waste Management section on page no. 81 of the Integrated Report FY22.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals / clearances are required, please specify details in the following format:
S. Location of operations/offices Type of operations Whether the conditions of environmental approval / clearance are being
No. complied with? (Y/N). If no, the reasons hereof and corrective action taken, if
any.
1. Hydro Power Plants like Bhira, Generation These hydro plants have been in operation for over 100 years. Tata Power
Bhivpuri and Khopoli are in has taken up afforestion program in the catchment area by planting
the region of northern western species which are native to this area. Company also took up conservation
ghats which is one of the major breeding program for endangered species Deccan Mahseer (Tor khudree) .
biodiversity hotspots in the This program helped to increase population of the species and brought the
world fish from IUCN red list of endangered species to the least concern category.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
Tata Power has added 707 MW clean and green capacity in FY22 for which EIA notification 2006 is not applicable.
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act
and rules thereunder (Y/N). If not, provide details of all such non-compliances.
Not Applicable as Tata Power is 100% compliant.

1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): For each facility / plant located in
areas of water stress?, provide the following information:
i. Name of the area - Specific projects in Rajasthan, Gujarat, Karnataka, Maharashtra, Tamil Nadu (~16% of projects)
ii. Nature of operations - Solar generation
Water Stress Classification : Ref : CGWA Document titled “ Block Wise Ground Water Resource Assessment -2020”
2. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter Unit FY22 FY21
Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, Million Metric tonnes of
0.001 0.003
N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 3 emissions per rupee of turnover 2.349 x 10(-9) 9.026 x 10(-9)
Note: FY22 Scope 3 emissions include only Business travel. T&D emissions (power purchase and losses) have been recategorized
from Scope 3 in FY21 to Scope 2 in FY22.
3. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and
remediation activities.
a. Afforestation Drive and Mahseer Conservation Program at Hydros:
Since 1972, Tata Power have been arranging mega afforestation drive of native plants in the Hydros which is situated in the
northern western ghat area.
In FY22, more than 9 lakh trees were planted and seeds were sowed in the catchment area of Hydros.
In order to increase survival rate of plantation and to save forests from forest fires, the Company has been organizing
educational programs to create an awareness among children with the help of Bharati Vidyapeeth.
Mahseer conservation program was taken up in the year 1970 for ecological enrichment of the hydel lakes and to rehabilitate
the Deccan Mahseer which had been decimated in their natural habitat. After the five decades of efforts, Deccan Mahseer
is finally declared as ‘ least concern’ species in the IUCN red list.
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated , please provide details of the same
as well as outcome of such initiatives, as per the following format:
Sr. Initiative undertaken Outcome of the initiative
No
1 FGD and De-NOx systems are under implementation Reduction of emissions (SO2, NOx)
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
Tata Power has a robust Business Continuity and Disaster Management Plan (BCDMP) and is certified as per ISO 22301:2012 from
the British Standards Institute (BSI). In addition, workforce are continuously trained by carrying out mock drills and disaster
management exercises for possible emergency situations. The Company also as a comprehensive BCDMP policy which can be
found at https://www.tatapower.com/pdf/aboutus/bcp-policy.pdf.

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent:
Essenti00al Indicators
1. a. Number of affiliations with trade and industry chambers/ associations: Five
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body)
the entity is a member of/ affiliated to.
S. Name of the trade and industry chambers/ Reach of trade and industry chambers/ associations
No. associations (State/National)
1 Bombay Chamber of Commerce and Industry State
2 CII Corporate Governance Council National
3 CII Western Region Council National
4 The Committee for International Council on Large
International
Electric Systems (CIGRE)
5 CII National Committee of Power National
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity,
based on adverse orders from regulatory authorities.
There is no action taken or underway against the Tata Power Company Limited on any issues related to anti-competitive conduct.
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development:
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
financial year.
As per applicable laws, SIA is not applicable for any of the projects undertaken by the Company. However, the Company assesses
the effectiveness of all projects undertaken voluntarily as a part of Tata way of giving back to society.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity:
S Name of project for which State District No. of Project Affected % of PAFs covered Amounts paid to PAFs in
No. R&R is ongoing Families (PAFs) by R&R FY22 (In crore)
1 Dr Babasaheb Ambedkar Maharashtra Mumbai 1,003* 100 19.95
SRA CHSL Suburban
* No. of slum dwellers identified as per the approval of Government Authorities
3. Describe the mechanisms to receive and redress grievances of the community.

There is regular engagement with key community institutions and representatives from key neighbourhoods across India.
Stakeholder suggestions can also be emailed to the company through the following link-
https://www.tatapower.com/contact/community-relations.aspx
4. Percentage of inputs directly sourced from MSMEs / small producers
Parameter FY22 FY21
Directly sourced from MSMEs / small producers 13.51% 4%
Sourced directly from within the district and neighbouring districts * *
13.51% of spend is from MSME vendors.
* Tata Power is one of India’s largest integrated power companies present at multiple locations across the country. The enterprise
resource planning structure does not differentiate sourcing from within or outside a particular area/district/locality. Tata
Power stands by its responsibility towards upliftment of the society/ communities in and around its operating environment.
The workforce deployed in various Tata Power Generating plants include a noteworthy proportion of local youth as a mandate.
Tata Power is committed to local sourcing across the value chain.
In FY22, 99.30% of Non-fuel procurement at Tata Power was sourced locally i.e. from domestic / indigenous suppliers. On an
overall basis 54.29% of the overall procurement including fuel was sourced from Indigenous sources.

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Not Applicable
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as
identified by government bodies:
S. State Aspirational District Amount spent (In `)
No.
1. Andhra Pradesh YSR Cuddapah 4,29,000
2. Rajasthan Jaisalmer 5,32,117
3. Bihar Gaya 27,87,324
4. Odisha Kalahandi 20,00,000
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized /vulnerable groups?
Yes
(b) What percentage of total procurement (by value) does it constitute?
Tata Power has policies and guidelines in place for vendor enlistment and ordering to encourage and provide growth
opportunities to entrepreneurs among the marginalized /vulnerable groups or communities.
Tata Power Affirmative Action’s Policy (Affirmative Action.pdf) emphasis on empowering and encouraging socio-
economically derived communities for entrepreneurship and quality-based inclusion in supply chain.
Tata Power is committed to help people from SC/ST background either by promoting them to become entrepreneurs or by
engaging workforce from SC/ST community under contracts. Tata Power on merit basis considers incentives in payment for
contractors engaging more than 30% of total deployment from the SC/ST community. In order to motivate entrepreneurs
from this community, Tata Power considers preferential treatment in commercial parameters if the company is owned by a
person from SC/ST community having minimum 50% holding in the company. This motivates the community to be a part
of business ecosystem.
In FY22, business (only direct orders) worth ` 12.18 crore were given to SC/ST Business Associates against more than 300
orders which is 0.4% of the Company’s total annual non-fuel procurement value.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
current financial year), based on traditional knowledge: Not applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes
wherein usage of traditional knowledge is involved. Not applicable
6. Details of beneficiaries of CSR Projects:
S. CSR Project No. of persons benefitted % of beneficiaries
No. from CSR Projects from vulnerable and
marginalized groups
1. Education 19,01,476 19.00
2. Employability and Employment 3,77,677 11.64
3. Entrepreneurship 2,182 44.00
4. Others - Stakeholder Engagement Sports, Volunteering & social inclusion 55,92,486 2.25

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner:
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Mumbai Distribution - “Keeping the Customer at the Centre of All We Do”, Tata Power’s mission is embedded in every customer
team member and is the foundation for excelling in customer service. The Company has following touch points to engage with
its customers to build trust and strengthen transparency, while addressing their queries and concerns.
i. 10 Customer Relationship Centres vii. SMS
ii. Call Centre offering 24/7 support viii. WhatsApp
iii. E-Care (email response) ix. Twitter
iv. Customer Web portal x. Facebook
v. Customer Chat bot - TINA xi. Microsoft Kaizala
vi. Mobile App xii. Facebook
‘We listen’, - Customer feedback across touch points is received through ‘Post Transactional Feedback’ system. Post transaction
closure, customers have the option to rate the services offered by the Company and give their feedback through a system
generated link. This feedback system gives the opportunity to the team to do an in-depth analysis and adopt corrective actions
and measures to restore consumer confidence and delight. The Customer Satisfaction Survey conducted every year is another
mechanism which captures customer confidence and feedback on the service parameters adopted by Tata Power in its customer
service journey.
TPDDL
TPDDL always strives to provide the customers seamless connectivity to resolve their concerns at various platforms with quick
response time. Tata Power-DDL’s customer interactions are primarily ensured through 24x7 Call Centre. The Call Centre handles
approx. 50 lakh interactions per annum for Commercial and Operational services comprising of Queries, requests, complaint
notifications and Follow Ups through IVRS and the executives deployed based on manpower contract.
2. Turnover of products and / services as a percentage of turnover from all products/service that carry information about:
99.3% of the turnover corresponds to electricity generated, transmitted and distributed. The Company educates its customers
on environmental parameters and for safe and responsible usage of power.
3. Number of consumer complaints in respect of the Data privacy, Advertising, Cyder-security, Delivery of essential
services, Restrictive Trade Practices, Unfair Trade Practices, other:
In FY22, total 13 complaints were received and all of them were resolved within the expected timelines. No complaints are pending.
4. Details of instances of product recalls on account of safety issues:
Not applicable
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
https://www.tatapower.com/pdf/aboutus/information-security-policy.pdf
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action
taken by regulatory authorities on safety of products / services.
TPDDL is certified for ISO 27001:2018 (Information Security Management System) and Risk Management Guidelines (31000).
Accordingly, the organization also has rolled out corporate policies to ensure necessary compliance at all stakeholder’s end.

1. Channels / platforms where information on products and services of the entity can be accessed (provide web link,
if available).
i. Customer Care Email ID v. TPDDL connect Mobile application
ii. CCAG Email ID vi. Customer care centres
iii. 24X7 Sampark kendra vii. Letters
iv. Websites viii. Social Media
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Awareness on safety through:
i. Social Media (LinkedIn, Facebook, iii. Outreaches

Instagram)
ii. Safety SMS iv. News letters
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
i. 24X7 Sampark kendra iv. TPDDL connect Mobile application

ii. Website v. SMS/Emailer
iii. Social Media vi. Customer care centres
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/
Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction
relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a
whole? (Yes/No) Not applicable
5. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact: Not applicable as no data breaches occured
b. Percentage of data breaches involving personally identifiable information of customers Not applicable

Independent Auditor’s Report
To the Members of Responsibilities for the Audit of the Standalone Ind AS Financial
Statements’ section of our report. We are independent of the
The Tata Power Company Limited Company in accordance with the ‘Code of Ethics’ issued by
the Institute of Chartered Accountants of India together with
Report on the Audit of the Standalone Ind AS the ethical requirements that are relevant to our audit of the
Financial Statements standalone Ind AS financial statements under the provisions of
the Act and the Rules thereunder, and we have fulfilled our other
Opinion ethical responsibilities in accordance with these requirements
We have audited the accompanying standalone Ind AS and the Code of Ethics. We believe that the audit evidence we
financial statements of The Tata Power Company Limited (“the have obtained is sufficient and appropriate to provide a basis for
Company”), which comprise the Balance sheet as at March 31, our audit opinion on the standalone Ind AS financial statements.
2022, the Statement of Profit and Loss, including the statement
of Other Comprehensive Income, the Cash Flow Statement and Key Audit Matters
the Statement of Changes in Equity for the year then ended,
Key audit matters are those matters that, in our professional
and notes to the standalone Ind AS financial statements,
judgment, were of most significance in our audit of the standalone
including a summary of significant accounting policies and other
Ind AS financial statements for the financial year ended March 31,
explanatory information.
2022. These matters were addressed in the context of our audit
In our opinion and to the best of our information and according of the standalone Ind AS financial statements as a whole, and in
to the explanations given to us, the aforesaid standalone Ind forming our opinion thereon, and we do not provide a separate
AS financial statements give the information required by the opinion on these matters. For each matter below, our description
Companies Act, 2013, as amended (“the Act”) in the manner so of how our audit addressed the matter is provided in that context.
required and give a true and fair view in conformity with the
We have determined the matters described below to be the key
accounting principles generally accepted in India, of the state of
audit matters to be communicated in our report. We have fulfilled
affairs of the Company as at March 31, 2022, its profit including
the responsibilities described in the ‘Auditor’s Responsibilities for
other comprehensive income, its cash flows and the changes in
the Audit of the Standalone Ind AS Financial Statements’ section
equity for the year ended on that date.
of our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to
Basis for Opinion respond to our assessment of the risks of material misstatement
We conducted our audit of the standalone Ind AS financial of the standalone Ind AS financial statements. The results of our
statements in accordance with the Standards on Auditing (SAs), audit procedures, including the procedures performed to address
as specified under section 143(10) of the Act. Our responsibilities the matters below, provide the basis for our audit opinion on the
under those Standards are further described in the ‘Auditor’s accompanying standalone Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Management’s assessment of appropriateness of Going Concern assumption (as described in Note 43.4.3 of the standalone Ind AS financial statements)
The Company has current liabilities of ` 14,472.74 crores and current Our procedures included the following:
assets of ` 7,095.60 crores as at March 31, 2022.
l Obtaining an understanding of the process which includes approval
Current liabilities exceed current assets as at the year end. Given the of annual business plan, raising short term borrowings and review
nature of its business i.e. contracted long term power supply agreements of MIS; and testing the internal controls associated with the
and a significant composition of cost plus contracts leading to significant management’s assessment of Going Concern assumption.
stability of cashflows and profitability, management is confident of
l Discussing with management and assessing the assumptions,
refinancing and consider the liquidity risk as low and accordingly, the
judgements and estimates used in developing business plan and
Company uses significant short term borrowings to reduce its borrowing
cash flow projections having regards to past performance and current
costs.
emerging business trends affecting the business and industry.
Management has made an assessment of the Company’s ability to
l Assessing the Company’s ability to refinance its short term obligation
continue as a Going Concern as required by Ind AS 1 Presentation of
based on the past trends, credit ratings, analysis of solvency and
Financial Statements considering all the available information and has
concluded that the going concern basis of accounting is appropriate. liquidity ratios and ability to generate cash flows and access to capital.
Going Concern assessment has been identified as a key audit matter l Assessing the adequacy of the disclosures in the standalone Ind AS
considering the significant judgements and estimates involved in the financial statements.
assessment and its dependence upon management’s ability to complete
the planned divestments, raising long term capital and / or successful
refinancing of certain current financial obligations.

Revenue recognition and accrual of regulatory deferrals (as described in Note 19 and Note 31 of the standalone Ind AS financial statements)
In the regulated generation, transmission and distribution business of Our procedures included the following:
the Company, tariff is determined by the regulator on cost plus return
l Read the Company's accounting policies with respect to revenue
on equity basis wherein the cost is subject to prudential norms. The
recognition and accrual of regulatory deferrals and assessing its
Company invoices its customers on the basis of pre-approved tariff which
compliance with Ind AS 114 “Regulatory Deferral Accounts” and Ind
is based on budget and is subject to true up.
AS 115 “Revenue from Contract with Customers”.
The Company recognizes revenue as the amount invoiced to customers l Performing test of controls over revenue recognition and accrual of
based on pre-approved tariff rates agreed with regulator. As the Company regulatory deferrals through inspection of evidence of performance
is entitled to a fixed return on equity, the difference between the revenue of these controls.
recognized and entitlement as per the regulation is recognized as
l Performing substantive audit procedures including:
regulatory assets / liabilities. The Company has recognized ` 1,368.05
crores for generation and transmission business and ` 725.92 crores for o Read the executed PPAs with the customer, tariff regulations
distribution business as accruals as at March 31, 2022. and tariff orders and evaluating relevant clauses to understand
management's assessment of the Company's right vis-a-vis the
Accruals are determined based on tariff regulations and past tariff orders
customers.
and are subject to verification and approval by the regulators. Further the
costs incurred are subject to prudential checks and prescribed norms. o Evaluating the key assumptions used by the Company by
Significant judgements are made in determining the accruals including comparing it with prior years, past precedents and the legal
interpretation of tariff regulations. Further certain disallowances of claims opinion obtained by the management.
have been litigated by the Company which are in various stages of dispute. o Considering the independence, objectivity and competence of
Mundra power plant: management’s expert.
The Company sells power to customers in accordance with the long-term o Assessing management’s evaluation of the likely outcome of
Power Purchase Agreement (PPA) entered into with them. the key disputes based on past precedents and / or advice of
management’s expert.
As per the PPA, the Company’s entitlement to capacity revenue is
o Assessing the impact recognized by the Company in respect of
dependent on availability declared. Accordingly, the Company accrues
tariff orders received, revenue adjustment on account of actual
capacity revenue based on the actual declared capacity. As per PPA,
declared capacity and revenue recognized based on ongoing
Company is required to pay compensation to customers in case the
discussion in relation to proposed amendments in PPA.
declared capacity is lower than the minimum capacity to be declared
as per PPA. Based on the actual capacity declared, management has o Reading the legal opinion obtained by the management for
recognized an amount of ` 509.55 crores as a reduction in revenue which assessing the Company’s right with respect to power supply
includes ` 123.27 crores relating to earlier years and compensation to customer for the period wherein terms of PPA are under
towards lower annual availability. discussion.
Also, Company is in discussion to amend certain terms of PPA with o Assessing the disclosures in accordance with the requirements
one of the customers. The discussions are at very advanced stage and of Ind AS 114 “Regulatory Deferral Accounts” and Ind AS 115
agreement is reached except few items. for which discussions are ongoing “Revenue from Contract with Customers”.
and accordingly the SPPA is yet to be signed and approved. To ensure
continuous supply of power, customer has requested the Company to
continue supplying power based on the proposed amendments which
will be effective January 1, 2022. Accordingly, based on the legal opinion
obtained, the differential revenue of ₹ 324.00 crores has been recognized
on the basis of the current agreed draft of SPPA.
Revenue recognition and accrual of regulatory deferrals is a key audit

matter considering the significance of the amount, interpretation of
clauses in PPA and tariff regulations and significant judgements involved
in the determination of revenue and regulatory accruals.

Recognition and Measurement of Deferred Tax (as described in Note 36 of the standalone Ind AS financial statements)
The Company has recognized deferred tax assets of ` 100 crores on Our procedures included the following:
unabsorbed depreciation. l Read Company's accounting policies with respect to recognition and
During the year, National Company Law Tribunal (‘NCLT’) has approved measurement of tax balances in accordance with Ind AS 12 “Income
the composite scheme of arrangement between the Company and Taxes”
Coastal Gujarat Power Limited (‘CGPL’) with the Appointed date as l Performing test of controls over recognition and measurement of tax
April 1, 2020. Accordingly, the Company has reassessed tax provisions balances through inspection of evidence of performance of these
recognized by the Company since the effective date of merger and controls.
recoverability of unabsorbed depreciation and brought forward business
lossess of CGPL available for utilization against Company’s future
profit. Basis the assessment, Company has reversed the tax provision o Involving tax specialists who evaluates the Company’s tax
amounting to ` 105.11 crores and has recognized the deferred tax positions basis the tax law and also by comparing it with prior
assets on unabsorbed depreciation amounting to ` 968.56 crores in the years and past precedents
statement of profit and loss. o Discussing the future business plans and financial projections
with the management
The recognition and measurement of deferred tax balances; is a key
audit matter considering the significance of the amount, judgement o Assessing the management’s long-term financial projections and
involved in assessing the recoverability of such tax credits, estimation the key assumptions used in the projections by comparing it to
of the financial projections for utilization of unabsorbed depreciation the approved business plan and projections used for impairment
and judgements involved in the interpretation of tax regulations and tax assessment where applicable.
positions adopted by the Company. l Assessing the disclosures in accordance with the requirements of Ind
AS 12 “Income Taxes”.
Impairment of assets (as described in Note 5a, 5b and 5c of the standalone Ind AS financial statements)
At the end of every reporting period, the Company assesses whether Our procedures included the following:
there is any indication that an asset or cash generating unit (CGU) may
l Read the Company's accounting policies with respect to impairment
be impaired. If any such indication exists, the Company estimates the
in accordance with Ind AS 36 “Impairment of assets”
recoverable amount of the asset or CGU.
l Performing test of controls over key financial controls related to
The determination of recoverable amount, being the higher of fair accounting, valuation and recoverability of assets through inspection
value less costs to sell and value-in-use involves significant estimates, of evidence.
assumptions and judgements of the long-term financial projections.
The Company is carrying impairment provision amounting to ` 310.94
o Obtaining the management’s impairment assessment
crores with respect to Mundra CGU (comprising of Mundra power plant,
investment in companies owning coal mines and related infrastructure), o Evaluating the key assumptions including projected generation,
` 552.91 crores for investment in Company owning hydro power plant in coal prices, exchange rate, energy prices post power purchase
Georgia and ` 100 crores with respect to a generating unit in Trombay. agreement period and weighted average cost of capital by
During the year, as the indication exists, the Company has reassessed comparing them with prior years and external data, where
its impairment assessment with respect to the specified CGUs and has available.
recognized additional impairment provision of ` 106.82 crores towards o Obtaining and evaluating the sensitivity analysis
investment in Company owning hydro power plant in Georgia.
l Assessing the disclosures in accordance with the requirements of Ind
Impairment of assets is a key audit matter considering the significance of AS 36 “Impairment of assets”.
the carrying value, estimations and the significant judgements involved
in the impairment assessment including projected generation, coal
prices, exchange rate, energy prices post power purchase agreement
period and weighted average cost of capital.

Other Information Auditor’s Responsibilities for the Audit of the Standalone

The Company’s Board of Directors is responsible for the other Ind AS Financial Statements
information. The other information comprises the information Our objectives are to obtain reasonable assurance about whether
included in the Annual report, but does not include the standalone the standalone Ind AS financial statements as a whole are free
Ind AS financial statements and our auditor’s report thereon. from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable
Our opinion on the standalone Ind AS financial statements does
assurance is a high level of assurance, but is not a guarantee that
not cover the other information and we do not express any form
an audit conducted in accordance with SAs will always detect a
of assurance conclusion thereon.
material misstatement when it exists. Misstatements can arise
In connection with our audit of the standalone Ind AS financial from fraud or error and are considered material if, individually or
statements, our responsibility is to read the other information and, in the aggregate, they could reasonably be expected to influence
in doing so, consider whether such other information is materially the economic decisions of users taken on the basis of these
inconsistent with the standalone Ind AS financial statements or standalone Ind AS financial statements.
our knowledge obtained in the audit or otherwise appears to be
As part of an audit in accordance with SAs, we exercise professional
materially misstated. If, based on the work we have performed,
judgment and maintain professional skepticism throughout the
we conclude that there is a material misstatement of this other
audit. We also:
information, we are required to report that fact. We have nothing
to report in this regard. l Identify and assess the risks of material misstatement of the
standalone Ind AS financial statements, whether due to fraud
Responsibilities of Management for the Standalone Ind AS
or error, design and perform audit procedures responsive to
Financial Statements
those risks, and obtain audit evidence that is sufficient and
The Company’s Board of Directors is responsible for the matters appropriate to provide a basis for our opinion. The risk of not
stated in section 134(5) of the Act with respect to the preparation detecting a material misstatement resulting from fraud is
of these standalone Ind AS financial statements that give a true higher than for one resulting from error, as fraud may involve
and fair view of the financial position, financial performance collusion, forgery, intentional omissions, misrepresentations,
including other comprehensive income, cash flows and changes or the override of internal control.
in equity of the Company in accordance with the accounting
principles generally accepted in India, including the Indian l Obtain an understanding of internal control relevant to the
Accounting Standards (Ind AS) specified under section 133 of the audit in order to design audit procedures that are appropriate
Act read with the Companies (Indian Accounting Standards) Rules, in the circumstances. Under section 143(3)(i) of the Act, we
2015, as amended. This responsibility also includes maintenance are also responsible for expressing our opinion on whether
of adequate accounting records in accordance with the provisions the Company has adequate internal financial controls with
of the Act for safeguarding of the assets of the Company and for reference to standalone Ind AS financial statements in place
preventing and detecting frauds and other irregularities; selection and the operating effectiveness of such controls.
and application of appropriate accounting policies; making l Evaluate the appropriateness of accounting policies used
judgments and estimates that are reasonable and prudent; and and the reasonableness of accounting estimates and related
the design, implementation and maintenance of adequate internal disclosures made by management.
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant l Conclude on the appropriateness of management’s use of the
to the preparation and presentation of the standalone Ind AS going concern basis of accounting and, based on the audit
financial statements that give a true and fair view and are free evidence obtained, whether a material uncertainty exists
from material misstatement, whether due to fraud or error. related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we
In preparing the standalone Ind AS financial statements, conclude that a material uncertainty exists, we are required
management is responsible for assessing the Company’s ability to draw attention in our auditor’s report to the related
to continue as a going concern, disclosing, as applicable, matters disclosures in the standalone Ind AS financial statements or,
related to going concern and using the going concern basis of if such disclosures are inadequate, to modify our opinion. Our
accounting unless management either intends to liquidate the conclusions are based on the audit evidence obtained up to
Company or to cease operations, or has no realistic alternative the date of our auditor’s report. However, future events or
but to do so. conditions may cause the Company to cease to continue as a
Those Board of Directors are also responsible for overseeing the going concern.
Company’s financial reporting process.

l Evaluate the overall presentation, structure and content of Companies (Indian Accounting Standards) Rules, 2015,
the standalone Ind AS financial statements, including the as amended;
disclosures, and whether the standalone Ind AS financial
(e) On the basis of the written representations received from
statements represent the underlying transactions and events
the directors as on March 31, 2022 taken on record by the
in a manner that achieves fair presentation.
Board of Directors, none of the directors is disqualified as
We communicate with those charged with governance regarding, on March 31, 2022 from being appointed as a director in
among other matters, the planned scope and timing of the terms of Section 164 (2) of the Act;
audit and significant audit findings, including any significant
(f) With respect to the adequacy of the internal financial
deficiencies in internal control that we identify during our audit.
controls with reference to these standalone Ind AS
We also provide those charged with governance with a statement financial statements and the operating effectiveness of
that we have complied with relevant ethical requirements such controls, refer to our separate Report in “Annexure
regarding independence, and to communicate with them 2” to this report;
all relationships and other matters that may reasonably be
(g) In our opinion, the managerial remuneration for the year
thought to bear on our independence, and where applicable,
ended March 31, 2022 has been paid / provided by the
related safeguards.
Company to its directors in accordance with the provisions
From the matters communicated with those charged with of section 197 read with Schedule V to the Act;
governance, we determine those matters that were of most
(h) With respect to the other matters to be included in
significance in the audit of the standalone Ind AS financial
the Auditor’s Report in accordance with Rule 11 of the
statements for the financial year ended March 31, 2022 and
Companies (Audit and Auditors) Rules, 2014, as amended
are therefore the key audit matters. We describe these matters
in our opinion and to the best of our information and
in our auditor’s report unless law or regulation precludes
according to the explanations given to us:
public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be i. The Company has disclosed the impact of pending
communicated in our report because the adverse consequences litigations on its financial position in its standalone Ind AS
of doing so would reasonably be expected to outweigh the public financial statements – Refer Note 39 to the standalone Ind
interest benefits of such communication. AS financial statements;
Report on Other Legal and Regulatory Requirements ii. The Company has made provision, as required under
1. As required by the Companies (Auditor’s Report) Order, 2020 the applicable law or accounting standards, for material
(“the Order”), issued by the Central Government of India in foreseeable losses, if any, on long-term contracts including
terms of sub-section (11) of section 143 of the Act, we give derivative contracts – Refer Note 11 and Note 25 to the
in the “Annexure 1” a statement on the matters specified in standalone Ind AS financial statements;
paragraphs 3 and 4 of the Order. iii. There has been no delay in transferring amounts, required
2. As required by Section 143(3) of the Act, we report that: to be transferred, to the Investor Education and Protection
Fund by the Company
(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and iv. a) The management has represented that, to the best of
belief were necessary for the purposes of our audit; its knowledge and belief, other than as disclosed in the
note 9 to the standalone Ind AS financial statements,
(b) In our opinion, proper books of account as required by law no funds have been advanced or loaned or invested
have been kept by the Company so far as it appears from (either from borrowed funds or share premium or any
our examination of those books; other sources or kind of funds) by the Company to or
(c) The Balance Sheet, the Statement of Profit and Loss in any other person or entity, including foreign entities
including the Statement of Other Comprehensive Income, (“Intermediaries”), with the understanding, whether
the Cash Flow Statement and Statement of Changes in recorded in writing or otherwise, that the Intermediary
Equity dealt with by this Report are in agreement with the shall, whether, directly or indirectly lend or invest
books of account; in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate
(d) In our opinion, the aforesaid standalone Ind AS financial Beneficiaries”) or provide any guarantee, security or the
statements comply with the Accounting Standards like on behalf of the Ultimate Beneficiaries;
specified under Section 133 of the Act, read with

b) The management has represented that, to the best As stated in note 21 to the standalone Ind AS financial
of its knowledge and belief, no funds have been statements, the Board of Directors of the Company have
received by the Company from any person or entity, proposed final dividend for the year which is subject
including foreign entities (“Funding Parties”), with to the approval of the members at the ensuing Annual
the understanding, whether recorded in writing or General Meeting. The dividend declared is in accordance
otherwise, that the Company shall, whether, directly with section 123 of the Act to the extent it applies to
or indirectly, lend or invest in other persons or entities declaration of dividend.
identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the For S R B C & CO LLP
Ultimate Beneficiaries; and Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
c) Based on such audit procedures performed that have
been considered reasonable and appropriate in the
per Abhishek Agarwal
circumstances, nothing has come to our notice that has
Partner
caused us to believe that the representations under sub-
Place of Signature: Mumbai Membership Number: 112773
clause (a) and (b) contain any material misstatement.
Date: May 6, 2022 UDIN: 22112773AINAVY3679
v. The final dividend paid by the Company during the year
in respect of the same declared for the previous year is
in accordance with section 123 of the Act to the extent it
applies to payment of dividend.

Annexure ‘1’ referred to in paragraph under the heading “Report on

other legal and regulatory requirements” of our report of even date
Re: The Tata Power Company Limited (“the Company”)
In terms of the information and explanations sought by us and given by the company and the books of account and records examined
by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment.
(i) (a) (B) The Company has maintained proper records showing full particulars of intangibles assets.
(i) (b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(i) (c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed in note 5a and note 18a to the standalone Ind AS financial statements
are held in the name of the Company except 2 number of immovable properties as indicated in the below mentioned cases
as at March 31, 2022 for which title deeds are not in name of the Company.
Description of Gross Held in name of Whether Period held Reason for not being held in the name
Property carrying promoter, director – indicate of Company
value (` in or their relative or range, where
crores) employee appropriate
Land at 225.65 Maharashtra No Since 2015 till The land was acquired from MIDC;
Dehrand* Industrial date which the Company is now in process
Development of selling it back to MIDC. Hence,
Corporation not transferred in the name of the
Company.
Land at Mundra 0.09 Sushilaba No Since 2009 till It is an agricultural land which is not
– 0.51 hectors Fatehsinh Zala date converted to non - agricultural land
and hence tittle deed is not registered
in name of the Company
* Asset classified as held for sale

Certain title deeds of the immovable Properties, in the nature of freehold land & buildings, as indicated in the below
mentioned cases which were acquired pursuant to a Composite Scheme of Arrangement of merger between Coastal Gujarat
Power Limited and The Tata Power Company Limited approved by National Company Law Tribunal’s (NCLT) Order dated
March 31, 2022, and Scheme of Amalgamation of Chemical Terminal Trombay Limited and The Tata Power Company Limited
approved by NCLT order dated July 27, 2017, are not individually held in the name of the Company as on March 31, 2022.
Description of Gross Held in name of Whether Period held Reason for not being held in the
Property carrying promoter, director – indicate name of Company
value (` in or their relative or range, where
crores) employee appropriate
Land of erstwhile 0.88 Chemical Terminal No 2014 to till date Land is in name of erstwhile
Chemical Terminal Trombay Ltd.(CTTL) company.
Trombay Ltd.
Land and Building of 872.70 Coastal Gujarat No Since April 1, Land and Building are in name of
Mundra power plant Power Limited 2020 till date erstwhile company
(a wholly owned
subsidiary)
(i) (d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during
the year ended March 31, 2022.
(i) (e) There are no proceedings initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion
the coverage and the procedure of such verification by the management is appropriate. No discrepancies of 10% or more
in aggregate for each class of inventory were noticed on such physical verification.
(ii) (b) As disclosed in Note 29 to the standalone Ind AS financial statements, the Company has been sanctioned working capital
limits in excess of ` five crores in aggregate from banks and/or financial institutions during the year on the basis of security
of current assets of the Company. The quarterly returns/statements filed by the Company with such banks and financial
institutions are generally in agreement with the books of accounts of the Company except as follows:
Quarter ended Value per books of Value per quarterly Discrepancy (give details)
account return / statement
June 30, 2021 Nil ` 625 crores Unapproved regulatory asset disclosed as Approved*
September 30, 2021 Nil ` 709 crores Unapproved regulatory asset disclosed as Approved*
December 31, 2021 Nil ` 677 crores Unapproved regulatory asset disclosed as Approved*
March 31, 2022 Nil ` 867 crores Unapproved regulatory asset disclosed as Approved*
December 31, 2021 ` 1,920 crores ` 1,964 crores Excess debtors reported by ` 44 crores#
*While submitting the quarterly statements for all four quarters during the year, the Company inadvertently included and
disclosed unapproved regulatory balances as approved. However, subsequent to year end, the Company has communicated
to Bank about the said discrepancy. Further, Bank has confirmed that the intention was not to exclude unapproved balances
from the receivable and has initiated the process to change the sanction letter wherein total regulatory asset balance should
be considered as receivables for the purpose of sanction limit.
#Subsequent to year end, Company has submitted the revised statement for quarter ended December 2021 and receivable
balances as per revised statement are in agreement with the books of accounts.
(iii) (a) During the year the Company has provided loans and stood guarantee to the companies as follows:
(` in crores)
Guarantees Security Loans Advances in nature
of loans
Aggregate amount granted /

provided during the year
- Wholly owned Subsidiaries 655.57 Nil 5,038.07 Nil
Balance outstanding as at balance

sheet date in respect of above cases
- Wholly owned Subsidiaries 6,337.57 Nil 1,778.48 Nil
(iii) (b) During the year the investments made, guarantees provided, security given and the terms and conditions of the grant of all
loans and advances in the nature of loans and guarantees to companies are not prejudicial to the Company's interest.
(iii) (c) The Company has granted loans during the year to companies where the schedule of repayment of principal and payment
of interest has been stipulated and the repayment or receipts are regular.
(iii) (d) There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability partnerships
or any other parties which are overdue for more than ninety days.
(iii) (e) The Company had granted loans to companies which had fallen due during the year and Company had extended / granted
fresh loans during the year to the respective parties to settle the dues of the existing loans.

The aggregate amount of such dues extended / settled by fresh loans and the percentage of the aggregate to the total loans
granted during the year are as follows:
(` in crores)
Name of Parties (Wholly Owned Subsidiaries) Aggregate amount of overdues of existing loans
renewed or extended or settled by fresh loans
TP Renewable Microgrid Limited 39.11
TP Ajmer Distribution Limited 95.00
Tata Power Green Energy Limited 29.55
Tata Power Solar Systems Limited 300.00
Tata Power Renewable Energy Limited 625.00
TP Kirnali Solar Limited 24.70
TP Saurya Limited 4.70
TP Solapur Limited 33.00
Chirasthayee Saurya Limited 255.00
TP Kirnali Limited 4.00
Tata Power Trading Company Ltd 10.00
Percentage of the aggregate to the total loans or advances in the nature of 28.19%
loans granted during the year
(iii) (f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying
any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the
requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.
(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections 185 and 186 of the Companies
Act, 2013 are applicable and accordingly, the requirement to report on clause 3(iv) of the Order is not applicable to the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits
within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly,
the requirement to report on clause 3(v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the generation of
Electricity, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have
not, however, made a detailed examination of the same.
(vii) (a) The Company is generally been regular in depositing with appropriate authorities undisputed statutory dues including
goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs, duty
of excise, value added tax, cess and other statutory dues applicable to it. According to the information and explanations
given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory
dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(vii) (b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of
custom, duty of excise, value added tax, cess, and other statutory dues have not been deposited on account of any dispute,
are as follows:
Name of the statute Nature of the dues Amount (` in crores) Period to which the Forum where the
amount relates dispute is pending
The Customs Act, 1962 Customs Duty 34.43 2011-12 and 2012-13 The Customs Excise
and Service Tax
Appellate Tribunal
(CESTAT)
0.31 2004-05 and 2005-06 CESTAT
23.87* 2011-12 and 2012-13 Supreme Court

Name of the statute Nature of the dues Amount (` in crores) Period to which the Forum where the
amount relates dispute is pending
The Water (Prevention & Control of Cess 1.13 2009-10 Chairman,
Pollution) Cess Act 1977 Maharashtra Pollution
Control Board (MPCB)
Income Tax Act, 1961 Income Tax 0.20 2009-10 Commissioner of
Income Tax (Appeals)
65.08 2010-11 Supreme Court
0.09 2014-15 Income Tax Appellate
Tribunal
105.77 2018-19 Commissioner of
Income Tax (Appeals)
Tax deducted at source 40.15# 2016-17 Commissioner of
(“TDS”) Income Tax (Appeals)
The Finance Act, 1994 Service Tax 375.29 July 2012 to June 2017 High Court
5.86 2011-12 to 2014-15 CESTAT
0.25 2007-08 Joint Commissioner
(appeal)
Green Cess Act, 2011 Green Cess 464.89 2011-12 to 2021-22 Supreme Court
Mumbai Municipal Corporation Property Tax 0.89 2015-16 Supreme Court
Act, 1888
* net of amount paid under protest of ` 52.45 crores for Custom Duty
# net of amount paid under protest of ` 10.04 crores for TDS liability
(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii)
of the Order is not applicable to the Company.
(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to
any lender.
(ix) (b) The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.
(ix) (c) Term loans were applied for the purpose for which the loans were obtained.
(ix) (d) On an overall examination of the standalone Ind AS financial statements of the Company, the Company has used funds raised
on short-term basis in the form of short-term loans, cash credits from Banks, commercial papers, Inter Corporate Deposits
and other financial liabilities aggregating to ` 4,066.03 crore for long-term purposes.
(ix) (e) On an overall examination of the standalone Ind AS financial statements of the Company, the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(ix) (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or
associate companies. Hence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company.
(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt
instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
(x) (b) The Company has not made any preferential allotment or private placement of shares / fully or partially or optionally
convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is
not applicable to the Company.
(xi) (a) No fraud by the Company or no fraud on the Company has been noticed or reported during the year.
(xi) (b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor /
secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with
the Central Government.

(xi) (c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining
the nature, timing and extent of audit procedures.
(xii) (a) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report
on clause 3(xii)(a), (b) and (c) of the Order are not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable
and the details have been disclosed in the notes to the standalone Ind AS financial statements, as required by the applicable
accounting standards.
(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.
(xiv) (b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been
considered by us.
(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence
requirement to report on clause 3(xv) of the Order is not applicable to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company.
Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.
(xvi) (b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtained a valid
Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(xvi) (c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly,
the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.
(xvi) (d) The Group has five CICs which are registered with the Reserve Bank of India and one CIC which is not required to be
registered with the Reserve Bank of India.
(xvii) The Company has not incurred cash losses in the current year and in the immediately preceding financial year respectively.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii)
of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 44 to the standalone Ind AS financial statements, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone Ind
AS financial statements, our knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is
not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year
from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund
specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135
of the Act. This matter has been disclosed in note 35 to the financial statements
(xx) (b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in
compliance of provision of sub section (6) of section 135 of Companies Act. This matter has been disclosed in note 35 to the
financial statements.
For S R B C & CO LLP
Chartered Accountants

Partner
Date: May 6, 2022 UDIN: 22112773AINAVY3679

Annexure 2 to the Independent Auditor’s Report of even date on the

standalone Ind AS financial statements of The Tata Power Company Limited
Report on the Internal Financial Controls under Clause (i) assessing the risk that a material weakness exists, and testing and
of Sub-section 3 of Section 143 of the Companies Act, 2013 evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected
(“the Act”)
depend on the auditor’s judgement, including the assessment
We have audited the internal financial controls with reference of the risks of material misstatement of the standalone Ind AS
to standalone Ind AS financial statements of The Tata Power financial statements, whether due to fraud or error.
Company Limited (“the Company”) as of March 31, 2022 in
conjunction with our audit of the standalone Ind AS financial We believe that the audit evidence we have obtained is sufficient
statements of the Company for the year ended on that date. and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls over financial reporting with
Management’s Responsibility for Internal Financial Controls reference to these standalone Ind AS financial statements.
The Company’s Management is responsible for establishing and
Meaning of Internal Financial Controls Over Financial
maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Reporting With Reference to these Standalone Ind AS
Company considering the essential components of internal control Financial Statements
stated in the Guidance Note on Audit of Internal Financial Controls A company's internal financial controls over financial reporting
Over Financial Reporting issued by the Institute of Chartered with reference to these standalone Ind AS financial statements
Accountants of India (“ICAI”). These responsibilities include the is a process designed to provide reasonable assurance regarding
design, implementation and maintenance of adequate internal the reliability of financial reporting and the preparation of
financial controls that were operating effectively for ensuring the standalone Ind AS financial statements for external purposes
orderly and efficient conduct of its business, including adherence in accordance with generally accepted accounting principles.
to the Company’s policies, the safeguarding of its assets, the A company's internal financial controls over financial reporting
prevention and detection of frauds and errors, the accuracy with reference to these standalone Ind AS financial statements
and completeness of the accounting records, and the timely includes those policies and procedures that (1) pertain to the
preparation of reliable financial information, as required under maintenance of records that, in reasonable detail, accurately and
the Companies Act, 2013. fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are
Auditor’s Responsibility
recorded as necessary to permit preparation of standalone Ind
Our responsibility is to express an opinion on the Company's AS financial statements in accordance with generally accepted
internal financial controls over financial reporting with reference accounting principles, and that receipts and expenditures of the
to these standalone Ind AS financial statements based on our company are being made only in accordance with authorisations
audit. We conducted our audit in accordance with the Guidance of management and directors of the company; and (3) provide
Note on Audit of Internal Financial Controls Over Financial reasonable assurance regarding prevention or timely detection
Reporting (the “Guidance Note”) and the Standards on Auditing, of unauthorised acquisition, use, or disposition of the company's
as specified under section 143(10) of the Act, to the extent assets that could have a material effect on the standalone Ind AS
applicable to an audit of internal financial controls, both issued financial statements.
by ICAI. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the Inherent Limitations of Internal Financial Controls Over
audit to obtain reasonable assurance about whether adequate Financial Reporting With Reference to these Standalone Ind
internal financial controls with reference to these standalone Ind AS Financial Statements
AS financial statements was established and maintained and if
Because of the inherent limitations of internal financial controls
such controls operated effectively in all material respects.
over financial reporting with reference to these standalone Ind
Our audit involves performing procedures to obtain audit AS financial statements, including the possibility of collusion
evidence about the adequacy of the internal financial controls or improper management override of controls, material
over financial reporting with reference to these standalone misstatements due to error or fraud may occur and not be
Ind AS financial statements and their operating effectiveness. detected. Also, projections of any evaluation of the internal
Our audit of internal financial controls over financial reporting financial controls over financial reporting with reference to these
with reference to these standalone Ind AS financial statements standalone Ind AS financial statements to future periods are
included obtaining an understanding of internal financial controls subject to the risk that the internal financial control over financial
with reference to these standalone Ind AS financial statements, reporting with reference to these standalone Ind AS financial

statements may become inadequate because of changes in essential components of internal control stated in the Guidance
conditions, or that the degree of compliance with the policies or Note issued by the ICAI.
procedures may deteriorate.
Opinion For S R B C & CO LLP

In our opinion, the Company has, in all material respects, adequate Chartered Accountants
internal financial controls over financial reporting with reference ICAI Firm Registration Number: 324982E/E300003
to these standalone Ind AS financial statements and such internal
financial controls over financial reporting with reference to these per Abhishek Agarwal
standalone Ind AS financial statements were operating effectively Partner
as at March 31, 2022, based on the internal control over financial Place of Signature: Mumbai Membership Number: 112773
reporting criteria established by the Company considering the Date: May 6, 2022 UDIN: 22112773AINAVY3679

Standalone Balance Sheet

as at March 31, 2022
Notes Page As at As at*

March 31, 2022 March 31, 2021
J crore J crore
ASSETS
Non-Current Assets
(a) Property, Plant and Equipments 5a 244 20,874.79 21,602.44
(b) Right of Use Assets 5b 248 2,833.74 2,830.91
(c) Capital Work-in-Progress 6 251 965.15 322.43
(d) Intangible Assets 5c 249 37.43 60.97
(e) Financial Assets
(i) Investments 7 252 10,711.38 9,961.60
(ii)
Loans 9 258 453.17 454.28
(iii) Finance Lease Receivables 10 260 520.91 529.57
(iv) Other Financial Assets 11 261 97.30 657.86
(f ) Deferred Tax Asset 26 280 250.00 Nil
(g) Non-Current Tax Assets (Net) 12 262 338.00 144.00
(h) Other Non-Current Assets 13 263 1,649.45 1,342.29
Total Non-Current Assets 38,731.32 37,906.35
Current Assets
(a) Inventories 14 264 2,292.33 1,181.40
(b) Financial Assets
(i) Investments 15 264 67.60 246.49
(ii)
Trade Receivables 8 256 1,026.65 1,579.87
(iii)
Unbilled Revenue 58.86 75.37
(iv) Cash and Cash Equivalents 16 265 57.36 364.13
(v) Bank Balances other than (iv) above 17 266 21.19 19.00
(vi)
Loans 9 258 1,328.48 1,336.41
(vii) Finance Lease Receivables 10 260 42.61 36.52
(viii) Other Financial Assets 11 261 1,987.03 147.53
(c) Other Current Assets 13 263 213.49 192.24
Total Current Assets 7,095.60 5,178.96
Assets Classified as Held For Sale 18a 266 600.56 796.73
Total Assets before Regulatory Deferral Account 46,427.48 43,882.04
Regulatory Deferral Account - Assets 19 268 725.92 573.60
TOTAL ASSETS 47,153.40 44,455.64
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 20a 270 319.56 319.56
(b) Unsecured Perpetual Securities 20b 271 Nil 1,500.00
(c) Other Equity 21 271 10,560.24 8,058.51
Total Equity 10,879.80 9,878.07

Standalone Balance Sheet

as at March 31, 2022 (Contd.)
Notes Page As at As at*

March 31, 2022 March 31, 2021
J crore J crore
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 22 274 18,087.97 16,583.06
(ia)
Lease Liabilities 23 277 2,555.11 2,460.38
(ii) Other Financial Liabilities 25 280 13.07 12.08
(b) Deferred Tax Liabilities (Net) 26 281 Nil 135.43
(c) Provisions 27 281 274.00 274.73
(d) Other Non-Current Liabilities 28 288 757.15 667.27
Total Non-Current Liabilities 21,687.30 20,132.95
Current Liabilities
(i) Borrowings 29 289 6,620.41 7,878.24
(ia)
Lease Liabilities 23 277 303.76 288.66
(ii)
Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises 24 279 39.16 18.54
(b) Total outstanding dues of trade payables other than micro
enterprises and small enterprises 24 279 4,040.73 3,263.93
(iii) Other Financial Liabilities 25 280 2,761.44 2,207.69
(b) Current Tax Liabilities (Net) 30 290 107.67 135.17
(c) Provisions 27 281 44.59 39.07
(d) Other Current Liabilities 28 288 554.98 499.76
Total Current Liabilities 14,472.74 14,331.06
Liabilities directly associated with Assets Classified as Held For Sale 18b 266 113.56 113.56
Total Liabilities 36,273.60 34,577.57
TOTAL EQUITY AND LIABILITIES 47,153.40 44,455.64
See accompanying notes to the Standalone Financial Statements

* Restated (Refer Note 47)
As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA BANMALI AGRAWALA
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 00120029
per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Mumbai, May 6, 2022 Mumbai, May 6, 2022

Standalone Statement of Profit and Loss

for the year ended March 31, 2022
Notes Page For the year ended For the year ended*
March 31, 2022 March 31, 2021
J crore J crore
I Revenue from Operations 31 290 11,107.93 13,169.48
II Other Income 32 294 2,987.11 1,260.19
III Total Income 14,095.04 14,429.67
IV Expenses
Cost of Power Purchased 797.64 580.80
Cost of Fuel 6,569.00 7,842.00
Transmission Charges 258.84 258.18
Employee Benefits Expense (net) 33 295 737.59 697.49
Finance Costs 34 296 2,188.94 2,496.68
Depreciation and Amortisation Expenses 5d 250 1,134.23 1,234.70
Other Expenses 35 296 1,197.46 1,069.04
Total Expenses 12,883.70 14,178.89
V Profit/(Loss) Before Movement in Regulatory Deferral Balance, Exceptional
Items and Tax 1,211.34 250.78
Add/(Less): Net Movement in Regulatory Deferral Balances 19 268 91.00 258.00
Add/(Less): Deferred Tax Recoverable/(Payable) 43.35 41.62
134.35 299.62
VI Profit/(Loss) Before Exceptional Items and Tax 1,345.69 550.40
Add/(Less): Exceptional Items
Gain on Sale of Investment in Subsidiary 7 252 1,518.93 Nil
Standby Litigation 40a 304 Nil (109.29)
Provision for Impairment of Non Current Investments 7 252 (106.82) Nil
1,412.11 (109.29)
VII Profit/(Loss) Before Tax from Continuing Operations 2,757.80 441.11
VIII Tax Expense/(Credit) 36 298
Current Tax Nil 206.60
Current Tax in respect of earlier year (105.11) Nil
Deferred Tax (8.91) (105.20)
Deferred Tax in respect of earlier year (738.56) Nil
Deferred tax remeasurement on account of transition to New Tax regime (Net) 359.62 Nil
(492.96) 101.40
IX Profit/(Loss) from Continuing Operations 3,250.76 339.71
X Profit/(Loss) before tax from Discontinued Operations 18c 267 Nil (59.84)
Impairment Loss on Remeasurement at Fair Value 18c 267 (467.83) (160.00)
XI Tax Expense/(Credit) of Discontinued Operations 36 298
Current Tax Nil (101.48)
Deferred Tax Nil (72.17)
Tax Expense/(Credit) of Discontinued Operations Nil (173.65)
XII Profit/(Loss) from Discontinued Operations 18c 267 (467.83) (46.19)
XIII Profit/(Loss) for the year 2,782.93 293.52

Standalone Statement of Profit and Loss

for the year ended March 31, 2022 (Contd.)
Notes Page For the year ended For the year ended*
March 31, 2022 March 31, 2021
J crore J crore
XIV Other Comprehensive Income/(Expenses) - Continuing Operations
Add/(Less):
(i) Items that will not be reclassified to profit or loss
(a) Remeasurement of Defined Benefit Plans 27 281 9.64 19.06
(b) Equity Instruments classified at FVTOCI 307.12 73.55
(c) Assets Classified as Held For Sale
- Equity Instruments classified at FVTOCI Nil 155.87
(ii) Tax relating to items that will not be reclassified to Profit or Loss
(a) Deferred Tax 36 298 (2.43) (4.61)
314.33 243.87
XV Other Comprehensive Income/(Expenses) - Discontinued Operations
Add/(Less):
(i) Items that will not be reclassified to Profit or Loss Nil (0.34)
Nil (0.34)
XVI Other Comprehensive Income/(Expenses) 314.33 243.53
XVII Total Comprehensive Income (XIII+ XVI) 3,097.26 537.05
XVIII Basic and Diluted Earnings Per Equity Share (of ₹ 1/- each) (₹) 41 305
(i) From Continuing Operations before net movement in regulatory deferral 9.76 (0.09)
balances
(ii) From Continuing Operations after net movement in regulatory deferral 10.07 0.56
balances
(iii) From Discontinued Operations (1.46) (0.15)
(iv) Total Operations after net movement in regulatory deferral balances 8.61 0.41



Standalone Cash Flow Statement

For the year ended For the year ended*

March 31, 2022 March 31, 2021
J crore J crore
A. Cash flow from Operating Activities
Profit/(Loss) before tax from continuing operations 2,757.80 441.11
Profit/(Loss) before tax from discontinued operations (467.83) (219.84)
Adjustments to reconcile profit before tax to net operating cash flows:
Depreciation and amortisation expense 1,134.23 1,234.71
Interest income (250.36) (204.19)
Delayed payment charges (5.75) (7.02)
Dividend income (2,639.95) (997.50)
Finance cost (net of capitalisation) 2,188.94 2,521.59
(Gain)/Loss on disposal of property, plant and equipment (Net) 10.77 (16.83)
(Gain)/Loss on sale/fair value of current investment measured at fair
value through profit and loss (8.43) (23.49)
(Gain)/Loss on sale of non-current investments (1,518.93) Nil
Guarantee commission from subsidiaries and joint ventures (25.51) (21.82)
Amortisation of service line contributions (8.64) (8.25)
Transfer to statutory consumer reserve 12.57 11.00
Bad debts 2.27 2.43
Allowance for doubtful debts and advances (Net) (10.78) 33.85
Provision for standby litigation Nil 109.29
Provision /(Reversal) of impairment of non-current investments and
related obligation 106.82 (8.00)
Amortisation of Deferred Revenue 40.25 35.13
Impairment loss on remeasurement at fair value related to
discontinued operations 467.83 160.00
Effect of exchange fluctuation (Net) (10.07) (17.02)
(514.74) 2,803.88
1,775.23 3,025.15
Working Capital adjustments:
Adjustments for (increase) / decrease in assets:
Inventory (1,090.31) 2.14
Trade receivables 630.39 (111.37)
Finance lease receivables 26.03 18.83
Loans - non-current 1.11 1.23
Other current assets (21.29) (236.51)
Other non-current assets (266.36) (150.67)
Unbilled revenue (3.70) (105.79)
Other financial assets - current (63.05) 134.90
Other financial assets - non-current (7.58) (8.44)
Regulatory deferral account - assets (152.32) (315.28)
(947.08) (770.96)
828.15 2,254.19



March 31, 2022 March 31, 2021
J crore J crore
Adjustments for increase / (decrease) in liabilities:
Trade payables 810.51 164.06
Other current liabilities 34.71 194.09
Other non-current liabilities (0.97) (2.68)
Current provisions 15.16 (15.12)
Non-current provisions (0.73) 38.08
Other financial liabilities - current 111.87 781.00
Other financial liabilities - non current 1.45 0.28
972.00 1,159.71
Cash flow from/(used in) operations 1,800.15 3,413.90
Income tax paid (Net of refund received) (116.40) (79.89)
Net cash flows from/(used in) Operating Activities A 1,683.75 3,334.01
B. Cash flow from Investing Activities

Capital expenditure on property, plant and equipment and other (1,186.26) (1,061.49)
Intangible assets (including capital advances)
Proceeds from sale of property, plant and equipment (including 18.01 257.67
property, plant and equipment classified as held for sale)
Proceeds from sale of Strategic Engineering Division (Net) (Refer
Note 18C) Nil 420.85
Purchase of non current investments (779.22) (670.14)
Proceeds from sale of non-current investments 2,130.25 Nil
(Purchase of ) / proceeds from sale of current investments (Net) 242.99 (41.00)
Proceeds from sale of renewable assets (Refer Note 5(a)(v)) 169.30 Nil
Interest received 186.48 136.59
Delayed payment charges received 5.75 7.02
Loans given (5,038.07) (9,283.75)
Loans repaid 4,991.50 8,043.96
Dividend received 819.30 997.50
Guarantee commission received 25.05 18.70
Bank balance not considered as cash and cash equivalents 2.00 (0.01)
Net cash flow from/(used in) Investing Activities B 1,587.08 (1,174.10)
C. Cash Flow from Financing Activities

Proceeds from issue of shares Nil 2,600.00
Repayment of unsecured perpetual securities (1,500.00) Nil
Distribution on unsecured perpetual securities (100.26) (171.00)
Proceeds from non-current borrowings 4,733.00 5,668.58
Repayment of non-current borrowings (2,201.68) (6,312.81)
Proceeds from current borrowings 20,539.62 18,156.18
Repayment of current borrowings (22,471.00) (19,719.33)



March 31, 2022 March 31, 2021
J crore J crore
Interest and other borrowing costs (1,870.27) (2,135.62)
Dividends paid (495.28) (419.24)
Increase in capital/service line contributions 8.19 5.29
Payment of lease liability (277.30) (290.45)
Net Cash Flow from/(used in) Financing Activities C (3,634.98) (2,618.40)
Net increase/(decrease) in cash and cash equivalents (A+B+C) (364.15) (458.49)

Cash and cash equivalents as at April 1 (Opening Balance) 364.13 822.62
Cash and cash equivalents as at March 31 (Closing Balance) (0.02) 364.13
As at As at*
March 31, 2022 March 31, 2021
J crore J crore
Cash and Cash Equivalents include:
(a) Balances with banks

In current accounts 57.35 264.13
In deposits accounts (with original maturity of three months or less) 0.01 100.00
(b) Bank overdraft (57.38) Nil
Cash and cash equivalents related to continuing operations (0.02) 364.13
In current accounts Nil Nil
In Deposit Accounts (with original maturity of three months or less) Nil Nil
(b) Book overdraft Nil Nil
Cash and cash equivalents related to discontinued operations Nil Nil
Total of cash and cash equivalents (0.02) 364.13
Notes:
The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - statement of cash flows


Standalone Statement of Changes in Equity

A. Equity Share Capital J crore
No. of Shares Amount

Balance as at April 1, 2020 2,704,773,510 270.50
Issued during the year 490,566,037 49.06
Balance as at March 31, 2021 319,53,39,547 319.56

Issued during the year Nil Nil
B. Unsecured Perpetual Securities J crore
No. of Securities Amount

Balance as at April 1, 2020 15,000 1,500.00
Issued during the period Nil Nil
Balance as at March 31, 2021 15,000 1,500.00

Repaid during the year (15,000) (1,500.00)
Balance as at March 31, 2022 Nil Nil

C. Other Equity (Refer Note 21) J crore
Item of Other
Reserves and Surplus Comprehensive
Income
Description General Securities Debenture Capital Capital Statutory Special Retained Equity Instrument Total
Reserve Premium Redemption Redemption Reserves Reserve Reserve Earnings through Other
Reserve Reserve Comprehensive
Income
Balance as at April 1, 2020 3,853.98 5,634.98 296.95 1.85 61.66 660.08 Nil 3,027.08 (45.11) 13,491.47
Changes in balance on account of Merger (Refer Note 47) 5.94 12.82 Nil 2.66 4.58 Nil 124.07 (8,118.29) 37.51 (7,930.71)
Capital Re-organisation (Refer Note 47) (3,859.92) (5,091.20) Nil Nil Nil Nil Nil 8,951.12 Nil Nil

Restated Balance as at April 1, 2020 Nil 556.60 296.95 4.51 66.24 660.08 124.07 3,859.91 (7.60) 5,560.76
Profit/(Loss) for the year Nil Nil Nil Nil Nil Nil Nil 293.52 Nil 293.52
Other Comprehensive Income/(Expenses) for the year (Net Nil Nil Nil Nil Nil Nil Nil 14.11 229.42 243.53
of Tax)
Overview
Total Comprehensive Income Nil 556.60 296.95 4.51 66.24 660.08 124.07 4,167.54 221.82 6,097.81
Issue of Equity Shares during the year Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil Nil (419.24) Nil (419.24)
Securities Premium collected during the year Nil 2,550.94 Nil Nil Nil Nil Nil Nil Nil 2,550.94
Transfer from Retained Earnings to Special Reserve Nil Nil Nil Nil Nil Nil 2.21 (2.21) Nil Nil
Introduction
to Tata Power
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil Nil (171.00) Nil (171.00)
Balance as at March 31, 2021 Nil 3,107.54 296.95 4.51 66.24 660.08 126.28 3,575.09 221.82 8,058.51
Balance as at April 1, 2021 Nil 3,107.54 296.95 4.51 66.24 660.08 126.28 3,575.09 221.82 8,058.51
and Risks
Profit/(Loss) for the period Nil Nil Nil Nil Nil Nil Nil 2,782.93 Nil 2,782.93
Other Comprehensive Income/(Expenses) for the year Nil Nil Nil Nil Nil Nil Nil 7.21 307.12 314.33
(Net of Tax)
Total Comprehensive Income Nil Nil Nil Nil Nil Nil Nil 2,790.14 307.12 3,097.26
Trends, Opportunities
Share Premium collected during the year Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Standalone Statement of Changes in Equity
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil Nil (495.28) Nil (495.28)
Transfer to Retained Earnings (Refer note 21) Nil Nil Nil Nil Nil Nil (126.28) 126.28 Nil Nil
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil Nil (100.25) Nil (100.25)
Balance as at 31st March, 2022 Nil 3,107.54 296.95 4.51 66.24 660.08 Nil 5,895.98 528.94 10,560.24
Value Creation
Notes:
Reports
Statutory
Financial
More Power
Statements
to you
238
Notes to the Standalone Financial Statements
1. Corporate Information
The Tata Power Company Limited (the 'Company') is a public limited company domiciled and incorporated in India under the
Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai
400001, India. The Company is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). The principal
business of the Company is generation, transmission and distribution of electricity.
The Company was amongst the pioneers in generation of electricity in India more than a century ago. The Company has an
installed generation capacity of 5,955.55 MW in India and a presence in all the segments of the power sector viz. Generation
(thermal, hydro, solar and wind), Transmission and Distribution.
2. Significant Accounting Policies:

2.1 Statement of compliance
The Standalone Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified
under the Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013 (as amended
from time to time).
2.2 Basis of preparation and presentation

The Standalone Financial Statements have been prepared on a historical cost basis, except for the following assets and liabilities
which have been measured at fair value
- derivative financial instruments;
- certain financial assets and liabilities measured at fair value (Refer accounting policy regarding financial instruments);
- employee benefit expenses (Refer Note 27 for accounting policy)
Historical cost is the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire assets at
the time of their acquisition or the amount of proceeds received in exchange for the obligation, or at the amounts of cash
or cash equivalents expected to be paid to satisfy the liability in the normal course of business. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
The standalone financial statements are presented in Indian Rupees (₹) and all amounts are in Crore unless otherwise stated.
3. Other Significant Accounting Policies

3.1 Foreign Currencies
The functional currency of the Company is Indian Rupee (₹).
Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. Foreign
currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
exchange gains and losses arising on settlement and restatement are recognised in the Statement of Profit and Loss. Non-monetary
assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated. Exchange differences
on monetary items are recognised in the Statement of Profit and Loss in the period in which they arise except for exchange
differences on foreign currency borrowings relating to assets under construction for future productive use, which are included
in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings.
3.2 Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current / non-current classification. An asset is treated
as current when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or

3. Other Significant Accounting Policies (Contd.)

- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Company has identified twelve months as its operating cycle.
3.3 Onerous contracts

Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered
to exist where the Company has a contract under which the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received from the contract.
3.4 Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in the statement of profit
and loss.
3.5 Financial Assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases
or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation
or convention in the market place. All recognised financial assets are subsequently measured in their entirety at either amortised
cost or fair value, depending on the classification of the financial assets.
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets are
held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms
of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of
the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.


On initial recognition, the Company makes an irrevocable election on an instrument-by-instrument basis to present the
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than
equity investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from
changes in fair value recognised in other comprehensive income and accumulated in the 'Equity Instruments through Other
Comprehensive Income'. The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to
present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not
held for trading. Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or
at fair value through other comprehensive income.
3.5.4 Investment in subsidiaries, jointly controlled entities and associates
Investment in subsidiaries, jointly controlled entities and associates are measured at cost less impairment as per Ind AS 27 -
'Separate Financial Statements'.
Impairment of investments:
The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is indication for
impairment. If the recoverable amount is less than its carrying amount, the impairment loss is recorded in the Statement of Profit
and Loss.
When an impairment loss subsequently reverses, the carrying amount of the Investment is increased to the revised estimate
of its recoverable amount, so that the increased carrying amount does not exceed the cost of the Investment. A reversal of an
impairment loss is recognised immediately in Statement of Profit or Loss.
3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Company’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company
has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the
transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.
3.5.6 Impairment of financial assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS
109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime expected losses
for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets,
expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life
time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.


3.6 Financial liabilities and equity instruments
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
3.6.3 Financial liabilities
Financial liabilities are subsequently measured at amortised cost using the effective interest method or FVTPL. Gains and losses
are recognised in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate
(EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if these are incurred for the purpose of
repurchasing in the near term. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement
recognised in the Statement of Profit and Loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 - 'Financial Instruments' and the amount recognised less
cumulative amortisation.
3.7 Derivative financial instruments
The Company enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts. Derivatives are initially recognised at fair value at the date the derivative contracts
are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or
loss is recognised in Statement of Profit and Loss immediately.
3.8 Reclassification of financial assets and liabilities
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Company’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Company’s operations. Such changes are evident to
external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that
is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period following the change in business model. The
Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.


3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Dividend distribution to equity shareholders of the Company
The Company recognises a liability to make dividend distributions to its equity holders when the distribution is authorised and
the distribution is no longer at its discretion. A corresponding amount is recognised directly in equity.
3.11 Cash Flow Statement
Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company
are segregated.
3.12 Operating Cycle
Considering the nature of business activities, the operating cycle has been assumed to have a duration of 12 months. Accordingly,
all assets and liabilities have been classified as current or non-current as per the Company’s operating cycle and other criteria set
out in Ind AS 1 ‘Presentation of Financial Statements’ and Schedule III to the Companies Act, 2013.
4. Critical accounting estimates and judgements

In the application of the Company's accounting policies, management of the Company is required to make judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods. Detailed information about each of these estimates and judgements is
included in relevant notes together with information about the basis of calculation for each affected line item in the Standalone
Financial Statements.
The areas involving critical estimates or judgements are:
Estimations used for impairment of property, plant and equipment of certain cash generating units (CGU) - Note 5a, 5b and 5c
Estimations used for fair value of unquoted securities and impairment of investments - Note 7
Estimation of defined benefit obligation - Note 27
Estimations used for determination of tax expenses and tax balances (including Minimum Alternate Tax credit) - Note 36
Estimates related to accrual of regulatory deferrals and revenue recognition - Note 19 and Note 31
Estimates and judgements related to the assessment of liquidity risk - Note 43.4.3
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Company - Note 39
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under
the circumstances.

5. Amendments not yet effective:

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2022, applicable from April 1, 2022 as below:
(i) Ind AS 103 - Business Combination
The amendments specifies that to qualify for recognition as part of applying the acquisition method, the identifiable
assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for
Financial Reporting under Ind AS (Conceptual Framework), issued by the ICAI at the acquisition date. These changes do not
significantly change the requirements of Ind AS 103. The Company does not expect the amendment to have any significant
impact in its standalone financial statements.
(ii) Ind AS 16 - Property, Plant and Equipment (PPE)
The amendments clarifies that excess of net sale proceeds of items produced over the cost of testing while preparing the
asset for its intended use (if any), shall not be recognise in the profit or loss but deducted from the directly attributable cost
considered as part of cost of an item PPE. The Company has evaluated the amendment and there is no impact in recognition
of its property, plant and equipment on its standalone financial statements
(iii) Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets
The amendments specify that that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’.
Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct
labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation
of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The amendment is
essentially a clarification and the Company does not expect the amendment to have any significant impact in its standalone
(iv) Ind AS 109 - Financial Instruments
The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test of Ind AS 109 in assessing whether
to derecognise a financial liability or to consider as modification of existing financial liability. The Company does not expect
the amendment to have any significant impact in its standalone financial statements.
5a Property, Plant and Equipments
Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to its working
condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with the Ind AS 23. Capital
work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and equipment are
required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when
a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipments as a replacement if
the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the Statement of Profit and Loss
as incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipments in respect of electricity business of the Company covered under Part B of
Schedule II of the Companies Act, 2013, has been provided on the straight line method at the rates specified in tariff regulation
notified by respective state electricity regulatory commission.
Non-Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.

5a Property, Plant and Equipments (Contd.)

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis. The Company, based on technical assessment made by
technical expert and management estimate, depreciates certain items of building, plant and equipment over estimated useful
lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that
these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.
Estimated useful lives of the Regulated and Non-Regulated assets are as follows:
Type of assets Useful lives
Hydraulic Works 40 years
Buildings-Plant 5 to 40 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 5 to 40 years
Plant and Equipments (excluding Computers and Data Processing units) 5 to 40 years
Plant and Equipments (Computers and Data Processing units) 3 years
Transmission Lines, Cable Network, etc. 4 to 40 years
Furniture and Fixtures 5 to 10 years
Office Equipments 5 years
Motor Cars 5 years
Motor Lorries, Launches, Barges etc. 25 to 40 years
Helicopters 25 years
Derecognition
An item of Property, plant and equipments is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipments is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in the Statement of Profit and Loss.
Impairment
Impairment of tangible and intangible assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value
in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using an appropriate discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.The Company bases its impairment calculation on detailed budgets and forecast
calculations, which are prepared separately for each of the Company’s CGUs to which the individual assets are allocated.
Impairment losses of tangible and intangible assets are recognised in the Statement of Profit and Loss.

A. Owned Assets
` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Jetty Roads, Plant and Transmission Furniture Office Motor Helicopters Total
Land Works Plant Others Railway Equipment lines and and Equipment Vehicles,
(Refer (Refer @ (Refer sidings, cable Fixtures Launches,
Note vi) Note vi) note vi) crossings network Barges
Cost
Balance as at April 1, 2021 355.40 545.29 1,575.75 481.99 106.10 96.75 27,079.10 3,781.94 80.75 31.49 44.73 35.30 34,214.59
Additions 0.07 18.91 40.60 1.13 Nil 2.09 523.91 258.71 2.72 2.34 0.48 Nil 850.96
Disposals (Refer Note v below) (31.67) Nil (1.37) (0.63) Nil (7.32) (2,056.81) (17.42) (2.71) (1.32) (8.50) Nil (2,127.75)

Reclassified from asset held for Nil Nil Nil 18.16 Nil Nil Nil Nil Nil Nil Nil Nil 18.16
sale (Refer Note 18a(ii))
Balance as at March 31, 2022 323.80 564.20 1,614.98 500.65 106.10 91.52 25,546.20 4,023.23 80.76 32.51 36.71 35.30 32,955.96
Accumulated depreciation and

Overview
impairment (Refer Note i below)

Balance as at April 1, 2021 Nil 316.25 457.77 180.82 67.21 72.09 9,877.91 1,487.58 60.75 22.95 37.07 31.75 12,612.15
Depreciation Expense Nil 10.97 47.29 17.71 5.60 1.04 751.60 169.89 4.47 1.50 2.36 0.01 1,012.44
Disposal of assets (Refer Note v below) Nil Nil (1.24) (0.28) Nil (5.65) (1,522.23) (12.78) (2.58) (1.27) (7.53) Nil (1,553.56)
Reclassified from asset held for Nil Nil Nil 10.14 Nil Nil Nil Nil Nil Nil Nil Nil 10.14
sale (Refer Note 18a(ii))
Introduction
Balance as at March 31, 2022 Nil 327.22 503.82 208.39 72.81 67.48 9,107.28 1,644.69 62.64 23.18 31.90 31.76 12,081.17
to Tata Power
Net carrying amount

As at March 31, 2022 323.80 236.98 1,111.16 292.26 33.29 24.04 16,438.92 2,378.54 18.12 9.33 4.81 3.54 20,874.79
` crore
and Risks
Land Works Plant Others Railway Equipment lines and and Equipment Vehicles,
(Refer (Refer @ (Refer sidings, cable Fixtures Launches,
Note vi) Note vi) note vi) crossings network Barges
Cost
Balance as at 1st April, 2020 117.25 536.37 1,001.07 240.38 106.10 46.76 9,896.78 3,413.96 61.79 25.88 36.19 35.30 15,517.83
Adjustments on account of merger 164.72 Nil 461.20 241.40 Nil 49.99 16,858.43 0.60 19.58 5.88 17.63 Nil 17,819.43
(Refer Note 47)
Additions 73.43 9.35 114.94 1.23 Nil Nil 389.96 371.44 1.51 2.72 1.36 Nil 965.94
Disposals Nil (0.43) (1.46) (1.02) Nil Nil (66.07) (4.06) (2.13) (2.99) (10.45) Nil (88.61)
Balance as at March 31, 2021 355.40 545.29 1,575.75 481.99 106.10 96.75 27,079.10 3,781.94 80.75 31.49 44.73 35.30 34,214.59
Value Creation

impairment (Refer Note i below)
Balance as at 1st April, 2020 Nil 306.23 297.56 101.84 61.61 24.74 5,684.76 1,336.41 40.50 22.58 28.40 31.73 7,936.36
Adjustments on account of merger Nil Nil 115.88 63.50 Nil 46.00 3,396.89 0.27 17.17 1.98 14.48 Nil 3,656.17
Reports
(Refer Note 47)

Statutory
Depreciation Expense - Continuing Nil 10.33 45.00 16.49 5.60 1.35 854.31 154.08 4.91 1.21 3.61 0.02 1,096.91
Operations
Disposal of assets Nil (0.31) (0.67) (1.01) Nil Nil (58.05) (3.18) (1.83) (2.82) (9.42) Nil (77.29)
Net carrying amount
Financial
As at March 31, 2021 355.40 229.04 1,117.98 301.17 38.89 24.66 17,201.19 2,294.36 20.00 8.54 7.66 3.55 21,602.44
More Power
Statements
@ Buildings include cost of ordinary shares in co-operative housing societies.
to you
Notes:
i. The Company had in accordance with Ind AS 36 – “Impairment of Assets”, carried out impairment assessment of its assets of Mundra Ultra Mega Power
246
Project (UMPP), along with investments in Indonesian mining companies PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR) through
intermediate holding companies (associates operating coal mines in Indonesia and supplying coal to Mundra plant for UMPP).

All these companies and assets of UMPP constitute a single cash generating unit (CGU) and form part of same segment due to
interdependency of cash flows. There are significant losses being incurred in UMPP on account of significant increase in coal prices
due to change in Indonesian laws which is offset by the profits earned by the mining companies.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Company’s CGUs to which the individual assets are allocated. For Mundra power plant, future cash flows is estimated
based on remaining period of long term power purchase agreement (PPA) and thereafter based on management’s estimate on
tariff and other assumptions. Further as discussed in note no.31 to the financial statements, the Supplementary Power Purchase
Agreement (SPPA) is likely to be signed and approved; and accordingly the same has been considered in estimating the cashflows.
Cash flow projection of mines are derived based on estimated coal production considering renewed license for operating the
mines. The license for operating mines are renewed for a period of 10 years with an option of renewal of further period of 10 years
with Government of Indonesia. In the past, the Company had recognised an impairment provision of ₹311 crore in CGU.
A reassessment of the assumptions used in estimating the impact of impairment of the cash generating unit
(CGU) comprising of UMPP and the Indonesian coal mines, combined with the significant impact of unwinding of
a year's discount on the cash flows, would have resulted in a reversal of ₹ 311 crore of provision for impairment.
Management believes that the reversal of impairment has not resulted from any significant improvement in the
estimated service potential of the concerned CGU; and hence the Company has not effected reversal of impairment.
Key assumptions used for value in use calculation include coal prices, energy prices post PPA period, signing of SPPA, discount
rates and exchange rates. Short term coal prices and energy prices used in three to five years projections are based on market
survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on long term
historical trend. Further the management strongly believes that mining Licenses will be renewed post expiry for further period
of 10 years by Government of Indonesia. Discount rate represents the current market assessment of the risk specific to CGU taking
into consideration the time value of money. Pre tax discount rate used in the calculation of value in use of Property, plant and
equipments in power plant is 9.45% p.a. (March 31, 2021: 10.50% p.a.) and investment in coal mines and related infrastructure
companies is 13.44% p.a. (March 31, 2021: 14.11% p.a.).
ii. During the earlier years, the Company had recorded an impairment charge of ₹ 100 crore in respect of Unit 6 generating station
(Generation Segment) located at Trombay.
iii. Refer Note 22 for charge created on Property, Plant and Equipment.
iv. Includes gain on fair valuation of land which is not available for distribution ₹ 87.88 crore.
v. Disposal includes sale of renewables assets of ` 557.90 crore (Written down value) (forming part of renewable segment) to Tata
Power Renewable Energy Limited and Tata Power Green Energy Limited, wholly owned subsidiaries of the Company pursuant to
the Business Transfer Agreement as a “going concern” on a slump sale basis effective April 1, 2021.
vi. The title deeds of immovable properties included in Property, Plant and Equipment are held in the name of the Company, except
for as shown in table below:
As on March 31, 2021 and 31 March 2022
Description Relevant line Gross Title deeds held in Whether title deed Property held since Reason for not being held in the name of
item in the carrying the name of holder is a promoter, which date the company
Balance Sheet value director or relative#
(` in of promoter* /
Crore) director or employee
of promoter /
director
Land of Freehold Land 0.88 Chemical Terminal No Since 2014 till date Land is acquired by the Company on
Chemical Trombay Ltd. account of Amalgamation. Land is in
Terminal (erstwhile name of erstwhile company.
Trombay Ltd. subsidiary)
Land and Freehold Land, 872.70 Coastal Gujarat No Since April 1, 2020 till Land and Building are acquired by the
Building at Buildings - Plant Power Limited date (Refer Note 47). Company on account of merger.
Mundra and Buildings - (erstwhile Merger order dated Land and Building are in name of
Others subsidiary) March 31, 2022 erstwhile company.


Description Relevant line Gross Title deeds held in Whether title deed Property held since Reason for not being held in the name of
item in the carrying the name of holder is a promoter, which date the company
Balance Sheet value director or relative#
(` in of promoter* /
Crore) director or employee
of promoter /
director
Land at Land classified 225.65 Maharashtra No Since 2015 till date The land was acquired from MIDC; which
Dehrand as asset held for Industrial the Company is now in process of selling
sale. (Refer Note Development it back to MIDC. Hence, the Company
18a) Corporation has not transferred the title deed of the
(MIDC) land in its name.
Land at Freehold Land 0.09 Sushilaba No Since April 1, 2020 till It is an agricultural land which is not
Mundra-0.51 Fatehsinh Zala date (Refer Note 47). converted to non - agricultural land and
hectare Merger order dated hence tittle deed is not registered in
March 31, 2022 name of the Company.
5b Right of Use Assets

Accounting Policy
The Company recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or
before the commencement date less any lease incentives received and estimate of costs to dismantle. Right-of-use assets are
depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
- Plant and Equipment - 2 years
- Port and Intake Channels - 40 years
- Leasehold land including sub surface right - 2 to 40 years
The Company presents right-to-use assets that do not meet the definition of investment property in "Property, plant and
equipment".
` crore
Description Leasehold Land, Plant and Port and Intake Total
Sub-surface right Equipment Channels
Cost
Balance as on April 1, 2021 663.10 11.43 2,422.32 3,096.85
Additions Nil Nil 111.05 111.05
Deletions* (4.84) (11.43) Nil (16.27)
Balance as at March 31, 2022 658.26 Nil 2,533.37 3,191.63
Accumulated depreciation and impairment
Balance as on April 1, 2021 107.92 9.14 148.88 265.94
Depreciation Expense 23.69 1.52 77.74 102.95
Deletions * (0.34) (10.66) Nil (11.00)
Balance as at March 31, 2022 131.27 Nil 226.62 357.89
Net carrying amount
As at March 31, 2022 526.99 Nil 2,306.75 2,833.74
* Deletion includes sale of renewables assets of ₹ 4.50 crore (Written down value) (forming part of renewable segment) to Tata
Power Renewable Energy Limited and Tata Power Green Energy Limited, wholly owned subsidiaries of the Company pursuant to
the Business Transfer Agreement as a “going concern” on a slump sale basis effective April 1, 2021.

5b Right of Use Assets (Contd.)

` crore
Description Leasehold Land, Plant and Port and Intake Total
Sub-surface right Equipment Channels
Cost
Balance as on 1st April, 2020 420.95 11.43 2,362.55 2,794.93
Adjustments on account of merger (Refer Note 47) 290.87 Nil Nil 290.87
Additions Nil Nil 59.77 59.77
Deletions (48.72) Nil Nil (48.72)
Balance as at March 31, 2021 663.10 11.43 2,422.32 3,096.85
Balance as on 1st April, 2020 35.21 4.57 Nil 39.78
Adjustments on account of merger (Refer Note 47) 63.47 Nil 73.38 136.85
Depreciation Expense 29.20 4.57 75.50 109.27
Deletions (19.96) Nil Nil (19.96)
Balance as at March 31, 2021 107.92 9.14 148.88 265.94
Net carrying amount
As at March 31, 2021 555.18 2.29 2,273.44 2,830.91
5c Intangible Assets
Accounting Policy
Intangible Assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
Internally generated Intangible Assets
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of Intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify
the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense
on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset.
Estimated useful lives of the intangible assets are as follows:
Computer softwares 5 years
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
Licences and franchises 5 years

5c Intangible Assets (Contd.)

` crore
Description Computer Copyrights, Licences and Total
softwares $ patents, other franchises $
intellectual
property rights,
services and
operating rights #
Cost
Balance as at April 1, 2021 275.93 0.57 Nil 276.50
Additions 3.35 Nil Nil 3.35
Disposal (4.33) Nil Nil (4.33)
Balance as at March 31, 2022 274.95 0.57 Nil 275.52
Accumulated amortisation and impairment
Balance as at April 1, 2021 214.98 0.55 Nil 215.53
Amortisation expense 22.97 Nil Nil 22.97
Disposal (0.41) Nil Nil (0.41)
Net carrying amount
As at March 31, 2022 37.41 0.02 Nil 37.43
` crore
Description Computer Copyrights, Licences and Total
softwares $ patents, other franchises $
intellectual
property rights,
services and
operating rights #
Cost
Balance as at 1st April, 2020 249.79 0.57 0.26 250.62
Additions 22.09 Nil Nil 22.09
Disposal (0.11) Nil (0.26) (0.37)
Amortisation expense 25.90 0.05 Nil 25.95
Disposal (0.11) Nil (0.26) (0.37)
Net carrying amount
As at March 31, 2021 60.95 0.02 Nil 60.97
Notes:
# Internally generated intangible assets.
$ Other than internally generated intangible assets.
5d Depreciation/Amortisation - Continuing Operations:

For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Depreciation on Tangible assets 1,012.44 1,096.91
Depreciation on Right of Use assets 102.95 109.27
Amortisation on Intangible assets 22.97 25.95
Other adjustments (including inventorisation) (4.13) 2.57
Total 1,134.23 1,234.70

6. Capital Work-in-Progress ("CWIP")

Accounting Policy
Capital work in progress is stated at cost, net of accumulated impairment loss, if any.
CWIP ageing Schedule as at March 31, 2022
` crore
Capital Work in Progress Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 848.00 69.68 9.37 38.10 965.15
Projects temporarily suspended Nil Nil Nil Nil Nil
Total 848.00 69.68 9.37 38.10 965.15

` crore
Projects in progress 220.12 34.52 5.77 52.89 313.30
Projects temporarily suspended Nil 0.02 0.04 9.07 9.13
Total 220.12 34.54 5.81 61.96 322.43
CWIP Completion Schedule whose completion is overdue or has exceeded its cost compared to its original plan as at
March 31, 2022
` crore
Capital Work in Progress To be completed in
Projects in progress
Transmission projects:
220 KV Trombay Dharavi Salsette Lines Nil 5.87 Nil Nil
220 KV Receiving Station - Antop Hill Nil 1.84 Nil Nil
220 KV Kalwa Salsette Lines 109.49 Nil Nil Nil
Others 11.6 0.92 Nil Nil
Distribution projects 2.69 Nil Nil Nil
Generation projects:
Fuel Gas Desulfurisation project at Mundra plant Nil 199.09 Nil Nil
Fuel Gas Desulfurisation project at Jojobera plant Nil 40.46 Nil Nil
Projects temporarily suspended Nil Nil Nil Nil

CWIP Completion Schedule whose completion is overdue or has exceeded its cost compared to its original plan as at
March 31, 2021
` crore
Capital Work in Progress To be completed in
Projects in progress
Transmission projects:
220 KV Trombay Dharavi Salsette Lines Nil 10.69 Nil Nil
220 KV Receiving Station - Antop Hill 3.29 Nil Nil Nil
Refurbishment of fire fighting system 4.54 Nil Nil Nil
Diversion of cables and errection of switching stations for Nil 8.55 Nil Nil
Navi Mumbai International Airport project.
Others 0.67 5.15 Nil Nil
Distribution projects Nil 0.12 Nil Nil
Generation projects:
Fuel Gas Desulfurisation project at Mundra plant Nil Nil 6.06 Nil
Projects temporarily suspended Nil Nil Nil 9.13

7. Non-Current Investments
As at As at Face Value As at As at
March 31, 2022 March 31, 2021 (in ₹ unless March 31, 2022 March 31, 2021
Quantity Quantity stated otherwise) J crore J crore
I Investments carried at cost less accumulated
impairment, if any
(A) Investment in Subsidiaries
(i) Investment in Equity Shares fully paid-up
Quoted
Nelco Ltd. 1,14,18,090 1,14,18,090 10 14.02 14.02
14.02 14.02
Unquoted
Tata Power Trading Co. Ltd. 1,60,00,000 1,60,00,000 10 37.09 37.09
Maithon Power Ltd. 111,65,99,120 111,65,99,120 10 1,116.83 1,116.83
Bhira Investments Pte. Ltd. [Refer Note 5(a)(i)] 10,00,000 10,00,000 USD 1 4.10 4.10
Bhivpuri Investments Ltd. [Refer Note 5(a)(i)] 7,46,250 7,46,250 Euro 1 4.08 4.08
Tata Power Green Energy Ltd. 50,000 50,000 10 0.02 0.02
Khopoli Investments Ltd. 4,70,07,350 4,70,07,350 USD 1 255.20 255.20
Trust Energy Resources Pte. Ltd. (Refer Note Nil 12,91,53,344 USD 1 Nil 607.95
x below)
Tata Power Delhi Distribution Ltd. 53,65,20,000 53,65,20,000 10 200.93 200.93
TP Ajmer Distribution Ltd. 1,00,00,000 1,00,00,000 10 10.00 10.00
Tata Power Jamshedpur Distribution Ltd. 80,50,000 80,50,000 10 8.05 8.05
TP Renewable Microgrid Ltd. 4,01,00,000 4,01,00,000 10 40.10 40.10
TCL Ceramics Ltd.(Refer Note vi below) Nil Nil 2 Nil Nil
Tata Power Renewable Energy Ltd. (Refer 104,51,07,715 104,51,07,715 10 1,054.03 1,054.03
Note viii & xiii below)
Tata Power Solar Systems Ltd. 2,29,77,567 2,29,77,567 100 322.98 322.98
Tata Power International Pte. Ltd. [Refer Note 6,77,30,650 6,77,30,650 USD 1 577.55 577.55
5(a)(i)]
TP Central Odisha Distribution Ltd. (Refer 25,70,14,500 15,30,00,000 10 282.96 178.95
Note vii below)
TP Southern Odisha Distribution Ltd (Refer 12,64,49,400 10,20,00,000 10 151.97 127.52
Note vii below)
TP Western Odisha Distribution Ltd (Refer 18,35,66,646 15,30,00,000 10 285.60 255.04
Note vii below)
Supa Windfarm Ltd. 1,10,00,000 1,10,00,000 10 10.95 10.95
TP Kirnali Solar Ltd. 1,15,65,090 1,15,65,090 10 11.57 11.57
TP Solapur Solar Ltd. 1,01,67,748 50,000 10 10.17 0.05
TP Saurya Ltd. 50,000 50,000 10 0.05 0.05
TP Solapur Saurya Ltd 50,000 Nil 10 0.05 Nil
TP Roof Urja Renewable Ltd 50,000 Nil 10 0.05 Nil
TP Akkalkot Renewable Energy Ltd. 95,90,400 50,000 10 9.59 0.05
TP North Odisha Distribution Ltd (Refer Note 15,04,21,236 Nil 10 214.17 Nil
vii below)
4,608.09 4,823.09
Less: Impairment in the value of Investments
Tata Power Jamshedpur Distribution Ltd. 8.05 8.05
Tata Power International Pte. Ltd.(Refer Note 552.91 446.09
xii below)
4,047.13 4,368.95

7. Non-Current Investments (Contd.)

(ii) Investment in Perpetual Securities
Unquoted
Tata Power Renewable Energy Ltd. (Refer N.A. N.A. 3,895.00 3,895.00
Note v below)
TP Renewable Microgrid Ltd. (Refer Note v N.A. N.A. 56.15 Nil
below)
3,951.15 3,895.00
8,012.30 8,277.97
(B) Investment in Associates
Investment in Equity Shares fully Paid-up
Unquoted
Yashmun Engineers Ltd. 19,200 19,200 100 0.01 0.01
The Associated Building Co. Ltd. 1,400 1,400 900 0.17 0.17
Tata Projects Ltd. (Refer Note ix below) 7,92,78,886 9,67,500 100 658.28 85.01
Dagachhu Hydro Power Corporation Ltd. 10,74,320 10,74,320 Nu 1,000 107.43 107.43
Brihat Trading Private Ltd. 3,350 3,350 10 0.00 0.00
765.89 192.62
(C) Investment in Joint Ventures
Unquoted
Tubed Coal Mines Ltd. 1,01,97,800 1,01,97,800 10 10.20 10.20
Itezhi Tezhi Power Corporation (Refer Note Nil Nil ZMW 1 Nil* Nil*
viii below)
Mandakini Coal Company Ltd. (Refer Note 3,93,00,000 3,93,00,000 10 39.30 39.30
viii below)
Powerlinks Transmission Ltd. (Refer Note viii 23,86,80,000 23,86,80,000 10 238.68 238.68
below)
Industrial Energy Ltd. (Refer Note viii below) 49,28,40,000 49,28,40,000 10 492.84 492.84
LTH Milcom Pvt. Ltd. Nil Nil 10 Nil* Nil*
Dugar Hydro Power Ltd. 4,34,25,002 4,34,25,002 10 43.42 43.42
824.44 824.44
Tubed Coal Mines Ltd. 10.20 10.20
Dugar Hydro Power Ltd. 10.00 10.00
Mandakini Coal Company Ltd. 39.30 39.30
59.50 59.50
764.94 764.94
Sub-total I (A) + I (B) + I (C) 9,543.13 9,235.53

Carried forward……. 9,543.13 9,235.53


Brought forward……. 9,543.13 9,235.53
II Investments designated at Fair Value through
Other Comprehensive Income
Quoted
Voltas Ltd. 2,33,420 2,33,420 1 29.07 23.39
Tata Consultancy Services Ltd. 766 766 1 0.29 0.24
Tata Teleservices (Maharashtra) Ltd. (Refer 126,720,193 Nil 10 447.96 Nil*
Note xi below)
Bharti Airtel Ltd. 62,919 62,919 10 4.75 3.25
Tata Motors Ltd. 3,57,159 3,57,159 15 15.49 10.78
Tata Motors Ltd. - Differential Voting rights 51,022 51,022 1 1.05 0.65
Tata Investment Corporation Ltd. 7,94,416 7,94,416 107.75 82.26
606.36 120.57
Unquoted
Tata Services Ltd. 1,664 1,664 1,000 Nil Nil
Tata Industries Ltd. # 68,28,669 68,28,669 100 115.47 115.47
Tata Sons Pvt. Ltd. # 6,673 6,673 1,000 194.70 194.70
Haldia Petrochemicals Ltd. 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd. 36,000 36,000 1,000 58.44 58.44
Tata Teleservices Ltd. Nil Nil 10 Nil Nil
Taj Air Ltd. 7,900,760 7,900,760 10 Nil Nil
Tata Capital Ltd. 2,333,070 2,333,070 10 12.04 12.04
Others 0.50 0.50
437.63 437.63
1,043.99 558.20
III Investments carried at Amortised Cost
(A) Investment in Subsidiaries
(i) Investment in Preference Shares fully
Paid-up
Unquoted
TCL Ceramics Ltd. (Refer note vi below) Nil Nil 100 Nil Nil
Nil Nil
(B) Government Securities (Unquoted) fully Paid-up Nil 3.03
(C) Statutory Investments

Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully 124.26 164.84
Paid-up
Sub-total III (A) + III (B) +III (C) 124.26 167.87
Total 10,711.38 9,961.60

* Refer Asset Held For Sale ( Refer Note 18a.)
# The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost
represents the best estimate of fair value within that range.


