Sterlite Power Annual Report 2022 23

Inside this Report
Corporate Overview
Sterlite Power at a Glance 02
Key Performance Indicators 03
Key Milestones 04
Chairman’s Message 06
Managing Director’s Message 08
Board of Directors 10
Management Team 12
Awards and Accolades 13
Technology Leadership 14
Business Overview 16
Quality Excellence 35
Committed to Safety First 36
Positively Impacting Lives 37
Statutory Reports
Management Discussion and Analysis 38
Directors’ Report 52
Annexures to the Directors’ Report 61
Corporate Governance Report 62
Financial Statements
Standalone
Auditor’s Report 100
Balance Sheet 108
Statement of Profit and Loss 109
Cash Flow Statement 110
Statement of Changes in Equity 112
Notes to Financial Statements 113
Consolidated
Balance Sheet 206
EXCHANGE RATE
As of March 2023
1 US$ : H 82.18
1 BRL : H 16.23
CAUTIONARY STATEMENT
Certain statements in this Annual Report relating to the
Company’s growth prospects are forward looking in
nature, which involve a number of risks and uncertainties
that could cause actual results to differ materially from
those in such forward-looking statements. We undertake
no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
events or otherwise.
Empowering Humanity
by Addressing the Toughest
Challenges of Energy Delivery
Energy transition is a critical driver to combat the key contributors to India’s overall energy mix, one of
the challenges that the sector is now facing is that huge
climate change impact. India remains generation capacities are being added every year, much
among the world’s largest producers and faster than evacuation systems can be built. As the efforts
to meet the long-term renewable energy target pick up
consumers of energy in the world. With the pace, it is important to expedite the construction of these
country accelerating towards Net Zero by transmission systems to ensure the timely evacuation of
renewable energy supply.
2070 and with an ambitious target of 500
GW of installed renewable energy by 2030, The strong appetite shown by investors for interstate
transmission system transmission assets should reassure
power transmission will be a key catalyst to states that transmission network development could
connect renewable generation centres to be done using private investments. The government
should encourage large-scale public-private partnership
the national grid. programmes in power transmission to ensure that national
commitments are met without relying on states’ balance
Robust transmission is critical to ensure power delivery
sheets for the same. To attain its true potential in the
from remote areas with rich wind and solar potential to
next decade, the power sector will have to move towards
power-hungry population centres. There is a urgent need for
flexible transmission network planning. The networks will
reliable financing to stream into the sector.
have to be planned for N-1-1 and where appropriate, N-2
contingencies, for a truly robust transmission grid.
In many parts of the world, the fight against climate
change is being incentivised for organisations to take up
Sterlite Power continues to be guided by its core purpose
decarbonisation agendas. Any sustainable solution to
of empowering humanity by addressing the toughest
reversing climate change will have to involve massive efforts
challenges of energy delivery.
towards decarbonisation and a shift to clean and green
power. With the emergence of renewable energy as one of
Empowering Humanity
Sterlite Power at a Glance

Sterlite Power Transmission Limited (Sterlite Power) is a leading global developer of power
transmission infrastructure with projects of 15,000 circuit km (ckm) and ~ 28,322 mega-volt
ampere (MVA) in India and Brazil.
With an industry-leading portfolio of power conductors, extra- Sterlite Power is also the sponsor of IndiGrid, India's first
high voltage (EHV) cables and optical ground wire (OPGW), power sector Infrastructure Investment Trust (InvIT), listed
Sterlite Power offers solutions for upgrading, uprating, on the Bombay Stock Exchange (BSE) and National Stock
and strengthening existing networks, and is the leading Exchange (NSE). Sterlite Power has been recognised with
manufacturer of bare overhead conductors, exporting to prestigious global awards from S&P Global Platts and
over 60 countries. The Company has set new benchmarks in International Project Management Association (IPMA).
the industry with the use of cutting-edge technologies and
innovative financing.
Asset Portfolio across India and Brazil

K 41,748.89* crores (US$ 5.08 billion) Business
CAPEX Divisions
Each of our businesses
serves our core purpose of
NRSS
‘empowering humanity by
addressing the toughest
challenges of energy
DTTL
delivery’.
GPTL
ENICL
UPPTCL BSPTCL
FBTL RTCL
NER-II
KTL PKTCL
BDTCL Global Infrastructure
JTCL
OGPTL
We bid, design, construct,
LVTPL
own and operate power
MUML MTL transmission assets across
multiple geographies.
GTTPL
KSEB TAN TRANSCO MARITUBA