Notes:
i. Aggregate Market Value of Quoted Investments 3,089.45 335.97
ii. Aggregate Carrying Value of Quoted Investments [Refer Note 7(xi)] 620.38 134.59
iii. Aggregate Carrying Value of Unquoted Investments (Net) 10,091.00 9,827.01
iv. Aggregate amount of impairment in value of Investments 620.46 513.64
v. The Company has invested in unsecured subordinated perpetual securities issued by Tata Power Renewable Energy Ltd and
TP Renewable Microgrid Limited, its subsidiary companies. These securities are redeemable at the issuer's option and carry
non-cumulative interest coupon at the rate of dividend paid on the issuer's ordinary shares. The interest can be deferred
if the issuer does not pay any dividend on its ordinary shares for the financial year. The issuer has classified this instrument
as equity under Ind AS - 32 'Financial Instruments Presentation'. Accordingly, the Company has classified this investment as
Equity Instrument and has accounted at cost as per Ind AS - 27 'Separate Financial Statements'.
vi. Pursuant to the Share Purchase Agreement ('Agreement') dated January 4, 2020, in the past the Company had transferred
Equity and Preference share of TCL Ceramics Limited ("TCL") to the purchasers as a part of the conditions mentioned in the
Agreement subject to final closing. On March 24, 2022, the Company signed an amendment to original share purchase
agreement and transferred all the beneficial ownership to the buyer and accordingly TCL ceased to be subsidiary of the
Company w.e.f March 24, 2022.
vii. The Company has acquired 51 % stake in TP Central Odisha Distribution Limited ('TPCODL'), TP Western Odisha Distribution
Limited ('TPWODL'), TP Southern Odisha Distribution Limited ('TPSODL') and TP Northern Odisha Distribution Limited
('TPNODL). TPCODL, TPWODL, TPSODL and TPNODL are the licensees to carry out the function of distribution and retail
supply of electricity covering the distribution circles of Central, Western,Southern Odisha and Northern Odisha for a period
of 25 years effective from 1st June, 2020, 1st January, 2021, 1st January, 2021 and 1st April 2021 respectively. Further during
the year, the Company has subscribed to the right issue of equity shares offered by TPCODL,TPWODL,TPSODL and TPNODL.
viii. Shares pledged :
The Company has pledged shares of subsidiaries and joint ventures with the lenders for borrowings availed by the respective
subsidiaries and joint ventures.
Details March 31, 2022 March 31, 2021

Category
Nos. Nos.
Tata Power Renewable Energy Ltd. Subsidiary 258,114,935 258,114,935
Itezhi Tezhi Power Corporation * Joint Venture 4,52,500 4,52,500
Mandakini Coal Company Ltd. Joint Venture 20,043,000 20,043,000
Powerlinks Transmission Ltd. Joint Venture 238,680,000 238,680,000
Industrial Energy Ltd. Joint Venture 251,348,400 251,348,400
* Classified as Asset Held For Sale (Refer Note 18a.(iii))
ix. During the year, the Company has subscribed to the right issue of equity shares for ₹ 573.27 crore offered by Tata
Projects Limited.
x. During the year, the Company has sold its investment in Trust Energy Resources Pte. Limited, a wholly owned subsidiary of
the Company to Tata Power International Pte Limited, another wholly owned subsidiary of the Company for a consideration
of ₹2,126.88 crore ($286 million) and recognized a profit amounting to ₹1,518.93 crore in the standalone financial statements.
xi. The Company holds 12.67 crore shares of Tata Teleservices (Maharashtra) Limited (“TTML”) designated as fair value through
OCI which is carried out at each balance sheet date basis the quoted price. Quoted price of TTML has increased from ₹ 35.35
per share as on September 30, 2021 to ₹ 166.70 per share as on March 31, 2022. The management believe that this quoted
price may not represent the fair value of TTML shares since it has accumulated losses and negative net worth. Accordingly
on a conservative basis, the management have not recognized any fair value gain in OCI after September 30, 2021.


xii. The Company holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Company operating 187 MW
hydro power plant in Georgia) through intermediate holding company Tata Power International Pte. Ltd. (TPIPL). In the past,
the Company, in accordance with Ind AS 36 - 'Impairment of Assets' had recognized impairment provision on investment of ₹
446.09 crore. Pursuant to the decline in the operational performance of the plant, the Company reassessed the recoverability
of the investment and recognized a further provision of ₹ 106.82 crore during the year ended 31st March, 2022.
The Company has performed the recoverability assessment and determined the value in use based on estimated cash flow
projections over the life of the assets included in CGU. Projected cash flows include cash flow projections approved by
management for 3 years and the cash flows beyond that has been projected based on the long term forecast.
The following key assumptions were used for performing the valuation:
- Tariff post PPA period of 15 years.
- A pre-tax discount rate of 5.94 % was applied;
xiii The Company and Tata Power Renewable Energy Limited (“TPREL”), a wholly owned subsidiary have entered into binding
agreements with Green Forest New Energies Bidco Ltd. (UK) (“Investor”) wherein Investor has agreed to invest ₹ 4,000 crore
(~US$ 525 million) by way of equity and compulsorily convertible instruments in TPREL. Green Forest is a consortium led by
BlackRock Real Assets along with Mubadala Investment Company. Further, pursuant to this agreement, Company has also
agreed to transfer the Roof top solar business, Electronic Vehicle charging business, 20.95 MW Nivade wind asset, 10 MW
Visapur wind asset and investment in equity shares of Tata Power Solar System Limited, TP Saurya Limited, Tata Power Green
Energy Limited, TP Kirnali Solar Limited, TP Akkalkot Renewable Limited, TP Solapur Solar Limited, TP Roofurja Limited,
Supa Windfarm Limited and TP Solapur Saurya Limited to TPREL for a total consideration of ₹1,200 crore, subject to closing
adjustment and necessary approvals.
8. Trade Receivables
(Unsecured unless otherwise stated)
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
Considered Good - Secured (Refer Note (a) below) 247.78 245.75
Considered Good (Refer Note (b) below) 803.15 1,358.41
Credit Impaired 140.23 146.79
1,191.16 1,750.95
Less: Allowance for Doubtful Trade Receivables 164.51 171.08
Total 1,026.65 1,579.87
Note:
a Company holds security deposits of ₹ 247.78 crore (March 31, 2021 - ₹ 245.75 crore) in respect of electricity receivables.
b The carrying amount of trade receivable does not include receivables of ₹ 1,150.64 Crore (March 31, 2021: ₹ 188.67 Crore)
which are subject to a factoring arrangement. Under this arrangement, the Company has transferred the relevant receivables
to the factor in exchange for cash on non recourse basis. The Company, therefore, has derecognised the said receivables
under the said arrangement. Amount received from such customers not transferred to factoring agent is disclosed as
financial liability (Refer Note 25).
8 (a) Trade Receivables
As at March 31, 2022, ₹ 628.66 Crore (March 31, 2021 - ₹ 1,001.63 crore) is due from Brihanmumbai Electric Supply & Transport
Undertaking, Maharashtra State Electricity Transmission Company Ltd., Maharashtra State Electricity Distribution Company Ltd,
Gujarat Urja Vikas Nigam Limited, Haryana Power Generation Corporation Limited and Tata Steel Ltd. which represents Company's
large customers who owe more than 5% of the total balance of trade receivables.

8. Trade Receivables (Contd.)

In the Generation business, the Company supplies power only to a few customers which are State distribution companies and in
Transmission business, the Company provides transmission services to Government Company and hence the Company assesses
expected credit allowance on case to case basis.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables relating to
Distribution business based on a provision matrix.The provision matrix takes into account historical credit loss experience and
adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the days the receivables
are due and the rates as given in the provision matrix. The provision matrix at the end of the reporting period is as follows:
Ageing of Receivables Expected Credit loss (%)

As at As at
March 31, 2022 March 31, 2021
Within the credit period 0.07% 1.67%
1-90 days past due 2.24% 1.40%
91-182 days past due 23.36% 3.53%
More than 182 days past due 56.44% 35.72%
8 (b) Trade Receivables Ageing schedule as at March 31, 2022

` crore
Particulars Outstanding for following periods from due date of payment # Total
Less than 6 Months - More than
Not due 1-2 Years 2-3 years
6 Months 1 Year 3 years
(i) Undisputed Trade Receivables
a) Considered good 656.88 270.73 12.79 11.64 6.82 17.96 976.82
b) Significant increase in credit risk Nil Nil Nil Nil Nil Nil Nil
c) Credit Impaired Nil Nil 0.56 1.26 5.89 17.24 24.95
(ii) Disputed Trade Receivables
a) Considered good Nil 1.35 12.80 Nil Nil 59.96 74.11
c) Credit Impaired Nil Nil Nil 3.00 4.50 107.78 115.28
Total (i) + (ii) 656.88 272.08 26.15 15.90 17.21 202.94 1,191.16
# Where due date of payment is not available date of transaction has been considered
Trade Receivables Ageing schedule as at March 31, 2021
` crore
Particulars Outstanding for following periods from due date of payment # Total
Not due 1-2 Years 2-3 years
a) Considered good 986.06 462.50 48.91 16.34 5.30 25.09 1,544.20
c) Credit Impaired Nil Nil 0.96 6.01 8.25 16.29 31.51
a) Considered good Nil Nil Nil Nil Nil 59.96 59.96
c) Credit Impaired Nil 3.00 Nil 4.50 20.50 87.28 115.28
Total (i) + (ii) 986.06 465.50 49.87 26.85 34.05 188.62 1,750.95


Movement in the allowance for doubtful trade receivables
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Balance at the beginning of the year 171.08 154.99
Add/(Less): Expected credit loss provided/(reversed) (6.57) 16.09
Balance at the end of the year 164.51 171.08
The average credit period ranges from 30 days to 60 days. The concentration of credit risk is very limited due to the fact that the
large customers are mainly Government entities and remaining customer base is large and widely dispersed and secured with
security deposit.
9. Loans
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-Current - At Amortised Cost
Loans to Related Parties (Refer note 42)
Considered Good 450.00 450.00
504.38 504.38
Less: Allowance for Doubtful Loans 54.38 54.38
450.00 450.00
Other Loans
Loans to Employees
Total 453.17 454.28
Current - At Amortised Cost
Loans to Related Parties (Refer note 42)
Considered Good 1,328.48 1,336.41
Credit Impaired Nil 12.00
1,328.48 1,348.41
Less: Allowance for Doubtful Loans Nil 12.00
1,328.48 1,336.41
Other Loans
Credit Impaired 9.50 Nil
9.50 Nil
Less: Allowances for Doubtful Loans 9.50 Nil
Nil Nil
Total 1,328.48 1,336.41

9. Loans (Contd.)
Disclosure under Regulation 53(f) and 34(3) read together with paragraph A Schedule V of Securities and Exchange Board of
India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Loans and advances in the nature of loans given to Subsidiaries, Joint Ventures and Associates:
J crore
Name of the Company Relationship Amount Outstanding as at the year Maximum Principal Amount
end Outstanding during the year
(excluding interest accrued)
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Chirasthaayee Saurya Ltd. Subsidiary Nil 255.00 255.00 255.00

TP Wind Power Limited Subsidiary Nil 8.00 8.00 8.00
Industrial Energy Ltd. Joint Venture Nil Nil Nil 2.60
Mandakini Coal Company Ltd. $ Joint Venture 54.39 54.39 54.39 54.39
Tata Power Green Energy Ltd. Subsidiary 149.86 29.82 173.16 37.07
Tata Power Renewable Energy Ltd. Subsidiary 1,000.80 789.60 1,209.15 1,974.50
Tata Power Solar Systems Ltd Subsidiary Nil 509.83 1,099.83 586.82
Tata Power Trading Company Ltd. Subsidiary Nil Nil 10.00 30.00
TCL Ceramics Ltd. $ (Ceased to be subsidiary w.e.f Subsidiary Nil 12.00 12.00 12.00
March 24, 2022)
TP Ajmer Distribution Ltd. Subsidiary 95.00 95.00 95.00 115.00
TP Kirnali Ltd. Subsidiary 314.00 4.00 499.00 4.00
TP Kirnali Solar Ltd. Subsidiary Nil 24.70 24.70 40.00
TP Renewable Microgrid Ltd.* Subsidiary Nil 27.95 54.50 39.74
TP Saurya Ltd. Subsidiary 195.31 1.00 195.32 1.00
TP Solapur Solar Ltd. Subsidiary Nil 33.00 33.00 33.00
Vagarai Windfarm Ltd. Subsidiary Nil 8.50 8.50 8.50
Walwhan Renewable Energy Limited Subsidiary 23.50 Nil 334.35 207.00
1,832.86 1,852.79
Itezhi Tezhi Power Corporation # Joint Venture 18.59 18.59 18.59 18.59
Total 1,851.45 1,871.38
Notes:
No Loan has been given to related parties which is repayable on demand and without terms of repayment.
$ Provided for.
# Reclassified as held for sale (including interest accrued).
* Converted to unsecured non-cumulative perpetual debt.

9. Loans (Contd.)
During the year, the Company has given loan to its fellow subsidiary company Walwhan Renewable Energy Limited (WREL) which was
further given to the subsidiaries of the Company i.e. Tata Power Solar Systems Limited (TPSSL) and Tata Power Green Energy Limited
(TPGEL). WREL, TPSSL and TPGEL are registered in India.
Date of loan given Date of loan given to
Amount (₹ crores) Details of Intermediary Details of ultimate beneficiary
to Intermediary ultimate beneficiary
May 17, 2021 May 17, 2021 100.00 WREL (CIN U40103MH2009PLC197021, TPSSL (CIN U40106MH1989PLC330738,
Registered office- The Tata Power Registered office- The Tata Power Company
Company Limited, Corporate Center B, Limited, Corporate Center B, 34 Sant
34 Sant Tukaram Road, Carnac Bunder, Tukaram Road, Carnac Bunder, Mumbai,
Mumbai, Maharashtra) Maharashtra)
May 18, 2021 May 18, 2021 200.00 WREL (CIN U40103MH2009PLC197021, TPSSL (CIN U40106MH1989PLC330738,
Registered office- The Tata Power Registered office- The Tata Power Company
Company Limited, Corporate Center B, Limited, Corporate Center B, 34 Sant
34 Sant Tukaram Road, Carnac Bunder, Tukaram Road, Carnac Bunder, Mumbai,
Mumbai, Maharashtra) Maharashtra)
June 28, 2021 June 28, 2021 34.35 WREL (CIN U40103MH2009PLC197021, TPGEL (CIN U40108MH2011PLC211851,
Registered office- The Tata Power Registered office- B Block, Corporate Center
Company Limited, Corporate Center B, 34, Sant Tukaram Road, Carnac Bunder,
34 Sant Tukaram Road, Carnac Bunder, Mumbai, Maharashtra)
Mumbai, Maharashtra)
10. Finance Lease Receivable - At Amortised Cost

Accounting Policy
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental
to ownership to the lessee. All other leases are classified as operating lease. Amount due from lessees under finance leases are
recorded as receivables at the Company's net investment in the leases. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease. The Company recognises
lease payments received under operating leases as income on a straight-line basis over the lease term.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Finance Lease Receivable - Non-current 520.91 529.57
Finance Lease Receivable - Current 42.61 36.52
Total 563.52 566.09
10.1 Leasing Arrangements

There are two types of leasing arrangement:
a) Generation of Power: The Company has entered into Power Purchase Agreements (PPA) with a customer for its assets
located at Jojobera. The assets relate to 30 years of take or pay agreements with the customer to supply electricity at a
fixed plus variable charge. The customer, during the term of the PPAs has a right to purchase the assets and at the end of the
contract is obligated to purchase the same on the basis of the valuation to be determined as per the PPAs. The Company
has recognised an amount of ₹ 77.68 crore as income for finance lease during the year ended March 31, 2022
b) Electric Vehicle charging facilities: The Company has entered into arrangement with customer for providing Infrastructure
facilities and chargers for public transport utilities. The arrangement is for the period of 10 years for providing and maintaining
infrastructure facility at a fixed charge. The Company has recognised an amount of ₹ 2.13 crore as income for finance lease
during the year ended March 31, 2022


10. Finance Lease Receivable - At Amortised Cost (Contd.)

10.2 Amount receivable under Finance Lease
Minimum Lease Minimum Lease
Payments as at Payments as at
March 31, 2022 March 31, 2021
J crore J crore
Less than a year 117.87 113.49
One to two years 113.39 109.62
Two to three years 112.45 108.46
Three to four years 110.65 107.36
Four to five years 108.31 105.56
Total (A) 562.67 544.49
More than five years (B) 455.33 535.95
Total (A +B) 1,018.00 1,080.44
Less: Unearned finance income 454.48 514.35
Present Value of Minimum Lease Payments Receivable 563.52 566.09
Lessor - Operating Lease

The Company has entered into operating leases for its certain building, plant and machinery and other equipment. These typically
have lease terms of between 1 and 10 years. The Company has recognized an amount of ₹ 20.01 crore (March 31, 2021 - ₹ 13.60
crore) as rental income for operating lease during the year ended March 31, 2022.
11. Other Financial Assets - At Amortised Cost (Unless otherwise stated)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-Current
(i) Security Deposits
77.69 69.99
Less: Allowance for Doubtful Deposits 29.90 32.01
47.79 37.98
(ii) Accruals
Doubtful
Interest Accrued on Loans to Related Parties 1.24 1.24
1.24 1.24
Less: Allowance for Doubtful Interest 1.24 1.24
Nil Nil
(iii) Others
Unsecured, considered good
Advance towards Equity (Refer Note 1a, 1b below) 0.12 204.16
Balances with Banks:
In Deposit Accounts (with remaining maturity of more than twelve months) (Refer 1.90 0.96
Note 2 below)
Receivable on sale of Strategic Engineering Division (at fair value through profit or Nil 365.99
loss) (Refer Note 3 below)
Other Assets 47.49 48.77
49.51 619.88
Total 97.30 657.86
Note:
1a. During the year, pursuant to the vesting order by the Odisha Electricity Regulatory Commission (‘OERC’) for the completion
of sale, the equity shares of North Electricity Supply Utility of Odisha has been issued against the advance of ₹ 191.24 crore
which was paid to OERC in the previous year.

11. Other Financial Assets - At Amortised Cost (Unless otherwise stated) (Contd.)
1b. During the current year, pursuant to the allotment of the equity shares of TP Akkalkot Renewable Energy Ltd. to the Company,
the advance of ` 12.92 crore has been reclassified to non-current investment.
2. Balances with Banks held as Margin Money Deposits against Guarantees.
3. Previous year includes contingent consideration receivable on sale of Strategic Engineering Division (SED) on achievement
of certain milestones. (Refer note 18 (c).
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
4.69 5.48
(ii) Accruals
Interest Accrued on Inter-corporate/Bank Deposits 0.06 0.64
Interest Accrued on Investments 3.50 3.48
Interest Accrued on Finance Lease Receivable 6.29 6.63
Doubtful
Interest Accrued on Inter-corporate Deposits 1.40 1.40
16.41 59.92
Less: Allowance for Doubtful Interest 1.95 1.95
14.46 57.97
(iii) Others
Recoverable from Consumers 98.68 75.67
Dividend Receivable 1,820.65 Nil
Derivative Contracts 5.06 1.48
Other Receivables 43.49 2.74
Balances with Banks: (Refer Note below)
In Deposit Accounts (with remaining maturity of less than twelve months) Nil 4.19
1,967.88 84.08
Total 1,987.03 147.53
Note:
Balances with Banks held as Margin Money Deposits against Guarantees.
12. Non-Current Tax Assets

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Advance Income-tax (Net) 338.00 144.00
Total 338.00 144.00

13. Other Assets

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(i) Capital Advances
Unsecured, considered good 148.81 107.59
Doubtful 0.53 0.11
149.34 107.70
Less: Allowance for Doubtful Advances 0.53 0.11
148.81 107.59
(ii) Balances with Government Authorities
Advances 13.28 12.23
Amount Paid Under Protest 62.82 52.78
VAT/Sales Tax Receivable 6.69 7.81
82.79 72.82
(iii) Others
Prepaid Expenses 9.55 0.82
Recoverable from Consumers 1,408.30 1,161.06
1,417.85 1,161.88
Total 1,649.45 1,342.29
Current
(i) Balances with Government Authorities
Advances 8.83 6.83
VAT/Sales Tax Receivable Nil 7.89
Doubtful 0.37 0.37
9.20 15.09
8.83 14.72
(ii) Others
Advances to Vendors 68.15 57.88
Other Advances 2.34 26.26
Doubtful 0.19 0.19
204.85 177.71
204.66 177.52
Total 213.49 192.24

14. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on moving weighted
average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and
costs necessary to make the sale. Cost of inventory includes cost of purchase and other costs incurred in bringing the inventories
to their present location and condition. Unserviceable/damaged stores and spares are identified and written down based on
technical evaluation.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Inventories
(a) Fuel 1,257.26 365.55
(b) Fuel-in-Transit 533.40 386.65
(c) Stores and Spares 256.48 240.51
(d) Loose Tools 0.56 0.71
(e) Others
Property under Development 244.63 187.98
Total 2,292.33 1,181.40
Notes:
1. Refer Note 22 for Inventories pledged as security for liabilities.
2. During the year ended March 31, 2022, the Company has recognised ₹ 12.01 crore (March 31, 2021 - ₹1.94 crore) as an
expense for the write down of fuel and unserviceable stores and spares inventory.
15. Current Investments

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Investments carried at Amortised Cost
Statutory Investments
Government Securities (Unquoted) 55.67 Nil
Investments carried at Fair Value through Profit and Loss

Mutual Funds (Unquoted) 11.93 246.49
Total 67.60 246.49
Note:
Aggregate Carrying Value of Unquoted Investments 67.60 246.49

16. Cash and Cash Equivalents - At Amortised Cost

Accounting Policy
Cash and cash equivalents comprise cash at banks and short-term deposits with an original maturity of three months or less,
which are subject to an insignificant risk of changes in value. Cash and cash equivalents include balances with banks which are
unrestricted for withdrawal and usage.
For the purpose of the Statement of Cash Flows, cash and cash equivalents comprise of cash at banks and short-term deposits, as
defined above, net of outstanding bank overdraft as they are considered an integral part of the Company's cash management.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Balances with Banks:
In Current Accounts 57.35 264.13
In Deposit Accounts (with original maturity three months or less) 0.01 100.00
Cash and Cash Equivalents as per Balance Sheet 57.36 364.13
Bank Overdraft (Refer Note 29) (57.38) Nil

Cash and Cash Equivalents as per Statement of Cash Flows - Continuing Operations (0.02) 364.13
Reconciliation of Liabilities from Financing Activities

` crore
Particulars As at Cash flows Transfered Other As at
April 1, 2021 alongwith Transactions* March 31, 2022
Proceeds Repayment renewable assets
(Refer Note 45)
Non-current Borrowings (including 18,740.60 4,733.00 (2,201.68) Nil 15.07 21,286.99
Current Maturities of Non-current
Borrowings)
Current Borrowings (excluding Bank 5,720.70 20,539.62 (22,471.00) (425.31) Nil 3,364.01
Overdraft)
Lease liabilities 2,749.04 Nil (277.30) Nil 387.13 2,858.87
Total 27,210.34 25,272.62 (24,949.98) (425.31) 402.20 27,509.87
* includes interest on lease liabilities, remeasurement of lease liabilities and amortisation of processing charges on loans
` crore
Particulars As at Cash flows Reclassified Other As at
April 1, 2020 as part of Transactions March 31, 2021
Proceeds Repayment Discontinued
Operations
Non-current Borrowings (including 19,222.81 5,668.58 (6,312.81) 57.83 104.19 18,740.60
Current Maturities of Non-current
Borrowings)
Current Borrowings (excluding Bank 7,274.33 18,156.18 (19,719.33) Nil 9.52 5,720.70
Overdraft)
Lease liabilities 2,739.69 Nil (290.45) Nil 299.80 2,749.04
Total 29,236.83 23,824.76 (26,322.59) 57.83 413.51 27,210.34

17. Other Balances with Banks - At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
(a) In Deposit Accounts (Refer Note below) 2.00 Nil
(b) In Earmarked Accounts-
Unpaid Dividend Account 19.19 19.00
Total 21.19 19.00
Note:
Balances with banks held as margin money deposits against guarantees.
18a Assets Classified as Held For Sale

Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is
available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset or
disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify
for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the management
reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair
value less costs to sell. Property, plant and equipments and intangible assets once classified as held for sale are not depreciated
or amortised.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the Statement of Profit and Loss. Additional disclosures are provided
hereunder. All other notes to the Standalone financial statements mainly include amounts for continuing operations, unless
otherwise mentioned.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Land (Refer note i below) 301.58 301.58
Building and Plant and Equipment (Refer note ii below) 0.49 8.67
Investments carried at Fair Value through Other Comprehensive Income (Refer note v below) Nil 178.68
Investments carried at Cost in Associates and Joint Ventures (Refer note iii below) 275.75 275.75
Loans and other receivables from Joint Venture (Refer note iii below) 22.74 22.74
Transmission Lines - Capital Work in Progress (Refer note iv below) Nil 9.31
600.56 796.73
Notes:
(i) Following Land has been classified as held for sale:
(a) Land at Tiruldih ₹ 1.43 crore (net of impairment loss of ₹ 34 crore) (March 31, 2021 - ₹ 1.43 crore)
(b) Land at Vadaval ₹ 3.21 crore (March 31, 2021 - ₹ 3.21 crore)
(c) Land at Naraj Marthapur ₹ 81.38 crore (net of impairment loss of ₹ 37 crore) (March 31, 2021 - ₹ 81.38 crore)

18a Assets Classified as Held For Sale (Contd.)

(d) Land at Dehrand ₹ 215.56 crore (March 31, 2021 - ₹ 215.56 crore). During the earlier year, the Company had received an
advance of ₹113.56 crore against sale
(ii) During the year, the Company has reclassified building at Mumbai of ₹ 8.02 crore from held for sale to Property, Plant
and Equipment.
(iii) The Company had decided to divest its investments in Itezhi Tezhi Power Corporation ('ITPC') of ₹ 275.75 crore along with
loans and other receivables amounting to ₹ 22.74 crore. Accordingly, the said investments along with loans and other
receivables have been classified as held for sale.
(iv) Maharashtra Electricity Regulatory Commission ('MERC') had ordered termination of Vikhroli Transmission Lines project and
accordingly, the Company reclassified the said project as held for sale. During the year, the Company has received an amount
of ₹ 8.44 crore against the said project.
(v) During the year, the Company has reclassified its Investment in Tata Tele Maharashtra Limited from held for sale to Non-
Current Investment.
18b Liabilities directly associated with Assets Classified as Held For Sale
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Advance received for land classified as held for sale 113.56 113.56
Total 113.56 113.56
Note
The company has received an advance of ₹ 113.56 crore towards the sale of Dehrand land having net book value of ₹ 215.55 crore
(March 31, 2021 - ₹ 215.55 crore).
18c Assets Classified as Held For Sale - Discontinued Operations

In the past, the Company had approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd. (TASL) [a
wholly owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, at an enterprise value of ₹ 2,230 crore (out
of which ₹1,040 crore payable at the time of closing and ₹1,190 crore payable on achieving certain milestones). Accordingly, SED
business segment was presented as discontinued operations. On 31st October, 2020, the Company had completed the sale of its
SED to TASL and had received upfront consideration of ₹597.00 crore (net of borrowings of ₹ 537.00 crore transferred to TASL) after
certain adjustments as specified in the scheme.
Results of Strategic Engineering Division for the year are presented below:
Particulars For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Income
Revenue from Operations Nil 193.63
Other Income Nil 23.52
Total Income Nil 217.15
Expenditure
Cost of Components Consumed Nil 139.28
Employee Benefits Expense Nil 52.66
Finance Costs Nil 24.91
Other Expenses Nil 60.14
Total Expenses Nil 276.99

18c Assets Classified as Held For Sale - Discontinued Operations (Contd.)

March 31, 2022 March 31, 2021
J crore J crore
Profit/(Loss) before tax from Discontinued Operations Nil (59.84)
Impairment Loss on Remeasurement of Fair Value (Refer Note below) (467.83) (160.00)
Tax Expense/(Income)
Current Tax/(Credit) Nil (101.48)
Nil (173.65)
Profit/(Loss) after tax from Discontinued Operations (467.83) (46.19)
Other Comprehensive Income/(Expense) Nil Nil
Tax on Other Comprehensive Income Nil Nil
Total Comprehensive Income/(Expense) (467.83) (46.19)
Note:
During the year, Company has reassessed the fair value of the contingent consideration receivable and recognized an impairment
loss of ₹467.83 crore (March 31, 2021: ₹160 crore) as exceptional item in the standalone financial statements. The fair value on
consideration has been determined based on the expected value of the consideration using discounted present value technique.
The fair value has been categorised under Level 3 inputs, the key assumption being expectation of achievement/non achievement
of milestones as defined in the scheme of arrangement.
Net cash flows attributable to Strategic Engineering Division are as follows:
Particulars From 1st April 2020
to 31st October, 2020
J crore
Net Cash Flow from/(used in) in Operating Activities 286.62
Net Cash Flow from/(used in) in Investing Activities (32.30)
Net Cash Flow from/(used in) in Financing Activities (85.62)
Net Increase/(Decrease) in Cash and Cash Equivalents 168.70
Cash and Cash Equivalents as at 1st April (Opening Balance) 7.60
Cash and Cash Equivalents (Closing Balance) 176.30
Less: Transferred on sale of Strategic Engineering Division (176.30)
Total of cash and cash equivalents (Net) Nil
19. Regulatory Deferral Account

Accounting Policy
The Company determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 - 'Regulatory Deferral Accounts' read with the Guidance Note on Rate
Regulated Activities issued by The Institute of Chartered Accountants of India (ICAI) and based on the principles laid down under
the relevant Tariff Regulations/Tariff Orders notified by the Electricity Regulator and the actual or expected actions of the regulator
under the applicable regulatory framework. Appropriate adjustments in respect of such revenue gaps are made in the regulatory
deferral account of the respective year for the amounts which are reasonably determinable and no significant uncertainty exists in
such determination. These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral accounts
debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the Standalone financial statements, which
would be recovered/refunded through future billing based on future tariff determination by the regulator in accordance with
the electricity regulations. The Company presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances."

19. Regulatory Deferral Account (Contd.)

A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities Nil Nil
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets 725.92 573.60
Net Regulatory Assets/(Liabilities) 725.92 573.60
Rate Regulated Activities

(i) As per Ind AS 114 - 'Regulatory Deferral Accounts', the business of electricity distribution is a Rate Regulated activity
wherein Maharashtra Electricity Regulatory Commission ('MERC'), determines Tariff to be charged from consumers based
on prevailing regulations.
MERC Multi Year Tariff Regulations, 2019 ('MYT Regulations'), is applicable for the period beginning from 1st April, 2020 to
31st March, 2025. These regulations require MERC to determine tariff in a manner wherein the Company can recover its fixed
and variable costs including assured rate of return on approved equity base, from its consumers. The Company determines
the Revenue, Regulatory Assets and Liabilities as per the terms and conditions specified in MYT Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities is as follows:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Opening Regulatory Assets (Net of Liabilities) (A) 573.60 258.32
Regulatory Income/(Expenses) during the year
(i) Power Purchase Cost 2,642.77 1,885.99
(ii) Other expenses as per the terms of Tariff Regulations including return on equity 909.32 892.10
(iii) Billed during the year as per approved Tariff (3,461.09) (2,520.09)
(iv) Amount Collected in respect of earlier years (Net) Nil Nil
Net Movement in Regulatory Deferral Balances (i + ii + iii + iv) (B) 91.00 258.00
Regulatory Assets/(Liabilities) on carrying cost recognised as revenue (C) 18.00 3.00
Recovery from/(Payable to) Company's Generation Business (D) (0.03) 12.66
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) (E) 43.35 41.62
Closing Regulatory Assets (Net of Liabilities) (A + B + C + D + E) 725.92 573.60
20a. Share Capital

As at March 31, 2022 As at March 31, 2021
Number J crore Number J crore
Authorised
Equity Shares of ₹ 1/- each
At the beginning of the year 550,00,00,000 550.00 350,00,00,000 350.00
Add: Increase during the year Nil Nil 200,00,00,000 200.00
Add: Increase due to merger (Refer Note 47) 10015,00,00,000 10,015.00 Nil Nil
Outstanding at the end of the year 10,565.00 550.00
Cumulative Redeemable Preference Shares of ₹ 100/- each 2,29,00,000 229.00 2,29,00,000 229.00
10,794.00 779.00

20a. Share Capital (Contd.)

Issued
Equity Shares [including 28,32,060 shares (March 31, 2021- 28,32,060
shares) not allotted but held in abeyance, 44,02,700 shares cancelled
pursuant to a Court Order and 4,80,40,400 shares of the Company held
by the erstwhile The Andhra Valley Power Supply Company Ltd cancelled
pursuant to the Scheme of Amalgamation sanctioned by the High Court of
Judicature, Bombay] 325,22,67,007 325.23 325,22,67,007 325.23
Subscribed and Paid-up

Equity Shares fully paid-up [excluding 28,32,060 shares (March 31,
2021 - 28,32,060 shares) not allotted but held in abeyance, 44,02,700
shares cancelled pursuant to a Court Order and 4,80,40,400 shares of the
Company held by the erstwhile The Andhra Valley Power Supply Company
Ltd cancelled pursuant to the Scheme of Amalgamation sanctioned by the
High Court of Judicature, Bombay] 319,53,39,547 319.54 319,53,39,547 319.54
Less: Calls in arrears [including ₹ 0.01 crore (March 31, 2021 - ₹0.01
crore) in respect of the erstwhile The Andhra Valley Power Supply
Company Ltd and the erstwhile The Tata Hydro-Electric Power
Supply Company Ltd] 0.04 0.04
319.50 319.50
Add: Equity Shares forfeited - Amount paid 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital 319.56 319.56
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:
Equity Shares
Issued during the year [Refer Note 21(iv)] Nil Nil 490,566,037 49.06
Outstanding at the end of the year 319,69,91,847 319.56 319,69,91,847 319.56
(ii) Terms/rights attached to equity shares

The Company has issued only one class of equity shares having a par value of ₹ 1/- per share. Each holder of equity shares is
entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company
Number % Holding Number % Holding
Equity Shares of ₹ 1/- each fully paid
Tata Sons Pvt. Ltd. 144,45,13,021 45.21 144,45,13,021 45.21
Life Insurance Corporation of India 21,57,53,479 6.75 16,41,25,329 5.14


(iv) Shareholding of Promoters
Shares held by promoters at the end of the year
March 31, 2022 March 31, 2021 % Change during the year
Sl No Promoter name No. of shares % of total shares No. of shares % of total shares
1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 1,44,45,13,021 45.21 Nil

1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 95,39,46,984 35.27 9.94
20b. Unsecured Perpetual Securities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
11.40% Unsecured Perpetual Securities 1,500.00 1,500.00
Repayment during the year (1,500.00) Nil
Total Nil 1,500.00
In the earlier year, the Company had raised ₹ 1,500 crore through issue of Unsecured Perpetual Securities (the "Securities"). These
Securities were perpetual in nature with no maturity or redemption and were callable only at the option of the Company. As
these Securities were perpetual in nature and ranked senior only to the Share Capital of the Company and the Company does
not had any redemption obligation, these were considered to be in the nature of equity instruments. During the year, pursuant
to debenture trust deed dated June 23, 2011, the Company has exercised the call option to redeem the Securities on June 2, 2021
along with final interest.
21. Other Equity

As at As at
March 31, 2022 March 31, 2021
J crore J crore
General Reserve
Opening Balance Nil 3,853.98
Add/(Less): Changes in balance on account of merger (Refer Note 47) Nil 5.94
Add/(Less): Capital re-organisation (Refer Note 47) Nil (3,859.92)
Restated opening balance Nil Nil
Closing Balance Nil Nil
Securities Premium
Opening Balance 3,107.54 5,634.98
Add/(Less): Capital re-organisation (Refer Note 47) Nil (5,091.20)
Restated opening balance 3,107.54 556.60
Add/(Less): Increase on issue of shares during the year (Refer Note (iv) below) Nil 2,550.94
Closing Balance 3,107.54 3,107.54
Capital Redemption Reserve

Opening Balance 4.51 1.85
Restated opening balance 4.51 4.51
Closing Balance 4.51 4.51

21. Other Equity (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Capital Reserves
Statutory Reserve 660.08 660.08
Debenture Redemption Reserve 296.95 296.95
Special Reserve
Opening Balance 126.28 Nil
Add/(Less): Created during the year Nil 2.21
Add/(Less): Amount transferred to Retained Earnings (126.28) Nil
Closing Balance Nil 126.28
Retained Earnings (Refer Note (ii) below)

Add/(Less): Changes in balance on account of merger (Refer Note 47) Nil (8,118.29)
Add/(Less): Capital re-organisation (Refer Note 47) Nil 8,951.12
Restated opening balance 3,575.09 3,859.91
Add/(Less): Profit/(Loss) for the year 2,782.93 293.52
Other Comprehensive Income/(Expense) arising from remeasurement of Defined 7.21 14.11
Benefit Obligation (Net of Tax)
Payment of Dividend (Refer Note (i) below) (495.28) (419.24)
Distribution on Unsecured Perpetual Securities (100.25) (171.00)
Transfer to/from Special Reserve 126.28 (2.21)
2,320.89 (284.82)
Equity Instruments through Other Comprehensive Income

Opening Balance 221.82 (45.11)
Restated opening balance 221.82 (7.60)
Add/(Less): Change in fair value of equity instruments through Other Comprehensive Income 307.12 73.55
Change in fair value of equity instruments classified as held for sale Nil 155.87
Total 10,560.24 8,058.51
Notes:
i The shareholders of the Company in their meeting held on July 5, 2021, approved final dividend of ₹ 1.55 per share
aggregating ₹ 495.28 crore for the financial year 2020-21. The said dividend was paid to the holders of fully paid equity
shares on July 7, 2021.


ii Includes gain on fair valuation of land which is not available for distribution ₹ 87.88 crore
iii The Board of Directors at its meeting held on May 6, 2022 proposed a dividend of ₹ 1.75 per equity share subject to the
approval of the shareholders in the upcoming annual general meeting and has not been included as a liability in the
Standalone financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total
estimated equity dividend to be paid is ₹ 559.68 crore.
iv During the previous year, the shareholders in the Annual General Meeting dated July 30, 2020 had approved the issuance
of 49,05,66,037 equity shares of the face value of ₹ 1 each at ₹ 53 per equity share for an amount aggregating to ₹ 2,600
crores to Tata Sons Pvt Ltd on preferential basis. The Company had allotted the said equity shares to Tata Sons Pvt Ltd on
August 13, 2020.
Nature and purpose of reserves:
General Reserve
General Reserve is used to transfer profits from retained earnings for appropriation purposes. The amount is to be utilised in
accordance with the provision of the Companies Act, 2013.
Securities Premium
Securities Premium is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Debenture Redemption Reserve
The Company was required to create a Debenture Redemption Reserve out of the profits which are available for payment of
dividend for the purpose of redemption of debentures. Pursuant to Companies (Share Capital and Debentures) Amendment
Rules, 2019 dated August 16, 2019, the Company is not creating additional debenture redemption reserve (DRR) from the effective
date of amendment. DRR created till previous years will be transferred to retained earnings on redemption of debentures.
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Company, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Statutory Reserve
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the
Maharashtra State Government permits part of the capital cost of approved projects to be collected through the electricity tariff
and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in law.
Special Reserve
Special Reserve Fund represents the amount transferred from the annual profits of Af-Taab pursuant to section 45 of the
Reserve Bank of India Act, 1934. Pursuant to scheme of arrangement for merger as mentioned in note 47 to the standalone
financial statement, erstwhile Af-taab has ceased to exist and hence the reserves is no longer required and accordingly has been
transferred to retained earning.
Retained Earnings
Retained Earnings are the profits of the Company earned till date net of appropriations.


This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other
comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are disposed off.
22. Non-current Borrowings - At Amortised Cost

Non-current Current* Non-current Current*
(J crore) Maturities (J crore) Maturities
(J crore) (J crore)
(i) Unsecured
Redeemable Non-Convertible Debentures
(a) 10.75% Series 2072 1,498.21 Nil 1,496.25 Nil
(b) 7.77% Series 2031 197.87 Nil 197.46 Nil
(c) 7.77% Series 2030 148.54 Nil 148.09 Nil
(d) 7.77% Series 2029 148.09 Nil 148.09 Nil
(e) 9.90% Series 2028 998.41 Nil 998.13 Nil
(f ) 7.05% Series 2026 496.76 Nil 495.74 Nil
(g) 9.00% Series 2025 249.91 Nil 249.81 Nil
(h) 7.99% Series 2024 598.49 300.00 898.16 300.00
(i) 5.70% Series 2024 567.30 Nil Nil Nil
(j) 6.18% Series 2024 397.55 Nil 396.64 Nil
(k) 8.84% Series 2023 Nil 750.00 748.43 Nil
(l) 8.21% Series 2023 300.38 Nil 300.07 Nil
(m) 7.20% Series 2023 997.61 Nil 995.39 Nil
(n) 6.00% Series 2023 991.42 Nil 985.96 Nil
(o) 9.70% Series 2023 1,698.41 Nil 1,697.42 Nil
(p) 8.55% Series 2023 349.58 Nil 350.09 Nil
(q) 8.84% Series 2022 Nil 500.00 499.55 Nil
(r) 9.15% Series 2022 Nil 370.00 368.91 Nil
(s) 9.15% Series 2021 Nil Nil Nil 370.00
9,638.53 1,920.00 10,974.19 670.00
Term Loans from Banks

(t)
ICICI Bank 1000.00 Nil Nil 225.00
(u)
Axis Bank 500.00 Nil Nil 166.67
(v) First Abu Dhabi Bank Nil 66.00 65.74 67.00
(w) Sumitomo Mitsui Banking Corporation 78.84 205.00 283.53 215.00
(x) Bank of Baroda 999.93 Nil Nil Nil
(y) Kotak Mahindra Bank 348.94 150.00 Nil Nil
(z)
Yes Bank 500.00 Nil Nil Nil
(aa) Punjab National bank 300.00 Nil Nil Nil
3,727.71 421.00 349.27 673.67
Deferred Payment Liabilities
(ab)
Sales Tax Deferral Nil Nil Nil 2.83
(A) 13,366.24 2341.00 11,323.46 1,346.50

22. Non-current Borrowings - At Amortised Cost (Contd.)

Non-current Current* Non-current Current*
(J crore) Maturities (J crore) Maturities
(J crore) (J crore)
(ii) Secured
Redeemable Non-Convertible Debentures
(a) 7.55% Series 2028 164.70 16.25 180.95 16.25
(b) 9.15% Series 2025 57.92 16.00 73.92 16.00
(c) 9.15% Series 2025 60.07 20.00 80.00 20.00
(d) 9.40% Series 2022 Nil 210.00 209.80 Nil
282.69 262.25 544.67 52.25
Term Loans from Banks
(e)
HDFC Bank 1,635.20 170.25 1,450.44 140.00
(f )
ICICI Bank 237.63 150.00 386.61 120.00
(g) Kotak Mahindra Bank 425.78 61.48 487.25 161.48
(h) State Bank of India 1,002.43 75.64 1,078.07 75.64
(i) Canara Bank Nil 18.40 55.00 5.00
(j) Axis Bank 230.55 60.00 290.36 226.67
3,531.59 535.77 3,747.73 728.79
Term Loans from Others
(k) Housing Development Finance Corporation Ltd 907.45 60.00 967.20 30.00
907.45 60.00 967.20 30.00
(B) 4,721.73 858.02 5,259.60 811.04
Total (A) + (B) 18,087.97 3,199.02 16,583.06 2,157.54

* Amount disclosed under Current borrowings (Refer Note 29)
Security
(i) The debentures mentioned in (a) have been secured by pari passu charge on all movable fixed assets (excluding land
and building), present and future (except wind, solar and Haldia plant assets both present and future) including movable
machinery, machinery spares, tools and accessories, present and future, but excluding vehicles, launches and barges.
(ii) The loans and debentures mentioned in (b), (c), (e), (g), (h), (i), (j) and (k) have been secured by pari passu charge on all
movable fixed assets (excluding land and building), present and future (except assets of all wind projects both present and
future) including movable machinery, machinery spares, tools and accessories, present and future, but excluding vehicles,
launches and barges.
(iii) The debentures mentioned in (d) have been secured by a charge on the land situated at Village Takve Khurd (Maharashtra)
and movable fixed assets (except the wind assets) including movable machinery, machinery spares, tools and accessories
but excluding vehicles, launches and barges, present and future.
(iv) The Loans mentioned in (f) have been secured by whole of current assets of the Company, present and future, in a first pari
passu manner.


Terms of Repayment (J crore)
Particulars Amount Financial Year
Outstanding FY 22-23 FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-32 FY 32-33
as at March and
31, 2022 onwards
(i) Unsecured - At Amortised Cost

Redeemable Non-Convertible
Debentures
(a) 10.75% Series 2072 (Refer Note 1
below) 1,500.00 Nil Nil Nil Nil Nil Nil 1,500.00
(b) 7.77% Series 2031 200.00 Nil Nil Nil Nil Nil 200.00 Nil
(c) 7.77% Series 2030 150.00 Nil Nil Nil Nil Nil 150.00 Nil
(d) 7.77% Series 2029 150.00 Nil Nil Nil Nil Nil 150.00 Nil
(e) 9.90% Series 2028 1,000.00 Nil Nil Nil Nil Nil 1,000.00 Nil
(f ) 7.05% Series 2026 500.00 Nil Nil Nil 500.00 Nil Nil Nil
(g) 9.00% Series 2025 250.00 Nil Nil 250.00 Nil Nil Nil Nil
(h) 7.99% Series 2024 900.00 300.00 300.00 300.00 Nil Nil Nil Nil
(i) 5.70% Series 2024 570.00 Nil Nil 570.00 Nil Nil Nil Nil
(j) 6.18% Series 2024 400.00 Nil 400.00 Nil Nil Nil Nil Nil
(k) 8.84% Series 2023 750.00 750.00 Nil Nil Nil Nil Nil Nil
(l) 8.21% Series 2023 300.00 Nil 300.00 Nil Nil Nil Nil Nil
(m) 7.20% Series 2023 1,000.00 Nil 1,000.00 Nil Nil Nil Nil Nil
(n) 6.00% Series 2023 1,000.00 Nil 1,000.00 Nil Nil Nil Nil Nil
(o) 9.70% Series 2023 1,700.00 Nil 1,700.00 Nil Nil Nil Nil Nil
(p) 8.55% Series 2023 350.00 Nil 350.00 Nil Nil Nil Nil Nil
(q) 8.84% Series 2022 500.00 500.00 Nil Nil Nil Nil Nil Nil
(r) 9.15% Series 2022 370.00 370.00 Nil Nil Nil Nil Nil Nil
Term Loans from Banks (Refer Note 2

below)
(s)
ICICI Bank 1,000.00 Nil 1,000.00 Nil Nil Nil Nil Nil
(t)
Axis Bank 500.00 Nil 500.00 Nil Nil Nil Nil Nil
(u) First Abu Dhabi Bank 66.00 66.00 Nil Nil Nil Nil Nil Nil
(v) Sumitomo Mitsui Banking Corporation 285.00 205.00 45.00 35.00 Nil Nil Nil Nil
(w) Bank of Baroda 999.93 Nil 999.93 Nil Nil Nil Nil Nil
(x) Kotak Mahindra Bank 500.00 150.00 150.00 200.00 Nil Nil Nil Nil
(y)
Yes Bank 500.00 Nil 500.00 Nil Nil Nil Nil Nil
(z) Punjab National Bank 300.00 Nil Nil 300.00 Nil Nil Nil Nil
(ii) Secured - At Amortised Cost

Redeemable Non-Convertible
Debentures
(a) 7.55% Series 2028 180.94 16.25 16.25 16.25 16.25 16.25 99.69 Nil


as at March and
31, 2022 onwards
(b) 9.15% Series 2025 74.00 16.00 16.00 16.00 16.00 10.00 Nil Nil
(c) 9.15% Series 2025 80.00 20.00 20.00 20.00 20.00 Nil Nil Nil
(d) 9.40% Series 2022 210.00 210.00 Nil Nil Nil Nil Nil Nil
Term Loans from Banks (Refer Note 2
below)
(e)
HDFC Bank 1,808.88 170.25 170.25 170.25 196.50 231.18 686.21 184.24
(f )
ICICI Bank 390.00 150.00 240.00 Nil Nil Nil Nil Nil
(g) Kotak Mahindra Bank 487.27 61.48 61.48 61.48 87.72 76.47 138.64 Nil
(h) State Bank of India 1,078.05 75.64 151.35 302.69 548.37 Nil Nil Nil
(i) Canara Bank 18.40 18.40 Nil Nil Nil Nil Nil Nil
(j) Axis Bank 290.00 60.00 130.00 100.00 Nil Nil Nil Nil

Term Loans from Others (Refer Note 2
below)
(k) Housing Development Finance
Corporation Ltd 970.00 60.00 70.00 90.00 120.00 140.00 490.00 Nil

21,328.47 3,199.02 9,120.26 2,431.67 1,504.84 473.90 2,914.54 1,684.24
Less: L ess: Impact of recognition of
borrowing at amortised cost using
effective interest method. 41.48
21,286.99
Notes:
1. The 10.75% Redeemable Non-Convertible Debentures are redeemable at par at the end of 60 years from the date of
allotment viz. August 21, 2072. The Company has the call option to redeem the same at the end of 10 years viz. August
21, 2022 and at the end of every year thereafter.
2 The rate of interest for term loans from banks ranges from 5.05% to 8.15% (March 31, 2021 - 5.45% to 9.83%) and rate
of interest for term loans from others is 7.60% (March 31, 2021 - 7.60%).
23. Lease Liabilities

Accounting Policy
At inception of contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception
or on reassessment of a contract that contains a lease component, the Company allocates consideration in the contract to each
lease component on the basis of their relative standalone price.
As a Lessee
i) Lease Liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value

of lease payments to be made over the lease term. In calculating the present value of lease payments, the Company

23. Lease Liabilities (Contd.)

uses its incremental borrowing rate at the lease commencement date if the discount rate implicit in the lease is not
readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. The carrying amount is remeasured when there is a change in future lease payments arising
from a change in index or rate. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the
underlying asset.
ii) Short term leases and leases of low value of assets
The Company applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of low-
value assets recognition exemption that are considered to be low value. Lease payments on short-term leases and leases of
low value assets are recognised as expense on a straight-line basis over the lease term.
Leasing arrangement as Lessee
The Company has lease contracts for various items of plant, machinery, land, vehicles and other equipment used in its
operations. Leases of Leasehold land including sub-surface rights and plant and equipment generally have lease term
between 2 and 40 years. Generally, the Company is restricted from assigning and subleasing the leased assets.
Amount recognised in the Statement of Profit and Loss For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Depreciation of Right-of-use assets 102.95 109.27
Interest on lease liabilities 275.36 270.14
Expenses related to short term leases 29.84 28.85
Expenses related to leases of low value assets, excluding short term leases of low value assets 0.81 0.33
Refer Note 5(b) for additions to Right-of-Use Assets and the carrying amount of Right-of-Use Assets. Further, Refer Note 43.4.3 for maturity
analysis of lease liabilities.
Amount as per the Statement of Cash Flows For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Total cash outflow of leases 277.30 290.45
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-Current
(i) Lease Liabilities 2,555.11 2,460.38
2,555.11 2,460.38
Current
(i) Lease Liabilities 303.76 288.66
303.76 288.66

24. Trade Payables

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
Outstanding dues of micro enterprises and small enterprises (Refer Note 37) 39.16 18.54
Outstanding dues of trade payables other than micro enterprises and small enterprises 4,040.73 3,263.93
Total 4,079.89 3,282.47
Trade Payables Ageing schedule as at March 31, 2022

` crore
Particulars Others Outstanding for following periods from due date of payment # Total
Less than More than

Unbilled* Not due 1-2 Years 2-3 years
1 year 3 years
(i) Undisputed Trade Payables

a) MSME Nil 20.07 18.90 0.13 0.04 0.02 39.16
b) Others 177.51 3,319.25 423.93 28.13 12.57 20.01 3,981.40
(ii) Disputed Trade Payables
a) MSME Nil Nil Nil Nil Nil Nil Nil
b) Others Nil Nil Nil Nil 59.33 Nil 59.33
Total (i) + (ii) 177.51 3,339.32 442.83 28.26 71.94 20.03 4,079.89
* Provision for expenses which is certain and not related to any litigation

` crore
Particulars Others Outstanding for following periods from due date of payment #
Total
Less than More than

Unbilled* Not due 1-2 Years 2-3 years
1 year 3 years

a) MSME Nil 14.48 3.71 0.24 0.10 0.01 18.54
b) Others 214.62 2,682.80 230.54 29.97 23.81 22.86 3,204.60
b) Others Nil Nil Nil 59.33 Nil Nil 59.33
Total (i) + (ii) 214.62 2,697.28 234.25 89.54 23.91 22.87 3,282.47
* Provision for expenses which is certain and not related to any litigation

25. Other Financial Liabilities - At Amortised Cost (Unless otherwise stated)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(a) Security Deposits from Customers 11.21 9.76
(b) Guarantee Commission Obligation 1.86 2.32
Total 13.07 12.08
Current
(a) Interest accrued but not due on Borrowings 506.46 518.57
(b) Interest accrued but not due on Borrowings from Related Party 2.61 3.85
(c) Investor Education and Protection Fund shall be credited by the following amounts namely:
(Refer Note 2 below)
Unpaid Dividend 23.35 23.16
Unpaid Matured Debentures 0.09 0.09
(d) Other Payables
Payables for Capital Supplies and Services (Refer Note 37) 655.46 308.06
Security deposits from electricity consumers 247.78 245.75
Security deposits from others 38.22 31.66
Payable to Consumers 220.48 310.53
Supplier's Credit (Refer Note 1 below) 330.53 652.94
Factoring Liability (Refer Note 8(b)) 496.80 Nil
Derivative contracts (at Fair Value through Profit and Loss) 13.12 35.84
Other Financial Liabilities 226.54 77.24
Total 2,761.44 2,207.69
Notes
1 The Company has entered into a Suppliers’ Credit Program (“Facility”) with a third party whereby the third party shall pay
the said coal suppliers on behalf of the Company and the Company shall pay the third party on the due date along with
interest. The Company has utilised USD 43.99 million of this facility as at March 31, 2022. As the Facility provided by the third
party is within the credit period provided by the coal vendors, the outstanding liability has been disclosed under other
financial liabilities.
2 Includes amounts outstanding aggregating ₹ 0.21 crore (March 31, 2021 - ₹ 1.69 crore) for more than seven years pending
disputes and legal cases.
26. Deferred Tax Liabilities/(Asset)(Net)

(Refer Note 36)
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Deferred Tax Assets 4,140.70 1,028.59
Deferred Tax Liabilities 3,890.70 1,164.02
Net Deferred Tax Liabilities/(Assets) (250.00) 135.43

27. Provisions
Accounting Policy
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to Statement of Profit
and Loss. An onerous contract is considered to exist where the Company has a contract under which the unavoidable costs of
meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Restructuring provisions are recognised only when the Company has a constructive obligation, which is when: (i) a detailed
formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed
estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan’s main features.
Defined contribution plans
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
entitling them to the contributions.
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.
Past service costs are recognised in the Statement of Profit and Loss on the earlier of:
- The date of the plan amendment or curtailment, and
- The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the
following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine
settlements; and
- Net interest expense or income.
The cost of the defined benefit gratuity plan and other post-employment medical benefits are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a defined benefit obligation is sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds. The mortality rate is based on publicly available mortality tables.
Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases are based on
expected future inflation rates.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.

27. Provisions (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
Provision for Employee Benefits
Compensated Absences 82.48 82.70
Gratuity [Refer Note 27 (2.3b)] 15.19 13.35
Post-Employment Medical Benefits [Refer Note 27 (2.1) and (2.3)] 59.39 57.67
Other Defined Benefit Plans [Refer Note 27 (2.1) and (2.3)] 100.84 106.35
Other Employee Benefits 16.10 14.66
Total 274.00 274.73
Current
Post-Employment Medical Benefits [Refer Note 27 (2.1) and (2.3)] 3.27 3.15
Other Defined Benefit Plans [Refer Note 27 (2.1) and (2.3)] 23.57 16.62
44.23 38.71
Other Provisions 0.36 0.36

0.36 0.36
Total 44.59 39.07
Employee Benefit Plans

1. Defined Contribution plan
a) The Company makes superannuation fund contributions to defined contribution plan for eligible employees. Under
the scheme, the Company is required to contribute a specified percentage of the payroll costs. The Company has no
obligation, other than the contribution payable to the fund. The Company recognises contribution payable to the
superannuation fund scheme as an expense, when an employee renders the related service.
The Company has recognised ₹ 7.16 crore (March 31, 2021 - ₹ 7.84 crore) for superannuation contribution in the
Statement of Profit and Loss. The contribution payable to the plan by the Company is at rates specified in the rules of
the plan.
b) The Company operates defined contribution retirement benefit plans for employees of Mundra Plant. The employees of
the Company are members of Employee Provident Fund. The Company is required to contribute a specified percentage
of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Company with respect
to the retirement benefit plan is to make the specified contributions.
The total expense recognized in Statement of Profit & Loss is ₹ 1.43 crores (for the year ended March 31, 2021 ₹ 1.44 crores)
represents contribution for the year paid/payable to the Employee Provident Fund. The contribution outstanding as at
March 31, 2022 of ₹.0.35 crore (as at March 31, 2021 ₹ 0.35 crore) due in respect of financial year 2021-22 (financial year
2020-21) is payable in the subsequent reporting periods.
c) The Company is in the process of transferring employees under erstwhile Coastal Gujarat Power Limited to the payroll
of the Company. Post transfer, all employees will get transferred to existing provident fund scheme and gratuity fund
scheme of the Company.


2. Defined benefit plans
2.1 The Company operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified
are paid to the provident fund trust set by the Company. The Company is generally liable for annual contributions. However, any
shortfall in the fund assets based on the government specified minimum rates of return are recognised as an expense in the year
it is incurred. Having regard to the assets of the fund and the return on the investments, the Company expects net shortfall of
₹ Nil.
The actuary has provided a valuation of provident fund liability based on the assumptions listed and determined the net short
fall of ₹ Nil as at March 31, 2022 (March 31, 2021 - ₹ 6.50 crore) which has been recognised as an expense during the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
Particulars As at As at
March 31, 2022 March 31, 2021
Interest rate 8.10% p.a. 8.50% p.a.
Discount rate 6.80% p.a. 6.60% p.a.
Contribution during the year (₹ crore) 20.20 19.92
Short fall recognised as an expenditure for the year (₹ crore) Nil 6.50
The movements in the net defined benefit obligations for provident fund are as follows:
Funded Plan: Present value of Fair value of plan Net
obligation assets amount
J crore J crore J crore
Balance as at 1st April, 2020 807.76 750.52 57.24
Current service cost 18.87 Nil 18.87
Interest Cost/(Income) 48.84 47.79 1.05
Amount recognised in Statement of Profit and Loss 67.71 47.79 19.92
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil 68.73 (68.73)
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions 52.89 Nil 52.89
Actuarial (gains)/losses arising from experience 22.34 Nil 22.34
Amount recognised in Other Comprehensive Income 75.23 68.73 6.50
Employer contribution Nil 18.62 (18.62)
Employee contribution 44.14 44.14 Nil
Benefits paid (124.23) (116.10) (8.13)
Acquisitions credit/(cost) 22.80 22.80 Nil
Balance as at March 31, 2021 893.41 836.51 56.91


Balance as at April 1, 2021 893.41 836.51 56.91
Return on plan assets excluding amounts included in interest cost/(income) Nil (20.41) 20.41
Actuarial (gains)/losses arising from changes in financial assumptions (28.28) Nil (28.28)
Actuarial (gains)/losses arising from experience (0.21) Nil (0.21)
Amount recognised in Other Comprehensive Income (28.49) (20.41) (8.08)
Benefits paid (56.02) (60.17) 4.15
Funded/Unfunded:
Post Employment Medical Benefits
The Company provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Company's facilities.
Pension (including Director pension)
The Company operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director, on
retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of Directors
of the Company from time to time.
Ex-Gratia Death Benefit
The Company has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-
determined lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length
of service.
Retirement Gift
The Company has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Gratuity
The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided depends
on the member's length of service and salary at the retirement date. The gratuity plan is a combination of funded plan and
unfunded plan. Unfunded plan pertains to employees of erstwhile Coastal Gujarat Power Limited which has been merged with
the Company based on National Company Law Tribunal (NCLT) order dated 31.03.2022 . In case of funded plan, the fund has the
form of a trust and is governed by Trustees appointed by the Company. The Trustees are responsible for the administration of the
plan assets and for the definition of the investment strategy in accordance with the trust regulations.


2.2 The principal assumptions used for the purposes of the actuarial valuations for funded and unfunded plan were
as follows:
Valuation as at As at As at
March 31, 2022 March 31, 2021
Discount Rate 6.80% p.a. 6.60% p.a.
Salary Growth Rate
- Management 7% p.a. 7% p.a.
- Non-Management 6% p.a. 5% p.a.
Turnover Rate - Age 21 to 44 years
- Non-Management 0.50% p.a. 0.50% p.a.
Turnover Rate - Age 45 years and above
- Non-Management 0.50% p.a. 0.50% p.a.
Pension Increase Rate 4% p.a. 4% p.a.
Mortality Table Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) Ult modified) Ult
Annual Increase in Healthcare Cost 8% p.a. 8% p.a.
2.3 The amounts recognised in the Standalone financial statements and the movements in the net defined benefit
obligations over the year are as follows:
(a) Gratuity Fund Plan: Present value of Fair value of plan Net
Balance as at 1st April, 2020 * 273.90 (309.35) (35.45)
Interest Cost/(Income) 17.49 (20.11) (2.62)
Less: Amount recognised in Statement of Profit and Loss - Discontinued (0.89) Nil (0.89)
Operations
Amount recognised in Statement of Profit and Loss - Continuing Operations 33.98 (20.11) 13.87
Return on plan assets excluding amounts included in interest cost/(income) Nil (16.60) (16.60)
Actuarial (gains)/losses arising from experience (3.16) Nil (3.16)
Less: Amount recognised in Other Comprehensive Income - Discontinued (0.34) Nil (0.34)
Operations
Amount recognised in Other Comprehensive Income (5.26) (16.60) (21.86)
Benefits paid (24.61) Nil (24.61)
Acquisitions credit/(cost) (22.36) Nil (22.36)
Add: Amounts recognised in current year - Discontinued Operations 0.89 Nil 0.89
Balance as at March 31, 2021 * 256.54 (346.06) (89.52)
* Net asset is classified as "Other Current Assets".
Balance as at April 1, 2021 * 256.54 (346.06) (89.52)

Interest Cost/(Income) 15.81 (22.84) (7.03)


Amount recognised in Other Comprehensive Income 5.35 (6.46) (1.11)
Benefits paid (33.96) Nil (33.96)
Balance as at March 31, 2022 * 252.70 (375.36) (122.66)
* Net asset is classified as "Other Current Assets".
(b) Unfunded Plan - Gratuity and Other Defined Benefit Plans: Other Defined
Gratuity
Benefit Plans
Amount Amount
J crore J crore
Balance as at 1st April, 2020 14.32 123.25
Current service cost 1.24 5.65
Interest Cost/(Income) 0.89 7.94
Amount recognised in Statement of Profit and Loss - Continuing Operations 2.13 13.59
Actuarial (gains)/losses arising from changes in financial assumptions (0.15) 1.51
Actuarial (gains)/losses arising from experience (1.49) (3.23)
Amount recognised in Other Comprehensive Income (1.64) (1.72)
Benefits paid (1.20) (5.55)
Acquisitions credit/(cost) (0.26) (2.79)
Add: Amounts recognised in current year - Discontinued Operations Nil 0.10
Balance as at March 31, 2021 13.35 126.88
Balance as at April 1, 2021 13.35 126.88

Actuarial (gains)/losses arising from changes in demographic assumptions Nil 7.53
Actuarial (gains)/losses arising from changes in financial assumptions (0.31) (2.93)
Actuarial (gains)/losses arising from experience (0.42) (4.32)
Amount recognised in Other Comprehensive Income (0.73) 0.28
Acquisitions credit/(cost) 0.67 (0.04)


2.4 Sensitivity analysis
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption Increase in assumption Decrease in assumption

March 31, March 31, March 31, March 31,
March 31, March 31,
2022 2021 2022 2021
2022 2021
J crore J crore J crore J crore
Discount rate 0.50% 0.50% Decrease by 18.86 17.99 Increase by 17.54 19.08
Salary/Pension 0.50% 0.50% Increase by 12.03 11.86 Decrease by 11.35 11.20
growth rate
Mortality rates 1 year 1 year Decrease by 5.46 5.86 Increase by 5.36 5.78
Healthcare cost 0.50% 0.50% Increase by 4.91 4.74 Decrease by 4.38 4.26
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation
calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the
defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk.
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan debt investments.
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan’s liability.
Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
2.5 The expected maturity analysis of undiscounted defined benefit obligation is as follows:
Funded- Provident Fund Funded- Gratuity Unfunded
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
J crore J crore J crore J crore J crore J crore
Within 1 year 66.56 61.74 17.89 19.83 9.79 9.54
Between 1 - 2 years 100.75 101.81 31.26 31.63 10.38 10.03
Between 2 - 3 years 106.87 94.42 32.12 31.53 11.46 10.46
Between 3 - 4 years 95.81 93.72 25.49 31.68 12.02 11.33
Between 4 - 5 years 112.88 86.54 29.38 26.77 12.60 11.47
Beyond 5 years 581.36 533.46 165.82 166.99 57.90 62.34
The weighted average duration of: March 31, 2022 March 31, 2021
Provident Fund 8.0 Years 7.0 Years
Gratuity Fund 7.6 Years 7.4 Years
The contribution expected to be made by the Company during the financial year 2022-23 is ₹ 19.97 crore.
2.6 Risk exposure:
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:


Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets underperform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Company. The trust invests the funds in various financial instruments. Major
categories of plan assets are as follows:
Provident Fund Gratuity
As at March 31, 2022 As at March 31, 2021 As at March 31, 2022 As at March 31, 2021
₹ crore % ₹ crore % ₹ crore % ₹ crore %
Quoted
Equity Instruments 59.13 6.69% 43.33 5.00% 78.06 20.80% 65.75 19.00%
Government Securities 472.55 53.46% 450.96 54.00% 117.37 31.27% 88.63 25.63%
Debt and other 352.24 39.85% 342.21 41.00% 179.93 47.93% 191.68 55.00%
Instruments
28. Other Liabilities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
Deferred Revenue - Service Line Contributions from Consumers 104.60 112.95
Deferred Revenue Liability 610.77 511.56
Deferred Rent Liability 41.78 42.76
Total 757.15 667.27
Current
Statutory Liabilities 135.66 105.08
Advance from Customers/Public Utilities 152.18 178.23
Deferred Revenue - Service Line Contributions from Consumers 7.90 Nil
Statutory Consumer Reserves 191.57 179.00
Liabilities towards Consumers 40.25 12.61
Other Liabilities 27.42 24.84
Total 554.98 499.76

29. Current Borrowings - At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Unsecured
From Banks
(a) Bill Discounting 54.09 Nil
(b) Term Loans
(i) Repayable on Demand 620.00 999.69
(ii)
Others 640.00 360.00
(c) Bank Overdraft - Repayable on Demand 57.38 Nil
From Related Parties 600.00 777.20
From Others
Commercial Paper [maximum amount outstanding during the year is ₹ 6, 900 crore (March 1,389.92 3,523.81
31, 2021 - ₹ 6, 925 crore)]
3,361.39 5,660.70
Secured
From Banks
(a) Term Loans 60.00 60.00
60.00 60.00
Current Maturities of Non-current Borrowings (Refer Note 22) 3,199.02 2,157.54

Total 6,620.41 7,878.24
Notes:
1. The rate of interest for term loans from banks ranges from 4.60% to 9.50% (March 31, 2021 - 6.50% to 9.50%) and loan from
others is 3.42% to 6.99% (March 31, 2021 - 3.13% to 7.50%).
2. The term loan mentioned in (a) above have been secured by pari passu first charge over all current assets of the Company,
present and future, except for specific wind assets.
Current borrowings secured against current assets
The quarterly returns or statements of current assets filed by the Company with the banks or financial institutions are in agreement
with the books of accounts except as follows:
Quarter ended Value per books of account Value per quarterly return / Discrepancy
statement
June 30, 2021 Nil ` 625 crore Unapproved regulatory asset
September 30, 2021 Nil ` 709 crore included and disclosed as
Approved*
December 31, 2021 Nil ` 677 crore
March 31, 2022 Nil ` 867 crore
December 31, 2021 ` 1,920 crore ` 1,964 crore Excess debtors reported by
` 44 crore#
* While submitting the quarterly statements for all four quarters during the year, the Company inadvertently included and disclosed unapproved
regulatory balances as approved. However, subsequent to year end, the Company has communicated to Bank about the said discrepancy.
Further, Bank has confirmed that the intention was not to exclude unapproved balances from the receivable and has initiated the process to
change the sanction letter wherein total regulatory asset balance should be considered as receivables for the purpose of sanction limit.
# Subsequent to year end, Company has submitted the revised statement for quarter ended December 2021 and receivable balances as per
revised statements are in agreement with the books of accounts.

30. Current Tax Liabilities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Income Tax Payable (Net) 107.67 135.17
Total 107.67 135.17
31. Revenue from Operations

Revenue recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows :
(i) Sale of Power - Generation (Thermal and Hydro): Regulated
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
The Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement ('ARR') comprising
of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per unit is determined
using input method based on the Company's efforts to the satisfaction of a performance obligation to deliver power.
As per tariff regulations, the Company determines ARR and any surplus/shortfall in recovery of the same is accounted
as revenue.
(ii) Sale of Power - Generation: Non-regulated
Revenue from sale of power is recognised net of cash discount, rebate, etc. when the power is supplied as it best depicts
the value to the customer and complete satisfaction of performance obligation.
Variable Consideration forming part of the total transaction price including compensation on account of change in law will
be allocated and recognised when the terms of variable payment relate specifically to the Company's efforts to satisfy the
performance obligation i.e. in the year of occurrence of event linked to variable consideration.
The transaction price has been adjusted for significant financing component, if any and the adjustment is accounted as
finance cost. The difference between the revenue recognised and amount invoiced has been presented as deferred revenue/
unbilled revenue.
(iii) Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the
contracted rate.
(iv) Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity. The
Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement ('ARR') comprising
of expenditure on account of operations and maintenance expenses, financing costs, taxes and assured return on regulator
approved equity with additional incentive for operational efficiencies. Input method is used to recognize revenue based on
the Company's efforts or inputs to the satisfaction of a performance obligation to deliver power. As per tariff regulations,
the Company determines ARR and any surplus/shortfall in recovery of the same is accounted as revenue.
(v) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.

31. Revenue from Operations (Contd.)
(vi) Rendering of Services

Revenue from a contract to provide services is recognised over time based on : Input method where the extent of progress
towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion
of performance obligation. Revenue, including estimated fees or profits, are recorded proportionally based on measure
of progress. Output method where direct measurements of value to the customer based on survey's of performance
completed to date. Revenue is recognised net of cash discount at a point in time at the contracted rate.
(vii) Consumers are billed on a monthly basis and are given average credit period of 30 to 60 days for payment. Wherever
applicable no delayed payment charges ('DPC') is charged for the initial 30 days from the date of receipt of invoice by
customers. Thereafter, DPC is charged as per the relevant contracts on the outstanding balance. Revenue in respect of
delayed payment charges and interest on delayed payments leviable as per the relevant contracts are recognised on actual
realisation or accrued based on an assessment of certainty of realisation supported by either an acknowledgement from
customers or on receipt of favourable order from regulator / authorities.
(viii) In the regulated operations of the Company where tariff recovered from consumers is determined on cost plus return on
equity, the Income tax cost is pass through cost and accordingly the Company recognises Deferred tax recoverable/payable
against any Deferred tax expense/ income. The same is included in 'Revenue from Operations' in case of Generation and
Transmission business.
There are no significant judgements involved while evaluating the timing as to when customers obtain control of promised
goods and services.
For the year For the year

ended ended
March 31, 2022 March 31, 2021
J crore J crore
(a) Revenue from Power Supply and Transmission Charges (Refer Note (i),(ii) and 40(d)) 9,443.46 11,628.47
Add/(Less): Income to be adjusted in future tariff determination (Net) 100.00 157.00
Add/(Less): Income to be adjusted in future tariff determination (Net) in respect of earlier years Nil (8.53)
Add/(Less): Deferred Tax Recoverable / (Payable) 46.12 44.80
9,589.58 11,821.74
(b) Revenue from Power Supply - Assets Under Finance Lease 1,022.35 942.03
(c) Project/Operation Management Services 206.29 173.88
(d) Income from Finance Lease 79.81 84.66
(e) Other Operating Revenue

Rental of Land, Buildings, Plant and Equipment, etc. 20.01 13.70
Income in respect of Services Rendered 91.11 60.16
Income from Storage and Terminalling 16.67 16.31
Amortisation of Service Line Contributions 8.64 8.25
Sale of Fly Ash 10.77 13.90
Miscellaneous Revenue 62.70 34.85
209.90 147.17
Total 11,107.93 13,169.48

Details of Revenue from Contract with Customers

Particulars For the year For the year
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Total Revenue from Contract with Customers 10,949.69 13,033.09
Add/(Less): Significant Financing Component (58.95) (49.59)
Add: Cash Discount/Rebates etc. 94.06 120.64
Total Revenue as per Contracted Price 10,984.80 13,104.14
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the
end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Applying the
practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for
contracts where the revenue recognised corresponds directly with the value to the customer of the entity's performance completed
to date.
The aggregate value of performance obligations that are partially unsatisfied as at March 31, 2022, other than those meeting the exclusion
criteria mentioned above, is ₹ 71,547.14 crore (March 31, 2021 - ₹ 1,06,758.95 crore). Out of this, the Company expects to recognize revenue
of around 11.11% within next one year and the remaining thereafter.
Note:
(i) With respect to Mundra Power Plant, the Company has initiated the discussions with Gujarat Urja Vikas Nigam Limited to
enter into a supplementary power purchase agreement (SPPA). The discussions are at very advanced stage and agreement
is reached except few items for which discussions are ongoing and accordingly the SPPA is yet to be signed and approved.
To ensure continuous supply of power, GUVNL has requested the Company to continue supplying power based on the SPPA
which will be effective January 1, 2022. Accordingly the differential revenue of ₹ 324.00 crore has been recognized on the
basis of the current agreed draft of SPPA for the period from January 2022 to March 2022. Management believes that the
Company has an enforceable right to recover the tariff as per draft SPPA and does not expect any significant reversal in the
amount recognised as revenue.
(ii) As per power purchase agreement for Mundra Power Plant, the Company’s entitlement to capacity revenue is dependent
on availability declared. Accordingly, the Company accrues capacity revenue based on actual declared capacity in the past
and for the current year. During the year ended March 31, 2022, based on the actual capacity declared, management has
recognized an amount of ₹ 230.47 crore (including ₹ 123.27 crore relating to earlier years) as a reduction in revenue.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the disaggregated
revenue with the Company's reportable segment.
Revenue from Contracts with
Others Total
Customers
For the year For the year For the year For the year For the year For the year
ended ended ended ended ended ended
Generation of Power - Thermal and
Hydro
Sale of Power 5,142.08 8,365.15 Nil Nil 5,142.08 8,365.15
Sale of Power from Assets Under Lease 1,022.35 942.03 Nil Nil 1,022.35 942.03
Project/Operation Management 178.07 144.60 Nil Nil 178.07 144.60
Services
Income from Finance Lease Nil Nil 77.68 84.66 77.68 84.66
Others 13.31 16.98 29.08 18.74 42.39 35.72
Total (A) 6,355.81 9,468.76 106.76 103.40 6,462.57 9,572.16


Revenue from Contracts with
Others Total
Customers
For the year For the year For the year For the year For the year For the year
ended ended ended ended ended ended
Generation of Power - Wind and Solar
Sale of Power 0.05 107.70 Nil Nil 0.05 107.70
Others Nil Nil 0.04 Nil 0.04 Nil
Total (B) 0.05 107.70 0.04 Nil 0.09 107.70
Transmission and Distribution of Power
Transmission of Power 975.64 828.79 Nil Nil 975.64 828.79
Distribution of Power 3,465.23 2,520.09 Nil Nil 3,465.23 2,520.09
Net Movement in Regulatory Deferral Nil Nil 134.35 299.62 134.35 299.62
Balances
Project/Operation Management 22.04 22.45 Nil Nil 22.04 22.45
Services
Others 9.92 10.82 37.74 27.23 47.66 38.05
Total (C) 4,472.83 3,382.15 172.09 326.85 4,644.92 3,709.00
Others (D) 51.25 34.40 2.15 Nil 53.40 34.40
Unallocable Revenue (E) 69.75 40.08 11.55 5.76 81.30 45.84
Revenue from Continuing Operations 10,949.69 13,033.09 292.59 436.01 11,242.28 13,469.10
(including Net Movement in Regulatory
Deferral Balances) (A + B + C +D + E)
Revenue from Discontinued Operations Nil 193.63 Nil Nil Nil 193.63
Reconciliation of Revenue For the year For the year

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue from Continuing Operations as per above table 11,242.28 13,469.10
Less: Net Movement in Regulatory Deferral Balances 134.35 299.62
Total Revenue from Operations 11,107.93 13,169.48
Contract Balances As at As at
March 31, 2022 March 31, 2021
J crore J crore
Contract Assets
Recoverable from Consumers
Non-current 1,408.30 1,161.06
Total Contract Assets 1,408.30 1,161.06
Contract liabilities
Liabilities towards Consumers
Non-current 610.77 511.56
Current 40.25 12.61
Total Contract Liabilities 651.02 524.17
Receivables
Trade Receivables (Gross) 1,191.16 1,750.95
Unbilled Revenue for passage of time 58.86 75.37
Recoverable from Consumers 98.68 75.67
(Less): Allowances for Doubtful Debts (164.51) (171.08)
Net Receivables 1,184.19 1,730.91
Total 3,243.51 3,416.14


Contract assets
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract assets are
transferred to receivables when the rights become unconditional.
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
March 31, 2022 March 31, 2021
J crore J crore
Opening Balance
Recoverable from consumers 1,161.06 960.84
Liabilities towards consumers (524.17) (487.60)
(A) 636.89 473.24
Income to be adjusted in future tariff determination (Net) 100.00 157.00
Income to be adjusted in future tariff determination in respect of earlier years (Net) Nil (8.53)
Movement in Deferred Revenue Liability (99.21) (84.72)
Refund to customers (including Company's distribution business) 67.41 57.58
Deferred tax recoverable/(payable) 46.12 44.80
Others 6.07 (2.48)
(B) 120.39 163.65
Closing Balance
Recoverable from consumers 1,408.30 1,161.06
Liabilities towards consumers (651.02) (524.17)
(A + B) 757.28 636.89
32. Other Income

Accounting Policy
Dividend and Interest income
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
ended ended
March 31, 2022 March 31, 2021
J crore J crore
(a) Interest Income
(i) On Financial Assets carried at Amortised Cost
Interest on Banks Deposits 1.57 3.44
Interest on Overdue Trade Receivables (Refer note 31 (ii)) 107.05 45.49
Interest on Non-current Investment 12.19 10.96
Interest on Non-current Investment - Deferred Tax Liability Fund 0.10 0.84
Interest on Financial Assets - Subsidiaries 125.66 119.38
Other Interest 3.79 0.51
250.36 180.62

32. Other Income (Contd.)

ended ended
March 31, 2022 March 31, 2021
J crore J crore
(b) Dividend Income
From Non-current Investments
Subsidiaries 2,516.94 941.51
Joint Ventures 112.11 47.74
Associates 1.78 Nil
Others - Equity Investments designated as FVTOCI 9.12 8.25
2,639.95 997.50
(c) Gain/(Loss) on Investments
Gain on sale/Fair Value of current investment measured at FVTPL 8.43 23.49
8.43 23.49
(d) Other Non-operating Income
Guarantee Commission from Subsidiaries and Joint Ventures 25.51 21.82
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) (10.77) 17.21
Delayed Payment Charges 5.75 7.02
Liability Written Back (Refer Note Below) 49.25 Nil
Other Income 18.63 12.53
88.37 58.58
Total 2,987.11 1,260.19
Note:
Liability written back includes, reversal of provision pertaining to fly ash of ₹ 21.74 crore recognised in earlier years pursuant to
an order passed by National Green Tribunal on February 12, 2020. During the year, Ministry of Environment, Forest and Climate
Change (MoEF&CC) issued a Notification on 31st December, 2021 prescribing timelines and manner of utilization of legacy ash as
on the date of the notification. The Company believes that it will be able to utilize the legacy fly ash within the revised applicable
timeline and accordingly the fly ash provision is reversed.
33. Employee Benefits Expense

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Salaries and Wages 587.74 559.18
Contribution to Provident Fund 21.64 21.36
Contribution to Superannuation Fund 7.16 7.84
Gratuity 9.44 16.00
Pension 18.28 15.23
Staff Welfare Expenses 112.81 101.69
778.19 735.05
Less:
Employee Cost Capitalised 30.49 27.12
Employee Cost Inventorised 10.11 10.44
40.60 37.56
Total 737.59 697.49

34. Finance Costs

Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their intended use or sale. Interest income earned on the temporary investment of
specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.
ended ended
March 31, 2022 March 31, 2021
J crore J crore
(a) Interest Expense:
On Borrowings - At Amortised Cost
Interest on Debentures 1,066.10 944.06
Interest on Loans - Banks,Financial Institutions and Commercial Papers 688.03 1,119.73
Interest on Loans - Related Parties 21.76 10.36
Others
Interest on Consumer Security Deposits - At Amortised cost 10.36 11.05
Interest on Lease Liabilities - At Amortised cost 275.36 270.14
Other Interest and Commitment Charges 13.79 15.72
2,075.40 2,371.06
Less: Interest Capitalised 8.23 8.38
Less: Interest Inventorised 15.76 10.23
2,051.41 2,352.45
(b) Other Borrowing Costs:
Other Finance Costs 137.53 144.23
137.53 144.23
Total 2,188.94 2,496.68
Note:
The weighted average capitalisation rate on the Company's general borrowings is 6.90 % p.a. (March 31, 2021 - 7.64 % p.a.).
35. Other Expenses

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Consumption of Stores and Oil 71.70 58.42
Rental of Land, Buildings, Plant and Equipment 25.11 12.17
Repairs and Maintenance -
(i) To Buildings and Civil Works 116.84 91.14
(ii) To Machinery and Hydraulic Works 355.94 343.79
(iii) To Furniture and Vehicles 5.94 5.75
478.72 440.68
Rates and Taxes 54.97 53.38
Insurance 65.69 70.44
Other Operation Expenses 99.22 100.57

35. Other Expenses (Contd.)

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Ash Disposal Expenses 10.25 14.01

Travelling and Conveyance Expenses 21.94 17.47
Consultants' Fees 23.02 17.08
Auditors' Remuneration 6.40 5.92
Cost of Services Procured 121.27 110.12
Bad Debts 2.27 2.43
Net (gain)/ Loss on Foreign Exchange 128.88 58.78
Allowance for Doubtful Debts and Advances (Net) (10.78) 16.62
Legal Charges 24.46 18.54
Corporate Social Responsibility 2.09 3.67
Transfer to Statutory Consumer Reserve 12.57 11.00
Miscellaneous Expenses 59.68 57.74
Total 1,197.46 1,069.04
(i) Payment to the auditors

ended ended
March 31, 2022 March 31, 2021
J crore J crore
For Statutory Audit 4.73 4.42
For Taxation Matters 0.20 0.19
For Other Services 0.48 0.39
For Reimbursement of Expenses 0.01 0.03
Goods and Service Tax on above 0.98 0.89
Total 6.40 5.92
(ii) Corporate Social Responsibility

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Contribution to Tata Power Community Development Trust 1.46 3.50
Other expenses 0.63 0.17
Total 2.09 3.67
Amount required to be spent as per section 135 of the Companies Act 2013. 2.09 3.67
Amount spent during the year on:
(a) Construction/Acquisition of asset Nil Nil
(b) On purposes other than (a) above 2.09 3.67

36. Income taxes

Accounting Policy
Current Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date.
Current income tax related to items recognised outside Statement of Profit and Loss are recognised either in other comprehensive
income or in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Standalone
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from
the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the
reporting period.
For operations carried out under tax holiday period (Section 80IA of Income Tax Act, 1961), deferred tax assets or liabilities, if any,
have been recorded for the tax consequences of those temporary differences between the carrying values of assets and liabilities
and their respective tax bases that reverse after the tax holiday ends.
Deferred tax related to items recognised outside profit or loss is recognised either in other comprehensive income or in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.
(i) Income Tax Expenses
1. Income taxes recognised in the Statement of Profit and Loss (Continuing Operations)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Current tax Nil 206.60
Current tax in respect of earlier years (Refer Note a and c) (105.11) Nil
Deferred tax (8.91) (105.20)
Deferred tax relating to earlier years (Refer Note b) (738.56) Nil
Deferred tax remeasurement on account of transition of New Tax regime (Net) (Refer Note c) 359.62 Nil
Total income tax expense (492.96) 101.40
Note:
a Subsequent to the merger of Coastal Gujarat Power Limited (CGPL) with the Company with effect from April 1, 2020,
the Company has reassessed its provision for current taxes and has written back an amount of ₹87.30 crore relating to
previous year.

36. Income taxes (Contd.)

b The Company has also reassessed the recoverability of unabsorbed depreciation and brought forward tax losses of CGPL
and has recognized deferred tax asset amounting to ₹ 968.56 crore and has written off deferred tax asset on capital losses
amounting to ₹230.00 crore.
c The Company has transitioned to the new tax regime effective April 1, 2020 and accordingly, during the year, the Company
had remeasured its tax balances and reversed the deferred tax asset amounting to ₹359.62 crore and written back current
tax provision amounting to ₹17.81 crore.
2. Income taxes recognised in the Statement of Profit and Loss (Discontinued Operations)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Current tax Nil (101.48)
Deferred tax Nil (72.17)
Total income tax expense Nil (173.65)
The income tax expense for the year can be reconciled to the accounting profit as follows:
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Profit/(Loss) before tax Continuing Operation 2,757.80 441.11
Profit/(Loss) before tax Discontinuing Operation (467.83) (219.84)
Profit/(Loss) Before Tax 2,289.97 221.27
Income tax expense @25.17% (March 31, 2021: 34.944%) 576.39 77.32
Add/(Less) tax effect on account of :
Provision for impairment 144.64 Nil
Utilisation of unrecognised capital loss on sale of investment/asset (382.21) (11.52)
Effect of tax holiday period Nil (66.77)
Deduction under section 80M Nil (146.65)
Profit taxable at different rates Nil (11.42)
Deferred Tax Asset on losses and MAT credit not recognised Nil 189.72
Non-Deductible expenses 5.41 49.50
Deferred tax asset in respect of earlier years (Refer Note 36(i)(b)) (968.56) Nil
Utilisation of unrecognised unabsorbed depreciation (353.14) Nil
Current tax in respect of earlier years - (Refer Note 36(i) (a) and (c)) (105.11) Nil
Remeasurement of deferred tax balances on the expected sale of assets/investments (Refer Note 36(i) 230.00 (131.00)
(b) and Note 1 below)
Remeasurement of deferred tax on account of transition to new tax regime (Refer Note 36(i)(c) 359.62 Nil
Measurement of deferred tax at 25.17% expected to be reversed in the new tax regime Nil (20.38)
Others Nil (1.05)
Income tax expenses recognised in Statement of Profit and Loss (492.96) (72.25)
Tax expense for the Continuing Operations (492.96) 101.40
Tax expense for the Discontinued Operations Nil (173.65)
Income tax expense recognised in Statement of Profit and Loss (492.96) (72.25)
Notes:
1 During the previous year, the Company had entered into a Business Transfer Agreement with Tata Power Renewable Energy Limited and
Tata Power Green Energy Limited, wholly owned subsidiaries, for transfer of renewable assets (forming part of renewable segment) as a
“going concern” on a slump sale basis effective on or after April 1, 2021. Consequently, as per the requirement of Ind AS 12, the Company

had reassessed its deferred tax balances including its unrecognized deferred tax assets on capital losses and had recognized gain of
₹ 131.00 crore in the Standalone Financial Statements.
3. Income tax recognised in other comprehensive income

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Current Tax
Remeasurement of defined benefit obligation Nil Nil
Deferred tax
Remeasurements of defined benefit obligation 2.43 4.61
Total income tax recognised in other comprehensive income 2.43 4.61
Items that will not be reclassified to Statement of Profit and Loss 2.43 4.61
(ii) Deferred Tax

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Deferred Tax Liabilities/(Assets) (Net) (250.00) 135.43
2021-22 Opening balance Recognised in Recognised Closing balance

profit or loss in other
(including comprehensive
discontinued
Income
operation)
(including
discontinued
operation)
Deferred tax assets in relation to
Allowance for doubtful debts, deposits and advances 58.60 (11.26) Nil 47.34
Provision for employee benefits and others 74.00 (31.43) (2.43) 40.14
Minimum Alternate Tax credit 437.51 (437.51) Nil Nil
Impact of measuring derivative financial instrument at fair 6.90 (4.87) Nil 2.03
value
Capital loss on sale of investments and indexation benefit 492.56 (342.56) Nil 150.00
available on investments
Lease liability 633.85 8.62 Nil 642.47
Deferred revenue - Ind AS 115 128.74 24.97 Nil 153.71
Unabsorbed depreciation 2,045.97 1,059.03 Nil 3,105.00
3,878.13 264.99 (2.43) 4,140.70
Deferred tax liabilities in relation to
Property, Plant and Equipment (including finance leases) 3,381.97 (108.72) Nil 3,273.25
Right of use asset 626.74 (14.14) Nil 612.60
Others 4.85 Nil Nil 4.85
4,013.56 (122.86) Nil 3,890.70
Deferred Tax Liabilities/(Assets) (Net) 135.43 (387.85) 2.43 (250.00)


2020-21 Opening balance Recognised in profit Recognised Closing balance
or loss (including in other
discontinued comprehensive
operation)
Income (including
discontinued
operation)
Allowance for doubtful debts, deposits and advances 66.08 (7.48) Nil 58.60
Provision for employee benefits and others 76.30 2.31 (4.61) 74.00
Minimum Alternate Tax credit 437.51 Nil Nil 437.51
Impact of measuring derivative financial instrument at fair value 0.15 7.12 Nil 7.27
Capital loss on sale of investments and indexation benefit 379.97 112.59 Nil 492.56
available on investments
Lease liability 872.32 (238.47) Nil 633.85
Deferred revenue - Ind AS 115 149.15 (20.41) 128.74
Unabsorbed depreciation 3,165.80 (1,119.83) Nil 2,045.97
5,147.28 (1,264.17) (4.61) 3,878.50
Property, Plant and Equipment (including finance leases) 4,529.47 (1147.50) Nil 3,381.97
Impact of measuring derivative financial instrument at fair value 30.90 (30.53) Nil 0.37
Right of use asset 889.39 (262.65) Nil 626.74
Others 5.71 (0.86) Nil 4.85
5,455.47 (1441.54) Nil 4,013.93
Deferred Tax Liabilities/(Assets) (Net) 308.19 (177.37) 4.61 135.43
The amount and the expiry of unrecognised deferred tax asset is as detailed below:
As at March 31, 2022 Within one year Greater than Greater than No expiry date Closing
one year, less five years balance
than five years
J crore J crore J crore J crore J crore
Capital loss on sale of investment and indexation Nil 407.92 141.96 Nil 549.88
benefit*
Business loss Nil Nil 1,025.36 Nil 1,025.36
Unabsorbed depreciation Nil Nil Nil 134.00 134.00
Minimum Alternate Tax credit Nil Nil Nil Nil Nil
Total Nil 407.92 1,167.32 134.00 1,709.24
As at March 31, 2021 Within one year Greater than Greater than No expiry date Closing
one year, less five years balance
than five years
Capital loss on sale of investment and indexation Nil Nil 501.90 Nil 501.90
benefit*
Business loss 163.81 504.92 293.23 Nil 961.96
Unabsorbed depreciation Nil Nil Nil 1,788.49 1,788.49
Contingent provision against standard asset 0.11 Nil Nil Nil 0.11
Minimum Alternate Tax credit Nil 4.67 212.98 Nil 217.65
Total 163.92 509.59 1,008.11 1,788.49 3,470.11
* The unrecognised deferred tax asset on impairment of investments of ₹ 141.96 crores (March 31, 2021 - ₹ 134.61 crore) relating to capital loss
shall expire within 8 years from the date of sale of investment.

37.
Micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined
based on the information available with the Company and the required disclosures are given below:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
(a) Principal amount remaining unpaid 58.28* 23.94
(b) Interest due thereon 0.55 0.20
58.83 24.14
(c) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act, 2006 along Nil Nil
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year.
(d) The amount of interest due and payable for the period of delay in making payment (which Nil Nil
have been paid but beyond the appointed day during the year) but without adding the interest
specified under the MSMED Act, 2006
(e) The amount of interest accrued and remaining unpaid at the end of each accounting year 0.75 0.20
(f ) The amount of further interest remaining due and payable even in the succeeding years, Nil Nil
until such date when the interest dues as above are actually paid to the small enterprise for
the purpose of disallowance as a deductible expenditure under section 23 of the MSMED
Act, 2006
* It includes amount payable in the nature of capital creditors as disclosed under note 25 - Other Financial Liabilities
38. Commitments:
(a) Estimated amount of Contracts remaining to be executed on capital account and not provided for ₹ 1,920.97 crore (March
31, 2021 - ₹ 2,060.12 crore.)
(b) Other Commitments
(i) The Company has undertaken to arrange for the necessary financial support to its subsidiaries Bhira Investments
Pte. Ltd., Khopoli Investments Ltd., Bhivpuri Investments Ltd., TP Renewable Microgrid Ltd., Tata Power Jamshedpur
Distribution Ltd. and Tata Power International Pte. Ltd.
(ii) In respect of Maithon Power Ltd. (MPL), the Company jointly with Damodar Valley Corporation (DVC) has undertaken to
the lenders of MPL, to provide support by way of base equity contribution and additional equity or subordinated loans
to meet the increase in Project Cost. Further, the Company has given an undertaking to MPL to fulfil payment obligations
of Tata Power Trading Company Ltd. (TPTCL) and Tata Power Delhi Distribution Ltd. (TPDDL) in case of their default.
39. Contingent liabilities

Accounting Policy
In the normal course of business, contingent liabilities arise from litigations and claims.It is a possible obligation that arises from
the past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events
beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow
of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is
a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent
liability but discloses the same.

39. Contingent liabilities (Contd.)
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Contingent liabilities including:
a) Claims against the Company not probable and hence not acknowledged as debts consists of
(i) Demand disputed by the Company relating to Service tax on transmission charges received 375.29 375.29
for July 2012 to June 2017 (excluding interest and penalty).
(ii) Way Leave fees (including interest) claims disputed by the Company relating to rates charged. 53.21 48.47
(iii) Custom duty claims disputed by the Company relating to applicability and classification of coal. 110.81 110.81
(iv) Access Charges demand for laying underground cables. 24.04 30.14
(v) Rates, Cess, Excise and Custom Duty claims disputed by the Company. 7.31 10.20
(vi) Other claims against the Company not acknowledged as debts. 42.59 41.68
(vii) Applicability of Green cess on generation of electricity. 464.89 446.71
(viii) Applicability of Stamp Duty on import of coal 41.00 37.48
(ix) Petition seeking approval for additional Short term Renewable Power Purchase for 9.41 Nil
Renewable Power obligation compliance.
1,128.55 1,100.78
Notes:
1. Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2. Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at various forums/authorities.
3. The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome can be recovered from consumers.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
b) Other Contingent Liabilities:
Taxation matters for which liability is disputed by the Company and not provided for (computed 115.45 152.68
on the basis of assessments which have been re-opened / remaining to be completed).
In an earlier year, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had 215.02 215.02
raised a demand for determination of fixed charges for unscheduled interchange of power. The
Company had filed a petition against the said demand for which stay has been granted by the
ATE till the methodology for the determination is fixed. Considering the same,currently, the
amount of charges payable is not ascertainable and hence, no provision has been recognized
during the year. Further, in case of unfavourable outcome, the Company believes that it will be
allowed to recover the same from consumers through future adjustment in tariff.
As at As at
March 31, 2022 March 31, 2021
J crore* J crore*
c) Indirect exposures of the Company:
Guarantees given :
(i) Khopoli Investments Ltd. 946.51 913.97
(equivalent to USD (equivalent to USD
125.01 million) 125.01 million)
(ii) Bhira Investments Pte. Ltd. 1,476.51 1,425.75
(iii) Tata Power Renewable Energy Ltd. 2,774.66 2,962.87
(iv) Tata Power International Pte. Ltd. 754.52 732.49
(v) Walwhan Renewable Energy Ltd. 164.17 1,320.55
(vi) Walwhan Solar TN Ltd. 104.39 33.98
(vii) Walwhan Wind RJ Ltd. 105.44 83.28
* The exposure is considered to the extent of borrowings outstanding (including accrued interest) of the respective subsidiaries.

d) The Company has provided a Bank Guarantee of USD 87 Million (₹ 659.34 crore) (March 31, 2021 USD 90 Million (₹ 657.99
crore)) and Corporate Guarantee of USD 32 Million(₹ 242.52crore) (March 31, 2021 USD 40 Million (₹ 292.44 crore)) to
Oldendorff as per the affreightment contract entered by Trust Energy Resources Pte. Ltd.
e) The Company had acquired 51 % stake in TP Central Odisha Distribution Limited ('TPCODL'), TP Western Odisha Distribution
Limited ('TPWODL') TP Southern Odisha Distribution Limited ('TPSODL') and TP Northern Odisha Distribution Limited
('TPNODL') to carry out the function of distribution and retail supply of electricity covering the distribution circles of
central, western, southern and northern parts of Odisha. Pursuant to these acquisition and as per the terms of the vesting
order, in previous year the Company has issued bank guarantee to Odisha Electricity Regulatory Commission (‘OERC’) for
TPCODL,TPWODL,TPSODL and TPNODL of ₹ 150.00 crore (March 31, 2021, ₹150.00 crore), ₹150.00 crore (March 31, 2021,
₹150.00 crore), ₹100.00 crore (March 31, 2021, ₹100.00 crore) and ₹150 crore (March 31, 2021, ₹150.00 crore) respectively.
f) The Company has given performance guarantee and letter of credit on behalf of TP Ajmer Distribution Ltd of ₹ 106.17 crore
(March 31, 2021 ₹ 106.17 crore) to Ajmer Vidyut Vitran Nigam Ltd as per the distribution franchisee agreement.
g) The Company has given performance guarantee on behalf of Trust Energy Resources Pte. Ltd. to Maxpente Shipping
Corporation of USD 10 Million (₹75.78 crore) (March 31, 2021 USD 10 Million (₹73.11 crore)) for its obligation under the cost
of affreightment contract.
The Company, in respect of the above mentioned contingent liabilities has assessed that it is only possible but not probable that
outflow of economic resources will be required.
40. Other disputes

a. In the earlier year, the Company had recognised an expense of ₹ 276.35 crore net of amount recoverable from customers
including adjustment with consumer reserve in relation to Hon'ble Supreme Court's judgement on standby litigation.
Further in the earlier year, Maharashtra Electricity Regulatory Commission (MERC) vide its order dated March 30, 2020 had
allowed the recovery of part of the standby charges amount from the consumers. In the previous year, MERC vide its order
dated 21st December, 2020, has revised its earlier order and disallowed the recovery of the said amount. Consequently, the
Company had recognized an expense of ₹ 109.29 crore (including carrying cost) and disclosed as an exceptional item.
b. In the earlier year, Maharashtra Electricity Regulatory Commission has disallowed certain costs amounting to ₹ 503.00 crore
(adjusted upto the current year) (March 31, 2021 ₹ 419.00 crore) recoverable from consumers in the tariff true up order. The
Company has filed appeal against the said order to Appellate Tribunal for Electricity which is pending for final disposal. The
Company believes it has a strong case and accordingly no adjustment is required.
c. In an earlier year, Maharashtra Electricity Regulatory Commission has disallowed carrying cost and other costs amounting to
₹ 269.00 crore (March 31, 2021 ₹ 269.00 crore) which was upheld by the Appellate Tribunal for Electricity (ATE). The Company
has filed Special Leave Petition (SLP) against the order of ATE with the Supreme Court which is pending for final disposal.
The Company believes it has a strong case and accordingly no adjustment is required.
d. The Hon'ble Appellate Tribunal for Electricity (APTEL), vide its order dated April 27, 2021 allowed the appeal with respect
to certain claims related to change in law for Mundra Power Plant. Accordingly, the Company has recognized an income
amounting to ₹ 351.79 crore during the year ended March 31, 2022 comprising of ₹ 279.87 crore classified as Revenue from
Operations (including an amount of ₹268.94 crore relating to earlier years) and ₹ 71.92 crore classified as Other Income
(including an amount of ₹ 58.82 crore relating to earlier years). The Consumer has litigated the said order in the Supreme
Court. The Company believes it has a strong case and does not expect any significant reversal of revenue.
e. During year ended March 31, 2022, the Company has received Notice of Arbitration (NoA) filed by Kleros Capitals to commence
arbitration in Singapore International Arbitration Centre (SIAC) against the Company. The NoA is served pursuant to alleged
breach of various sections of Non disclosure agreements (NDA) entered by the Company in earlier years and circumvention
of Kleros's economic interests in addition to loss of profits. The Company believes that there has been no use of confidential
data and there was no breach to sections of NDA. Based on above assessment and legal opinion obtained, the Company
strongly believes that there is strong case and hence no provision is required for the concerned matter of arbitration.

41. Earnings Per Share (EPS)

Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by
the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a
later date. Dilutive potential equity shares are determined independently for each period presented. The number of equity
shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and
bonus shares issues including for changes effected prior to the approval of the Standalone financial statements by the Board
of Directors.

ended ended
March 31, 2022 March 31, 2021
J crore J crore
A. EPS - Continuing operations (before net movement in Regulatory Deferral

Balances)
Net Profit/ (Loss) from Continuing Operations A 3,250.76 339.71
Net movement in Regulatory Deferral Balances B 134.35 299.62
Income-tax attributable to Regulatory Deferral Balances C (33.82) (104.70)
Net movement in Regulatory Deferral Balances (Net of tax) D=(B+C) 100.53 194.92
Net Profit/ (Loss) (before net movement in Regulatory Deferral Balances) E=(A-D) 3,150.23 144.79
Less: Distribution on Perpetual Securities (on accrual basis) F (29.52) (171.00)
Profit/ (Loss) from Continuing Operations attributable to equity shareholders G=(E+F) 3,120.71 (26.21)
(before net movement in Regulatory Deferral Balances)
No. of Equity Shares 3,19,81,71,607 3,01,80,73,391
Weighted average number of equity shares for Basic and Diluted EPS 3,19,81,71,607 3,01,80,73,391
EPS - Continuing Operations (before net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In ₹) 9.76 (0.09)
B. EPS - Continuing Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/ (Loss) from Continuing Operations 3,250.76 339.71
Less: Distribution on Perpetual Securities (on accrual basis) (29.52) (171.00)
Profit/ (Loss) attributable to equity shareholders (after net movement in 3,221.24 168.71
Regulatory Deferral Balances)
EPS - Continuing operations (after net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In ₹) 10.07 0.56

41. Earnings Per Share (EPS) (Contd.)

ended ended
March 31, 2022 March 31, 2021
J crore J crore
C. EPS - Discontinued operations

Net Profit/ (Loss) from Discontinued Operations (467.83) (46.19)
EPS - Discontinued Operations
- Basic and Diluted (In ₹) (1.46) (0.15)
D. EPS - Total Operations (after net movement in Regulatory Deferral Balances)
Net Profit/(Loss) from Operations (after net movement in Regulatory Deferral 2,782.93 293.52
Balances)
Less: Distribution on Perpetual Securities (on accrual basis) (29.52) (171.00)
Net Profit/ (Loss) from Total Operations attributable to equity shareholders 2,753.41 122.52
(after net movement in Regulatory Deferral Balances)
EPS - Total Operations (after net movement in Regulatory Deferral Balances)
All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS.
42. Related Party Disclosures:

Disclosure as required by Ind AS 24 - ‘‘Related Party Disclosures’’ is as follows:
Names of the related parties and description of relationship:
(a) Related parties where control exists:
(i) Subsidiaries
1) Af-Taab Investment Company Ltd 2) Tata Power Solar Systems Ltd.
(Merged with the Company. Refer Note 47).
3) Tata Power Trading Company Ltd. 4) Tata Power Green Energy Ltd.
5) NELCO Ltd. 6) Tatanet Services Ltd.
**(Now merged with the Nelco Ltd w.e.f. June 9, 2021)
7) Maithon Power Ltd. 8) Coastal Gujarat Power Ltd
(Merged with the Company. Refer Note 47).
9) Tata Power Renewable Energy Ltd. 10) TP Renewable Microgrid Ltd.
11) Bhira Investments Pte Limited 12) Bhivpuri Investments Ltd.
13) Khopoli Investments Ltd. 14) Tata Power International Pte. Ltd.
15) Trust Energy Resources Pte. Ltd.** 16) Tata Power Jamshedpur Distribution Ltd.
(Ceased to be direct subsidiary w.e.f July 22, 2021)
17) NDPL Infra Ltd. ** 18) Supa Windfarm Ltd.
19) PT Sumber Energi Andalan Tbk ** 20) Nivade Windfarm Ltd. **
21) TCL Ceramics Ltd. 22) Walwhan Renewable Energy Ltd. **
(Ceased to be a subsidiary w.e.f March 24, 2022)
23) Poolavadi Windfarm Ltd. ** 24) Walwhan Solar AP Ltd. **

42. Related Party Disclosures: (Contd.)
25) TP Wind Power Limited 26) Northwest Energy Pvt. Ltd. **

27) Walwhan Urja Anjar Ltd. ** 28) Dreisatz MySolar24 Pvt. Ltd. **
29) Walwhan Solar Raj Ltd. ** 30) Walwhan Energy RJ Ltd. **
31) Walwhan Solar Energy GJ Ltd. ** 32) Walwhan Solar MH Ltd. **
33) MI MySolar24 Pvt. Ltd. ** 34) Walwhan Solar PB Ltd. **
35) Walwhan Solar MP Ltd. ** 36) Walwhan Wind RJ Ltd. **
37) Walwhan Solar KA Ltd. ** 38) Walwhan Solar BH Ltd. **
39) Walwhan Solar RJ Ltd. ** 40) Walwhan Urja India Ltd. **
41) Walwhan Solar TN Ltd. ** 42) Chirasthaayee Saurya Ltd. **
43) Clean Sustainable Solar Energy Pvt. Ltd. ** 44) Vagarai Windfarm Ltd. **
45) Solarsys Renewable Energy Pvt. Ltd. ** 46) Far Eastern Natural Resources LLC **
47) Nelco Network Products Ltd. ** 48) Tata Power Delhi Distribution Ltd.
49) TP Ajmer Distribution Ltd. 50) TP Kirnali Ltd.**
51) TP Solapur Ltd.** 52) TP Kirnali Solar Ltd. (w.e.f. July 23, 2020)
53) TP Central Odisha Distribution Ltd. 54) TP Akkalkot Renewable Ltd (w.e.f. August 11, 2020)
(w.e.f. June 1, 2020)
55) TP Western Odisha Distribution Ltd. 56) TP Solapur Solar Ltd. (w.e.f. July 29, 2020)
(w.e.f. January 1, 2021)
57) TP Southern Odisha Distribution Ltd. 58) TP Solapur Saurya Ltd (w.e.f. May 27, 2021)
(w.e.f. January 1, 2021)
59) TP Saurya Ltd (w.e.f. August 2, 2020) 60) TP Roofurja renewable Ltd (w.e.f. August 22, 2020)
61) TP Northern Odisha Distribution Ltd.
(w.e.f. April 1, 2021)
** Through Subsidiary Companies
(ii) Employment Benefit Funds
1) Tata Power Superannuation Fund 2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
(b) Other related parties (where transactions have taken place during the year or previous year / balances outstanding) :
(i) Associates and its related entities
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.
3) The Associated Building Co. Ltd. 4) Dagacchu Hydro Power Corporation Ltd.
5) Brihat Trading Pvt Ltd. 6) Ind Project Engineering (Sanghai) Co Ltd **
7) TP Luminaire Pvt Ltd. ** 8) Tata Projects Provident Fund Trust*
* Fund of Associates
** 100% Subsidiary of Associates
(ii) Joint Venture Companies

1) Tubed Coal Mines Ltd. 2) Mandakini Coal Company Ltd.
3) Powerlinks Transmission Ltd. 4) Itezhi Tezhi Power Corporation
5) PT Antang Gunung Meratus** 6) PT Kaltim Prima Coal**


7) Adjaristsqali Netherlands BV** 8) Industrial Energy Ltd.
9) LTH Milcom Pvt. Ltd. 10) Dugar Hydro Power Ltd.
11) Renascent Power Ventures Pvt. Ltd. ** 12) Prayagraj Power Generation Co Ltd. **
13) Adjaristsqali Georgia LLC ** 14) PT Arutmin Indonesia **
15) PT Baramulti Suksessarana Tbk**
** Joint Venture of Subsidiaries
(c) (i) Promoters holding more than 20% - 'Promoter' 1) Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoter - Promoter Group (where transactions have taken place
during the year or previous year / balances outstanding) :
1) Ewart Investments Ltd. 2) Tata AIG General Insurance Company Ltd.
3) Tata Industries Ltd. 4) Tata Communications Ltd.
5) Tata Investment Corporation Ltd. 6) Tata International Ltd.
7) Tata Consultancy Services Ltd. 8) Tata Ltd.
9) Tata Realty and Infrastructure Ltd. 10) Tata Sky Ltd.
11) Infiniti Retail Ltd. 12) Ecofirst Services Ltd.
13) Tata Consulting Engineers Ltd. 14) Tata Housing Development Co. Ltd. Employees Provident Fund
15) Niskalp Infrastructure Services Ltd. 16) Tata Consultancy Services Employees Provident Fund
(Formerly Niskalp Energy Ltd.)
17) Tata Housing Development Company Ltd. 18) Tata AIA Life Insurance Company Ltd.
19) Tata Capital Financial Services Ltd. 20) Tata Teleservices Ltd.
21) Tata Teleservices (Maharashtra) Ltd. 22) Tata Communications Payment Solutions Ltd.
23) Tata Advanced System Ltd. 24) Tata International DLT Pvt Ltd
25) Tata International Singapore Ltd. 26) Tata Autocomp Systems Limited
27) Tata Medical and diagnostic Ltd.
(d) Key Management Personnel

1) N. Chandrasekaran, Non-Executive Director 2) Praveer Sinha, CEO and Managing Director
3) Banmali Agrawala, Non-Executive Director 4) Saurabh Agrawal, Non-Executive Director
5) Kesava Menon Chandrasekhar, Independent Director 6) Ashok Sinha, Independent Director
7) Vibha U. Padalkar, Independent Director 8) Anjali Bansal, Independent Director
9) Sanjay V. Bhandarkar, Independent Director 10) Hemant Bhargava, Nominee Director
11) Ramesh N. Subramanyam, Chief Financial Officer 12) Hanoz Minoo Mistry, Company Secretary
(upto December 31, 2021)
13) Sanjeev Churiwala, Chief Financial Officer (w.e.f January 1, 2022)
(e) Relative of Key Managerial Personnel (where transactions have taken place during the year or previous year /
balances outstanding) :
1) Neville Minoo Mistry (Brother of Hanoz Minoo Mistry - Company Secretary)


(f) Details of Transactions:
Sr. Particulars Subsidiaries Associates Joint Key Employee Promoter Promoter
No. Ventures Management Benefit Group
Personnel & Funds /
their relatives Trust
J crore J crore J crore J crore J crore J crore J crore
1) Purchase of goods/power (Net 238.85 15.79 2,174.75 Nil Nil 121.92 Nil
of Discount Received on Prompt
Payment)
64.49 Nil 2,721.92 Nil Nil 302.54 Nil
2) Sale of goods/power (Net of 301.45 0.16 0.04 Nil Nil 14.85 Nil
Discount on Prompt Payment)
176.37 0.02 Nil Nil Nil 15.59 Nil
3) Purchase of Property, Plant and 232.89 158.80 Nil Nil Nil 21.44 Nil
Equipment and Intangibles
86.07 0.70 Nil Nil Nil 7.82 Nil
4) Sale of Property, Plant and Nil Nil Nil Nil Nil Nil Nil
Equipment
0.02 Nil Nil 0.00# Nil 0.68 Nil
5) Rendering of services 115.82 6.34 156.33 Nil Nil 13.58 2.07
125.04 7.59 83.48 Nil Nil 9.11 2.38
6) Receiving of services 412.38 12.95 0.06 Nil Nil 69.33 0.33
873.29 21.22 0.06 0.18 Nil 40.93 1.23
7) Brand equity contribution Nil Nil Nil Nil Nil Nil 28.77
Nil Nil Nil Nil Nil Nil 16.26
8) Contribution to Employee Benefit Nil Nil Nil Nil 27.37 Nil Nil
Plans
Nil Nil Nil Nil 29.93 Nil Nil
9) Guarantee, collaterals etc. given 795.61 Nil Nil Nil Nil Nil Nil
3,872.34$ Nil Nil Nil Nil Nil Nil
10) Guarantee, collaterals etc. cancelled 1,875.91 Nil Nil Nil Nil Nil Nil
2,125.95$ Nil Nil Nil Nil Nil Nil
11) Sale of Renewable Net Assets (Refer 169.30 Nil Nil Nil Nil Nil Nil
PPE Note No. 5(a)(v))
Nil Nil Nil Nil Nil Nil Nil
12) Remuneration paid - short term Nil Nil Nil 19.22* Nil Nil Nil
employee benefits
Nil Nil Nil 12.55* Nil Nil Nil
13) Short term employee benefits paid Nil Nil Nil 0.23 Nil Nil Nil
Nil Nil Nil 0.13 Nil Nil Nil
14) Interest income 125.66 Nil Nil Nil Nil Nil Nil
119.38 Nil 0.00# Nil Nil 0.00# Nil
15) Interest paid (including distribution 21.76 0.01 Nil Nil Nil 7.81 Nil
on unsecured perpetual securities)
10.28 0.08 0.09 Nil Nil 26.44 Nil
16) Dividend income 2,516.97 1.78 112.11 Nil Nil 2.29 6.67
941.55 Nil 47.74 Nil Nil 0.00 6.67
17) Dividend paid Nil Nil Nil Nil Nil 2.11 223.90
Nil Nil Nil Nil Nil 2.11 147.86
18) Guarantee commission earned 25.51 Nil Nil Nil Nil Nil Nil
21.82 Nil Nil Nil Nil Nil Nil


Personnel & Funds /
19) Loan Taken 1,251.80 Nil Nil Nil Nil Nil Nil
1,373.04 Nil 120.00 Nil Nil Nil Nil
20) Loans given 5,038.07 Nil Nil Nil Nil Nil Nil
21) Impairment in value of Investments 106.82 Nil Nil Nil Nil Nil Nil
22) Reversal of Impairment of 2.50 Nil Nil Nil Nil Nil Nil
Investments/provision for doubtful
loans
Nil Nil 8.00 Nil Nil Nil Nil
23) Equity contribution (includes 192.30 573.27 Nil Nil Nil Nil Nil
advance towards equity
contribution, rights issue and
perpetual bonds)
637.08 Nil Nil Nil Nil 2.89 Nil
24) Loans taken repaid 1,429.00 Nil Nil Nil Nil Nil Nil
601.29 Nil 120.00 Nil Nil Nil Nil
25) Loans repaid 4,994.00 Nil Nil Nil Nil Nil Nil
26) Conversion of Loan Given into 56.15 Nil Nil Nil Nil Nil Nil
Perpetual Securities
27) Deposits taken 0.88 Nil Nil Nil Nil 1.27 Nil
22.50 Nil Nil Nil Nil 0.01 Nil
28) Deposits Refunded Nil Nil Nil Nil Nil 0.12 Nil
29) Impairment of Receivable of Nil Nil Nil Nil Nil 467.83 Nil
Strategic Engineering Division
30) Advance Given 0.06 80.38 Nil Nil Nil 0.02 Nil
0.01 110.85 Nil Nil Nil Nil Nil
31) Advance adjusted Nil 13.54 Nil Nil Nil 0.02 Nil
Nil 2.51 Nil Nil Nil Nil Nil
32) Bad Debts Nil Nil Nil Nil Nil Nil Nil
Nil 1.16 Nil Nil Nil Nil Nil
33) Sale of Investments 2,126.88 Nil Nil Nil Nil Nil Nil
34) Allotment of Equity shares Nil Nil Nil Nil Nil Nil Nil
(including securities premium
paid)
Nil Nil Nil Nil Nil Nil 2,600.00
35) Consideration received on Sale of Nil Nil Nil Nil Nil Nil Nil
SED (Note 18c)
Nil Nil Nil Nil Nil 597.00** Nil
36) Redemption of Unsecured Nil 0.70 Nil Nil Nil 197.50 Nil
Perpetual Securities


Personnel & Funds /
(g) Balances outstanding
1) Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil Nil
Nil 0.70 Nil Nil Nil 197.50 Nil
2) Redeemable Non-Convertible Nil Nil Nil Nil Nil 36.50 Nil
Debentures
Nil Nil Nil Nil Nil 36.50 Nil
3) Investments 8,573.27 765.89 1,100.19@ Nil Nil 741.89@ 194.70
8,732.11 192.62 1,100.19@ Nil Nil 268.40@ 194.70
4) Impairment in value of investments 560.96 Nil 59.50 Nil Nil Nil Nil
5) Other receivables 94.92 7.15 60.42@ Nil 122.67 6.92 2.78
79.49 8.86 17.81@ Nil 89.52 371.33 2.12
6) Loans given (including interest 1,783.18 Nil 72.98 @ Nil Nil Nil Nil
thereon)
1,845.70 Nil 72.98@ Nil Nil Nil Nil
7) Loans taken (including interest 602.61 Nil Nil Nil Nil Nil Nil
thereon)
8) Loans provided for as doubtful Nil Nil 54.39 Nil Nil Nil Nil
advances (including interest
thereon)
9) Deposits taken outstanding 23.38 Nil Nil Nil Nil 1.38 2.00
22.50 Nil Nil Nil Nil 0.22 2.00
10) Advance given outstanding 0.07 183.93 Nil Nil Nil Nil Nil
0.01 117.10 Nil Nil Nil Nil Nil
11) Guarantees, collaterals etc. 7,961.01 Nil Nil Nil Nil Nil Nil
outstanding
9,041.31 Nil Nil Nil Nil Nil Nil
12) Advance towards Equity 0.12 Nil Nil Nil Nil Nil Nil
13) Dividend receivable 1,818.87 1.78 Nil Nil Nil Nil Nil
14) Other payables 442.83 74.25 1,569.90 10.97 54.47 129.64 29.49
486.86 5.09 1,570.56 7.32 56.91 21.31 17.07
Notes:
All outstanding balances are unsecured.
$ Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average exchange rates.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19
- ‘Employee Benefits’ in the Standalone financial statements. As these employee benefits are lump sum amounts provided on the basis of
actuarial valuation, the same is not included above.
** Net off borrowings of ₹ 537 crore transferred to TASL.
# Denotes below ₹ 50,000
@ Includes amount reclassified as held for sale

43. Financial Instruments

43.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
Carrying value Fair Value

As at As at As at As at
Financial assets #
Cash and Cash Equivalents 57.36 364.13 57.36 364.13
Other Balances with banks 21.19 19.00 21.19 19.00
Trade Receivables 1,026.65 1,579.87 1,026.65 1,579.87
Unbilled Revenues 58.86 75.37 58.86 75.37
Loans 1,786.26 1,837.91 1,786.26 1,837.91
Finance Lease Receivables 563.52 566.09 563.52 566.09
FVTPL Financial Investments 11.93 246.49 11.93 246.49
FVTOCI Financial Investments (Refer Note below) 1,043.99 558.20 1,043.99 558.20
Amortised Cost financial investments 183.43 171.35 184.86 176.76
Derivative instruments not in hedging relationship 5.06 1.48 5.06 1.48
Receivable on sale of Strategic Engineering Division (Refer Nil 365.99 Nil 365.99
Note 18c)
Other Financial Assets 2,071.16 387.22 2,071.16 387.22
Asset Classified as Held For Sale (Refer Note 18)#
- FVTOCI Financial Investments (Refer Note below) Nil 178.68 Nil 178.68
- Loans and other receivables (including accrued interest) 22.74 22.74 22.74 22.74
Total 6,852.15 6,374.52 6,853.58 6,379.93
Financial liabilities
Trade Payables 4,079.89 3,282.47 4,079.89 3,282.47
Floating rate borrowings (including current maturities) 10,042.76 6,954.88 10,043.21 6,949.17
Fixed rate borrowings (including current maturities) 15,152.63 18,004.42 15,169.26 18,033.24
Lease Liabilities 2,858.87 2,749.04 3,333.38 2,770.33
Derivative contracts (Net) 13.12 35.84 13.12 35.84
Other financial liabilities 2,274.39 1,685.93 2,274.39 1,685.93
34,421.66 32,712.58 34,913.25 32,756.98
# other than investments in subsidiaries, associates and joint ventures accounted at cost in accordance with Ind AS 27 ‘Separate
Financial Statements’.
Note:
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose. Upon the
application of Ind AS 109 'Financial Instruments', the Company has chosen to designate these investments in equity instruments
as at FVTOCI as the management believe this provides more meaningful presentation for medium and long term strategic
investments, then reflecting changes in fair value immediately in profit or loss.
The management assessed that the fair value of cash and cash equivalents, other balances with banks, trade receivables, loans,
finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying
amounts largely due to the short term maturities of these instruments.

43. Financial Instruments (Contd.)

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in
a current transaction between willing parties. The following methods and assumptions were used to estimate the fair values.
- Fair value of the government securities are based on the price quotations near the reporting date. Fair value of the unquoted
equity shares have been estimated using market comparable method. The valuation requires management to make certain
assumptions about the marketability, active market price, discount rate, credit risk and volatility. The probabilities of the
various estimates within the range can be reasonably assessed and are used in management's estimate of fair value for those
unquoted equity investments.
- The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
- The fair value of debentures is determined by using the quoted prices .The own non-performance risk as on March 31, 2022
was assessed to be insignificant.
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair value
measurements and the cost represents the best estimate of fair value within that range.
- The fair value of loans from banks, other current financial liabilities and other non-current financial liabilities is estimated by
discounting future cash flow using rates currently available for debt on similar terms, credit risk and remaining maturities.
Reconciliation of Level 3 fair value measurement of unquoted equity shares classified as FVTOCI:
Unlisted shares irrevocably designated as at FVTOCI (Refer Note below) For the year For the year
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Opening balance 437.63 446.64
Gain/(Loss)
- in other comprehensive income Nil (12.40)
- in profit or loss Nil Nil
- changes on purchase of equity shares Nil 3.39
Closing balance 437.63 437.63
Note:
(a) Unlisted shares irrevocably designated as at FVTOCI includes certain investments whose cost approximates to their fair value
because there is a wide range of possible fair value measurements and their cost represents the best estimate of fair value
within that range. Such investments have been excluded for quantitative sensitivity analysis as disclosed below.
(b) All gains and losses included in other comprehensive income related to unlisted shares held at the end of the reporting
period and are reported under "Equity Instruments through Other Comprehensive Income''.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at March 31, 2022 and March 31, 2021 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Range Sensitivity of the input to fair
techniques unobservable (weighted value
inputs average)
Investments in unquoted equity shares Price of recent Transaction Varies on case 5% (March 31, 2021: 5%) increase
transaction price to case basis (decrease) in the transaction price
(PORT) would result in increase (decrease)
in fair value by ₹ 6.35 crores
(March 31, 2021: ₹ 6.35 crore).


43.2 Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Quoted prices in an active market (Level 1): Inputs are quoted prices (unadjusted) in active markets for identical assets
or liabilities. This includes quoted equity instruments, government securities and quoted borrowings (fixed rate) that have
quoted price.
Valuation techniques with observable inputs (Level 2): Inputs are other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative
financial instruments and unquoted floating and fixed rate borrowings.
Valuation techniques with significant unobservable inputs (Level 3): Inputs are not based on observable market data
(unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based on available
market data. This includes unquoted equity shares and contingent consideration receivable.
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets that
are not measured at fair value on a recurring basis (but fair value disclosures are required) :
Date of valuation Fair value hierarchy as at March 31, 2022

Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)

Asset measured at fair value
FVTPL Financial Investments March 31, 2022 11.93 Nil Nil 11.93
FVTOCI Financial Investments:
- Quoted equity shares March 31, 2022 606.36 Nil Nil 606.36
- Unquoted equity shares March 31, 2022 Nil Nil 437.63 437.63
Derivative instruments not in hedging relationship March 31, 2022 Nil 5.06 Nil 5.06
Asset for which fair values are disclosed
Amortised cost Financial Investments:
- Government securities March 31, 2022 184.86 Nil Nil 184.86
803.15 5.06 437.63 1,245.84


Liabilities measured at fair value
Derivative financial liabilities March 31, 2022 Nil 13.12 Nil 13.12
Liabilities for which fair values are disclosed
Fixed rate borrowings March 31, 2022 11,357.55 3,811.71 Nil 15,169.26
Floating rate borrowings March 31, 2022 1,069.07 8,974.14 Nil 10,043.21
12,426.62 12,798.97 Nil 25,225.59


FVTPL financial investments March 31, 2021 246.49 Nil Nil 246.49
FVTOCI financial investments:
Derivative instruments not in hedging relationship Nil 1.48 Nil 1.48
- Assets Classified as Held For Sale March 31, 2021 178.68 Nil Nil 178.68
Receivable on sale of Strategic Engineering Division March 31, 2021 Nil Nil 365.99 365.99
Amortised Cost financial investments:
- Government securities March 31, 2021 176.76 Nil Nil 176.76
722.50 1.48 803.62 1,527.60

Derivative financial liabilities March 31, 2021 Nil 35.84 Nil 35.84
Fixed rate borrowings March 31, 2021 11,500.34 6,532.90 Nil 18,033.24
Floating rate borrowings March 31, 2021 1,064.69 5,884.48 Nil 6,949.17
Total 12,565.03 12,453.22 Nil 25,018.25
There has been no transfer between level 1 and level 2 during the period.
43.3 Capital Management & Gearing Ratio

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximize
the value for shareholders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. From time to time, the Company reviews its policy related to dividend payment to
shareholders, return capital to shareholders or fresh issue of shares. The Company monitors capital using gearing ratio, which
is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio around 50%. The Company
includes within net debt, interest bearing loans and borrowings, less cash and bank balances as detailed in the notes below.
The Company's capital management is intended to create value for shareholders by facilitating the meeting of its long-term and
short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.


Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Debt (i) 25,217.45 24,983.72
Less: Cash and Bank balances 57.36 364.13
Net debt 25,160.09 24,619.59
Total Capital (ii) 10,879.80 9,878.07
Capital and net debt 36,039.89 34,497.66
Net debt to Total Capital plus net debt ratio (%) 69.81 71.37
(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current borrowings.
(ii) Equity is defined as Equity share capital, Unsecured perpetual securities and other equity.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no significant
breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2022 and
March 31, 2021.
43.4 Financial risk management objectives and policies
The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Company’s
operations and to provide guarantees to support its operations. The Company’s principal financial assets include investments,
loans, trade and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables
and other financial assets that derive directly from its operations. The Company also holds FVTOCI investments and enters into
derivative transactions.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a risk committee that reviews the financial risks
and the appropriate financial risk governance framework for the Company. The Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams
that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for speculative
purposes may be undertaken. The risk management polices is approved by the board of directors.
43.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact of equity price
risk is not significant. Financial instruments affected by market risk include loans and borrowings, derivative financial instruments
and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at March 31, 2022 and March 31, 2021.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of
the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant. The analysis excludes
the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligation, provisions
and the non-financial assets.

a. Foreign currency risk management

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia. The results of the Company's operations can be affected as the rupee appreciates/
depreciates against these currencies.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities As at March 31, 2022 As at March 31, 2021

Foreign Currency J crore Foreign Currency J crore
(In Millions) (In Millions)
In USD 434.07 3,289.66 408.45 2,986.28
In EURO 0.07 0.55 0.08 0.58
In GBP 0.06 0.64 Nil Nil
In SGD 0.04 0.22 Nil Nil
In JPY 2.52 0.16 5.90 0.39
Foreign Currency Assets As at March 31, 2022 As at March 31, 2021

In USD 248.97 1,886.81 9.05 66.17
In JPY Nil Nil 5.90 0.39
In ZAR 0.02 0.01 0.41 0.20
In SGD 0.04 0.24 0.04 0.21
In VND 3.37 0.00 56.76 0.02
In TAKA Nil Nil 0.20 0.02
(i) Foreign currency sensitivity analysis

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other
variables held constant. The impact on the Company’s equity is due to changes in the fair value of monetary assets and
liabilities is given as under.
Effect on profit before tax and

consequential impact on equity
before tax
J crore
As of March 31, 2022 Rupee depreciate by ₹ 1 against USD (-) ₹ 18.51
Rupee appreciate by ₹ 1 against USD (+) ₹ 18.51
As of March 31, 2021 Rupee depreciate by ₹1 against USD (-) ₹ 39.94
Rupee appreciate by ₹ 1 against USD (+) ₹ 39.94
Notes:
1. +/- Gain/Loss
2. The impact of depreciation/appreciation on foreign currency other than USD on profit before tax of the Company is
not significant.
(ii) Derivative financial instruments
The Company holds derivative financial instruments such as foreign currency forward to mitigate the risk of changes in
exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a Financial Institution.

These derivative financial instrument are valued based on quoted prices for similar asset and liabilities in active markets or
inputs that is directly or indirectly observable in the marketplace.
The following table gives details in respect of outstanding foreign exchange forward :
As at March 31, 2022
Foreign Currency Nominal Value in Fair Value in
(in millions)
J crore J crore
Other Derivatives
Forward contracts
In USD Buy 306.35 2,321.72 (8.02)
Option contracts
In USD Buy 27.02 204.77 (0.03)

Foreign Currency Nominal Value in Fair Value in
(in millions)
J crore J crore
Other Derivatives
Forward contracts
In USD Buy 293.37 2144.90 27.41
In USD Sell 130.00 950.46 (6.94)
Note: Fair Value in () denote liability

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables
held constant. The impact on the Company’s equity is due to changes in the fair value of non-designated foreign currency forward
contracts is given as under.
Effect on profit before tax and
consequential impact on equity
before tax
J crore
As of March 31, 2022 Rupee depreciate by ₹1 against USD (+) ₹ 33.34
Rupee appreciate by ₹1 against USD (-) ₹ 33.34
As of March 31, 2021 Rupee depreciate by ₹1 against USD (+) ₹ 16.34
Rupee appreciate by ₹1 against USD (-) ₹ 16.34
b. Interest rate risk management
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s long-term debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The
Company’s policy is to keep between 40% and 60% of its borrowings at fixed rates of interest. To manage this, the Company
enters into fixed rate borrowings, in which it agrees to exchange, at specified intervals, the difference between fixed and
variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures that
have floating rate at the end of the reporting period and the stipulated change taking place at the beginning of the financial
year and held constant throughout the reporting period.

If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on
Interest expense for the respective financial years and consequent effect on Company's profit in that financial year would
have been as below:

50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan (+) 32.98 (-) 32.98 (+) ` 32.55 (-) ` 32.55
Effect on profit before tax (-) 32.98 (+) 32.98 (-) ` 32.55 (+) ` 32.55
43.4.2 Credit risk management

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities including loans and other financial instruments.
As at As at
March 31, 2022 March 31, 2022
J crore J crore
Trade receivables 1,026.65 1,579.87
Loans 1,781.65 1,790.69
Finance lease receivables 563.52 566.09
Other financial assets 2,084.33 805.39
Unbilled Revenue 58.86 75.37
Financial Assets Classified as Held for Sale 22.74 22.74
Total 5,537.75 4,840.15
Refer Note 8 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Company believes exposure to credit risk to be minimal.
The Company has not acquired any credit impaired asset.
43.4.3 Liquidity risk management
The current liabilities of the Company exceeds the current assets. The Company manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and
matching the maturity profiles of financial assets and liabilities. Having regards to the nature of the business wherein the Company
is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Company, from time to time, funds
its long-term investment from short-term sources. The short-term borrowings can be rollforward or, if required, can be refinanced
from long term borrowings. Hence, the Company considers the liquidity risk as low.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.
Up to 1 year 1 to 5 years 5+ years Total Carrying Amount
March 31, 2022
Non-Derivatives
Borrowings # 8,754.19 16,453.75 12,597.07 37,805.01 25,217.45
Trade Payables 4,079.89 Nil Nil 4,079.89 4,079.89
Lease Liabilities# 316.69 1,671.76 6,575.16 8,563.61 2,858.87
Other Financial Liabilities 2,239.25 13.07 Nil 2,252.32 2,252.32
Total Non-Derivative Liabilities 15,390.02 18,138.58 19,172.23 52,700.83 34,408.53
Derivatives
Other Financial Liabilities 13.12 Nil Nil 13.12 13.12
Total Derivative Liabilities 13.12 Nil Nil 13.12 13.12


March 31, 2021
Non-Derivatives
Borrowings # 9,852.30 15,396.40 13,125.02 38,373.72 24,983.72
Lease Liabilities# 304.85 1,155.52 7,053.65 8,514.02 2,749.04
Other Financial Liabilities 1,649.43 12.08 Nil 1,661.51 1,661.51
Derivatives
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that
will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with the
Company. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject to change
if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
The amount included in Note 39(c) for financial guarantee contracts are the maximum amounts the Company could be
forced to settle under respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty
to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than
not that such amount will not be payable under the arrangement. However, this estimate is subject to change depending
on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial
receivables held by the counterparty which are guaranteed suffer credit losses.
44. Financial Ratios

Sl Ratios Numerator Denominator Note As at As at % of Reason for Variance in excess
No March 31, March 31, Variance of 25%
2022 2021
J crore J crore
a) Current Ratio (in Current Assets Current Liabilities a 0.53 0.41 28% The increase is mainly on account
times) of significant increase in dividend
receivable from non current
investments.
b) Debt-equity ratio Total Debt Total Equity b 2.58 2.81 -8%
(in times)
c) Debt service Profit before exceptional Interest expense + c 1.09 0.94 15%
coverage ratio (in items & tax + interest scheduled principal
times) expenses + depreciation repayment of long-
& amortisation - current term debt and lease
tax expense liabilities during the
period
d) Return on equity Net Profits after taxes Average Shareholder’s d 28.60% 1.72% 1558% The increase is mainly on account
ratio (%) (ROE) (including continuing Equity of gain on sale of investment and
and discontinuing increase in dividend income from
operations) - Interest on non current investments
Perpetual securities
e) Inventory Average fuel Inventories Cost of fuel 71 37 92% The increase is due to higher
turnover (in x number of days quantity of inventory purchased
number of days) towards the end of the year to
meet the higher demand in the
coming year and increase in coal
prices.
f) Trade receivables Average receivable Gross Sales 76 67 13%
turnover (in (including regulatory
number of days) balances wherever
applicable) x number
of days

44. Financial Ratios (Contd.)

Sl Ratios Numerator Denominator Note As at As at % of Reason for Variance in excess
No March 31, March 31, Variance of 25%
2022 2021
J crore J crore
g) Trade payables Average trade payable x Net credit purchases e 149 117 27% The increase is due to higher
turnover (in number of days quantity of inventory purchased
number of days) towards the end of the year to
meet the higher demand in the
coming year and increase in coal
prices.
h) Net capital Revenue from operation Working capital = f (3.90) (2.45) 59% The increase is mainly on account
turnover ratio (in including net movement Current assets – of significant increase in dividend
times) in Regulatory deferral Current liabilities receivable from non current
balances investments.
i) Net profit ratio Net Profit after Tax "Revenue including 24.75% 2.18% 1036% The increase is mainly on account
(%) including (including exceptional net movement of gain on sale of investment and
exceptional item item) in Regulatory deferral increase in dividend income from
balances" non current investments
j) Net profit ratio Net Profit after Revenue including 16.35% 4.18% 291% The increase is mainly on account
(%) excluding Tax (excluding net movement in of increase in dividend income
from non current investments
exceptional exceptional item) Regulatory deferral
item balances
k) Return Profit before tax and Average Capital g 9.37% 8.33% 13%
on capital exceptional item employed
employed (%) + interest expense (Shareholder's
(ROCE) excluding interest on equity + Total Debt
consumer security + Deferred tax
deposit liability)"
l) Return on Interest income + Average h 34.93% 10.29% 240% The increase is mainly on
investment (%) Dividend income + (Investment + Fixed account of gain on sale of
(ROI) Gain on fair value of deposit+ Loans investment and increase in
current investment Given) dividend income from non
at Fair Value through current investments
Profit & Loss + Gain
on Sale of Investment
in Subsidiary.
Note:
a Current Assets as per balance sheet and assets held for sale.
Current Liabilities as per balance sheet and liabilities classified as held for sale
b Total Debt: Long term borrowings (including current maturities of long term borrowings), lease liabilities (current and non
current), short term borrowings and interest accrued on these debts
Total Equity : Issued share capital, other equity and unsecured perpetual securities
c For the purpose of computation, scheduled principal repayment of long term borrowings does not include prepayments
(including prepayment by exercise of call/put option)
d Average Shareholders Equity: Issued share capital and other equity (excluding unsecured perpetual securities)
e Net credit purchases comprise of (a) cost of power purchased; (b) cost of fuel; (c) Transmission charges and (d) Other
expenses excluding (i) Bad debts (including provision); (ii) Net loss on foreign exchange; (iii) CSR expenses and (iv) Transfer
to contingency reserve
Trade Payable: as per balance sheet less employee related trade payables
f Working Capital:
i) Current Assets: as per balance sheet and assets held for sale

ii) Current Liabilities as per balance sheet (excluding current maturities of long term debt and lease liability and interest
accrued on long-term debts) and liabilities classified as held for sale
g Average Shareholders Equity: Issued share capital and other equity (excluding unsecured perpetual securities)
h Interest Income:
Interest on bank deposits, Interest on non-current investment and Interest on loans given
45. Segment Reporting:

Information reported to the CODM for the purpose of resource allocation and assessment of segment performance focuses
on business segment which comprises of Generation, Renewables, Transmission and Distribution and Others. Specifically, the
Company's reportable segments under Ind AS are as follows:
Generation: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from plants
owned and operated under lease arrangement and related ancillary services.
Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar and related ancillary services
Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers through
distribution network and related ancillary services.
Others: Comprises of project management contracts/infrastructure management services, rooftop solar projects, electric vehicle
charging stations, property development and lease rent of oil tanks.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue/assets of the segment
and manpower efforts. All other revenue/expenses which are not attributable or allocable to segments have been disclosed
as unallocable. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Segment Revenue
Generation 8,375.92 10,832.76
Renewables 15.52 228.90
Transmission and Distribution 4,644.92 3,709.00
Others 53.40 34.40
13,089.76 14,805.06
(Less): Inter Segment Revenue - Generation (1,913.35) (1,260.60)
(Less):Inter Segment Revenue - Renewables (15.43) (121.20)
Total Segment Revenue 11,160.98 13,423.26
Discontinued Operations- Others # Nil 193.63
Revenue / Income from Operations (including Net Movement in Regulatory Deferral Balances) 11,160.98 13,616.89
Segment Results
Generation (33.42) 1,173.95
Transmission and Distribution 802.05 724.69
Others (27.94) (7.22)
Total Segment Results 744.68 1,937.15

45. Segment Reporting: (Contd.)

ended ended
March 31, 2022 March 31, 2021
J crore J crore
(Less): Finance Costs (2,188.94) (2,496.68)
Add/(Less): Exceptional Item - Generation (Refer Note 40a) Nil (109.29)
Add/(Less): Exceptional Item - Unallocable [Refer Note 7(x) and (xii)] 1,412.11 Nil
Add/(Less): Unallocable Income/(Expense) (Net) 2,789.95 1,109.93
Profit/(Loss) Before Tax from Continuing Operations 2,757.80 441.11
Profit/(Loss) Before Tax from Discontinued Operations Nil (59.84)
Impairment Loss on Remeasurement to Fair Value # (467.83) (160.00)
Profit/(Loss) Before Tax from Discontinued Operations (467.83) (219.84)
Segment Assets
Generation 22,327.40 22,173.92
Others 754.86 362.23
Unallocable* 16,201.81 14,447.55
Total Assets 47,153.40 44,455.64
Segment Liabilities
Generation 5,073.76 4,277.07
Others 167.39 95.81
Unallocable* 29,413.14 28,552.95
Capital Expenditure
Generation 325.15 199.05
Renewables Nil 5.40
Others 237.18 66.83
Discontinued Operations Nil 32.97
1,180.86 1,047.44
Depreciation/Amortisation (to the extent allocable to the segment)
Others 9.91 3.18
1,096.25 1,190.56

RECONCILIATION OF REVENUE
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue from Operations 11,107.93 13,169.48
Add/(Less): Net Movement in Regulatory Deferral Balances 91.00 258.00
Add/(Less): Unallocable Revenue (81.30) (45.84)
Total Segment Revenue as reported above 11,160.98 13,616.89
# Pertains to Strategic Engineering Division being classified as Discontinued Operation and disposed of during the year ended March 31, 2021
(Refer note 18c).
* Includes amount classified as held for sale other than Strategic Engineering Division.
Notes:
1. Revenue from two DISCOMS on sale of electricity with which Company has entered into a Power Purchase Agreement,
accounts for more than 10% of Revenue.
2. Transfer pricing between operating segments are on an arm's length basis in a manner similar to transactions with
third parties.
(b) Geographic Information:
The Company's operations is majorly confined within India. Accordingly there are no reportable geographical
segments.
46. Relationship with Struck off Companies

Sl Name of struck off Company Nature of transactions Transaction Balance Balance Relationship
No. with struck off during the year outstanding outstanding with the
Company ended March as on March 31, as on March Struck off
31, 2022 2022 31, 2021 company
(₹) Crore J crore J crore
1 A One Cut Gems Pvt Ltd Sale of electricity 0.01 * * Customer
2 Adorn Jew Pvt Ltd Sale of electricity * * * Customer
3 Aloke Speciality Machines & Sale of electricity 0.01 * * Customer
Components Pvt. Ltd.
4 Chintamani Textiles Pvt Ltd Sale of electricity * * * Customer
5 Highlands Garments Pvt Ltd Sale of electricity * * * Customer
6 Optimus Properties Pvt. Ltd. . Sale of electricity * * * Customer
7 Panacia Properties Pvt Ltd Sale of electricity 0.12 * * Customer
8 Plant Genome Sciences Private Sale of electricity 0.03 * * Customer
Limited
9 Narayani Nivesh Nagam Pvt.Ltd. Sale of electricity 0.02 * * Customer
10 Parth Developers Sale of electricity 0.01 * * Customer
11 Sony Constructions Pvt Ltd Repair work Nil (0.01) (0.01) Supplier
* Denotes below ₹ 50,000

47. Merger of Coastal Gujarat Power Limited (CGPL) and Af-Taab Investment Company Limited (Af-
Taab) (wholly owned subsidiary companies):
(1) Pursuant to the Composite Scheme of Arrangement of erstwhile Coastal Gujarat Power Limited (CGPL) and Scheme of
Amalgamation of erstwhile Af-Taab Investment Company Limited (Af-Taab) with the Company under Sections 230 to 232
of the Companies Act, 2013 sanctioned by National Company Law Tribunal, Mumbai on March 31, 2022 and March 15, 2022
respectively, all assets and liabilities of CGPL and Af-Taab are transferred and vested in the Company with appointed date
of April 1, 2020.
(2) The arrangement and amalgamation have been accounted in the books of account of the Company in accordance with
Ind AS 103 ‘Business Combination’ read with Appendix C to Ind AS 103 specified under Section 133 of the Act, read with
the Companies (Accounting Standards) Amendment Rules, 2016. Accordingly, the accounting treatment has been given
as follows:
(i) The assets, liabilities and reserves of CGPL and Af-Taab have been incorporated in the financial statements at the
carrying values as appearing in the consolidated financial statement of the Company.
(ii) Inter-Company balances and transactions have been eliminated and resultant adjustment of ₹ 82.92 crores has been
adjusted in retained earnings.
(iii) 800,04,20,000 equity share of ₹ 10 each fully paid in CGPL and 10,73,000 equity share of ₹ 10 each fully paid in Af-Taab,
held as investment by the Company stands cancelled.
(iv) As per capital reorganisation mentioned in the Composite scheme of arrangement of CGPL:
(a) the debit balance in the Retained earnings ₹ 5,091.20 crore after giving effect of the accounting treatment as
mentioned above in point (i) to (iii) above have been adjusted against Securities Premium; and
(b) post-merger credit balance in General Reserve of the Company of ₹ 3,859.92 crore has been transferred to
Retained earnings.
(v) The financial information in the standalone financial statements in respect of prior period have been restated as if
business combination had occurred from the beginning of the preceding period in the standalone financial statements
as the appointed date of merger is April 1, 2020.
(3) Pursuant to the Scheme of merger, the authorised equity share capital of the Company has been increased by the authorised
equity share capital of the erstwhile CGPL and Af-Taab.
48. The Code on Social Security, 2020

The Code on Social Security 2020 ('Code') has been notified in the Official Gazette on September 29, 2020. The Code is not yet
effective and related rules are yet to be notified. Impact if any of the change will be assessed and recognized in the period in
which said Code becomes effective and the rules framed thereunder are notified.
49. Other Statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group
for holding any Benami property.
(ii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(iv) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(v) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act,
2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

49. Other Statutory information (Contd.)

(vi) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961.
50. Significant Events after the Reporting Period

There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.
51. Approval of Standalone Financial Statements

The Standalone financial statements were approved for issue by the Board of Directors on May 6, 2022.


To the Members of under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the ‘Auditor’s Responsibilities
The Tata Power Company Limited for the Audit of the Consolidated Financial Statements’ section
of our report. We are independent of the Group, associates,
Report on the Audit of the Consolidated Financial joint ventures in accordance with the ‘Code of Ethics’ issued by
Statements the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
Opinion financial statements under the provisions of the Act and the Rules
We have audited the accompanying consolidated financial thereunder, and we have fulfilled our other ethical responsibilities
statements of The Tata Power Company Limited (hereinafter in accordance with these requirements and the Code of Ethics.
referred to as “the Holding Company”), its subsidiaries (the Holding We believe that the audit evidence we have obtained is sufficient
Company and its subsidiaries together referred to as “the Group”) and appropriate to provide a basis for our audit opinion on the
its associates and joint ventures comprising of the consolidated consolidated financial statements.
Balance sheet as at March 31 2022, the consolidated Statement
of Profit and Loss, including other comprehensive income, Key Audit Matters
the consolidated Cash Flow Statement and the consolidated
Key audit matters are those matters that, in our professional
Statement of Changes in Equity for the year then ended, and
judgment, were of most significance in our audit of the
notes to the consolidated financial statements, including a
consolidated financial statements for the financial year ended
summary of significant accounting policies and other explanatory
March 31, 2022. These matters were addressed in the context of
information (hereinafter referred to as “the consolidated financial
our audit of the consolidated financial statements as a whole, and
statements”).
in forming our opinion thereon, and we do not provide a separate
In our opinion and to the best of our information and according opinion on these matters. For each matter below, our description
to the explanations given to us and based on the consideration of of how our audit addressed the matter is provided in that context.
reports of other auditors on separate financial statements and on
We have determined the matters described below to be the key
the other financial information of the subsidiaries, associates and
audit matters to be communicated in our report. We have fulfilled
joint ventures, the aforesaid consolidated financial statements
the responsibilities described in the Auditor’s responsibilities for
give the information required by the Companies Act, 2013,
the audit of the consolidated financial statements section of
as amended (“the Act”) in the manner so required and give a
our report, including in relation to these matters. Accordingly,
true and fair view in conformity with the accounting principles
our audit included the performance of procedures designed to
generally accepted in India, of the consolidated state of affairs of
respond to our assessment of the risks of material misstatement
the Group, its associates and joint ventures as at March 31, 2022,
of the consolidated financial statements. The results of
their consolidated profit including other comprehensive income,
audit procedures performed by us and by other auditors of
their consolidated cash flows and the consolidated statement of
components not audited by us, as reported by them in their
changes in equity for the year ended on that date.
audit reports furnished to us by the management, including those
procedures performed to address the matters below, provide the
Basis for Opinion basis for our audit opinion on the accompanying consolidated
We conducted our audit of the consolidated financial statements financial statements.
in accordance with the Standards on Auditing (SAs), as specified

Management assessment of appropriateness of Going Concern assumptions (as described in Note 43.4.3 of the consolidated Ind AS financial
statements)
The Group has current liabilities of ` 38,620.09 crore and current assets of Our audit procedures and procedures performed by component auditors,
` 21,585.43 crore as at March 31, 2022. included the following:
Current liabilities exceed current assets as at the year end. Given the l Obtaining an understanding of the process which includes
nature of its business i.e. contracted long term power supply agreements approval of annual business plan, raising short term borrowings and
and a significant composition of cost plus contracts leading to significant review of MIS; and testing the internal controls associated with the
stability of cashflows and profitability, management is confident of management’s assessment of Going Concern assumption.
refinancing and consider the liquidity risk as low and accordingly, the
l Discussing with management and assessing the assumptions,
Group uses significant short term borrowings to reduce its borrowing
judgements and estimates used in developing business plan and
costs.
cash flow projections having regards to past performance and current
emerging business trends affecting the business and industry.
Management has made an assessment of the Group’s ability to continue
as a Going Concern as required by Ind AS 1 Presentation of Financial l Assessing the Group’s ability to refinance its short term obligation
Statements considering all the available information and has concluded based on the past trends, credit ratings, analysis of solvency and
that the going concern basis of accounting is appropriate. liquidity ratios and ability to generate cash flows and access to capital.
Going Concern assessment has been identified as a key audit matter l Assessing the adequacy of the disclosures in the consolidated Ind AS
considering the significant judgements and estimates involved in the financial statements.
assessment and its dependence upon management’s ability to complete
the planned divestments, raising long term capital and / or successful
refinancing of certain current financial obligations.
Revenue recognition and accrual of regulatory deferrals (as described in Note 20 and 31 of the consolidated Ind AS financial statements)
Regulated generation, transmission and distribution business of Our audit procedures and procedures performed by component auditors
the Group: included the following:
Tariff is determined by the regulator on cost plus return on equity basis
l Read the Group's accounting policies with respect to accrual of
wherein the cost is subject to prudential norms. The Group invoices its
regulatory deferrals and assessing its compliance with Ind AS 114
customers on the basis of pre-approved tariff which is based on budget
“Regulatory Deferral Accounts” and Ind AS 115 “Revenue from
and is subject to true up.
Contract with Customers”.
The Group recognizes revenue as the amount invoiced to customers l Performing test of controls over revenue recognition and accrual of
based on pre-approved tariff rates agreed with the regulator. As the regulatory deferrals through inspection of evidence of performance
Group is entitled to a fixed return on equity, the difference between of these controls.
revenue recognized and entitlement as per the regulation is recognized
as regulatory assets / liabilities. The Group has recognized ` 1,146.52 l Performing substantive audit procedures including:
crore for generation and transmission business and ` 6,175.94 crore for l Read the executed PPAs with the customer, tariff regulations
distribution business as accruals as at March 31, 2022. and tariff orders and evaluating relevant clauses to understand
Accruals are determined based on tariff regulations and past tariff management's assessment of the Group's right vis-a-vis the
orders and are subject to verification and approval by the regulators. customers.
Further the costs incurred are subject to prudential checks and l Evaluating the key assumptions used by the Group by comparing
prescribed norms. Significant judgements are made in determining the it with prior years, past precedents and the legal opinion obtained
accruals including interpretation of tariff regulations. Further certain by the management.
disallowances of claims have been litigated by the Group which are in
l Considering the independence, objectivity and competence of
various stages of dispute.
management’s expert.
Mundra power generation plant: l Assessing the management’s evaluation of the likely outcome
The Group sells power to customers in accordance with the long-term of the key disputes based on past precedents and / or advice of
Power Purchase Agreement (PPA) entered into with them. management’s expert.
l Assessing the impact recognized by the Group in respect of
As per the PPA, the Group’s entitlement to capacity revenue is dependent
on availability declared. Accordingly, the Group accrues capacity revenue tariff orders received, revenue adjustment on account of actual
based on the actual declared capacity. As per PPA, Group is required to declared capacity and revenue recognized based on ongoing
pay compensation to customers in case of declared capacity is lower than discussion in relation to proposed amendments in PPA.
the minimum capacity to be declared as per PPA. Based on the actual l Reading the legal opinion obtained by the management for
capacity declared, Group has recognized an amount of ` 509.55 crore as assessing the Group's right with respect to claims with customers
a reduction in revenue which includes ` 123.27 crore relating to earlier and power supply to customer for the period wherein terms of
years and compensation towards lower annual availability. PPA are under discussion.

Also, Group is in discussion to amend certain terms of PPA with one of the l Assessing the disclosures in accordance with the requirements of Ind
customers. The discussions are at very advanced stage and agreement AS 114 “Regulatory Deferral Accounts” and Ind AS 115 “Revenue from
is reached except few items for which discussions are ongoing and Contract with Customers”.
accordingly the SPPA is yet to be signed and approved. To ensure
continuous supply of power, customer has requested the Group to
continue supplying power based on the proposed amendments which
will be effective January 1, 2022. Accordingly, based on the legal opinion
obtained, the differential revenue of ` 324.00 crore has been recognized
on the basis of the current agreed draft of SPPA.
Renewable Operations:
In the renewables business of the Group, certain customers have raised
dispute with respect to the tariff as per the executed power purchase
agreement (‘PPA’) and are making part payment of invoices. Pending
outcome of litigation, Group continues to recognize revenue at PPA
rate. Further, Group based on various orders by judicial authorities and
legal opinions obtained, have assessed its claims under various contracts
with customers and recognized an revenue amounting to ` 259.46 crore
(including an amount of ` 170.45 crore relating to earlier years).
Revenue recognition and accrual of regulatory deferrals is a key audit
matter considering the significance of the amount and significant
judgements involved in the determination.
Recognition and measurement of deferred tax (as described in Note 14 and Note 37 of the consolidated Ind AS financial statements)
The Group has recognized Minimum Alternate Tax (MAT) credit receivable Our audit procedures and procedures performed by component auditors
of ` 890.10 crore as at March 31, 2022. The Group also has recognized included the following:
deferred tax assets of ` 3,262.73 crore on unabsorbed depreciation. l Read Group’s accounting policies with respect to recognition and
During the year, National Company Law Tribunal (‘NCLT’) has approved measurement of tax balances in accordance with Ind AS 12 “Income
the composite scheme of arrangement between the Holding Company Taxes”
and Coastal Gujarat Power Limited (‘CGPL’), a wholly owned subsidiary, l Performing test of controls over recognition and measurement of tax
with the Appointed date as April 1, 2020. Accordingly, Holding Company balances through inspection of evidence of performance of these
has reassessed the tax provisions recognized by the Holding Company controls.
since the effective date of merger and recoverability of unabsorbed
depreciation and brought forward business losses of CGPL available for
utilization against Holding Company's future profit. Basis the assessment, l Involving tax specialists who evaluated the Group’s tax positions
Group has reversed the tax provision amounting to ` 105.11 crore and basis the tax law and also by comparing it with prior years and
has recognized the deferred tax assets on unabsorbed depreciation past precedents
amounting to ` 968.56 crore in the statement of profit and loss. l Discussing the future business plans and financial projections
The recognition and measurement of MAT credit receivable and with the management
deferred tax balances; is a key audit matter considering the significance l Assessing the management’s long-term financial projections and
of the amount, judgement involved in assessing the recoverability of the key assumptions used in the projections by comparing it to
such credits, estimation of the financial projections for utilization of the approved business plan, projections used for estimation of
unabsorbed depreciation and determination of the year of transition likely year of transition to the new tax regime and projections
to new tax regime and judgements involved in the interpretation of tax used for impairment assessment where applicable.
regulations and tax positions adopted by the Group.
l Assessing the disclosures in accordance with the requirements of Ind
AS 12 “Income Taxes”.
Impairment of Assets (as described in Note 4, 7, 8 and 19 of the consolidated Ind AS financial statements)
As per the requirements of Ind AS 36, the Group tests the Goodwill Our audit procedures and procedures performed by component auditors,
acquired in business combination for impairment annually. For other included the following:
assets, the Group assesses at the end of every reporting period, whether
l Read the Group's accounting policies with respect to impairment in
there is any indication that an asset or cash generating unit (CGU) may
accordance with Ind AS 36 “Impairment of assets”
be impaired. If any such indication exists, the Group estimates the
recoverable amount of the asset or CGU. l Performing test of controls over key financial controls related to
accounting, valuation and recoverability of assets through inspection
of evidence.

The determination of recoverable amount, being the higher of fair l Performing substantive audit procedures including:
value less costs to sell and value-in-use involves significant estimates,
l Obtaining the management’s impairment assessment
assumptions and judgements of the long-term financial projections.
l Evaluating the key assumptions including projected generation,
The Group is carrying Goodwill of ` 1,636.03 crore relating to acquisition
of renewable energy businesses. The Group is also carrying impairment coal prices, exchange rate, energy prices post power purchase
provision amounting to ` 1,122.38 crore with respect to Mundra CGU agreement period and weighted average cost of capital by
(comprising Mundra power plant, investment in companies owning comparing them with prior years and external data, where
coal mines and related infrastructure), ` 372.13 crore for investment in available.
company owning hydro power plant in Georgia and ` 100.00 crore with l Obtaining and evaluating the sensitivity analysis
respect to a generating unit in Trombay. During the year, as the indication
exists, the Group has reassessed its impairment assessment with respect l Assessing the disclosures in accordance with the requirements of Ind
to the specified CGUs and has recognized additional impairment AS 36 “Impairment of assets”.
provision of ` 150.27 crore towards investment in Company owning
hydro power plant in Georgia.
Impairment of assets is a key audit matter considering the significance of
the carrying value, estimations and the significant judgements involved
in the impairment assessment.
Receivables related to Group’s distribution business in Odisha (as described in Note 9 of the consolidated Ind AS financial statements)
The Odisha Discoms (‘Discoms’) have outstanding trade receivables Our audit procedures and procedures performed by component auditors,
of ` 2,020.32 crore as at March 31, 2022, including overdue/ aged included the following:
receivables.
l Obtaining an understanding of the process and testing the
Discoms supplies electricity to various types of customers including internal controls associated with the management’s assessment of
individual customers with wide ranging characteristics in the different determining loss allowance for trade receivables.
region of Odisha. There exists inherent exposure to credit risk for these
customers. Since, the business was recently acquired by the Group, l Obtaining an understanding of the management plan and steps
limited past experiences are available to estimate credit loss allowance. being taken to collect overdue/ aged receivables.
Considering the recent trend and significant effort placed in recent l Evaluating management’s assessment of recoverability of the
months, Group recognised Expected Credit Loss (ECL) allowance on trade outstanding receivables including recoverability of overdue / aged
receivables as per the OERC tariff regulations, i.e., @ 1% of revenue from receivables through inquiry with management, and analyzing recent
power supply and believes that provision amount is appropriate. collection trends in respect of receivables particularly aged and pre-
acquisition receivables.
ECL allowance for trade receivables is a key audit matter considering the
significance of the amount, estimations and the significant judgements l Evaluating management’s assumption and judgment relating to
involved in the assessment. collection considering business environment in which the Discoms
operates and rights available with the Discoms to recover amount due
from customers for estimating the amount of loss allowance.
l Assessing the disclosures in the financial statements.
Information Other than the Financial Statements and or our knowledge obtained in the audit or otherwise appears to
Auditor’s Report Thereon be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other
The Holding Company’s Board of Directors is responsible
information, we are required to report that fact. We have nothing
for the other information. The other information comprises
to report in this regard.
the information included in the Annual report, but does not
include the consolidated financial statements and our auditor’s Responsibilities of Management for the Consolidated
report thereon. Financial Statements
Our opinion on the consolidated financial statements does not The Holding Company’s Board of Directors is responsible for the
cover the other information and we do not express any form of preparation and presentation of these consolidated financial
assurance conclusion thereon. statements in terms of the requirements of the Act that give a true
and fair view of the consolidated financial position, consolidated
In connection with our audit of the consolidated financial
financial performance including other comprehensive income,
statements, our responsibility is to read the other information
consolidated cash flows and consolidated statement of changes
and, in doing so, consider whether such other information is
in equity of the Group including its associates and joint ventures
materially inconsistent with the consolidated financial statements

in accordance with the accounting principles generally accepted error, design and perform audit procedures responsive to
in India, including the Indian Accounting Standards (Ind AS) those risks, and obtain audit evidence that is sufficient and
specified under section 133 of the Act read with the Companies appropriate to provide a basis for our opinion. The risk of not
(Indian Accounting Standards) Rules, 2015, as amended. The detecting a material misstatement resulting from fraud is
respective Board of Directors of the companies included in the higher than for one resulting from error, as fraud may involve
Group and of its associates and joint ventures are responsible collusion, forgery, intentional omissions, misrepresentations,
for maintenance of adequate accounting records in accordance or the override of internal control.
with the provisions of the Act for safeguarding of the assets of the
l Obtain an understanding of internal control relevant to the
Group and of its associates and joint ventures and for preventing
audit in order to design audit procedures that are appropriate
and detecting frauds and other irregularities; selection and
in the circumstances. Under section 143(3)(i) of the Act, we
application of appropriate accounting policies; making judgments
are also responsible for expressing our opinion on whether
and estimates that are reasonable and prudent; and the design,
the Holding Company has adequate internal financial controls
implementation and maintenance of adequate internal financial
with reference to financial statements in place and the
controls, that were operating effectively for ensuring the
operating effectiveness of such controls.
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the consolidated financial l Evaluate the appropriateness of accounting policies used
statements that give a true and fair view and are free from material and the reasonableness of accounting estimates and related
misstatement, whether due to fraud or error, which have been disclosures made by management.
used for the purpose of preparation of the consolidated financial
l Conclude on the appropriateness of management’s use of the
statements by the Directors of the Holding Company, as aforesaid.
going concern basis of accounting and, based on the audit
In preparing the consolidated financial statements, the respective evidence obtained, whether a material uncertainty exists
Board of Directors of the companies included in the Group and of its related to events or conditions that may cast significant doubt
associates and joint ventures are responsible for assessing the ability on the ability of the Group and its associates and joint ventures
of the Group and of its associates and joint ventures to continue as to continue as a going concern. If we conclude that a material
a going concern, disclosing, as applicable, matters related to going uncertainty exists, we are required to draw attention in our
concern and using the going concern basis of accounting unless auditor’s report to the related disclosures in the consolidated
management either intends to liquidate the Group or to cease financial statements or, if such disclosures are inadequate, to
operations, or has no realistic alternative but to do so. modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report.
Those respective Board of Directors of the companies included
However, future events or conditions may cause the Group
in the Group and of its associates and joint ventures are also
and its associates and joint ventures to cease to continue as a
responsible for overseeing the financial reporting process of the
going concern.
Group and of its associates and joint ventures.
l Evaluate the overall presentation, structure and content of the
Auditor’s Responsibilities for the Audit of the Consolidated
consolidated financial statements, including the disclosures,
Financial Statements
and whether the consolidated financial statements represent
Our objectives are to obtain reasonable assurance about whether the underlying transactions and events in a manner that
the consolidated financial statements as a whole are free from achieves fair presentation.
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable l Obtain sufficient appropriate audit evidence regarding the
assurance is a high level of assurance, but is not a guarantee that financial information of the entities or business activities within
an audit conducted in accordance with SAs will always detect a the Group and its associates and joint ventures of which we are
material misstatement when it exists. Misstatements can arise the independent auditors and whose financial information
from fraud or error and are considered material if, individually or we have audited, to express an opinion on the consolidated
in the aggregate, they could reasonably be expected to influence financial statements. We are responsible for the direction,
the economic decisions of users taken on the basis of these supervision and performance of the audit of the financial
consolidated financial statements. statements of such entities included in the consolidated
financial statements of which we are the independent auditors.
As part of an audit in accordance with SAs, we exercise professional For the other entities included in the consolidated financial
judgment and maintain professional skepticism throughout the statements, which have been audited by other auditors, such
audit. We also: other auditors remain responsible for the direction, supervision
l Identify and assess the risks of material misstatement of the and performance of the audits carried out by them. We remain
consolidated financial statements, whether due to fraud or solely responsible for our audit opinion.