UKTL
DUNAS
MSI and Products
NOVO ESTADO BORBOREMA Business
ARCOVERDE We specialise in upgrading,
uprating and strengthening
TANGARÁ
SÃO FRANCISCO SERRA NEGRA
existing power delivery
networks.
GOYAZ JAÇANÃ
SOLARIS
Convergence
We aim to create a pan-
India, efficient optical
ground wire network to
PAMPA
* Including projects commissioned, under- deliver high-speed data that
construction and transferred to IndiGrid runs over existing power
VINEYARDS
transmission lines.
This map is a graphical representation designed
for general reference purposes only.
02 Sterlite Power Transmission Limited

Corporate Overview Statutory Reports Financial Statements
Key Performance Indicators
Total Income EBITDA

(H in crores) (H in crores)
FY23 6,452 FY23 1,150
FY22 5,995 FY22 1,354
FY21 3,817 FY21 1,793
FY20 5,158 FY20 2,406
FY19 3,571 FY19 450
PAT Circuit km
(H in crores) (Cumulative)
FY23 (33) FY23 15,154
FY22 440 FY22 13,945
FY21 870 FY21 13,662
FY20 942 FY20 13,700
FY19 (524) FY19 5,221
Annual Report 2022-23 03

Empowering Humanity
Key Milestones
Nurturing Growth challenging terrain of Jammu &

Kashmir (J&K) with route length of
2014-2015 887 ckm
› Standard Chartered Private Equity › Commissioned second project
infused an investment of ` 500 Bhopal Dhule Transmission
Sowing Seeds crores (US$ 67.8 million) Company Limited in Bhopal-Dhule
2006-2009 › First inter-state project › Awarded Maheshwaram
commissioned, East-North Transmission Company Limited
› Power business acquired from Sterlite project in Telangana, taking total
Interconnection Company Limited
Industries Ltd. project count to seven
(ENICL) in Assam-West Bengal-
› Sterlite Technologies Ltd. (STL) forays into Bihar › First private transmission developer
power transmission to win an award from the Ministry of
› Awarded Northern Region
› Expanded power conductor Strengthening Scheme - 29 Power for early commissioning of
manufacturing capacity (NRSS-29), a project in the 765/400 kV Dhule substation
Strengthening Roots
2010-2013 Spreading Branches › Demerged from STL
› Delivered India’s first Smart Line
› Sterlite Power (as a division of STL) awarded 2016-2017 (a combination of high-performance
India’s first independent Power Transmission conductors, optical ground wire
› First developer to commission
Project under Tariff-Based Competitive Bidding and communication lines)
a TBCB project, RTCL ahead
(TBCB)
of schedule › Won two projects in Brazil,
› Set up power cable manufacturing facility in becoming the first Indian
› Commissioned the Jalandhar-
Haridwar, Uttarakhand transmission infrastructure
Samba line – a key section of
› Awarded India’s first 765 kV private project – NRSS-29, the transmission corridor developer to enter the global
Bhopal Dhule Transmission Ltd (BDTCL) in Northern India, 12 months ahead market IndiGrid listed on Indian
› Established Master System Integrator (MSI) of schedule stock exchanges; Sterlite Power
service line, in Gujarat Energy Transmission transferred two projects to IndiGrid
› Raised India’s first AAA (SO) rated
Corporation Limited (GETCO), West Bengal Power won Novo Estado, the largest
infrastructure bonds without
Grid Corporation of India Limited, Transmission project in Brazil Transmission
Government guarantee for
Corporation of Telangana Limited (TSTRANSCO) Auction, increasing the total Latin
transmission projects
and Uttar Pradesh Power Transmission American transmission portfolio to
› Invested in Finland-based Sharper US$ 1 billion
Corporation Limited (UPPTCL)
Shape for UAV-based technology
› Awarded RAPP Transmission Company Ltd › Awarded the largest uprate and
› Deployed helicranes to set up upgrade project in India
(RTCL) project with 403 ckm in Madhya Pradesh
a power transmission line in the
and Rajasthan and Purulia and Kharagpur › First customer onboarded on
mountainous terrain of J&K in
Transmission Company Limited (PKTCL) with Sterlite’s MTCIL fibre network
partnership with Erickson Inc.
545 ckm in Jharkhand and West Bengal