We communicate with those charged with governance of accounting principles generally accepted in their respective
the Holding Company and such other entities included in countries and which have been audited by other auditors under
the consolidated financial statements of which we are the generally accepted auditing standards applicable in their
independent auditors regarding, among other matters, the respective countries. The Holding Company’s management
planned scope and timing of the audit and significant audit has converted the financial statements of such subsidiaries,
findings, including any significant deficiencies in internal control associates and joint ventures located outside India from
that we identify during our audit. accounting principles generally accepted in their respective
countries to accounting principles generally accepted in
We also provide those charged with governance with a statement
India. We have audited these conversion adjustments made
that we have complied with relevant ethical requirements
by the Holding Company’s management. Our opinion in so
regarding independence, and to communicate with them
far as it relates to the balances and affairs of such subsidiaries,
all relationships and other matters that may reasonably be
associates and joint ventures located outside India is based on
thought to bear on our independence, and where applicable,
the report of other auditors and the conversion adjustments
related safeguards.
prepared by the management of the Holding Company and
From the matters communicated with those charged with audited by us.
governance, we determine those matters that were of most
(b) The accompanying consolidated financial statements include
significance in the audit of the consolidated financial statements
unaudited financial statements and other unaudited financial
for the financial year ended March 31, 2022 and are therefore the
information in respect of 1 subsidiary whose financial
key audit matters. We describe these matters in our auditor’s
statements and other financial information reflect total assets
report unless law or regulation precludes public disclosure
of ` 17.19 crore as at March 31, 2022, and total revenues of ` Nil
about the matter or when, in extremely rare circumstances, we
and net cash outflows of ` 0.62 crore for the year ended on
determine that a matter should not be communicated in our
that date. These unaudited financial statements and other
report because the adverse consequences of doing so would
unaudited financial information have been furnished to us
reasonably be expected to outweigh the public interest benefits
by the management. The consolidated financial statements
of such communication.
also include the Group’s share of net profit of ` 0.57 crore
Other Matter for the year ended March 31, 2022, as considered in the
consolidated financial statements, in respect of 12 associates
(a) We did not audit the financial statements and other financial and joint ventures, whose financial statements, other financial
information, in respect of 14 subsidiaries whose financial information have not been audited and whose unaudited
statements include total assets of ` 13,380.50 crore as at March financial statements, other unaudited financial information
31, 2022, and total revenues of ` 9,007.25 crore and net cash have been furnished to us by the Management. Our opinion, in
outflows of ` 27.41 crore for the year ended on that date. These so far as it relates amounts and disclosures included in respect
financial statement and other financial information have of these subsidiaries, joint ventures and associates, and our
been audited by other auditors, which financial statements, report in terms of sub-sections (3) of Section 143 of the Act in
other financial information and auditor’s reports have been so far as it relates to the aforesaid subsidiaries, joint ventures
furnished to us by the management. The consolidated and associates, is based solely on such unaudited financial
financial statements also include the Group’s share of net statements and other unaudited financial information. In our
profit of ` 1,673.89 crore for the year ended March 31, 2022, opinion and according to the information and explanations
as considered in the consolidated financial statements, in given to us by the Management, these financial statements
respect of 6 associates and joint ventures, whose financial and other financial information are not material to the Group.
statements, other financial information have been audited
by other auditors and whose reports have been furnished Our opinion above on the consolidated financial statements, and
to us by the Management. Our opinion on the consolidated our report on Other Legal and Regulatory Requirements below, is
financial statements, in so far as it relates to the amounts not modified in respect of the above matters with respect to our
and disclosures included in respect of these subsidiaries, reliance on the work done and the reports of the other auditors
joint ventures and associates, and our report in terms of sub- and the financial statements and other financial information
sections (3) of Section 143 of the Act, in so far as it relates to the certified by the Management.
aforesaid subsidiaries, joint ventures and associates, is based
Report on Other Legal and Regulatory Requirements
solely on the reports of such other auditors.
1. As required by the Companies (Auditor’s Report) Order, 2020
Certain of these subsidiaries, associates and joint ventures are (“the Order”), issued by the Central Government of India in
located outside India whose financial statements and other terms of sub-section (11) of section 143 of the Act, based on our
financial information have been prepared in accordance with audit and on the consideration of report of the other auditors

on separate financial statements and the other financial such controls, refer to our separate Report in “Annexure 2”
information of the subsidiary companies, associate companies to this report;
and joint venture companies, incorporated in India, as noted
(g) In our opinion and based on the consideration of reports
in the ‘Other Matter’ paragraph we give in the “Annexure 1”
of other statutory auditors of the subsidiaries, associates
a statement on the matters specified in paragraph 3(xxi) of
and joint ventures incorporated in India, the managerial
the Order.
remuneration for the year ended March 31, 2022 has been
2. As required by Section 143(3) of the Act, based on our audit paid / provided by the Holding Company, its subsidiaries,
and on the consideration of report of the other auditors associates and joint ventures incorporated in India to their
on separate financial statements and the other financial directors in accordance with the provisions of section 197
information of subsidiaries, associates and joint ventures, as read with Schedule V to the Act;
noted in the ‘other matter’ paragraph we report, to the extent
(h) With respect to the other matters to be included in
applicable, that:
the Auditor’s Report in accordance with Rule 11 of the
(a) We/the other auditors whose report we have relied Companies (Audit and Auditors) Rules, 2014, as amended,
upon have sought and obtained all the information and in our opinion and to the best of our information and
explanations which to the best of our knowledge and according to the explanations given to us and based on
belief were necessary for the purposes of our audit of the the consideration of the report of the other auditors on
aforesaid consolidated financial statements; separate financial statements as also the other financial
information of the subsidiaries, associates and joint
(b) In our opinion, proper books of account as required by
ventures, as noted in the ‘Other matter’ paragraph:
law relating to preparation of the aforesaid consolidation
of the financial statements have been kept so far as it i. The consolidated financial statements disclose the
appears from our examination of those books and reports impact of pending litigations on its consolidated financial
of the other auditors; position of the Group, its associates and joint ventures in
its consolidated financial statements – Refer Note 39 and
(c) The Consolidated Balance Sheet, the Consolidated 40 to the consolidated financial statements;
Statement of Profit and Loss including the Statement of
Other Comprehensive Income, the Consolidated Cash ii. Provision has been made in the consolidated financial
Flow Statement and Consolidated Statement of Changes statements, as required under the applicable law or
in Equity dealt with by this Report are in agreement with accounting standards, for material foreseeable losses, if
the books of account maintained for the purpose of any, on long-term contracts including derivative contracts;
preparation of the consolidated financial statements; iii. There has been no delay in transferring amounts, required
(d) In our opinion, the aforesaid consolidated financial to be transferred, to the Investor Education and Protection
statements comply with the Accounting Standards Fund by the Holding Company, its subsidiaries, associates
specified under Section 133 of the Act, read with and joint ventures, incorporated in India during the year
Companies (Indian Accounting Standards) Rules, 2015, ended March 31, 2022;
as amended; iv. a) The respective managements of the Holding Company
(e) On the basis of the written representations received and its subsidiaries, associates and joint ventures
from the directors of the Holding Company as on March which are companies incorporated in India whose
31, 2022 taken on record by the Board of Directors of financial statements have been audited under the Act
the Holding Company and the reports of the statutory have represented to us and the other auditors of such
auditors who are appointed under Section 139 of the Act, subsidiaries, associates and joint ventures respectively
of its subsidiary companies, associate companies and joint that, to the best of its knowledge and belief, no funds
ventures, none of the directors of the Group’s companies, have been advanced or loaned or invested (either
its associates and joint ventures, incorporated in India, is from borrowed funds or share premium or any other
disqualified as on March 31, 2022 from being appointed as sources or kind of funds) by the Group, associates
a director in terms of Section 164 (2) of the Act; and joint ventures to or in any other person or entity,
including foreign entities (“Intermediaries”), with
(f) With respect to the adequacy of the internal financial the understanding, whether recorded in writing or
controls with reference to consolidated financial otherwise, that the Intermediary shall, whether, directly
statements of the Holding Company and its subsidiary or indirectly lend or invest in other persons or entities
companies, associate companies and joint ventures, identified in any manner whatsoever by or on behalf
incorporated in India, and the operating effectiveness of of the Group, associates and joint ventures (“Ultimate

Beneficiaries”) or provide any guarantee, security or the believe that the representations under sub-clause (a)
like on behalf of the Ultimate Beneficiaries; and (b) contain any material mis-statement;
b) The respective managements of the Holding Company v) The final dividend paid by the Holding Company, its
and its subsidiaries, associates and joint ventures subsidiaries, associates and joint venture companies
which are companies incorporated in India whose incorporated in India during the year in respect of the
financial statements have been audited under the Act same declared for the previous year is in accordance with
have represented to us and the other auditors of such section 123 of the Act to the extent it applies to payment
subsidiaries, associates and joint ventures respectively of dividend.
that, to the best of its knowledge and belief, no funds
The respective Board of Directors of the Holding Company,
have been received by the Group, associates and joint
its subsidiaries, associates and joint ventures companies,
ventures from any person or entity, including foreign
incorporated in India have proposed final dividend for
entities (“Funding Parties”), with the understanding,
the year which is subject to the approval of the members
whether recorded in writing or otherwise, that the
of the respective companies at the respective ensuing
Group, associates and joint ventures shall, whether,
Annual General Meeting. The dividend declared is in
directly or indirectly, lend or invest in other persons or
accordance with section 123 of the Act to the extent it
entities identified in any manner whatsoever by or on
applies to declaration of dividend.
behalf of the Funding Party (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
c) Based on the audit procedures that have been
considered reasonable and appropriate in the
circumstances performed by us and that performed
by the auditors of the subsidiaries, associates and joint
ventures which are companies incorporated in India per Abhishek Agarwal
whose financial statements have been audited under Partner
the Act, nothing has come to our or other auditor’s Place of Signature: Mumbai Membership Number: 112773
notice that has caused us or the other auditors to Date: May 6, 2022 UDIN: 22112773AIMZZK3853

Annexure 1 referred to in Paragraph 1 under the heading ‘Report on

Other Legal and Regulatory Requirements’ of our report of even date
In terms of the information and explanations sought by us and given by the Company and the books of account and records examined
by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(xxi) Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements are:
Sr. Name CIN Holding company/ Clause number of

No. subsidiary / Joint the CARO report
Venture which is qualified
or is adverse
1. The Tata Power Company Limited L28920MH1919PLC000567 Holding Company (i)(c); (ii)(b); (iii)
(e);(ix)(d);
2. Tata Power Trading Company Limited U40100MH2003PLC143770 Subsidiary (iii)(c); (iii)(e); (iii)(f )
3. Maithon Power Limited U74899MH2000PLC267297 Subsidiary (i)(c)
4. Tata Power Renewable Energy Limited U40108MH2007PLC168314 Subsidiary (i)(c); (iii)(e); vii(a);
(ix)(d)
5. Tata Power Solar Systems Limited U40106MH1989PLC330738 Subsidiary (ii)(b)
6. TP Western Odisha Distribution Limited U40109OR2020PLC035230 Subsidiary (vii)(a)
7. TP Southern Odisha Distribution Limited U40109OR2020PLC035195 Subsidiary (vii)(a)
8. TP Northern Odisha Distribution Limited U40109OR2021PLC035951 Subsidiary (vii)(a)
9. Walwhan Renewable Energy Limited U40103MH2009PLC197021 Subsidiary (iii)(e); (vii)(a)
10. Poolavadi Windfarm Limited U40300MH2016PLC271899 Subsidiary (ix)(d)
11. TP Renewable Microgrid Limited U40100MH2007PLC168291 Subsidiary (ix)(d)
12. TP Ajmer Distribution Limited U40100MH2017PLC293914 Subsidiary (ix)(d)
13. TP Kirnali Limited U40100MH2020PLC337950 Subsidiary (ix)(d)
14. Tata Power Green Energy Ltd. U40108MH2011PLC211851 Subsidiary (i)(c)
15. Clean Sustainable Solar Energy Private Limited U40300MH2014PTC254371 Subsidiary (iii)(e)
16. Dreisatz Mysolar24 Private Limited U40102MH2009PTC326890 Subsidiary (iii)(e)
17. MI Mysolar24 Private Limited U40106MH2009PTC326791 Subsidiary (iii)(e)
18. Northwest Energy Private Limited U40108MH2008PTC182762 Subsidiary (ix)(d)
19. Solarsys Renewable Energy Private Limited U74999MH2004PTC325049 Subsidiary (ix)(d)
20. Walwhan Solar Energy GJ Limited U40104MH2008PLC184134 Subsidiary (iii)(e)
21. Walwhan Solar Raj Limited U40105MH2010PLC202097 Subsidiary (ix)(d)
22. Walwhan Solar BH Limited U40106MH2010PLC209615 Subsidiary (iii)(e)
23. Walwhan Solar MH Limited U40108MH2006PLC165673 Subsidiary (ix)(d)
24. Walwhan Wind RJ Limited U40108MH2006PLC325050 Subsidiary (ix)(d)
25. Walwhan Solar AP Limited U40109MH2008PLC178769 Subsidiary (vii)(a); (ix)(d)
26. Walwhan Solar KA Limited U40300MH2012PLC233418 Subsidiary (ix)(d)
27. Walwhan Solar MP Limited U40106MH2010PLC206275 Subsidiary (iii)(e); (ix)(d)
28. Walwhan Solar PB Limited U40300MH2010PLC326052 Subsidiary (ix)(d)
29. Walwhan Solar TN Limited U40106MH2010PLC326794 Subsidiary (iii)(e); (ix)(d)
30. Walwhan Urja Anjar Limited U40300MH2010PLC326888 Subsidiary (ix)(d)
31. Welspun Urja India Limited U40109MH2006PLC165964 Subsidiary (ix)(d)
32. Nelco Limited L32200MH1940PLC003164 Subsidiary (vii)(a)
33. Prayagraj Power Generation Company Limited U40101UP2007SGC032835 Joint Venture (iii)(f ); (xiv)(b)
34. Industrial Energy Limited U74999MH2007PLC167623 Joint Venture (i)(c)
35. Tata Projects Limited U45203TG1979PLC057431 Associate (iii)(f ); (xxi)

The report of the following components included in the consolidated financial statements has not been issued by its auditor till
the date of our auditor’s report:
Sr. Name CIN Subsidiary/ associate/ joint venture

No.
1. LTH Milcom Pvt Limited. U74999MH2015PTC267502 Joint Venture
2. Tubed Coal Mines Limited U10100MH2007PLC174466 Joint Venture
3. Mandakini Coal Co. Limited U10100DL2008PLC175417 Joint Venture
4. Solace Land Hold Limited U70109DL2012PLC242177 Joint Venture
5. Yashmun Engineers Limited U29100MH1966PLC006109 Associate


Partner
Date: May 6, 2022 UDIN: 22112773AIMZZK3853

Annexure 2 to the Independent Auditor’s Report of Even Date on the

Consolidated Financial Statements of the Tata Power Company Limited
Report on the Internal Financial Controls under Clause (i) reference to consolidated financial statements, assessing the
of Sub-section 3 of Section 143 of the Companies Act, 2013 risk that a material weakness exists, and testing and evaluating
(“the Act”) the design and operating effectiveness of internal control based
In conjunction with our audit of the consolidated financial on the assessed risk. The procedures selected depend on the
statements of The Tata Power Company Limited (hereinafter auditor’s judgement, including the assessment of the risks of
referred to as the “Holding Company”) as of and for the year material misstatement of the financial statements, whether due
ended March 31, 2022, we have audited the internal financial to fraud or error.
controls with reference to consolidated financial statements of We believe that the audit evidence we have obtained and the
the Holding Company and its subsidiaries (the Holding Company audit evidence obtained by the other auditors in terms of their
and its subsidiaries together referred to as “the Group”), its reports referred to in the Other Matters paragraph below, is
associates and joint ventures, which are companies incorporated sufficient and appropriate to provide a basis for our audit opinion
in India, as of that date. on the internal financial controls with reference to consolidated
Management’s Responsibility for Internal Financial Controls financial statements.
The respective Board of Directors of the companies included in Meaning of Internal Financial Controls With Reference to
the Group, its associates and joint ventures, which are companies Consolidated Financial Statements
incorporated in India, are responsible for establishing and A company’s internal financial control with reference to
maintaining internal financial controls based on the internal consolidated financial statements is a process designed to
control over financial reporting criteria established by the Holding provide reasonable assurance regarding the reliability of financial
Company considering the essential components of internal control reporting and the preparation of financial statements for external
stated in the Guidance Note on Audit of Internal Financial Controls purposes in accordance with generally accepted accounting
Over Financial Reporting issued by the Institute of Chartered principles. A company’s internal financial control with reference
Accountants of India (ICAI). These responsibilities include the to consolidated financial statements includes those policies and
design, implementation and maintenance of adequate internal procedures that (1) pertain to the maintenance of records that,
financial controls that were operating effectively for ensuring the in reasonable detail, accurately and fairly reflect the transactions
orderly and efficient conduct of its business, including adherence and dispositions of the assets of the company; (2) provide
to the respective company’s policies, the safeguarding of its reasonable assurance that transactions are recorded as necessary
assets, the prevention and detection of frauds and errors, the to permit preparation of financial statements in accordance with
accuracy and completeness of the accounting records, and the generally accepted accounting principles, and that receipts and
timely preparation of reliable financial information, as required expenditures of the company are being made only in accordance
under the Companies Act, 2013. with authorisations of management and directors of the company;
Auditor’s Responsibility and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition
Our responsibility is to express an opinion on the Holding
of the company’s assets that could have a material effect on the
Company’s internal financial controls with reference to
consolidated financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note on Inherent Limitations of Internal Financial Controls With
Audit of Internal Financial Controls Over Financial Reporting Reference to Consolidated Financial Statements
(the “Guidance Note”) and the Standards on Auditing, specified Because of the inherent limitations of internal financial controls
under section 143(10) of the Act, to the extent applicable to an with reference to consolidated financial statements, including
audit of internal financial controls, both, issued by ICAI. Those the possibility of collusion or improper management override
Standards and the Guidance Note require that we comply with of controls, material misstatements due to error or fraud may
ethical requirements and plan and perform the audit to obtain occur and not be detected. Also, projections of any evaluation
reasonable assurance about whether adequate internal financial of the internal financial controls with reference to consolidated
controls with reference to consolidated financial statements financial statements to future periods are subject to the risk that
was established and maintained and if such controls operated the internal financial controls with reference to consolidated
effectively in all material respects. financial statements may become inadequate because of changes
Our audit involves performing procedures to obtain audit in conditions, or that the degree of compliance with the policies
evidence about the adequacy of the internal financial controls or procedures may deteriorate.
with reference to consolidated financial statements and their
Opinion
operating effectiveness. Our audit of internal financial controls
with reference to consolidated financial statements included In our opinion, the Group , its associates and joint ventures,
obtaining an understanding of internal financial controls with which are companies incorporated in India, have, maintained

in all material respects, adequate internal financial controls associates, which are companies incorporated in India, is based
with reference to consolidated financial statements and such on the corresponding reports of the auditors of such subsidiaries,
internal financial controls with reference to consolidated financial associates and joint ventures incorporated in India.
statements were operating effectively as at March 31,2022, based
on the internal control over financial reporting criteria established
by the Holding Company considering the essential components For S R B C & CO LLP
of internal control stated in the Guidance Note issued by the ICAI. Chartered Accountants
Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy per Abhishek Agarwal
and operating effectiveness of the internal financial controls with Partner
reference to consolidated financial statements of the Holding Place of Signature: Mumbai Membership Number: 112773
Company, in so far as it relates to these 14 subsidiaries and 2 Date: May 6, 2022 UDIN: 22112773AIMZZK3853

Consolidated Balance Sheet

as at March 31, 2022
Notes Page As at As at
March 31, 2022 March 31, 2021*
J crore J crore
ASSETS
Non-Current Assets
(a) Property, Plant and Equipments 4 357 50,502.96 45,356.46
(b) Right of Use Assets 5 361 3,661.99 3,682.27
(c) Capital Work-in-Progress 6 362 4,635.10 3,270.26
(d) Goodwill 7a 362 1,858.31 1,794.57
(e) Other Intangible Assets 7b 363 1,366.18 1,345.85
(f ) Investments accounted for using the Equity Method 8a 366 12,580.00 11,920.63
(g) Financial Assets
(i) Other Investments 8c 376 1,169.81 728.88
(ii)
Trade Receivables 9 378 685.78 604.71
(iii)
Loans 10 380 3.45 4.60
(iv) Finance Lease Receivables 11 381 588.69 598.61
(v) Other Financial Assets 12 382 1,684.53 1,919.25
(h) Non-current Tax Assets (Net) 13 383 520.54 359.83
(i) Deferred Tax Assets (Net) 14 a 383 334.60 184.02
(j) Other Non-current Assets 15 388 1,849.82 1,459.24
Total Non-current Assets 81,441.76 73,229.18
Current Assets
(a) Inventories 16 389 4,231.52 1,885.62
(b) Financial Assets
(i) Investments 17 390 410.52 499.54
(ii)
Trade Receivables 9 378 5,979.74 5,200.08
(iii)
Unbilled Revenue 2,285.57 1,591.14
(iv) Cash and Cash Equivalents 18 a 390 3,077.24 3,669.62
(v) Bank Balances other than (iv) above 18 b 391 3,563.46 2,201.05
(vi)
Loans 10 380 9.34 7.63
(vii) Finance Lease Receivables 11 381 46.91 41.45
(viii) Other Financial Assets 12 382 501.45 329.61
(c) Current Tax Assets (Net) 13 383 0.01 Nil
(d) Other Current Assets 15 388 1,479.67 914.04
Total Current Assets 21,585.43 16,339.78
Assets Classified as Held For Sale 19 a 392 3,046.83 3,047.46
Total Assets before Regulatory Deferral Account 106,074.02 92,616.42
Regulatory Deferral Account - Assets 20 395 6,810.57 6,222.44
TOTAL ASSETS 112,884.59 98,838.86
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 21 a 396 319.56 319.56
(b) Unsecured Perpetual Securities 21 b 397 Nil 1,500.00
(c) Other Equity 22 398 22,122.00 20,502.70
Equity attributable to Shareholders of the Company 22,441.56 22,322.26
Non-controlling Interests 3,586.90 2,927.30
Total Equity 26,028.46 25,249.56

Consolidated Balance Sheet

as at March 31, 2022 (Contd.)
Notes Page As at As at
March 31, 2022 March 31, 2021*
J crore J crore
Liabilities
Non-Current Liabilities
(i) Borrowings 23 401 32,729.70 30,044.85
(ia)
Lease Liabilities 24 402 3,207.79 3,142.48
(ii)
Trade Payables 25 403 Nil 1.67
(b) Non-current Tax Liabilities (Net) 27 405 3.03 3.03
(c) Deferred Tax Liabilities (Net) 14 b 383 1,033.30 976.15
(d) Provisions 28 405 1,218.18 667.27
(e) Other Non-current Liabilities 29 414 8,139.29 5,987.06
Total Non-Current Liabilities 47,487.85 42,193.51
Current Liabilities
(i) Borrowings 30 415 14,860.30 13,125.79
(ia)
Lease Liabilities 24 402 397.33 394.83
(ii)
Trade Payables 25 403 10,459.60 7,146.41
(b) Current Tax Liabilities (Net) 27 405 147.00 198.38
(c) Provisions 28 405 344.82 163.31
(d) Other Current Liabilities 29 414 2,779.08 2,480.66
Total Current Liabilities 38,620.09 31,157.08
Liabilities directly associated with Assets Classified as Held For Sale 19 b 392 113.56 139.78
Total Liabilities before Regulatory Deferral Account 86,221.50 73,490.37
Regulatory Deferral Account - Liability 20 395 634.63 98.93
TOTAL EQUITY AND LIABILITIES 112,884.59 98,838.86
See accompanying notes to the Consolidated Financial Statements


Consolidated Statement of Profit and Loss

Notes Page For the year ended For the year ended
March 31, 2022 March 31, 2021*
J crore J crore
I Revenue from Operations 31 416 42,815.67 32,703.31
II Other Income 32 422 919.96 439.24
III Total Income 43,735.63 33,142.55
IV Expenses
Cost of Power Purchased 14,640.62 8,334.41
Cost of Fuel 8,290.92 9,074.96
Transmission Charges 1,018.19 504.60
Raw Material Consumed 33 424 3,832.83 2,628.19
Purchase of Finished Goods and Spares 49.11 28.89
(Increase)/Decrease in Stock-in-Trade and Work in Progress 33 424 (199.22) 0.41
Employee Benefits Expense (Net) 34 424 3,611.63 2,316.67
Finance Costs 35 425 3,859.02 4,010.39
Depreciation and Amortisation Expenses 4, 5 & 357,361 3,122.20 2,744.94
7b &363
Other Expenses 36 426 4,060.42 2,812.48
Total Expenses 42,285.72 32,455.94
V Profit/(Loss) Before Movement in Regulatory Deferral Balances, Exceptional 1,449.91 686.61
Items, Tax and Share of Net Profit of Associates and Joint Ventures accounted
for using the Equity Method
Add/(Less): Net Movement in Regulatory Deferral Balances 20 395 (380.42) 454.22
Add/(Less): Deferred Tax Recoverable/(Payable) 20 395 140.95 81.80
(239.47) 536.02
VI Profit/(Loss) Before Exceptional Items, Tax and Share of Net Profit of 1,210.44 1,222.63
Associates and Joint Ventures accounted for using the Equity Method
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity 1,942.83 873.39
Method
VII Profit/(Loss) Before Exceptional Items and Tax 3,153.27 2,096.02
Add/(Less): Exceptional Items:
Provision for Impairment of Investment 19b. 393 (150.27) Nil
(v)(c)
Standby Litigation 40(f ) 432 Nil (109.29)
(150.27) (109.29)
VIII Profit/(Loss) Before Tax for the Year from Continuing Operations 3,003.00 1,986.73
IX Tax Expense/(Credit)
Current Tax 37 426 580.30 647.57
Current Tax in respect of earlier years 37.4.(i), 428 (105.11) Nil
(iii)
Deferred Tax 37 426 133.31 (145.69)
Deferred Tax relating to earlier years 37.4.(ii) 428 (588.56) Nil
Remeasurement of Deferred Tax on account of New Tax Regime (net) 37.4.(iii) 428 359.62 Nil
379.56 501.88
X Profit/(Loss) for the Year from Continuing Operations 2,623.44 1,484.85
XI Profit/(Loss) before tax from Discontinued Operations 19c 394 Nil (59.85)
Impairment Loss related to Discontinued Operations on remeasurement at Fair Value 19c 394 (467.83) (160.00)
XII Tax Expense/(Credit) of Discontinued Operations
Tax Expense/(Credit) of Discontinued Operations Nil (173.65)
XIII Profit/(Loss) for the Year from Discontinued Operations (467.83) (46.20)
XIV Profit/(Loss) for the Year 2,155.61 1,438.65

Consolidated Statement of Profit and Loss

for the period ended March 31, 2022 (Contd.)
Notes Page For the year ended For the year ended
March 31, 2022 March 31, 2021*
J crore J crore
XV Other Comprehensive Income/(Expenses) - Continuing Operations
A Add/(Less):
(i) Items that will not be reclassified to Profit or Loss
(a) Remeasurement of the Defined Benefit Plans (256.85) (80.56)
(b) Movement in Regulatory Deferral Balance 265.28 93.92
(c) Equity Instruments classified at FVTOCI 307.12 230.77
(ii) Tax relating to items that will not be reclassified to Profit or Loss
(a) Current Tax (36.54) (1.04)
(b) Deferred Tax 35.13 (4.68)
(iii) Share of Other Comprehensive Income/(Loss) of Associates and Joint (18.25) (3.15)
Ventures accounted for using the Equity Method (net of tax)
B Add/(Less):
(i) Items that will be reclassified to Profit or Loss
(a) Exchange Differences in translating the financial statements of foreign (13.07) (423.15)
operations
(b) Effective portion of cash flow hedge 130.88 (371.75)
(ii) Tax relating to items that will be reclassified to Profit or Loss
(a) Deferred Tax (32.94) 93.57
(iii) Share of Other Comprehensive Income/(Loss) of Associates and Joint 92.65 86.75
Ventures accounted for using the Equity Method (net of tax)
473.41 (379.32)
XVI Other Comprehensive Income/(Expense) - Discontinued Operations
Add/(Less):
(i) Items that will not be reclassified to Profit or Loss Nil (0.34)
Nil (0.34)
XVII Total Other Comprehensive Income for the Year (XV + XVI) 473.41 (379.66)
XVIII Total Comprehensive Income for the Year (XIV + XVII) 2,629.02 1,058.99
Profit for the year attributable to:
- Owners of the Company 1,741.46 1,127.38
- Non-controlling Interest 414.15 311.27
2,155.61 1,438.65
Other comprehensive Income for the year attributable to:
- Owners of the Company 473.38 (380.67)
473.41 (379.66)
Total Comprehensive Income for the year attributable to:
- Owners of the Company 2,214.84 746.71
2,629.02 1,058.99
XIX Basic and Diluted Earnings Per Equity Share (of ₹ 1/- each) (₹) 41 435
(i) From Continuing Operations before net movement in Regulatory Deferral 7.00 2.43
Balances
(ii) From Continuing Operations after net movement in Regulatory Deferral 6.82 3.32
Balances
(iii) From Discontinued Operations (1.46) (0.15)
(iv) Total Operations after net movement in Regulatory Deferral Balances 5.36 3.17


Consolidated Statement of Cash Flows


March 31, 2022 March 31, 2021*
J crore J crore
A. Cash flow from operating activities
Profit/(Loss) before tax from Continuing Operations 3,003.00 1,986.73
Profit/(Loss) before tax from Discontinued Operations (467.83) (219.85)
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense 3,122.20 2,744.94
Reversal of Impairment of Non-Current Investments and related Nil (67.76)
obligation
Transfer to Contingency Reserve 12.57 11.00
Impairment Loss on Remeasurement related to Discontinued 467.83 160.00
Operations
(Gain)/Loss on disposal of Property, Plant and Equipment (Net) 41.09 (5.60)
Finance Cost (Net of Capitalisation) 3,859.02 4,035.30
Interest Income (292.51) (175.65)
Dividend Income (6.79) (6.78)
Gain on sale of Current Investment measured at fair value through (19.31) 25.82
Profit and Loss
Allowances for Doubtful Debts and Advances (Net) 127.62 24.37
Bad debts 11.94 69.87
Provision for Warranties 10.67 26.50
Provision for standby litigation Nil 109.29
Provision for Impairment for Investment in Joint Venture 150.27 Nil
Delayed Payment income (68.31) (66.27)
Amortisation of Service Line Contributions and Government Grant (317.70) (152.19)
Guarantee Commission from Joint Ventures (9.61) (8.26)
Share of Net Profit of Associates and Joint Ventures accounted for (1,942.83) (873.39)
using the equity method
Amortisation of Deferred Revenue 55.41 48.23
Amortisation of Leasehold Land 1.44 1.12
Reclassification of Foreign Currency Translation Reserve from Other (199.64) Nil
Comprehensive Income
Effect of Exchange Fluctuation (Net) 37.56 (16.75)
5,040.92 5,883.79
7,576.09 7,650.67
Adjustments for (increase) / decrease in Operating Assets:
Inventories (2,308.21) (93.26)
Trade Receivables (887.56) (1,103.76)
Unbilled Revenue (694.43) (885.35)
Finance Lease Receivables 4.46 (17.94)
Loans-Current (1.93) (1.43)
Loans-Non Current 1.15 0.46
Other Current Assets (531.99) (270.14)
Other Non-current Assets (284.09) (156.71)
Other Financial Assets - Current (115.86) 106.89
Other Financial Assets - Non-current (15.63) (88.14)
Regulatory Deferral Account - Assets (322.85) (998.00)
(Purchase)/ proceeds from sale of Current Investments (Net) Nil 158.02
Movement in Operating Asset (5,156.94) (3,349.36)



March 31, 2022 March 31, 2021*
J crore J crore
Adjustments for increase / (decrease) in Operating Liabilities:
Trade Payables 3,221.69 1,709.92
Other Current Liabilities 261.32 729.58
Other Non-current Liabilities 64.14 (6.91)
Other Financial Liabilities - Current 341.00 1,081.05
Other Financial Liabilities - Non-current 79.54 356.79
Regulatory Deferral Account - Liability 535.70 61.23
Current Provisions (85.98) 128.52
Non-current Provisions 550.91 430.66
Movement in Operating Liability 4,968.32 4,490.84
Cash Flow from/(used in) Operations 7,387.47 8,792.15
Income-tax Paid - (net of refund received) (694.74) (447.03)
Net Cash Flows from/(used in) Operating Activities A 6,692.73 8,345.12
B. Cash Flow from Investing Activities
Capital expenditure on Property, Plant and Equipment (including (7,267.86) (3,335.79)
capital advances)
Proceeds from sale of Property, Plant and Equipment (including 34.91 1,549.09
property, plant and equipment classified as held for sale)
Proceeds from sale of Strategic Engineering Division (Net) Nil 420.85
(Purchase)/ proceeds from sale of Current Investments (Net) 164.00 83.44
Consideration transferred on business combinations Nil (720.75)
Purchase of Non-current Investments (585.06) (80.26)
Proceeds from sale of Non-current Investments (Including advance 195.80 844.32
and investments classified as held for sale)
Inter-corporate Deposits (Net) 0.22 5.46
Interest Received 151.24 161.12
Delayed Payment Charges received 68.31 66.27
Guarantee Commission Received 9.61 3.15
Dividend Received 1,855.60 1,846.06
Bank Balance not Considered as Cash and Cash Equivalents (903.34) (175.36)
Net Cash Flow from/(used in) Investing Activities B (6,276.57) 667.60
C. Cash Flow from Financing Activities
Proceeds from Issue of Shares including shares issued to Minority 11.33 2,996.06
Shareholders
Redemption of Unsecured Perpetual Securities (1,500.00) Nil
Increase in Capital/Service Line Contributions and contribution 746.26 155.16
from consumers
Proceeds from Non-current Borrowings 11,473.88 5,602.19
Repayment of Non-current Borrowings (5,684.28) (7,453.61)
Proceeds/(repayment) from Current Borrowings (Net) (1,632.59) (4,121.95)
Finance Cost Paid (3,555.18) (3,731.42)
Payment of Lease Liability (383.85) (351.78)
Dividend Paid (558.51) (526.29)
Distribution on Unsecured Perpetual Securities (100.26) (171.24)



March 31, 2022 March 31, 2021*
J crore J crore
Net Cash Flow from/(used in) Financing Activities C (1,183.20) (7,602.88)
Net Increase in Cash and Cash Equivalents (A+B+C) (767.04) 1,409.84
Cash and Cash Equivalents as at 1st April (Opening Balance) 3,569.96 1,834.39
Cash and Cash Equivalents Acquired on Business Combinations (63.43) 446.29
Effect of Exchange Fluctuation on Cash and Cash Equivalents 89.53 (120.56)
Cash and Cash Equivalents as at 31st March (Closing Balance) 2,829.02 3,569.96
Notes:
I) The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.
As at As at
March 31, 2022 March 31, 2021*
J crore J crore
II) Cash and Cash Equivalents include:
(i) In current accounts 1,254.84 1,015.45
(ii) In Deposit Accounts (with original maturity of three months or less) 1,702.09 2,543.84
(b) Cheques on Hand 23.30 45.16
(c) Cash on Hand 97.01 65.17
(d) Bank Overdraft (248.22) (99.66)
Total Cash and Cash Equivalents 2,829.02 3,569.96
* (Restated - Refer Note 49)


Consolidated Statement of Changes in Equity

A. Equity Share Capital J crore
No. of Shares Amount

Issued during the year [Refer Note 22(4)] 49,05,66,037 49.06
B. Unsecured Perpetual Securities J crore
No. of Securities Amount

Balance as at March 31, 2021 15,000 1,500.00
Redeemed during the year [Refer Note 21.b] (15,000) (1,500.00)
Balance as at March 31, 2022 Nil Nil

C. Other Equity (Refer Note 22) J crore
Description Reserves and Surplus Item of Other Comprehensive Income Controlling Non- Total
General Securities Debenture Capital Capital Special Statutory Retained Equity Foreign Effective Interests controlling
Reserve Premium Redemption Redemption Reserve Reserve Reserves Earnings Instrument Currency portion of Interests
Reserve Reserve Fund through Other Translation cash flow
Comprehensive Reserve hedge
Income
Balance as at April 1, 2020 4,086.53 5,647.80 638.20 515.76 232.09 124.07 660.08 4,387.49 (7.54) 1,414.63 96.41 17,795.52 2,332.04 20,127.56
Capital Re-organisation [Refer Note (3,859.92) (5,091.20) Nil Nil Nil Nil Nil 8,951.12 Nil Nil Nil Nil Nil Nil
22(6)]
Restated Balance as at April 1, 2020 226.61 556.60 638.20 515.76 232.09 124.07 660.08 13,338.61 (7.54) 1,414.63 96.41 17,795.52 2,332.04 20,127.56
Profit for the year Nil Nil Nil Nil Nil Nil Nil 1,127.38 Nil Nil Nil 1,127.38 311.27 1,438.65
Other Comprehensive Income/ Nil Nil Nil Nil Nil Nil Nil 3.14 230.77 (336.40) (278.18) (380.67) 1.01 (379.66)

(Expenses) for the year (Net of Tax)
Total Comprehensive Income Nil Nil Nil Nil Nil Nil Nil 1,130.52 230.77 (336.40) (278.18) 746.71 312.28 1,058.99
Issue of Equity Shares during the year Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 396.06 396.06
Securities Premium collected during the Nil 2,550.94 Nil Nil Nil Nil Nil Nil Nil Nil Nil 2,550.94 Nil 2,550.94
Overview
year [Refer Note 22(4)]

Dividend paid Nil Nil Nil Nil Nil Nil Nil (419.24) Nil Nil Nil (419.24) (113.08) (532.32)
Transfer to/(from) Debenture Nil Nil (13.14) Nil Nil Nil Nil 13.14 Nil Nil Nil Nil Nil Nil
Redemption Reserve
Transfer to/(from) Special Reserve Fund Nil Nil Nil Nil Nil 2.21 Nil (2.21) Nil Nil Nil Nil Nil Nil
Distribution on Unsecured Perpetual Nil Nil Nil Nil Nil Nil Nil (171.23) Nil Nil Nil (171.23) Nil (171.23)
Introduction
to Tata Power
Securities
Balance as at March 31, 2021 226.61 3,107.54 625.06 515.76 232.09 126.28 660.08 13,889.59 223.23 1,078.23 (181.77) 20,502.70 2,927.30 23,430.00
Balance as at April 1, 2021 226.61 3,107.54 625.06 515.76 232.09 126.28 660.08 13,889.59 223.23 1,078.23 (181.77) 20,502.70 2,927.30 23,430.00
and Risks
Profit for the year Nil Nil Nil Nil Nil Nil Nil 1,741.46 Nil Nil Nil 1,741.46 414.15 2,155.61
Other Comprehensive Income/ Nil Nil Nil Nil Nil Nil Nil (11.26) 307.11 79.59 97.94 473.38 0.03 473.41
(Expenses) for the year (Net of Tax)
Total Comprehensive Income Nil Nil Nil Nil Nil Nil Nil 1,730.20 307.11 79.59 97.94 2,214.84 414.18 2,629.02
Issue of Equity Shares during the year Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 308.65 308.65
(Refer note 18)

Dividend paid Nil Nil Nil Nil Nil Nil Nil (495.28) Nil Nil Nil (495.28) (63.23) (558.51)
Consolidated Statement of Changes in Equity
Transfer to/(from) Debenture Nil Nil (100.00) Nil Nil Nil Nil 100.00 Nil Nil Nil Nil Nil Nil
Redemption Reserve
Transfer to/(from) Special Reserve Fund Nil Nil Nil Nil Nil (126.28) Nil 126.28 Nil Nil Nil Nil Nil Nil
(Refer Note 22)
Value Creation
Distribution on Unsecured Perpetual Nil Nil Nil Nil Nil Nil Nil (100.26) Nil Nil Nil (100.26) Nil (100.26)
Securities
Balance as at March 31, 2022 226.61 3,107.54 525.06 515.76 232.09 Nil 660.08 15,250.53 530.34 1,157.82 (83.83) 22,122.00 3,586.90 25,708.90
Reports
Statutory
Financial
More Power
Statements
to you
347
Notes to the Consolidated Financial Statements
1. Corporate Information
The Tata Power Company Limited (the ‘Company’ or 'Parent Company') is a public limited company domiciled and incorporated in
India under the Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street,
Mumbai 400 001 India. The Company is listed on the Bombay Stock Exchange of India Limited (BSE) and the National Stock Exchange
of India Limited (NSE).The principal business of the Company is generation, transmission, distribution and trading of electricity.
The Company and its subsidiaries joint ventures and associates (collectively referred to as 'the Group') is one of India's largest
integrated power companies with an international presence. The Group together with its joint venture companies has an installed
gross generation capacity of 13,515 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics,
Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. The Group has developed the country’s first
4,000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable
energy players in India with a clean energy portfolio of 4,651 MW. Its international presence includes strategic investments in
Indonesia, Singapore, Zambia, Georgia and Bhutan. With its track record of technology leadership, project execution excellence,
world class safety processes, customer care and driving green initiatives the Group is poised for multi-fold growth and is
committed to 'lighting up lives' for generations to come.
2. Significant Accounting Policies:

2.1 Statement of compliance
The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified
under the Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013 (as amended
from time to time).
2.2 Basis of preparation and presentation
The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and liabilities
which have been measured at fair value or revalued amount:
- derivative financial instruments,
- certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
- employee benefit expenses (Refer Note 28 for accounting policy)
- Contingent consideration on sale and purchase of business
Historical cost is the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire assets at the
time of their acquisition or the amount of proceeds received in exchange for the obligation, or at the amount of cash or cash
equivalents expected to be paid to satisfy the liability in the normal course of business.Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The consolidated financial statements are presented in Indian Rupees (₹) and all amounts are in Crore unless otherwise stated.
2.3 Basis of Consolidation:
The Group consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has
rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over
the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly
affect the entity’s returns. The entities are consolidated from the date control commences until the date control ceases.
2.3.1 Subsidiaries
The consolidated financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances
and transactions including unrealised gain/loss from such transactions are eliminated upon consolidation. These consolidated
financial statements are prepared by applying uniform accounting policies in use at the Group. Profit or loss and each component
of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling
interests, even if this results in the non-controlling interest having a deficit balance.
Changes in the Group's holding that do not result in a loss of control are accounted for as equity transactions. The carrying
amount of the Group's holding and the non-controlling interests are adjusted to reflect the changes in their relative holding. Any
difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid
or received is recognised directly in equity and attributed to owners of the Company.

2. Significant Accounting Policies: (Contd.)

2.3.2 Joint Ventures and Associates
Joint Ventures are entities over which the Group has joint control. Associates are entities over which the Group has significant
influence but not control. Investments in Joint Ventures and Associates are accounted for using the equity method of accounting.
The investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share
of the profit or loss of the investee after the acquisition date. The Group’s investment in Joint Ventures and Associates includes
goodwill identified on acquisition. (Refer Note 8a)
2.4 Business Combinations
The Group accounts for its business combinations under acquisition method of accounting. Acquisition related costs are
recognised in consolidated statement of profit and loss as incurred. The acquiree’s identifiable assets, liabilities and contingent
liabilities that meet the condition for recognition are recognised at their fair values at the acquisition date.
Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the fair value of
identifiable assets and liabilities exceed the cost of acquisition, after reassessing the fair values of the net assets and contingent
liabilities, the excess is recognised as capital reserve.
The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’
proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-
acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.
Business combinations arising from transfers of interests in entities that are under the common control are accounted at historical
costs. The difference between any consideration given and the aggregate historical carrying amount of assets and liabilities of
the acquired entity are recorded in shareholders’ equity.
In case of bargain purchase, before recognising gain in respect thereof, the Group determines whether there exists clear evidence
of the underlying reasons for classifying the business combination as a bargain purchase. Thereafter, the Group reassesses
whether it has correctly identified all of the assets acquired and all of the liabilities assumed and recognizes any additional assets
or liabilities that are identified in that reassessment. The Group then reviews the procedures used to measure the amount that Ind
AS requires for the purposes of calculating the bargain purchase. If the gain remains after this reassessment and review, the Group
recognises it in other comprehensive income and accumulates the same in equity as capital reserve. This gain is attributed to the
acquirer. If there does not exist clear evidence of the underlying reasons for classifying the business combination as a bargain
purchase, the Group recognises the gain, after reassessing and reviewing, directly in equity as capital reserve.
2.5 Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses
whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to
measure the amount to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net
assets acquired over the aggregate consideration transferred, then the gain is recognised in other comprehensive income (OCI)
and accumulated in equity as capital reserve. However, if there is no clear evidence of bargain purchase, the entity recognises
the gain directly in equity as capital reserve, without routing the same through OCI.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating
units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are
assigned to those units.
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is
an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying amount,
the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised
in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.


2.6 Details of the Group's subsidiaries at the end of the reporting period considered in the preparation of the consolidated financial
statements are as follows:
Name Country of % voting power % voting power

Incorporation/ held as at held as at
Principal Place of March 31, 2022 March 31, 2021
Business
Subsidiaries (Direct)
Af-Taab Investment Co. Ltd. (Merged with Holding Company)* India Nil 100
Tata Power Trading Co. Ltd. India 100 100
Nelco Ltd. India 50.04 50.04
Maithon Power Ltd. India 74 74
Tata Power Delhi Distribution Ltd. India 51 51
Coastal Gujarat Power Ltd. (Merged with Holding Company)* India Nil 100
Bhira Investments Pte. Ltd. Singapore 100 100
Bhivpuri Investments Ltd. Mauritius 100 100
Khopoli Investments Ltd. Mauritius 100 100
Trust Energy Resources Pte. Ltd. ! Singapore Nil 100
TP Renewable Microgrid Ltd. India 100 100
TCL Ceramics Ltd. (Ceased to be Subsidiary w.e.f March 24, 2022) India Nil 57.07
Tata Power International Pte. Ltd. Singapore 100 100
Tata Power Solar Systems Ltd. India 100 100
Tata Power Renewable Energy Ltd. India 100 100
Tata Power Jamshedpur Distribution Ltd. India 100 100
TP Ajmer Distribution Ltd. India 100 100
Tata Power Green Energy Ltd. India 100 100
Supa Windfarm Ltd. India 100 100
TP Central Odisha Distribution Ltd. (w.e.f. June 1, 2020) India 51 51
TP Western Odisha Distribution Ltd. (w.e.f. January 1, 2021) India 51 51
TP Southern Odisha Distribution Ltd. (w.e.f. January 1, 2021) India 51 51
TP Kirnali Solar Ltd. (w.e.f July 23, 2020) India 74 74
TP Solapur Solar Ltd. (w.e.f July 29, 2020) India 74 100
TP Saurya Ltd. (w.e.f August 2, 2020) India 100 100
TP Akkalkot Renewable Ltd. (w.e.f August 11, 2020) India 74 100
TP Roofurja Renewable Ltd. (w.e.f August 22, 2020) India 100 100
TP Northern Odisha Distribution Ltd. (w.e.f. April 1, 2021) India 51 Nil
TP Solapur Saurya Ltd. (w.e.f. May 27, 2021) India 100 Nil
Subsidiaries (Indirect)
PT Sumber Energi Andalan Tbk. $ Indonesia 92.50 92.50
PT Andalan Group Power (w.e.f. March 2, 2021) $ Indonesia 92.50 92.50
PT Sumber Power Nusantara (w.e.f. April 19, 2021) $ Indonesia 92.50 Nil
PT Indopower Energi Abadi (w.e.f. April 19, 2021) $ Indonesia 92.50 Nil
PT Andalan Power Teknikatama (w.e.f. April 19, 2021) $ Indonesia 92.50 Nil
NDPL Infra Ltd. India 51 51
Tatanet Services Ltd. (TNSL) (Merged with Nelco Ltd w.e.f June 9, 2021) India Nil 50.04
Poolavadi Windfarm Ltd. India 74 74
Nivade Windfarm Ltd. India 100 100
TP Wind Power Ltd. India 100 100
TP Solapur Ltd. India 100 100
TP Kirnali Ltd. India 100 100


Name Country of % voting power % voting power
Incorporation/ held as at held as at
Principal Place of March 31, 2022 March 31, 2021
Business
Walwhan Renewable Energy Ltd. India 100 100
Clean Sustainable Solar Energy Pvt. Ltd. @ India 99.99 99.99
Dreisatz Mysolar24 Pvt. Ltd. @ India 100 100
MI Mysolar24 Pvt. Ltd. @ India 100 100
Northwest Energy Pvt. Ltd. @ India 100 100
Solarsys Renewable Energy Pvt. Ltd. @ India 100 100
Walwhan Solar Energy GJ Ltd. @ India 100 100
Walwhan Solar Raj Ltd. @ India 100 100
Walwhan Solar BH Ltd. @ India 100 100
Walwhan Solar MH Ltd. @ India 100 100
Walwhan Wind RJ Ltd. @ India 100 100
Walwhan Solar AP Ltd. @ India 100 100
Walwhan Solar KA Ltd. @ India 100 100
Walwhan Solar MP Ltd. @ India 100 100
Walwhan Solar PB Ltd. @ India 100 100
Walwhan Energy RJ Ltd. @ India 100 100
Walwhan Solar TN Ltd. @ India 100 100
Walwhan Solar RJ Ltd. @ India 100 100
Walwhan Urja Anjar Ltd. @ India 100 100
Walwhan Urja India Ltd. @ India 100 100
Chirasthayee Saurya Ltd. India 100 100
Nelco Network Products Ltd. (Consolidated with Nelco Ltd.) India 50.04 50.04
Vagarai Windfarm Ltd. India 62.4 72
Far Eastern Natural Resources LLC # Russia 100 100
Trust Energy Resources Pte. Ltd ! Singapore 100 Nil
* Refer Note - 22 (6)
# Based on Unaudited Financial Information, certified by its Management for the year ended March 31, 2022.
@ Consolidated with Walwhan Renewable Energy Ltd.
$ Classified as held for sale.
! Sold by the Holding Company to its wholly owned subsidiary Tata Power International Pte. Ltd.
3. Other Significant Accounting Policies, critical accounting estimates and judgements

3.1 Foreign Currencies
The Group’s consolidated financial statements are presented in Indian Rupee, which is also the parent company’s functional
currency. For each entity, the Group determines the functional currency and items included in the financial statements of each
entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates
at the date the transaction first qualifies for recognition. However, for practical reasons, the Group uses an average rate if the
average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange
at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,

3. Other Significant Accounting Policies, critical accounting estimates and judgements (Contd.)
translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have
a functional currency different from the presentation currency are translated into the presentation currency as follows:
a) Assets and liabilities are translated at the closing rate at the date of that balance sheet
b) Income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
dates of the transactions), and
c) All resulting exchange differences are recognised in OCI.
3.2 Current versus non-current classification

The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as
current when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or
- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Group has identified twelve months as its operating cycle.
3.3 Warranties
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale
of the relevant products, at the Group's best estimate of the expenditure required to settle the Group's obligation.
3.4 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of
the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in consolidated statement
of profit and loss.

Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest
income or expenses over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or
payments through the expected life of the financial instrument, or where appropriate, a shorter period.
3.5 Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases
or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation
or convention in the market place. All recognised financial assets are subsequently measured in their entirety at either amortised
cost or fair value, depending on the classification of the financial assets.
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets are
held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms
of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of
the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
On initial recognition, the Group makes an irrevocable election on an instrument-by-instrument basis to present the subsequent
changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than equity
investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from changes
in fair value recognised in other comprehensive income and accumulated in the 'Reserve for equity instruments through other
comprehensive income'. The cumulative gain or loss is not reclassified to consolidated statement of profit and loss on sale of
the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects on initial recognition to present
subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for
trading. Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair
value through other comprehensive income.
3.5.4 Investment in joint ventures and associates
Investment in joint ventures and associates are accounted using equity method less impairment.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets
of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control.
Impairment of investments:
The Group reviews its carrying value of investments carried at cost, amortised cost or equity method annually, or more frequently
when there is an indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is
accounted for in the Statement of Profit or Loss.
When an impairment loss subsequently reverses, the carrying amount of the Investment is increased to the revised estimate
of its recoverable amount, so that the increased carrying amount does not exceed the cost of the Investment. A reversal of an
impairment loss is recognised immediately in Statement of Profit or Loss.

3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group
has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Group has retained.
3.5.6 Impairment of financial assets

The Group assesses at each date of balance sheet whether a financial asset or a Group of financial assets is impaired. Ind
AS 109 requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected
losses for all contract assets and/or all trade receivables that do not constitute a financing transaction. For all other
financial assets, expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an
amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since
initial recognition.
3.6 Financial liabilities and equity instruments
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Group are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Group entity are recognised at the proceeds received, net of direct issue costs.
3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses
are recognised in consolidated statement of profit and loss when the liabilities are derecognised as well as through the effective
interest rate (EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement
of profit and loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if these are incurred for the purpose of
repurchasing in the near term. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement
recognised in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated statement of
profit and loss.

3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 - ' Financial Instruments' and the amount recognised less
cumulative amortisation.
3.7 Derivative financial instruments and hedge accounting
The Group enters into a variety of derivative financial instruments such as forward contracts, options contacts and interest
rate swaps, to manage its exposure to foreign exchange rate risks, including foreign exchange forward contracts and cross
currency swaps.
Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and
are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
The purchase contracts that meet the definition of a derivative under Ind AS 109 are recognised in the consolidated statement of
profit and loss. Any gains or losses arising from changes in the fair value of derivatives are taken directly to consolidated statement
of profit and loss.
The Group adopts hedge accounting for forward, interest rate and commodity contracts wherever possible. At the inception of
each hedge, there is a formal, documented designation of the hedging relationship. This documentation includes, inter alia, items
such as identification of the hedged item transaction and nature of the risk being hedged. At inception, each hedge is expected
to be highly effective in achieving an offset of changes in fair value or cash flows attributable to the hedged risk. The effectiveness
of hedge instruments to reduce the risk associated with the exposure being hedged is assessed and measured at the inception
and on an ongoing basis. The ineffective portion of designated hedges is recognised immediately in the consolidated statement
of profit and loss.
When hedge accounting is applied:
l for fair value hedges of recognised assets and liabilities, changes in fair value of the hedged assets and liabilities attributable
to the risk being hedged, are recognised in the consolidated statement of profit and loss and compensate for the effective
portion of symmetrical changes in the fair value of the derivatives.
l for cash flow hedges, the effective portion of the change in the fair value of the derivative is recognised directly in other
comprehensive income and the ineffective portion is recognised in the consolidated statement of profit and loss. If the cash
flow hedge of a firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability,
then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been
recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the
recognition of a non-financial asset or a liability, amounts deferred in equity are recognised in the consolidated statement
of profit and loss in the same period in which the hedged item affects the consolidated statement of profit and loss.
In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised in the consolidated
statement of profit and loss as and when they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in
equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or
loss recognised in equity is transferred to the consolidated statement of profit and loss for the period.
3.8 Reclassification of financial assets and liabilities
The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes

to the business model are expected to be infrequent. The Group’s senior management determines change in the business model
as a result of external or internal changes which are significant to the Group’s operations. Such changes are evident to external
parties. A change in the business model occurs when the Group either begins or ceases to perform an activity that is significant
to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the reclassification
date which is the first day of the immediately next reporting period following the change in business model. The Group does not
restate any previously recognised gains, losses (including impairment gains or losses) or interest.
3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Government Grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grant will be received.
Government grants relating to income are determined and recognised in the consolidated statement of profit and loss over the
period necessary to match them with the cost that they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are reduced from the cost of the assets.
The benefit of a Government loan at a below market rate of interest is treated as a Government grant, measured as the difference
between proceeds received and the fair value of loan based on prevailing market interest rates.
3.11 Dividend distribution to equity shareholders of the Parent Company
The Parent Company recognises a liability to make dividend distributions to its equity holders when the distribution is authorised
and the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised when it is
approved by the shareholders. A corresponding amount is recognised directly in equity. In case of Interim Dividend, the liability
is recognised on its declaration by the Board of Directors.
3.12 Service Concession Agreement (SCA)
A Group entity has entered into contract for design, part finance, engineering, manufacture, supply, erection, testing,
commissioning and operation and maintenance for 25 years of Grid Interactive Solar Power Project through Public Private
Partnership with a public sector power generator (PSU). The PSU has paid part of the project cost to the Group on commissioning
of plant/Handover of Project. Remaining cost and the operations and maintenance cost is being recovered over the period of the
project in accordance with the agreement with the PSU.
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue
be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring
goods or services to a customer. It requires entities to exercise judgement, taking into consideration all of the relevant facts and
circumstances when applying each step of the model to contracts with their customers.
As per the arrangement, the share of electricity revenue is divided into three parts i.e. towards deferred payment, interest income
and operation and maintenance revenue. The Group has initially measured financial asset at fair value and subsequently at
amortized cost by recognising share of electricity sale revenue first towards operation and maintenance revenue. Subsequent
thereto, amount is recognised as interest income at computed Internal Rate of Return (IRR) on opening balance of the financial
asset. Further, surplus of revenue share over and above operation and maintenance revenue and interest income is recognised
as recovery of the financial asset.
3.13 Critical accounting estimates and judgements
In the application of the Group's accounting policies, the Management is required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods
if the revision affects both current and future periods. Detailed information about each of these estimates and judgements is
included in relevant notes together with information about the basis of calculation for each affected line item in the consolidated
The areas involving critical estimates or judgements are:
Estimates and judgements used for impairment assessment of certain cash generating units (CGU) - Note 4 & 8
Estimation and judgements for impairment assessment of goodwill - Note 6a.
Estimations used for fair value of unquoted securities and impairment assessment of investments - Note 8
Estimation of defined benefit obligation - Note 28
Estimation of provision for warranty claims - Note 28
Estimates related to accrual of regulatory deferrals and revenue recognition - Note 20 and Note 31
Estimations used for determination of tax expenses and tax balances - Note 37 and Note 14
Estimates and judgements related to the assessment of liquidity risk - Note 43.4.3
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Group - Note 39 and Note 40
Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under
the circumstances.
4. Property, Plant and Equipments

Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to its working
condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with Ind AS 23. Capital work
in progress is stated at cost, net of accumulated impairment loss, if any. Other Indirect expenses incurred relating to project, net
of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and
disclosed under Capital Work-in-Progress. When significant parts of plant and equipment are required to be replaced at intervals,
the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its
cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All
other repair and maintenance costs are recognised in the consolidated statement of profit and loss as incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipment in respect of electricity business of the Group covered under Part B of Schedule
II of the Companies Act, 2013, has been provided on the straight line method at the rates specified in tariff regulations notified
by respective Electricity Regulatory Commission ('Regulator').
Non Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis. The Group, based on technical assessment made by
technical expert and management estimate, depreciates certain items of building, plant and equipment over estimated useful

4. Property, Plant and Equipments (Contd.)

lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes
that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to
be used.
Estimated useful lives of the Regulated and Non Regulated assets are as follows:
Hydraulic Works 40 years
Buildings-Plant 5 to 50 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 5 to 40 years
Plant and Equipments (excluding Computers and Data Processing units) 3 to 40 years
Plant and Equipments (Computers and Data Processing units) 3 to 6 years
Transmission Lines, Cable Network, etc. 4 to 40 years
Furniture and Fixtures 5 to 40 years
Office Equipments 5 to 15 years
Motor Cars 4 to 15 years
Motor Lorries, Launches, Barges etc. 25 to 40 years
Helicopters 25 years
De-recognition
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in consolidated statement of profit and loss.
Impairment of tangible and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s
recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in
use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets of or Group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future post tax cash flows are discounted to their present value using a appropriate
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an
appropriate valuation model is used.
The Group basis its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each
of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover the PPA
period. To estimate Cash flow projections beyond periods covered by the most recent budgets/forecasts, the Group extrapolates
cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an increasing rate can
be justified. In any case, this growth rate does not exceed the long-term average growth rate for the market in which the asset
is used.
Impairment losses of tangible and intangible assets are recognised in the consolidated statement of profit and loss.

4 Property, Plant and Equipment (Contd.)
A. Owned Assets
` crore
Land Works Plant Others @ Railway Equipment lines and and Fixtures Equipment Vehicles,
sidings, cable Launches,
crossings network Barges, etc.
etc.
Cost

Balance as at April 1, 2021 1,190.69 545.29 2,413.95 814.38 106.10 597.54 48,570.90 11,602.10 133.95 188.38 86.49 35.30 66,285.07
Additions 62.71 18.91 115.71 74.92 Nil 5.46 4,261.30 1,882.43 13.23 90.56 11.61 Nil 6,536.84
Acquisition through business Nil Nil Nil 3.47 Nil Nil Nil 1,468.10 0.28 1.41 0.15 Nil 1,473.41
combination (Refer Note 48)
Overview
Disposals Nil Nil (0.24) Nil Nil Nil (194.03) (20.52) (3.52) (12.03) (14.38) Nil (244.72)
Exchange Movement Nil Nil Nil Nil Nil Nil 0.88 Nil Nil Nil Nil Nil 0.88
Reclassified from/to assets classified Nil Nil Nil 18.16 Nil Nil Nil Nil Nil Nil Nil Nil 18.16
as held for sale (Refer Note 19a)
Balance as at March 31, 2022 1,253.40 564.20 2,529.42 910.93 106.10 603.00 52,639.05 14,932.11 143.94 268.32 83.87 35.30 74,069.64
Introduction
to Tata Power

impairment
and Risks
Depreciation Expense - Continuing Nil 10.97 75.32 30.21 5.60 18.66 1,997.03 646.10 7.12 23.80 6.67 0.01 2,821.50
Operations
Disposals Nil Nil Nil Nil Nil Nil (165.85) (5.38) (2.55) (10.20) (9.66) Nil (193.64)
Exchange Movement Nil Nil Nil Nil Nil Nil 0.07 Nil Nil Nil Nil Nil 0.07
Reclassified from/to assets classified Nil Nil Nil 10.14 Nil Nil Nil Nil Nil Nil Nil Nil 10.14
as held for sale (Refer Note 19a)
Net carrying amount

As at March 31, 2022 1,253.40 236.98 1,774.91 596.21 33.29 510.03 34,507.53 11,342.67 49.44 156.87 38.10 3.54 50,502.96
Value Creation
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4 Property, Plant and Equipment (Contd.)
` crore
Land Works Plant Others @ Railway Equipment lines and and Equipment Vehicles,
sidings, cable Fixtures Launches,
crossings network Barges, etc.
etc.
Cost
Balance as at April 1, 2020 1,048.97 536.37 2,266.78 778.87 106.10 103.63 47,410.14 6,778.74 118.37 188.46 93.60 35.30 59,465.33

Additions 142.07 9.35 148.81 8.82 Nil 493.91 1,312.68 826.67 16.95 11.86 10.83 Nil 2,981.95
Acquisition through business Nil Nil Nil 27.71 Nil Nil Nil 4,002.49 0.94 3.84 0.13 Nil 4,035.11
combination (Refer Note 48)
Disposals (0.35) (0.43) (1.64) (1.02) Nil Nil (151.42) (5.80) (2.31) (15.78) (18.07) Nil (196.82)
Overview
Exchange Movement Nil Nil Nil Nil Nil Nil (0.50) Nil Nil Nil Nil Nil (0.50)
Balance as at March 31, 2021 1,190.69 545.29 2,413.95 814.38 106.10 597.54 48,570.90 11,602.10 133.95 188.38 86.49 35.30 66,285.07

impairment
Introduction
to Tata Power
Depreciation Expense - Continuing Nil 10.33 73.25 28.30 5.60 1.66 1,891.19 400.88 7.44 16.74 7.19 0.02 2,442.60
Operations
Disposals Nil (0.31) (0.67) (1.01) Nil Nil (117.74) (4.31) (1.98) (5.95) (11.96) Nil (143.93)
and Risks
Exchange Movement Nil Nil Nil Nil Nil Nil Nil 0.25 Nil Nil Nil Nil 0.25
Net carrying amount
As at March 31, 2021 1,190.69 229.04 1,734.76 540.01 38.89 523.23 32,270.63 8,653.38 44.02 90.53 37.73 3.55 45,356.46
@ Building includes cost of ordinary shares in co-operative housing societies.

Notes:
(i) The Group has recognised total impairment charge of ₹ 408.18 Crore (March 31, 2021 ₹ 408.18 Crore), the details are as under
Value Creation
(a) ₹ 308.18 crore against the carrying value of the Mundra power generation plant. [Refer Note 8 b.(i)].
(b) ₹ 100.00 crore in respect of Unit 6 generating station (Power Segment) located at Trombay.
(ii) Refer Note 23 and 30 for charge created on Property, Plant and Equipments.
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5 Right of Use Assets - ('ROU')

Accounting Policy
The Group recognises right of use assets at cost at the commencement date of the lease. The cost of right of use assets includes the
amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date less any
lease incentives received and estimate of costs to dismantle. After the commencement date, ROU assets are measured at cost, less
any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. Right of use assets are
depreciated on a straight-line basis over the shorter of the lease term and the estimated remaining useful lives of the assets, as follows:
- Leasehold Land including sub-surface right - 1 to 95 years
- Plant and Equipment - 3-7 years
- Port and Intake channel - 40 years
- Ships - 12.5 years
The Group presents right of use assets that do not meet the definition of investment property in ‘Property, Plant and Equipments’.
` crore
Description Leasehold Land Plant and Port and Intake Ships Total
(including sub- Equipment Channel
surface right)
Cost
Balance as at April 1, 2021 995.34 36.39 2,422.31 648.43 4,102.47
Additions 35.07 Nil 111.05 Nil 146.12
Exchange Movement Nil 0.08 Nil 23.72 23.80
Disposals Nil (11.43) Nil Nil (11.43)
Balance as at March 31, 2022 1,030.41 25.04 2,533.36 672.15 4,260.96
Balance as at April 1, 2021 153.21 14.38 148.86 103.75 420.20
Depreciation Expense 48.06 6.00 77.74 52.87 184.67
Disposals Nil (10.66) Nil Nil (10.66)
Exchange Movement Nil 0.05 Nil 4.71 4.76
Balance as at March 31, 2022 201.27 9.77 226.60 161.33 598.97
Net carrying amount
As at March 31, 2022 829.14 15.27 2,306.76 510.82 3,661.99
` crore
Description Leasehold Land Plant and Port and Intake Ships Total
(including sub- Equipment Channel
surface right)
Cost
Balance as at April 1, 2020 1,029.55 18.95 2,362.54 669.98 4,081.02
Additions 14.51 17.52 59.77 Nil 91.80
Exchange Movement Nil (0.08) Nil (21.55) (21.63)
Disposals (48.72) Nil Nil Nil (48.72)
Balance as at March 31, 2021 995.34 36.39 2,422.31 648.43 4,102.47
Depreciation Expense 52.43 8.03 75.50 52.66 188.62
Disposals (19.96) Nil Nil Nil (19.96)
Exchange Movement Nil Nil Nil (2.51) (2.51)
Net carrying amount
As at March 31, 2021 842.13 22.01 2,273.45 544.68 3,682.27

6 Capital Work-in-Progress ('CWIP')

Accounting Policy
The Group recognises capital work in progress at cost, net of accumulated impairment loss, if any.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Capital Work-in-Progress 4,635.10 3,270.26
Total 4,635.10 3,270.26

` crore
Projects in progress 4,105.37 424.19 32.25 69.04 4,630.85
Projects temporarily suspended 0.12 1.91 0.44 1.78 4.25
Total 4,105.49 426.10 32.69 70.82 4,635.10

` crore
Projects in progress 2905.77 225.90 32.90 88.81 3,253.38
Projects temporarily suspended 0.25 0.84 0.49 15.31 16.89
Total 2,906.02 226.74 33.39 104.12 3,270.27
Note:
(i) In case of Odisha Discoms, CWIP ageing has been determined from the date of acquisition of businesses by the Group.
(ii) There is no material project whose completion is overdue or has exceeded its costs compared to its original plan.
7a Goodwill
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Cost
Balance as at April 1, 2021 1,794.57 1,641.57
Additions during the year (Refer Note 48) 63.74 153.00
Balance as at March 31, 2022 1,858.31 1,794.57
Goodwill has been generated on account of the following acquisition over the years :
Renewables Segment
Walwhan Renewable Energy Ltd. 1,622.93 1,622.93
TP Wind Power Ltd. 13.10 13.10
Transmission and Distribution Segment
Tata Power Delhi Distribution Ltd. 5.54 5.54
TP Central Odisha Distribution Ltd. 25.50 25.50
TP Western Odisha Distribution Ltd. 102.00 102.00
TP Southern Odisha Distribution Ltd. 25.50 25.50
TP Northern Odisha Distribution Ltd. 63.74 Nil
1,858.31 1,794.57

Impairment assessment of Goodwill ( Renewables Segment)

In accordance with IND AS 36 “ Impairment of Assets” the Group performed impairment testing of Goodwill assigned to each Cash
Generating Unit (CGU) as at March 31, 2022 applying value in use approach across all the CGUs i.e. using cash flow projections
based on financial budgets covering contracted power sale agreements with procurers (15 to 20 years) considering a discount
rate (pre-tax) of 9.27% per annum. The Group has used financial projections for 15 to 20 years as the tariff rates are fixed as per
Power Purchase Agreement (PPA).
Based on the results of the Goodwill impairment test, the estimated value in use in all CGUs were higher than their respective
carrying amount, hence impairment provision recorded during the current year is ₹ Nil (March 31, 2021 - ₹ Nil). Management
believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not cause
the aggregate carrying amount to exceed the aggregate recoverable amount of the Goodwill.
The key assumptions used in the value in use calculations are as follows:
Operation & Maintenance cost inflation Escalation of 4% (March 31, 2021 : 5%)
Discount Rate 9.27% (March 31, 2021 8.86%) Pre-Tax Discount rate has been derived based
on current cost of borrowing and equity rate of return in line with the current
market expectations.
Plant load factor (PLF) Plant load factor is estimated for each CGU based on past trend of PLF and
expected PLF in future years
7b Other Intangible Assets

Accounting Policy
Intangible Assets acquired separately
Intangible Assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses if any.
Internally generated intangibles

Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
Subsequent Costs
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
Derecognition of Intangible Assets

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in consolidated statement of profit and loss when the asset is derecognised.
Amortisation of Intangible Assets

Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify
the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense
on intangible assets with finite lives is recognised in the consolidated statement of profit and loss unless such expenditure forms
part of carrying value of another asset.

Estimated useful lives of the Intangible Assets are as follows:
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
Customer Contracts acquired under business combination 12 to 25 years
Computer Software 3 to 6 years
Power Distribution Rights 20 years
` crore
Description Copyrights, Customer Computer Power Total
patents, other Contracts Software $ Distribution
intellectual acquired Rights@
property under business
rights, services combination
and operating
rights#
Cost
Balance as at April 1, 2021 4.97 1,386.14 486.83 95.49 1,973.43
Reclassified to Other Non-Current Financial Assets Nil Nil Nil (0.61) (0.61)
Additions 0.64 Nil 133.74 18.86 153.24
Disposal Nil (3.02) (11.30) (0.06) (14.38)
Balance as at March 31, 2022 5.61 1,383.12 609.27 113.68 2,111.68
Amortisation expense - Continuing Operations 0.75 61.04 53.69 5.92 121.40
Disposal Nil (3.02) (0.42) (0.04) (3.48)
Net Carrying amount
As at March 31, 2022 0.27 1,038.94 228.56 98.41 1,366.18
` crore
patents, other Contracts Software Distribution
intellectual acquired $ Rights @
and operating
rights#
Cost
Balance as at April 1, 2020 4.60 1,386.14 415.20 70.51 1,876.45
Reclassified to Other Non-Current Financial Assets Nil Nil Nil (0.32) (0.32)
Additions 0.63 Nil 71.74 25.36 97.73
Disposal (0.26) Nil (0.11) (0.06) (0.43)
Balance as at March 31, 2021 4.97 1,386.14 486.83 95.49 1,973.43

7b Other Intangible Assets (Contd.)

` crore
patents, other Contracts Software Distribution
intellectual acquired $ Rights @
and operating
rights#
Amortisation expense - Continuing Operations 2.13 59.80 47.62 4.17 113.72
Disposal (0.26) Nil (0.11) (0.04) (0.41)
Net carrying amount
As at March 31, 2021 0.38 1,099.98 159.39 86.10 1,345.85

Notes:
# Internally generated intangible assets.
$ Other than internally generated Intangible Assets.
@ Power Distribution Rights relate to the value of construction service obligation for construction and upgradation of the power supply
infrastructure in Ajmer city as per the agreement with Ajmer Vidyut Vitaran Nigam Ltd.
Depreciation/Amortisation-Continuing Operations
March 31, 2022 March 31, 2021
J crore J crore
Depreciation on Tangible Assets 2,821.50 2,442.60
Add: Depreciation on Right of Use Assets 184.67 188.62
Add: Amortisation on Intangible Assets 121.40 113.72
Less: Depreciation/Amortisation Capitalised (5.37) Nil
Total 3,122.20 2,744.94

8 a Investments accounted for using the Equity Method

I Investment in Associates
(a) Investment in Equity Shares fully Paid-up
Unquoted
Brihat Trading Pvt. Ltd. 3,350 3,350 10 0.01 0.01
The Associated Building Co. Ltd. 1,825 1,825 900 5.32 3.69
Yashmun Engineers Ltd. 19,200 19,200 100 3.51 4.28
Dagachhu Hydro Power Corporation Ltd. 10,74,320 10,74,320 Nu 1,000 104.35 97.30
Tata Projects Ltd. (Refer Note 5 below) 7,92,78,886 9,67,500 100 974.74 690.73
A 1,087.93 796.01
II Investment in Joint Ventures
Unquoted
PT Kaltim Prima Coal 1,23,540 1,23,540 USD 100 4,702.74 4,395.44
Indocoal Resources (Cayman) Ltd. 300 300 USD 1 3,313.13 3,192.35
PT Indocoal Kaltim Resources 82,380 82,380 IDR 10,000 0.23 0.25
PT Nusa Tambang Pratama 18,000 18,000 IDR 10,000 696.86 746.05
Candice Investments Pte. Ltd. 3 3 SGD 1 32.86 25.22
PT Marvel Capital Indonesia 1,07,459 1,07,459 IDR 10,000 Nil* Nil*
PT Dwikarya Prima Abadi 10,769 10,769 IDR 1,00,000 50.70 68.63
PT Kalimantan Prima Power 7,500 7,500 USD 100 220.51 205.16
Indocoal KPC Resources (Cayman) Ltd. 300 300 USD 1 0.83 0.82
Adjaristsqali Netherlands BV [Refer Note 20,573 20,573 Euro 1 Nil$ 231.18
19(v)(c)]
Khoromkheti Netherlands BV 500 500 Euro 1 Nil Nil
Resurgent Power Ventures Pte. Ltd. 4,66,205 5,46,319 USD 1 499.47 436.52
Powerlinks Transmission Ltd. (Refer Note 4 23,86,80,000 23,86,80,000 10 497.42 488.80
below)
Industrial Energy Ltd. (Refer Note 4 below) 49,28,40,000 49,28,40,000 10 716.07 700.62
Dugar Hydro Power Ltd. 4,32,50,002 4,32,50,002 10 31.86 31.77
Tubed Coal Mines Ltd. 1,01,97,800 1,01,97,800 10 Nil Nil
Mandakini Coal Company Ltd. (Refer Note 4 3,93,00,000 3,93,00,000 10 Nil Nil
below)
10,762.68 10,522.81
Quoted
PT Baramulti Sukessarana Tbk. 68,02,90,000 68,02,90,000 IDR 100 1,540.83 1,339.63
12,303.51 11,862.44
[Refer Note 8b (i) (a) & (b)]
PT Kaltim Prima Coal 531.03 512.30
PT Baramulti Sukessarana Tbk. 280.41 270.52
Adjaristsqali Netherlands BV [Refer Note Nil$ 221.86
19(v)(c)]
811.44 1,004.68
B 11,492.07 10,857.76

8 a Investments accounted for using the Equity Method (Contd.)

(b) Investment in Perpetual Securities in Joint
Ventures
Unquoted
Adjaristsqali Netherlands BV [Refer Note N.A. Nil$ 266.86
19(v)(c)]
C Nil 266.86
Total A+B+C 12,580.00 11,920.63
* Denotes figure below ₹ 50,000
1. Aggregate Market Value of Quoted Investments 1,352.08 503.41

2. Aggregate Carrying Value of Quoted Investments (Net of Impairment) 1,260.42 1,069.11
3. Aggregate Carrying Value of Unquoted Investments (Net of Impairment) 11,319.58 10,851.52
4. Shares pledged :
The Group has pledged shares of joint ventures with the lenders for borrowings availed by the respective joint ventures.
Details March 31, 2022 March 31, 2021

Category
Nos. Nos.
Itezhi Tezhi Power Corporation $ Joint Venture 4,52,500 4,52,500
Mandakini Coal Company Ltd. Joint Venture 2,00,43,000 2,00,43,000
Powerlinks Transmission Ltd. Joint Venture 23,86,80,000 23,86,80,000
Industrial Energy Ltd. Joint Venture 25,13,48,400 25,13,48,400

$ Classified as Assets Held for Sale (Refer note 19a)
5. During the year, the Holding Company has subscribed to the right issue of equity shares for ₹ 573.27 crore offered by Tata
Projects Limited
III Details of Material Associates
Details of each of the Group's Material Associates at the end of the reporting period are as follows:
Sr. Name of Associate Principal Activity Country of Proportion of Ownership

No. Incorporation Interest / Voting Rights held by
and Principal the Group
Place of As at As at
Business March 31, 2022 March 31, 2021
J crore J crore
A Tata Projects Ltd. EPC Contracts India 47.78% 47.78%
B Dagachhu Hydro Power Corporation Hydro Power Generation Company Bhutan 26.00% 26.00%
Ltd.


Summarised Financial Information of Material Associates:
A Tata Projects Ltd.

Summarised Balance Sheet: As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current Assets 1,533.88 1,310.59
Current Assets 16,636.23 14,682.94
Non-current Liabilities (1,237.33) (1,834.82)
Current Liabilities (14,905.60) (12,748.64)
Net Assets- Gross 2,027.18 1,410.07
Less: Non-controlling interest 8.92 9.32
Less: Equity Component in Non Convertible Debenture and Other Adjustments 26.97 Nil
Net Assets- Net 1,991.29 1,400.75
Summarised Statement of Profit and Loss: For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 13,679.37 12,187.38
Profit/(Loss) for the year (619.93) 125.70
Other Comprehensive Income/(Expenses) for the year 14.50 (21.45)
Total Comprehensive Income/(Expenses) for the year (605.43) 104.25
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata Projects Ltd.
recognised in the consolidated financial statements:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of Tata Projects Ltd. 1,991.29 1,400.75
Proportion of the Group's ownership interest in Tata Projects Ltd. 47.78% 47.78%
951.44 667.43
Goodwill 23.30 23.30
Carrying amount of the Group's interest in Tata Projects Ltd. 974.74 690.73
B Dagachhu Hydro Power Corporation Ltd.

March 31, 2022 March 31, 2021
J crore J crore
Non-current Assets 969.36 1,053.90
Current Assets 118.94 18.79
Non-current Liabilities (605.96) (647.78)
Current Liabilities (80.99) (50.87)
Net Assets 401.35 374.04


Summarised Statement of Profit and Loss: For the year For the year
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 183.62 181.25
Profit/(Loss) for the year 34.17 64.74
Other Comprehensive Income/(Expenses) for the year (0.01) (0.33)
Total Comprehensive Income/(Expenses) for the year 34.16 64.41
Dividend receivable by the Group during the year 1.78 Nil
Reconciliation of the above summarised financial information to the carrying amount of the interest in Dagachhu Hydro Power
Corporation Ltd. recognised in the consolidated financial statements:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of Dagachhu Hydro Power Corporation Ltd. 401.35 374.04
Proportion of the Group's ownership interest in Dagachhu Hydro Power Corporation Ltd. 26.00% 26.00%
Carrying amount of the Group's interest in Dagachhu Hydro Power Corporation Ltd. 104.35 97.30
IV Details of individually not Material Associates

Name of Associate Principal Activity Country of Proportion of Ownership Interest /
Incorporation Voting Rights held by the Group
and Principal As at As at
Place of March 31, 2022 March 31, 2021
Business J crore J crore
Yashmun Engineers Ltd. Billing and other related Services India 27.27% 27.27%
Brihat Trading Private Ltd. Trading Business India 33.21% 33.21%
The Associated Building Co. Ltd. Services Provided for Building India 33.14% 33.14%
Aggregate Summarised Financial Information of Associates that are not individually material
As at As at
March 31, 2022 March 31, 2021
J crore J crore
The Group's share of Profit/(Loss) from Continuing Operations 0.88 0.93
The Group's share of Other Comprehensive Income/(Expenses) 0.02 (0.01)
The Group's share of Total Comprehensive Income/(Expenses) 0.90 0.92
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Aggregate carrying amount of the Group's interests in these Associates 8.84 7.98
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Unrecognised share of loss of an Associates Nil Nil
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Cumulative share of loss of an Associates Nil Nil


V Details and Financial Information of Material Joint Ventures at the end of the reporting period is as follows:
Sr. Name of Joint Venture Principal Activity Country of Proportion of Ownership
No. Incorporation Interest and Voting Rights held
and Principal by the Group
Place of As at As at
Business March 31, 2022 March 31, 2021
J crore J crore
A PT Kaltim Prima Coal Coal mining and exploration Indonesia 30.00% 30.00%
B Indocoal Resources (Cayman) Ltd. # Coal Trading Cayman Island 30.00% 30.00%
C PT Nusa Tambang Pratama Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
D PT Baramulti Suksessarana TBK Coal mining and trading Indonesia 26.00% 26.00%
E Industrial Energy Ltd. Power generation and operation of India 74.00% 74.00%
power plant
A PT Kaltim Prima Coal

March 31, 2022 March 31, 2021
J crore J crore
Current Assets 7,490.07 4,824.48
Non-current Liabilities (2,541.56) (480.70)
Net Assets 1,985.99 1,445.64
The above amounts of assets and liabilities include the following:
Cash and Cash Equivalents 928.70 484.60
Current Financial Liabilities (excluding trade payables and provisions) (1,459.06) (1,813.39)
Non-current Financial Liabilities (excluding trade payables and provisions) (931.62) Nil
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 34,205.54 21,662.75
Profit/(Loss) for the year 4,615.00 909.59
Other Comprehensive Income/(Expense) for the year (58.39) (10.46)
Total Comprehensive Income/(Expenses) for the year 4,556.61 899.13
Dividend received by the Group during the year 1,222.47 1,757.62
The above profit/(loss) for the year include the following:
Depreciation and Amortisation 2,425.39 2,524.56
Interest Income 49.19 43.10
Interest Expense 51.07 140.67
Income-tax Expense 3,232.50 852.85


Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Kaltim Prima Coal
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of PT Kaltim Prima Coal 1,985.99 1,445.64
Proportion of the Group's ownership interest in PT Kaltim Prima Coal 30.00% 30.00%
595.80 433.69
Goodwill 4,106.94 3,961.75
Carrying amount of the Group's interest in PT Kaltim Prima Coal 4,702.74 4,395.44
Impairment of Goodwill (531.03) (512.30)
Carrying amount of the Group's interest in PT Kaltim Prima Coal (net of impairment) 4,171.71 3,883.14
B Indocoal Resources (Cayman) Ltd.

March 31, 2022 March 31, 2021
J crore J crore
Non-current Assets 1494.95 Nil
Current Assets 14.65 2,042.62
Non-current Liabilities (531.43) Nil
Current Liabilities (14.65) (1,126.10)
Net Assets 963.52 916.52
Current Financial Liabilities (excluding trade payables and provisions) (1,151.55) (1,110.92)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue Nil Nil
Other Comprehensive Income/(Expense) for the year Nil Nil
Dividend received by the Group during the year Nil 491.14


Reconciliation of the above summarised financial information to the carrying amount of the interest in Indocoal Resources
(Cayman) Ltd. recognised in the consolidated financial statements:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of Indocoal Resources (Cayman) Ltd. 963.52 916.52
Proportion of the Group's ownership interest in Indocoal Resources (Cayman) Ltd. 30.00% 30.00%
289.06 274.96
Goodwill 3,024.07 2,917.39
Carrying amount of the Group's interest in Indocoal Resources (Cayman) Ltd. 3,313.13 3,192.35
C PT Nusa Tambang Pratama

March 31, 2022 March 31, 2021
J crore J crore
Net Assets 2,322.88 2,486.84
Current Financial Liabilities (excluding trade payables and provisions) (372.88) (638.50)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 814.86 934.63
Other Comprehensive Income/(Expenses) for the year Nil 0.13
Dividend received by the Group during the year Nil Nil
Depreciation and Amortisation 148.21 147.17
Income-tax Expense 147.08 164.99


Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Nusa Tambang Pratama
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of PT Nusa Tambang Pratama 2,322.88 2,486.84
Proportion of the Group's ownership interest in PT Nusa Tambang Pratama 30.00% 30.00%
Carrying amount of the Group's interest in PT Nusa Tambang Pratama 696.86 746.05
D PT Baramulti Suksessarana TBK

March 31, 2022 March 31, 2021
J crore J crore
Current Assets 1,703.17 786.12
Net Assets 2,101.49 1,464.07
Non-current Financial Liabilities (excluding trade payables and provisions) (37.03) (57.28)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 5,413.34 2,358.18
Profit/(Loss) for the year 1,642.16 222.07
Other Comprehensive Income/(Expense) for the year (1.09) (3.24)
Total Comprehensive Income/(Expenses) for the year 1,641.07 218.83
Dividend received by the Group during the year 277.03 19.29
The above profit for the year include the following:
Depreciation and amortisation 161.89 107.74


Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Baramulti Suksessarana
TBK recognised in the consolidated financial statements:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of PT Baramulti Suksessarana TBK 2,101.49 1,464.07
Proportion of the Group's ownership interest in PT Baramulti Suksessarana TBK 26.00% 26.00%
546.39 380.66
Goodwill 994.44 958.97
Carrying amount of the Group's interest in PT Baramulti Suksessarana TBK 1,540.83 1,339.63
Impairment of Goodwill (280.41) (270.52)
Carrying amount of the Group's interest in PT Baramulti Suksessarana TBK (net of impairment) 1,260.42 1,069.11
E Industrial Energy Ltd.

March 31, 2022 March 31, 2021
J crore J crore
Net Assets 967.67 946.80
Non-current Financial Liabilities (excluding trade payables and provisions) (465.13) (503.88)
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue 300.30 297.90
Other Comprehensive Income/(Expense) for the year (0.33) 0.64
Dividend received by the Group during the year 73.93 Nil
Depreciation and Amortisation Nil Nil


Reconciliation of the above summarised financial information to the carrying amount of the interest in Industrial Energy Ltd.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Net Assets of Industrial Energy Ltd. 967.67 946.80
Proportion of the Group's ownership interest in Industrial Energy Ltd. 74.00% 74.00%
Carrying amount of the Group's interest in Industrial Energy Ltd. 716.07 700.62
VI Details and Financial Information of Individually not Material Joint Ventures at the end of the reporting period is as
follows:
Name of Joint Venture Principal Activity Country of Proportion of Ownership Interest
Incorporation and Voting Rights held by the Group
and Principal As at As at
Place of March 31, 2022 March 31, 2021
Business J crore J crore
PT Indocoal Kaltim Resources # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
Candice Investments Pte. Ltd.# Investments Singapore 30.00% 30.00%
PT Marvel Capital Indonesia # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
PT Dwikarya Prima Abadi # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
PT Kalimantan Prima Power Electricity Support Services Indonesia 30.00% 30.00%
Indocoal KPC Resources (Cayman) Ltd. # Coal Trading Cayman Island 30.00% 30.00%
Adjaristsqali Netherlands BV* Hydro power generation Netherlands 50.00% 50.00%
Resurgent Power Ventures Pte Ltd. Investments and Services Singapore 26.00% 26.00%
Powerlinks Transmission Ltd. Power Transmission India 51.00% 51.00%
Dugar Hydro Power Ltd. Hydro power generation India 50.00% 50.00%
Tubed Coal Mines Ltd. # Coal mining and trading India 40.00% 40.00%
Mandakini Coal Company Ltd. # Coal mining and trading India 33.33% 33.33%
* Classified as Assets Held For sale (Refer Note 19a)
Aggregate Summarised Financial Information of Joint Ventures that are not individually material
ended ended
March 31, 2022 March 31, 2021
J crore J crore
The Group's share of profit/(loss) from continuing operations 184.41 181.66
The Group's share of Other Comprehensive Income/(Expenses) Nil Nil
The Group's share of Total Comprehensive Income/(Expenses) 184.41 181.66
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Aggregate carrying amount of the Group's interests in these Joint Ventures 1,333.88 1,755.21
Impairment of Investments Nil (221.86)
Carrying amount of the Group's interest in these Joint Ventures 1,333.88 1,533.35
As at As at
March 31, 2022 March 31, 2021
J crore J crore
The unrecognised share of profit of Joint Ventures for the year * *
Note:
* Denotes figures below ₹ 50,000/-.

8 b Investments accounted for using the Equity Method

(i) The Group had in accordance with Ind AS 36 – “Impairment of Assets”, carried out impairment assessment of its Mundra
Ultra Mega Power Project (UMPP), along with investments in Indonesian mining companies PT Kaltim Prima Coal (KPC) and
PT Baramulti Suksessarana TBK (BSSR). All these investments in Companies and assets of UMPP constitute a single cash
generating unit (Mundra CGU) and form part of same segment due to inter-dependency of cash flows.
The Group has performed the impairment reassessment and determined the value in use based on estimated cash flow
projections over the life of the assets included in CGU. The Group bases its impairment calculation on detailed budgets and
forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated.
For Mundra power plant, future cash flows is estimated based on remaining period of long term power purchase agreement
(PPA) and thereafter based on management’s estimate on tariff and other assumptions. Further, as discussed in note - 31(i),
Group is in advance stage of discussion on supplementary Power Purchase Agreement (SPPA) which is likely to be signed
and accordingly the same has been considered in estimating the future cashflows. Cash flow projection of mines are derived
based on estimated coal production considering renewed license for operating the mines. The License for operating mines
are renewed for 10 years with an option of renewal of further period of 10 years with Government of Indonesia. In the past, the
Group has recognised net impairment of ₹ 1,122.38 crore against carrying value of Mundra CGU which consists of impairment
of investments of ₹ 811.44 crore, Property, Plant and Equipment ₹ 308.18 crore and impairment of intangible assets ₹ 2.76 crore.
During the year, the Group has performed the impairment reassessment and determined the value in use based on
estimated cash flow projections over the life of the assets included in Mundra CGU. A reassessment of the assumptions
used in estimating the impact of impairment, combined with the significant impact of unwinding of a year’s discount on
the cash flows, would result in a reversal of ₹ 1,122.38 crore of provision for impairment. The Group believes that the reversal
of impairment has not resulted from any significant improvement in the estimated service potential of the concerned CGU
and hence the Group has not effected the reversal of impairment.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, signing of SPPA,
discount rates and exchange rates. Short term coal prices and energy prices used in three to five years projections are based
on market survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based
on long term historical trend. Further, the management strongly believes that mining licenses will be renewed after post
expiry for a further period of 10 years by Government of Indonesia. Discount rate represents the current market assessment
of the risk specific to CGU taking into consideration the time value of money. Pre-tax discount rate used in the calculation
of value in use of investment in power plant is 9.45% p.a. (March 31, 2021: 10.50% p.a.) and investment in coal mines and
related infrastructure companies is 13.44% p.a. (March 31, 2021: 14.11% p.a.).
8 c Other Investments
stated
Quantity Quantity otherwise) J crore J crore
(i) Investments designated at Fair Value through
Other Comprehensive Income
Quoted
Voltas Ltd. 2,33,420 2,33,420 1 29.07 23.39
Tata Consultancy Services Ltd. 766 766 1 0.29 0.24
Tata Teleservices (Maharashtra) Ltd. (Refer 12,67,20,193 Nil 10 447.96 Nil
Note 5 below)
Bharti Airtel Ltd 62,919 62,919 10 4.75 3.25
Tata Motors Ltd. 3,57,159 3,57,159 10 15.49 10.78
Tata Motors Ltd. - Differential Voting Rights 51,022 51,022 10 1.05 0.65
Tata Investment Corporation Ltd. 7,94,416 7,94,416 2 107.76 82.26
606.37 120.57

8 c Other Investments (Contd.)

stated
Quantity Quantity otherwise) J crore J crore
(b) Investment in Equity Shares fully Paid-up
Unquoted
Tata Services Ltd. 1,664 1,664 1,000 Nil Nil
Tata Industries Ltd. * 68,28,669 68,28,669 100 115.47 115.47
Tata Sons Pvt. Ltd. * 6,673 6,673 1,000 194.70 194.70
Haldia Petrochemicals Ltd. 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd. (Refer Note 4 below) 36,000 36,000 1,000 58.44 58.44
Taj Air Ltd. 79,00,760 79,00,760 10 Nil Nil
Tata Capital Ltd. 23,33,070 23,33,070 10 12.04 12.04
Others 1.89 1.89
439.02 439.02
Sub-total I (a) + I (b) 1,045.39 559.59
II Investments carried at Fair Value through Profit
or Loss
Quoted
Geodynamics Ltd Nil 2,94,00,000 AUD 1.50 Nil 1.26
(b) Investment in Equity Shares fully Paid-up
Unquoted
Power Exchange India Limited 25,00,000 25,00,000 10 2.50 2.50
Sunengy Pte. Ltd. 3,04,838 3,04,838 AUD 2.10 4.82 4.65
Technopolis Knowledge Park Ltd. 18,10,000 18,10,000 10 1.81 1.81
Zoroastrian Co-operative Bank Ltd. 6,000 6,000 25 0.16 0.16
Less - Impairment of Investment
Power Exchange India Limited 2.50 2.50
Sunengy Pte. Ltd. 4.82 4.65
Technopolis Knowledge Park Ltd. 1.81 1.81
Sub-total II (a) + II (b) 0.16 1.42
III Investments carried at Amortised Cost
(a) Government Securities (Unquoted) fully Nil 3.03
Paid-up
(b) Statutory Investments
Contingencies Reserve Fund
Investments
Government Securities (Unquoted) fully 124.26 164.84
paid-up
Sub-total III (a) + III (b) 124.26 167.87
Total 1,169.81 728.88
*The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements
and the cost represents the best estimate of fair value within that range.
Notes:
1. Aggregate Market Value of Quoted Investments 2,270.84 121.83
2. Aggregate Carrying Value of Quoted Investments (Refer Note- 5 below) 606.37 121.83
3. Aggregate Carrying Value of Unquoted Investments 563.44 607.05
4. During the previous year, the Group subscribed to right issue of 12,000 equity shares from Tata International Ltd.
5. The Group holds 12.67 crore shares of Tata Teleservices (Maharashtra) Limited (“TTML”) designated as fair value through OCI
which is carried out at each balance sheet date basis the quoted price. Quoted price of TTML has increased from ₹ 35.35 per
share as on 30th September 2021 to ₹ 166.70 per share as on March 31, 2022. The management believe that this quoted price
may not represent the fair value of TTML shares since it has accumulated losses and negative net worth. Accordingly on a
conservative basis, the management have not recognized any fair value gain in OCI after 30th September, 2021.

9. Trade Receivables
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
Considered Good [Refer Note 40 (d),(e),(m),(n) & (p)] 685.78 604.71
Significant Increase in Credit Risk Nil Nil
687.59 605.89
Total 685.78 604.71
Current
Considered Good - Secured (Refer Note 1 below) 556.38 453.83
Considered Good - (Refer Note 2 below) 4,503.82 4,711.01
Significant Increase in Credit Risk 1,197.08 180.64
6,553.30 5,637.73
Total 5,979.74 5,200.08
Note:
1. The Group holds security deposits and Letter of Credit of ₹ 556.38 crore (March 31, 2021 - ₹ 453.83 crore).
2. The carrying amount of trade receivable does not include receivables of ₹ 1,150.64 Crore (March 31, 2021: ₹ 188.67 Crore)
which are subject to a factoring arrangement. Under this arrangement, the Group has transferred the relevant receivables
to the factor in exchange for cash on non recourse basis. The Group, therefore, has derecognised the said receivables under
the said arrangement. Amount received from such customers not transferred to factoring agent is disclosed as financial
liability (Refer Note 26).
9.1 Trade Receivables
The Group has used practical expedient by computing the Expected Credit Loss 'ECL' allowance for trade receivables based on
a provision matrix. The provision matrix takes into account historical credit loss experience of Holding Company and respective
subsidiaries and adjusted for forward looking information. The ECL allowance is based on the ageing of the days the receivables
and has been calculated and applied at the respective entity level of the Group.
In case of Odisha Discoms, the management believes that collection data related to pre-acquisition period is
not relevant to assess ECL allowance on receivables in the post-acquisition period. In the absence of availability
of adequate and relevant past data related to payment behaviours, the Group has elected to recognise ECL
allowance on trade receivables as per the OERC tariff regulations, i.e., @ 1% of revenue from power supply.
Post-acquisition of Odisha Discoms, the Group's endeavour has been to reduce AT&C losses, reducing provisional billing and
improving collection through better reach to consumers. In the process, the Group has faced several challenges including Covid
waves, Cyclones and delays in appointment/ working of metering, billing and collection (MBC) agencies for reasons beyond
control of the Group. The Group has successfully dealt with these challenges. It has reduced provisional billing and also collected
significant amount towards pre-acquisition receivables on behalf of the erstwhile Odisha Discom utilities. The management
is confident it will be able to collect most of the outstanding receivables as it increases its reach to the consumers and also
considering that electricity is an essential commodity for all consumers. Accordingly, the management believes the above ECL
allowance reflects best estimate and is appropriate as per Ind AS 109 – Financial Instruments.


` crore
Particulars Not due Outstanding for following periods from due date of payment # Total
Less than 6 6 Months - 1 More than 3
1-2 Years 2-3 years
Months Year years
Non - Current
c) Credit Impaired 1.81 Nil Nil Nil Nil Nil 1.81
a) Considered good 18.93 Nil 2.93 33.2 36.28 18.43 109.77
c) Credit Impaired Nil Nil Nil Nil Nil Nil Nil
Total 65.66 197.60 52.23 131.98 139.16 100.96 687.59
Current
a) Considered good 2,182.10 1,493.10 805.46 194.87 114.45 102.88 4,892.86
b) Significant increase in credit risk 5.51 307.78 309.18 415.88 1.74 3.54 1,043.63
c) Credit Impaired 0.31 0.89 1.87 4.50 11.30 63.46 82.33
b) Significant increase in credit risk 3.21 94.02 30.42 23.97 0.31 1.52 153.45
c) Credit Impaired Nil 4.35 2.83 6.31 13.55 186.65 213.69
Total 2,237.76 1,913.08 1,174.17 656.69 141.37 430.23 6,553.30

` crore
Particulars Not due Outstanding for following periods from due date of payment # Total
1-2 Years 2-3 years
Non - Current
a) Considered good 225.57 74.72 73.27 74.44 68.80 Nil 516.80
c) Credit Impaired 1.18 Nil Nil Nil Nil Nil 1.18
a) Considered good Nil Nil 33.20 36.28 18.43 87.91
c) Credit Impaired Nil Nil Nil Nil Nil Nil Nil
Total 226.75 74.72 106.47 110.72 87.23 Nil 605.89
Current
a) Considered good 2,791.03 1,465.70 397.30 236.22 69.75 98.31 5,058.31
c) Credit Impaired 0.29 0.97 2.37 10.51 13.41 58.64 86.19
c) Credit Impaired Nil 5.47 1.31 13.04 29.40 156.84 206.06
Total 2,802.56 1,589.97 424.04 300.70 133.97 386.49 5,637.73


Movement in the allowance for doubtful trade receivables
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Balance at the beginning of the year 438.83 438.06
Add: Expected credit loss provided/(reversed) 136.54 0.77
Balance at the end of the year 575.37 438.83
The concentration of credit risk is very limited due to the fact that the large customers are mainly Government entities and
remaining customers base is large and widely dispersed and secured with security deposit.
10. Loans - At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(i) Loans to Related Parties (Refer Note 42)
Considered Good* Nil Nil
54.39 54.39
Less: Allowances for Doubtful Loans 54.39 54.39
Nil Nil
(ii) Other Loans
Loans to Employees
Total 3.45 4.60
Current
(i) Loans to Related Parties (Refer Note 42)
Considered Good Nil Nil
35.35 35.23
Less: Allowances for Doubtful Loans 35.35 35.23
Nil Nil
(ii) Other Loans
Loans to Employees
9.34 7.63
Total 9.34 7.63
* Classified as Held for Sale. (Refer Note 19a)

11. Finance Lease Receivable - At Amortised Cost

Accounting Policy
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental
to ownership to the lessee. All other leases are classified as operating lease. Amount due from lessees under finance leases are
recorded as receivables at the Group's net investment in the leases. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease. The Group recognises
lease payments received under operating leases as income on a straight-line basis over the lease term.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Finance Lease Receivable - Non-current 588.69 598.61
Finance Lease Receivable - Current 46.91 41.45
Total 635.60 640.06
11.1 Leasing Arrangements

(i) The Group has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The
assets relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge.
The customer, during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to
purchase same on the basis of the valuation to be determined as per the PPAs. The Group has recognised an amount of ₹
77.68 crore (March 31, 2021 ₹ 84.66 crore) as income for finance lease during the year ended March 31, 2022.
(ii) The Group has entered into Power Purchase Agreements (PPA) with various customers for its rooftop solar assets located
across various locations. As this arrangement is dependent on the use of a specific asset and conveys a right to use on the
customer, it qualifies as a lease. As these are long tenor PPAs spread over a major part of the economic life of the asset, this
arrangement has been categorized as a finance lease. The Group has recognised an amount of ₹ 3.09 crore (March 31, 2021
₹ 6.57 crore) as income for finance lease during the year ended March 31, 2022.
(iii) Electric Vehicle charging facilities: The Group has entered into arrangement with customer for providing Infrastructure
facilities and chargers for public transport utilities.The arrangement is for the period of 10 years for providing and maintaining
infrastructure facility at a fixed charge.The Group has recognised an amount of ₹ 2.13 crore as income for finance lease during
11.2 Amount receivable under Finance Lease
Particulars Minimum Lease Minimum Lease
Payments as at Payments as at
March 31, 2022 March 31, 2021
J crore J crore
Less than a year 130.74 126.75
One to two years 123.97 120.12
Two to three years 123.00 118.93
Three to four years 121.16 117.79
Four to five years 118.79 115.94
Total (A) 617.66 599.53
More than five years (B) 549.87 641.50
Total (A +B) 1,167.53 1,241.03
Unearned finance income 531.93 600.97
Present Value of Minimum Lease Payments Receivable 635.60 640.06
Lessor - Operating Lease
The Group has entered into operating leases for its certain building, plant and machinery and other equipments. These typically
have lease terms of between 1 and 10 years. The Group has recognized an amount of ₹ 18.95 crore (March 31, 2021 - ₹ 11.98 crore)
as rental income for operating lease during the year ended March 31, 2022.

12. Other Financial Assets - At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-Current
114.83 91.91
Less: Allowances for Doubtful Security Deposits 30.29 32.39
84.54 59.52
(ii) Receivables under Service Concession Agreement 194.02 196.14
(iii) Unbilled Revenue 114.64 104.47
(iv) Others
Advance towards Equity (Refer Note 1 below) Nil 191.24
Government Grants Receivables* 6.70 14.82
In Deposit Accounts (with maturity more than twelve months) 1,133.73 859.00
Receivable on sale of Strategic Engineering Division (at FVTPL) (Refer Note 2 below) Nil 365.99
1,291.33 1,559.12
Total 1,684.53 1,919.25
Note:
1 During the year,pursuant to the vesting order by the Odisha Electricity Regulatory Commission (‘OERC’) for the
completion of sale, the equity shares of North Electricity Supply Utility of Odisha has been issued against the advance
of ₹191.24 crore which was paid to OERC in the previous year.
2 Previous year includes contingent consideration receivable on sale of Strategic Engineering Division (SED) by the Group
on achievement of certain milestone (Refer Note 19c).
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
43.95 33.92
Less: Allowances for Doubtful Security Deposits 5.63 5.48
38.32 28.44
(ii) Accruals
Interest Accrued on Investments 3.51 3.48
Interest Accrued on Finance Lease Receivable 6.29 6.63
Unsecured, considered doubtful
90.55 57.04
Less: Provision for Doubtful Interest 1.40 1.40
89.15 55.64

12. Other Financial Assets - At Amortised Cost (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
(iii) Receivables under Service Concession Agreement 4.43 4.08
(iv) Others
Dividend Receivable 1.78 Nil
Derivative Contract (Fair Value through Profit and Loss) 5.06 1.48
Receivable on sale of Property, Plant and Equipments 2.69 2.74
Insurance Claims Receivable 1.55 4.16
Government Grants Receivables* 41.70 32.35
Recoverable from consumers 98.68 75.65
Balances with Banks: (Refer Note below)
In Deposit Accounts (with remaining maturity of less than twelve months) 1.62 19.19
Unsecured, considered doubtful
373.00 243.80
Less: Allowances for Doubtful Receivables 3.45 2.35
369.55 241.45
Total 501.45 329.61
Note:
Balances with Banks held as Margin Money Deposits against Guarantees.
* One of the subsidiary of the Group is eligible for government grant for certain solar projects. The subsidiary company is in
the process of creating charge on project assets in favour of Solar Energy Corporation of India. Once the charge is created,
the subsidiary company will file application for release of the grant.
13. Tax Assets

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current Tax Assets
Advance Income-tax (Net) 520.54 359.83
Total 520.54 359.83
Current Tax Assets
Advance Income-tax (Net) 0.01 Nil
Total 0.01 Nil
14. Deferred Tax

Accounting Policy
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises
from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
future economic benefits in the form of availability of set off against future income tax liability.

14. Deferred Tax (Contd.)

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the
reporting period.
For operations carried out under tax holiday period (Section 80IA of Income Tax Act, 1961), deferred tax assets or liabilities, if any,
have been recorded for the tax consequences of those temporary differences between the carrying values of assets and liabilities
and their respective tax bases that reverse after the tax holiday ends.
Deferred tax related to items recognised outside profit or loss is recognised either in other comprehensive income or in equity.
future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised
as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic
benefit associated with the asset will be realised. The Group reviews the “MAT credit entitlement” asset at each reporting date
and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
In the situations where one or more units of the Group are entitled to a tax holiday under the tax law, no deferred tax (asset
or liability) is recognised in respect of temporary differences which reverse during the tax holiday period, to the extent the
concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of temporary
differences which reverse after the tax holiday period is recognised in the year in which the temporary differences originate.
However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future taxable
income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the temporary
differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.

14a Deferred Tax Assets

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Total - Net Deferred Tax Assets 334.60 184.02
2021-22 Opening Balance Recognised in Recognised Closing Balance

Profit and Loss / in Other
Reclassified from Comprehensive
Deferred tax Income
liability [Refer
Note 14(b)]
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances 47.85 35.75 Nil 83.60
Provision for Employee Benefits and Others 37.70 59.40 35.65 132.75
Unabsorbed Depreciation 2,051.63 1,053.44 Nil 3,105.07
Measuring of Derivative Financial Instruments at Fair Value 100.84 (5.24) (32.94) 62.66
Carry Forward Losses 6.60 (4.05) Nil 2.55
Deferred Revenue 171.81 32.09 Nil 203.90
MAT Credit Entitlement 94.09 454.09 Nil 548.18
Lease Liabilities 638.72 11.02 Nil 649.74
Others 47.87 23.70 Nil 71.57
3,197.10 1,660.20 2.71 4,860.01
Deferred Tax Liabilities in relation to:
Property, Plant and Equipment* 2,978.78 1,507.04 Nil 4,485.82
Others 34.30 5.29 Nil 39.59
3,013.08 1,512.33 Nil 4,525.41
Net Deferred Tax Assets 184.02 147.87 2.71 334.60
* including Finance lease receivables, Right of Use and Intangible Assets

Profit and Loss in Other
Comprehensive
Income
Deferred Tax Assets in relation to:
Provision for Employee Benefits and Others 9.97 27.73 Nil 37.70
Unabsorbed Depreciation 3,173.69 (1,122.06) Nil 2,051.63
Measuring of Derivative Financial Instruments at Fair Value 0.15 7.12 93.57 100.84
Carry Forward Losses 78.94 (72.39) 0.05 6.60
Deferred Revenue 184.56 (12.75) Nil 171.81
MAT Credit Entitlement 76.76 17.33 Nil 94.09
Lease Liabilities 859.92 (221.20) Nil 638.72
Others 6.92 40.95 Nil 47.87
4,432.60 (1,329.12) 93.62 3,197.10
Deferred Tax Liabilities in relation to:
Property, Plant and Equipment* 4,322.80 (1,344.02) Nil 2,978.78
Others 35.56 (33.69) 32.43 34.30
4,358.36 (1,377.71) 32.43 3,013.08
Net Deferred Tax Assets 74.24 48.59 61.19 184.02
* including Right of Use and Intangible Assets

14b Deferred Tax Liabilities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Deferred Tax Assets 659.50 2,108.70
Total - Net Deferred Tax Liabilities 1,033.30 976.15

/ Reclassified Comprehensive
to Deferred tax Income
assets [Refer Note
14(a)]
Allowance for Doubtful Debts, Deposits and Advances 65.53 (11.89) Nil 53.64
Provision for Employee Benefits and Others 100.28 (68.45) (2.50) 29.33
Unabsorbed Depreciation 134.25 23.41 Nil 157.66
Carry Forward Losses 512.12 (503.12) Nil 9.00
MAT Credit Entitlement 1,234.65 (892.73) Nil 341.92
Government Grant 0.48 (0.31) Nil 0.17
Lease Liabilities 1.65 (1.65) Nil Nil
Others 26.84 2.69 Nil 29.53
2,108.70 (1,446.70) (2.50) 659.50
Property, Plant and Equipments* 2870.33 (1379.29) Nil 1,491.04
Borrowings 11.51 (6.88) Nil 4.63
Deferred Revenue -Ind AS 115 26.30 2.55 Nil 28.85
Revaluation on Consolidation 82.71 Nil Nil 82.71
Undistributed Profits of Joint Ventures 95.18 (18.99) Nil 76.19
Others (1.18) 8.16 2.40 9.38
3,084.85 (1,394.45) 2.40 1,692.80
Net Deferred Tax Liabilities 976.15 52.25 4.90 1,033.30

Comprehensive
Income
Provision for Employee Benefits and Others 92.61 12.58 (4.91) 100.28
Unabsorbed Depreciation 69.64 64.61 Nil 134.25
Carry Forward Losses 375.89 136.23 Nil 512.12
MAT Credit Entitlement 1173.73 60.92 Nil 1,234.65
Government Grant 0.95 (0.47) Nil 0.48
Lease Liabilities 12.40 (10.75) Nil 1.65
Others 25.02 1.64 0.18 26.84
1,838.55 274.88 (4.73) 2,108.70

14b Deferred Tax Liabilities (Contd.)

Comprehensive
Income
Property, Plant and Equipments* 2,737.96 132.37 Nil 2,870.33
Borrowings 9.39 2.12 Nil 11.51
Deferred Revenue -Ind AS 115 24.00 2.30 Nil 26.30
Revaluation on Consolidation 107.67 (24.96) Nil 82.71
Derivative financial instruments designated for hedging 32.43 Nil (32.43) Nil
Undistributed Profits of Joint Ventures 99.99 (4.81) Nil 95.18
Others 1.15 (2.33) Nil (1.18)
3,012.59 104.69 (32.43) 3,084.85
Net Deferred Tax Liabilities 1,174.04 (170.19) (27.70) 976.15

Notes:
i. The amount and the expiry of unrecognised deferred tax asset is as detailed below:
Unrecognised deferred tax assets Within Greater than Greater No expiry Closing
one year one year, less than five date balance
than five years
years
Capital Loss on sale of investment and indexation benefit* Nil 407.92 141.96 Nil 549.88
Business losses Nil Nil 1,025.36 Nil 1,025.36
Unabsorbed depreciation Nil Nil Nil 134.00 134.00
Total Nil 407.92 1,167.32 134.00 1,709.24

Unrecognised deferred tax assets Within Greater than Greater No expiry Closing
one year one year, less than five date balance
than five years
years
Business losses 163.81 121.33 670.70 Nil 955.84
Unabsorbed depreciation Nil Nil Nil 1,788.49 1,788.49
MAT credit Nil 4.67 212.98 Nil 217.65
Capital Loss Nil Nil 502.89 8.48 511.37
Total 163.81 126.00 1,386.57 1,796.97 3,473.35
* The unrecognised deferred tax asset on impairment of investments of ₹ 141.96 crores (March 31, 2021: ₹ 134.61 crores) relating
to capital loss shall expire within 8 years from the date of sale of investment.
ii. The Group has not recognized any deferred tax liabilities for taxes amounting to ₹ 2,673.90 crore (March 31, 2021 - ₹ 2,617.47 crore)
that would be payable on the Group's share in undistributed earnings of its subsidiaries and its interest in joint ventures because
the Group controls the distribution and is not likely to cause the distribution in the foreseeable future.

14b Deferred Tax Liabilities (Contd.)

14c Reconciliation of Deferred Tax Expense amount recognised in Profit or Loss and Other Comprehensive
Income
Recognised in Other Comprehensive
Recognised in Profit and Loss
Income
For the year ended For the year ended For the year ended For the year ended
Deferred Tax Assets (Net) - (Refer Note 14 a.)
Net (increase)/decrease in Deferred Tax Assets (147.87) (48.59) (2.71) (61.19)
Deferred Tax Liabilities (Net) - (Refer Note 14 b.)
Net increase/(decrease) in Deferred Tax Liabilities 52.24 (170.19) 4.90 (27.70)
Deferred Tax Liabilities (Net) - Discontinued Operations
(Refer Note 19 c)
Net increase/(decrease) in Deferred Tax Liabilities Nil 72.17 Nil Nil
Deferred Tax Expense / (Credit) (Net) (95.63) (146.61) 2.19 (88.89)
15. Other Assets

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(i) Capital Advances
Unsecured, considered good 257.76 166.14
Doubtful 0.53 0.11
258.29 166.25
257.76 166.14
(ii) Balances with Government Authorities
Advances 15.85 12.25
Amount Paid Under Protest 62.82 52.87
94.18 82.02
(iii) Others
Recoverable from Consumers 1,408.30 1,161.06
Others 52.12 19.41
Doubtful Nil 1.07
1,497.88 1,212.15
Less: Allowance for Doubtful Advances Nil 1.07
1,497.88 1,211.08
Total 1,849.82 1,459.24

15. Other Assets (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
(i) Balances with Government Authorities
Advances 491.37 226.21
491.65 234.37
(ii) Other Loans and Advances
Advances to Vendors 602.10 411.60
Deferred Rent Expense 1.11 1.11
Unbilled Revenue (contract assets) 27.81 40.84
Power Banking Receivable 113.18 41.35
Doubtful 0.19 0.19
988.21 679.86
988.02 679.67
Total 1,479.67 914.04
16. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Cost of inventory includes cost of purchase and other costs
incurred in bringing the inventories to their present location and condition. Costs of inventories are determined on weighted
average basis. Finished goods and work in progress: cost includes cost of direct materials and labour and a proportion of
manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
Unserviceable/damaged stores and spares are identified and written down based on technical evaluation.
Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital
appreciation, is held as inventory property and is measured at the lower of cost and net realisable value (NRV).
Principally, this is residential property that the Group develops and intends to sell before, or on completion of, development.
Cost incurred in bringing each property to its present location and condition includes:
- Freehold and leasehold rights for land
- Amounts paid to contractors for development
- Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, development
overheads and other related costs
NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date, less
estimated costs of completion and the estimated costs necessary to make the sale. When an inventory property is sold, the
carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The
carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable costs
incurred on the property sold and an allocation of any other related costs based on the relative size of the property sold.

16. Inventories (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Inventories
(a) Raw Materials and Fuel
Fuel - Stores 1,383.57 450.78
Fuel-in-Transit 521.43 380.78
Material related to Solar Plant EPC contracts 1,296.99 316.79
(b) Work-In-Progress 11.99 6.42
(c) Finished goods 287.81 94.15
(d) Stores and Spares (Refer Note 1 below) 483.44 447.12
(e) Loose Tools 1.66 1.60
(f) Others
Property under Development 244.63 187.98
Total 4,231.52 1,885.62
Notes:
1 The Group has recognised ₹ 19.11 crore (March 31, 2021 - ₹ 5.72 crore) as an expense for the write down of unserviceable
stores and spares and fuel inventory.
2 Refer Note 23 and Note 30 for Inventories pledged as security for liabilities.
17. Current Investments

As at As at
March 31, 2022 March 31, 2021
J crore J crore
I Investments carried at Amortised Cost
Statutory Investments
Government Securities (Unquoted) fully paid up 55.67 Nil
II Investments carried at Fair Value through Profit and Loss
Unquoted
Investment in Mutual Funds 354.85 499.54
Total 410.52 499.54
Note:
1. Aggregate Carrying Value of Unquoted Investments 410.52 499.54
18a. Cash and Cash Equivalents

Accounting Policy
Cash and cash equivalent comprise of cash at banks, cash/cheques on hand and short-term deposits with an original maturity of
three months or less, which are subject to an insignificant risk of changes in value. Cash and cash equivalents include balances
with banks which are unrestricted for withdrawal and usage.
For the purpose of the Statement of Cash Flows, cash and cash equivalents comprise of cash at bank, cash/cheques on hand and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group's
cash management.

18a. Cash and Cash Equivalents (Contd.)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
(a) Balances with Banks:
(i) In Current Accounts 1,254.84 1,015.45
(ii) In Deposit Accounts (with original maturity of less than three months) 1,702.09 2,543.84
(b) Cheques on Hand 23.30 45.16
(c) Cash on Hand 97.01 65.17
Cash and Cash Equivalents as per Balance Sheet 3,077.24 3,669.62
Bank Overdraft and Cash Credit attributable to Continuing Operations (Refer Note 30) (248.22) (99.66)
Cash and Cash Equivalents as per Statement of Cash Flows - Continuing Operation 2,829.02 3,569.96
Cash and Cash Equivalents as per Statement of Cash Flows 2,829.02 3,569.96
Reconciliation of Liabilities from Financing Activities
Particulars As at Cash flows Changes related Foreign Others* As at
April 1, 2021 to Discontinued Exchange March 31,
Proceeds Repayment Operations 2022
Non-current Borrowings (including Current Maturity of Non- 34,734.52 11,473.88 (5,684.28) Nil 111.94 (21.08) 40,614.98
current Borrowings)
Current Borrowings (excluding Bank Overdraft and Cash Credit 8,336.46 28,004.33 (29,636.92) Nil 25.69 (2.76) 6,726.80
from bank)
Lease Liabilities 3,537.31 Nil (383.85) Nil 20.11 431.55 3,605.12
Total 46,608.29 39,478.21 (35,705.05) Nil 157.74 407.71 50,946.90
Note:
During the year, the Group has issued shares of ₹ 308.65 crore to Minority Shareholders of subsidiaries which consist of shares issued for
consideration other than Cash amounting to ₹ 297.32 Crore.
Particulars As at Cash flows Changes related Foreign Others* As at
April 1, 2020 to Discontinued Exchange March 31,
Proceeds Repayment Operations Exchange 2021
Non-current Borrowings (including Current Maturity of Non- 36,531.57 5,602.19 (7,453.61) 57.83 (125.27) 121.81 34,734.52
current Borrowings)
Current Borrowings (excluding Bank Overdraft and Cash Credit 11,809.65 26,108.25 (29,557.80) Nil (50.92) 27.28 8,336.46
from bank)
Lease Liabilities 3,560.22 Nil (351.78) Nil 6.04 322.83 3,537.31
Total 51,901.44 31,710.44 (37,363.19) 57.83 (170.15) 471.92 46,608.29
18b. Other Balances with Banks- At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
(a) In Deposit Accounts (Refer Note below) 3,544.17 2,181.98
(b) In Earmarked Accounts-
Unpaid Dividend Account 19.29 19.07
Total 3,563.46 2201.05
Note:
Balances with banks held as margin money deposits against guarantees.

19a. Assets Classified as Held For Sale

Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal Group is
available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset or
disposal Group and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify
for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the management
reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell.
Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated
or amortised.
A disposal Group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit
or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided hereunder.
All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise mentioned.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Land [Refer Note (i) below] 301.58 301.58
Building [Refer Note (ii) below] 0.48 8.50
Other Property, Plant and Equipments [Refer Note (iii) below] 20.04 20.21
Investments carried at FVTOCI [Refer Note (iv) below] Nil 178.68
Investments in Associates and Joint Ventures [Refer Note (v) below] 2,701.90 2,480.12
Loan to and other receivables from Joint Venture [Refer Note v(b) below] 22.83 22.83
Transmission lines - Capital Work in Progress [Refer Note (vi) below] Nil 9.31
Other Assets [Refer Note (vii) below] Nil 26.23
Total 3,046.83 3,047.46
19b. Liabilities directly associated with Assets Classified as Held For Sale
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Liabilities related to Other Assets [Refer Note (i)(d) & (vii)] 113.56 139.78
Total 113.56 139.78
Notes:
(i) The following land has been classified as assets held for sale:
(a) Land at Tiruldih ₹ 1.43 crore (net of impairment loss of ₹ 34 crore) (March 31, 2021 - ₹ 1.43 crore).
(b) Land at Vadaval ₹ 3.21 crore (March 31, 2021 - ₹ 3.21 crore).
(c) Land at Naraj Marthapur ₹ 81.38 crore (net of impairment loss of ₹ 37 crore) (March 31, 2021 - ₹ 81.38 crore).
(d) Land at Dehrand ₹ 215.56 crore (March 31, 2021 - ₹ 215.56 crore). During the earlier year, the Group has received an
advance of ₹113.56 crore against sale.

19b. Liabilities directly associated with Assets Classified as Held For Sale (Contd.)
(ii) (a) Following building has been classified as assets held for sale:
Building at Panvel ₹ 0.48 crore (March 31, 2021 - ₹ 0.48 crore).
(b) Building at Peninsula of ₹ 8.02 crore has been reclassified from asset held for sale to Property, Plant and Equipment
during the year.
(iii) (a) The following plant and equipment has been classified as assets held for sale:
Rithala power generation plant ₹ 20.04 crore (net of impairment loss of ₹ 143.96 crore) (March 31, 2021 - ₹ 20.04 crore).
(b) Helicopter having book value of ₹ 0.17 crore has been sold during the year (March 31, 2021 - ₹ 0.17 crore)
(iv) During the year ended March 31, 2022, the Group has reclassified its Investment in Tata Teleservices (Maharashtra) Limited
("TTML") to Non-Current Investment.
(v) (a) In the earlier years, the Group had signed definitive agreements for sale of PT Arutmin Indonesia and its associated
infrastructure and trading companies and the sale consideration of USD 400.92 million is being expected to be received
in a phased manner over next few years. Accordingly, the investments (including investment in PT Mitratama Perkasa)
have been classified as assets held for sale at ₹ 1,938.38 crore as at March 31, 2022 (March 31, 2021 - ₹ 1,869.46 crore).
(b) In the earlier years, the Group decided to divest its investment in Itezhi Tezhi Power Corporation (‘ITPC’) of ₹ 632.99
crore (March 31, 2021 - ₹ 610.66 crore) and loan and other receivables from ITPC of ₹ 22.83 crore (March 31, 2021 -
₹ 22.83 crore). Accordingly, the said investment along with loan and other receivables has been classified as held for
sale. No impairment loss has been recognised on reclassification as the Group expects that the fair value less costs to
sell is higher than the carrying amount as at March 31, 2022.
(c) The Group holds investments in Adjaristsqali Netherlands B.V. (ABV) (a Joint Venture of the Group) operating 187 MW
hydro power plant in Georgia.
During the year, the Group has decided to divest its investment in ABV and accordingly the said investment along with
perpetual securities has been classified as held for sale.
During the year, the Group has reassessed the recoverability of its investment in ABV based on decline in the operational
performance and accordingly has recognized an cumulative impairment provision of ₹ 372.13 crore (March 31, 2021- ₹
221.86 crore) as an exceptional item in the consolidated financial statements. The net investment value in ABV including
perpetual securities after impairment provision is ₹130.53 crore as on March 31, 2022 (March 31, 2021- ₹ 276.18 crore)
The Group has performed the recoverability assessment and determined the value in use based on estimated cash flow
projections over the life of the assets included in CGU. Projected cash flows include cash flow projections approved by
management covering 3 years and the cash flows beyond that has been projected based on the long term forecast.
The following key assumptions were used for performing the valuation:
- Tariff post PPA period of 15 years.
- A pre-tax discount rate of 5.94 % was applied;
(vi) Maharashtra Electricity Regulatory Commission (‘MERC’) had ordered termination of Vikhroli Transmission Lines project and
accordingly, the Group had reclassified the said project as held for sale. During the year, the Group has received an amount
of ₹ 8.44 crore against the said project.
(vii) The Group had decided to divest its investments in equity and preference shares of its subsidiary, TCL Ceramics Ltd.
Accordingly, the said investment was classified as held for sale. Pursuant to the Share Purchase Agreement ('Agreement')
dated 4th January, 2020, the Group has transferred its Equity and Preference share to the purchasers as a part of the
conditions mentioned in the Agreement subject to final closing. On 24th March 2022, the Group has signed an amendment
to original share purchase agreement and transferred all the beneficial ownership to the buyers and accordingly impact has
been recognised in the consolidated financial statements.

19c. Assets Classified as Held For Sale - Discontinued Operations

In the past, the Group had approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd. (TASL) [a wholly
owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, at an enterprise value of ₹ 2,230 crore (out of
which ₹ 1,040 crore payable at the time of closing and ₹ 1,190 crore payable on achieving certain milestones). Accordingly, SED
business segment is presented as discontinued operations. On 31st October,2020, the Group had completed the sale of its SED to
TASL and had received upfront consideration of ₹ 597 crore (net of borrowings of ₹ 537.00 crore transferred to TASL) after certain
adjustments as specified in the scheme.
Results of Strategic Engineering Division for the year are presented below
March 31, 2022 March 31, 2021
J crore J crore
Income
Revenue from Operations Nil 193.63
Other Income Nil 23.52
Total Income Nil 217.15
Expenditure
Cost of Components Consumed Nil 139.28
Employee Benefits Expense Nil 52.66
Finance Costs Nil 24.91
Other Expenses Nil 60.15
Total Expenses Nil 277.00
Profit/(Loss) before tax from Discontinued Operations Nil (59.85)
Impairment Loss on Remeasurement to Fair Value (Refer Note Below) (467.83) (160.00)
Tax Expenses/(Credit)
Total Tax Expenses/(Credit) Nil (173.65)
Profit/(Loss) before tax from Discontinued Operations (467.83) (46.20)
Other Comprehensive Income/(Expense) Nil (0.34)
Tax on Other Comprehensive Income Nil Nil
Total Comprehensive Income/(Expense) (467.83) (46.54)
Note:
During the year ended March 31, 2022, the Group has reassessed the fair value of consideration receivable from TASL and has
recognised an impairment loss of ₹ 467.83 crore (March 31, 2021- ₹ 160 Crore) in the consolidated financials statements. The fair
value on consideration has been determined based on the expected value of the consideration using discounted present value
technique. The fair value has been categorised under Level 3 inputs, the key assumption being expectation of achievement/
non-achievement of milestones as defined in the scheme of arrangement.
Net cash flows attributable to Strategic Engineering Division are as follows:
From April 1, 2020
to October 31,
2020
J crore
Net Cash Flow from/(used) in Operating Activities 286.62
Net Cash Flow from/(used) in Investing Activities (32.30)
Net Cash Flow from/(used) in Financing Activities (85.62)
Net Increase/(Decrease) in Cash and Cash Equivalents 168.70
Cash and Cash Equivalents (Opening Balance) 7.60
Cash and Cash Equivalents (Closing Balance) 176.30
Less: Transferred on sale of Strategic Engineering Division (176.30)
Total of cash and cash equivalents (Net) Nil

20. Regulatory Deferral Account

Accounting Policy
The Group determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on Rate
Regulated Activities issued by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff Orders
notified by the Electricity Regulatory Commission (Regulator) and the actual or expected actions of the regulator under the
applicable regulatory framework. Appropriate adjustments in respect of such revenue gaps are made in the regulatory deferral
account of the respective year for the amounts which are reasonably determinable and no significant uncertainty exists in such
determination. These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral accounts
debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the financial statements, which would be
recovered/refunded through future billing based on future tariff determination by the regulator in accordance with the electricity
regulations. The Group presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account and
deferred tax recoverable payable.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities 634.63 98.93
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets 6,810.57 6,222.44
Net Regulatory Assets/(Liabilities) 6,175.94 6,123.51
Rate Regulated Activities
(i) As per the Ind AS-114 'Regulatory Deferral Accounts', the business of electricity distribution is a Rate Regulated activity
wherein the regulators determine Tariff to be charged from consumers based on prevailing regulations in place.
The Group is governed by the tariff regulations and tariff orders issued by Regulatory Commissions in Maharashtra, Delhi and
Odisha. These regulations determine tariff in a manner wherein the Group can recover its fixed and variable costs including
assured rate of return on approved equity base, from its consumers. The Group determines the Revenue, Regulatory Assets
and Liabilities as per the terms and conditions specified in these Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities as on March 31, 2022,
is as follows:
March 31, 2022 March 31, 2021
J crore J crore
Opening Regulatory Assets (Net of Liabilities) (A) 6,123.51 5,480.17
Regulatory Deferral Balances (net) during the year
(i) Power Purchase Cost 17,603.08 10,132.93
(ii) Other expenses as per the terms of Tariff Regulations including Return On Equity 6,432.10 4,020.00
(iii) Billed during the year as per approved Tariff (24,414.79) (13,698.71)
(iv) Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) 140.15 81.80
Net movement in Regulatory Deferral Balances recognised in statement of Profit and Loss (i + ii + iii + iv) (239.46) 536.02
(v) Regulatory Income/(Expenses) recognised in OCI 265.28 93.92
Net movement in Regulatory Deferral Balances (i + ii + iii + iv + v) (B) 25.82 629.94
Regulatory Assets/(Liabilities) on carrying cost recognised as revenue (C) 18.00 3.00
Regulatory deferral asset in respect of opening assets deletion (D) 8.64 Nil
Recovery from/(Payable to) Group's Generation Business (E) (0.03) 10.40
Closing Regulatory Asset (Net of Liabilities) (A+B+C+D+E) 6,175.94 6,123.51

21a. Share Capital

Authorised
Equity Shares of ₹ 1/- each
Add: Increase during the year Nil Nil 200,00,00,000 200.00
Add: Increase due to merger (Refer Note 22.6) 10015,00,00,000 10,015.00 Nil Nil
Outstanding for the year 10,565.00 550.00
Cumulative Redeemable Preference Shares of ₹ 100/- each 2,29,00,000 229.00 2,29,00,000 229.00
10,794.00 779.00
Issued
Equity Shares [including 28,32,060 shares (March 31, 2021 - 28,32,060 shares)
not allotted but held in abeyance, 44,02,700 shares cancelled pursuant to a
Court Order and 4,80,40,400 shares of the Company held by the erstwhile The
Andhra Valley Power Supply Company Ltd. cancelled pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature, Bombay] 325,22,67,007 325.23 325,22,67,007 325.23
Subscribed and Paid-up
Equity Shares fully Paid-up [excluding 28,32,060 shares (March 31, 2021
- 28,32,060 shares) not allotted but held in abeyance, 44,02,700 shares
cancelled pursuant to a Court Order and 4,80,40,400 shares of the Company
held by the erstwhile The Andhra Valley Power Supply Company Ltd.
cancelled pursuant to the Scheme of Amalgamation sanctioned by the
High Court of Judicature, Bombay] 319,53,39,547 319.54 319,53,39,547 319.54
Less: Calls in arrears [including ₹ 0.01 crore (March 31, 2021 - ₹ 0.01
crore) in respect of the erstwhile The Andhra Valley Power Supply
Company Ltd. and the erstwhile The Tata Hydro-Electric Power
Supply Company Ltd.] 0.04 0.04
319.50 319.50
Add: Equity Shares forfeited - Amount paid 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital 319.56 319.56
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting year
Equity Shares
Issued during the year Nil Nil 49,05,66,037 49.06
Outstanding at the end of the year 319,69,91,847 319.56 319,69,91,847 319.56


(ii) Terms/rights attached to equity shares
The Parent Company has issued only one class of equity shares having a par value of ₹ 1/- per share. Each holder of equity shares is
entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Parent Company, the holders of equity shares will be entitled to receive remaining assets of the
Parent Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Parent Company
Number % Holding Number % Holding
Equity Shares of ₹ 1/- each fully paid
Tata Sons Pvt. Ltd. 144,45,13,021 45.21 144,45,13,021 45.21
Life Insurance Corporation of India 21,57,53,479 6.75 16,41,25,329 5.14
*Shareholding has been reported based on common permanent Account Number
(iv) Shareholding of Promoters

1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 144,45,13,021 45.21 Nil

1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 95,39,46,984 35.27 9.94
21b. Unsecured Perpetual Securities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
11.40% Unsecured Perpetual Securities 1,500.00 1,500.00
Less: Repayment during the year (1,500.00) Nil
Total Nil 1,500.00
In an earlier year, the Holding Company had raised 1,500 crore through issue of Unsecured Perpetual Securities (the "Securities").
These Securities were perpetual in nature with no maturity or redemption and were callable only at the option of the Holding
Company. As these Securities were perpetual in nature and ranked senior only to the Share Capital of the Holding Company and
the Holding Company did not have any redemption obligation, these were considered to be in the nature of equity instruments.
During the year, pursuant to debenture trust deed dated 23rd June, 2011, the Holding Company has exercised the call option to
redeem the Securities on 2nd June, 2021 along with interest.

22. Other Equity

As at As at
March 31, 2022 March 31, 2021
J crore J crore
General Reserve
Opening Balance 226.61 4,086.53
Add/(Less): Capital re-organisation (Refer Note 6 below) Nil (3,859.92)
Restated Opening Balance 226.61 226.61
Securities Premium
Add/(Less): Capital re-organisation (Refer Note 6 below) Nil (5,091.20)
Restated Opening Balance 3,107.54 556.60
Add: Increase on issue of shares during the year (Refer Note 4 below) Nil 2,550.94
Capital Reserves 232.09 232.09

Statutory Reserves 660.08 660.08

Add/(Less): Amount transferred from/(to) Retained Earnings (Net) (100.00) (13.14)

Special Reserve fund

Add/(Less): Amount transferred from Retained Earnings (126.28) 2.21
Closing Balance Nil 126.28
Retained Earnings (Refer Note 1 below)

Add/(Less): Capital re-organisation (Refer Note 6 below) Nil 8,951.12
Restated Opening Balance 13,889.59 13,338.61
Add: Profit/(Loss) for the year 1,741.46 1,127.38
Other Comprehensive Income/(Expense) arising from Remeasurement of Defined Benefit Nil 3.14
Obligation (Net of Tax)
Transfer from Debenture Redemption Reserve (Net) 100.00 13.14
Less: Distribution on Unsecured Perpetual Securities 100.26 171.23
Other Comprehensive Income/(Expense) arising from Remeasurement of Defined Benefit 11.26 Nil
Obligation (Net of Tax)
Less: Other Appropriations:
Payment of Dividend (Refer Note 2 below) 495.28 419.24
Transfer to / (from) Special Reserve Fund (126.28) 2.21
1,360.94 550.98


As at As at
March 31, 2022 March 31, 2021
J crore J crore
Equity Instrument through Other Comprehensive Income

Opening Balance 223.23 (7.54)
Add/(Less): Change in Fair Value of Equity Instruments through Other Comprehensive Income 307.11 230.77
Foreign Currency Translation Reserve

Add/(Less): Addition during the year 79.59 (336.40)
Effective Portion of Cash Flow Hedge

Opening Balance (181.77) 96.41
Add/(Less): Effective Portion of Cash Flow Hedge for the year 97.94 (278.18)
Closing Balance (83.83) (181.77)
Total 22,122.00 20,502.70
Notes:
1. Includes gain on fair valuation of land which is not available for distribution ₹ 227.03 crore.
2. The shareholders of the holding company in their meeting held on July 5, 2021 approved final dividend of ₹ 1.55 per share
aggregating ₹ 495.28 crore for the financial year 2020-21. The said dividend was paid to the holders of fully paid equity shares
on July 7, 2021.
3. In respect of the year ended March 31, 2022, the directors have proposed a dividend of ₹ 1.75 per share to be paid on fully
paid shares. This equity dividend is subject to approval at the annual general meeting and has not been included as a liability
in the consolidated financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares.
The total estimated equity dividend to be paid is ₹ 559.68 crore.
4. During the previous year, the shareholders in the Annual General Meeting dated July 30, 2020 had approved the issuance of
49,05,66,037 equity shares of the face value of ₹ 1 each at ₹ 53 per equity share for an amount aggregating to ₹ 2,600 crore
to Tata Sons Pvt. Ltd. on preferential basis.
5. Represents gain/(loss) on sale of certain investments carried at fair value through other comprehensive income transferred
to Retained Earnings.
6. The Hon’ble National Company Law Tribunal (NCLT) has approved the composite scheme of arrangement for merger of
Coastal Gujarat Power Limited (CGPL) along with the capital re-organization and the scheme of arrangement for merger of
Af-Taab Investment Company Limited (Af-taab) with the Holding Company effective April 1, 2020. There is no effect of merger
in the consolidated financial statements. However, the following adjustments have been made pursuant to the scheme of
capital re-organisation as on April 1, 2020 i.e the appointed date of the scheme:
a) The debit balance in the retained earnings of the Holding Company of ₹ 5,091.20 crore has been adjusted with the
securities premium.
b) Post-merger credit balance in General Reserve of the Holding Company of ₹ 3,859.92 crore has been transferred to
Retained earnings.
Pursuant to the scheme of merger, the authorised equity share capital of the Holding Company has been increased by the
authorised equity share capital of the erstwhile CGPL and Af-taab.


Nature and purpose of reserves
General Reserve
General Reserve is used to transfer profits from retained earnings for appropriation purposes. The amount is to be utilised
in accordance with the provision of the Companies Act, 2013.
Securities Premium
Securities Premium is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
The Group was required to create a Debenture Redemption Reserve out of the profits which are available for payment of
dividend for the purpose of redemption of debentures. Pursuant to Companies (Share Capital and Debentures) Amendment
Rules, 2019 dated 16th August, 2019, the Group is not creating additional debenture redemption reserve (DRR) from the effective
date of amendment. DRR created till previous years will be transferred to retained earnings on redemption of debentures.
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Group, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Special Reserve Fund
Special Reserve Fund represents the amount transferred from the annual profits of Af-taab pursuant to section 45 of the Reserve
Bank of India Act, 1934. Pursuant to scheme of arrangement for merger as mentioned in note 6 above, erstwhile Af-taab has
ceased to exist and hence the reserves is no longer required and accordingly has been transferred to retained earning.
Statutory Reserve
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment
Allowance Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry,
the Maharashtra State Government permits part of the capital cost of approved projects to be collected through the
electricity tariff and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in Indian law.
Retained Earnings
Retained Earnings are the profits of the Group earned till date net of appropriations.
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through
other comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are disposed off.
Foreign Currency Translation Reserve
Exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their
functional currencies to the Group's presentation currency (i.e. ₹) are recognised directly in other comprehensive income
and accumulated in the foreign currency translation reserve.
Effective Portion of Cash Flow Hedge
The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value
of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on
changes in fair value of the designated portion of the hedging instruments that are recognised and accumulated under
the heading of cash flow hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the
profit or loss, or included as a basis adjustment to the non-financial hedged item.

23. Non-current Borrowings - At Amortised Cost

Non-current Current Non-current Current
(J crore) Maturities* (J crore) Maturities*
(J crore) (J crore)
(i) Unsecured
Debentures
Redeemable Non-Convertible Debentures 9,639.16 2,454.86 11,509.47 1,938.80
Term Loans
From Banks 3,730.06 421.71 1,769.55 673.67
Deferred Payment Liabilities-Sales Tax Deferral Nil Nil Nil 2.83
13,369.22 2,876.57 13,279.02 2,615.30
(ii) Secured
Debentures
Redeemable Non-Convertible Debentures 1,853.40 559.75 2,411.82 247.26
Term Loans
From Banks 15,570.52 4,325.65 12,961.04 1,785.82
From Others 1,936.56 123.31 1,392.97 41.29
19,360.48 5,008.71 16,765.83 2,074.37
Total 32,729.70 7,885.28 30,044.85 4,689.67

* Amount disclosed under Current Borrowings (Refer Note 30).
Security
Redeemable Non-convertible Debentures issued by the Group are secured by charge on movable and immovable assets of the
respective entities.
Term Loans availed by various entities of the Group from various Banks and Financial Institutions are secured by way of charge on
all present and future moveable and immovable assets, stores and spares, raw materials, work-in-progress, finished goods, book
debts, project receivables, intangibles, uncalled capital receivables, rights under project documents of the respective entities,
project cash flows, regulatory deferral accounts, accounts including Debt Service Reserve Accounts and bank accounts, bank
guarantees and pledge of shares of subsidiaries held by their respective holding companies.
Terms of Repayment (J crore)

as at March and
31, 2022 onwards
(i) Unsecured - At Amortised Cost
Debentures
Redeemable Non-Convertible Debentures 12,124.86 2,454.86 5,050.00 1,120.00 500.00 Nil 1,500.00 1,500.00
Term Loans
From Banks 4,150.93 421.71 3,194.93 535.00 Nil Nil Nil Nil
(ii) Secured - At Amortised Cost
Debentures
Redeemable Non-Convertible Debentures 2,418.94 559.75 467.05 319.45 361.75 358.75 352.19 Nil


as at March and
31, 2022 onwards
Term Loans
From Banks 19,930.66 4,325.65 2,763.33 2,237.20 1,885.66 1,343.02 4,477.50 2,898.30
From Others 2,064.27 123.31 159.52 191.37 225.53 252.82 974.70 137.02
40,689.66 7,885.28 11,634.83 4,403.02 2,972.94 1,954.59 7,304.39 4,535.32
Less: Impact of recognition of borrowing at
amortised cost using effective interest
method under Ind AS 72.78
Less: Unamortised portion of fair value of
Corporate Guarantee. 1.90
Total 40,614.98
Range of interest rates for:

1. Debentures - 5.70% to 10.75%
2. (a) Term loan of foreign Companies - 1.26 % to 2.24 %
(b) Term loan of Indian Companies - 3.55 % to 8.97%
3. Term loan from others - 7.25 % to 8.72 %
24. Lease Liabilities

Accounting Policy
At inception of contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception
or on reassessment of a contract that contains a lease component, the Group allocates consideration in the contract to each lease
component on the basis of their relative standalone price.
As a Lessee
i) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at
the lease commencement date if the discount rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. The carrying amount is remeasured when there is a change in future lease payments arising from a change
in index or rate. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
ii) Short term leases and leases of low value of assets
The Group applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of low-value assets
recognition exemption that are considered to be low value. Lease payments on short-term leases and leases of low value assets are
recognised as expense on a straight-line basis over the lease term.
Leasing arrangement as Lessee
The Group has lease contracts for various items of plant, machinery, land, vehicles and other equipment used in its operations.
Leases of Leasehold land including sub-surface rights generally have lease terms between 2 years and 95 years, while plant and
machinery, motor vehicles and other equipment generally have lease terms 3 years and 40 years. Generally, the Group is restricted
from assigning and subleasing the leased assets.

24. Lease Liabilities (Contd.)

Amount recognised in the Statement of Profit and Loss For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Depreciation of Right-of-use assets 184.67 188.62
Interest on lease liabilities 319.78 315.90
Expenses related to short term leases 36.30 31.48
Expenses related to leases of low value assets, excluding short term leases of low value assets 0.81 0.33
Refer Note (5) for additions to Right-of-Use Assets and the carrying amount of Right-of-Use Assets. Further, refer Note 43.4.3
for maturity analysis of lease liabilities.
Amount as per the Statement of Cash Flows For the year ended For the year ended
March 31, 2022 March 31, 2021
J crore J crore
Total cash outflow of leases 383.85 351.78
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-Current
(i) Lease Liabilities 3,207.79 3,142.48
Total 3,207.79 3,142.48
Current
(i) Lease Liabilities 397.33 394.83
Total 397.33 394.83
25. Trade Payables

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(i) Outstanding dues of micro enterprises and small enterprises Nil Nil
(ii) Outstanding dues of trade payables other than micro enterprises and small enterprises Nil 1.67
Total Nil 1.67
Current
(i) Outstanding dues of micro enterprises and small enterprises 332.14 141.01
(ii) Outstanding dues of trade payables other than micro enterprises and small enterprises 10,127.46 7,005.40
Total 10,459.60 7,146.41

25. Trade Payables (Contd.)

` crore
Particulars Unbilled Dues Outstanding for following periods from due date of payment # Total
Not Due Less than 1 More than 3
1-2 Years 2-3 years
Year years
Current
a) MSME 1.37 142.00 174.94 10.73 2.86 0.02 331.92
b) Others 1,294.13 5,578.44 2,761.38 335.71 25.26 41.40 10,036.32
a) MSME Nil Nil Nil 0.10 0.12 Nil 0.22
b) Others Nil 0.05 14.99 0.36 59.91 15.83 91.14
Total 1,295.50 5,720.49 2,951.31 346.90 88.15 57.25 10,459.60
` crore
Particulars Unbilled Dues* Outstanding for following periods from due date of payment # Total
Not Due Less than 1 More than 3
1-2 Years 2-3 years
Year years
Non - Current
b) Others Nil Nil Nil 1.67 Nil Nil 1.67
Total Nil Nil Nil 1.67 Nil Nil 1.67
Current
(ii) Undisputed Trade Payables
a) MSME Nil 84.14 51.58 4.84 0.20 0.01 140.77
b) Others 1,020.11 3,912.46 1,773.70 69.47 67.35 70.82 6,913.91
(iii) Disputed Trade Payables
a) MSME Nil Nil 0.11 0.13 Nil Nil 0.24
b) Others Nil Nil 11.02 59.76 7.87 12.84 91.49
Total 1,020.11 3,996.60 1,836.41 134.20 75.42 83.67 7,146.41
* Includes provision for expenses which is certain and not related to any litigation.
# Where due date of payment is not available date of transaction has been considered.
26. Other Financial Liabilities - At Amortised Cost, (Unless otherwise stated)

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
(a) Security Deposits from Customers 850.82 734.44
(b) Payables for Capital Supplies and Services 11.62 348.40
(c) Payable to Customer 294.12 288.16
Total 1,156.56 1,371.00
Current
(a) Interest accrued but not due on Borrowings from Others 656.13 688.86
(b) Interest accrued but not due on Borrowings from Joint Ventures 160.12 150.45
(c) Investor Education and Protection Fund shall be credited by the following amounts namely (Refer
Note 1 below):
Unpaid Dividend 23.45 23.23
Unpaid Matured Debentures 0.09 0.09

26. Other Financial Liabilities - At Amortised Cost, (Unless otherwise stated) (Contd.)
As at As at
March 31, 2022 March 31, 2021
J crore J crore
(d) Other Payables
Payables for Capital Supplies and Services 1,854.37 1,050.31
Advance Received for Sale of Investments [Refer Note 19b (v)(a)] 1,843.67 1,645.60
Contingent Consideration Payable (Fair Value through Profit and Loss) 16.93 39.65
Derivative Contracts (Net)- (at Fair Value through Profit and Loss) 40.79 192.51
Security Deposits from Electricity Consumers (including interest accrued but not due) 3,098.27 2,188.68
Security Deposits from Customers 46.09 38.27
Tender Deposits from Vendors 42.74 43.13
Supplier's Credit (Refer Note 2 below) 330.53 652.94
Payable to Consumers 220.48 310.53
Factoring Liability (Refer Note 2 of Note 9) 582.67 Nil
Other Financial Liabilities Pending Reconciliation [Refer Note - 48(6)] 117.62 117.62
Other Financial Liabilities (Refer Note 3 below) 598.01 505.83
9,631.96 7,647.70
Notes
1. Includes amounts outstanding aggregating ₹ 0.21 crore (March 31, 2021 - ₹ 1.69 crore) for more than seven years pending
disputes and legal cases.
2. The Group has entered into a Suppliers’ Credit Program (“Facility”) with a third party whereby the third party shall pay the
said coal suppliers on behalf of the Group and the Group shall pay the third party on the due date along with interest. The
Group has utilised USD 43.99 million of this facility as at 31st March, 2022. As the Facility provided by the third party is within
the credit period provided by the coal suppliers, the outstanding liability has been disclosed under other financial liabilities.
3. Includes Contract liability aggregating ₹ 48.74 crore.
27. Tax Liabilities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non Current
Income-Tax Payable (Net) 3.03 3.03
Total 3.03 3.03
Current
Income-Tax Payable (Net) 147.00 198.38
Total 147.00 198.38
28. Provisions
Accounting Policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The
amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of
the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured
using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when
the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to consolidated
Statement of Profit and Loss. An onerous contract is considered to exist where the Group has a contract under which the unavoidable
costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.


Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: (i) a detailed formal
plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate
of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan’s main features.
Defined contribution plans

Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
entitling them to the contributions.
Defined benefits plans

The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.
Past service costs are recognised in consolidated Statement of Profit and Loss on the earlier of:
- the date of the plan amendment or curtailment, and
- the date that the Group recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the
following changes in the net defined benefit obligation as an expense in the consolidated statement of Profit and Loss:
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and
- Net interest expense or income.
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity
obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may
differ from actual developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate
discount rate for plans operated in India, the management considers the interest rates of government bonds. The mortality rate
is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic
changes. Future salary increases are based on expected future inflation rates.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of government bonds. The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected future inflation rates.
Current and other non-current employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the
period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
Liabilities recognised in respect of current employee benefits are measured at the undiscounted amount of the benefits expected
to be paid in exchange for the related service.
Liabilities recognised in respect of other non-current employee benefits are measured at the present value of the estimated future
cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.


As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
Gratuity (Net) [Refer Note 28 (2.3)] 298.11 173.66
Post-Employment Medical Benefits [Refer Note 28 (2.3)] 74.96 61.08
Other Defined Benefit Plans [Refer Note 28 (2.3)] 377.61 74.31
1,168.18 616.35
Other Provisions
50.00 50.92
Total 1,218.18 667.27
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
Gratuity (Net) [Refer Note 28 (2.3)] 34.07 17.10
Post-Employment Medical Benefits [Refer Note 28 (2.3)] 30.73 3.16
Other Defined Benefit Plans [Refer Note 28 (2.3)] 42.15 21.94
143.79 75.51
Other Provisions
Provision for Losses/Onerous Contracts/Contingencies 191.71 74.86
Provision for Rectification Work Nil 2.00
201.03 87.80
Total 344.82 163.31
Movement of Other Provisions

Provision for Provision Provision for Total
Warranties for Losses/ Rectification
Onerous Work
Contracts
Additional provisions recognised 26.49 71.22 Nil 97.71
Reductions arising from payments (10.71) Nil (2.50) (13.21)
Balance as at March 31, 2021 61.86 74.86 2.00 138.72


Provision for Provision Provision for Total
Warranties for Losses/ Rectification
Onerous Work
Contracts
Balance as at April 1, 2021 61.86 74.86 2.00 138.72
Additional provisions recognised 11.10 117.07 Nil 128.17
Reductions arising from payments (13.64) (0.22) (2.00) (15.87)
Notes:
1. The provision for warranty claims represents estimated warranty liability for the products sold. These estimates are
established using historical information on the nature, frequency and average cost of warranty claims and management
estimates regarding possible future incidence based on corrective actions on product failures.
2. The provision for losses includes provision for estimated losses on onerous contracts and provision for contingency on
regulatory assets recognised.
3. The provision for rectification work relates to the estimated cost of work agreed to be carried out for the rectification of
goods supplied to the customers.
Employee Benefit Plans
1. Defined Contribution plan
The Group makes Provident Fund and Superannuation Fund contributions to defined contribution plans for eligible employees.
Under the schemes, the Group is required to contribute a specified percentage of the payroll costs. The provident fund
contributions as specified under the law are paid to the Government approved provident fund trust or statutory provident fund
authorities. The Group has no obligation, other than the contribution payable to the respective fund. The Group recognises such
contribution payable to the respective fund scheme as an expense, when an employee renders the related service.
The Group has recognised ₹ 72.50 crore (March 31, 2021 - ₹ 69.31 crore) for provident and pension fund contributions and ₹ 8.49
crore (March 31, 2021 - ₹ 9.25 crore) for superannuation contributions in the in consolidated Statement of Profit and Loss. The
said amount is excluding of amounts recognised by the Strategic Engineering Division (SED) (Discontinued operations). The
contributions payable to these plans by the Group are at rates specified in the rules of the plans.
2. Defined benefit plans
2.1 The Group operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Parent Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Parent Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as
specified under the law are paid to the provident fund set up as a trust by the Parent Company. The Parent Company is generally
liable for annual contributions and any shortfall in the fund assets based on the government specified minimum rates of return
and recognises such contributions and shortfall, if any, as an expense in the year it is incurred. Having regard to the assets of
the fund and the return on the investments, the Group expects shortfall of ₹ Nil (31st March, 2021 ₹ 6.50 crore) which has been
provided as an expenditure during the year.
The actuary has provided a valuation of provident fund liability based on the assumptions listed and determined the net short
fall of ₹ Nil as at March 31, 2022 (March 31, 2021 - ₹ 6.50 crore) which has been recognised as an expense during the year.
Pension Fund
The Odisha Distribution Companies acquired by the Group during the year have a defined benefit pension plan, the pension
plan is primarily governed by the Odisha Civil Services (Pension) Rules, 1992. The level of benefits, eligibility depends on the
date of joining, member's length of service and salary at the retirement date. The pension plan is funded plan. The fund is in
the form of a trust and is governed by Trustees appointed by the respective subsidiaries and regulations framed in this regard.
The Trustees are responsible for the administration of the plan assets and for defining the investment strategy in accordance
with the regulations.


The significant assumptions used for the purpose of the actuarial valuations were as follows:
As at As at
March 31, 2022 March 31, 2021
Interest rate 8.10% p.a. 8.50% p.a.
Discount rate 6.80% p.a. 6.60% p.a.
Contribution during the year (₹ crore) 273.43 170.29
Short fall recognised as an expenditure for the year (₹ crore) Nil 6.50
The movements in the net defined benefit obligations are as follows:

Balance as at 1st April, 2020 807.76 750.52 57.24
Liability (includes amount recoverable from consumers for the pre-acquisition 4,235.09 524.52 3,710.57
period - Refer Note 34)
Return on plan assets excluding amounts included in interest cost/(income) Nil 76.02 (76.02)
Actuarial (gains)/losses arising from changes in financial assumptions 38.05 Nil 38.05
Amount recognised in Other Comprehensive Income 148.07 76.02 72.05
Benefits paid (350.00) (343.92) (6.08)
Less: Amount recoverable from consumers for pre-acquisition period (4,292.06) (526.86) (3,765.20)
(Refer note 34)
Balance as at April 1, 2021 853.12 836.57 16.55

Liability (includes amount recoverable from consumers for the pre-acquisition 4,292.06 526.86 3,765.20
Past service cost 12.49 Nil 12.49
Return on plan assets excluding amounts included in interest cost/(income) Nil (18.78) 18.78
Actuarial (gains)/losses arising from changes in demographic assumptions 18.88 Nil 18.88
Actuarial (gains)/losses arising from experience * 509.55 Nil 509.55
Amount recognised in Other Comprehensive Income 502.90 (18.78) 521.68
Benefits paid (323.77) (213.63) (110.14)
Less: Amount recoverable from consumers for pre-acquisition period (4,549.23) (534.33) (4,014.90)
(Refer note 34)
Others Nil (0.65) 0.65
Balance as at March 31, 2022 1,178.58 883.99 294.59
* Includes ₹ 339.26 crores pertaining to pre-acquisition liabilities not transferred to the Group


Unfunded:
Post Employment Medical Benefits
The Group provides certain post-employment health care benefits to superannuated employees at some of its locations. In terms
of the plan, the retired employees can avail free medical check-up and medicines at Group's facilities.
Pension (including Director pension)
The Group operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director, on
retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of Directors
of the Group from time to time.
Ex-Gratia Death Benefit
The Group has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-determined
lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length of service.
Retirement Gift
The Group has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Funded/Unfunded:
Gratuity
The Group has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972. The
gratuity plan of the Odisha Distribution Companies acquired by the Group during the year is governed by the Odisha Civil Services
(Pension) Rules, 1992 and the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of five years
are eligible for gratuity. The level of benefits provided depends on the member's length of service and salary at the retirement
date. The gratuity plan is a combination of funded plan and unfunded plan for various companies in the Group. In case of funded
plan, the fund has the form of a trust and is governed by Trustees appointed by the Group. The Trustees are responsible for the
administration of the plan assets and for the definition of the investment strategy in accordance with the trust regulations.
2.2 The principal assumptions used for the purposes of the actuarial valuations for funded and unfunded plan were as
follows:
Valuation as at As at As at
March 31, 2022 March 31, 2021
Valuation as at
Discount Rate 6.8% to 7.2% 6.6% to 6.97% p.a
Salary Growth Rate 5% to 8% p.a. 5% to 8% p.a.
Turnover Rate 0.5% to 8% p.a. 0.5% to 8% p.a.
Pension Increase Rate 4% to 5% p.a. 4% to 5% p.a.
Annual Increase in Healthcare Cost 8% p.a. 8% p.a.
Mortality Table Indian Assured Indian Assured

Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) Ult & (modified) Ult &
100% of Indian 100% of Indian
Assured Lives Assured Lives
Mortality Mortality
(2012-2014) (2012-2014)


2.3 The amounts recognised in the consolidated financial statements and the movements in the net defined benefit
obligations over the year are as follows:
Balance as at 1st April, 2020* 352.91 (358.73) (5.82)
Liability (includes amount recoverable from consumers for the pre-acquisition 309.06 (94.70) 214.36
Past service cost Nil Nil Nil
Interest Cost/(Income) 33.48 (26.22) 7.26
Less: Amount recognised in Statement of Profit and Loss - Discontinued (0.89) Nil (0.89)
Operations
Return on plan assets excluding amounts included in interest cost/(income) 0.80 (16.99) (16.19)
Actuarial (gains)/losses arising from changes in demographic assumptions 8.03 Nil 8.03
Less: Amount recognised in Other Comprehensive Income - Discontinued (0.34) Nil (0.34)
Operations
Employer contribution Nil (47.96) (47.96)
Benefits paid (90.03) 57.51 (32.52)
Add: Amounts recognised in current year - Discontinued Operations 0.89 Nil 0.89
Less: Amount recoverable from consumers for pre-acquisition period (194.76) 89.69 (105.07)
(Refer Note 34)
Balance as at March 31, 2021 * 444.59 (397.40) 47.19
Balance as at April 1, 2021 * 444.59 (397.40) 47.19

Liability (includes amount recoverable from consumers for the pre-acquisition 194.76 (89.69) 105.07
Past service cost Nil Nil Nil
Interest Cost/(Income) 43.97 (32.66) 11.32
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations Nil Nil Nil
Less: Amount recognised in Other Comprehensive Income - Discontinued Operations Nil Nil Nil
Employer contribution Nil (64.42) (64.42)
Benefits paid (117.22) 77.93 (39.29)
Less: Amount recoverable from consumers for pre-acquisition period (146.28) 88.71 (57.57)
(Refer note 34)
Others 0.26 0.16 0.42
Balance as at March 31, 2022 * 561.42 (426.05) 135.37
* Net assets is classified as "Other Current Assets"

(b) Unfunded Plan - Gratuity and Other Defined Benefit Plans: Other Defined
Gratuity
Benefit Plans
Amount Amount
J crore J crore
Balance as at 1st April, 2020 30.15 131.49
Liability (includes amount recoverable from consumers for the pre-acquisition period - Refer Note 34) Nil 157.38
Past service cost 0.06 5.68
Past service cost - Plan amendments Nil Nil
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations Nil Nil
Actuarial (gains)/losses arising from changes in demographic assumptions 0.04 (0.71)
Actuarial (gains)/losses arising from changes in financial assumptions (0.27) 1.55
Actuarial (gains)/losses arising from experience 8.58 (3.40)
Less: Amount recognised in other comprehensive income - Discontinued operations 0.61 (0.03)
Amount recognised in Other Comprehensive Income 8.96 (2.59)
Acquisitions credit/(cost) 11.51 (2.44)
Less: Amount recoverable from consumers for pre-acquisition period (Refer note 34) Nil (152.29)
Balance as at April 1, 2021 52.11 143.94

Liability (includes amount recoverable from consumers for the pre-acquisition period - Refer Note 34) Nil 152.29
Past service cost 3.10 33.87
Past service cost - Plan amendments Nil Nil
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations Nil Nil
Actuarial (gains)/losses arising from changes in demographic assumptions (0.05) 7.79
Actuarial (gains)/losses arising from changes in financial assumptions (2.02) (7.19)
Actuarial (gains)/losses arising from experience 0.72 (19.11)
Less: Amount recognised in other comprehensive income - Discontinued operations - Nil
Amount recognised in Other Comprehensive Income (1.35) (18.51)
Acquisitions credit/(cost) 11.92 Nil
Less: Amount recoverable from consumers for pre-acquisition period (Refer note 34) Nil (97.97)
Reconciliation with amount presented in the Balance Sheet

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Gratuity provision - funded 135.37 47.19
Gratuity provision - unfunded 72.56 52.11
207.93 99.30
Non current provision for Gratuity (net) 298.11 173.66
Add : Current provision for Gratuity (net) 34.07 17.10
Less: Gratuity Assets classified as other assets 124.25 91.46
Gratuity provision (net) 207.94 99.30


Provision for Other defined benefit obligation
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Closing provision as per above note 2.1 and 2.3(b) 525.45 160.49
Non current provision for Post-Employment Medical benefits 74.96 61.08
Add: Non current provision for Other defined benefit plans 377.61 74.31
Add: Current provision for Post-Employment Medical benefits 30.73 3.16
Add: Current provision for Other defined benefit plans 42.15 21.94
Closing provision as per above 525.45 160.49
2.4 Sensitivity analysis

The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption Increase in assumption Decrease in assumption
March 31, March 31, March 31, March 31,
March 31, March 31,
2022 2021 2022 2021
2022 2021
Discount rate 0.5% to 1% 0.50% Decrease by (202.51) 530.54 Increase by 264.63 1,325.53
Salary/Pension 0.5% to 1% 0.50% Increase by 132.27 208.56 Decrease by (25.98) 1273.68
growth rate
Mortality rates 1 year 1 year Decrease by 5.87 6.26 Increase by 3.12 0.44
Healthcare cost 0.5% to 5% 0.50% Increase by 5.17 353.53 Decrease by 4.17 0.30
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely
to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to
significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit
method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk.
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan debt investments.
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan’s liability.
Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
2.5 The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is as follows:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Within 1 year 372.33 596.35
Between 1 - 2 years 460.43 523.32
Between 2 - 3 years 423.58 454.90
Between 3 - 4 years 376.57 439.56
Between 4 - 5 years 398.26 407.23
Beyond 5 years 2,093.92 4,314.54
The weighted average duration of: As at As at

March 31, 2022 March 31, 2021
Provident Fund 8 Years 7 Years
Gratuity Fund 7.4 Years to 17 7.4 Years
Years


2.6 Risk exposure:
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets underperform
this yield, it will result in deficit. These are subject to interest rate risk.
Inflation rate risk:

Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Group. The Insurer trust invests the funds in various financial instruments.
Major categories of plan assets are as follows:
Provident Fund Gratuity Pension
As at As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021
% % % % % %
Quoted Equity Instruments 7% 5% 12% 7% 3% Nil
Debt & Other Instruments 40% 41% 12% 18% 48% 49%
Government Securities 53% 54% 76% 75% 49% 51%
29. Other Liabilities

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current
Consumers' Benefit Account 14.32 16.97
Deferred Revenue - Service Line Contributions from Consumers 5,159.21 4,086.27
Advance from Customers 35.77 0.08
Payable to Beneficiaries 35.61 Nil
Deferred Rent Liability 41.78 42.76
Deferred Revenue Liability 1,362.69 809.69
Deferred Revenue Grant 262.19 6.01
Government Grant towards cost of capital assets (Pending to be utilized) 1,227.72 1,025.28
Total 8,139.29 5,987.06
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Current
Statutory Liabilities 655.56 346.11
Advance from Customers/Public Utilities 182.08 286.95
Advance from Consumers 997.52 921.81
Liabilities towards Consumers 226.17 240.09
Statutory Consumer Reserves [Refer Note 40(f )] 191.57 179.00
Deferred Revenue Liability 36.79 374.27
Other Liabilities 489.39 132.43
Total 2,779.08 2,480.66

30. Current Borrowings - At Amortised Cost

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Unsecured
(i) From Banks
(a) Buyer's Line of Credit 373.13 Nil
(b) Bank Overdraft - repayable on demand 169.59 82.39
(c) Short-term Loans 1,880.20 2,487.68
From Others
(d) From Related Parties 830.31 612.97
(e) Commercial Papers 2,186.12 3,922.76
5,439.35 7,105.80
(ii) Secured
From Banks
(a) Buyer's Line of Credit Nil 62.62
(b) Short-term Loans 1,457.04 1,250.43
(c) Cash Credit from Bank 18.64 13.78
(d) Bank Overdraft - repayable on demand 59.99 3.49
1,535.67 1,330.32
(iii) Current Maturities of Long-term Debt (Refer Note 23) 7,885.28 4,689.67
Total 14,860.30 13,125.79
Security
Short-term Loans and Buyer's Line of Credit availed by various entities of the Group are secured by a charge on immovable
property of certain entities, both present and future and are also secured by way of charge on tangible and intangible assets,
current assets, receivables and stores and spares, uncalled capital receivables, rights under project documents, project cash flows,
pledge of shares and monies receivable of the respective entities.
Current borrowings secured against current assets
The quarterly returns or statements of current assets filed by the groups with banks or financial institutions are in agreement with
the books of accounts except as follows:
Quarter ended Value per books of Value per quarterly Discrepancy
account return / statement
30th June, 2021 Nil ₹ 625 crore Unapproved regulatory
30th September, 2021 Nil ₹ 709 crore asset included and
disclosed as
31st December, 2021 Nil ₹ 677 crore Approved*
31st March 31, 2022 Nil ₹ 867 crore
31st December, 2021 ₹ 1,920 crore ₹ 1,964 crore Excess debtors reported
by ₹ 44 crore #
*While submitting the quarterly statements for all four quarters during the year, the Group inadvertently included and disclosed
unapproved regulatory balances as approved. However, subsequent to year end, the Group has communicated to Bank about the
said discrepancy. Further, Bank has confirmed that the intention was not to exclude unapproved balances from the receivable and
has initiated the process to change the sanction letter wherein total regulatory asset balance should be considered as receivables
for the purpose of sanction limit.
#Subsequent to year end, Group has submitted the revised statement for quarter ended December 2021 and receivable balances
as per revised statements are in agreement with the books of accounts.

31. Revenue from Operations

Revenue recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows:
(i) Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
Contract price determined as per tariff regulations
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising
of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per unit is determined
using input method based on the Group’s efforts to the satisfaction of a performance obligation to deliver power. As per
tariff regulations, the Group determines ARR and any surplus/shortfall in recovery of the same is accounted as revenue.
Contract Price as per long term agreements
Rate per unit is determined using input method based on the Group’s efforts to the satisfaction of a performance obligation
to deliver power. Variable consideration forming part of total transaction price will be allocated and recognised when the
terms of variable payment relate specifically to the Group’s efforts to satisfy the performance obligation i.e. in the year of
occurrence of event linked to variable consideration. The transaction price is adjusted for significant financing component,
if any and the adjustment is accounted as finance cost.
(ii) Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the contracted
rate. The transaction price is adjusted for significant financing component, if any and the adjustment is accounted as finance cost.
(iii) Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity.
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement
(‘ARR’) comprising of expenditure on account of operations and maintenance expenses, financing costs,
taxes and assured return on regulator approved equity with additional incentive for operational efficiencies.
Input method is used to recognise revenue based on the Group’s efforts or inputs to the satisfaction of a performance
obligation to deliver power. As per tariff regulations, the Group determines ARR and any surplus/shortfall in recovery of
the same is accounted as revenue.
(iv) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the
predetermined rate.
(v) Trading of power
In the arrangement’s the Group is acting as an agent, the revenue is recognised on net basis when the units of electricity are
delivered to power procurers because this is when the Group transfers control over its services and the customer benefits
from the Group’s such agency services. The Group determines its revenue on certain contracts net of power purchase cost
based on the following factors:
a. another party is primarily responsible for fulfilling the contract as the Group does not have the ability to direct the use
of power supplied or obtain benefits from supply of power.
b. the Group does not have inventory risk before or after the power has been delivered to customers as the power is
directly supplied to customer.
c. the Group has no discretion in establishing the price for supply of power. The Group’s consideration in these contracts
is only based on the difference between sales price charged to procurer and purchase price given to supplier.
For other contracts which does not qualify the conditions mentioned above, revenue is determined on gross basis.

(vi) Sale of Solar Products

Revenue from turnkey contracts, which are generally time bound fixed price contracts, are recognised over the life of the
contract using the proportionate completion method, with contracts costs determining the degree of completion. Forseable
losses on such contracts are recognised when probale.
(vii) Rendering of Services
Revenue from a contract to provide services is recognised over time based on :
Input method where the extent of progress towards completion is measured based on the ratio of costs incurred to date
to the total estimated costs at completion of performance obligation. Revenue, including estimated fees or profits, are
recorded proportionally based on measure of progress.
Output method where direct measurements of value to the customer based on survey’s of performance completed to date.
Revenue is recognised net of cash discount at a point in time at the contracted rate.
(viii) Consumers are billed on a monthly basis and are given credit period of 30 to 60 days for payment.
There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised
goods and services.
(ix) In the regulated operations of the Group where tariff recovered from consumers is determined on cost plus return on equity,
the Income tax cost is pass through cost and accordingly the Group recognises Deferred tax recoverable / payable against
any Deferred tax expense/ income. The same has now been included in 'Revenue from Operations' in case of Generation
and Transmission Divisions and 'Net Movement in Regulatory Deferral Balances' in case of Distribution Division.
There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised
goods and services.
ended ended
March 31, 2022 March 31, 2021
J crore J crore
(a) Revenue from Power Supply and Transmission Charges 41,447.09 29,499.61
[Refer Note (i),(ii),& (iii) below & Note 40(j)]
Add/(Less): Cash Discount (279.59) (418.49)
Add/(Less): Income to be adjusted in future tariff determination (Net) 109.90 71.54
Add/(Less): Income to be adjusted in future tariff determination (Net) in respect of earlier years Nil (8.53)
(Refer Note 20)
Add/(Less): Deferred Tax Recoverable/Payable 46.12 44.80
Add/(Less): Power Purchase Cost (where Group acts as an agent) (5,840.59) (1,884.00)
35,482.93 27,304.93
(b) Revenue from Power Supply - Assets Under Finance Lease 1,022.35 942.03
(c) Project/Operation Management Services 174.03 140.57
(d) Revenue from Sale of:
Solar Products 4,598.48 3,274.86
Electronic Products 66.29 41.28
4,664.77 3,316.14
(e) Income from Finance Lease 82.90 91.23
(f) Finance Income from Service Concession Agreement 34.70 36.61
(g) Other Operating Revenue
Charter Hire 46.12 86.84
Income in respect of Services Rendered 384.99 361.11
Amortisation of Capital Grants 1.93 2.58


ended ended
March 31, 2022 March 31, 2021
J crore J crore
Amortisation of Service Line Contributions 315.77 149.60
Income from Storage & Terminalling 16.67 16.31
Sale of Fly Ash 10.77 13.97
Sale of Carbon Credits Nil 0.59
Sale of Products - Trading 1.02 1.01
Freight Revenue 1.02 Nil
Sale of Renewable Energy Certificates 42.91 35.94
Meter Rent 114.90 43.14
Open access cross subsidy 57.98 Nil
Miscellaneous Revenue and Sundry Credits 340.96 148.73
1,353.99 871.80
Total 42,815.67 32,703.31
Note:
(i) With respect to Mundra Power Plant, the Group has initiated the discussions with GUVNL to enter into a supplementary power
purchase agreement (SPPA). The discussions are at very advanced stage and agreement is reached except few items for which
discussions are ongoing and accordingly the SPPA is yet to be signed and approved. To ensure continuous supply of power, GUVNL
has requested the Group to continue supplying power based on the SPPA which will be effective January 1, 2022. Accordingly the
differential revenue of ₹ 324 crore has been recognized on the basis of the current agreed draft of SPPA for the period January,
2022 to March, 2022. Management belives that the Group has an enforceable right to recover the tariff as per the draft SPPA and
does not expect any significant reversal in the amount recognised as revenue.
(ii) As per power purchase agreement for Mundra Power Plant, the Group’s entitlement to capacity revenue is dependent on
availability declared. Accordingly, the Group accrues capacity revenue based on actual declared capacity in the past and for
the current year. During the year ended March 31, 2022, based on the actual capacity declared, management has recognized an
amount of ₹ 230.47 crore (including ₹ 123.27 crore relating to earlier years) as a reduction in revenue.
(iii) During the year, Tata Power Renewables Energy Limited and its subsidiaries (“Renewable entities”) based on various orders by
judicial authorities and legal opinions obtained, have assessed its claims under various contracts with customers and vendors.
Accordingly, Renewable entities have recognized revenue from operations amounting to ₹259.46 crore (including an amount of
₹170.45 crore relating to earlier years). [Refer Note - 40 (k to q) for the key matters]. Management belives that the Group has an
enforceable right to recover the claims and does not expect any significant reversal in the amount recognised as revenue.
Details of Revenue from Contract with Customers
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Total Revenue from Contract with Customers 41,884.93 32,255.46
Less: Significant Financing Component (95.88) (81.11)
Add: Cash Discount/Rebates etc. 279.59 418.49
Total Revenue as per Contracted Price 42,068.64 32,592.84
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at
the end of the reporting period and an explanation as to when the Group expects to recognise these amounts in revenue. Applying the
practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation related disclosures for
contracts as the revenue recognised corresponds directly with the value to the customer of the entity's performance completed to date.
The aggregate value of performance obligations that are partially unsatisfied as at March 31, 2022, other than those meeting the
exclusion criteria mentioned above is ₹ 75,855,47 crore (March 31, 2021 - ₹ 1,11,308.19 crore). Out of this, the group expects to recognise
revenue of around 10.88% (March 31, 2021 - 6.01%) within the next one year and the remaining thereafter.

Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the disaggregated
revenue with the Group's reportable segment.
Other than Revenue Total
Revenue from Contracts
from Contracts with (Before Inter Segment Inter Segment Total
with Customers
Customers Elimination)
For the For the For the For the For the For the For the For the For the For the
year year year year year year year year year year
ended ended ended ended ended ended ended ended ended ended
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
J crore J crore J crore J crore J crore J crore J crore J crore J crore J crore
Nature of Goods/Services
Generation
Sale of Power 9,837.76 12,129.74 Nil Nil 9,837.76 12,129.74 3,768.98 2,903.90 6,068.78 9,225.84
Sale of Power from Assets Under Lease 1,022.35 942.03 Nil Nil 1,022.35 942.03 Nil Nil 1,022.35 942.03
Project/Operation Management Services 111.25 80.42 Nil Nil 111.25 80.42 0.13 0.12 111.12 80.30
Charter Hire 46.12 86.84 Nil Nil 46.12 86.84 Nil Nil 46.12 86.84
Income in respect of Services Rendered 55.76 73.86 Nil Nil 55.76 73.86 Nil Nil 55.76 73.86
Sale of Fly Ash 10.77 13.97 Nil Nil 10.77 13.97 Nil Nil 10.77 13.97
Income from Finance Lease Nil Nil 77.68 84.66 77.68 84.66 Nil Nil 77.68 84.66
Rental of Land, Buildings, Plant and Nil Nil 4.17 5.16 4.17 5.16 Nil Nil 4.17 5.16
Equipment, etc.
Amortisation of Service Line Contributions Nil Nil 0.05 0.04 0.05 0.04 Nil Nil 0.05 0.04
Miscellaneous Revenue and Sundry Credits Nil Nil 44.10 16.05 44.10 16.05 0.66 0.81 43.44 15.24
Freight Revenue 1.02 Nil Nil Nil 1.02 Nil Nil Nil 1.02 Nil
Total (A) 11,085.03 13,326.86 126.00 105.91 11,211.03 13,432.77 3,769.77 2,904.83 7,441.26 10,527.94
Renewables
Sale of Power 2,776.86 2,394.33 Nil Nil 2,776.86 2,394.33 236.67 185.71 2,540.19 2,208.62
Project/Operation Management Services 39.29 32.49 Nil Nil 39.29 32.49 0.57 0.84 38.72 31.65
Sale of Solar Products 4,830.16 3,356.03 Nil Nil 4,830.16 3,356.03 231.69 81.17 4,598.47 3,274.86
Sale of REC certificates 41.52 35.56 Nil Nil 41.52 35.56 Nil Nil 41.52 35.56
Finance Income from Service Concession 34.53 36.49 Nil Nil 34.53 36.49 Nil Nil 34.53 36.49
Agreement
Income from Finance Lease Nil Nil 3.09 6.57 3.09 6.57 Nil Nil 3.09 6.57
Rental of Land, Buildings, Plant and Nil Nil 1.12 Nil 1.12 Nil Nil Nil 1.12 Nil
Equipment, etc.
Amortisation of Capital Grants Nil Nil 1.23 1.85 1.23 1.85 Nil Nil 1.23 1.85
Miscellaneous Revenue and Sundry Credits Nil Nil 17.87 20.61 17.87 20.61 Nil Nil 17.87 20.61
Sale of Carbon Credits Nil Nil Nil 0.59 Nil 0.59 Nil Nil Nil 0.59
Total (B) 7,725.59 5,858.03 23.31 29.62 7,748.90 5,887.65 468.93 267.72 7,279.97 5,619.93
Transmission and Distribution of Power
Sale of Power 26,867.43 15,870.48 Nil Nil 26,867.43 15,870.48 Nil Nil 26,867.43 15,870.48
Project/Operation Management Services 22.04 22.45 Nil Nil 22.04 22.45 Nil Nil 22.04 22.45
Sale of Products - Trading 1.02 1.01 Nil Nil 1.02 1.01 Nil Nil 1.02 1.01
Sale of REC certificates 1.41 0.37 Nil Nil 1.41 0.37 Nil Nil 1.41 0.37


Other than Revenue Total
Revenue from Contracts
from Contracts with (Before Inter Segment Inter Segment Total
with Customers
Customers Elimination)
For the For the For the For the For the For the For the For the For the For the
year year year year year year year year year year
ended ended ended ended ended ended ended ended ended ended
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
J crore J crore J crore J crore J crore J crore J crore J crore J crore J crore
Finance Income from Service Concession 0.17 0.12 Nil Nil 0.17 0.12 Nil Nil 0.17 0.12
Agreement
Equipment, etc.
Amortisation of Capital Grants Nil Nil 0.70 0.73 0.70 0.73 Nil Nil 0.70 0.73
Amortisation of Service Line Contributions Nil Nil 315.71 149.56 315.71 149.56 Nil Nil 315.71 149.56
Miscellaneous Revenue and Sundry Credits Nil Nil 446.01 148.94 446.01 148.94 Nil Nil 446.01 148.94
Net movement in Regulatory Deferral Nil Nil (239.47) 536.02 (239.47) 536.02 Nil Nil (239.47) 536.02
Balances
Total (C) 26,962.06 15,989.58 531.11 840.27 27,493.17 16,829.85 Nil Nil 27,493.17 16,829.85
Others
Sale of Power 6.58 Nil Nil Nil 6.58 Nil Nil Nil 6.58 Nil
Project/Operation Management Services 0.06 1.06 Nil Nil 0.06 1.06 Nil 0.67 0.06 0.39
Sale of Electronic Products 66.29 41.28 Nil Nil 66.29 41.28 Nil Nil 66.29 41.28
Income in respect of Services Rendered 223.85 196.87 Nil Nil 223.85 196.87 7.97 8.86 215.88 188.01
Income from Storage & Terminalling 16.67 16.31 Nil Nil 16.67 16.31 Nil Nil 16.67 16.31
Income from Finance Lease Nil Nil 2.13 Nil 2.13 Nil Nil 2.13 Nil
Rental of Land, Buildings, Plant and Nil Nil 2.22 1.78 2.22 1.78 2.22 1.78 Nil Nil
Equipment, etc.
Miscellaneous Revenue and Sundry Credits Nil Nil Nil 4.86 Nil 4.86 Nil Nil Nil 4.86
Total (D) 313.45 255.52 4.35 6.64 317.80 262.16 10.19 11.31 307.61 250.85
Unallocable
Project/Operation Management Services 2.14 5.78 Nil Nil 2.14 5.78 Nil Nil 2.14 5.78
Equipment, etc.
Miscellaneous Revenue and Sundry Credits 2.64 Nil 3.90 2.22 6.54 2.22 0.04 Nil 6.50 2.22
Total (E) 44.85 6.74 9.38 4.02 54.23 10.76 0.04 Nil 54.19 10.76
Revenue from Continued Operations (A 46,130.98 35,436.73 694.15 986.46 46,825.13 36,423.19 4,248.93 3,183.86 42,576.20 33,239.33
+ B + C +D +E)
(F) Revenue from Discontinued Nil 193.63 Nil Nil Nil 193.63 Nil Nil Nil 193.63
Operations
Reconciliation of Revenue For the year For the year

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue from Continued Operations as per above 42,576.20 33,239.33
Net movement in Regulatory Deferral Balances 239.47 (536.02)
Total Revenue from Operations 42,815.67 32,703.31

Contract Balances As at As at
March 31, 2022 March 31, 2021
J crore J crore
Contract Assets
Non-Current 1,408.30 1,161.06
Current Nil Nil
Unbilled Revenue other than passage of time 27.81 40.84
Total Contract Assets 1,436.11 1,201.90
Deferred Revenue Liability
Non-Current 1,362.69 809.69
Current 85.53 374.27
Advance from Consumers
Non-Current 35.77 0.08
Current 997.52 921.81
Liabilities towards Consumers
Non-Current 35.61 Nil
Current 226.17 240.09
Total Contract Liabilities 2,743.29 2,345.94
Receivables
Trade Receivables (Gross)
Current 6,553.30 5,637.73
Current 98.68 75.65
Unbilled Revenue for passage of time
Current 2,285.57 1,591.14
(Less): Allowances for Doubtful Debts
Non-Current (1.81) (1.18)
Current (573.56) (437.65)
Net Receivables 9,164.41 7,576.05
Total 13,343.81 11,123.89
Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract assets are
transferred to receivables when the rights become unconditional.
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or
an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the performance obligation is satisfied.

Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Movement in Recoverable from consumers and Liabilities towards consumers
March 31, 2022 March 31, 2021
J crore J crore
Opening Balance
- Recoverable from consumers 1,161.06 960.84
- Liabilities towards consumers (240.09) (195.96)
920.97 764.88
Income to be adjusted in future tariff determination (Net) 109.90 71.54
Income to be adjusted in future tariff determination (Net) in respect of earlier years Nil (8.53)
Refund to Customers (including Group's Distribution Business) 67.40 57.59
Deferred tax recoverable/(payable) 46.12 44.80
Others 2.13 (9.31)
225.55 156.09
Closing Balance
- Recoverable from consumers 1,408.30 1,161.06
- Liabilities towards consumers (261.78) (240.09)
1,146.52 920.97
Movement in Unbilled Revenue other than passage of time, Advance from consumers and Deferred Revenue
Liabilities
March 31, 2022 March 31, 2021
J crore J crore
Opening Balance
- Unbilled Revenue other than passage of time 40.84 30.07
- Advance from consumers 921.89 569.60
- Deferred Revenue Liabilities 1,183.96 1,067.34
2,146.69 1,667.01
Revenue recognised during the year (821.95) (492.31)
Advance received during the year 1,212.75 977.38
Interest for the year 95.88 81.11
Transfer to receivables (124.05) (86.50)
362.63 479.68
Closing Balance
- Unbilled Revenue other than passage of time 27.81 40.84
- Advance from consumers 1,033.29 921.89
- Deferred Revenue Liabilities 1,448.22 1,183.96
2,509.32 2,146.69
32. Other Income

Accounting Policy
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

32. Other Income (Contd.)
Consumers are billed on a monthly basis and are given average credit period of 30 to 60 days for payment. No delayed payment
charges ('DPC') is charged for the initial 30 days from the date of receipt of invoice by customer. Thereafter, DPC is charged at
the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are received. Revenue in
respect of delayed payment charges and interest on delayed payments leviable as per the relevant contracts are recognised on
actual realisation or accrued based on an assessment of certainty of realization supported by either an acknowledgement from
customers or on receipt of favourable order from regulatory authorities.
ended ended
March 31, 2022 March 31, 2021
J crore J crore
(a) Interest Income
(i) Financial Assets held at Amortised Cost
Interest on Banks Deposits 143.18 63.14
Interest on Overdue Trade Receivables [Refer Note - 40 (j)] 108.30 49.97
Interest on Non-current Investment - Contingency Reserve Fund 19.08 13.25
Interest on Non-current Investment - Deferred Tax Liability Fund 0.10 0.84
Interest on Loans to Joint Controlled Entity 0.39 0.64
Interest on Loans and Advances 14.95 18.93
286.00 146.77
(ii)
Interest on Income-Tax Refund 6.50 7.13
292.50 153.90
(b) Dividend Income
From Non-current Investments measured at FVTPL 6.79 6.78
6.79 6.78
(c) Gain/(Loss) on Investments
Gain on Sale of Current Investment measured at FVTPL 18.96 39.14
Reclassification of Foreign Currency Translation Reserve from Other Comprehensive Income 199.64 Nil
(Refer Note 1 below)
218.60 39.14
(d) Other Non-operating Income
Commission earned 9.61 8.26
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) (41.09) 5.97
Delayed Payment Charges 68.31 66.27
Liability written back [Refer Note 40(a)] 71.97 16.21
Management Fees 113.91 83.27
Miscellaneous Income (Refer Note - 2 below) 179.36 59.44
402.07 239.42
Total 919.96 439.24
Note:
1) The Holding Company has sold its investment in Trust Energy Resources Pte. Limited (“TERPL”), a wholly owned subsidiary
to Tata Power International Pte Limited, another wholly owned subsidiary for a consideration of ₹2,127 crore ($286 million).
Accordingly, the cumulative amount of the translation differences relating to consolidation of TERPL amounting to ₹199.64
crore, recognised in other comprehensive income and accumulated as a separate component of equity, is reclassified from
equity to Profit & Loss Statement as other income.
2) The Group through, the one of its subsidiary Tata Power Renewable Energy Limited ('TPREL') has accrued and subsequently
received a sum of ₹ 61.27 crore from an overseas module supplier, being total discharge of warranty obligations towards
three operating plants of Walwhan Renewable Energy Limited.

33. Raw Materials Consumed and Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-

Trade
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Raw Materials Consumed
Opening Stock 316.79 197.80
Add: Purchases 4,813.03 2,747.18
5,129.82 2,944.98
Less: Closing Stock 1,296.99 316.79
Total 3,832.83 2,628.19
Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade
Work-in-Progress
Inventory at the beginning of the year 6.42 3.99
Add: Additions during the year Nil Nil
6.42 3.99
Less: Inventory at the end of the year 11.99 6.42
(5.57) (2.43)
Finished Goods
Inventory at the beginning of the year 94.15 96.99
Add: Purchase/Used during the year 0.01 Nil
94.16 96.99
Less: Inventory at the end of the year 287.81 94.15
(193.65) 2.84
Total (199.22) 0.41
34. Employee Benefits Expense

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Salaries and Wages 2,466.19 1,883.20
Contribution to Provident and Pension Fund [Refer Note 28(1) & 28(2.1)]# 731.99 239.60
Contribution to Superannuation Fund [Refer Note 28(1)] 8.49 9.25
Gratuity [Refer Note 28 (2.3)]* 128.03 48.61
Pension 71.73 34.05
Staff Welfare Expenses 266.42 165.55
3,741.40 2,424.68
Less:
Employee Cost Capitalised 119.66 97.57
Employee Cost Inventorised 10.11 10.44
129.77 108.01
Total 3,611.63 2,316.67
* Includes ₹ 63.20 crore, being direct payment made towards acquisition date liabilities of past employees (Refer Note below)
# Includes ₹ 427.99 crore, being direct payment made towards acquisition date liabilities of past employees (Refer Note below)
Note:
In relation to acquisition of Odisha Discoms, as per terms of the Vesting Order and the Carve Out Order states that for entire
liabilities towards pension, gratuity and compensated absences of employees retried before the acquisition date and acquisition
date liabilities of continuing employees on the acquisition date, the Group’s responsibility is limited only to remitting fixed
amount requested by the respective Trusts and the same shall be allowed to be recovered from consumers on behalf of the
respective Trusts for disbursal to the beneficiaries covered under the Trusts. The Group has recognised amount payable to the
Trusts for the current year for onward payment of the said liabilities are charged as an expense as they fall due.

35. Finance Costs

Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale. Interest income earned on the temporary
investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible
for capitalisation.
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
ended ended
March 31, 2022 March 31, 2021
J crore# J crore#
(a) Interest Expense:
On Borrowings - At Amortised Cost
Interest on Debentures 1,346.75 1,249.49
Interest on Loans - Banks & Financial Institutions 1,659.23 2,066.03
Interest paid to Joint Ventures 34.79 29.64
Others
Interest on Consumer Security Deposits (Carried at Amortised Cost) 167.77 99.98
Other Interest and Commitment Charges 123.37 92.39
Interest on Lease Liability (at amortised cost) 319.78 315.90
3,651.69 3,853.43
Less: Interest Capitalised 45.48 63.78
Less: Interest Inventorised 15.76 Nil
3,590.45 3,789.65
(b) Other Borrowing Cost:
Other Finance Costs 273.79 217.26
Foreign Exchange Loss/(Gain) on Borrowings (Net) (5.22) 28.34
Less: Finance Charges Capitalised Nil 24.86
268.57 220.74

Total 3,859.02 4,010.39
Note:
The weighted average capitalisation rate on the Group's general borrowings is in the range of 5.49 % to 9.00 % per annum (March
31, 2021 - 7.13 % to 8.01% per annum).

36. Other Expenses

ended ended
March 31, 2022 March 31, 2021
J crore J crore
Consumption of Stores, Oil, etc. 170.59 167.79
Repairs and Maintenance -
(i) To Buildings and Civil Works 144.67 109.63
(ii) To Machinery and Hydraulic Works 1221.15 822.13
(iii) To Furniture, Vehicles, etc. 87.30 73.90
1,453.12 1,005.66
Rates and Taxes 93.68 86.14
Insurance 131.40 115.42
Other Operation Expenses 601.32 433.78
Ash Disposal Expenses 40.49 51.21
Warranty Charges 10.67 26.50
Travelling and Conveyance Expenses 99.87 46.84
Consultants' Fees 71.45 42.05
Auditors' Remuneration 13.57 12.87
Cost of Services Procured 697.41 415.40
Agency Commission 1.06 8.75
Bad Debts 11.94 72.14
Allowance for Doubtful Debts and Advances (Net) 127.62 7.50
Net Loss on Foreign Exchange 167.09 65.97
Legal Charges 104.26 51.41
Corporate Social Responsibility Expenses 35.20 39.11
Transfer to Contingency Reserve 12.57 11.00
Marketing Expenses 3.25 3.07
Miscellaneous Expenses 99.79 92.88
Total 4,060.42 2,812.48
37. Income taxes

37a. Current Tax
Accounting Policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date in the countries where the respective subsidiary companies operates and generates taxable income.
Current income tax relating to items recognised outside statement of profit and loss is recognised outside statement of profit
and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

(i) Income taxes recognised in statement of profit and loss - Continuing Operations
March 31, 2022 March 31, 2021
J crore J crore
Current Tax 580.30 647.57
Current Tax in respect of earlier years (105.11) Nil
Deferred Tax 133.31 (145.69)
Deferred Tax relating to earlier years (588.56) Nil
Remeasurement of Deferred Tax on account of New Tax Regime (net) 359.62 Nil
Total income tax expense recognised in the current year 379.56 501.88
(ii) Income taxes recognised in statement of profit and loss - Discontinued Operations
March 31, 2022 March 31, 2021
J crore J crore
Current tax Nil (101.48)
Deferred tax Nil (72.17)
Total income tax expense recognised in the current year Nil (173.65)
The income tax expense for the year can be reconciled to the accounting profit as follows:
March 31, 2022 March 31, 2021
J crore J crore
Profit /(Loss) before tax for Continuing Operation 3,003.00 1,986.73
Profit/(Loss) before tax for Discontinuing Operation (467.83) (219.85)
Profit/(Loss) before tax considered for tax working 2,535.17 1,766.88
Income tax expense calculated at 25.168% (March 31, 2021 - 34.944%) 638.05 617.42
Add/(Less) tax effect on account of :
Share of profit of associate and joint venture (488.97) (305.19)
Deferred tax not recognised on Impairment provision/(reversal) of non current investment 112.89 Nil
Effect of tax holiday period (148.56) (82.98)
Deferred tax asset on unabsorbed depreciation pertaining to earlier years (968.56) (218.87)
[Refer Note 4 (ii) below]
Utilisation of unrecognised unabsorbed depreciation (318.92) Nil
Tax on dividend from subsidiaries, associate and joint ventures (eliminated) 894.34 348.80
Exempt Income (31.75) (18.27)
Unrecognized tax credit (MAT) for the current year Nil 180.89
Profit taxable at different tax rates 79.31 (120.67)
Remeasurement of Deferred Tax on account of New Tax Regime (net) [Refer Note 4 (iii) below] 359.62 Nil
Non deductible expenses 27.47 76.45
Reassessment of deferred tax balances on expected sale of asset [Refer Note 4 (ii) below] 380.00 (131.00)
Current Tax in respect of earlier years including impact of tax ordinance [Refer Note 4 (i) & (iii) (105.11) Nil
below]
Reclassification of FCTR from equity to profit and loss statement [Refer Note 32(1)] (51.29) Nil
Others 1.04 (18.35)
Income tax expense recognised in statement of profit and loss 379.56 328.23
Tax expense for Continuing Operations 379.56 501.88
Tax expense for Discontinued Operations Nil (173.65)
Income tax expense recognised in statement of profit and loss 379.56 328.23
Notes:
1 The tax rate used for the years 2021-22 and 2020-21 reconciliations above is the corporate tax rate of 25.168% and 34.944%
respectively, as payable by Parent Company in India on taxable profits under the Indian tax law.

2 The rate used for calculation of Deferred tax has been considered basis the Standalone financials statements of Parent Company and
its respective subsidiaries, being statutory enacted rates at Balance Sheet date.
3 During the previous year the Holding Company had entered into a Business Transfer Agreement with Tata Power Renewable Energy
Ltd. and Tata Power Green Energy Ltd., wholly owned subsidiaries, for transfer of renewable assets (forming part of renewable
segment) as a “going concern” on a slump sale basis effective on or after April 1, 2021. Consequently, as per the requirement of Ind
AS 12, the Holding Company had reassessed its deferred tax balances including its unrecognized deferred tax assets on capital losses
and had recognized gain of ₹131.00 crore in the standalone financial statements.
4 (i) Subsequent to the merger of the erstwhile Coastal Gujarat Power Limited (CGPL) with the Holding Company with effect from
April 1, 2020, the Holding Company has reassessed its provision for current taxes and has written back an amount of ₹87.30
crore pertaining to earlier year.
(ii) The Holding Company has reassessed the recoverability of unabsorbed depreciation and brought forward tax losses and has
recognized deferred tax asset amounting to ₹968.56 crore and has written off deferred tax asset on capital losses amounting
to ₹380 crore during the year.
(iii) Further the Holding Company has transitioned to the new tax regime effective April 1, 2020 and accordingly, during the year,
the Holding Company had remeasured its tax balances and reversed the deferred tax asset amounting to ₹359.62 crore and
written back current tax provision amounting to ₹17.81 crore.
(iii) Income tax recognised in other comprehensive income

March 31, 2022 March 31, 2021
J crore J crore
Current tax
Remeasurement of Defined Benefit Plan 36.54 1.04
36.54 1.04
Deferred tax
Remeasurements of defined benefit obligation (35.13) 4.68
Effective portion of cash flow hedge 32.94 (93.57)
(2.19) (88.89)
Total income tax recognised in other comprehensive income 34.35 (87.85)
Bifurcation of the income tax recognised in other comprehensive income into:

Items that will not be reclassified to statement of profit and loss 1.41 5.72
Items that will be reclassified to Statement of Profit and Loss 32.94 (93.57)
34.35 (87.85)
38. Commitments:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
(a) Estimated amount of Contracts remaining to be executed on capital account and not provided for
(including consumer funded assets).
(i) The Group 3,251.21 2,992.01
(ii) Group's share of Joint Ventures 171.88 169.04
(iii) Group's share of Associates 163.27 25.11
(b) Other Commitments
(i) Vendor purchase commitments and contracts to provide future post sale services. 1,914.34 425.01
(ii) During the previous year, the Group had entered into a long term freight Contract with Oldendorff for the supply of coal through ships
for a period of 12 years. The remaining commitment against the said contract is 49.68 million MT and total estimated freight cost at
current price would be ₹ 3,132.53 crore over the remaining period of 10 years.
(iii) As per the terms of the vesting orders for the acquisition of TPCODL, TPWODL, TPSODL and TPNODL (subsidiaries of the Group), the
Group has committed capital expenditure of ₹ 4,267 crore to be incurred by the respective subsidiaries till financial year 2025-26.

39. Contingent liabilities

Accounting Policy
In the normal course of business, contingent liabilities arise from litigations and claims. It is a possible obligation that arises from the
past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond
the control of the Group or a present obligation that is not recognised because it is not probable that an outflow of resources will
be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be
recognised because it cannot be measured reliably. The Group does not recognise a contingent liability but disclosed the same
As at As at
March 31, 2022 March 31, 2021
J crore J crore
a) Contingent liabilities
Claims against the Group not probable and hence not acknowledged as debts consists of
(i) Interest and penalty pertaining to Customs Duty claims disputed by the Group relating to 118.12 110.81
applicability and classification of coal
(ii) Demand disputed by the Group relating to Service tax 596.10 484.44
(iii) Way Leave fees (including interest) claims disputed by the Group relating to rates charged. 66.69 59.35
(iv) Rates, Cess, Green Cess, Excise and Custom Duty claims disputed by the Group. 607.95 585.00
(v) Disputes relating to power purchase agreements 251.79 209.47
(vi) Legal cases with employees and others engaged in distribution business of Central Odisha 1,141.91 955.60
(Refer Note d below)
(vii) Legal cases related to subsidiaries (In case of unfavourable outcome, amount paid will be 92.25 117.73
recoverable from customers)
(viii) Access Charges demand for laying underground cables 24.04 30.14
(ix) Other Claims 158.79 176.41
Claims against the Group's share of Joint Ventures and Group's share of Associates not
acknowledged as debts consists of
Group's share of Joint Ventures
(i) Demand for royalty payment is set-off against recoverable Value Added Tax (VAT) paid on Nil 21.86
inputs for coal production.
(ii) Other claims 31.36 37.45
Group's share of Associates
Other Claims 227.85 247.34
3,316.85 3,035.60
Notes:
1. Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2. Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at various forums/authorities.
3. The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome can be recovered from
consumers.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
b) Other Contingent Liabilities:
Taxation matters for which liability, relating to issues of deductibility and taxability, is disputed
by the Group and provision is not made (computed on the basis of assessments which have been
re-opened and assessments remaining to be completed)
In case of the Group [including interest demanded ₹ 9.40 crore (March 31, 2021 - ₹ 9.30 crore)]. 225.79 188.84
In an earlier year, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had
raised a demand for determination of fixed charges for unscheduled interchange of power. The
Group had filed a petition against the said demand for which stay has been granted by the ATE 215.02
till the methodology for the determination is fixed. Considering the same, currently, the amount 215.02
of charges payable is not ascertainable and hence, no provision has been recognized during
the year. Further, in case of unfavourable outcome, the Group believes that it will be allowed to
recover the same from consumers through future adjustment in tariff.
Group's share of Joint Ventures 113.85 110.62

As at As at
March 31, 2022 March 31, 2021
J crore J crore
c) Indirect exposures of the Group:
(i) The Group has pledged its shares of investments in joint ventures and others with the
lenders for borrowings availed
Joint Ventures
Powerlinks Transmission Ltd. 23,86,80,000 23,86,80,000
Industrial Energy Ltd. 25,13,48,400 25,13,48,400
Mandakini Coal Company Ltd. 2,00,43,000 2,00,43,000
Itezhi Tezhi Power Corporation 4,52,500 4,52,500
d) i) The erstwhile Central Electricity Supply Utility of Orissa (CESU) had filed an application to Regional Provident
Fund Commissioner, Bhubaneswar (RPFC) for exemption from applicability of the Employees Provident Funds and
Miscellaneous Provisions Act, 1952 for which adjudication is pending. Although the adjudication for exemption was
pending, RPFC vide its assessment order dated 13th October, 2014 raised a total demand of ₹ 551.62 crore (₹ 279.39
crore dues for non-remittance of Employer and Employee contribution to RPFC and ₹ 272.23 crore as interest) on CESU
for the period from November, 1997 to December, 2011. CESU had filed writ petition against the order of RPFC which
is pending at High Court.
Based on a legal opinion, the subsidiary company is of the view that it has a strong case against the demand of ₹ 551.62
crore (November 1997 till December 2011) plus any further demand, if raised by RPFC (January 2012 – May 2020) and
accordingly, no provision has been recognized in respect of the same. These cases are for pre acquistion period and
any obligation arising there on will be pass through to the consumer and not have any adverse impact on financial
position or financial performance of the subsidiary company.
ii) Central Electricity Supply Utility of Orissa (CESU) had entered into agreement with distribution franchisees namely
Riverside Utilities Private Limited (‘RUPL’) and Seaside Utilities Private Limited (‘SUPL’) on January 30, 2013. As per
the terms of agreement, franchisees were responsible for carrying out all commercial activities including certain
performance parameters such reduction of AT&C losses, smart metering, minimum capital expenditure, timely
collection etc. However, due to poor performance of RUPL/SUPL and non-compliance of the terms of agreement,
erstwhile CESU did not extend franchisee period. Writ petition was filed by the franchisees before the Hon’ble Orissa
High Court for renewal of existing franchise agreements along with the total claim of ₹ 403.98 crore (₹ 301.75 crore by
RUPL and ₹ 102.23 crore by SUPL). CESU had filed a counter claim of ₹ 598.89 crore (₹ 396.87 crore against RUPL and ₹
202.02 crore against SUPL). The matter is currently pending before Arbitration Tribunal for adjudication.
Based on merits of the matter, the subsidiary Company is of the view that it has a strong case and accordingly, no
provision has been recognized in respect of the same. However, at the same time, subsidiary company has taken
over the Utility of CESU with a clean balance sheet as per the Vesting Order dated 26.05.2020, these cases are for pre
acquisition period and any obligation arising there on will be pass through to the consumer and not have any adverse
impact on financial position or financial performance of the subsidairy company.
e) The Group has acquired 51 % stake in TP Central Odisha Distribution Ltd. ('TPCODL'), TP Western Odisha Distribution Ltd.
('TPWODL') , TP Southern Odisha Distribution Ltd. ('TPSODL') and TP Northern Odisha Distribution Ltd. ('TPNODL') to carry
out the function of distribution and retail supply of electricity covering the distribution circles of central, western, southern
and northern parts of Odisha. Pursuant to these acquisition and as per the terms of the vesting order, the Group has issued
bank guarantee to Odisha Electricity Regulatory Commission (‘OERC’) of ₹ 150.00 crore, ₹ 150.00 crore, ₹ 100.00 crore , and
₹ 150.00 crore respectively.
The Group, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.

40. Other Disputes and Settlements

a) With respect to Mundra Power Plant, the Group is required to comply with ash disposal requirements in accordance with the
requirements of the Environment Clearance (EC) and the relevant notifications issued by the Ministry of Environment & Forests
(MOEF) from time to time. On 12th February, 2020, National Green Tribunal (NGT) had passed an order prescribing the formula
for determination of Environment Compensation for non-compliance. The order was subject to proceedings pending before
the Hon’ble Supreme Court. The Supreme Court had granted an Interim Stay in the matter. On 31st December, 2021, MOEF
issued a notification prescribing revised timelines and manner of utilization of legacy ash. The Group believes that it will be
able to utilize the legacy fly ash within the revised applicable timeline. Accordingly, the Group has reversed the provision of ₹
21.74 crore recognised in earlier years pursuant to the order passed by National Green Tribunal on 12th February, 2020.
b) The Group had obtained 21.65 acres of land through registered lease deed for 33 years for setting up a solar
power plant in Bihar. During the financial year 2018-19, the lease was treated by the Collector, Gaya as illegal for
entering into lease without order of any competent authority, and was cancelled along with recovery of penal
rent. The Group filed Writ Petition before the Patna High Court against the said Order. The Patna High Court stayed
the operations of the Collectors Order and provided certain time to file the counter affidavit. The Respondent
('State of Bihar') has filed the counter affidavit on February 2019 and now the matter is pending for argument.
The Group is of the view that it has a good case with likelihood of liability or any loss arising out of the said cancellation being
remote. Accordingly, pending settlement of the legal dispute, no adjustment has been made in the financial statements for
c) The liability stated in the opening Balance Sheet of one of the subsidiary company as per the Transfer Scheme as on 1st July,
2002 in respect of consumers’ security deposit was ₹ 10.00 crore. The subsidiary company had engaged an independent
agency to validate the sample data in digitized form of consumer security deposit received by the erstwhile Delhi Vidyut
Board (DVB) from its consumers. As per the validation report submitted by this agency the amount of security deposit
received from consumers aggregated to ₹ 66.71 crore . The subsidiary company has been advised that as per the Transfer
Scheme, the liability in excess of ₹ 10.00 crore towards refund of the opening consumer deposits and interest thereon is
not to the account of the Group. Since the Government of National Capital Territory of Delhi (GNCTD) was of the view that
the aforesaid liability is that of the Group, the matter was referred to Delhi Electricity Regulatory Commission (DERC). During
the year 2007-08, DERC vide its letter dated 23rd April, 2007 conveyed its decision to the GNCTD upholding the Group’s
view. As GNCTD has refused to accept the DERC decision as binding on it, the subsidiary company has filed a writ petition
in the Hon’ble Delhi High Court and the matter was made regular on 24th October, 2011. No stay has been granted by the
High Court in the matter for refund of consumer security deposits and payment of interest thereon.
d) The Group supply solar power to Tamil Nadu Generation and Distribution Corporation Limited ('TANGEDCO') against long term
Power Purchase Agreements (PPAs). As per the said PPAs, the Group is entitled to receive consideration for all energy units
supplied and billed. However, whilst effecting payments to the Group, TANGEDCO has disputed and is not making payment
for energy units supplied and billed in excess of 19% Capacity Utilisation Factor (CUF) in accordance with its internal circular.
The National Solar Energy Federation of India (NSEFI) has filed the writ petition with Tamil Nadu Electricity Regulatory
Commission (TNERC) challenging the said circular issued by TANGEDCO on behalf of generators who have commissioned
solar power plants and impacted by the said circular. The Tata Power Company Limited, ultimate holding company of the
group, is also a Member of NSEFI and thereby party to petition filed by NSEFI. The TNERC has now issued Order dated
22nd December 2020 on the petition filed by the NSEFI and decided the matter in favour of TANGEDCO. The Group has
challenged the ruling of TNERC at the Appellate Tribunal for Electricity (ATE) through NSEFI. Based on legal assessment, the
management of the Group is confident of getting a favourable order.
With respect to above dispute, the Group has a trade receivable balance of ₹ 109.77 crore for such excess units as on
March 31, 2022 (March 31, 2021 - ₹ 90.85 crore). The Group has also recognised a revenue of ₹ 18.92 crore (March 31, 2021 -
₹ 2.93 crore) for such excess units as on 31st March 2022. Considering signed PPA and its independent legal evaluation, the
Group believes that these amounts are fully recoverable along with interest and no provision has been recognized in the
consolidated financial statements.
e) The Group entered into long-term Power Purchase Agreements (“PPAs”) of 200 MW wind and solar plant with the Southern
Power Distribution Company of Andhra Pradesh Limited (“APSPDCL” or “APDISCOM”) to supply power that is valid for a
period of 25 years. APDISCOM issued letters dated 12th July, 2019 to the Group requesting for revision of tariffs previously
agreed as per the PPAs to ₹ 2.44 per unit. Since the Group and other power producers did not agree to the rate revision,
APDISCOM referred the matter to the Andhra Pradesh Electricity Regulatory Commission (the “APERC”) for revision of tariffs.

40. Other Disputes and Settlements (Contd.)

The Group had filed a writ petition on 30th July, 2019 before the Andhra Pradesh High Court (“AP High Court”) challenging
the Government of Andra Pradesh and the said letters issued by APDISCOM for renegotiation of tariffs. The AP High Court has
issued its order dated 24th September, 2019 whereby it allowed the writ petition and also instructed APDISCOM to honour
pending and future bills but to pay them at a rate of ₹ 2.44 per unit (as against the billed rate) and referred the matter back
to APERC to conclude the rate. Thereafter, the Group had filed an appeal in AP High Court in front of two members bench
challenging the matter being referred to the APERC.
AP High Court, vide its judgement dated 15th March, 2022 has set aside the Order passed by the single Judge fixing the
interim rate or interim tariff of ₹ 2.44 per unit for solar power plants and ₹ 2.43 per unit for wind power plants. It has directed
for payment of all the pending and future bills by APDISCOM at the rate mentioned in the PPA’s within a period of six weeks
from the order date. However, till date, APDISCOM has neither appealed against the said Order nor preferred payment of
the dues of the generators in compliance of the said Order. The Group has recognised a revenue of ₹ 179.24 crore (March
31, 2021 - ₹ 174.03 crore) for the year ended March 31, 2022 and has a trade receivable balance of ₹ 444.90 crore (March 31,
2021 - ₹ 341.16 crore) as on March 31, 2021 from sale of electricity against such PPAs. Out of this trade receivable balance,
₹ 390.11 crores as on March 31, 2022 (March 31, 2021 ₹ 281 crores), pertains to the amount in excess of ₹ 2.43/ ₹ 2.44 per unit
related to tariff renegotiations as stated above. Considering signed PPA, interim order passed by the AP High Court, and its
internal legal evaluation, the management believes that it has a strong case and hence no adjustment has been made in
the consolidated financial statements.
f) In the earlier year, the Group had recognised an expense of ₹ 276.35 crore net of amount recoverable from customers
including adjustment with consumer reserve in relation to Hon'ble Supreme Court's judgement on standby litigation.
Further in the earlier year, Maharashtra Electricity Regulatory Commission (MERC) vide its order dated 30th March, 2020 had
allowed the recovery of part of the standby charges amount from the consumers. In the previous year, MERC vide its order
dated 21st December, 2020, has revised its earlier order and disallowed the recovery of the said amount. Consequently, the
Group has recognized an expense of ₹ 109.29 crore (including carrying cost) and disclosed as an exceptional item.
g) One of the subsidiary company had introduced a Voluntary Separation Scheme (VSS) for its employees in December 2003,
in response to which initially 1,798 employees were separated. The early retirement of these employees led to a dispute
between the subsidiary company and the Delhi Vidyut Board (DVB) Employees Terminal Benefit Fund, 2002 (‘the Trust’) with
respect to pay-out of retirement benefits that these employees were eligible for. The Trust is of the view that its liability to
pay retiral benefits arises only on the employee attaining the age of superannuation or on death, whichever is earlier.
The subsidiary company filed a writ petition with the Hon’ble Delhi High Court which pronounced its judgement on 2nd
July, 2007 on this issue and provided two options to the Discoms for paying retiral benefits to the Trust. The subsidiary
company chose the option whereby the Discoms were required to pay to the Trust an ‘Additional Contribution’ on account
of premature pay-out by the Trust which shall be computed by an Arbitral Tribunal of Actuaries to be appointed within
a stipulated period. The matter was further challenged by the Trust before Hon’ble Supreme Court, however, no interim
relief has been granted by the Hon’ble Supreme Court. Till date no Arbitral Tribunal of Actuaries has been appointed and
therefore, no liability has been recorded based on option chosen by the subsidiary company.
While the above referred writ petition was pending, the subsidiary company had already advanced ₹ 77.74 crore to the
Special Voluntary Retirement Scheme Retirees Terminal Benefit Fund, 2004 Trust (SVRS Trust) for payment of retiral dues to
separated employees. In addition to the payment of retiral benefits/residual pension to the SVRS Trust, in pursuant to the
order of the Hon’ble Delhi High Court dated 2nd July, 2007 the subsidiary company also paid interest @ 8% per annum, ₹ 8.01
crore in the financial year 2008-09 thereby increasing the total contribution to the SVRS Trust to ₹ 85.76 crore recognised as
recoverable from SVRS Trust. As the subsidiary company was entitled to get reimbursement against advanced retiral benefit
amount on superannuation age, the subsidiary company had recovered/adjusted ₹ 85.50 crore as at March 31, 2022 (as at
March 31, 2021 ₹ 85.47 crore), leaving a balance recoverable ₹ 0.26 crore as at March 31, 2022 (as at March 31, 2021 ₹ 0.29
crore) from the SVRS Trust which includes current portion of ₹ 0.04 crore (as at March 31, 2021 ₹ 0.03 crore).
h) In the earlier years, Maharashtra Electricity Regulatory Commission had disallowed certain costs amounting to ₹ 503 crore
(adjusted upto the current year) (March 31, 2021 - ₹ 419 crore) recoverable from consumers in the tariff true up order. The
Group has filed appeal against the said order to Appellate Tribunal for Electricity which is pending for final disposal. The
Group believes it has a strong case and accordingly no adjustment is required.


i) In an earlier year, Maharashtra Electricity Regulatory Commission has disallowed carrying cost and other costs amounting
to ₹ 269 crore ( 31st March,2021 - ₹269 crore) which was upheld by the Appellate Tribunal for Electricity (ATE). The Group
has filed Special Leave Petition (SLP) against the order of ATE with the Supreme Court which is pending for final disposal.
The Group believes it has a strong case and accordingly no adjustment is required.
j) The Hon'ble Appellate Tribunal for Electricity (APTEL), vide its order dated 27th April,2021 allowed the appeal with respect to
certain claims related to change in law for Mundra Power Plant. Accordingly, the Group has recognized an income amounting
to ₹351.79 crore during the year ended March 31, 2022 comprising of ₹279.87 crore classified as Revenue from Operations
(including an amount of ₹268.94 crore relating to earlier years) and ₹71.92 crore classified as Other Income (including an
amount of ₹58.82 crore relating to earlier years). The Consumer has litigated the said order in the Supreme Court. The Group
believes it has a strong case and does not expect any significant reversal of revenue.
k) The Group owns and operates 149MW solar power plants in the state of Tamil Nadu through its wholly owned subsidary
Walwhan Renewable Energy Ltd. (WREL). There has been arbitrary and unjustified backdown since commissioning of the
said plants. The Appellate Tribunal (ATE) vide its Judgement dated 2nd August 2021, held that for the period March 2017 to
October 2020, Company shall receive Deemed Generation Charges at the rate of 75% of the PPA Tariff along with interest.
Accordingly, based on said order and legal opinion obtained, the Group has recognized for ₹ 20.14 crores (including ₹ 18.72
crore pertaining to earlier years) towards generation losses on account of curtailment till date.
l) On account of force majeure events beyond the control of the Group, there was a time overrun in setting up its 84 MW
solar power plants in the state of Karnataka and accordingly the Group had requested for extension of Schedule Date
of Commissioning (SCOD) which was duly recommended to Karnataka Electricity Regulatory Commission (KERC) by the
Distribution Licensee (BESCOM). However, KERC not accepted the Group request and reduced the tariff as agreed in the
PPA due to delay in the commissioning. Group filed petition before Appellate Tribunal for Electricity (ATE) against the said
reduction in tariff and ATE vide its Order dated 12th April, 2022, has ruled in favour of the Group and issued directions to
restore tariffs as per PPA and to compensate for the arrears along with carrying costs thereon. Accordingly, the Group has
recognized additional revenue aggregating to ₹ 44.29 crore during the year ended March 31, 2022 (Including ₹ 36.57 crore
pertaining to earlier years).
m) In relation to the Power Purchase Agreement (PPA) signed with Gujarat Urja Vikas Nigam Ltd. (GUVNL) for 300 MW Dholera
solar power plants in Gujarat, the Group had entered into an Implementation and Support Agreement (ISA) with Gujarat
Power Corporation Ltd. (GPCL) for evacuation facilities and maintenance of transmission lines. On Scheduled Commercial
Operation Date (SCOD) plants were ready for synchronization but power evacuation infrastructure were not made avilable by
GPCL. The Group has sought compensation for the revenue losses suffered by the Group on account of delay in constructing
power evacuation infrastructure.
Based on the legal opinion obtained and remedies available to the Group for delay in constructing power evacuation
infrastructure as per the PPA and ISA, the Group has recognized Revenue from Operations for the year ended March 31, 2022
amounting to ₹ 57 crore. The Group does not expect any significant reversal in the amount recognised as revenue.
n) In January 2017 and March 2017, the Group had commissioned 100 MW Nimbagallu wind farm in state of Andhra Pradesh. The
entire capacity of the plant is connected to Uravakonda Grid substation (GSS). Post commissioning of the plant, AP State Load
Despatch Centre (APSLDC) and Transmission Corporation of Andhra Pradesh (AP Transco) have resorted to arbitrary backdowns.
As per the Power Purchase Agreement, the responsibility of the transmission of power beyond the Interconnection Point is of
the Discom viz. Southern Power Distribution Company Limited of Andhra Pradesh (APSPDCL) / AP Transco and that they would
be responsible for the availability or non-availability of the transformers at Uravakonda GSS. The Group had filed a petition
before the Andhra Pradesh Electricity Regulatory Commission (APERC) for appropriate directions for APSPDCL, APSLDC and
APTRANSCO to compensate for the loss of revenue of account of such non-availability of power transmission infrastructure.
As on the date of approval of these financial statements, petition is pending for consideration.
As per various orders by judicial authorities in other cases and legal opinion obtained, Group believes that the Group is entitled
for the deemed generation charges on account of non-availability of power transmission infrastructure. Accordingly, the Group
has recognized Revenue from Operations for the year ended 31st March, 2022 aggregating to ₹ 50.58 crore (Including ₹ 45.02
crores pertaining to prior years).


o) The Group through one of its subsidiary, Tata Power Renewable Energy Limited (TPREL) has received an Order issued by
Karnataka Electricity Regulatory Commission (KERC) in April 2022, for mechanism towards recovery of increase in capital cost
incurred due to introduction and imposition of Safeguard Duty (SGD) due to MoF notification of 2018. This being a Change
in Law event under the provisions of the PPA’s entered by the Group for its 250 MW solar power plants in Karnataka, needs
to be compensated by the Discoms along with carrying cost on the amounts due. Accordingly, based on the above KERC
Order, an additional Revenue from operations of ₹ 32.75 crores (including ₹ 17.77 crore pertaining to earlier years) has been
recognized for the year ended March 31, 2022.
p) The Group operates 99 MW wind farm at Poolavadi in Tamil Nadu of which 49.5 MW is under REC scheme. The
billing under REC scheme should take place based on Average Pooled Power Purchase Cost (APPCC) rates as
periodically fixed by Tamil Nadu Electricity Regulatory Commission (TNERC). However, in practice, specific lower
rates were communicated by TANGEDCO basis which invoices were raised by all developers from Financial Year 2013.
TNERC has recently issued favourable order in for another developer (based on the earlier ATE Order for another developer),
wherein it has upheld the contention of the developer and allowed the recovery of differential rate from TANGEDCO in a
time bound manner along with applicable interest rate. Accordingly, on basis of above favorable order, during the year, the
Group has recognized for differential revenue aggregating to ₹ 26.20 crore pertaining to prior years.
q) The Group through one of its subsidiary TPREL entered into a settlement agreement with a wind plant operator for damages arising
from contractual shortfall in machine availabilities resulting in generation loss from financial year 2018 to 2020. Accordingly, the
compensation received of ₹ 18.28 crore (amount pertaing to earlier years) is recognized as revenue from operations.
r) During year ended March 31, 2022, the Group has received Notice of Arbitration (NoA) filed by Kleros Capitals to commence
arbitration in Singapore International Arbitration Centre (SIAC) against the Group. The NoA is served pursuant to alleged
breach of various sections of Non disclosure agreements (NDA) entered by the Group in earlier years and circumvention of
Kleros's economic interests in addition to loss of profits. The Group believes that there has been no use of confidential data
and there was no breach to sections of NDA. Based on above assessment and legal opinion obtained, the Group strongly
believes that there is strong case and hence no provision is required for the concerned matter of arbitration.
s) (i) In respect of the Group's power distribution business in Delhi, Delhi Electricity Regulatory Commission (DERC) vide its
order dated 30th September, 2021 has trued up regulatory deferral account balance up to 31st March, 2020 at ₹1,762.81 crore
as against ₹4,919.26 crore as per financial books of accounts excluding amount recoverable towards deferred tax liabilities
of ₹ 302.60 crore. The difference in regulatory deferral account is largely due to provisional truing up of capitalisation,
disallowance of de-capitalised property, plant and equipment, its corresponding impact on return on capital employed
(ROCE), income tax and carrying cost. These disallowances have already been challenged in APTEL for amount disallowed
up to FY 2019-20. The difference in regulatory deferral account is also due to pending implementation of Rithala tariff order
issued by the DERC vide order dated 11th November, 2019 and partial allowance of approved Rithala plant cost which is
under challenge with APTEL and delay in execution of other previous review/APTEL appeal orders.
The Group had filed a stay petition seeking stay of tariff order with APTEL due to certain arbitrary disallowances by DERC in
its latest tariff order dated 30th September, 2021 and also filed appeal with APTEL against the disallowances. On 21st January,
2022 as an interim measure, a stay order was granted by APTEL on the operation of tariff order dated 30th September, 2021
till further notice and based on legal opinion taken from the counsel, there is likelihood of success in appeal therefore
no material adjustments are expected in the carrying value of the Regulatory deferral account balance on account of
implementation of tariff order dated 30th September, 2021. Accordingly, no adjustment has been made in the Regulatory
deferral account balance in the books based on latest tariff order dated 30th September, 2021, till the conclusion of the
above petition.
On the issue of provisional true up of capitalisation, DERC has shared preliminary draft report of physical verification of fixed
asset for the period FY 2004-05 to FY 2015-16. The Group after analysing the draft report have submitted the response along
with necessary documents in support of capitalisation on 29th December, 2020 and further action on the same is awaited
from DERC. The true up of capitalisation for FY 2017-18 has been completed by DERC. For the financial years FY 2016-17,
FY 2018-19 and FY 2019-20 the physical verification and true up of capitalisation are in progress.


(ii) The regulatory deferral account balance as on 31st March,.2020 as per financial books of account was ₹ 4,919.26 crore,
excluding amount recoverable towards deferred tax liabilities of ₹ 302.60 crore, which is not being liquidated for a long time.
Such accumulation of regulatory deferral account has been due to non-availability of cost reflective tariff year on year. On
this issue, the Company had filed a petition with the DERC on 8th March, 2021 seeking for a roadmap to liquidate regulatory
deferral account in a time bound manner, which was dismissed by DERC with no relief. Further, the Group has challenged
the order of DERC before Supreme Court on 6th September, 2021, which has been admitted and the hearing is in progress.
41. Earnings Per Share (EPS)

Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the
weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for
any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by
the Board of Directors.

ended ended
March 31, 2022 March 31, 2021
J crore# J crore#
A. EPS - Continuing Operations (before net movement in Regulatory Deferral
Balances)
Total Profit from Continuing Operations attributable to the owners of the Parent 1,741.46 1,127.38
Company
Add/(Less):(Profit)/Loss for the year from Discontinued Operations attributable to 467.83 46.20
the owners of the Parent Company
Net Profit from Continuing Operations A 2,209.29 1,173.58
Net movement in Regulatory Deferral Balances (Net of tax) - Owners Share B 58.60 (270.46)
Net Profit (before net movement in Regulatory Deferral Balances) C=(A+B) 2,267.89 903.12
(Less): Distribution on Perpetual Securities D (29.52) (171.23)
Profit/(Loss) from Continuing Operations attributable to equity shareholders E=(C+D) 2,238.37 731.89
(before net movement in Regulatory Deferral Balances)
EPS - Continuing Operations (before net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In ₹) 7.00 2.43*

41. Earnings Per Share (EPS) (Contd.)
B. EPS - Continuing Operations (after net movement in Regulatory Deferral

Balances)
Net Profit from Continuing Operations 2,209.29 1,173.58
(Less): Distribution on Perpetual Securities (29.52) (171.23)
Profit/Loss attributable to equity shareholders (after net movement in 2,179.77 1,002.35
Regulatory Deferral Balances)
EPS - Continuing operations (after net movement in Regulatory Deferral
Balances)
C. EPS - Discontinued Operations
Net Profit/(Loss) from Discontinued Operations (467.83) (46.20)
EPS - Discontinued Operations
- Basic and Diluted (In ₹) (1.46) (0.15)
D. EPS - Total Operations (after net movement in Regulatory Deferral Balances)
Net Profit/(Loss) from Operations (after net movement in Regulatory Deferral 1,741.46 1,127.38
Balances)
Less: Distribution on Perpetual Securities (29.52) (171.23)
Net Profit/(Loss) from Total Operations attributable to equity shareholders of 1,711.94 956.15
parent (after net movement in Regulatory Deferral Balances)
EPS - Total Operations (after net movement in Regulatory Deferral Balances)
# All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS
42. Related Party Disclosures:

The Group’s related parties primarily consists of its associates, joint ventures and Tata Sons Pvt Ltd. including its subsidiaries
and joint ventures. The Group routinely enters into transactions with these related parties in the ordinary course of business
at market rates and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are
eliminated on consolidation.
Disclosure as required by Ind AS 24 - “Related Party Disclosures” are as follows:
Names of the related parties and description of relationship:
(a) Employment Benefit Funds

1) Tata Power Superannuation Fund
2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
4) Maithon Power Gratuity Fund (Fund)
5) Tata Power Solar Systems Ltd, Employees Gratuity Fund Trust
6) Tata Power Solar Systems Ltd, Employees Superannuation Fund Trust
7) North Delhi Power Ltd. Employees Group Gratuity Assurance Scheme (Gratuity Fund)
8) Special Voluntary Retirement Scheme Retirees Terminal Benefit Fund, 2004 (SVRS RTBF - 2004)
9) CESCO Employees Pension Trust
10) CESCO Employees Gratuity Trust
11) CESCO Employees Provident Fund Trust

42. Related Party Disclosures (Contd.)

12) WESCO Employees Pension Trust
13) WESCO Employees Gratuity Trust
14) WESCO Employees Provident Fund Trust
15) WESCO Employees Rehabilitation Trust
16) SOUTHCO Employees Pension Trust
17) SOUTHCO Employees Gratuity Trust
18) SOUTHCO Employees Provident Fund Trust
19) SOUTHCO Employees Rehabilitation Fund Trust
20) NESCO Employees Pension Trust
21) NESCO Employees Gratuity Trust
22) NESCO Employees Provident Fund Trust
23) NESCO Employees Rehabilitation Trust
(b) Associates and Joint Venture Companies (where transactions have taken place during the year and previous year /
(i) Associates
1) Tata Projects Limited 2) Yashmun Engineers Limited

3) Dagacchu Hydro Power Corporation Limited 4) The Associated Building Co. Limited
5) Brihat Trading Private Limited 6) TP Luminaire Pvt Limited **
7) Ind Project Engineering (Shanghai) Co Limited ** 8) Tata Projects Provident Fund Trust*
* Fund of Associate
** 100% Subsidiary of Associates
(ii) Joint Venture Companies

1) Tubed Coal Mines Limited 2) Mandakini Coal Company Limited
3) Industrial Energy Limited 4) Powerlinks Transmission Limited
5) Dugar Hydro Power Limited 6) Itezhi Tezhi Power Corporation Limited
7) PT Mitratama Perkasa 8) PT Kaltim Prima Coal
9) IndoCoal Resources (Cayman) Ltd. 10) PT Indocoal Kaltim Resources
11) PT Nusa Tambang Pratama 12) PT Marvel Capital Indonesia
13) PT Dwikarya Prima Abadi 14) PT Kalimantan Prima Power
15) PT Baramulti Sukessarana Tbk 16) Adjaristsqali Netherlands BV
17) Koromkheti Netherlands B.V 18) IndoCoal KPC Resources (Cayman) Ltd.
19) Resurgent Power Ventures Pte Ltd 20) Renascent Ventures Private Limited
21) Prayagraj Power Generation Co Limited 22) PT Arutmin Indonesia
23) PT Indocoal Kalsel Resources 24) Candice Investments Pte. Ltd.
25) LTH Milcom Pvt. Limited 26) Solace Land Holding Limited
27) PT Mitratama Usaha 28) PT Citra Prima Buana
29) PT Guruh Agung 30) PT Citra Kusuma Perdana
31) Koromkheti Georgia LLC 32) Adjaristsqali Georgia LLC
(Ceased to be Joint Venture w.e.f 7th February, 2022)
33) PT Antang Gunung Meratus


(c) (i) Promoters holding more than 20% - Promoter
Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoters - Promoter Group (where transactions have taken
place during the year and previous year / balances outstanding) :
1) C-Edge Technologies Limited 2) Tata Advanced Material Limited (merged with Tata
Advanced Systems Limited)
3) Ewart Investments Limited 4) TRIL Infopark Limited.
5) Tata International DLT Pvt Limited 6) Tata SIA Airlines Limited.
7) Tata AIG General Insurance Company Limited 8) Tata Autocomp Systems Limited
9) Infiniti Retail Limited. 10) Tata Elxsi Limited.
11) Tata Consultancy Services Limited. 12) Tata International Singapore Pte. Limited
13) Tata Consulting Engineers Limited. 14) Niskalp Infrastructure Services Limited.
15) Tata Housing Development Company Limited 16) Tata Advanced System Limited.
17) Tata Industries Limited. 18) Tata Communications Collaboration Services Pvt. Limited.
19) Tata International Limited 20) Ecofirst Services Limited
21) Tata Investment Corporation Limited. 22) Tata AIA Life Insurance Company Limited.
23) Tata Realty and Infrastructure Limited. 24) Tata Limited.
25) Tata Teleservices (Maharashtra) Limited 26) Tata Communications Limited.
27) Tata Teleservices Limited 28) Tata Housing Development Co. Limited.. Employees
Provident Fund
29) Tata Capital Financial Services Limited 30) Tata Consultancy Services Employees Provident Fund
31) Tata Communications Payment Solutions Limited 32) Tata Play Broadband Private Limited (formerly Tata Sky
Broadband Private Limited)
33) Tata Play Limited (formerly Tata Sky Limited) 34) Qubit Investments Pte. Limited
35) Air India SATS Airport Services Private Limited 36) Tata Medical and Diagnostics Limited
(d) Key Management Personnel

1) Mr. N. Chandrasekaran, Non-Executive Director 2) Ms. Anjali Bansal, Independent Director
3) Ms. Vibha Padalkar, Independent Director 4) Mr. Sanjay V. Bhandarkar, Independent Director
5) Mr. K. M. Chandrasekhar, Independent Director 6) Mr. Hemant Bhargava, Nominee Director
7) Mr. Saurabh Agrawal, Non-Executive Director 8) Mr. Banmali Agrawala, Non-Executive Director
9) Mr. Ashok Sinha, Independent Director 10) Mr. Praveer Sinha, CEO and Managing Director
11) Mr. Ramesh N. Subramanyam, Chief Financial Officer 12) Mr. Sanjeev Churiwala, Chief Financial Officer
(upto 31st December, 2021) (w.e.f 1st January, 2022)
13) Mr. Hanoz Minoo Mistry - Company Secretary
(e) Relative of Key Managerial Personnel (where transactions have taken place during the year and previous year /
1) Neville Minoo Mistry (Brother of Hanoz Minoo Mistry- Company Secretary)

(f) Details of Transactions:

Sr. Particulars Associates Joint Key Employee Promoter Promoter
Personnel & Funds
their relatives
1 Purchase of goods/power (Net of Discount Received 219.69 2,462.87 Nil Nil 122.28 Nil
on Prompt Payment)
187.32 2,776.60 Nil Nil 302.70 Nil
2 Sale of goods/power (Net of Discount on Prompt 0.42 63.35 Nil Nil 32.27 Nil
Payment)
2.78 Nil Nil Nil 25.50 Nil
3 Purchase of Property, Plant & Equipments 158.80 Nil Nil Nil 26.13 Nil
4 Sale of Property, Plant & Equipments Nil 0.06 Nil Nil Nil Nil
Nil 0.01 Nil Nil 0.68 Nil
5 Rendering of services 6.34 282.39 Nil Nil 53.28 2.21
7.59 228.67 Nil Nil 35.44 2.44
6 Receiving of services 16.20 17.60 Nil Nil 126.12 0.70
23.50 0.06 0.18 Nil 85.78 12.55
7 Brand equity contribution Nil Nil Nil Nil Nil 44.21
Nil Nil Nil Nil Nil 20.42
8 Contribution to Employee Benefit Plans ( Net) Nil Nil Nil 474.18# Nil Nil
Nil Nil Nil 318.61# Nil Nil
9 Remuneration paid- short term employee benefits Nil Nil 19.68* Nil Nil Nil
Nil Nil 12.93* Nil Nil Nil
10 Short term employee benefits paid Nil Nil 0.23 Nil Nil Nil
0.13 Nil Nil
11 Interest income 0.00$ 0.39 Nil Nil Nil Nil
Nil 0.64 Nil Nil 0.00$ Nil
12 Interest paid (including distribution on unsecured 0.01 18.56 Nil Nil 7.81 Nil
perpetual securities)
0.08 26.18 Nil Nil 26.44 Nil
13 Dividend income 1.78 1,847.02 Nil Nil 2.29 6.67
Nil 1,839.30 Nil Nil 1.43 6.67
14 Dividend paid Nil Nil Nil Nil 2.11 223.90
Nil Nil Nil Nil 2.11 147.86
15 Loans given Nil Nil Nil Nil Nil Nil
Nil 2.60 Nil Nil Nil Nil
16 Impairment of Investments- Reversal Nil Nil Nil Nil Nil Nil
17 Impairment of Investments Nil Nil Nil Nil Nil Nil
18 Loans repaid (including loan converted into equity) Nil Nil Nil Nil Nil Nil
19 Equity contribution (includes advance towards 573.27 Nil Nil Nil Nil Nil
equity contribution and perpetual securities)
Nil Nil Nil Nil Nil Nil
20 Deposits taken Nil Nil Nil Nil 1.27 Nil
Nil Nil Nil Nil 0.01 Nil
21 Deposits refunded Nil Nil Nil Nil 0.12 Nil
22 Advance given 80.38 Nil Nil Nil 0.02 Nil
110.85 Nil Nil Nil Nil Nil
23 Advance adjusted 13.54 Nil Nil Nil 0.02 Nil
24 Purchase of Investments Nil Nil Nil Nil Nil Nil
Nil 63.34 Nil Nil 16.91 Nil


Sr. Particulars Associates Joint Key Employee Promoter Promoter
Personnel & Funds
their relatives
25 Buy back of share by JV Nil 59.69 Nil Nil Nil Nil
26 Loan taken Nil 198.62 Nil Nil Nil Nil
27 Loan taken repaid Nil Nil Nil Nil Nil Nil
Nil 120.00 Nil Nil Nil
28 Allotment of Equity shares (including securities Nil Nil Nil Nil Nil Nil
premium paid)
Nil Nil Nil Nil Nil 2,600.00
29 Provision for doubtful receivables Nil Nil Nil Nil Nil Nil
30 Bad debts Nil Nil Nil Nil Nil Nil
31 Consideration received on sale of SED Nil Nil Nil Nil Nil Nil
Nil Nil Nil Nil 597.00** Nil
32 Impairment of receivable of SED Nil Nil Nil Nil 467.83 Nil
33 Redemption of Unsecured Perpetual Securities 0.70 Nil Nil Nil 197.50 Nil
Balances outstanding
1 Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil

2 Redeemable Non-Convertible Debentures Nil Nil Nil Nil 36.50 Nil
Nil Nil Nil Nil 36.50 Nil
3 Other receivables 8.58 211.01@ Nil 122.93 16.41 2.78
109.28 74.83@ Nil 89.81 386.63 14.32
4 Loans given (including interest thereon) Nil 72.98@ Nil Nil Nil Nil
Nil 72.98 @ Nil Nil Nil Nil
5 Loans provided for as doubtful advances (including Nil 54.39 Nil Nil Nil Nil
interest thereon)
6 Deposits taken outstanding Nil Nil Nil Nil 1.38 2.00
Nil 10.96 Nil Nil 0.22 2.00
7 Advance given outstanding 183.93 4.59 Nil Nil 0.41 Nil
8 Dividend receivable 1.78 Nil Nil Nil Nil Nil
9 Other payables 82.86 2,662.16 10.97 54.47 134.68 45.19
10.82 2,472.76 7.34 56.91 26.46 19.44
10 Loans taken (including interest thereon) Nil 990.44 Nil Nil Nil Nil
Notes:
1. All outstanding balances are unsecured.
2. The Group's principal related parties consist of Tata Sons Pvt. Ltd., its subsidiaries and joint ventures, affiliates and key managerial personnel.
The Group's material related party transactions and outstanding balances are with related parties with whom the Group routinely enters
into transactions in the ordinary course of business.
@ Includes amount reclassified as held for sale.
# Including amount collected from customers for past liability.
$ Denotes figure below ₹ 50,000.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS
19 - ‘Employee Benefits’ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial
valuation, the same is included above on payment basis.
** Net off borrowings of ₹ 537 crore transferred to TASL

43. Financial Instruments

43.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
Carrying value Fair Value

As at As at As at As at
Financial Assets
Cash and Cash Equivalents 3,077.24 3,669.62 3,077.24 3,669.62
Other Balances with Banks 3,563.46 2,201.05 3,563.46 2,201.05
Trade Receivables 6,665.52 5,804.79 6,665.52 5,804.79
Unbilled Revenues 2,285.57 1,591.14 2,285.57 1,591.14
Loans 12.79 12.23 12.79 12.23
Finance Lease Receivables 635.60 640.06 635.60 640.06
FVTPL Financial Investments # 355.01 500.96 355.01 500.96
FVTOCI Financial Investments # 1,045.39 559.59 1,045.39 559.59
Amortised Cost Financial Investments # 183.44 171.35 184.86 176.76
Derivative Instruments not in hedging relationship 5.06 1.48 5.06 1.48
Receivable on sale of Strategic Engineering Division (Refer Nil 365.99 Nil 365.99
Note 19c)
Other Financial Assets 2,177.41 1,877.91 2,177.41 1,877.91
Asset Classified as Held For Sale (Refer Note 19)
- FVTOCI Financial Investments # (Refer Note below) Nil 178.68 Nil 178.68
- Loans (including accrued interest) 22.83 22.83 22.83 22.83
Total 20,029.32 17,597.68 20,030.74 17,603.09
Financial Liabilities
Trade Payables 10,459.60 7,148.08 10,459.60 7,148.08
Fixed rate Borrowings (including Current Maturities)* 17,781.77 19,804.57 17,800.65 20,106.39
Floating rate Borrowings (including Current Maturities)* 30,387.30 23,631.81 30,387.30 23,631.81
Lease Liability 3,605.12 3,537.31 4,079.63 3,558.60
Derivative Instruments not in hedging relationship 40.79 192.51 40.79 192.51
Other Financial Liabilities * 10,168.66 8,560.45 10,168.66 8,560.45
72,443.24 62,874.73 72,936.63 63,197.84
* Interest accrued on Non-Convertible debenture has been considered under Fixed / Floating rate borrowings
# other than investments accounted for Equity Method
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables, loans,
finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying
amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties. The following methods and assumptions were used to estimate the fair values.
- Fair value of the quoted bonds, mutual funds, government securities are based on the price quotations near the reporting
date. Fair value of the unquoted equity shares have been estimated using a Discounted Cash Flow (DCF) model. The valuation
requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used
in management's estimate of fair value for those unquoted equity investments.

- The fair value of the FVTOCI financial assets are derived from quoted market price in active markets and unobservable inputs.
- The Group enters into derivative financial instruments with various counterparties, principally banks and financial institutions
with investment grade credit ratings. Interest rate swaps, foreign exchange forward and option contracts are valued using
valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques
include forward pricing and swap models using present value calculations. The models incorporate various inputs including
the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies,
currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying
currency. All derivative contracts are fully collateralized, thereby, eliminating both counterparty and the Group's own non-
performance risk. As at March 31, 2022, the marked-to-market value of derivative asset positions is net of a credit valuation
adjustment attributable to derivative counterparty default risk.
- The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial
liabilities is estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair value
measurements and the cost represents the best estimate of fair value within that range.
Reconciliation of Level 3 fair value measurement of unquoted equity shares. (Refer Note below)
Unlisted shares
Unlisted shares carried at FVTPL
irrevocably designated as at FVTOCI
For the year For the year For the year For the year
ended ended ended ended
Opening balance 439.02 397.71 0.16 0.16
Gain/(Loss)
- in other comprehensive income Nil 21.51 Nil Nil
- in profit or loss Nil Nil Nil Nil
- changes on purchase of equity shares Nil 19.80 Nil Nil
Closing balance 439.02 439.02 0.16 0.16
Note:
a) Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose.
Upon the application of Ind AS 109, the Group has chosen to designate these investments in equity instruments as at FVTOCI
as the directors believe this provides a more meaningful presentation for medium and long- term strategic investments,
then reflecting changes in fair value immediately in profit or loss.
b) Unlisted shares irrevocably designated as at FVTOCI includes certain investments whose cost approximates to their fair value
because there is a wide range of possible fair value measurements and their cost represents the best estimate of fair value
within that range. Such investments have been excluded for quantitative sensitivity analysis as disclosed below.
c) All gains and losses included in other comprehensive income relate to unlisted shares held at the end of the reporting period
and are reported under "Equity Instruments through Other Comprehensive Income".
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31st March, 2022 and 31st March, 2021 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Sensitivity of the input to fair value

techniques unobservable
inputs
Investments in unquoted equity shares Price of recent Transaction 5% (March 31, 2021: 5%) increase (decrease) in the
transaction price transaction price would result in increase (decrease)
(PORT) in fair value by ₹ 6.35 crore (March 31, 2021: ₹ 6.35
crore)
The discount for lack of marketability represents the amount that the Group has determined that market participants would take
into account when pricing the investments.


43.2 Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Quoted prices in an active market (Level 1): Inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities. This includes quoted equity instruments, government securities, quoted borrowings (fixed rate) and mutual funds that
have quoted price.
Valuation techniques with observable inputs (Level 2): Inputs are other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative
financial instruments and unquoted borrowings (fixed and floating rate).
Valuation techniques with significant unobservable inputs (Level 3): Inputs are not based on observable market data
(unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based on available
market data. This includes unquoted equity shares and contingent consideration receivable.
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets that
are not measured at fair value on a recurring basis (but fair value disclosures are required) :
Fair value hierarchy as at March 31, 2022

Date of valuation markets inputs inputs

FVTPL Financial Investments March 31, 2022 354.85 Nil 0.16 355.01
Investment in Government Securities March 31, 2022 184.86 Nil Nil 184.86
1,146.08 5.06 439.18 1,590.32
Derivative Financial Liabilities March 31, 2022 Nil 40.79 Nil 40.79
Fixed rate Borrowings March 31, 2022 11,859.79 5,940.86 Nil 17,800.65
Floating rate Borrowings March 31, 2022 1,942.91 28,444.39 Nil 30,387.30
Total 13,802.70 34,426.04 Nil 48,228.74

Fair value hierarchy as at March 31, 2021

Date of valuation in active observable unobservable
FVTPL Financial Investments March 31, 2021 500.80 Nil 0.16 500.96
Assets Classified as Held For Sale 178.68 Nil Nil 178.68
Receivable on sale of Strategic Engineering Division Nil Nil 365.99 365.99
Investment in Government Securities March 31, 2021 176.76 Nil Nil 176.76
976.81 1.48 805.17 1,783.46
Derivative Financial Liabilities March 31, 2021 Nil 192.51 Nil 192.51
Fixed rate Borrowings March 31, 2021 13,239.48 6,866.91 Nil 20,106.39
Floating rate Borrowings March 31, 2021 2,302.09 21,329.72 Nil 23,631.81
Total 15,541.57 28,389.14 Nil 43,930.71
Note: There has been no transfer between level 1 and level 2 during the period.
43.3 Capital Management & Gearing Ratio
For the purpose of the Group's capital management, capital includes issued equity capital and all other equity reserves attributable
to the equity holders of the Group. The primary objective of the Group's capital management is to maximize the shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. From time to time, the Group reviews its policy related to dividend payment to shareholders, return
capital to shareholders or fresh issue of shares. The Group monitors capital using gearing ratio, which is net debt divided by
total capital plus net debt. The Group’s policy is to keep the gearing ratio between 60% and 80% at consolidated level. The
Group includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued
operations as detailed in the notes below.
The Group's capital management is intended to create value for shareholders by facilitating the meeting of its long-term and
short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
The gearing ratio at the end of the reporting period was as follows: As at As at
March 31, 2022 March 31, 2021
J crore J crore
Debt (i) 48,406.25 44,009.95
Less: Cash and Bank balances 6,621.41 5,851.60
Net debt 41,784.84 38,158.35
Capital (ii) 22,441.56 22,322.26
Capital and net debt 64,226.40 60,480.61
Net debt to Total Capital plus net debt ratio (%) 65.06 63.09


(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current borrowings.
(ii) Capital is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and surplus.
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no significant
breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2022 and
31st March, 2021.
43.4 Financial risk management objectives and policies
The Group’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial guarantee
contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Group’s operations and to
provide guarantees to support its operations. The Group’s principal financial assets include loans, trade and other receivables, cash
and cash equivalents, other bank balances, unbilled receivables, finance lease receivables and other financial assets that derive
directly from its operations. The Group also holds FVTOCI/FVTPL investments and enters into derivative transactions.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of
these risks. The Group’s senior management is supported by a risk committee that reviews the financial risks and the appropriate
financial risk governance framework for the Group. The Group’s financial risk activities are governed by appropriate policies
and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk
objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken. The
risk management policy is approved by the board of directors, which is summarized below.
43.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact of equity price
risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative financial instruments
and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at March 31, 2022 and March 31, 2021.
The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of
the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis of hedge
designations in place at March 31, 2022. The analysis exclude the impact of movements in market variables on: the carrying values of
gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities of foreign operations.
a. Foreign currency risk management

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Group is exposed to foreign exchange risk through its operations in international projects and purchase
of coal from Indonesia and elsewhere and overseas borrowings. The results of the Group's operations can be affected as the
rupee appreciates/depreciates against these currencies. The Group enters into derivative financial instruments such as foreign
exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures.
When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives to
match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure
from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or
payable that is denominated in the foreign currency.


The following table analyzes foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities As at March 31, 2022 As at March 31, 2021

In USD 672.71 5,098.18 200.90 1,468.86
In EURO 0.24 2.03 0.09 0.75
In GBP 0.06 0.64 Nil Nil
In JPY 2.73 0.17 5.90 0.39
In SGD 0.04 0.22 Nil Nil

In USD 5.83 44.15 3.09 22.62
In ZAR 0.02 0.01 0.41 0.20
In VND 3.37 * 56.76 0.02
In TAKA Nil Nil 0.20 0.02
* Denotes figures below 50,000/-

(i) Foreign currency sensitivity analysis
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other
variables held constant. The impact on the Group’s profit before tax and impact on equity is due to changes in the fair value
of monetary assets and liabilities as under.
Effect on Equity (not Effect on profit before

adjusted for tax) tax
J crore J crore
As of March 31, 2022 Rupee depreciate by ₹ 1 against USD (-) ₹ 66.69 (-) ₹ 40.44
Rupee appreciate by ₹ 1 against USD (+) ₹ 66.69 (+) ₹ 40.44
As of March 31, 2021 Rupee depreciate by ₹ 1 against USD (-) ₹ 19.78 (-) ₹ 9.80
Rupee appreciate by ₹ 1 against USD (+) ₹ 19.78 (+) ₹ 9.80
Notes:
1. +/- Gain/Loss
2. The impact of depreciation / appreciation on foreign currency other than USD on profit before tax of the Group is not significant.
(ii) Derivative financial instruments
The Group holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the
risk of changes in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a
Financial Institution. These derivative financial instrument are valued based on quoted prices for similar asset and liabilities
in active markets or inputs that is directly or indirectly observable in the marketplace.

The following table gives details in respect of outstanding foreign exchange forward and option contracts:
Outstanding Contracts As at March 31, 2022
Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) J crore J crore
Other Derivatives
Forward contracts
In USD Buy 782.68 5,931.65 (35.83)
Option contracts
In USD Buy 27.02 204.77 (0.03)

Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) J crore J crore
Other Derivatives
Forward contracts
In USD Buy (Net) 1,057.32 7,730.30 (181.45)
Note: Fair Value in brackets denotes liability.

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables
held constant. The impact on the Group’s profit before tax and impact on equity is due to changes in the fair value of non-
designated foreign currency forward and option contracts given as under.
Effect on Equity (not Effect on profit before
adjusted for tax) tax
J crore J crore
As of March 31, 2022 Rupee depreciate by ₹ 1 against USD (+) ₹ 80.97 (+) ₹ 33.34
Rupee appreciate by ₹ 1 against USD (-) ₹ 80.97 (-) ₹ 33.34
As of March 31, 2021 Rupee depreciate by ₹ 1 against USD (+) ₹ 105.73 (+) ₹ 16.34
Rupee appreciate by ₹ 1 against USD (-) ₹ 105.73 (-) ₹ 16.34
b. Interest rate risk management
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-
term debt obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The
Group’s policy is to keep upto 50% of its borrowings at fixed rates of interest. To manage this, the Group enters into fixed rate
loan, Bonds and interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and
variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
(i) Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures at the
end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant
throughout the reporting period in case of term loans and debentures that have floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on
Interest expense for the respective financial years and consequent effect on Group's profit in that financial year would have
been as below:
50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan (+) ₹ 151.94 (-) ₹ 151.94 (+) ₹ 117.15 (-) ₹ 117.15
Effect on Equity (not adjusted for tax) /Profit before tax (-) ₹ 151.94 (+) ₹ 151.94 (-) ₹ 117.15 (+) ₹ 117.15

(ii) Interest rate swap contracts:

An interest rate swap is an agreement between two counterparties in which one stream of future interest payments is exchanged
for another based on a specified principal amount. Interest rate swaps usually involve the exchange of a fixed interest rate for a
floating rate, or vice versa, to reduce or increase exposure to fluctuations in interest rates or to obtain a marginally lower interest
rate than would have been possible without the swap. Interest rate swaps are the exchange of one set of cash flows for another.
The following table gives details in respect of outstanding receive floating pay fixed contracts:
Less than 1 year 1 to 5 years 5 years +
USD in Millions USD in Millions USD in Millions
31st March 2022 Nominal amounts Nil 100 Nil
Fair value assets (liabilities) Nil 4.18 Nil
31st March 2021 Nominal amounts 100 Nil Nil
Fair value assets (liabilities) 9.25 Nil Nil
43.4.2 Credit risk management
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities including loans, foreign exchange transactions and other financial instruments.
As at As at
March 31, 2022 March 31, 2021
J crore J crore
Trade Receivables 6,665.52 5,804.79
Loans 12.79 12.23
Finance Lease Receivables 635.60 640.06
Other Financial Assets (including derivatives contracts) 2,185.98 2,248.86
Held for Sale Financial Assets 22.83 201.51
Unbilled Revenue 2,285.57 1,591.14
Total 11,808.29 10,498.59
Refer Note 9 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Group believes exposure to credit risk to be minimal. The Group
has not acquired any credit impaired asset.
43.4.3 Liquidity risk management
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Having regards to the nature
of the business wherein the Group is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Group,
from time to time, funds its long-term investment from short-term sources. The short-term borrowings can be rollforward or, if required,
can be refinanced from long term borrowings. Hence, the Group considers the liquidity risk as low.
The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments.

March 31, 2022
Non-Derivatives
Borrowings # 19,252.72 27,197.13 22,107.34 68,557.19 48,406.25
Lease Liabilities 421.40 2,136.71 7,046.12 9,604.23 3,605.12
Other Financial Liabilities 8,774.92 98.92 1,057.64 9,931.48 9,931.48
Derivatives


March 31, 2021
Non-Derivatives
Borrowings # 15,655.90 26,668.34 19,143.30 61,467.54 44,009.95
Trade Payables 7,146.41 1.67 Nil 7,148.08 7,148.08
Lease Liabilities 413.01 1,528.20 7,655.21 9,596.41 3,537.31
Other Financial Liabilities 6,615.88 431.14 939.86 7,986.88 7,986.88
Derivatives
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that
will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with
the Group. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject to change
if changes in variable interest rate differ to those estimates of interest rates determined at the end of the reporting period.
44. Financial Ratios

Sl No Ratios Numerator Denominator Note As at As at % of Reason for Variance in
March March Variance excess of 25%
31, 2022 31, 2021
J crore J crore
a) Current Ratio (In times) Current Assets Current Liabilities a 0.66 0.65 0.2%
b) Debt equity ratio (in Total Debt Total Equity b 2.00 1.88 6.1%
times)
c) Debt service coverage Profit before exceptional Interest expense + c 1.03 0.94 9.9%
ratio (in times) (not items & tax + interest scheduled principal
annualised) expenses + depreciation repayment of long-term
& amortisation - current debt and lease liabilities
tax expense during the period
d) Inventory turnover (in Average Inventories Cost of goods sold d 72.46 39.45 83.7% The increase is mainly due to
number of days) except Property under 1) higher quantity of inventory
Development purchased towards the end
of the year to meet the higher
demand in the coming year
and
2) additional inventory
purchased towards the year
end to meet the solar project
implementation timelines
e) Debtors turnover (in Average trade receivable Gross Sales 75.36 76.43 -1.4%
number of days) x number of days
f) Trade payables turnover Average trade payable x Net credit purchases g 100.02 94.06 6.3%
ratio number of days
g) Net capital turnover ratio Revenue from operation Working capital h (9.25) (6.57) 41.0% Improvement mainly due to
including net movement increase in
in Regulatory deferral revenue from Odisha Discoms
balances in financial
year 2022 as compare to 2021.
h) Net profit ratio (%) Net Profit after Tax Revenue including net 5% 4% 17.0%
including exceptional (including exceptional movement in Regulatory
item item) deferral balances
i) Net profit ratio (%) Net Profit after Tax Revenue including net 7% 5% 26.8% In FY22 net profit from
excluding exceptional (excluding exceptional movement in Regulatory continuing operation is higher
item item) deferral balances by 77% mainly due to higher
share of profit from Joint
venture companies mainly on
account of higher coal prices
during the year.

Sl No Ratios Numerator Denominator Note As at As at % of Reason for Variance in

March March Variance excess of 25%
31, 2022 31, 2021
J crore J crore
j) Return on Equity (%) Net Profits after taxes Average Shareholder’s e 8% 5% 54.3% In FY22 net profit from
(ROE) - Interest on Perpetual Equity continuing operation is higher
securities by 77% mainly due to higher
share of profit from Joint
venture companies mainly on
account of higher coal prices
during the year.
k) Return on Capital Profit before tax and Average Capital f 9% 8% 11.9%
Employed (%) (ROCE) exceptional item employed (Shareholder's
+ interest expense equity + Total Debt +
excluding interest on Deferred tax liability)
consumer security
deposit
l) Return on investment Interest income + Average (Investment + i 3% 3% -2.8%
Dividend income + Gain Fixed deposit+ Loans
on fair value of current Given)
investment at FVTPL
Note:
a Current Assets as per balance sheet, assets held for sale and current portion of regulatory assets
Current Liabilities as per balance sheet, liabilities classified as held for sale and current portion of regulatory liabilities
b Total Debt: Long term borrowings (including current maturities of long term borrowings), lease liabilities (current and non
current), short term borrowings and interest accrued on debts
Total Equity : Issued share capital, other equity, unsecured perpetual securities and non-controlling interest
c For the purpose of computation, scheduled principal repayment of long term borrowings does not include prepayments
(including prepayment by exercise of call/put option).
d Cost of Goods Sold: Cost of Fuel, Raw Material Consumed, Purchase of Finished Goods and Spares, (increase)/ decrease in
Stock-in-Trade and Work in Progress
e Net Profit: Profit for the year attributable to Owners of the Company (including continuing and discontinuing operation)
less interest on perpetual security
Shareholders Equity: Issued share capital and other equity (excluding unsecured perpetual securities and Non-Controlling
Interest)
f Shareholder's Equity: Issued share capital, other equity (excluding unsecured perpetual securities and non-controlling interest)
g Net credit purchases comprise of (a) cost of power purchased; (b) cost of fuel; (c) Transmission charges; (d) Raw material
consumed; (e) Purchases of finish goods and spares; (g) Other expenses excluding (i) Bad debts (including provision); (ii) Net
loss on foreign exchange; (iii) CSR expenses; (iv) (Profit)/ loss on sale of NC investments in joint ventures accounted using
equity method; (v) Transfer to contingency reserve
Trade Payable: as per balance sheet less employee related trade payables
h Working Capital:
i) Current Assets: as per balance sheet, assets held for sale and regulatory assets (Current)
ii) Current Liabilities as per balance sheet (excluding current maturities of long term debt and lease liability and interest
accrued on long-term debts), liabilities classified as held for sale and regulatory liability (Current)
i > Interest Income:
Interest on bank deposits + Interest on non-current investment + Interest on loans given (subsidiaries, JV & Associates)
> Dividend Income from:
subsidaries + JV & Associates + others equity investments designated as FVTOCI

45. Segment Reporting

Information reported to the Chief Operating Decison Maker (CODM) for the purpose of resource allocation and assessment of
segment performance focuses on business segment which comprises of Generation, Renewables, Transmission & Distribution and
Others. Specifically, the Group's reportable segments under Ind AS are as follows:
Generation: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from plants
owned and operated under lease arrangement and related ancillary services. It also comprises of coal - mining, trading, shipping
and related infra business.
Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar. It also comprises EPC and
maintenance services with respect to solar.
Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers through
distribution network and related ancillary services. It also comprises of power trading business.
Others: Comprises of project management contracts/infrastructure management services, rooftop solar projects, electric vehicle
charging stations, property development, lease rent of oil tanks and satellite communication.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue/assets of the segment
and manpower efforts. All other revenue/expenses which are not attributable or allocable to segments have been disclosed
as unallocable. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Segment Revenue
Generation 11,211.03 13,432.77
Renewables 7,748.90 5,887.65
Others 317.80 262.16
46,770.90 36,412.43
(Less): Inter Segment Revenue - Generation (3,769.77) (2,904.83)
(Less): Inter Segment Revenue - Renewables (468.93) (267.72)
(Less): Inter Segment Revenue - Others (10.19) (11.31)
Revenue / Income from Operations (including Net Movement in Regulatory Deferral Balances) 42,522.01 33,422.20
Segment Results
Generation 2,632.75 2,709.81
Renewables 1,923.57 1,494.25
Others (286.03) 83.16
Total Segment Results 6,408.78 5,964.24
(Less): Finance Costs (3,859.02) (4,010.39)
Add/(Less): Exceptional Item - Generation Nil (109.29)
Add/(Less): Exceptional Item - Transmission and Distribution (150.27) Nil
Add/(Less): Unallocable Income/(Expense) (Net) 603.51 142.17
Profit/(Loss) Before Tax from Continuing Operations 3,003.00 1,986.73
Profit/(Loss) Before Tax from Discontinued Operations Nil (59.85)
Impairment Loss on Remeasurement to Fair Value (Refer Note 19c) (467.83) (160.00)
Profit/(Loss) Before Tax from Discontinued Operations (467.83) (219.85)


ended ended
March 31, 2022 March 31, 2021
J crore J crore
Segment Assets
Generation 38,201.93 37,717.32
Renewables 27,589.28 22,702.98
Others 1,972.50 1,469.98
Unallocable* 12,709.54 11,405.97
Total Assets 1,12,884.59 98,838.86
Segment Liabilities
Generation 5,728.80 4,690.36
Renewables 5,011.57 3,752.74
Others 147.98 118.89
Unallocable* 56,425.45 51,197.87
Capital Expenditure (to the extent allocable to the segment)
Renewables 4,313.15 1,235.85
Others 288.23 124.61
Discontinued Operations# Nil 32.97
7,262.45 3,137.66
Depreciation/Amortisation (to the extent allocable to the segment)
Generation 1,047.09 1,055.41
Transmission and Distribution 1,067.68 792.35
Others 34.55 25.47
3,083.89 2,700.48
RECONCILIATION OF REVENUE
ended ended
March 31, 2022 March 31, 2021
J crore J crore
Revenue from Operations 42,815.67 32,703.31
Add/(Less): Net Movement in Regulatory Deferral Balances (380.42) 454.22
Add/(Less): Unallocable Revenue (54.19) (10.76)
Total Segment Revenue as reported above 42,522.01 33,422.20
# Pertains to Strategic Engineering Division being classified as Discontinued Operation and disposed of during the previous year ended March
31, 2021.
* Includes amount classified as held for sale other than Strategic Engineering Division.
Notes:
1. Comparative figures for statement of profit and loss items are for the year ended March 31, 2021 and Balance Sheet items
are as at March 31, 2021.
2. Revenue from power distribution companies on sale of electricity with which Group has entered into a Power Purchase
Agreement accounts for more than 10% of Total Revenue.
3. Transfer pricing between operating segments are on an arm's length basis in a manner similar to transactions with
third parties.

(b) Geographic Information:

The Group operates in two principal geographical areas - Domestic and Overseas
The Group’s revenue from continuing operations from external customers by location of operations and information about
its non-current assets by location of assets are detailed below:
Geographical Segment
March 31, 2022 March 31, 2021
J crore J crore
Revenue from External Customers
Domestic 42,403.11 33,262.14
Overseas 118.90 160.06
42,522.01 33,422.20
Segment Assets:
Non Current Assets
Domestic 68,785.00 60,178.34
Overseas 9,185.83 10,466.86
77,970.83 70,645.20
Current Assets
Domestic 15,117.20 10,390.79
Overseas 276.45 174.46
15,393.65 10,565.25
Regulatory Deferral Account - Assets
Domestic 6,810.57 6,222.44
6,810.57 6,222.44
Unallocable Assets 12,709.54 11,405.97
Total Assets 1,12,884.59 98,838.86
Capital Expenditure (to the extent allocable to the segment)
Domestic 7,262.45 3,124.10
Overseas Nil 13.56
7,262.45 3,137.66
46. Significant Events after the Reporting Period

There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.

47. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests
Name of the Entity Net Assets i.e. total Total Income i.e. Share of Profit or Share in Other Share in Total
assets minus total Revenue Plus Other (Loss) Comprehensive Comprehensive
liabilities Income Income Income
As % of Amount As % of Amount As % of Amount As % of Amount As % of Amount
consol- (₹ crore) consol- (₹ crore) consol- (₹ crore) consol- (₹ crore) consol- (₹ crore)
idated idated idated idated idated
net total profit Other Total
assets income compre- compre-
hensive hensive
income income
The Tata Power Company Ltd. # 26.67 10,879.80 26.70 14,229.39 34.32 2,782.93 44.80 314.33 35.16 3,097.26
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 0.22 89.05 0.50 264.81 0.20 16.08 (0.04) (0.30) 0.18 15.78
Tata Power Trading Co. Ltd. 0.78 320.26 0.73 388.02 0.68 54.82 (0.04) (0.30) 0.62 54.52
Maithon Power Ltd. 6.08 2,480.89 5.26 2,804.66 3.46 280.53 Nil (0.03) 3.18 280.50
Tata Power Delhi Distribution Ltd. 10.00 4,082.90 15.27 8,139.99 5.41 438.66 0.05 0.38 4.99 439.04
Tata Power Jamshedpur Distribution Nil (1.51) Nil Nil Nil Nil Nil Nil Nil Nil
Ltd.
TP Renewable Microgrid Ltd. 0.16 64.96 0.01 3.56 (0.21) (17.10) Nil (0.01) (0.19) (17.11)
Tata Power Renewable Energy Ltd. 12.83 5,239.78 2.88 1,536.35 2.33 188.99 (0.07) (0.49) 2.14 188.50
TP Kirnali Ltd. Nil (0.99) Nil 0.01 Nil (0.26) Nil Nil Nil (0.26)
TP Solapur Ltd. Nil (0.17) Nil Nil Nil (0.00) Nil Nil Nil (0.00)
Tata Power Solar Systems Ltd. 2.15 875.85 16.09 8,580.56 1.98 160.52 13.10 91.91 2.87 252.43
NDPL Infra Ltd. 0.06 25.76 Nil 1.40 0.01 0.82 Nil Nil 0.01 0.82
Tata Power Green Energy Ltd. 0.02 10.18 0.11 56.80 0.13 10.85 Nil Nil 0.12 10.85
TP Wind Power Ltd. 0.18 73.12 0.06 31.92 0.08 6.76 Nil Nil 0.08 6.76
Supa Windfarm Ltd. 0.03 10.84 Nil Nil Nil (0.01) Nil Nil Nil (0.01)
Poolavadi Windfarm Ltd. 0.25 102.35 0.08 43.92 0.10 8.38 Nil Nil 0.10 8.38
Nivade Windfarm Ltd. Nil (0.02) Nil Nil Nil (0.00) Nil Nil Nil (0.00)
Vagarai Windfarm Ltd. (0.11) (43.59) 0.03 16.68 (0.14) (11.71) Nil Nil (0.13) (11.71)
TP Ajmer Distribution Ltd. 0.02 7.63 0.82 439.72 Nil (0.34) 0.01 0.10 Nil (0.24)
Chirasthaayee Saurya Ltd. 0.04 16.03 0.09 49.00 0.10 7.93 Nil Nil 0.09 7.93
Walwhan Renewable Energy Ltd. 7.43 3,035.06 2.50 1,332.75 5.44 441.27 0.03 0.18 5.01 441.45
(Consolidated) 2
TP Kirnali Solar Ltd. 0.04 15.69 Nil 0.84 Nil 0.25 Nil Nil Nil 0.25
TP Solapur Solar Ltd. 0.03 13.25 Nil 0.26 Nil (0.32) Nil Nil Nil (0.32)
TP Akkalkot Renewable Ltd 0.03 12.81 Nil Nil Nil (0.14) Nil Nil Nil (0.14)
TP Saurya Ltd (0.03) (11.67) Nil Nil (0.09) (7.40) Nil Nil (0.08) (7.40)
TP Roofurja Renewables Ltd. Nil (0.92) Nil Nil Nil (0.01) Nil Nil Nil (0.01)
TP Solapur Saurya Limited Nil 0.05 Nil Nil Nil (0.00) Nil Nil Nil (0.00)
TP Central Odisha Distribution Ltd. 1.32 540.14 7.73 4,121.68 0.36 29.45 Nil Nil 0.33 29.45
TP Western Odisha Distribution Ltd. 1.04 422.65 8.11 4,326.44 0.79 63.74 Nil Nil 0.72 63.74
TP Southern Odisha Distribution Ltd. 0.83 339.39 3.26 1,738.79 0.85 69.03 Nil Nil 0.78 69.03
TP Northern Odisha Distribution Ltd. 0.90 368.87 5.19 2,768.06 0.91 73.92 Nil Nil 0.84 73.92
Foreign Subsidiaries
Bhira Investments Ltd 6.42 2,622.20 2.74 1,460.35 15.61 1,265.39 14.58 102.32 15.53 1,367.71
Bhivpuri Investments Ltd. 3.33 1,358.45 Nil Nil (0.37) (29.62) 6.91 48.48 0.21 18.86
Khopoli Investments Ltd. 2.11 862.28 0.05 28.93 0.13 10.16 4.31 30.23 0.46 40.39
Trust Energy Resources Pte. Ltd. 1.92 783.07 1.01 538.74 0.10 7.94 5.61 39.36 0.54 47.30
PT Sumber Energi Andalan Tbk. 0.03 12.40 Nil Nil Nil Nil 0.06 0.44 Nil 0.44
(Consolidated) 3
Tata Power International Pte. Ltd. 0.06 24.64 0.74 394.68 1.23 99.42 (0.14) (1.00) 1.12 98.42
Far Eastern Natural Resources LLC 0.04 17.12 0.04 22.78 (0.04) (3.49) 0.43 3.01 (0.01) (0.48)

47. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
hensive hensive
income income
Indian Associates
The Associated Building Company 0.01 4.98 Nil Nil 0.02 1.65 Nil Nil 0.02 1.65
Ltd.
Yashmun Engineers Ltd. (0.01) (2.82) Nil Nil (0.01) (0.77) Nil Nil (0.01) (0.77)
Tata Projects Ltd. (1.52) (619.93) Nil Nil (3.65) (296.20) 1.00 6.99 (3.28) (289.21)
Brihat Trading Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Foreign Associates
Dagachhu Hydro Power Corporation 0.08 34.17 Nil Nil 0.11 8.88 Nil (0.00) 0.10 8.88
Ltd.
Indian Jointly Control Entities
Powerlinks Transmission Ltd. 1.22 497.42 Nil Nil 0.58 46.61 0.03 0.19 0.53 46.80
Industrial Energy Ltd. 1.75 716.07 Nil Nil 1.11 89.61 (0.03) (0.24) 1.01 89.37
Dugar Hydro Power Ltd. 0.08 31.86 Nil Nil Nil 0.16 Nil Nil Nil 0.16
Mandakini Coal Company Ltd. (0.14) (57.19) Nil Nil Nil Nil Nil Nil Nil Nil
Solace Land Holding Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Foreign Jointly Control Entities
PT Mitratama Perkasa (Consolidated) 3 2.07 844.02 Nil Nil Nil Nil 4.24 29.78 0.34 29.78
PT Arutmin Indonesia 1.89 773.35 Nil Nil Nil Nil 3.89 27.28 0.31 27.28
PT Kaltim Prima Coal 1.46 595.80 Nil Nil 17.08 1,384.50 0.17 1.16 15.73 1,385.66
Indocoal Resources (Cayman) Ltd. 0.71 289.06 Nil Nil 0.05 3.98 1.44 10.12 0.16 14.10
PT Indocoal Kalsel Resources Nil 0.00 Nil Nil Nil 0.05 Nil Nil Nil 0.05
PT Indocoal Kaltim Resources Nil 0.00 Nil Nil Nil (0.01) Nil Nil Nil (0.01)
Candice Investments Pte. Ltd. 0.08 32.86 Nil Nil 0.08 6.60 0.15 1.04 0.09 7.64
PT Nusa Tambang Pratama 1.71 697.97 Nil Nil 1.72 139.81 3.71 26.03 1.88 165.84
PT Marvel Capital Indonesia Nil 0.18 Nil Nil Nil 0.00 Nil 0.01 Nil 0.01
PT Dwikarya Prima Abadi 0.12 51.00 Nil Nil 2.66 215.31 0.16 1.13 2.46 216.44
PT Kalimantan Prima Power 0.55 223.94 Nil Nil 0.11 9.19 1.09 7.66 0.19 16.85
(Consolidated) 4
PT Baramulti Sukessarana Tbk 1.34 546.39 Nil Nil 5.27 426.96 2.31 16.19 5.03 443.15
(Consolidated) 5
Adjaristsqali Netherlands BV 1.52 618.89 Nil Nil Nil Nil (0.93) (6.52) (0.07) (6.52)
(Consolidated) 6
Koromkheti Netherlands BV (0.08) (31.63) Nil Nil Nil Nil 0.08 0.59 0.01 0.59
Itezhi Tezhi Power Corporation 1.06 432.26 Nil Nil Nil Nil 1.54 10.83 0.12 10.83
Resurgent Power Ventures Pte. Ltd. 1.22 498.30 Nil Nil 1.50 121.80 (8.45) (59.30) 0.71 62.50
(Consolidated) 7
Indocoal KPC Resources (Cayman) Nil 0.83 Nil Nil Nil (0.02) Nil 0.03 Nil 0.01
Ltd.
100.00 40,826.37 100.00 53,321.09 100.00 8,105.54 100.00 701.58 100.00 8,807.12

hensive hensive
income income
a) Adjustments arising out of Nil (14,797.91) Nil (9,824.93) Nil (5,949.93) Nil (228.17) Nil (6,178.10)
consolidation
b) Non-Controlling Interest
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 Nil (44.49) Nil Nil Nil (8.03) Nil 0.15 Nil (7.88)
Maithon Power Ltd. Nil (645.03) Nil Nil Nil (72.94) Nil 0.01 Nil (72.93)
Tata Power Delhi Distribution Ltd. Nil (2,000.62) Nil Nil Nil (214.94) Nil (0.19) Nil (215.13)
NDPL Infra Ltd. Nil (12.62) Nil Nil Nil (0.40) Nil Nil Nil (0.40)
Poolavadi Windfarm Ltd. Nil (26.61) Nil Nil Nil (2.18) Nil Nil Nil (2.18)
TP Kirnali Solar Ltd. Nil (4.08) Nil Nil Nil (0.07) Nil Nil Nil (0.07)
TP Solapur Solar Ltd. Nil (3.45) Nil Nil Nil 0.08 Nil Nil Nil 0.08
TP Akkalkot Renewable Ltd Nil (3.33) Nil Nil Nil 0.04 Nil Nil Nil 0.04
TP Central Odisha Distribution Ltd. Nil (264.67) Nil Nil Nil (14.43) Nil Nil Nil (14.43)
TP Western Odisha Distribution Ltd. Nil (207.10) Nil Nil Nil (31.23) Nil Nil Nil (31.23)
TP Southern Odisha Distribution Ltd. Nil (166.30) Nil Nil Nil (33.82) Nil Nil Nil (33.82)
TP Northern Odisha Distribution Ltd. Nil (180.75) Nil Nil Nil (36.22) Nil Nil Nil (36.22)
Foreign Subsidiaries
PT Sumber Energi Andalan Tbk. Nil (0.93) Nil Nil Nil Nil Nil Nil Nil Nil
(Consolidated) 3
Foreign Jointly Control Entities
PT Mitratama Perkasa Nil (26.92) Nil Nil Nil Nil Nil Nil Nil Nil
(Consolidated) 3
Total (3,586.90) (414.15) (0.03) (414.18)
Consolidated Net Assets / Profit 22,441.56 43,496.16 1,741.46 473.38 2,214.84

after tax
J crore
Reconciliation of Total Income (i.e. Revenue plus other income)
Total Income as per Statement of Profit & Loss 43,735.63
Net Movement in Regulatory Deferral Balances (Net) (239.47)
43,496.16
Total Income as per the above statement 43,496.16
Note:
1. Accounts of Nelco Network Products Limited have been consolidated with Nelco Ltd.
2. Accounts of all subsidiaries of Walwhan Renewable Energy Ltd. (Refer Note 2.6) have been consolidated with Walwhan
Renewable Energy Ltd.
3. Accounts of PT Mitratama Perkasa have been consolidated with PT Sumber Energi Andalan Tbk.
4. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan
Prima Power.
5. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
6. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
7. Accounts of Renascent Power Ventures Pvt. Ltd and Prayagraj Power Generation Company Limited have been consolidated
with Resurgent Power Ventures Pte. Ltd.
# Includes Discontinued Operations

47.1 Summarised Financial Information of Material Non Controlling Interests

Financial Information of Subsidiaries that have material non-controlling interest is provided below:
Proportion of equity interest held by non-controlling interests:
Name Country of March 31, 2022 March 31, 2021
Incorporation J crore J crore
Maithon Power Limited India 26% 26%
Tata Power Delhi Distribution Limited India 49% 49%
TP Central Odisha Distribution Limited India 49% 49%
TP Western Odisha Distribution Limited India 49% 49%
TP Southern Odisha Distribution Limited India 49% 49%
TP Northern Odisha Distribution Limited India 49% 49%
A Maithon Power Ltd.

(i) Summarised Balance Sheet:
As at As at
March 31, 2022 March 31, 2021
J crore J crore
2,480.89 2,200.39
Attributable to:
Equity holders of parent 1,835.86 1,628.73
Non-controlling interest 645.03 571.66
(ii) Summarised Statement of Profit and Loss:

March 31, 2022 March 31, 2021
J crore J crore
Revenue 2,782.38 2,503.38
Cost of Power Purchased (2.18) (1.18)
Cost of Fuel (1,772.84) (1,500.33)
Employee Benefits Expenses (44.96) (40.27)
Finance Cost (137.29) (136.09)
Depreciation and Amortisation Expenses (272.14) (246.07)
Other Expenses (282.62) (280.11)
Profit before tax 292.63 316.48
Tax Expenses (12.10) (5.46)
Profit for the year 280.53 311.02
Other Comprehensive Income/(Expense) for the year (0.03) 0.94
Total Comprehensive Income for the year 280.50 311.96
Attributable to:
Equity holders of parent 207.57 230.85
Dividend including Dividend Distribution Tax Attributable to:
Equity holders of parent Nil 133.20
Non-controlling interest Nil 46.80

47.1 Summarised Financial Information of Material Non Controlling Interests (Contd.)
(iii) Summarised Cash Flow information:

March 31, 2022 March 31, 2021
J crore J crore
Operating Activities 525.94 1,024.74
Investing Activities (319.65) (427.17)
Financing Activities (261.62) (614.88)
Net (Decrease) / Increase in Cash and Cash Equivalents (55.33) (17.31)
B Tata Power Delhi Distribution Ltd.

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Assets classified as held for sale 20.04 20.04
Regulatory Deferral Account - Assets 5,842.23 5,511.71
4,082.90 3,770.11
Attributable to:
Equity holders of parent 2,082.28 1,922.78
Non-controlling interest 2,000.62 1,847.33

March 31, 2022 March 31, 2021
J crore J crore
Revenue including Regulatory income/(expense) 7,978.41 7,296.89
Cost of Power Purchased (5,956.92) (5,306.26)
Finance Cost (324.05) (343.91)
Tax Expenses (196.38) (129.36)
Other Comprehensive Income/(Expense) for the year 0.38 1.28
Attributable to:
Dividend including Dividend Distribution Tax Attributable to:


March 31, 2022 March 31, 2021
J crore J crore
Operating Activities 1,061.63 813.07
Financing Activities (751.40) (538.59)
Net (Decrease) / Increase in Cash and Cash Equivalents (20.91) 7.59
C TP Central Odisha Distribution Ltd

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Regulatory Deferral Account - Assets 126.24 89.03
540.14 306.74
Attributable to:

March 31, 2022 March 31, 2021
J crore J crore
Revenue including Regulatory income/(expense) 4,070.42 2,998.54
Cost of Power Purchased & Transmission Charges (2,715.66) (2,033.87)
Finance Cost (85.39) (33.17)
Tax Expenses (10.16) (2.28)
Attributable to:

March 31, 2022 March 31, 2021
J crore J crore
Operating Activities 164.82 146.29
Financing Activities 679.31 67.05
Net (Decrease) / Increase in Cash and Cash Equivalents (8.59) 55.11

D TP Western Odisha Distribution Ltd

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Regulatory Deferral Account - Liability (634.64) (98.93)
422.65 298.98
Attributable to:

March 31, 2022 March 31, 2021
J crore J crore
Revenue including Regulatory income/(expense) 4,242.77 839.46
Cost of Power Purchased & Transmission Charges (3,338.17) (689.80)
Finance Cost (42.93) (10.94)
Profit before tax 85.19 (1.36)
Tax Expenses (21.45) 0.34
Profit for the year 63.74 (1.02)
Total Comprehensive Income for the year 63.74 (1.02)
Attributable to:
Equity holders of parent 32.51 (0.52)
Non-controlling interest 31.23 (0.50)

March 31, 2022 March 31, 2021
J crore J crore
Operating Activities 553.80 248.06
Financing Activities 458.49 (201.31)
Net (Decrease) / Increase in Cash and Cash Equivalents 113.12 (21.15)

E TP Southern Odisha Distribution Ltd

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current Assets 994.79 828.79
Current Assets 1,185.17 778.44
Regulatory Deferral Account - Assets 93.58 48.10
Current Liabilities (1,191.29) (925.18)
339.39 222.42
Attributable to:

March 31, 2022 March 31, 2021
J crore J crore
Revenue including Regulatory income/(expense) 1,689.49 338.41
Cost of Power Purchased & Transmission Charges (916.57) (198.75)
Finance Cost (27.03) (4.73)
Tax Expenses (20.60) 9.17
Attributable to:

March 31, 2022 March 31, 2021
J crore J crore
Operating Activities (28.16) 146.90
Financing Activities 285.57 (72.31)
Net (Decrease) / Increase in Cash and Cash Equivalents 82.80 (38.32)

F TP Northern Odisha Distribution Ltd

As at As at
March 31, 2022 March 31, 2021
J crore J crore
Non-current Assets 2,260.30 Nil
Current Assets 1,413.32 Nil
Regulatory Deferral Account - Assets 22.58 Nil
Non-current Liabilities (1,595.37) Nil
Current Liabilities (1,731.96) Nil
368.87 Nil
Attributable to:
Equity holders of parent 188.12 Nil
Non-controlling interest 180.75 Nil

March 31, 2022 March 31, 2021
J crore J crore
Revenue including Regulatory income/(expense) 2,722.46 Nil
Other Income 45.60 Nil
Cost of Power Purchased & Transmission Charges (1,836.76) Nil
Employee Benefits Expenses (436.79) Nil
Finance Cost (45.23) Nil
Depreciation and Amortisation Expenses (89.34) Nil
Other Expenses (261.16) Nil
Profit before tax 98.78 Nil
Tax Expenses (24.86) Nil
Profit for the year 73.92 Nil
Total Comprehensive Income for the year 73.92 Nil
Attributable to:
Equity holders of parent 37.70 Nil
Non-controlling interest 36.22 Nil

March 31, 2022 March 31, 2021
J crore J crore
Operating Activities 263.34 Nil
Investing Activities (578.30) Nil
Financing Activities 163.04 Nil
Net (Decrease) / Increase in Cash and Cash Equivalents (151.92) Nil
47.2 Tata Power Renewable Energy Limited (“TPREL”), a wholly owned subsidiary and the Holding company have entered into binding
agreements with Green Forest New Energies Bidco Ltd. (UK) (“GreenForest”) to invest ₹ 4,000 crore (US$ 525 million) by way of
equity and compulsorily convertible instruments for a 10.53% stake in TPREL, translating to a base equity valuation of ₹ 34,000
crore. The final shareholding will range from 9.76% to 11.43% at the time of final conversion into equity shares. Green Forest is a
consortium led by BlackRock Real Assets along with co-investor Mubadala Investment Company.

48. Business Combinations

48.1 Summary
During the year, pursuant to order issued by the Odisha Electricity Regulation Commission ('vesting order'), the Group has acquired
distribution business of Northern Odisha through TP Northern Odisha Distribution Ltd. ('TPNODL') by way of acquistion of shares.
Accordingly, the TPNODL is a licensee to carry out the function of distribution and retail supply of electricity covering the distribution
circles of Northern Odisha for a period of 25 years.
Below are the details of subsidiary acquired:
Name of the acquired Subsidiary Principal Activity Date of Acquisition Proportion of voting
equity interest acquired
TPNODL Distribution business of Northern Odisha April 1, 2021 51%
The above subsidiary was acquired pursuant to order issued by Odisha Electricity Regulation Commission ('OERC') which is in line
with Group's expansion plan for distribution business.
48.2 Consideration transferred and Net Assets acquired
The Group has accounted the acquisition of TPNODL in accordance with Ind AS 103 ‘Business Combination’. The details of the
acquisition is as follows:
Particulars J crore
Consideration transferred 191.25
Add: Non-Controlling Interest 122.50
Less: fair value of identifiable net assets acquired (Refer note 48.3 below) (250.00)
Goodwill 63.75
Goodwill comprises the value of expected higher profitability on account of the acquisition. Non-controlling interest has been
intially measured at proportionate share of TPNODL's net assets. Acquisition related costs amounting to ₹ 0.16 crore have been
excluded from the consideration transferred and have been recognised as an expenses in consolidated profit and loss in the
current year, under the head "Other expenses".
48.3 Details of assets acquired and liabilities recognised at the date of acquisition
The following table summarises the fair value of assets and liabilities as a part of business combination as per purchase price
allocation in accordance with Ind AS 103 at the date of acquisition :
J crore
Particulars Total
Non-Current assets
Property, Plant and Equipment 1,473.41
Capital Work-in-Progress 23.21
Other Financial assets 316.54
Non-Current Tax Assets 27.65
Other Non-Current Assets 16.37
Current assets
Inventories 17.07
Cash and Cash Equivalents 306.63
Bank balances other than above 458.85
Other Financial Assets 7.26
Other Current Assets 31.96
Non-Current liabilities
Other Non-Current Liabilities (1,256.10)
Current Liabilities
Borrowings (370.05)
Trade Payables (50.47)
Other Financial Liabilities (729.24)
Other Current Liabilities (23.09)
Fair value of Net Assets acquired 250.00

48. Business Combinations (Contd.)

48.4 Revenue and profit or loss of the acquiree since the acquisition date included in the consolidated statement of profit and loss of
the Group:
Particulars TPNODL
Revenue from Operations (Including Net Movement in Regulatory Deferral Balances) 2,722.46
Profit before tax 98.78
48.5 During the previous year, pursuant to orders issued by OERC, the Group had acquired distribution business of Central, Western
and Southern Odisha through its three subsidiaries by way of acquistion of shares. Accordingly, the subsidiary companies are
the licensees to carry out the functions of distribution and retail supply of electricity covering the distribution circles of Central,
Western and Southern Odisha for a period of 25 years.The Group had accounted the acquisition in accordance with Ind AS 103
‘Business Combination’. The details of the acquisition is as follows:
Particulars ₹ crore
Consideration transferred 561.00
Add: Non-controlling interest 392.00
Less: Fair value of identifiable net assets acquired (800.00)
Goodwill 153.00
Whilst preparing financial statements for the year-ended March 31, 2021, the Group had accounted for business combination
using provisional fair values. During the year, the subsidiary companies have received the Carve Out Order clarifying identification
of assets and liabilities and carrying values of those assets and liabilities. The subsidiary companies have also completed fair
valuation of assets and liabilities acquired. This has resulted in below changes in the assets and liabilities acquired by the subsidiary
companies. There is no change in goodwill recognised on the acquisition date and also there is no impact on total equity and
profit of the Group due to such adjustments.
The following table summarises change in fair value of the assets and liabilities recognized as a part of business
combination upon finalisation of purchase price allocation in accordance with Ind AS 103:
Particulars Provisional fair Fair values based Change in
values reported in on purchase price acquisition values
previous year allocation
Non-Current assets
Property, Plant and Equipment 3,745.23 4,035.11 (289.88)
Capital Work-in-Progress 1,121.01 632.37 488.64
Other Financial assets 328.23 310.08 18.15
Other Non-Current Assets (including Non Current Tax Assets) 172.66 55.53 117.13
Current assets
Inventories 60.24 229.68 (169.44)
Cash and Cash Equivalents 446.30 445.20 1.10
Bank balances other than above 2,058.85 2,363.66 (304.81)
Other Financial Assets (including Trade Receivables and Loans) 61.59 823.35 (761.76)
Other Current Assets 77.95 9.62 68.33
Non-Current liabilities
Other Non-Current Liabilities (4,034.48) (4,945.54) 911.06
Other Financial Liabilities (27.59) (11.41) (16.18)
Current Liabilities
Borrowings (667.01) (667.01) Nil
Trade Payables (373.88) (661.82) 287.94
Other Financial Liabilities (2,086.63) (1,700.82) (385.81)
Other Current Liabilities (82.47) (118.00) 35.53
Fair value of Net Assets acquired 800.00 800.00 Nil

48. Business Combinations (Contd.)

48.6 Certain documents, information, records and reconciliations for the balances as at the acquisition dates are incomplete and
have not been made available to the Group and the same is acknowledged in the Carve out order issued by OERC. The subsidary
Companies are in discussions with the erstwhile management and OERC for the resolution of such matters. Adjustments, if any, will
be recognized post completion of such resolution. As per vesting order, any change in the value of assets and liabilities transferred
on account of the reconciliation / resolution of said matters and/ or any other matter identified in future will be allowed to be
recovered by the Group in the manner specified in the vesting order. Hence, the Group believes that the reconciliation/ resolution
of the above matters will not have any impact on the financial position and financial performance of the Group as reflected in the
49. Re-Statement
During the previous year, the Group has acquired 51% stake in in TP Central Odisha Distribution Limited ('TPCODL'), TP Western Odisha
Distribution Limited ('TPWODL') and TP Southern Odisha Distribution Limited ('TPSODL'). Provisional figures of previous year presented with
respect to the above subsidiaries have been restated. There is no impact on total equity and profit of the Group due to such adjustments.
50. Relationship with Struck off Companies

Sl Name of struck off Company Nature of Transaction during Balance Balance Relationship
No transactions with the year ended outstanding outstanding with the
struck off Company 31.03.2022 as on March as on March Struck off
31, 2022 31, 2021 company

1 Aaren-I-Tech Pvt. Ltd Sale of Power 0.04 * * Consumer
2 Arundhati Infratech Pvt. Ltd Sale of Power 0.08 * * Consumer
3 Aryan Infra Projects Pvt. Ltd. Sale of Power 0.21 * * Consumer
4 Bizzy Bee Construction Company Pvt. Ltd. Sale of Power * * * Consumer
5 Blaze Electronics Pvt. Ltd. Sale of Power 0.07 * * Consumer
6 Capital Infotech Pvt. Ltd. Sale of Power 0.01 * * Consumer
7 Destiny Infra Properties Pvt. Ltd. Sale of Power 0.08 * * Consumer
8 Dynamic Aqua & Agri Pvt. Ltd. Sale of Power 0.13 * * Consumer
9 Frontier Aqua Minerals Pvt. Ltd. Sale of Power * 0.15 0.15 Consumer
10 Green Waves Pvt. Ltd. Sale of Power 0.12 * * Consumer
11 Growing Glow Regency Pvt. Ltd. Sale of Power 0.1 0.1 0.1 Consumer
12 Hotel Repose Pvt. Ltd. Sale of Power 2.39 0.2 0.2 Consumer
13 Independent Mobile Infrastructure Ltd. Sale of Power 0.05 * * Consumer
14 Jahangir Agro Complex Ltd. Sale of Power 0.12 0.01 0.01 Consumer
15 K.D Infracon Pvt. Ltd. Sale of Power * * * Consumer
16 Lords Realcon Pvt. Ltd. Sale of Power 0.15 * * Consumer
17 Maa Tarini Abasika Traders Pvt. Ltd. Sale of Power 0.06 0.01 0.01 Consumer
18 Mamu Bhanaja Construction Pvt. Ltd. Sale of Power 0.15 0.02 0.02 Consumer
19 Metro Builders Pvt. Ltd. Sale of Power 0.1 * * Consumer
20 Natural Agritech Pvt. Ltd. Sale of Power 0.11 0.01 0.01 Consumer
21 Odisha Developers Pvt. Ltd. Sale of Power * * * Consumer
22 Omshree Infratech Pvt. Ltd. Sale of Power 0.01 * * Consumer

50. Relationship with Struck off Companies (Contd.)
Sl Name of struck off Company Nature of Transaction during Balance Balance Relationship
No transactions with the year ended outstanding outstanding with the
struck off Company 31.03.2022 as on March as on March Struck off
31, 2022 31, 2021 company

23 Paradeep Carbons Ltd. Sale of Power 0.01 * * Consumer
24 Pradhan Realcon Pvt. Ltd. Sale of Power 0.5 0.04 0.04 Consumer
25 Rajesh Construction Pvt. Ltd. Sale of Power 0.01 * * Consumer
26 Ranjit Builders Ltd. Sale of Power 0.04 * * Consumer
27 Retac India Solutions Pvt. Ltd. Sale of Power 0.27 0.04 0.04 Consumer
28 Shree Ganesh Buildcon Pvt. Ltd. Sale of Power * * * Consumer
29 Sugean Webbings Pvt. Ltd. Sale of Power 0.04 * * Consumer
30 A One Cut Gems Pvt. Ltd. Sale of Power 0.01 * * Consumer
31 Adorn Jew Pvt Ltd. Sale of Power * * * Consumer
32 Aloke Speciality Machines & Components Sale of Power 0.01 * * Consumer
Pvt. Ltd.
33 Chintamani Textiles Pvt. Ltd. Sale of Power * * * Consumer
34 Highlands Garments Pvt. Ltd. Sale of Power * * * Consumer
35 Optimus Properties Pvt. Ltd. Sale of Power * * * Consumer
36 Panacia Properties Pvt. Ltd. Sale of Power 0.12 * * Consumer
37 Plant Genome Sciences Pvt. Ltd. Sale of Power 0.03 * * Consumer
38 Narayani Nivesh Nagam Pvt. Ltd. Sale of Power 0.02 * * Consumer
39 Parth Developers Pvt. Ltd. Sale of Power 0.01 * * Consumer
40 Good Year India Ltd. Service Work & Sale Nil 0.03 0.07 Consumer
of Power
41 Fanuc India Pvt. Ltd. Service Work Nil 0.01 0.01 Consumer
42 Sharun Engineering Company Pvt. Ltd. Balance written off 0.31 Nil 0.31 Consumer
43 J K Cement Ltd. Sale of Power Nil 0.02 0.02 Consumer
44 Sn Space Developers Pvt. Ltd. Elephant corridor 0.54 (0.54) (0.54) Contractor
boundary wall & gi
channel fencing
45 Sony Constructions Pvt. Ltd. Repair work Nil (0.01) (0.01) Supplier
46 Nayana Infra Business Solutions Pvt. Ltd. Service Work Nil (0.07) (0.07) Contractor
47 Samahitha Power Systems Pvt. Ltd. Service Work Nil (0.02) (0.02) Contractor
48 Anand Vehicles India Pvt. Ltd. Refund of Security 0.06 Nil Nil Contractor
Deposit
49 Ripe Global Pvt. Ltd. Maintenance Nil 0.01 0.01 Supplier
Services
* Denotes figure below ₹ 50,000.

51. Recent Pronouncement

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2022, applicable from April 1, 2022 as below:
Ind AS 103 - Business Combination
The amendments specifies that to qualify for recognition as part of applying the acquisition method, the identifiable assets
acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial
Reporting under Ind AS (Conceptual Framework), issued by the ICAI at the acquisition date. These changes do not significantly
change the requirements of Ind AS 103. The Group does not expect the amendment to have any significant impact in its
Ind AS 16 - Property, Plant and Equipment (PPE)
The amendments clarifies that excess of net sale proceeds of items produced over the cost of testing while preparing the asset for
its intended use (if any), shall not be recognise in the profit or loss but deducted from the directly attributable cost considered as
part of cost of an item PPE. The Group has evaluated the amendment and there is no impact in recognition of its property, plant
and equipment on its consolidated financial statements.
Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets
The amendments specify that that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs
that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour,
materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the
depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The amendment is essentially
a clarification and the Group does not expect the amendment to have any significant impact in its financial statements.
Ind AS 109 - Financial Instruments
The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test of Ind AS 109 in assessing whether
to derecognise a financial liability or to consider as modification of existing financial liability. The Group does not expect the
amendment to have any significant impact in its financial statements.
52. The Code on Social Security, 2020

The Code on Social Security 2020 ('Code') has been notified in the Official Gazette on September 29, 2020. The Code is not yet
effective and related rules are yet to be notified. Impact if any of the change will be assessed and recognized in the period in
which said Code becomes effective and the rules framed thereunder are notified.
53. Other Statutory information

(i) The Group do not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The Group have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(iii) The Group have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) (other
than subsidiaries) with the understanding (whether recorded in writing or otherwise) that the Group shall:
the Funding Party (Ultimate Beneficiaries) or
(iv) The Group have not advanced or loaned or invested funds to any person(s) or entity(ies), including foreign entities
(Intermediaries) (other than subsidiaries) with the understanding (whether recorded in writing or otherwise) that the
Intermediary shall:
the Group (Ultimate Beneficiaries) or

53. Other Statutory information (Contd.)
(v) The Group is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013
read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended)
(vi) The Group have not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961.)
54. Approval of Consolidated Financial Statements

The Consolidated financial statements were approved for issue by the Board of Directors on May 6, 2022.


FORM AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures
Part “A”: Subsidiaries
SN Name of Subsidiary Date of Reporting Reporting Exchange Share Reserves Total Total Net Invest- Turn- Other Total Profit / Provision Profit/ Proposed Proposed % of
acquiring period currency Rate capital & surplus Assets Liabilities Assets ments over 12 Income Revenue (Loss) for (Loss) Dividend Dividend share-
subsidiary for the as at (Incl.Pref. (Incl. Non- (Excl. Sh. before taxation after on on holding
subsidiary March 31, shares controlling Capital & taxation (incl. taxation Equity Equity
concerned 2022 and Interest) Reserves) Deferred Shares Shares
Perpetual tax) (%)
Securities)

` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore
1 Nelco Ltd. (Consolidated) 1 31-Dec-05 31-Mar-22 Indian Rupee 1.00 22.82 66.23 263.26 174.21 89.05 0.16 260.07 4.74 264.81 23.15 7.07 16.08 Nil Nil 50.04
2 Tata Power Trading Co. Ltd. 31-Dec-03 31-Mar-22 Indian Rupee 1.00 16.00 304.26 671.51 351.25 320.26 Nil 374.09 13.93 388.02 72.25 17.43 54.82 Nil Nil 100.00
3 Maithon Power Ltd. 02-Sep-05 31-Mar-22 Indian Rupee 1.00 1,508.92 971.97 4,698.09 2,217.20 2,480.89 65.55 2,782.38 22.28 2,804.66 292.63 12.10 280.53 Nil Nil 74.00
4 Bhira Investments Ltd. 11 22-Jun-07 31-Mar-22 US Dollar 75.79 4.10 2,618.10 7,502.17 4,879.97 2,622.20 4,301.55 0.86 1459.49 1,460.35 1,406.51 141.12 1,265.39 Nil Nil 100.00
Overview
5 Bhivpuri Investments Ltd. 11 22-Jun-07 31-Mar-22 US Dollar 75.79 4.08 1,354.37 3,276.43 1,917.98 1,358.45 3,276.40 Nil Nil Nil (29.62) Nil (29.62) Nil Nil 100.00
6 Khopoli Investments Ltd. 11 17-May-07 31-Mar-22 US Dollar 75.79 255.20 607.08 1,814.14 951.86 862.28 Nil Nil 28.93 28.93 10.37 0.21 10.16 Nil Nil 100.00
7 Trust Energy Resources Pte. Ltd. 11 11-Mar-08 31-Mar-22 US Dollar 75.79 604.47 178.60 2,485.80 1,702.73 783.07 31.68 537.55 1.19 538.74 16.93 8.99 7.94 Nil Nil 100.00
8 Tata Power Delhi Distribution Ltd. 22-Jan-08 31-Mar-22 Indian Rupee 1.00 1,052.00 3,030.90 11,256.24 7,173.34 4,082.90 0.05 7,978.41 161.58 8,139.99 635.04 196.38 438.66 Nil Nil 51.00
9 Tata Power Jamshedpur Distribution Ltd. 06-Nov-12 31-Mar-22 Indian Rupee 1.00 8.05 (9.56) 1.06 2.57 (1.51) Nil Nil Nil Nil Nil Nil Nil Nil Nil 100.00
Introduction
to Tata Power
10 TP Renewable Microgrid Ltd. 28-Mar-07 31-Mar-22 Indian Rupee 1.00 96.25 (31.29) 84.27 19.31 64.96 Nil 3.46 0.10 3.56 (17.10) Nil (17.10) Nil Nil 100.00
11 Tata Power Renewable Energy Ltd. 28-Mar-07 31-Mar-22 Indian Rupee 1.00 4,940.11 299.67 15,290.20 10,050.42 5,239.78 3,889.26 1,403.34 133.01 1,536.35 262.50 73.51 188.99 Nil Nil 100.00
12 Tata Power Solar Systems Ltd. 28-Jun-12 31-Mar-22 Indian Rupee 1.00 229.78 646.07 6,507.90 5,632.05 875.85 1.00 8,506.49 74.07 8,580.56 215.35 54.83 160.52 Nil Nil 100.00
13 Tata Power International Pte. Ltd. 11 05-Apr-13 31-Mar-22 US Dollar 75.79 559.57 (534.93) 3,366.82 3,342.18 24.64 2,929.76 82.99 311.69 394.68 133.89 34.47 99.42 Nil Nil 100.00
and Risks
14 NDPL Infra Ltd. 23-Aug-11 31-Mar-22 Indian Rupee 1.00 0.05 25.71 25.83 0.07 25.76 0.24 Nil 1.40 1.40 1.13 0.31 0.82 Nil Nil 51.00
15 Tata Power Green Energy Ltd. 05-Jan-11 31-Mar-22 Indian Rupee 1.00 0.05 10.13 1,407.81 1,397.63 10.18 Nil 55.84 0.96 56.80 17.28 6.43 10.85 Nil Nil 100.00
16 PT Sumber Energi Andalan Tbk 26-Aug-09 31-Mar-17 US Dollar 75.79 26.37 (13.97) 14.83 2.43 12.40 Nil Nil Nil Nil Nil Nil Nil Nil Nil 92.50
(consolidated upto 31st March, 2017
thereafter held for sale) 13 & $
17 Supa Windfarm Ltd. 10-Dec-15 31-Mar-22 Indian Rupee 1.00 11.00 (0.16) 10.84 Nil 10.84 Nil Nil Nil Nil (0.01) Nil (0.01) Nil Nil 100.00
18 Nivade Windfarm Ltd. 17-Dec-15 31-Mar-22 Indian Rupee 1.00 0.05 (0.07) 0.02 0.04 (0.02) Nil Nil Nil Nil (0.00) Nil (0.00) Nil Nil 100.00
19 Poolavadi Windfarm Ltd. 09-Jan-16 31-Mar-22 Indian Rupee 1.00 94.09 8.26 342.03 239.68 102.35 Nil 43.91 0.01 43.92 11.21 2.83 8.38 Nil Nil 74.00
20 TP Wind Power Limited 19-May-16 31-Mar-22 Indian Rupee 1.00 60.30 12.82 125.95 52.83 73.12 0.04 31.70 0.22 31.92 7.24 0.48 6.76 Nil Nil 100.00
21 Walwhan Renewable Energy Ltd. 14-Sep-16 31-Mar-22 Indian Rupee 1.00 611.36 2,423.70 7,598.82 4,563.76 3,035.06 82.14 1,276.99 55.76 1,332.75 577.07 135.80 441.27 Nil Nil 100.00
(Consolidated) 2
Value Creation
22 Vagarai Windfarm Ltd. 27-Feb-17 31-Mar-22 Indian Rupee 1.00 0.53 (44.12) 87.83 131.42 (43.59) Nil 16.65 0.03 16.68 (11.71) Nil (11.71) Nil Nil 62.40
23 TP Ajmer Distribution Limited 01-Jul-17 31-Mar-22 Indian Rupee 1.00 10.00 (2.37) 230.97 223.34 7.63 Nil 431.44 8.28 439.72 (0.34) Nil (0.34) Nil Nil 100.00
24 Chirasthaayee Saurya Limited 14-Jun-16 31-Mar-22 Indian Rupee 1.00 1.00 15.03 341.49 325.46 16.03 Nil 48.97 0.03 49.00 10.63 2.70 7.93 Nil Nil 100.00
25 TP Central Odisha Distribution Limited 01-Jun-20 31-Mar-22 Indian Rupee 1.00 503.95 36.19 6,217.53 5,677.39 540.14 Nil 4,070.42 51.26 4,121.68 39.61 10.16 29.45 Nil Nil 51.00
Reports
26 TP Western Odisha Distribution Limited 01-Jan-21 31-Mar-22 Indian Rupee 1.00 359.93 62.72 4,971.46 4,548.81 422.65 193.28 4,242.77 83.67 4,326.44 85.19 21.45 63.74 Nil Nil 51.00
Statutory
27 TP Southern Odisha Distribution Limited 01-Jan-21 31-Mar-22 Indian Rupee 1.00 247.94 91.45 2,273.54 1,934.15 339.39 Nil 1,689.49 49.30 1,738.79 89.63 20.60 69.03 Nil Nil 51.00
28 TP Northern Odisha Distribution Limited 01-Apr-21 31-Mar-22 Indian Rupee 1.00 294.94 73.93 3,696.20 3,327.33 368.87 Nil 2,722.46 45.60 2,768.06 98.78 24.86 73.92 Nil Nil 51.00
29 TP Kirnali Limited 19-Feb-20 31-Mar-22 Indian Rupee 1.00 0.05 (1.04) 1,226.64 1,227.63 (0.99) Nil Nil 0.01 0.01 (0.26) Nil (0.26) Nil Nil 100.00
30 TP Solapur Limited 26-Feb-20 31-Mar-22 Indian Rupee 1.00 0.05 (0.22) 0.08 0.25 (0.17) Nil Nil Nil Nil (0.00) Nil (0.00) Nil Nil 100.00
Financial
31 TP Solapur Saurya Limited 27-May-21 31-Mar-22 Indian Rupee 1.00 0.05 (0.00) 0.05 0.00 0.05 Nil Nil Nil Nil (0.00) Nil (0.00) Nil Nil 100.00
More Power
Statements
32 TP Kirnali Solar Ltd. 23-Jul-20 31-Mar-22 Indian Rupee 1.00 15.63 0.06 54.00 38.31 15.69 Nil 0.84 Nil 0.84 0.34 0.09 0.25 Nil Nil 74.00
33 TP Solapur Solar Ltd. 29-Jul-20 31-Mar-22 Indian Rupee 1.00 13.75 (0.50) 47.32 34.07 13.25 Nil 0.26 Nil 0.26 (0.38) (0.06) (0.32) Nil Nil 74.00
to you
34 TP Saurya Ltd. 02-Aug-20 31-Mar-22 Indian Rupee 1.00 0.05 (11.72) 298.71 310.38 (11.67) Nil Nil Nil Nil (7.40) Nil (7.40) Nil Nil 100.00
35 TP Akkalkot Renewable Ltd. 11-Aug-20 31-Mar-22 Indian Rupee 1.00 12.96 (0.15) 47.53 34.72 12.81 Nil Nil Nil Nil (0.14) Nil (0.14) Nil Nil 74.00
469
36 TP Roofurja Renewable Ltd. 22-Aug-20 31-Mar-22 Indian Rupee 1.00 0.05 (0.97) 0.04 0.96 (0.92) Nil Nil Nil Nil (0.01) Nil (0.01) Nil Nil 100.00
37 Far Eastern Natural Resources Limited 10 17-Aug-17 31-Mar-22 Russian Rubel 0.92 69.00 (51.88) 17.19 0.07 17.12 Nil Nil 22.78 22.78 (3.36) 0.13 (3.49) Nil Nil 100.00
FORM AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures
Part "B": Associates and Joint Ventures
SN Name of the Associate/Joint Venture Company Date of Reporting period Reporting Exchange Shares of Amount of Extent of Description Reason why Net worth Profit/ Considered Not
acquiring for the Joint currency Rate Joint Venture Investment in Holding of how Joint Venture attributable (Loss) in considered
Joint Venture concerned as at company held Joint % there is company to after tax Consoli- in
Venture March 31, by the Venture significant is not Shareholding dation Consoli-
2022 company companies influence consolidated as per dation
on the year latest audited
end (No.) Balance Sheet
` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore

Joint Ventures
1 PT Mitratama Perkasa (consolidated upto 16-Aug-12 30- Sept-16 US Dollar 75.79 7,500 668.90 28.38% Note 8 844.02 Nil Nil Nil
30th September, 2016 thereafter held for sale)
(Consolidated) 3,11 & $
Overview
2 PT Arutmin Indonesia (consolidated upto 26-Jun-07 31-Mar-14 US Dollar 75.79 3,000 1,268.93 30% Note 8 773.35 Nil Nil Nil
31st March, 2014 thereafter held for sale) 11 & $
3 PT Kaltim Prima Coal 11 26-Jun-07 31-Mar-22 US Dollar 75.79 1,23,540 4,702.74 30% Note 8 595.80 4615.00 1384.50 Nil
4 Indocoal Resources (Cayman) Ltd. 10 & 11 26-Jun-07 31-Mar-22 US Dollar 75.79 300 3,313.13 30% Note 8 289.06 13.25 3.98 Nil
5 PT Indocoal Kalsel Resources (consolidated upto 31st 26-Jun-07 31-Mar-14 IDR Rupaiya 0.005 60,000 0.55 30% Note 8 0.00 0.15 0.05 Nil
Introduction
to Tata Power
March, 2014 thereafter held for sale) 11 & $

6 PT Indocoal Kaltim Resources 10 & 11 26-Jun-07 31-Mar-22 IDR Rupaiya 0.005 82,380 0.23 30% Note 8 0.00 (0.05) (0.01) Nil
7 Powerlinks Transmission Ltd. 7-Jul-03 31-Mar-22 Indian Rupee 1.00 23,86,80,000 497.42 51% Note 8 497.42 91.39 46.61 Nil
8 Industrial Energy Ltd. 23-Feb-07 31-Mar-22 Indian Rupee 1.00 49,28,40,000 716.07 74% Note 8 716.07 121.10 89.61 Nil
and Risks
9 Dugar Hydro Power Ltd. 21-Apr-11 31-Mar-22 Indian Rupee 1.00 4,32,50,002 31.86 50% Note 8 31.86 0.31 0.16 Nil
10 Tubed Coal Mines Ltd. 10 20-Nov-07 31-Mar-22 Indian Rupee 1.00 1,01,97,800 Nil 40% Note 8 Nil Nil Nil Nil
11 Mandakini Coal Company Ltd. 10 18-Jul-08 31-Mar-22 Indian Rupee 1.00 3,93,00,000 * 33.33% Note 8 (57.19) Nil Nil Nil
10
12 Solace Land Holding Ltd. 12-Sep-12 31-Mar-22 Indian Rupee 1.00 7,66,667 * 33.33% Note 8 Nil Nil Nil Nil
13 Candice Investments Pte. Ltd. 11 28-Oct-10 31-Mar-22 US Dollar 75.79 3 32.86 30% Note 8 32.86 21.99 6.60 Nil
14 PT Nusa Tambang Pratama 11 28-Oct-10 31-Mar-22 US Dollar 75.79 18,000 696.86 30% Note 8 697.97 466.03 139.81 Nil
15 PT Marvel Capital Indonesia 10 & 11 28-Oct-10 31-Mar-22 US Dollar 75.79 1,07,459 * 30% Note 8 0.18 0.00 0.00 Nil
16 PT Dwikarya Prima Abadi 10 & 11 28-Oct-10 31-Mar-22 US Dollar 75.79 10,769 50.70 30% Note 8 51.00 717.69 215.31 Nil
Value Creation
17 PT Kalimantan Prima Power (Consolidated) 4 & 11 1-Jan-11 31-Mar-22 US Dollar 75.79 7,500 220.51 30% Note 8 223.94 30.62 9.19 Nil
18 PT Baramulti Sukessarana Tbk (Consolidated) 5 & 11 9-Nov-12 31-Mar-22 US Dollar 75.79 68,02,90,000 1,540.83 26% Note 8 546.39 1642.16 426.96 Nil
19 Adjaristsqali Netherlands BV (Consolidated) 9-May-13 31-Mar-21 Euro 84.20 20,573 130.53 50% Note 8 618.89 Nil Nil Nil
Reports
Statutory
(Consolidated upto 31st March, 2020 thereafter held

for sale) 6 ,11 & $
20 Indocoal KPC Resources (Cayman) Ltd 10 & 11 2-Jul-14 31-Mar-22 US Dollar 75.79 300 0.83 30% Note 8 0.83 (0.05) (0.02) Nil
21 Koromkheti Netherlands BV 10 & 11 9-May-14 31-Mar-21 Euro 84.20 500 * 40% Note 8 (31.63) Nil Nil Nil
Financial
22 Itezhi Tezhi Power Corporation Ltd. (Consolidated 29-Apr-15 31-Mar-20 US Dollar 75.79 4,52,500 632.99 50% Note 8 432.26 Nil Nil Nil
More Power
Statements
upto March 31, 2020 thereafter held for sale) 11 & $

23 Resurgent Power Ventures Pte. Ltd. 7 & 11 19-May-16 31-Mar-22 US Dollar 75.79 4,66,205 499.47 26% Note 8 498.30 468.48 121.80 Nil
to you
24 LTH Milcom Private Ltd. $ 17-Aug-15 31-Mar-17 Indian Rupee 1.00 66,660 * 33.33% Note 8 Not * * * *
material
470
to the
group
FORM AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies (Contd.)
Part "B": Associates and Joint Ventures
SN Name of the Associate Date of Reporting Reporting Exchange Shares of Amount of Extent of Description Reason why Net worth Profit/ Considered Not
acquiring period for the currency Rate Associate Investment Holding of how Associate attributable (Loss) in considered
Associate Associate as at company held in Associate % there is is not to after tax Consoli- in
concerned March 31, by the significant consolidated Shareholding dation Consoli-
2022 company on the influence as per dation
year end (No.) latest audited
Balance Sheet

` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore
Associates
1 Tata Projects Ltd. 27-Nov-00 31-Mar22 Indian Rupee 1.00 7,92,78,886 974.74 47.78% Note 9 951.44 (619.93) (296.20 ) Nil
2 Yashmun Engineers Ltd. 10 27-Nov-00 31-Mar22 Indian Rupee 1.00 19,200 3.51 27.27% Note 9 1.51 (2.82) (0.77) Nil
Overview
3 Dagachhu Hydro Power corporation Ltd. 19-Jan-09 31-Mar22 Bhutan Nu 1.00 10,74,320 104.35 26.00% Note 9 104.35 34.17 8.88 Nil
4 The Associated Building Co. Ltd. 10 27-Nov-00 31-Mar22 Indian Rupee 1.00 1,825 5.32 33.14% Note 9 5.35 4.98 1.65 Nil
5 Brihat Trading Pvt. Ltd. 10 22-Feb-05 31-Mar22 Indian Rupee 1.00 3,350 0.01 33.21% Note 9 Not (0.01) Nil Nil Nil
material
Introduction
to the
to Tata Power
group
Notes:
1 Accounts of Nelco Network Products Limited have been consolidated with Nelco Ltd.
and Risks
2 Accounts of all subsidiaries of Walwhan Renewable Energy Ltd. have been consolidated with Walwhan Renewable Energy Ltd.
3 Accounts of PT Mitratama Usaha have been consolidated with PT Mitratama Perkasa.
4 Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
5 Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
6 Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
7 Accounts of Renascent Power Ventures Pvt. Ltd and Prayagraj Power Generation Company Limited have been consolidated with Resurgent Power Ventures Pte. Ltd.
8 There is significant influence due to shareholding and joint control over the economic activities.
9 There is significant influence due to shareholding.
10 Based on Management Accounts for FY 2021-22.
Value Creation
11 Figures of foreign subsidiaries and joint ventures are as per their accounts prepared under the respective GAAP, converted to Ind AS.
12 Turnover includes rate regulatory income/(expense).
13 $ denotes held for Sale.
Figures below ₹ 50,000 are denoted by “*”.
Reports
Statutory
For and on behalf of the Board,

PRAVEER SINHA BANMALI AGRAWALA

Financial
CEO & Managing Director Director
More Power
Statements
DIN: 01785164 DIN: 00120029

to you
SANJEEV CHURIWALA HANOZ M. MISTRY
Chief Financial Officer Company Secretary
Mumbai, May 6, 2022.
471
Notice
Notice
NOTICE IS HEREBY GIVEN THAT THE ONE HUNDRED AND Directors, based on the recommendation of the Nomination
THIRD ANNUAL GENERAL MEETING OF THE TATA POWER and Remuneration Committee, and who holds office upto
COMPANY LIMITED will be held on Thursday, July 7, 2022 at the date of this Annual General Meeting of the Company
3 p.m. (IST) through Video Conferencing/Other Audio Visual under Section 161(1) of the Companies Act, 2013 (the Act)
Means, to transact the following business: [including any statutory modification(s) or re-enactment(s)
thereof for the time being in force] and Article 132 of the
Ordinary Business:
Articles of Association of the Company, and who is eligible
1. To receive, consider and adopt the Audited Financial for appointment and in respect of whom the Company has
Statements of the Company for the financial year ended received a notice in writing under Section 160(1) of the Act
March 31, 2022, together with the Reports of the Board of from a Member proposing his candidature for the office
Directors and the Auditors thereon. of Director, be and is hereby appointed as a Director of
the Company.
2. To receive, consider and adopt the Audited Consolidated
Financial Statements of the Company for the financial year RESOLVED FURTHER that pursuant to the provisions of
ended March 31, 2022, together with the Report of the Sections 149, 150, 152 and other applicable provisions,
Auditors thereon. if any, of the Act read with Schedule IV to the Act and the
Companies (Appointment and Qualification of Directors)
3. To declare a dividend on Equity Shares for the financial year
Rules, 2014, Regulation 17 and other applicable regulations
ended March 31, 2022.
of the Securities and Exchange Board of India (Listing
4. To appoint a Director in place of Mr. Saurabh Agrawal Obligations and Disclosure Requirements) Regulations,
(DIN:02144558), who retires by rotation and, being eligible, 2015 (Listing Regulations), as amended from time to time,
offers himself for re-appointment. the re-appointment of Mr. Kesava Menon Chandrasekhar,
that meets the criteria for independence as provided in
5. Re-appointment of Statutory Auditors
Section 149(6) of the Act and Regulation 16(1)(b) of the
To consider and, if thought fit, to pass the following Listing Regulations and who has submitted a declaration
resolution as an Ordinary Resolution: to that effect, and who is eligible for re-appointment as
an Independent Director of the Company, for the second
“RESOLVED that pursuant to the provisions of Sections
consecutive term, i.e., from May 4, 2022 to February 19, 2023
139, 142 and other applicable provisions, if any, of the
and who would not be liable to retire by rotation, be and is
Companies Act, 2013 (including any statutory modification
hereby approved.”
or re-enactment thereof for the time being in force) and the
Companies (Audit and Auditors) Rules, 2014, as amended 7. Material Related Party Transaction(s) with PT Kaltim
from time to time, S R B C & CO. LLP (SRBC), Chartered Prima Coal
Accountants (ICAI Firm Registration No.324982E/E300003),
To consider and, if thought fit, to pass the following
be and are hereby re-appointed as Statutory Auditors of
resolution as an Ordinary Resolution:
the Company to hold office for a period of 5 years from the
conclusion of this the 103rd Annual General Meeting (AGM) “RESOLVED that pursuant to Regulations 2(1)(zc), 23(4)
of the Company till the conclusion of the 108th AGM of the and other applicable Regulations of the Securities and
Company to be held in the year 2027 to examine and audit Exchange Board of India (Listing Obligations and Disclosure
the accounts of the Company at Mumbai and the divisions, Requirements) Regulations, 2015, the applicable provisions
on such remuneration as may be mutually agreed upon of the Companies Act, 2013 (the Act), if any, read with
between the Board of Directors of the Company and the relevant Rules, if any, as amended from time to time and
Auditors.” the Company’s Policy on Related Party Transactions and
based on the recommendation of the Audit Committee
Special Business:
of Directors, consent of the Members be and is hereby
6. Appointment of Mr. Kesava Menon Chandrasekhar accorded to the Board of Directors (hereinafter referred to
(DIN:06466854) as a Director and his re-appointment as the 'Board', which term shall be deemed to include any
as an Independent Director for a second term Committee constituted / empowered / to be constituted by
the Board from time to time to exercise its powers conferred
by this resolution) to continue with the existing contract(s)/
resolution as a Special Resolution:
arrangement(s)/transaction(s) and/or enter into and/or carry
“RESOLVED that Mr. Kesava Menon Chandrasekhar (DIN: out new contract(s)arrangement(s)/transaction(s) (whether
06466854), who was appointed as an Additional Director by way of an individual transaction or transactions taken
of the Company effective May 4, 2022 by the Board of together or series of transactions or otherwise) as detailed

Notice
in the Explanatory Statement, with PT Kaltim Prima Coal by way of an individual transaction or transactions taken
(KPC), a related party of The Tata Power Company Limited together or series of transactions or otherwise), as detailed
(the Company) on such terms and conditions as may be in the Explanatory Statement, with Tata Projects Limited
agreed between the Company and KPC, for an aggregate (TPL), a related party of The Tata Power Company Limited
value not exceeding ` 12,000 crore during FY23, subject to (the Company) on such terms and conditions as may be
such contract(s)/arrangement(s)/transaction(s) being carried agreed between the Company and TPL, for an aggregate
out at arm’s length and in the ordinary course of business of value not exceeding ₹ 2,930 crore during FY23, subject to
the Company. such contract(s)/arrangement(s)/transaction(s) being carried
out at arm’s length and in the ordinary course of business of
RESOLVED FURTHER that the Board be and is hereby
the Company.
authorised to do and perform all such acts, deeds, matters
and things as may be necessary and expedient, including RESOLVED FURTHER that the Board be and is hereby
finalising the terms and conditions, methods and modes authorised to do and perform all such acts, deeds, matters
in respect thereof and finalising and executing necessary and things as may be necessary and expedient, including
documents, including contract(s), scheme(s), agreement(s) finalising the terms and conditions, methods and modes
and such other documents, file applications and make in respect thereof and finalising and executing necessary
representations in respect thereof and seek approval from documents, including contract(s), scheme(s), agreement(s)
relevant authorities, including Governmental authorities in and such other documents, file applications and make
this regard and deal with any matters, take necessary steps representations in respect thereof and seek approval from
as the Board may, in its absolute discretion deem necessary, relevant authorities, including Governmental authorities in
desirable or expedient, to give effect to this resolution and this regard and deal with any matters, take necessary steps
to settle any question that may arise in this regard and as the Board may, in its absolute discretion deem necessary,
incidental thereto, without being required to seek any desirable or expedient, to give effect to this resolution and
further consent or approval of the Members or otherwise to settle any question that may arise in this regard and
to the end and intent that the Members shall be deemed to incidental thereto, without being required to seek any
have given their approval thereto expressly by the authority further consent or approval of the Members or otherwise
of this resolution. to the end and intent that the Members shall be deemed to
have given their approval thereto expressly by the authority
RESOLVED FURTHER that all actions taken by the Board, in
of this resolution.
connection with any matter referred to or contemplated
in the foregoing resolution, be and are hereby approved, RESOLVED FURTHER that all actions taken by the Board, in
ratified and confirmed in all respects.” connection with any matter referred to or contemplated
in the foregoing resolution, be and are hereby approved,
8. Material Related Party Transaction(s) with Tata
ratified and confirmed in all respects.”
Projects Limited
9. Material Related Party Transaction(s) with Tata
Steel Limited
“RESOLVED that pursuant to Regulations 2(1)(zc), 23(4)
and other applicable Regulations of the Securities and
Exchange Board of India (Listing Obligations and Disclosure “RESOLVED that pursuant to Regulations 2(1)(zc), 23(4)
Requirements) Regulations, 2015, the applicable provisions and other applicable Regulations of the Securities and
of the Companies Act, 2013 (the Act), if any, read with Exchange Board of India (Listing Obligations and Disclosure
relevant Rules, if any, as amended from time to time, and Requirements) Regulations, 2015, the applicable provisions
the Company’s Policy on Related Party Transactions and of the Companies Act, 2013 (the Act), if any, read with
based on the recommendation of the Audit Committee relevant Rules, if any, as amended from time to time and
of Directors, consent of the Members be and is hereby the Company’s Policy on Related Party Transactions and
accorded to the Board of Directors (hereinafter referred to based on the recommendation of the Audit Committee
as the 'Board', which term shall be deemed to include any of Directors, consent of the Members be and is hereby
Committee constituted / empowered / to be constituted by accorded to the Board of Directors (hereinafter referred to
the Board from time to time to exercise its powers conferred as the 'Board', which term shall be deemed to include any
by this resolution) to continue with the existing contract(s)/ Committee constituted / empowered / to be constituted by
arrangement(s)/transaction(s) and/or enter into and/or carry the Board from time to time to exercise its powers conferred
out new contract(s)/arrangement(s)/transaction(s) (whether by this resolution) to continue with the existing contract(s)/

Notice
Notice
arrangement(s)/transaction(s) and/or enter into and/or carry be entered into and/or carried out and/or continued with
out new contract(s)/arrangement(s)/transaction(s) (whether between two related parties of The Tata Power Company
by way of an individual transaction or transactions taken Limited (the Company) i.e. Tata Power Solar Systems Limited
together or series of transactions or otherwise) as detailed (TPSSL) and Tata Power Renewable Energy Limited (TPREL),
in the Explanatory Statement, with Tata Steel Limited (TSL), both subsidiaries of the Company, for an aggregate value
a related party of The Tata Power Company Limited (the not exceeding ` 6,035 crore during FY23, on such terms and
Company) on such terms and conditions as may be agreed conditions as may be agreed between TPSSL and TPREL,
between the Company and TSL, for an aggregate value subject to such contract(s)/arrangement(s)/ transaction(s)
not exceeding ₹ 2,630 crore during FY23, subject to such being carried out at arm’s length and in the ordinary course
contract(s)/arrangement(s)/transaction(s) being carried out of business of TPSSL and TPREL.
at arm’s length and in the ordinary course of business of
RESOLVED FURTHER that the Board, which term shall be
the Company.
deemed to include any Committee constituted / empowered
RESOLVED FURTHER that the Board be and is hereby / to be constituted by the Board from time to time to
authorised to do and perform all such acts, deeds, matters exercise its powers conferred by this resolution, be and is
and things as may be necessary and expedient, including hereby authorized to do and perform all such acts, deeds,
finalising the terms and conditions, methods and modes matters and things as it may in its absolute discretion deem
in respect thereof and finalising and executing necessary necessary, proper or desirable, and to settle any question
documents, including contract(s), scheme(s), agreement(s) that may arise in this regard and incidental thereto, without
and such other documents, file applications and make being required to seek any further consent or approval of
representations in respect thereof and seek approval from the Members or otherwise to the end and intent that the
relevant authorities, including Governmental authorities in Members shall be deemed to have given their approval
this regard and deal with any matters, take necessary steps thereto expressly by the authority of this resolution.”
as the Board may, in its absolute discretion deem necessary,
11. Material Related Party Transaction(s) between Tata
desirable or expedient, to give effect to this resolution and
Power Solar Systems Limited and TP Saurya Limited
to settle any question that may arise in this regard and
incidental thereto, without being required to seek any To consider and, if thought fit, to pass the following
further consent or approval of the Members or otherwise resolution as an Ordinary Resolution:
to the end and intent that the Members shall be deemed to
have given their approval thereto expressly by the authority
of this resolution.
Exchange Board of India (Listing Obligations and Disclosure
RESOLVED FURTHER that all actions taken by the Board, in Requirements) Regulations, 2015, as amended from time to
connection with any matter referred to or contemplated time and the Company’s Policy on Related Party Transactions
in the foregoing resolution, be and are hereby approved, and based on the recommendation of the Audit Committee
ratified and confirmed in all respects.” of Directors, consent of the Members be and is hereby
accorded to the related party contract(s)/arrangement(s)/
transaction(s) (whether by way of an individual transaction
Power Solar Systems Limited and Tata Power Renewable
or transactions taken together or series of transactions or
Energy Limited
otherwise) as detailed in the Explanatory Statement, to
To consider and, if thought fit, to pass the following be entered into and/or carried out and/or continued with
resolution as an Ordinary Resolution: between two related parties of The Tata Power Company
Limited (the Company) i.e. Tata Power Solar Systems Limited
(TPSSL) and TP Saurya Limited (TPSL), both subsidiaries of
the Company, for an aggregate value not exceeding ₹ 3,800
crore during FY23, on such terms and conditions as may be
Requirements) Regulations, 2015, as amended from time to
agreed between TPSSL and TPSL, subject to such contract(s)/
time and the Company’s Policy on Related Party Transactions
arrangement(s)/transaction(s) being carried out at arm’s
and based on the recommendation of the Audit Committee
length and in the ordinary course of business of TPSSL
and TPSL.
transaction(s) (whether by way of an individual transaction RESOLVED FURTHER that the Board, which term shall be
or transactions taken together or series of transactions or deemed to include any Committee constituted / empowered
otherwise) as detailed in the Explanatory Statement, to / to be constituted by the Board from time to time to

Notice
exercise its powers conferred by this resolution, be and is 13. Material Related Party Transaction(s) between Tata
hereby authorized to do and perform all such acts, deeds, Power Solar Systems Limited and Walwhan Renewable
matters and things as it may in its absolute discretion deem Energy Limited
necessary, proper or desirable, and to settle any question
that may arise in this regard and incidental thereto, without
being required to seek any further consent or approval of
the Members or otherwise to the end and intent that the “RESOLVED that pursuant to Regulations 2(1)(zc), 23(4)
Members shall be deemed to have given their approval and other applicable Regulations of the Securities and
thereto expressly by the authority of this resolution.” Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended from
time to time and the Company’s Policy on Related Party
Power Solar Systems Limited and Tata Power Green
Transactions and based on the recommendation of the
Energy Limited
Audit Committee of Directors, consent of the Members
To consider and, if thought fit, to pass the following be and is hereby accorded to the related party contract(s)/
resolution as an Ordinary Resolution: arrangement(s)/transaction(s) (whether by way of an
individual transaction or transactions taken together or
series of transactions or otherwise) as detailed in the
Explanatory Statement, to be entered into and/or carried
out and/or continued with between two related parties
of The Tata Power Company Limited (the Company) i.e.
Tata Power Solar Systems Limited (TPSSL) and Walwhan
Renewable Energy Limited (WREL), both subsidiaries
of the Company, for an aggregate value not exceeding
` 1,285 crore during FY23, on such terms and conditions as
may be agreed between TPSSL and WREL, subject to such
contract(s)/ arrangement(s)/transaction(s) being carried out
be entered into and/or carried out and/or continued with
TPSSL and WREL.
between two related parties of The Tata Power Company
Limited (the Company) i.e. Tata Power Solar Systems Limited RESOLVED FURTHER that the Board, which term shall be
(TPSSL) and Tata Power Green Energy Limited (TPGEL), both deemed to include any Committee constituted / empowered
subsidiaries of the Company, for an aggregate value not / to be constituted by the Board from time to time to
exceeding ₹ 1,520 crore during FY23, on such terms and exercise its powers conferred by this resolution, be and is
conditions as may be agreed between TPSSL and TPGEL, hereby authorized to do and perform all such acts, deeds,
subject to such contract(s)/arrangement(s)/transaction(s) matters and things as it may in its absolute discretion deem
being carried out at arm’s length and in the ordinary course necessary, proper or desirable, and to settle any question
of business of TPSSL and TPGEL. that may arise in this regard and incidental thereto, without
the Members or otherwise to the end and intent that the
Members shall be deemed to have given their approval
/ to be constituted by the Board from time to time to
thereto expressly by the authority of this resolution.”
exercise its powers conferred by this resolution, be and is
hereby authorized to do and perform all such acts, deeds, 14. Material Related Party Transaction(s) between Tata
matters and things as it may in its absolute discretion deem Power Solar Systems Limited and Chirasthaayee
necessary, proper or desirable, and to settle any question Saurya Limited
Members shall be deemed to have given their approval “RESOLVED that pursuant to Regulations 2(1)(zc), 23(4)
thereto expressly by the authority of this resolution.” and other applicable Regulations of the Securities and

Notice
Notice
of Directors, consent of the Members be and is hereby length and in the ordinary course of business of TPSSL
accorded to the related party contract(s)/arrangement(s)/ and TPKL.
hereby authorized to do and perform all such acts, deeds,
matters and things as it may in its absolute discretion deem
(TPSSL) and Chirasthaayee Saurya Limited (CSL), both
subsidiaries of the Company, for an aggregate value not
exceeding ₹ 1,040 crore during FY23, on such terms and
conditions as may agreed between TPSSL and CSL, subject
to such contract(s)/ arrangement(s)/ transaction(s) being
carried out at arm’s length and in the ordinary course of
business of TPSSL and CSL.
16. Material Related Party Transaction(s) between
Tata Power Trading Company Limited and Maithon
Power Limited
exercise its powers conferred by this resolution, be and is To consider and, if thought fit, to pass the following
hereby authorized to do and perform all such acts, deeds, resolution as an Ordinary Resolution:
15. Material Related Party Transaction(s) between Tata accorded to the related party contract(s)/arrangement(s)/
Power Solar Systems Limited and TP Kirnali Limited transaction(s) (whether by way of an individual transaction
“RESOLVED that pursuant to Regulations 2(1)(zc), 23(4) between two related parties of The Tata Power Company
and other applicable Regulations of the Securities and Limited (the Company) i.e. Tata Power Trading Company
Exchange Board of India (Listing Obligations and Disclosure Limited (TPTCL) and Maithon Power Limited (MPL), both
Requirements) Regulations, 2015, as amended from time to subsidiaries of the Company, for an aggregate value not
time and the Company’s Policy on Related Party Transactions exceeding ₹ 1,800 crore during FY23, on such terms and
and based on the recommendation of the Audit Committee conditions as may be agreed between TPTCL and MPL,
of Directors, consent of the Members be and is hereby subject to such contract(s)/ arrangement(s)/transaction(s)
accorded to the related party contract(s)/arrangement(s)/ being carried out at arm’s length and in the ordinary course
transaction(s) (whether by way of an individual transaction of business of TPTCL and MPL.
hereby authorized to do and perform all such acts, deeds,
(TPSSL) and TP Kirnali Limited (TPKL), both subsidiaries of
the Company, for an aggregate value not exceeding ₹ 1,015
crore during FY23, on such terms and conditions as may be
agreed between TPSSL and TPKL, subject to such contract(s)/
arrangement(s)/transaction(s) being carried out at arm’s

Notice
Members shall be deemed to have given their approval Companies (Management and Administration) Rules, 2014,
thereto expressly by the authority of this resolution.” consent of the Members of the Company be and is hereby
accorded to keep the Registers as prescribed under Section
88 of the Act, and copies of all Annual Returns under Section
Power Trading Company Limited and Tata Power Delhi
92 of the Act, together with the copies of certificates and
Distribution Limited
documents required to be annexed thereto or any other
To consider and, if thought fit, to pass the following documents as may be required, at the Registered Office of
resolution as an Ordinary Resolution: the Company and/or at the office of TSR Consultants Private
Limited (formerly known as TSR Darashaw Consultants
Private Limited), Registrars and Transfer Agents (‘RTA’) of the
Company at C-101, 1st Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli West, Mumbai 400083, Maharashtra, India
Requirements) Regulations, 2015, as amended from
and/or at such other place where the RTA may shift its office
time to time and the Company’s Policy on Related Party
within Mumbai from time to time.
Transactions and based on the recommendation of the
Audit Committee of Directors, consent of the Members RESOLVED FURTHER that the Board of Directors and/or any
be and is hereby accorded to the related party contract(s)/ person authorised by the Board, be and is hereby authorized
arrangement(s)/transaction(s) (whether by way of an to take all such actions and to do all such acts, deeds, matters
individual transaction or transactions taken together or and things as may be considered necessary, desirable and
series of transactions or otherwise) as detailed in the expedient for giving effect to this Resolution and matters
Explanatory Statement, to be entered into and/or carried related thereto.”
out and/or continued with between two related parties of
19. Appointment of Branch Auditors
The Tata Power Company Limited (the Company) i.e. Tata
Power Trading Company Limited (TPTCL) and Tata Power To consider and, if thought fit, to pass the following
Delhi Distribution Limited (TPDDL), both subsidiaries resolution as an Ordinary Resolution:
of the Company, for an aggregate value not exceeding
“RESOLVED that pursuant to the provisions of Section 143(8)
` 1,500 crore during FY23, on such terms and conditions as
and other applicable provisions, if any, of the Companies
may be agreed between TPTCL and TPDDL, subject to such
Act, 2013 (the Act) (including any statutory modification(s)
contract(s)/arrangement(s)/ transaction(s) being carried out
or re-enactment(s) thereof for the time being in force) and
the Companies (Audit and Auditors) Rules, 2014, as amended
TPTCL and TPDDL.
from time to time, the Board of Directors (which term
RESOLVED FURTHER that the Board, which term shall be shall be deemed to include any Committee of the Board
deemed to include any Committee constituted / empowered constituted to exercise its powers, including the powers
/ to be constituted by the Board from time to time to conferred by this Resolution) be and is hereby authorised
exercise its powers conferred by this resolution, be and is to appoint as Branch Auditor(s) of any Branch Office of
hereby authorized to do and perform all such acts, deeds, the Company, whether existing or which may be opened/
matters and things as it may in its absolute discretion deem acquired hereafter, outside India, in consultation with the
necessary, proper or desirable, and to settle any question Company’s Auditors, any persons, qualified to act as Branch
that may arise in this regard and incidental thereto, without Auditors within the provisions of Section 143(8) of the Act
being required to seek any further consent or approval of and to fix their remuneration."
20. Ratification of Cost Auditor’s Remuneration
thereto expressly by the authority of this resolution.” To consider and, if thought fit, to pass the following
18. Change in place of keeping Registers and Records
“RESOLVED that pursuant to the provisions of Section 148(3)
and other applicable provisions, if any, of the Companies
resolution as a Special Resolution:
Act, 2013 (including any statutory modification(s) or
“RESOLVED that in supersession of all Resolutions passed re-enactment(s) thereof for the time being in force) and the
earlier in this regard and pursuant to Section 94 and Companies (Audit and Auditors) Rules, 2014, as amended
other applicable provisions, if any, of the Companies Act, from time to time, the Company hereby ratifies the
2013 (‘Act’) (including any statutory modification(s) or re- remuneration of ₹ 6,50,000 (Rupees Six lakh fifty thousand
enactment(s) thereof, for the time being in force) and the only) plus applicable taxes, travel and actual out-of-pocket

Notice
Notice
expenses incurred in connection with the audit, payable requested to send a certified copy of the Board Resolution to
to M/s. Sanjay Gupta and Associates (Firm Registration the Scrutinizer by email at cs@parikhassociates.com with a
No.000212), who are appointed as Cost Auditors to conduct copy marked to evoting@nsdl.co.in and investorcomplaints@
the audit of cost records maintained by the Company for the tatapower.com.
financial year 2022-23."
6. In case of joint holders attending the AGM, only such joint
NOTES: holder who is higher in the order of names will be entitled
to vote.
1. In view of the ongoing COVID-19 pandemic and pursuant
to General Circulars No. 14/2020 dated April 8, 2020, No. 7. The attendance of the Members attending the AGM through
17/2020 dated April 13, 2020, No. 20/2020 dated May 5, VC/OAVM will be counted for the purpose of reckoning the
2020, No. 02/2021 dated January 13, 2021, No. 21/2021 dated quorum under Section 103 of the Act.
December 14, 2021 and No. 2/2022 dated May 5, 2022 issued
8. The Members can join the AGM in the VC/OAVM mode 30
by the Ministry of Corporate Affairs (collectively referred to
minutes before and 15 minutes after the scheduled time of
as ‘MCA Circulars’), the Company is convening the 103rd
the commencement of the AGM by following the procedure
AGM through Video Conferencing (‘VC’) or Other Audio-
mentioned in the Notice. The Members will be able to view
Visual Means (‘OAVM’), without the physical presence of
the proceedings on National Securities Depository Limited’s
the Members. The proceedings of the AGM will be deemed
(NSDL) e-Voting website at www.evoting.nsdl.com. The
to be conducted at the Registered Office of the Company at
facility of participation at the AGM through VC/OAVM will
Bombay House, 24, Homi Mody Street, Mumbai - 400 001,
be made available to atleast 1,000 Members on a first come
which shall be deemed venue of the AGM.
first served basis as per the MCA Circulars. However, the
2. As per the provisions of Clause 3.A.II. of the General large shareholders (i.e. shareholders holding 2% or more
Circular No. 20/2020 dated May 5, 2020, the matters of shareholding), Promoters, Institutional Investors, Directors,
Special Business as appearing at Item Nos.6 to 20 of the Key Managerial Personnel, the Chairpersons of the Audit
accompanying Notice, are considered to be unavoidable by Committee of Directors, Nomination and Remuneration
the Board and hence, form part of this Notice. Committee and Stakeholders' Relationship Committee,
Auditors, etc. may be allowed to attend the meeting without
3. The relative Explanatory Statement pursuant to Section 102
any restrictions on first come first served basis.
of the Act, in regard to the business as set out in Item Nos.5
to 20 above and the relevant details of the Directors seeking 9. In terms of the MCA Circulars and the SEBI Circulars, the
re-appointment/appointment as set out in Item Nos.4 and Company is sending this AGM Notice along with the Annual
6 above as required under Regulation 36(3) of the Listing Report for FY22 in electronic form only to those Members
Regulations and as required under Secretarial Standard - 2 whose email addresses are registered with the Company/
on General Meetings issued by The Institute of Company Depositories. The Company shall send the physical copy
Secretaries of India, are annexed hereto. of the Annual Report for FY22 only to those Member who
specifically request for the same at investorcomplaints@
4. PURSUANT TO THE PROVISIONS OF THE ACT, A
tatapower.com or csg-annualreports@tcplindia.co.in.
MEMBER ENTITLED TO ATTEND AND VOTE AT THE AGM
The Notice convening the AGM and the Annual Report for
IS ENTITLED TO APPOINT A PROXY TO ATTEND AND
FY22 have been uploaded on the website of the Company
VOTE INSTEAD OF HIMSELF AND THE PROXY NEED
at www.tatapower.com and may also be accessed from the
NOT BE A MEMBER OF THE COMPANY. SINCE THIS AGM
relevant section of the websites of the Stock Exchanges
IS BEING HELD PURSUANT TO THE MCA CIRCULARS
i.e. BSE Limited (BSE) and National Stock Exchange of India
THROUGH VC/OAVM, THE REQUIREMENT OF PHYSICAL
Limited (NSE) at www.bseindia.com and www.nseindia.com,
ATTENDANCE OF MEMBERS HAS BEEN DISPENSED WITH.
respectively. The AGM Notice is also available on the website
ACCORDINGLY, THE FACILITY FOR APPOINTMENT OF
of NSDL at www.evoting.nsdl.com.
PROXIES BY THE MEMBERS WILL NOT BE AVAILABLE FOR
THIS AGM AND HENCE, THE PROXY FORM, ATTENDANCE 10. The Register of Members and the Share Transfer Books
SLIP AND ROUTE MAP OF AGM ARE NOT ANNEXED TO of the Company will remain closed from Friday, June 17,
THIS NOTICE. 2022 to Thursday, July 7, 2022, (both days inclusive) for
the purpose of payment of dividend and AGM for FY22.
5. Institutional Investors, who are Members of the Company,
If the dividend, as recommended by the Board of Directors,
are encouraged to attend and vote at the AGM through VC/
is approved at the AGM, payment of such dividend will be
OAVM facility. Corporate Members intending to appoint
made, subject to deduction of tax at source (TDS), on or after
their authorized representatives to attend the AGM through
July 11, 2022, as under:
VC or OAVM and to vote thereat through remote e-Voting are

Notice
i) To all Beneficial Owners in respect of shares held in c) Self-attested copy of the PAN Card of all the holders; and
electronic form as per the data as may be made available
d) Self-attested copy of any document (such as Aadhaar
by NSDL and Central Depository Services (India) Limited
Card, Driving License, Election Identity Card, Passport)
(CDSL) (both collectively referred to as ‘Depositories’) as
in support of the address of the first holder as registered
of the close of business hours on Thursday, June 16, 2022;
with the Company.
ii) To all Members in respect of shares held in physical form
Further, Members are requested to refer to process
after giving effect to valid transfers in respect of transfer
detailed on https://tcplindia.co.in/home-KYC.html and
requests lodged with the Company on or before the close
proceed accordingly.
of business hours on Thursday, June 16, 2022.
Shares held in electronic form: Members holding shares
11. Pursuant to the Finance Act, 2020, dividend income is
in electronic form may please note that their bank details
taxable in the hands of the Members w.e.f. April 1, 2020 and
as furnished by the respective DPs to the Company will be
the Company is required to deduct TDS from dividend paid
considered for remittance of dividend as per the applicable
to the Members at rates prescribed in the Income-tax Act,
regulations of the DPs and the Company will not be able to
1961 (the IT Act). In general, to enable compliance with TDS
accede to any direct request from such Members for change/
requirements, Members are requested to complete and/or
addition/deletion in such bank details. Accordingly, the
update their Residential Status, Permanent Account Number
Members holding shares in electronic form are requested
(PAN), Category as per the IT Act with their Depository
to ensure that their Electronic Bank Mandate is updated with
Participants (DPs) or in case shares are held in physical form,
their respective DPs by Monday, June 27, 2022.
with the Company, by sending documents through email by
June 5, 2022. Further, please note that instructions, if any, already given by
Members in respect of shares held in physical form, will not
12. Updation of mandate for receiving dividend directly in
be automatically applicable to the dividend paid on shares
bank account through Electronic Clearing System or any
held in electronic form. For Members who are unable to
other means in a timely manner:
receive the dividend directly in their bank account through
Shares held in physical form: Members holding shares in Electronic Clearing Service or any other means, due to non-
physical form are requested to send the following details/ registration of the Electronic Bank Mandate, the Company
documents to the Company’s Registrars and Transfer Agent shall dispatch the Warrant/Bankers’ Cheque/Demand
(RTA), viz. TSR Consultants Private Limited (TCPL), (formerly Draft through postal or courier services and in case of any
TSR Darashaw Consultants Private Limited) at C-101, 1st Floor, disruption of postal or courier services due to prevalence
247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai of COVID-19 in containment zones, upon normalisation of
‑400 083, latest by Monday, June 27, 2022: such services.
a) Form ISR-1 along with supporting documents. The said 13. The Company has sent individual letters to all the Members
form is available on the website of the Company at holding shares of the Company in physical form for furnishing
https://www.tatapower.com/investor-relations/investor- their PAN, KYC details and Nomination pursuant to SEBI
services-forms.aspx and on the website of the RTA at Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655
https://tcplindia.co.in/home-KYC.html. dated November 3, 2021 in Form ISR-1. The Form ISR-1 is
also available on the website of the Company at https://
b) Cancelled cheque in original, bearing the name of the
www.tatapower.com/investor-relations/investorservices-
Member or first holder, in case shares are held jointly. In
forms.aspx. Attention of the Members holding shares of
case name of the holder is not available on the cheque,
the Company in physical form is invited to go through and
kindly submit the following documents:
submit the said Form ISR–1.
i) Cancelled cheque in original;
14. Members may please note that SEBI vide its Circular No. SEBI/
ii) Bank attested legible copy of the first page of the Bank HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25,
Passbook / Bank Statement bearing the names of the 2022 has mandated the Listed Companies to issue securities
account holders, address, same bank account number in demat form only while processing service requests viz.
and type as on the cheque leaf and full address of the Issue of duplicate securities certificate; claim from Unclaimed
bank branch. Suspense Account; Renewal/Exchange of securities
certificate; Endorsement; Sub‑division/Splitting of securities
certificate; Consolidation of securities certificates/folios;
Transmission and Transposition. Accordingly, Membersare
requested to make service requests by submitting a duly

Notice
Notice
filled and signed Form ISR–4, the format of which is available Protection Fund (IEPF). Further, the shares in respect of such
on the Company’s website under the weblink at https:// unclaimed dividends are also liable to be transferred to the
www.tatapower.com/investor-relations/investorservices- demat account of the IEPF Authority. In view of this, Members/
forms.aspx and on the website of the Company’s RTA at Claimants are requested to claim their dividends from the
https://www.tcplindia.co.in/. It may be noted that any Company, within the stipulated timeline. The Members,
service request can be processed only after the folio is KYC whose unclaimed dividends/shares have been transferred
compliant. SEBI vide its notification dated January 24, 2022 to IEPF, may claim the same by making an application to the
has mandated that all requests for transfer of securities IEPF Authority, in e-Form/web form No. IEPF-5 available on
including transmission and transposition requests shall be www.iepf.gov.in. The Members/Claimants can file only one
processed only in dematerialized form. In view of the same consolidated claim in a financial year as per the IEPF Rules.
and to eliminate all risks associated with physical shares For details, please refer to Report on Corporate Governance,
and avail various benefits of dematerialisation, Members which is a part of this Annual Report.
are advised to dematerialise the shares held by them in
20. Members desiring inspection of statutory registers during
physical form. Members can contact the Company or RTA,
the AGM may send their request in writing in advance to the
for assistance in this regard.
Company at investorcomplaints@tatapower.com.
15. Members are requested to intimate changes, if any,
21. Members who wish to inspect the relevant documents
pertaining to their name, postal address, email address,
referred to in the Notice can send an email to
telephone/mobile numbers, PAN, registering of nomination
investorcomplaints@tatapower.com upto the date of
and power of attorney, Bank Mandate details such as name
the AGM.
of the bank and branch details, bank account number, MICR
code, IFSC code, etc., to their DP in case the shares are held 22. This AGM Notice is being sent by email only to those
in electronic form, and to the RTA in case the shares are held eligible Members who have already registered their email
in physical form. address with the Depositories/the DP/the Company’s RTA/
the Company or who will register their email address with
16. To prevent fraudulent transactions, Members are advised
TCPL, on or before 5 p.m. (IST) on Monday, June 27, 2022.
to exercise due diligence and notify the Company of any
change in address or demise of any Member as soon as 23. Process for registration of email addresses to receive
possible. Members are also advised to not leave their demat the Notice of AGM and the Integrated Annual Report
account(s) dormant for long. Periodic statement of holdings for FY22 electronically and cast votes electronically:
should be obtained from the concerned DP and holdings
(i) Registration of email addresses with TCPL:
should be verified from time to time.
To facilitate Members to receive this Notice
17. As per the provisions of Section 72 of the Act, the facility for
electronically and cast their votes electronically, the
making nomination is available for the Members in respect
Company has made special arrangement with TCPL
of the shares held by them. Members, who have not yet
for registration of email addresses in terms of the MCA
registered their nomination, are requested to register the
Circulars. Eligible Members who have not submitted
same by submitting Form No. SH-13. The said form can be
their email address to TCPL, are required to provide
downloaded from the Company’s website www.tatapower.com
their email address to the RTA, on or before 5 p.m.
(under ‘Investor Relations’ section). Members are requested
(IST) on Monday, June 27, 2022 pursuant to which, any
to submit the said form to their DP in case the shares are held
Member may receive on the email address provided
in electronic form, and to the RTA in case the shares are held
by the Member, Notice of the AGM along with the
in physical form.
Integrated Annual Report for FY22.
18. Members holding shares in physical form, in identical order
The process for registration of email address is as under:
of names, in more than one folio, are requested to send to
the Company or RTA, the details of such folios together with I. For Members who hold shares in
the share certificates for consolidating their holdings in one Electronic form:
folio. A consolidated share certificate will be issued to such
a) https://tcpl.linkintime.co.in/EmailReg/
Members after making requisite changes.
email_register.html
19. Members are requested to note that dividends, if not b) Select the name of the Company
encashed for a consecutive period of 7 years from the date from dropdown.
of transfer to Unpaid Dividend Account of the Company,
are liable to be transferred to the Investor Education and

Notice
c) Enter details in respective fields such as DP • If you are an individual Member holding securities
ID and Client ID, Name of the Member, PAN in electronic mode, you are requested to refer
details, mobile number and email ID. to the login method explained at para VI
d) System will send OTP on mobile number and below under step 1 (A) i.e. Login method for
email ID. remote e-Voting and joining virtual meeting
e) Enter OTP received on mobile number and for Individual shareholders/Members holding
email ID and submit. securities in electronic mode.
II. For Members who hold shares in Physical form: 24. For permanent registration of their email address, Members
are requested to register their email address, in respect of
a) https://tcpl.linkintime.co.in/EmailReg/ electronic holdings, with their concerned DPs and in respect
email_register.html of physical holdings, with the RTA.
b) Select the name of the Company
from dropdown. 25. Those Members who have already registered their email
c) Enter details in respective fields such as addresses are requested to keep their email addresses
Folio no. and Certificate no., Name of the validated with their DP/TCPL to enable serving of notices/
Member, PAN details, mobile number and documents/Annual Reports and other communications
email ID. electronically to their email address in future.
d) System will send OTP on mobile number and 26. Process and manner for Members opting for e-Voting is
email ID. as under:
e) Enter OTP received on mobile number and
email ID and submit. I. In compliance with the provisions of Section 108,
and other applicable provisions of the Act, read with
After successful submission of the email address, NSDL will Rule 20 of the Rules and Regulation 44 of the Listing
email a copy of the Integrated Annual Report for FY22 along Regulations, the Company is offering only e-Voting
with the remote e-Voting user ID and password on the email facility to all the Members of the Company and the
address registered by the Member. In case of any queries, business will be transacted only through the electronic
Members may write to csg-unit@tcplindia.co.in or evoting@ voting system. The Company has engaged the services
nsdl.co.in of NSDL for facilitating e-Voting to enable the Members
(ii) Registration of email address permanently with to cast their votes electronically as well as for e-Voting
Company/DP: during the AGM. Resolution(s) passed by Members
through e-Voting is/are deemed to have been passed
Members are requested to register their email address as if it/they have been passed at the AGM.
with their concerned DPs, in respect of electronic
holding and with the RTA, in respect of physical II. Members are provided with the facility for voting
holding, by writing to them at csg-unit@tcplindia.co.in. through electronic voting system during the VC/OAVM
proceedings at the AGM and Members participating
(iii) Alternatively, those Members who have not registered at the AGM, who have not already cast their vote by
their email addresses are required to send an email remote e-Voting, are eligible to exercise their right to
request to evoting@nsdl.co.in along with the following vote at the AGM.
documents for procuring user ID and password for
e-Voting for the resolutions set out in this Notice: III. Members who have already cast their vote by remote
e-Voting prior to the AGM will also be eligible to
• In case shares are held in physical mode, participate at the AGM but shall not be entitled to
please provide Folio No., Name of Member, cast their vote again on such resolution(s) for which
scanned copy of the share certificate (front and the Member has already cast the vote through remote
back), self-attested scanned copy each of PAN e-Voting.
card and Aadhaar card.
IV. Members of the Company, holding shares either in
• In case shares are held in electronic mode, physical form or electronic form, as on the cut-off
please provide DP ID-Client ID (8 digit DP ID date of Thursday, June 30, 2022, may cast their vote
+ 8 digit Client ID or 16 digit beneficiary ID), by remote e-Voting. The remote e-Voting period
Name, client master or copy of Consolidated commences on Monday, July 4, 2022 at 9 a.m. (IST)
Account statement, self-attested scanned copy and ends on Wednesday, July 6, 2022 at 5 p.m. (IST).
each of PAN card and Aadhaar card. The remote e-Voting module shall be disabled

Notice
Notice
by NSDL for voting thereafter. Once the vote on a D. Members who would like to express their views/
resolution is cast by the Member, the Member shall ask questions as a Speaker at the AGM may pre-
not be allowed to change it subsequently. register themselves by sending a request from
their registered email address mentioning their
V. The instructions for Members attending the AGM
names, DP ID and Client ID/folio number, PAN
through VC/OAVM are as under:
and mobile number to investorcomplaints@
A. The Members will be provided with a facility to tatapower.com between Thursday, June 30, 2022
attend the AGM through VC/OAVM through the (9 a.m. IST) and Monday, July 04, 2022 (5 p.m. IST).
NSDL e-Voting system. Members may access the Only those Members who have pre-registered
same by following the steps mentioned below for themselves as Speakers will be allowed to express
‘Log-in to NSDL e-Voting system’. The link for VC/ their views/ask questions during the AGM. The
OAVM will be available in ‘Member login’ where Company reserves the right to restrict the number
the EVEN of the Company will be displayed. After of speakers depending on the availability of time
successful login, the Members will be able to see for the AGM.
the link of ‘VC/OAVM link’ placed under the tab
VI. The instructions for Members for remote e-Voting are,
‘Join Annual General Meeting’ against the name of
as under:
the Company. On clicking this link, the Members
will be able to attend and participate in the How do I vote electronically using NSDL e-Voting system?
proceedings of the AGM through a live webcast of The way to vote electronically on NSDL e-Voting system consists
the meeting and submit votes on announcement of 'Two Steps' which are mentioned below:
by the Chairman.
Step 1: Access to NSDL e-Voting system
B. Members may join the AGM through laptops,
smartphones, tablets and iPads for better A) Log-in method for e-Voting and joining virtual meeting
experience. Further, Members will be required for Individual Shareholders/Members holding securities
to use Internet with a good speed to avoid any in demat mode
disturbance during the Meeting. Members In terms of the Circular issued by the Securities and Exchange
will need the latest version of Chrome, Safari, Board of India dated 9th December 2020, on 'e-Voting facility
Internet Explorer 11, MS Edge or Firefox. provided by Listed Companies', e-Voting process has been
Please note that participants connecting enabled to all the individual Demat account holders, by way
from mobile devices or tablets or through of single login credential, through their Demat accounts/
laptops connecting via mobile hotspot may websites of Depositories/ DPs in order to increase the
experience Audio/Video loss due to fluctuation efficiency of the voting process. Individual Demat account
in their respective network. It is, therefore, holders would be able to cast their vote without having
recommended to use stable Wi-Fi or LAN to register again with the e-Voting service provider (ESP)
connection to mitigate any glitches. thereby not only facilitating seamless authentication but also
C. Members are encouraged to submit their questions ease and convenience of participating in e-Voting process.
in advance with regard to the financial statements Members are advised to update their mobile number and
or any other matter to be placed at the AGM, from email ID with their DPs in order to access e-Voting facility.
their registered email address, mentioning their
name, DP ID and Client ID number /folio number
and mobile number, to reach the Company’s email
address at investorcomplaints@tatapower.com
before 3 p.m. (IST) on Thursday, June 30, 2022.
Queries that remain unanswered at the AGM will
be appropriately responded by the Company at
the earliest post the conclusion of the AGM.

Notice
Log-in method for Individual Members holding securities in Demat mode is given below:
Type of Members Login Method
Individual Members holding i) Existing IDeAS user can visit the e-Services website of NSDL viz. https://eservices.nsdl.com either on a
securities in demat mode Personal Computer or on a mobile. On the e-Services home page, click on the 'Beneficial Owner' icon
with NSDL under 'Login' which is available under ‘IDeAS’ section , this will prompt you to enter your existing User ID
and Password. After successful authentication, you will be able to see e-Voting services under Value added
services. Click on 'Access to e-Voting' under e-Voting services and you will be able to see e-Voting page.
Click on company name or e-Voting service provider i.e. NSDL and you will be re-directed to e-Voting
website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting and
voting during the meeting.
ii) If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select
'Register Online for IDeAS Portal' or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
iii) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.
nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is
launched, click on the icon 'Login' which is available under ‘Shareholder/Member’ section. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with
NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you
will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or
e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting
your vote during the remote e-Voting period or joining virtual meeting and voting during the meeting.
iv) Shareholders/Members can also download NSDL Mobile App 'NSDL Speede' facility by scanning the QR
code mentioned below for seamless voting experience.
Individual Members holding i) Existing users who have opted for Easi / Easiest, they can login through their user id and password. Option
securities in demat mode will be made available to reach e-Voting page without any further authentication. The URL for users to
with CDSL login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click
on New System Myeasi.
ii) After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The Menu will have
links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote.
iii) If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/
myeasi/Registration/EasiRegistration
iv) Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN
No. from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on
registered Mobile & Email as recorded in the demat Account. After successful authentication, user will be
provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Members You can also login using the login credentials of your demat account through your Depository Participant
(holding securities in demat registered with NSDL/CDSL for e-Voting facility. Upon logging in, you will be able to see e-Voting option.
mode) login through their Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication,
depository participants wherein you can see e-Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or
joining virtual meeting and voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.

Notice
Notice
Helpdesk for Individual Shareholders/Members holding Manner of holding Your User ID is:
securities in Demat mode in case of any technical issues shares i.e. Demat (NSDL
related to Log-in through Depository i.e. NSDL and CDSL. or CDSL) or Physical
c) For Members EVEN Number followed by Folio

Login Method Helpdesk details holding shares in Number registered with the
Physical Form company
Individual Members Members facing any technical issue For example if folio number is
holding securities in in login can contact NSDL helpdesk 001*** and EVEN is 101456 then
demat mode with NSDL by sending a request at evoting@ user ID is 101456001***
nsdl.co.in or call at toll free no.: 1800
1020 990 and 1800 22 44 30 vi) Your password details for Members other than
Individual Members Members facing any technical issue Individual Members are given below:
holding securities in in login can contact CDSL helpdesk
demat mode with CDSL by sending a request at helpdesk. a) If you are already registered for e-Voting, then you
evoting@cdslindia.com or contact can use your existing password to login and cast
at 022- 23058738 or 022-23058542- your vote.
43
b) If you are using NSDL e-Voting system for the
B) Log-in method for remote e-Voting and joining virtual first time, you will need to retrieve the ‘initial
meeting for Members other than Individual Members password’ which was communicated to you. Once
holding securities in demat mode and Members holding you retrieve your ‘initial password’, you need to
securities in physical mode. enter the ‘initial password’ and the system will
How to Log-in to NSDL e-Voting website? force you to change your password.
i) Visit the e-Voting website of NSDL. Open web browser c) How to retrieve your ‘initial password’?
by typing the following URL: https://www.evoting.nsdl. (i) If your email ID is registered in your demat
com/ either on a Personal Computer or on a mobile. account or with the company, your ‘initial
ii) Once the home page of e-Voting system is launched, password’ is communicated to you on your
click on the icon 'Login' which is available under email ID. Trace the email sent to you from
‘Shareholder/Member’ section. NSDL from your mailbox. Open the email
iii) A new screen will open. You will have to enter your and open the attachment i.e. a .pdf file.
User ID, your Password/OTP and a Verification Code as Open the .pdf file. The password to open
shown on the screen. the .pdf file is your 8 digit client ID for NSDL
account, last 8 digits of client ID for CDSL
iv) Alternatively, if you are registered for NSDL eservices
account or folio number for shares held in
i.e. IDeAS, you can log-in at https://eservices.nsdl.
physical form. The .pdf file contains your
com/ with your existing IDeAS login. Once you log-in
‘User ID’ and your ‘initial password’.
to NSDL eservices after using your log-in credentials,
click on e-Voting and you can proceed to Step 2 i.e. Cast (ii) If your email ID is not registered, please
your vote electronically. follow steps mentioned below in process
v) Your User ID details are given below : for those Members whose email ids are
not registered.
Manner of holding Your User ID is:
shares i.e. Demat (NSDL vii) If you are unable to retrieve or have not received the
or CDSL) or Physical 'Initial password' or have forgotten your password:
a) For Members who 8 Character DP ID followed by 8 a) Click on 'Forgot User Details/Password?'(If
hold shares in Digit Client ID you are holding shares in your demat account
demat account For example if your DP ID
with NSDL is IN300*** and Client ID is
with NSDL or CDSL) option available on
12****** then your user ID is www.evoting.nsdl.com.
IN300***12******. b) 'Physical User Reset Password?' (If you are
b) For Members who 16 Digit Beneficiary ID holding shares in physical mode) option available
hold shares in For example if your Beneficiary on www.evoting.nsdl.com.
demat account ID is 12************** then your
with CDSL user ID is 12************** c) If you are still unable to get the password by
aforesaid two options, you can send a request

Notice
at evoting@nsdl.co.in mentioning your demat otherwise not barred from doing so, shall be eligible
account number/folio number, your PAN, your to vote through e-Voting system in the AGM.
name and your registered address, etc.
C. Members who have voted through Remote e-Voting
d) Members can also use the OTP (One Time will be eligible to attend the AGM. However, they will
Password) based login for casting the votes on not be eligible to vote at the AGM.
the e-Voting system of NSDL.
D. Members who need assistance before or during the
viii) After entering your password, tick on Agree to 'Terms AGM, can contact Ms. Pallavi Mhatre, Manager - NSDL
and Conditions' by selecting on the check box. or Mr. Amit Vishal, Senior Manager - NSDL at evoting@
nsdl.co.in or call on : 1800 1020 990 and 1800 22 44 30.
ix) Now, you will have to click on 'Login' button.
General Guidelines for Members
x) After you click on the 'Login' button, Home page of
e-Voting will open. 1. It is strongly recommended not to share your password
with any other person and take utmost care to keep
Step 2: Cast your vote electronically and join General
your password confidential. Login to the e-voting
Meeting on NSDL e-Voting system.
website will be disabled upon five unsuccessful
How to cast your vote electronically and join General attempts to key in the correct password. In such an
Meeting on NSDL e-Voting system? event, you will need to go through the 'Forgot User
Details/Password?' or 'Physical User Reset Password?'
1. After successful login at Step 1, you will be able to see
option available on www.evoting.nsdl.com to reset
all the companies 'EVEN' in which you are holding
the password.
shares and whose voting cycle and General Meeting is
in active status. 2. In case of any queries, you may refer the Frequently
Asked Questions (FAQs) for Members and e-voting
2. Select 'EVEN' of company for which you wish to cast
user manual for Members available at the download
your vote during the remote e-Voting period and
section of www.evoting.nsdl.com or call on toll free no.:
casting your vote during the General Meeting. For
1800 1020 990 and 1800 22 44 30 or send a request to
joining virtual meeting, you need to click on 'VC/OAVM'
Ms. Pallavi Mhatre, Manager-NSDL or Mr. Amit Vishal,
link placed under 'Join Meeting'.
Senior Manager-NSDL at evoting@nsdl.co.in.
3. Now you are ready for e-Voting as the Voting
3. You can also update your mobile number and email
page opens.
ID in the user profile details of the folio which may be
4. Cast your vote by selecting appropriate options i.e. used for sending future communication(s).
assent or dissent, verify/modify the number of shares
VIII. The voting rights of Members shall be in proportion to their
for which you wish to cast your vote and click on
shares of the paid-up equity share capital of the Company
'Submit' and also 'Confirm' when prompted.
as on the cut-off date of June 30, 2022.
5. Upon confirmation, the message 'Vote cast successfully'
IX. Any person holding shares in physical form and non-
will be displayed.
individual Members, who acquires shares of the Company
6. You can also take the printout of the votes cast by you by and becomes a Member of the Company after dispatch of
clicking on the print option on the confirmation page. the Notice and holding shares as of the cut-off date i.e. June
30, 2022 may obtain the login ID and password by sending a
7. Once you confirm your vote on the resolution, you will
request at evoting@nsdl.co.in or the Company/TCPL.
not be allowed to modify your vote.
However, if the person is already registered with NSDL for
VII. The instructions for Members for e-Voting during the
remote e-Voting, then the existing user ID and password
proceedings of the AGM are as under:
of the said person can be used for casting vote. If the
A. The procedure for remote e-Voting during the AGM is person forgot his/her password, the same can be reset by
same as the instructions mentioned above for remote using 'Forgot user Details/Password' or 'Physical user Reset
e-Voting since the Meeting is being held through VC/ Password' option available on www.evoting.nsdl.com or
OAVM. by calling on toll free no. 1800 1020 990 and 1800 224 430.
In case of Individual Members holding securities in Demat
B. Only those Members, who will be present in the AGM
mode who acquires shares of the Company and becomes
through VC/OAVM facility and have not cast their vote
a Member of the Company after sending of the Notice and
on the Resolutions through remote e-Voting and are

Notice
Notice
holding shares as of the cut-off date i.e. Thursday, June 30, in favour or against, if any, to the Chairman or a person
2022 may follow steps mentioned in the notes to Notice authorised by him in writing, who shall countersign the
under 'Access to NSDL e-Voting system'. same and declare the result of the voting forthwith.
X. A person whose name is recorded in the Register of Members XIV. The Results declared, alongwith the Scrutinizer’s Report, shall
or in the Register of Beneficial Owners maintained by the be placed on the Company’s website www.tatapower.com
Depositories as on the cut-off date only shall be entitled and on the website of NSDL www.evoting.nsdl.com,
to avail the facility of remote e-Voting, as well as voting at immediately after the declaration of the result by the
the meeting. Chairman or a person authorised by him in writing. The results
shall also be immediately forwarded to the Stock Exchanges
XI. The Board of Directors has appointed Mr. P. N. Parikh (FCS
where the Company’s Equity Shares are listed viz. BSE and
327, CP 1228) or failing him, Mr. Mitesh Dhabliwala (FCS
NSE and be made available on their respective websites viz.
8331, CP 9511) or failing him Ms. Sarvari Shah (FCS 9697, CP
www.bseindia.com and www.nseindia.com.
11717) of M/s. Parikh and Associates, Company Secretaries as
Scrutinizer to scrutinize the voting at the AGM and remote By Order of the Board of Directors,
e-Voting process, in a fair and transparent manner. For The Tata Power Company Limited
XII. The Chairman shall, at the AGM, at the end of discussion on
H. M. Mistry
the resolutions on which voting is to be held, allow voting,
Company Secretary
by use of remote e-Voting system for all those Members who
FCS No.: 3606
are present during the AGM but have not cast their votes by
Mumbai, May 18, 2022
availing the remote e-Voting facility. The remote e-Voting
module during the AGM shall be disabled by NSDL for voting Registered Office:
15 minutes after the conclusion of the Meeting. Bombay House,
24, Homi Mody Street,
XIII. The Scrutinizer shall, after the conclusion of voting at
Mumbai 400 001.
the AGM, first count the votes cast during the Meeting
CIN: L28920MH1919PLC000567
and, thereafter, unblock the votes cast through remote
Tel: 91 22 6665 8282
e-Voting, in the presence of at least two witnesses not in
Email: tatapower@tatapower.com
the employment of the Company and shall make, not later
Website: www.tatapower.com
than two working days from the conclusion of the AGM,
a Consolidated Scrutinizer’s Report of the total votes cast

Notice
EXPLANATORY STATEMENT
As required by Section 102 of the Companies Act, 2013 (the Act), Audit Committee, may alter and vary the terms and conditions of
the following Explanatory Statement sets out all material facts appointment, including remuneration, in such manner and to such
relating to the business mentioned under Item Nos.5 to 20 of the extent as may be mutually agreed with the Statutory Auditors.
accompanying Notice dated May 6, 2022:
None of the Directors, Key Managerial Personnel (KMP) and their
Item No.5: This Explanatory Statement is provided though strictly relatives are, in any way, concerned or interested in the resolution
not required as per Section 102 of the Act. at Item No.5 of the accompanying Notice.
S R B C & CO. LLP, Chartered Accountants, Mumbai (ICAI Firm The Board recommends the Resolution at Item No.5 of
Registration No.:324982E/E300003) (SRBC) were appointed as the the accompanying Notice for approval by the Members of
Statutory Auditors of the Company by the Members at the 98th the Company.
Annual General Meeting (AGM) held on August 23, 2017 to hold
Item No.6: Mr. Kesava Menon Chandrasekhar (DIN:06466854)
office from the conclusion of the 98th AGM till the conclusion
was appointed as Independent Director of the Company by the
of the 103rd AGM of the Company to be held in the calendar
Members of the Company at their 98th Annual General Meeting
year 2022.
held on August 23, 2017, for a period of five years commencing
Accordingly, the present term of SRBC expires on conclusion of with effect from May 4, 2017 upto May 3, 2022.
the ensuing 103rd AGM. SRBC are eligible for re-appointment for
Based on an evaluation of the balance of skills, knowledge
a second term of five years in terms of the provisions of Section
and experience on the Board and further, on the report of
139 of the Act read with the Companies (Audit and Auditors)
performance evaluation, the external business environment,
Rules, 2014. The Company has received eligibility letter from SRBC
business knowledge, skills, experience and the substantial
confirming that their appointment will be in accordance with the
contribution made by him during his tenure and considering that
provisions of Section 139 read with Section 141 of the Act.
the continued association of Mr. Chandrasekhar as Independent
Considering their performance for the last 5 years, the Audit Director of the Company would be beneficial to the Company,
Committee of Directors has recommended the re-appointment and based on the recommendation of the Nomination and
of SRBC to the Board of Directors of the Company, which the Remuneration Committee, the Board, vide Resolution passed
Board has accepted and approved, subject to the approval of on April 21, 2022, appointed Mr. Chandrasekhar as an Additional
the Members. Director of the Company and subject to approval of the Members
by way of Special Resolution at the ensuing 103rd AGM of the
The recommendation is based on various factors like People,
Company, re-appointed him as a Non-Executive Independent
Audit Methodology, Quality Control, Reputation of the Firm and
Director, not liable to retire by rotation, for a second consecutive
Knowledge. SRBC is a firm of Chartered Accountants registered
term commencing from May 4, 2022 upto February 19, 2023,
with The Institute of Chartered Accountants of India. SRBC was
when he attains the retirement age of 75 years, as per the terms
established in the year 2002 and is a limited liability partnership
of the Governance Guidelines for Tata Companies on Board
firm incorporated in India. It has its registered office in Kolkata
Effectiveness. Mr. Chandrasekhar shall also cease to be a Director
and 11 branch offices in various cities in India. SRBC has valid Peer
of the Company with effect from close of business hours on
Review certificate and is part of S. R. Batliboi & Affiliates network of
February 19, 2023.
audit firms. It is primarily engaged in providing audit and assurance
services to its clients. SRBC have been involved in the statutory He has also confirmed that he is in compliance with Rules 6(1)
audits and also internal audits of various companies in the power and 6(2) of the Companies (Appointment and Qualification of
sector in the entire value chain and, hence, have the necessary Directors) Rules, 2014, with respect to the registration with the
experience to conduct the statutory audit of the Company. data bank of Independent Directors maintained by the Indian
Institute of Corporate Affairs.
The Board of Directors has approved remuneration of ₹ 5.89 crore
plus applicable taxes and out of pocket expenses for a period of Mr. Chandrasekhar has given his declaration to the Board, inter
two years commencing 2022-23, subject to their re-appointment alia, that (i) he meets the criteria of independence as provided
by the Members. The remuneration to be paid to the Statutory under Section 149(6) of the Act and Regulation 16(1)(b) of the
Auditors for the remaining period during their second term would Securities and Exchange Board of India (Listing Obligations and
be decided in line with the existing remuneration and shall be Disclosure Requirements) Regulation, 2015 (Listing Regulations),
commensurate with the services to be rendered by them during (ii) is not restrained from acting as a Director by virtue of any
the said tenure. The Board of Directors, in consultation with the Order passed by SEBI or any such authority and (iii) is eligible to

Notice
Notice
be appointed as a Director in terms of Section 164 of the Act. He he is a Member. In addition, he would be entitled to commission
has also given his consent to act as a Director. as determined each year by the Board of Directors within the
limits approved by the Members of the Company for the Non-
A brief profile of Mr. Chandrasekhar is given below:
Executive Directors of the Company.
Mr. Chandrasekhar entered the Indian Administrative Service in
In compliance with the provisions of Sections 149, 152 and other
1970. He was ranked third in the list in the batch. Prior to that, he
applicable provisions of the Act, read with Schedule IV to the Act
secured B.A. (Honours) in Economics and M.A. in History from St.
and the Rules made thereunder, and in terms of the applicable
Stephen's, College, University of Delhi. After entering Government
provisions of the Listing Regulations, each as amended, the re-
service, he did his M.A. in Management Studies from the University
appointment of Mr. Chandrasekhar as Independent Director of
of Leeds in United Kingdom.
the Company for a second term commencing with effect from
He spent the first 25 years of his career in Kerala, holding such May 4, 2022 upto February 19, 2023, is now being placed before
positions as Managing Director of the State Civil Supplies the Members for their approval by way of special resolution.
Corporation, District Collector, Idukki, Director of Fisheries,
Other than Mr. Chandrasekhar, who is concerned or interested
Principal Secretary (Industries) and Principal Secretary (Finance).
in the Resolution relating to his re-appointment, none of the
During this period, he was also Chairman of the Spices Board
Directors or KMP of the Company and their respective relatives
under the Ministry of Commerce, Government of India.
are concerned or interested in the resolution set out at Item No.6
In 1996, he left Kerala on Central Government deputation. During of the accompanying Notice.
his 15 years tenure with the Government of India, from 1996 to
Mr. Chandrasekhar is not related to any Director or KMP of
2011, he was Joint Secretary in the key Trade Policy Division of the
the Company.
Ministry of Commerce, Deputy Chief of Mission in the Embassy of
India, Brussels and the Ambassador and Permanent Representative The Board recommends the Resolution at Item No.6 of
of India in the World Trade Organization in Geneva. He rose to the the accompanying Notice for approval by the Members of
position of Union Cabinet Secretary. As Cabinet Secretary, he was the Company.
Head of all the Civil Services in India and reported directly to the
Context for Item Nos.7 to 17:
Prime Minister. He retained that position for four years. He retired
from Government service in 2011 at the age of 63, having served The provisions of the recently amended Regulation 23 of the
Government for 41 years. Listing Regulations, stipulate that a transaction with a related
party shall be considered material, if the transaction(s) entered
Post retirement, he was, for 5 years, Vice-Chairman, Kerala State
into/to be entered into individually or taken together with the
Planning Board with rank of Cabinet Minister of the State.
previous transactions during a financial year, exceeds ₹ 1,000 crore
Mr. Chandrasekhar has considerable management experience or 10% of annual consolidated turnover of the Company as per
having been associated as Chairman, Managing Director or the last audited financial statements of the Company, whichever
member of the Board of Directors of more than 40 companies is lower, and will require prior approval of Members by means
in the public, joint and private sector. He has written several of an ordinary resolution. The said limits are applicable, even
articles and presented papers. He has also been consultant if the transactions are in the ordinary course of business of the
to the Commonwealth Secretariat and to the UN Food and concerned company and at an arm’s length basis. The amended
Agriculture Organization. Regulation 2(1)(zc) of the Listing Regulations has also enhanced
the definition of Related Party(ies) and Related Party Transactions
In the opinion of the Board, Mr. Chandrasekhar is a person
(RPTs) which now includes a transaction involving a transfer of
of integrity, fulfils the conditions specified in the Act and the
resources, services or obligations between a listed entity or any of
Rules made thereunder read with the provisions of the Listing
its subsidiaries on one hand and a related party of the listed entity
Regulations, each as amended, and is independent of the
or any of its subsidiaries on the other hand, regardless of whether
management of the Company.
a price is charged or not.
A copy of the draft letter of appointment as Independent Director
It is in the above context that Resolution Nos. 7 to 17 are placed
setting out the terms and conditions is available for inspection
for the approval of the Members of the Company.
without any fee payable by the Members. Members who wish
to inspect the same can send a request to investorcomplaints@ Item No.7:
tatapower.com.
Background, details and benefits of the transaction
Mr. Chandrasekhar would be entitled to sitting fees for attending
PT Kaltim Prima Coal (KPC) is a joint venture between The Tata
meetings of the Board of Directors and Committees thereof where
Power Company Limited (TPCL), PT Sitrade Coal, PT Bhumi
Resources Tbk and Mountain Netherlands Investments B.V. KPC

Notice
was established in the Republic of Indonesia based on Deed of The transactions between the two companies not only help
Establishment No. 28, dated March 9, 1982, drawn up before Warda smoothen business operations for both the companies, but
Sungkar Alurmei, S.H., Notary in Jakarta, approved by Ministry of also ensure consistent flow of desired quality and quantity of
Justice in Decree No. Y.A.5/208/25 dated March 16, 1982PT. TPCL goods and services without interruptions and generation of
holds 30% stake in KPC. The scope of its activities comprises the revenue and business for both the companies to cater to their
exploration, development, mining and marketing of coal. business requirements.
Coastal Gujarat Power Limited (a wholly owned subsidiary of The management of TPCL has provided the Audit Committee
TPCL, which has now merged with TPCL) entered into Coal Sales with the details of various proposed RPTs including material
Agreement with KPC dated October 31, 2008 for a long term coal terms and basis of pricing. The Audit Committee, after reviewing
supply. The Initial Coal Sales Agreement had been amended all necessary information, has recommended entering into RPTs
and modified several times, the latest by Twelfth Amendment with KPC for an aggregate value not exceeding ₹ 12,000 crore to
dated 26th April, 2022 (Twelfth Amendment). The term ‘Coal be entered during FY23. The Audit Committee has noted that the
Sales Agreement’ hereinafter, will mean to include all twelve said transactions will be executed as per the terms of the Coal
amendments for sourcing coal from KPC on FOB (Free on Board) Sales Agreement, which is in the ordinary course of business.
basis price linked to HBA (Government of Indonesia notified The Audit Committee has also reviewed the pricing mechanism
monthly benchmark pricing). under the Coal Sales Agreement and confirmed that pricing is at
arm’s length.
Details of the proposed transactions of the Company with KPC, being a related party of TPCL, are as follows:
Sl. No. Description Details

1. A summary of information provided by the management to the Audit Committee:
a. Name of the related party and its PT Kaltim Prima Coal (KPC) Indonesia, a Joint Venture company of TPCL holding 30% interest in KPC.
relationship with the listed entity or
its subsidiary, including nature of
its concern or interest (financial or
otherwise);
b. Name of the director or key Mr. Sanjeev Churiwala, Chief Financial Officer and KMP of TPCL is also on the Board of Commissioners
managerial personnel who is related, of KPC.
if any and nature of relationship
c. Nature, material terms, monetary The Company has long term coal sourcing arrangement with KPC. The Company has been sourcing
value and particulars of contracts or coal from KPC since 2010 as per the Coal Sales Agreement, which is valid till FY33. The coal is being
arrangement procured at market price (price linked to Government of Indonesia notified monthly benchmark
pricing i.e. HBA), as per the terms of the Coal Sales Agreement.
d. Tenure of the transaction The tenure of the Coal Sales Agreement between TPCL and KPC is valid till FY33. However, approval
of the Members is being sought for Material RPTs for FY23.
e. Value of the proposed Transaction ₹ in crore
Nature of transactions Existing/ proposed Estimated Value
during FY23
Purchase of Indonesian origin Mid GCV coal Existing 12,000
f. Percentage of annual consolidated 28.18% (for RPTs to be entered during FY23)

turnover considering FY22 as the
immediately preceding financial year
2. Justification for the transaction Please refer to 'Background, details and benefits of the transaction' which forms part of the
explanatory statement to the Resolution No.7
3. Details of transaction relating to any loans, inter-corporate deposits, advances or investments made or given by the listed entity or its
subsidiary:

Notice
Notice

(i) details of the source of funds in
connection with the proposed
transaction
(ii) where any financial indebtedness
is incurred to make or give loans,
inter-corporate deposits, advances
or investments
- nature of indebtedness;
- cost of funds; and
- tenure Not Applicable
(iii) applicable terms, including
covenants, tenure, interest rate
and repayment schedule, whether
secured or unsecured; if secured,
the nature of security
(iv) the purpose for which the funds
will be utilized by the ultimate
beneficiary of such funds pursuant
to the RPT
4. A statement that the valuation or The proposed RPTs have been evaluated by a reputed external independent consulting firm in
other external report, if any, relied terms of pricing and arm’s length criteria and the report confirms that the proposed RPTs are on
upon by the listed entity in relation arm’s length basis. The report is available for inspection by the Members of the Company. They may
to the proposed transaction will be follow the process for inspection of document as mentioned in the 'Notes' section forming part of
made available through registered this Notice.
email address of the shareholder
5. Percentage of counterparty’s 34.85% of standalone turnover of KPC for FY22.
annual consolidated turnover that
is represented by the value of the
proposed RPT, on a voluntary basis
6. Any other information that may be All important information forms part of the statement setting out material facts of the proposed
relevant RPTs.
Arm’s length pricing: Members may note that in terms of the provisions of the Listing
Regulations, the related parties as defined thereunder (whether
The RPT(s)/contract(s)/arrangement(s) mentioned in this proposal
such related party(ies) are a party to the aforesaid transactions
have been evaluated by a reputed external independent
or not), shall not vote to approve the Resolution under Item No.7.
consulting firm and the firm has confirmed that the proposed
terms of the RPT(s)/contract(s)/arrangement(s) meet the arm’s Mr.Sanjeev Churiwala, Chief Financial Officer and KMP of TPCL is
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also also on the Board of Commissioners of KPC.
qualify as contract under ordinary course of business.
None of the Directors and other KMP of the Company and their
Brief details on the mode of determination of arm’s length pricing respective relatives (to the extent of their shareholding in the
are provided below: Company, if any) in any way, are concerned or interested either
directly or indirectly, financially or otherwise in the Resolution set
Nature of Transaction Arm’s length pricing out at Item No.7 of the accompanying Notice.
Imported coal In terms of the Coal Sales Agreement, the
The Board recommends the Resolution at Item No.7 of
sourcing not Company has been sourcing the coal from
exceeding ` 12,000 KPC at a price which is linked to market price the accompanying Notice for approval by the Members of
crore i.e. HBA Index. the Company.
The said transaction, being a Material RPT, requires prior approval

of the Members of the Company in accordance with Regulation 23
of the Listing Regulations.

Notice
Item No.8: between FY23 to FY25 as per the terms of the Order(s) placed
on TPL. However, approval of the Members is being sought for
Material RPTs for FY23.
Tata Projects Limited (TPL) is an associate company of The Tata
The said orders were placed as per the approval of the Audit
Power Company Limited (TPCL). and consequently, a related
Committee of Directors.
party of TPCL. TPL is one of the fastest growing and most admired
infrastructure companies in India. It has expertise in executing During FY23, the Company also intends to enter into other EPC
large and complex urban and industrial infrastructure projects. Projects with TPL.
TPCL, based on competitive bidding, has placed orders on TPL Both TPL and TPCL, being part of the Tata Group, these
for execution of Flue Gas Desulphurisation (FGD) projects at transactions not only help smoothen business operations for both
its 4150 MW (5 x 830 MW) Mundra Thermal Power Generation the companies, but also ensure consistent flow of desired quality
Plant and 447 MW Jojobera Plant. Scope of work of FGD and quantity of facilities and services without interruption and
includes design, engineering, manufacture, shop fabrication, generation of revenue and business for both the companies to
assembly, shop testing, type testing at manufacturer's works, cater to their business requirements.
inspection, supply including packing and forwarding, loading
The management of TPCL has provided the Audit Committee
and unloading, transportation, adequate preservation at site,
with the details of various proposed RPTs including material terms
storage and handling at site, site fabrication, erection/installation,
and basis of pricing. The Audit Committee, after reviewing all
construction, site testing, commissioning and performance
necessary information, has recommended entering into RPTs with
testing of wet limestone based System for treating 100% of the
TPL for an aggregate value not exceeding ₹ 2,930 crore during
flue gas flow rate. TPL, being an expert contracting company, has
FY23. The existing orders were placed on TPL on an arm’s length
been engaged as Engineering Procurement and Construction
basis. The Audit Committee has noted that the said transactions
(EPC) Contractor for execution of the aforesaid FGD Project
with TPL will be on an arm's length basis and in the ordinary
through open bidding process. The Project will be executed
course of business of the Company.
Details of the proposed transactions of the Company with TPL, being a related party of TPCL, are as follows:

1. A summary of information provided by the management to the Audit Committee:
a. Name of the related party and its TPL is an associate company of TPCL and consequently, a related party of TPCL. TPCL holds
relationship with the listed entity or its 47.78% in TPL.
subsidiary, including nature of its concern
or interest (financial or otherwise);
b. Name of the director or key managerial Mr. Banmali Agrawala, who is Non-Executive Chairman of TPL, is also a Non-Executive Director
personnel who is related, if any, and of TPCL.
nature of relationship
c. Nature, material terms, monetary TPCL, based on competitive bidding, has placed orders on TPL for execution of FGD Projects
value and particulars of contracts or at its 4,150 MW (5 x 830 MW) Mundra Thermal Power Generation Plant and 447 MW Jojobera
arrangement Plant. The underlying on-going agreements are effective from FY19 and valid till FY25.
TPCL also intends to award other EPC contracts, pertaining to construction of transmission line
and other infrastructural facilities to TPL during FY23.
d. Tenure of the Transaction The Project will be executed between FY23 to FY25 as per the terms of the Order(s) placed on
TPL. However, approval of the Members is being sought for Material RPTs for FY23.
Availing of EPC Services Existing 2,220
Availing of EPC and O&M Services Proposed 680
Availing of O&M Services Existing 30
Total 2,930

Notice
Notice

explanatory statement to the Resolution No. 8
subsidiary:
connection with the proposed transaction
inter-
corporate deposits, advances
or
investments
- cost of funds; and Not Applicable
- tenure
(iii) applicable terms, including covenants,
tenure, interest rate and repayment
schedule, whether secured or unsecured;
if secured, the nature of security
(iv) the purpose for which the funds will
be utilized by the ultimate beneficiary of
such funds pursuant to the RPT
4. A statement that the valuation or other The proposed RPTs have been evaluated by a reputed external independent consulting firm in
external report, if any, relied upon by the terms of pricing and arm’s length criteria and the report confirms that the proposed RPTs are
listed entity in relation to the proposed on arm’s length basis. The report is available for inspection by the Members of the Company.
transaction will be made available They may follow the process for inspection of document as mentioned in the 'Notes' section
through registered email address of the forming part of this Notice.
shareholder
5. Percentage of counterparty’s annual 21.37% of TPL’s annual consolidated turnover for FY22
consolidated turnover that is represented
by the value of the proposed RPT, on a
voluntary basis
relevant RPTs.
Arm’s length pricing: Nature of Arm’s length pricing

Transaction
have been evaluated by a reputed external independent Transaction(s) Orders were placed on TPL based on competitive
consulting firm and the firm has confirmed that the proposed not exceeding bidding as per Policy on Related Party Transactions
₹ 2,930 crore of the Company.
terms of the RPT(s)/contract(s)/agreement(s) meet the arm’s
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also In case of the proposed transactions, order will be
qualify as contract under ordinary course of business. placed based on competitive bids for procurement
/ availing the relevant material and/or service.
Brief details on the mode of determination of arm’s length pricing When such competitive bids are not available,
are provided below: alternative method (for instance, cost-plus mark-
up or comparable price, etc.) as advised by the
independent consulting firm, shall be considered as
arm’s length pricing criteria.


Notice
Members may note that in terms of the provisions of the Listing consumables, etc. TPCL also avails services from TSL such
Regulations, the related parties as defined thereunder (whether as business auxiliary services like training, consultancy,
such related party(ies) are a party to the aforesaid transactions or leasing out premises amongst others. As part of business
not), shall not vote to approve the Resolution under Item No.8. operations, both the companies also enter into other
transactions such as reimbursement of expenses and
Mr. Banmali Agrawala, who is Non-Executive Chairman of TPL, is
transfer of assets, from time to time.
also a Non-Executive Director of TPCL.
TPCL enters into various transactions with TSL including
None of the other Directors and KMP of the Company and their
rendering and availing of services, purchasing and selling
respective relatives (to the extent of their shareholding in the
of required goods and other transactions such as transfer
Company, if any) in any way, are concerned or interested either
of assets or reimbursement of expenses for business
operations, from time to time. Both TSL and TPCL, being
out at Item No.8 of the accompanying Notice.
part of the Tata Group, these transactions not only help
The Board recommends the Resolution at Item No. 8 of smoothen business operations for both the companies,
the accompanying Notice for approval by the Members of but also ensure consistent flow of desired quality and
the Company. quantity of facilities and services without interruptions
and generation of revenue and business for both the
Item No.9:
companies to cater to their business requirements.
The management of TPCL has provided the Audit
Tata Steel Limited (TSL) is a listed associate company of Tata Sons Committee with the details of various proposed RPTs
Private Limited [Promoter of The Tata Power Company Limited including material terms and basis of pricing. The Audit
(TPCL)]. Consequently, TSL is a related party of TPCL. TSL offers a Committee, after reviewing all necessary information,
broad range of steel products including a portfolio of high value has recommended entering into RPTs with TSL for an
added downstream products such as hot rolled, cold rolled, aggregate value not exceeding ₹ 2,630 crore to be entered
coated steel, rebars, wire rods, tubes and wires. into during FY23. TPCL has already entered into certain
agreement(s)/contract(s) as mentioned hereinbelow. The
TPCL primarily sells power to TSL for its manufacturing facilities
Committee has noted that the said transactions with TSL
and distribution. TPCL also sells stores, spares for use in their
will be on an arm's length basis and in the ordinary course
manufacturing processes. TPCL provides tolling services to TSL
of business of the Company.
whereby coal is provided by TSL for conversion into power. TPCL
purchases coal by-products, gas and utilities, stores, spares,
Details of the proposed transactions of the Company with TSL, being a related party of TPCL, are as follows

1. A summary of information provided by the management to the Audit Committee
a. Name of the related party and its TSL is a listed associate company of Tata Sons Private Limited (Promoter of TPCL) and, consequently,
relationship with the listed entity or a related party of TPCL.
otherwise);
b. Name of the director or key Mr. N. Chandrasekaran is Non-Executive Chairman and Mr. Saurabh Agrawal is Non-Executive
managerial personnel who is related, Director, on both the Boards.
if any and nature of relationship
c. Nature, material terms, monetary TPCL has on-going arrangements with TSL for sale of power from its multiple power generating
value and particulars of contracts or units located at Jojobera and Haldia. Jojobera has 4 units, 2 units are regulated wherein the tariff
arrangement for sale of power is approved by state regulatory authority and while 2 units are non-regulated
wherein the tariff for sale of power is mutually decided between the parties.
The underlying arrangements comprise allied transactions such as purchase of fuel (coal/ gas),
goods, spares and services. The duration of the said contracts ranges from FY97 to FY37.
Further, TPCL is also proposing to enter into additional contracts for sale of power along with
above allied transactions from its additional power plants.
d. Tenure of the Transaction The tenure of the contracts ranges from FY97 to FY37. However, approval of the Members is being
sought for Material RPT for FY23.

Notice
Notice

during FY23
Sale of Power Existing 1,368
Purchase of Goods (including coal by-products, Existing 1,029
gas & utilities, stores, spares, etc.)
Rendering of services Existing/ Proposed 160
Availing of services Existing/ Proposed 16
Reimbursement of Expenses Proposed 13
Other transactions Existing/ Proposed 44
Total 2,630
subsidiary:
(i) details of the source of funds
in connection with the proposed
transaction
inter-corporate deposits, advances or
investments
secured or unsecured; if secured, the
nature of security
(iv) the purpose for which the funds
will be utilized by the ultimate
beneficiary of such funds pursuant to
the RPT
4. A statement that the valuation or The proposed RPTs have been evaluated by a reputed external independent consulting firm in
other external report, if any, relied terms of pricing and arm’s length criteria and the report confirms that the proposed RPTs are on
upon by the listed entity in relation arm’s length basis. The report is available for inspection by the Members of the Company. They
to the proposed transaction will be may follow the process for inspection of document as mentioned in the 'Notes' section forming
made available through registered part of this Notice.
email address of the shareholder
5. Percentage of counterparty’s 1.08% of TSL’s annual consolidated turnover for FY22
annual consolidated turnover that
relevant RPTs.

Notice
Arm’s length pricing: None of the other Directors and KMP of the Company and their
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also The Board recommends the Resolution at Item No.9 of
qualify as contract under ordinary course of business. the accompanying Notice for approval by the Members of
the Company.
Brief details on the mode of determination of arm’s length pricing
are provided below: Item No.10:
Nature of Arm’s length pricing Background, details and benefits of the transaction
Transaction
Tata Power Solar Systems Limited (TPSSL) is a fellow subsidiary of
Operational Tariff for sale of power from regulated units are decided Tata Power Renewable Energy Limited (TPREL) and consequently,
transactions by state regulatory authority while the tariff for sale of a related party of TPREL. TPSSL is an Indian company engaged
not power from non-regulated units are mutually decided
exceeding between the parties in line with the tariff approved for
in providing Engineering, Procurement and Construction (EPC)
₹ 2,630 crore regulated units. services for development of solar power plants, operation and
maintenance of solar power plants as well as manufacturing of
For the allied transactions, wherever market prices
solar cells and modules.
are available, the same has been considered and
analysed to meet the arm’s length price. Further, the TPREL avails EPC services from TPSSL for development of its Solar
transactions are aggregated and evaluated factoring Power plants. TPSSL also avails and provides loan for fulfilling
the profitability earned from respective units.
working capital requirements. As part of the business operations,
Further, for proposed arrangements, the RPTs of sale both the companies also enter into other transactions such as
of power and allied transaction will be entered based reimbursement of expenses from time to time. Both, TPSSL and
on the market price of the relevant material and TPREL, being part of the Tata Power group, these transactions not
service. Where market price is not available, alternative only help smoothen business operations for both the companies,
method (such as cost plus mark-up, comparable price, but also ensure consistent flow of desired quality and quantity
etc.), as advised by the independent consulting firm, of facilities and services without interruption and generation of
shall be consider as arm’s length price.
revenue and business for both the companies to cater to their
The said transaction, being a Material RPT, requires prior approval business requirements.
of the Members of the Company in accordance with Regulation 23 The management of The Tata Power Company Limited (TPCL), the
of the Listing Regulations. parent company of both TPSSL and TPREL, has provided the Audit
Members may note that in terms of the provisions of the Listing Committee with the details of various proposed RPTs including
Regulations, the related parties as defined thereunder (whether material terms and basis of pricing. The Audit Committee, after
such related party(ies) are a party to the aforesaid transactions or reviewing all necessary information, has recommended entering
not), shall not vote to approve the Resolution under Item No. 9. into RPTs between TPSSL and TPREL for an aggregate value not
exceeding ₹ 6,035 crore to be entered into during FY23. The Audit
Mr. N. Chandrasekaran, Chairman of TSL is also the Chairman of Committee has noted that the said transactions will be executed
TPCL. Further, Mr. Saurabh Agrawal, Non-Executive Director of between TPSSL and TPREL on an arm's length basis and in the
TSL, is also a Non-Executive Director of TPCL, as on date of this ordinary course of business of TPSSL and TPREL.
Notice. Mr. Chandrasekaran, Mr. Agrawal and their relatives’
interest or concerns are limited only to the extent of their holding
directorship position(s) in TSL and TPCL.

Notice
Notice
Details of the proposed transactions between TPREL and TPSSL are as follows:

a. Name of the related party and its TPREL and TPSSL are fellow subsidiaries of TPCL.
relationship with the listed entity or its
b. Name of the director or key managerial Dr. Praveer Sinha is Non-Executive Chairman of both TPSSL and TPREL. Further, Mr. Ashish
personnel who is related, if any and Khanna is Non-Executive Director of both TPSSL and TPREL and Ms. Aditi Raja, who is Non-
nature of relationship Executive Director of TPSSL, is also an Independent Director of TPREL
c. Nature, material terms, monetary TPSSL has an on-going EPC and/or Operation and Maintenance (O&M) contracts wherein it
value and particulars of contracts or undertakes construction of solar based power plants and provides need-based O&M services
arrangement to TPREL. The duration of the on-going contracts ranges from FY17 to FY37.
Both, TPSSL and TPREL further intend to enter into EPC/ O&M contract, placing/acceptance of
inter-corporate deposit and interest thereon during FY23
d. Tenure of the Transaction The tenure of the contract(s) ranges from FY17 to FY37. However, approval of the Members is
being sought for Material RPT for FY23.
during FY23
Sale of Material Existing/ Proposed 4,500
Rendering of services Existing/ Proposed 300
Loan Taken Proposed 700
Loan Given Proposed 500
Receipt/ payment of interest Proposed 35
Total 6,035
subsidiary:
Internal accruals
connection with the proposed transaction
investments NIL
- tenure
(iii) applicable terms, including covenants, I. Tenure - Short Term (less than one year)
tenure, interest rate and repayment II. Interest rate - benchmarked with other banks.
schedule, whether secured or unsecured; III. Security - Unsecured.
if secured, the nature of security IV. Currency - INR
be utilized by the ultimate beneficiary of Working Capital requirements
such funds pursuant to the RPT

Notice
shareholder
5. Percentage of counterparty’s annual 70.95% - Standalone turnover of TPSSL for FY22
consolidated turnover that is represented 217.95% - Consolidated turnover of TPREL for FY22
voluntary basis
6. Any other information that may be All important information forms part of the statement setting out material facts of the
relevant proposed RPTs.
Arm’s length pricing: directly or indirectly, financially or otherwise in the Resolution set
have been evaluated by a reputed external independent The Board recommends the Resolution at Item No.10 of the
consulting firm and the firm has confirmed that the proposed accompanying Notice for approval by the Members of the
terms of the RPT(s)/contract(s)/agreement(s) meet the arm’s Company
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also Item No.11:
Brief details on the mode of determination of arm’s length pricing Tata Power Solar Systems Limited (TPSSL) is a fellow subsidiary of
are provided below: TP Saurya Limited (TPSL) and consequently, a related party of TPSL.
Nature of Arm’s length pricing TPSSL is an Indian company engaged in providing Engineering,
Transaction Procurement and Construction (EPC) services for development of
Operational The RPTs will be entered based on the market price solar power plants, Operation and Maintenance of solar power
transactions not of the relevant material and service. Where market plants as well as manufacturing of solar cells and modules.
exceeding price is not available, alternative method (such TPSL avails EPC services from TPSSL for development of its
` 6,035 crore as cost plus mark-up, comparable price, etc.), as Solar Power plants. As a part of business operations, both
advised by the independent consulting firm, shall
the companies also enter into other transactions such as
be considered as arm’s length price.
reimbursement of expenses from time to time. Both TPSSL and
The said transaction, being a Material RPT, requires prior approval TPSL, being part of the Tata Power Group, these transactions not
of the Members of the Company in accordance with Regulation 23 only help smoothen business operations for both the companies,
of the Listing Regulations but also ensure consistent flow of desired quality and quantity
of facilities and services without interruptions and generation of
Members may note that in terms of the provisions of the Listing
revenue and business for both the companies to cater to their
Regulations, the related parties as defined thereunder (whether
business requirements.
such related party(ies) are a party to the aforesaid transactions or
not), shall not vote to approve the Resolution under Item No.10. The management of The Tata Power Company Limited (TPCL),
the parent company of both TPSSL and TPSL, has provided the
Dr. Praveer Sinha is Non-Executive Chairman of both, TPSSL and Audit Committee with the details of the proposed RPTs including
TPREL. Further, Mr. Ashish Khanna is Non-Executive Director of material terms and basis of pricing. The Audit Committee, after
both, TPSSL and TPREL and Ms. Aditi Raja, who is Non-Executive reviewing all necessary information, has recommended entering
Director of TPSSL, is also an Independent Director of TPREL. into RPTs between TPSSL and TPSL for an aggregate value not
Dr. Sinha, Mr. Khanna and Ms. Raja and their relatives’ interest exceeding ₹ 3,800 crore to be entered during FY23. The Audit
or concerns are limited only to the extent of their directorship in Committee has noted that the said transactions will be executed
TPSSL and TPREL. between TPSSL and TPSL on an arm's length basis and in the
None of the other Directors and KMP of the Company and their ordinary course of business.

Notice
Notice
Details of the proposed transactions between TPSL and TPSSL are as follows:

a. Name of the related party and its TPSSL and TPSL are fellow subsidiaries of TPCL.
b. Name of the director or key managerial Mr. Ashish Khanna is a Non-Executive Director of both, TPSSL and TPSL. Further, Mr. Mahesh
personnel who is related, if any and Paranjpe, Chief Executive Officer and KMP of TPSSL is also a Non-Executive Director of TPSL.
c. Nature, material terms, monetary During the year under consideration, TPSL anticipates availing of EPC and O&M services from
value and particulars of contracts or TPSSL. The services include construction of solar based power plants and provides need-based
arrangement O&M services
d. Tenure of the Transaction FY23
e. Value of the proposed Transaction
₹ in crore
FY23
Sale of Material Proposed 3,500
Rendering of services Proposed 300
Total 3,800

subsidiary:
transaction
investments

covenants, tenure, interest rate and
repayment schedule, whether secured
or unsecured; if secured, the nature of
security
be utilized by the ultimate beneficiary
of such funds pursuant to the RPT
shareholder

Notice

consolidated turnover that is represented NA – Standalone turnover of TPSL for FY22 as the company has not commenced operations.
voluntary basis
Arm’s length pricing: The Board recommends the Resolution at Item No.11 of
the accompanying Notice for approval by the Members of
the Company.
consulting firm and the firm has confirmed that the proposed Item No.12:
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also
qualify as contract under ordinary course of business. Tata Power Solar Systems Limited (TPSSL) is a fellow subsidiary
of Tata Power Green Energy Limited (TPGEL) and consequently,
Brief details on the mode of determination of arm’s length pricing
a related party of TPGEL. TPSSL is an Indian company engaged
are provided below:
Nature of Arm’s length pricing services for development of solar power plants, Operation and
Transaction Maintenance of solar power plants as well as manufacturing of
Operational The RPTs will be entered based on the market price solar cells and modules.
transactions of the relevant material and service. Where market
not exceeding price is not available, alternative method (such TPGEL avails EPC services from TPSSL for development of its Solar
₹ 3,800 crore as cost-plus mark-up, comparable price, etc.), as Power Plants. As part of business operations, both the companies
advised by the independent consulting firm, shall also enter into other transactions such as reimbursement of
be considered as arm’s length price. expenses from time to time. Both TPSSL and TPGEL being part
of the Tata Power Group, these transactions not only help
smoothen business operations for both the companies, but
also ensure consistent flow of desired quality and quantity of
facilities and services without interruptions and generation of
Members may note that in terms of the provisions of the Listing revenue and business for both the companies to cater to their
Regulations, the related parties as defined thereunder (whether business requirements.
not), shall not vote to approve the Resolution under Item No.11. The management of The Tata Power Company Limited (TPCL),
the parent company of both TPSSL and TPGEL, has provided the
Mr. Ashish Khanna is a Non-Executive Director of both, TPSSL and Audit Committee with the details of the proposed RPTs including
TPSL. Further, Mr. Mahesh Paranjpe, Chief Executive Officer and material terms and basis of pricing. The Audit Committee, after
KMP of TPSSL is also a Non-Executive Director of TPSL. Mr. Khanna, reviewing all necessary information, has recommended entering
Mr. Paranjpe and their relatives’ interest or concerns are limited into RPTs between TPSSL and TPGEL for an aggregate value not
only to the extent of their directorship / KMP position(s) in TPSSL exceeding ` 1,520 crore to be entered during FY23. The Audit
and TPSL. Committee has noted that the said transactions will be executed
None of the Directors and KMP of the Company and their between TPSSL and TPGEL on an arm's length basis and in the
respective relatives (to the extent of their shareholding in the ordinary course of business.

Notice
Notice
Details of the proposed transactions between TPGEL and TPSSL are as follows:

a. Name of the related party and its TPSSL and TPGEL are fellow subsidiaries of TPCL.
b. Name of the director or key managerial Mr. Ashish Khanna, Non-Executive Director of TPSSL, is also the Non-Executive Chairman of
personnel who is related, if any and TPGEL.
c. Nature, material terms, monetary During the year under consideration, TPGEL anticipates availing of EPC and O&M services from
value and particulars of contracts or TPSSL. The services include construction of solar based power plants and need-based O&M
arrangement services
during FY23
Sale of Material Proposed 1,500
Rendering of services Proposed 20
Total 1,520

subsidiary:
transaction
investments

security
shareholder

Notice

consolidated turnover that is represented NA - Standalone turnover of TPGEL for FY22 as the company has not commenced full-fledged
by the value of the proposed RPT, on a operations.
voluntary basis
The RPT(s)/contract(s)/arrangement(s) mentioned in this proposal the Company.
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also Background, details and benefits of the transaction
Brief details on the mode of determination of arm’s length pricing Walwhan Renewable Energy Limited (WREL) and consequently,
are provided below: a related party of WREL. TPSSL is an Indian company engaged
Nature of Arm’s length pricing services for development of solar power plants, Operation and
Transaction Maintenance of solar power plants as well as manufacturing of
Operational The RPTs will be entered based on the market price solar cells and modules.
transactions not of the relevant material and service. Where market
exceeding price is not available, alternative method (such WREL avails EPC services from TPSSL for development of its Solar
₹ 1,520 crore as cost-plus mark-up, comparable price, etc.), as Power Plants. TPSSL also avails and provides loan for fulfilling
advised by the independent consulting firm, shall working capital requirements. As part of business operations,
be considered as arm’s length price. both the companies also enter into other transactions such as
The said transaction, being a Material RPT, requires prior approval reimbursement of expenses from time to time. Both TPSSL and
of the Members of the Company in accordance with Regulation 23 WREL, being part of the Tata Power Group, these transactions not
of the Listing Regulations. only help smoothen business operations for both the companies,
but also ensure consistent flow of desired quality and quantity
Members may note that in terms of the provisions of the Listing of facilities and services without interruptions and generation of
Regulations, the related parties as defined thereunder (whether revenue and business for both the companies to cater to their
such related party(ies) are a party to the aforesaid transactions or business requirements.
not), shall not vote to approve the Resolution under Item No.12.
The management of The Tata Power Company Limited (TPCL),
Mr. Ashish Khanna, Non-Executive Director of TPSSL is also the parent company of TPSSL and ultimate holding company of
the Non-Executive Chairman of TPGEL. Mr. Khanna and his WREL, has provided the Audit Committee with the details of the
relatives’ interest or concerns are limited only to the extent of his proposed RPTs including material terms and basis of pricing. The
directorship in TPSSL and TPGEL. Audit Committee, after reviewing all necessary information, has
recommended entering into RPTs between TPSSL and WREL for an
None of the Directors and KMP of the Company and their aggregate value not exceeding ₹ 1,285 crore to be entered during
respective relatives (to the extent of their shareholding in the FY23. The Audit Committee has noted that the said transactions
Company, if any) in any way, are concerned or interested either will be executed between TPSSL and WREL on an arm's length
directly or indirectly, financially or otherwise in the Resolution set basis and in the ordinary course of business.

Notice
Notice
Details of the proposed transactions between WREL and TPSSL are as follows:

a. Name of the related party and its TPSSL and WREL are fellow subsidiaries of TPCL.
b. Name of the director or key managerial Mr. Ashish Khanna, Non-Executive Director of TPSSL, is also the Non-Executive Chairman of
personnel who is related, if any and WREL. Mr. Seethapathy Chander, is an Independent Director of both, TPSSL and WREL.
c. Nature, material terms, monetary During the year under consideration, WREL anticipates availing of EPC services, placing/
value and particulars of contracts or acceptance of inter-corporate deposit and interest thereto with TPSSL.
arrangement
during FY23
Sale of Material Proposed 50
Loan taken Proposed 700
Loan given Proposed 500
Total 1,285
subsidiary:
connection with the proposed Internal accruals
transaction
investments Not Applicable
- tenure
(iii) applicable terms, including I. Tenure - Short Term (less than one year).
covenants, tenure, interest rate and II. Interest rate - benchmarked with other banks.
repayment schedule, whether secured III. Security - Unsecured.
or unsecured; if secured, the nature of IV. Currency - INR
security
be utilized by the ultimate beneficiary Working Capital requirements
shareholder

Notice

consolidated turnover that is represented 100.63% - Consolidated turnover of WREL for FY22
voluntary basis
have been evaluated by a reputed external independent The Board recommends the Resolution at Item No.13 of
consulting firm and the firm has confirmed that the proposed the accompanying Notice for approval by the Members of
terms of the RPT(s)/contract(s)/agreement(s) meet the arm’s the Company.
qualify as contract under ordinary course of business. Item No.14:
Brief details on the mode of determination of arm’s length pricing Background, details and benefits of the transaction
are provided below:
Tata Power Solar Systems Limited (TPSSL), which is a subsidiary of
Nature of Arm’s length pricing The Tata Power Company Limited (TPCL), is the Parent Company
Transaction of Chirasthaayee Saurya Limited (CSL) and consequently, a related
Operational The RPTs will be entered based on the market price party of CSL. TPSSL is an Indian company engaged in providing
transactions of the relevant material and service. Where market Engineering, Procurement and Construction (EPC) services for
not exceeding price is not available, alternative method (such development of solar power plants, Operation and Maintenance
₹ 1,285 crore as cost-plus mark-up, comparable price, etc.), as of solar power plants as well as manufacturing of solar cells
advised by the independent consulting firm, shall and modules.
be considered as arm’s length price.
CSL primarily avails O&M services from TPSSL for maintenance
of its Solar Power Plants. TPSSL also avails and provides loan
for fulfilling working capital requirements. As part of business
operations, both the companies also enter into other transactions
Members may note that in terms of the provisions of the Listing such as reimbursement of expenses from time to time. Both TPSSL
Regulations, the related parties as defined thereunder (whether and CSL, being part of the Tata Power Group, these transactions
such related party(ies) are a party to the aforesaid transactions or not only help smoothen business operations for both the
not), shall not vote to approve the Resolution under Item No.13. companies, but also ensure consistent flow of desired quality
and quantity of facilities and services without interruptions and
Mr. Ashish Khanna, Non-Executive Director of TPSSL is also the generation of revenue and business for both the companies to
Non-Executive Chairman of WREL. Further, Mr. Seethapathy cater to their business requirements.
Chander, is an Independent Director of both, TPSSL and WREL.
Mr. Khanna and Mr. Chander and their relatives’ interest or The Management of TPCL has provided the Audit Committee
concerns are limited only to the extent of their directorship in with the details of the proposed RPTs including material terms
TPSSL and WREL. and basis of pricing. The Audit Committee, after reviewing all
necessary information, has recommended entering into RPTs
None of the Directors and KMP of the Company and their between TPSSL and CSL for an aggregate value not exceeding
respective relatives (to the extent of their shareholding in the ₹ 1,040 crore to be entered during FY23. The Audit Committee
Company, if any) in any way, are concerned or interested either has noted that the said transactions will be executed between
TPSSL and CSL on an arm's length basis and in the ordinary course
of business.

Notice
Notice
Details of the proposed transactions between TPSSL and CSL are as follows:

a. Name of the related party and its TPSSL and CSL are fellow subsidiaries of TPCL.
b. Name of the director or key managerial Mr. Mahesh Paranjpe, CEO and KMP of TPSSL, is also the Non-Executive Chairman of CSL.
personnel who is related, if any and
c. Nature, material terms, monetary TPSSL has an on-going O&M contract wherein it provides need-based O&M services to CSL. The
value and particulars of contracts or duration of the on-going contracts ranges from FY17 to FY42.
arrangement
CSL anticipates placing/accepting of inter-corporate deposit and interest thereon, entered
with TPSSL in the year under consideration.
during FY23
Rendering of Services Existing 5
Loan Taken Proposed 500
Loan Given Proposed 500
Total 1,040
subsidiary:
connection with the proposed Internal accruals
transaction
investments Not Applicable
- tenure
(iii) applicable terms, including covenants, I. Tenure – Short Term (less than one year)
tenure, interest rate and repayment II. Interest rate - benchmarked with other banks
schedule, whether secured or III. Security – Unsecured
unsecured; if secured, the nature of IV. Currency – INR
security
be utilized by the ultimate beneficiary Working Capital requirements

Notice

shareholder
consolidated turnover that is represented NA– Standalone turnover of CSL for FY22 as the company has not commenced full fledged
by the value of the proposed RPT, on a operations
voluntary basis
relevant RPTs.
have been evaluated by a reputed external independent The Board recommends the Resolution at Item No.14 of
consulting firm and the firm has confirmed that the proposed the accompanying Notice for approval by the Members of
terms of the RPT(s)/contract(s)/agreement(s) meet the arm’s the Company.
qualify as contract under ordinary course of business. Item No.15:
Brief details on the mode of determination of arm’s length pricing Background, details and benefits of the transaction
are provided below:
Nature of Arm’s length pricing TP Kirnali Limited (TPKL) and consequently, a related party of TPKL.
Transaction TPSSL is an Indian company engaged in providing Engineering,
Operational The RPTs will be entered based on the market price Procurement and Construction (EPC) services for development of
transactions of the relevant material and service. Where market solar power plants, Operation and Maintenance of solar power
not exceeding price is not available, alternative method (such plants as well as manufacturing of solar cells and modules.
₹ 1,040 crore as cost-plus mark-up, comparable price, etc.), as
advised by the independent consulting firm, shall TPKL avails EPC services from TPSSL for development of its Solar
be considered as arm’s length price. Power plants. As part of business operations, both the companies
also enter into other transactions such as reimbursement of
expenses from time to time. Both TPSSL and TPKL, being part
of the Tata Power Group, these transactions not only help
smoothen business operations for both the companies, but
Members may note that in terms of the provisions of the Listing also ensure consistent flow of desired quality and quantity of
Regulations, the related parties as defined thereunder (whether facilities and services without interruptions and generation of
such related party(ies) are a party to the aforesaid transactions or revenue and business for both the companies to cater to their
not), shall not vote to approve the Resolution under Item No.14. business requirements.
Mr. Mahesh Paranjpe, CEO and KMP of TPSSL, is also the Non- The management of The Tata Power Company Limited (TPCL),
Executive Chairman of CSL. Mr. Paranjpe and his relatives’ interest the parent company of TPSSL and ultimate holding company of
or concerns are limited only to the extent of holding directorship TPKL has provided the Audit Committee with the details of the
/ KMP position(s) in TPSSL and CSL. proposed RPTs including material terms and basis of pricing. The
Audit Committee, after reviewing all necessary information, has
None of the Directors and KMP of the Company and their recommended entering into RPTs between TPSSL and TPKL for an
respective relatives (to the extent of their shareholding in the aggregate value not exceeding ₹ 1,015 crore to be entered during
Company, if any) in any way, are concerned or interested either FY23. The Audit Committee has noted that the said transactions
will be executed between TPSSL and TPKL on an arm's length
basis and in the ordinary course of business.

Notice
Notice
Details of the proposed transactions between TPKL and TPSSL are as follows:

a. Name of the related party and its TPSSL and TPKL are fellow subsidiaries of TPCL.
b. Name of the director or key managerial Mr. Aditya Gupta, CFO and KMP of TPSSL, is also a Non-Executive Director of TPKL
c. Nature, material terms, monetary TPSSL has an on-going EPC and O&M contract wherein it undertakes construction of solar
value and particulars of contracts or based power plants and provides need-based O&M services to TPKL. The duration of the on-
arrangement going contract ranges from FY21 to FY47.
TPKL anticipates availing of EPC and O&M services from TPSSL in the year under consideration.
during FY23
Sale of Material Proposed/ Existing 1,000
Rendering of services Proposed/ Existing 15
Total 1,015
subsidiary:
transaction
investments
security

Notice

shareholder
consolidated turnover that is represented NA- Standalone turnover of TPKL for FY22 as the company has not commenced operations.
voluntary basis
length testing criteria. The RPT(s)/contract(s)/arrangement(s) also Background, details and benefits of the transaction
Tata Power Trading Company Limited (TPTCL) is a wholly owned
Brief details on the mode of determination of arm’s length pricing unlisted subsidiary of The Tata Power Company Limited (TPCL).
are provided below: Maithon Power Limited (MPL) is an unlisted subsidiary in which
74% is held by TPCL and 26% by Damodar Valley Corporation
Nature of Arm’s length pricing (DVC). Consequently, both are related parties.
Transaction
Operational The RPTs will be entered based on the market price TPTCL is primarily engaged in the business of trading of electricity
transactions not of the relevant material and service. Where market across the country. TPTCL sources power from different public and
exceeding price is not available, alternative method (such private sector generating unit and supplies to various consumers
₹ 1,015 crore as cost-plus mark-up, comparable price, etc.), as being public and private power sector utilities.
advised by the independent consulting firm, shall
be considered as arm’s length price. MPL has entered into Tri Party Power Purchase Agreement (PPA)
with TPTCL for supply of 300 MW to West Bengal State Electricity
Distribution Company Limited and 300 MW to Tata Power Delhi
Distribution Limited. MPL also has PPA with Kerala State Electricity
Board and DVC for supply of 300 MW each, respectively. The tariff
Members may note that in terms of the provisions of the Listing for supply of power is uniformly decided by Central Electricity
Regulations, the related parties as defined thereunder (whether Regulatory Commission (CERC).
The management of TPCL has provided the Audit Committee
not), shall not vote to approve the Resolution under Item No.15.
with the details of various proposed RPTs including material
Mr. Aditya Gupta, CFO and KMP of TPSSL is also a Non-Executive terms and basis of pricing. The Audit Committee, after reviewing
Director of TPKL. Mr. Gupta and his relatives’ interest or concerns all necessary information, has recommended entering into RPTs
are limited only to the extent of his directorship/KMP position in between TPTCL and MPL for an aggregate value not exceeding
TPSSL and TPKL. ₹ 1,800 crore to be entered into during FY23. The Audit Committee
has noted that the transactions will be executed between TPTCL
None of the Directors and KMP of the Company and their and MPL on an arm's length basis and in the ordinary course of
respective relatives (to the extent of their shareholding in the business of TPTCL and MPL.

Notice
Notice
Details of the proposed transactions between TPTCL and MPL are as follows:

a. Name of the related party and its TPTCL is a wholly owned subsidiary of TPCL.
relationship with the listed entity or MPL is a joint venture between TPCL and DVC.
otherwise);
b. Name of the director or key managerial Mr. Amarjit Chopra is a Non-Executive Director of both TPTCL and MPL.
c. Nature, material terms, monetary TPTCL has an on-going power purchase arrangement with MPL whereby TPTCL purchases
value and particulars of contracts or power for onward selling. The said arrangement is effective from FY12 till FY42.
arrangement
d. Tenure of the Transaction The tenure of the contract ranges from FY12 till FY42. However, approval of the Members is
during FY23
Purchase of Power Existing 1,800

subsidiary:
transaction
investments

secured or unsecured; if secured, the
nature of security
external report, if any, relied upon by the terms of pricing and arm’s length criteria and the report confirms that the proposed RPTs are on
listed entity in relation to the proposed arm’s length basis. The report is available for inspection by the Members of the Company. They
transaction will be made available may follow the process for inspection of document as mentioned in the 'Notes' section forming
through registered email address of the part of this Notice.
shareholder

Notice
5. Percentage of counterparty’s 22.37% - Standalone turnover of TPTCL for FY22

annual consolidated turnover that 64.69% - Standalone turnover of MPL for FY22
relevant RPTs.
terms of the RPT(s)/contract(s)/agreement(s) meet the arm’s Background, details and benefits of the transaction
qualify as contract under ordinary course of business. Tata Power Trading Company Limited (TPTCL) is a wholly owned
unlisted subsidiary of The Tata Power Company Limited (TPCL).
Brief details on the mode of determination of arm’s length pricing Tata Power Delhi Distribution Limited (TPDDL) is a joint venture
are provided below: between TPCL (51%) and the Government of NCT of Delhi (49%).
Consequently, both are related parties.
Nature of Arm’s length pricing
Transaction TPTCL is primarily engaged in the business of trading of electricity
Purchase of The RPT of purchase of power is based on tariff order across the country. It sources power from different public and
Power not pronounced by CERC. private sector generating units and supplies to various consumers
exceeding being public and private power sector utilities.
` 1,800 crore
TPDDL is a public limited company set up in terms of Delhi
The said transaction, being a Material RPT, requires prior approval Electricity Reforms (Transfer Scheme) Rules, 2001 and is primarily
of the Members of the Company in accordance with Regulation 23 engaged in the business of distribution of electricity in North and
of the Listing Regulations. North West Delhi.
Members may note that in terms of the provisions of the Listing The transaction not only help smoothen business operation but
Regulations, the related parties as defined thereunder (whether also ensures desired quality of services without interruption and
such related party(ies) are a party to the aforesaid transactions generation of business to cater to their business requirements.
or not), shall not vote to approve resolutions under Item No.16. The management of TPCL has provided the Audit Committee
Mr. Amarjit Chopra is a Non-Executive Director of both TPTCL and with the details of various proposed RPTs including material
MPL. Mr. Chopra and his relatives’ interest or concerns are limited terms and basis of pricing. The Audit Committee, after reviewing
only to the extent of his directorship in TPTCL and MPL. all necessary information, has recommended entering into RPTs
between TPTCL and TPDDL for an aggregate value not exceeding
None of the Directors and KMP of the Company and their ₹ 1,500 crore to be entered during FY23. The Audit Committee has
respective relatives (to the extent of their shareholding in the noted that the said transactions will be executed between TPTCL
Company, if any) in any way, are concerned or interested either and TPDDL on an arm's length basis and in the ordinary course of
directly or indirectly, financially or otherwise in the Resolution set business of TPTCL and TPDDL.

Notice
Notice
Details of the proposed transactions between TPDDL and TPTCL are as follows:

a. Name of the related party and its TPTCL is a wholly owned subsidiary of TPCL.
relationship with the listed entity or its TPDDL is a joint venture between TPCL (51%) and Government of NCT of Delhi (49%).
b. Name of the director or key managerial Mr. Sanjay Banga and Mr. Ajay Kapoor are Non-Executive Directors of both TPTCL and TPDDL.
personnel who is related, if any and Mr. Amarjit Chopra, Non-Executive Director of TPTCL is also an Independent Director of
nature of relationship TPDDL. Mr. Ganesh Srinivasan, Non-Executive Director of TPTCL is also the Chief Executive
Officer and KMP of TPDDL.
c. Nature, material terms, monetary TPTCL has an on-going power sale arrangement with TPDDL whereby TPTCL sells power to
value and particulars of contracts or TPDDL. The said arrangement is effective from FY12 to FY37.
arrangement
d. Tenure of the Transaction The tenure of the contract ranges from FY12 to FY37. However, approval of the Members is
during FY23
Sale of Power Existing 1,500

subsidiary:
transaction
investments

security
shareholder

Notice
5. Percentage of counterparty’s annual 19.61% - Standalone turnover of TPDDL for FY22

consolidated turnover that is represented 18.65% - Standalone turnover of TPTCL for FY22
voluntary basis
Arm’s length pricing: 8, 2007 and pursuant to the provisions of Section 94 and other
applicable provisions, if any, of the Act and the rules framed
thereunder, Registers as prescribed under Section 88 of the Act
and copies of Annual Returns as required under Section 92 of the
Act together with the copies of certain other registers, certificates,
documents, etc. are required to be kept and maintained at the
Registered Office of the Company. However, these documents can
be kept at any other place in India in which more than one-tenth
Brief details on the mode of determination of arm’s length pricing of the total Members entered in the Register of Members reside,
are provided below: if approved by a Special Resolution passed at a general meeting
of the Company.
Nature of Arm’s length pricing
Transaction Pursuant to the shifting of the registered office of TSR Consultants
Sale of Power The RPT of sale of power is based on tariff order Private Limited (TCPL) (formerly TSR Darashaw Consultants Private
not exceeding pronounced by CERC Limited), the Registrar and Transfer Agent of the Company, from
` 1,500 crore 6-10 Haji Moosa Patrawala Industrial Estate, 20, Dr. E Moses Road,
Mahalaxmi, Mumbai 400 011 to C-101, 1st Floor, 247 Park, Lal
The said transaction, being a Material RPT, requires prior approval Bahadur Shastri Marg, Vikhroli (West), Mumbai 400 083, approval of
of the Members of the Company in accordance with Regulation 23 the Members is sought by way of a Special Resolution for keeping
of the Listing Regulations. and maintaining the Registers as prescribed under Section 88 of
Members may note that in terms of the provisions of the Listing the Act and copies of Annual Returns under Section 92 of the Act
Regulations, the related parties as defined thereunder (whether together with the copies of certificates and documents required to
such related party(ies) are a party to the aforesaid transactions or be annexed thereto or any other documents as may be required,
not), shall not vote to approve the Resolution under Item No.17. at the Registered Office of the Company and / or at the other
places mentioned in the Resolution.
Mr. Sanjay Banga and Mr. Ajay Kapoor, Non-Executive Directors
of TPTCL, are also Non-Executive Directors of TPDDL. Mr. Amarjit The mentioned documents are open for inspection, by Members or
Chopra, Non-Executive Director of TPTCL is also an Independent such persons as entitled to such inspection between 11.00 a.m. to
Director of TPDDL. Further, Mr. Ganesh Srinivasan, Non-Executive 1.00 p.m. on any working day of TCPL or by writing to the Company
Director of TPTCL is also the Chief Executive Officer and KMP of at investorcomplaints@tatapower.com except when the Registers
TPDDL. Mr. Banga, Mr. Kapoor, Mr. Chopra, Mr. Srinivasan and their and Books are closed under the provisions of the Act or the Articles
relatives’ interest or concerns are limited only to the extent of their of Association of the Company.
directorship / KMP position(s) in TPTCL and TPDDL. None of the Directors and KMP of the Company and their
None of the Directors and KMP of the Company and their respective relatives are concerned or interested in the resolution
respective relatives (to the extent of their shareholding in the set out at Item No.18 of the accompanying Notice.
Company, if any) in any way, are concerned or interested either The Board commends the Special Resolution as set out at Item
directly or indirectly, financially or otherwise in the Resolution set No.18 of the accompanying Notice for approval by the Members
out at Item No.17 of the accompanying Notice. of the Company.
The Board recommends the Resolution at Item No.17 of Item No.19: As Members are aware, the Company is undertaking
the accompanying Notice for approval by the Members of several projects/contracts in India as well as outside India mainly
the Company. for the erection, operation and maintenance of power generation,
Item No.18: In supersession of Resolution No.13 passed at the transmission and distribution facilities. To enable the Directors to
88th Annual General Meeting of the Company held on August appoint Branch Auditors for the purpose of auditing the accounts

Notice
Notice
of the Company’s Branch Offices outside India (whether existing Pursuant to Section 148(3) of the Act, approval by the Members is
or as may be established), the necessary authorisation of the required for the above remuneration of the Cost Auditor.
Members is being obtained in accordance with the provisions of
None of the Directors and KMP of the Company and their
Section 143 of the Act, in terms of the Resolution at Item No.19 of
respective relatives are concerned or interested in the Resolution
the accompanying Notice.
at Item No.20 of the accompanying Notice.
None of the Directors and KMP of the Company and their
The Board recommends the Resolution at Item No.20 of the
respective relatives are concerned or interested in the Resolution
accompanying Notice for ratification by the Members of
at Item No.19 of the accompanying Notice.
the Company.
The Board recommends the Resolution at Item No.19 of
By Order of the Board of Directors,
the Company.
Item No.20: Pursuant to Section 148 of the Act, the Company H. M. Mistry
is required to have the audit of its cost records conducted by a Company Secretary
cost accountant in practice. On the recommendation of the Audit FCS No.: 3606
Committee of Directors, the Board of Directors has approved the Mumbai, May 18, 2022
re-appointment of M/s. Sanjay Gupta and Associates (SGA) (Firm
Registered Office:
Registration No. 000212) as the Cost Auditors of the Company
Bombay House,
to conduct audit of cost records maintained by the Company
24, Homi Mody Street,
for FY23, at a remuneration of ₹ 6,50,000 (Rupees Six Lakh Fifty
Mumbai 400 001.
Thousand only) plus applicable taxes, travel and actual out-of-
CIN: L28920MH1919PLC000567
pocket expenses.
Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
SGA has furnished a certificate regarding their eligibility for Email: tatapower@tatapower.com
appointment as Cost Auditors of the Company. They have vast Website: www.tatapower.com
experience in the field of cost audit and have conducted the audit
of the cost records of the Company for previous years under the
provisions of the Act.

Notice
Details of the Directors seeking appointment/re-appointment at the forthcoming Annual General Meeting
(In pursuance of Regulation 36(3) of the Listing Regulations and Secretarial Standard - 2 on General Meetings)
Name of Director Mr. K. M. Chandrasekhar Mr. Saurabh Agrawal
DIN 06466854 02144558

Designation Independent, Non-Executive Non-Independent, Non-Executive
/ Category of
Directorship
Date of Birth (Age) February 20, 1948 (74 years) August 13, 1969 (52 years)
Date of Appointment May 4, 2017 November 16, 2017
Expertise in specific Mr. Chandrasekhar entered the Indian Administrative Mr. Agrawal joined Tata Sons Private Limited (TSPL) in July
functional areas Service in 1970. He was ranked third in the list in the batch. 2017 as the Group Chief Financial Officer. An investment
Prior to that, he secured B.A. (Honours) in Economics and banker, he brings with him over two decades of rich
M.A. in History from St. Stephen's, College, University of experience in capital markets.
Delhi. After entering Government service, he did his M.A. in Starting his career in 1995, Mr. Agrawal has a sterling
Management Studies from the University of Leeds in United record in both strategy and execution, covering a wide
Kingdom. range of industries. He joined TSPL from the Aditya Birla
He spent the first 25 years of his career in Kerala, holding such Group, where he was head of strategy. Prior to that, he
positions as Managing Director of the State Civil Supplies has been head of the corporate finance unit of Standard
Corporation, District Collector, Idukki, Director of Fisheries, Chartered Bank in India and South Asia, and the head of the
Principal Secretary (Industries) and Principal Secretary investment banking division in DSP Merrill Lynch.
(Finance). During this period, he was also Chairman of the
Spices Board under the Ministry of Commerce, Government
of India.
In 1996, he left Kerala on Central Government deputation.
During his 15 years tenure with the Government of India,
from 1996 to 2011, he was Joint Secretary in the key Trade
Policy Division of the Ministry of Commerce, Deputy
Chief of Mission in the Embassy of India, Brussels and the
Ambassador and Permanent Representative of India in the
World Trade Organization in Geneva. He rose to the position
of Union Cabinet Secretary. As Cabinet Secretary, he was
Head of all the Civil Services in India and reported directly to
the Prime Minister. He retained that position for four years.
He retired from Government service in 2011 at the age of 63,
having served Government for 41 years.
Post retirement, he was, for 5 years, Vice-Chairman, Kerala
State Planning Board with rank of Cabinet Minister of the
State.
Mr. Chandrasekhar has considerable management
experience having been associated as Chairman, Managing
Director or member of the Board of Directors of more than
40 companies in the public, joint and private sector. He has
written several articles and presented papers. He has also
been consultant to the Commonwealth Secretariat and to
the UN Food and Agriculture Organization.
Qualifications Indian Administrative Service in 1970. Graduate of the Indian Institute of Technology, Roorkee.
B.A. (Honours) in Economics and M.A. in History from St. Post graduate management degree from the Indian
Stephen’s College, Institute of Management, Calcutta
University of Delhi.
M.A. in Management Studies from the University of Leeds in
United Kingdom.

Notice
Notice
Directorships held • Tata Advanced Systems Limited • Tata Sons Private Limited
in other companies • KIMS Health Care Management Limited • Tata Steel Limited
(excluding foreign • KIMS Al Shifa Healthcare Private Limited • Tata Capital Limited
companies) • Tata Power Delhi Distribution Limited • Voltas Limited
• TP Central Odisha Distribution Limited • Tata AIA Life Insurance Company Limited
• TP Western Odisha Distribution Limited • Tata AIG General Insurance Company Limited
• TP Southern Odisha Distribution Limited • Tata Play Limited
• TP Northern Odisha Distribution Limited • Air India Express Limited
• Gradis Trading Private Limited
• Talace Private Limited
• Supermarket Grocery Supplies Private Limited
Committee position Audit Committee Audit Committee
held in other Member Member
companies • Tata Advanced Systems Limited • Tata Steel Limited
• Tata Power Delhi Distribution Limited Risk Management Committee
• TP Central Odisha Distribution Limited Member
Corporate Social Responsibility Committee • Tata Steel Limited
Chairman • Tata Capital Limited
• TP Northern Odisha Distribution Limited Group Risk Management Committee
Member Member
• Tata Advanced Systems Limited • Tata Sons Private Limited
• TP Southern Odisha Distribution LImited
Corporate Social Responsibility Committee
Nomination and Remuneration Committee Chairman
Chairman • Tata Capital Limited
• Tata Power Delhi Distribution Limited • Tata AIA Life Insurance Company Limited
Long Term Loans and Borrowing Committee • Air India Express Limited
Chairman Member
• Tata Power Delhi Distribution Limited • Tata AIG General Insurance Company Limited
Asset Liability Management Committee
Chairman
• Tata Sons Private Limited
Finance and Asset Liability Supervisory Committee
Chairman
• Tata Capital Limited
Nomination and Remuneration Committee
Member
• Tata Capital Limited
• Tata AIA Life Insurance Company Limited
• Tata AIG General Insurance Company Limited
• Tata Play Limited
Investment Committee
Chairman
• Tata AIG General Insurance Company Limited
Member
• Tata AIA Life Insurance Company Limited
Executive Committee of the Board
Member
• Tata Steel Limited
Remuneration N.A. N.A.
No. of meetings of 8 8
the Board attended
during the year

Notice
No. of shares held:

(a) Own Nil Nil
(b) For other persons Nil Nil
on a beneficial basis
For other details such as relationship with other directors and KMP in respect of Mr. K. M. Chandrasekhar and Mr. Saurabh Agrawal, please refer to the
Report on Corporate Governance, which forms part of this Annual Report.

Independent
Assurance Statement
One International Centre,
Tower 3, 27th-32nd Floor,
Senapati Bapat Marg,
Elphinstone Road (West),
Mumbai - 400 013,
Maharashtra, India
Phone: +91 22 6185 4000

Fax: +91 22 6185 4101
Independent Limited Assurance Report on Sustainability Disclosures in the Integrated

Annual Report of The Tata Power Company Limited for the Financial Year Ended March 31,
2022
To the Board of Directors of The Tata Power Company Limited
Deloitte Haskins & Sells LLP was engaged by the Management of The Tata Power Company Limited
(the “Company”) to provide independent limited assurance on disclosures made with reference to
the GRI Sustainability Reporting Standards as amended upto 2021 and issued by the Global Reporting
Initiative (the “GRI Standards”) (herein the “GRI Standards Disclosures”) in its Integrated Annual
Report (the “Report”) for the year ended March 31, 2022 as detailed in paragraph 3 -Subject Matter.
1. Responsibility of the Management:
The Company’s Management is responsible for content and presentation of the Report, engagement
with stakeholders, the identification and presentation of information including the responsibility for
establishing and maintaining relevant and appropriate performance management systems and
internal control framework to facilitate collection, calculation, aggregation and validation of the data
with respect to the management’s basis of preparation with reference to GRI Standards, included in
the Report and preparation of the Report that is free from material misstatement, whether due to
fraud or error.
2. Reporting Boundary
As represented by Management, the reporting boundary of sustainability disclosures in the Report

covers the Company and its Subsidiaries. Further, Management has also represented that certain
sustainability disclosures are limited to include specific Subsidiaries based on their operations.
Our scope is limited to the Company, and its Subsidiaries (confirmed by management to be its
Subsidiaries) as mentioned in the below Subject Matter paragraph.
3. Subject Matter
We are required to provide limited assurance on the below GRI Standards Disclosures, specific to the
period from April 1, 2021 to March 31, 2022 in accordance with management’s basis of preparation
and with reference to GRI Standards. The terms of management’s basis of preparation and GRI
Standards comprise the criteria by which the GRI Standards Disclosures are evaluated for purposes
of our limited assurance engagement.
The subject matter and scope of limited assurance covers the review and verification of information
for select GRI Standards Disclosures on sample basis at select locations of the Company/ its
subsidiaries as specified below:
Regd. Office: One International Center, Tower 3, 27th – 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai
– 400 013, Maharastra, India. (LLP Identification No. AAB-8737)

Independent
Assurance Statement
GRI Standards Disclosures Indicator number Companies (with location names)

as per GRI covered in the Report on sample basis
Standards as applicable
GRI 2 2- 1 to 3, 2-5,2-7 The Tata Power Company Limited
GRI 3 3-1 to 3-3 The Tata Power Company Limited
Procurement Practices 204-1 The Tata Power Company Limited and

Maithon Power Limited
Materials 301-1 Thermal Power plant at Mundra, Gujarat

(Erstwhile, Coastal Gujarat Power Limited
Energy 302-1, 302-3, now merged with The Tata Power
Company Limited)
Water and Effluent 303-3, 303-4, 303-
5
Thermal Power plant at Dhanbad,
Emissions 305-1 to 305-4, Jharkhand (Maithon Power Limited)
305-7
49 MW Solar Power Project Kayathar,
Waste 306-3, 306-4, Tamil Naidu (Walwhan Renewable Energy
306-5 Limited)
126 MW Pratapgarh Wind Farm (Walwhan

Wind RJ Limited)
Transmission & Distribution Mumbai

Division (The Tata Power Company
Limited)
Biodiversity 304-1, 304-2, 304- Thermal Power plant at Mundra, Gujarat

3 (Erstwhile, Coastal Gujarat Power Limited
now merged with The Tata Power
Company Limited)
Thermal Power plant at Dhanbad,

Jharkhand (Maithon Power Limited)
49 MW Solar Power Project Kayathar,

Tamil Naidu (Walwhan Renewable Energy
Limited)
Employment 401-1 Tata Power Delhi Distribution Limited

(TPDDL),
Labour Management Relations 402-1 The Tata Power Company Limited (TPCL)
and
Occupational Health and Safety 403-9
Tata Power Western Odisha Distribution
Training and Education 404-1 Limited(TPWODL)
Employee Remuneration Ratio 405-2 The Tata Power Company Limited (TPCL)

Independent
Assurance Statement
4. Our Independence, Ethical Requirements and Quality Control
Our team comprising multidisciplinary professional, have complied with independence policies of
Deloitte Haskins and Sells LLP, which address the requirements of the International Federation of
Accountants (the “IFAC”) Code of Ethics for Professional Accountants in the role as independent
auditors. We have complied with the relevant applicable requirements of the International Standard
on Quality Control (“ISQC”) 1, Quality Control for Firms that Perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related Services Engagements.
We also confirm that we have maintained our independence in the Report and there were no events
or prohibited services related to the Assurance Engagement which could impair our independence.
5. Our Responsibility
Our responsibility is to express a limited assurance conclusion on GRI Standards Disclosures in the
Report as described in the subject matter, based on the procedures we have performed and the
evidence we have obtained. We conducted our limited assurance in accordance with International
Standard on Assurance Engagement ISAE 3000 (Revised) Assurance Engagements Other than
Audits or Reviews of Historical Financial Information (“ISAE 3000”) issued by the IFAC. This standard
requires us to comply with ethical requirements and to plan and perform our limited assurance
engagement to obtain sufficient appropriate evidence about whether the GRI Standards Disclosures
are free from material misstatement.
A limited assurance engagement is substantially less in scope than a reasonable assurance

engagement in relation to both risk assessment procedures, including an understanding of internal
controls, and the procedures performed in response to the assessed risks. The procedures we
performed were based on our professional judgment and included inquiries, observation of process
followed, inspection of documents, analytical procedures, evaluating appropriateness of quantification
methods, agreeing or reconciling with underlying data, etc.
In performing the procedures listed above, we:
• Interviewed key personnel including senior executives at respective plant locations of the
Company / Subsidiaries in the Subject Matter paragraph and at the corporate office of the
Company to understand the systems and processes in place for capturing sustainability
performance data during the reporting period; and
• Desktop audit at the respective operational locations as specified in the Subject Matter in order
to:
o Test data, review of records and relevant documentation submitted by the Company of
its locations and of its Subsidiaries as mentioned in Subject Matter paragraph as
applicable, to arrive at the data presented in their Report; and
o Analyse and review key data management systems, processes, procedures relating to
collation, aggregation, validation and reporting of the select GRI Standards Disclosures
for the locations as mentioned subject matter paragraph on a sample basis.
We have relied on the information, documents, records and explanations provided by the Company
for the purpose of our review.
The procedures performed in a limited assurance engagement vary in nature from, and are less in

Independent
Assurance Statement
extent than for, a reasonable assurance engagement. As a result, the level of assurance obtained in
a limited assurance engagement is substantially lower than the assurance that would have been
obtained had a reasonable assurance engagement been performed. Accordingly, we do not express
a reasonable assurance opinion about whether the GRI Standards Disclosures have been presented,
in all material respects, in accordance with management’s basis of preparation and GRI Standards.
Further, a limited assurance engagement does not constitute an audit or review of any of the
underlying information in accordance with International Standards on Auditing or International
Standards on Review Engagements and accordingly, we do not express an audit opinion or review
conclusion.
6. Our Conclusion
The procedures we have performed and the documents and records that were made available to us
and the information and explanations provided to us by the Company in connection to the review of
the select GRI Standards Disclosures as set out in the Subject Matter paragraph and disclosed in the
Integrated Annual Report for the year ended March 31, 2022 provide an appropriate basis for our
conclusion.
Based on the procedures performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the GRI Standards Disclosures set out in the Subject Matter
paragraph for the year ended March 31, 2022, are not prepared, in all material respects, in accordance
with the management’s basis of preparation and with reference to the GRI Standards.
Other Matters
Our assurance scope excludes subsidiaries/ locations of the Company other than those mentioned in
the Subject Matter paragraph. Our report does not extend to any disclosures or assertions relating to
future performance plans and/or strategies disclosed in the reports. The maintenance and integrity of
the Company’s website is the responsibility of its management. Our procedures did not involve
consideration of these matters and, accordingly we accept no responsibility for any changes to either
the information on the website, the reports or our independent assurance report that may have
occurred since the initial date of presentation.

Independent
Assurance Statement
Restriction on use and distribution
Our work has been undertaken to enable us to express a limited assurance conclusion on the GRI
Standards Disclosures as stated in subject matter paragraph, to the Management of the Company in
accordance with the terms of our engagement, and for no other purpose. We do not accept or assume
liability to any party other than the Company, for our work, for this Integrated Annual Report, or for
the conclusion we have reached.
For DELOITTE HASKINS & SELLS LLP

(Firm’s Registration No. 117366W / W-100018)
Pratiq Shah
Partner
UDIN: 22111850KLLLR9880
Place: New Delhi
Date: June 7, 2022

Glossary of
Abbreviations
Glossary of Abbreviations
<IR> Integrated Reporting BFP Boiler Feed Pump
AA Affirmative Action BIPV Building Integrated Photovoltaics
ABCI Association of Business Communicators of India BIS Bureau of Indian Standards (formerly Indian
Standards Institution)
ABP Annual Business Plan
BITS Pilani Birla Institute of Technology and Sciences, Pilani
ABV Adjaristsqali Netherlands BV
BKC Bandra Kurla Complex
AC Air Conditioner
BLDC Brushless Direct Current
ACC Apex Compliance Committee
BoT Robot
AGC Automatic Generation Control
BRSR Business Responsibility and Sustainability Report
AGL Adjaristsqali Georgia LLC
BSE BSE Limited
AGM Annual General Meeting
BSI British Standards Institution
AI Artificial Intelligence
CAGR Compounded Annual Growth Rate
ALIG A Literacy Initiative Group
CCRA Central Control Room for Renewable Assets
ALMM Approved List of Models and Manufacturers
CCS Carbon Capture & Storage
AMP Aspire-Motivate-Perform
CEIIC Clean Energy International Incubation Centre
ANM Auxiliary Nurse Midwifery
CEO Chief Executive Officer
APC Auxiliary Power Consumption
CER Certified Emission Reduction
APM Asset Performance Management
CERC Central Electricity Regulatory Commission
APMC Agricultural Produce Market Committee
CERT Computer Emergency Response Team
AR Augmented Reality
CFO Chief Financial Officer
ASO Asset Supply Optimization
CG Corporate Governance
AT&C Aggregate Technical and Commercial
CGPL Coastal Gujarat Power Limited (merged with
B2C Business-to-Customer Holding Company)
BA Business Associates CHP Coal Handling Plant
BCC Behavioural Change Communication CII Confederation of Indian Industries
BCDMP Business Continuity and Disaster Management CIL Coal India Limited
Plan
CMC Compliance Monitoring Cell
BCD Basic Customs Duty CMS Compliance Management System
BCP Business Continuity Plan CO2 Carbon Dioxide
BEE Bureau of Energy Efficiency COG Coke Oven Gas
BESS Battery Electric Storage Solutions CPCB Central Pollution Control Board
BFG Blast Furnace Gas CPO Charging Point Operators

Glossary of
Abbreviations
CPP Critical Peak Pricing ESG Environment, Social and Governance
CPR Critical Peak Rebate ET Energy Transition
CPSU Central Public Sector Undertaking EU European Union
CRC Customer Relation Centre EV Electric Vehicle
CRMC Cluster Risk Management Committees EY Ernst & Young Associates LLP
CS Carbon Steel FC Financial Controller
CSA Control Self-Assessment FEED Front-End Engineering and Design
CSAT Customer Satisfaction FENR Far Eastern Natural Resources LLC
CSIR Council of Scientific and Industrial Research FGD Flue Gas Desulphurisation
CSR Corporate Social Responsibility GDAM Green Day Ahead Market

CWP Cooling Water Pump GDP Gross Domestic Product
D&IT Digitalization & Information Technology GHG Greenhouse Gas
DFIG Doubly fed Induction Generator GIMS Group Innovation Management System
DHPC Dagachhu Hydro Power Corporation Limited GIS Geographic Information System
DISCOM Distribution Company GJ Gigajoule
DM Demineralisation
GRI Global Reporting Initiative
DR Demand Response
GST Goods and Services Tax
Drones Deployment of Unmanned Aerial Vehicles
GUVNL Gujarat Urja Vikas Nigam Limited
DSM Demand Side Management
GW Gigawatt
DT Distribution Transformer
HESP Higher Education Sponsorship Program
DTC Delhi Transport Corporation
HIRA Hazard Identification and Risk Assessment
EaaS Energy-as-a-Service
HOD Head of Department
EAP Employee Assistance Programme
HR Human Resource
ED Executive Director
HVDC High Voltage Direct Current
EBITDA Earning before Interest, Tax, Depreciation &
Amortisation IARM Internal Audit and Risk Management
EES Employee Engagement Surveys IAS Indian Accounting Standards
ELC Electrostatic Liquid Cleaner ICDS Integrated Child Development Services
ELCB Earth-leakage Circuit Breaker ID Independent Director
EPC Engineering, Procurement and Construction
IEL Industrial Energy Limited
EPM Enterprise Process Model
IEX Indian Energy Exchange Limited
ERM Enterprise Risk Management
IFC Internal Financial Controls
ESCO Energy Services Company

Glossary of
Abbreviations
IIM Indian Institute of Management MoP Ministry of Power
IIRC International Integrated Reporting Council MPL Maithon Power Limited
IIT Indian Institute of Technology MRF Material Recycle Facility
IITB Indian Institute of Technology - Bombay MRV Measurement, Reporting and Verification
ILO International Labour Organization MS Mild Steel
IMS Integrated Management System MSEDCL Maharashtra State Electricity Distribution

Company Limited
INR Indian Rupee
MSME Micro, Small and Medium Enterprises
IoT Internet of Things
MT Metric Tonne
IPBES Intergovernmental Science-Policy Platform on
Biodiversity and Ecosystem Services MU Million Unit
ISTS Interstate Transmission System MVA Mega Volt Ampere
IUCN International Union for Conservation of Nature MW Megawatt
JMR Joint Meter Reading MWh Megawatt hour
JSA Job Safety Assessment MYT Multi-year Tariff
JV Joint Venture NCLT National Company Law Tribunal
KMP Key Managerial Personnel NDC Nationally Determined Contributions
KPI Key Performance Indicator NEDs Non-Executive Directors
KPO Knowledge Process Outsourcing Nelco Nelco Limited
kWh Kilowatt hour NEP National Electricity Plan
KYEC Know Your Energy Consumption NGO Non-Governmental Organisation
LED Light Emitting Diode NGRBC National Guidelines for Responsible Business
Conduct
LVDH Low Vacuum Dehydration and Degasification
NHAI National Highway Authority of India
maRC Mobile-GIS Assisted System for Restoration and
Care NOx Nitrogen Oxide
MCA Ministry of Corporate Affairs NRC Nomination and Remuneration Committee
MD Managing Director NTPC NTPC Limited
MD&A Management Discussion and Analysis NVG National Voluntary Guidelines
MERC Maharashtra Electricity Regulatory Commission O&M Operation and Maintenance
MFI Micro Financing Institutes ODF Open Defecation Free
ML Machine Language OEMs Original Equipment Manufacturers
MNRE Ministry of New and Renewable Energy OJT On-the-Job Training
MoEFCC Ministry of Environment, Forest and Climate OPD Out-Patient Department

Change

Glossary of
Abbreviations
PACE Progressive Approach to Competency SAP-EHSM SAP Environment Health and Safety Management
Enhancement System
SASB Sustainability Accounting Standards Board
PDS Public Distribution System
SBO Strategic Business Objectives
PHC Primary Health Care
SBTi Science Based Targets Initiatives
PID Proportional Integral Derivative controller
SC Scheduled Caste
PLI Production Linked Incentive
SCADA Supervisory Controlled and Data Acquisition
PM Particulate Matter
SDA Sectoral Decarbonisation Approach
POSH Prevention of Sexual Harassment
SDGs United Nations Sustainable Development Goals
PGCIL Power Grid Corporation of India Limited
SEBI Securities and Exchange Board of India
PPA Power Purchase Agreement
SECI Solar Energy Corporation of India
PPE Personal Protective Equipment
SEC Specific Energy Consumption
PPGCL Prayagraj Power Generation Company Limited
SED Strategic Engineering Division
PPP Public Private Partnership
SEMA Stakeholder Engagement and Materiality
PSCC Power System Control Center Assessment
PTL Powerlinks Transmission Limited SHG Self-Help Groups
PV Solar Photovoltaic SHR Station Heat Rate
R&D Research and Development SIDBI Small Industries Development Bank of India
RAT Rapid Antigen Test SLDP Senior Leaders' Development Program
RCM Reliability Centred Maintenance SMEs Small and Medium Enterprises
RE Renewable Energy SOC Security Operations Centre
RF Radio Frequency SOP Standard Operating Practices
RMC Risk Management Committee SOx Sulphur oxides
RMCI Risk Mitigation Completion Index SPCB State Pollution Control Boards
RMU Ring Main Unit SROI Social Return on Investment
RO Reverse Osmosis ST Scheduled Tribe
ROCE Return on Capital Employed STU State Transmission Utility
RoE Return on Equity T&D Transmission & Distribution
ROTA Rotation (job planning) TASL Tata Advanced Systems Limited
RPL Recognition for Prior Learning TAT Turn-Around-Time
RPO Renewable Purchase Obligation TBCB Tariff Based Competitive Bidding
RSCM Responsible Supply Chain Management TCFD Task Force on Climate related Financial Disclosure
RT-PCR Reverse Transcription Polymerase Chain Reaction TCOC Tata Code of Conduct

Glossary of
Abbreviations
TCS Tata Consultancy Services Limited TPTCL Tata Power Trading Company Limited
TCSiON Tata Consultancy Services (TCS)- Mobile & Web TPWODL TP Western Odisha Distribution Limited
Education platform
TTML Tata Teleservices (Maharashtra) Limited
TERPL Trust Energy Resources Pte Limited
UF Ultra Filtration
TMTC Tata Management Training Centre
UFT United Functional Testing tool
TPADL TP Ajmer Distribution Limited
UN United Nations
TPCDT Tata Power Community Development Trust
UNFCCC United Nations Framework Convention on Climate
TPCL The Tata Power Company Limited Change
TPCODL TP Central Odisha Distribution Limited UNGCP United Nations Global Compact Principles
TPDDL Tata Power Delhi Distribution Limited USS Unitized sub-station
TPGEL Tata Power Green Energy Limited UT Union Territory
TPIPL Tata Power International Pte Limited VR Virtual Reality
TPNODL TP Northern Odisha Distribution Limited WBCSD World Business Council for Sustainable
Development
TPREL Tata Power Renewable Energy Limited
WILP Work Integrated Learning Programme
TPRMGL TP Renewable Microgrid Limited
WREL Walwhan Renewable Energy Limited
TPSDI Tata Power Skill Development Institute
Y-o-Y Year on Year
TPSODL TP Southern Odisha Distribution Limited
ZLD Zero Liquid Discharge
TPSSL Tata Power Solar Systems Limited

Notes
Empower a billion lives
through sustainable,
affordable and innovative
energy solutions.
Do smart things today,
to make a green tomorrow
#DoGreen
THE TATA POWER COMPANY LIMITED Toll free Investor helpline for www.tatapower.com
Bombay House shareholder information: E-mail: tatapower@tatapower.com
24, Homi Mody Street 1800-209-8484 CIN: L28920MH1919PLC000567
Mumbai - 400 001, INDIA.

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June 13, 2022

BSE Limited National Stock Exchange of India Limited

Please take the same on record.

Integrated Annual Report 2021-22

Introduction to Tata Power 14 Financial Statements

Value Creation 40 Capitals

Integrated Report Annexures 98

Read more on the web Read more in this report

M Material isuue R Risk

More Power to you

Integrated Annual Report 2021-22 More Power to you 2

Integrated Annual Report 2021-22 More Power to you 3

Tata Power in FY22

Revenue EBITDA PAT

RoCE RoE Net Debt to equity ratio

Credit rating upgrades Strategic partnership New acquisitions

Tata Power Solar

HPCL, Apollo Tyres, Lodha,

*National Real Estate Development Council

Integrated Annual Report 2021-22 More Power to you 4

Clean energy portfolio Saplings planted GHG emissions reduction

Aligned to Aligned to Task

67/100 B+(66.7/100) 67/100

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Decarbonisation: Roadmap and Progress

Solid progress on decarbonisation goals

Our climate commitment Leading utility transition to

Renewable growth Stakeholders 2040-2050

Integrated Annual Report 2021-22 More Power to you 6

Committed to Science Based Targets Initiative (SBTi)

Commit Develop Submit Communicate Disclose

MARCH 2021 Alignment with 2023

Setting collaborative and newer benchmarks in carbon mitigation

Suppliers Business Employees

Integrated Annual Report 2021-22 More Power to you 7

Message from the CEO & MD

A year of transition and progress

"At Tata Power, we believe that access

Integrated Annual Report 2021-22 More Power to you 8

Integrated Annual Report 2021-22 More Power to you 9

Our Board of Directors

Integrated Annual Report 2021-22 More Power to you 10

Integrated Annual Report 2021-22 More Power to you 11

The Leadership Team

Mr. Sanjeev Churiwala Mr. Ashish Khanna

Mr. Vijay Namjoshi Mr. Sanjay Banga

Mr. Gurinder Sandhu

Integrated Annual Report 2021-22 More Power to you 12

Mr. Himal Tewari Mr. Hasit Kaji

Ms. Jyoti Bansal Prof. Sunil Sharma

Mr. Hanoz Mistry

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Tata Power at a Glance

Transitioning with purpose

Segments and the value chain

Renewable Energy Conventional Energy Transmission Distribution

3,400 MW 10,115 MW 3,552 Ckm 12.3 million

EV Charging Infrastructure Solar Rooftop Manufacturing EPC Large Projects

Integrated Annual Report 2021-22 More Power to you 16

Creating a future-ready Tata Power

Introduction to Tata Power 14 Financial Statements

Value Creation 40 Capitals

Integrated Report Annexures 98