Embracing New
Frontiers
2022-23
Continuing with › Commissioned 1st Green Energy
Corridor Project LVTPL and acquired
Resilience Sterlite Power’s 2nd GEC Project in
2020-2021 Rajasthan-FBTL
Expanding with › Certified as a Great Place to Work
› Addition of three Inter-State Transmission
Confidence System (ISTS) projects worth ~` 3,600
second year in a row in 2022
› Won the Power Transmission Company
2018-2019 crores, (US$ 488 million) Western Region
of the Year 2023 recognition from The
Strengthening Scheme - XIX (WRSS-XIX),
› Acquired 28.4% stake in transmission Economic Times.
North Eastern Region Strengthening
infrastructure business from Standard Scheme - IX (NERSS-IX) and Western › Deployed heli-ops in MUML Package
Chartered Private Equity for H1,010 crores Region Strengthening Scheme - XXI C and Package D for expediting
(US$ 137 million) (WRSS-XXI) to our portfolio material shifting and logistics
› Accreditation for OPGW facility 17025:2005- › Achieved 3 million safe person hours › Introduced two new solution
from National Accreditation Board for Testing (April 2019 to March 2020) at MSI innovations – ELECRAMA
and Calibration Laboratories (NABL) projects with zero harm 2022. The 96 Fibre OPGW and
› Won the largest global order of ~H300 ACCC ULS Brahmaputra High
› Pioneers in Live-Line Reconductoring
crores (US$ 40.7 million) from GS S Korea Performance Conductor
Technology in India and Robotic
for supply of High-Performance Conductor technology for OPGW stringing › Commissioned 400 kV Banaskantha,
(ACCC) through SkyRobTM Kansari and Vadavi Transmission lines
› Won six new transmission projects in Brazil in Gujarat, as part of Mumbai Urja Marg
› Transforming long-span river-crossings
to take the total capex to US$ 2 billion Transmission Limited - Package-A
with Aluminum Conductor Composite
› Commissioned NRSS-29 ahead of schedule; Core – Ultra Low Sag (ACCC ULS) Ganga › Successfully commissioned DT Line of
the project was dedicated to the people of innovation and design the Goa Tamnar Transmission Project
J&K by Prime Minister Shri Narendra Modi Limited (GTTPL)
› Successfully charged our first project
› Successfully heralded ‘Zero Shutdown’ in Brazil - Arcoverde, 28 months ahead › Acquired the Kishtwar Transmission
capability in India, with the reconductoring of schedule project through a Special Purpose
of a 66 kV transmission line in ‘live-line Vehicle from PFC Consulting Limited
› Successfully launched a Helicopter
conditions’ in Bengaluru LIDAR survey on the Raigarh-Tamnar line › Completed mid-river piling as part of
› Agreement with IndiGrid for sale of five of GTTPL project the Nangal-Bibra project
transmission asset from Sterlite Power worth › Awarded with ‘Safety in Electricity’ in › Installed GAP conductor at the 132
H11,500 crores (US$ 1.6 billion) Gold category at the Protection Brazil kV Dimapur to Imphal 166 ckm
› Bagged first underground MSI project Awards 2019 for the use of drones and transmission line
with Geographic Information System other technologies in crossing energised › Recertification of ISO 9001:2015
(GIS) substation transmission lines (Quality Management System),
› Completed OGPTL project 10 months › Declared ‘Gold Winner’ in the Earth 14001:2015 (Environmental
ahead of schedule & Environment Foundation (EEF) Management System) and 45001:2018
Global Sustainability Award 2021 (Occupational Health and Safety
› Won Pampa Project, another prestigious
for Outstanding Achievements in Management System)
transmission project in Brazil; taking Brazil
project count to 10 Sustainability Management › MSI business achieved 11.5 million
› Concluded sale of three Brazilian assets: safe man hours till Dec 2022
› Successfully commissioned Arcoverde –
the first project in Brazil, 28 months ahead Arcoverde, Novo Estado and Pampa › Acquired 2 new projects, Tangara and
of schedule › Successfully executed and sold 3 Serra Negra in Brazil
› Convergence business entered a Public projects – ENICL, GPTL, and NER-II,
Private Partnership (PPP) with Gurugram amidst COVID-19
Smart City to build an intra city fibre network › Won IPMA Project Excellence Awards
› NRSS-29 chosen as Gold Winner in the 2021 for NER project
IPMA Global Project Excellence Award 2019 › Declared Winner of the Asian Power
for the Mega-sized Projects Category Awards 2021 in the CSR Initiative
› NRSS-29 awarded Construction Project of of the Year category for Sterlite
the Year at the S&P Global Platts Energy EdIndia Campaign
Awards 2019 › Certified as Great Place to Work in 2021

Empowering Humanity
Chairman’s Message
We have made a significant

step toward accelerating India's
transition to a greener and
more resilient economy by
successfully commissioning
of the largest green energy
corridor. This serves as evidence
of our unwavering dedication to
advancing India's sustainable
future in the power sector.”
Dear Shareholders Sustainability

I extend my heartfelt gratitude to each one of At the heart of our Company's ethos lies a
you for your continuous support and belief in our profound commitment to advancing the principles
journey. Together, we will continue to light up of sustainability. Our dedication to realising the
lives, power progress, and contribute to a more United Nations' Sustainable Development Goals is
sustainable and energy-efficient world. a driving force that shapes our every endeavour.
We take immense pride in the alignment between
these global goals and our business operations.
In a rapidly changing world, the power sector
With each step we take towards innovation,
continues to be at the forefront of innovation,
growth, and progress, we ensure that the thread
adaptation, and sustainability. It is with immense
of sustainability is intricately woven into the fabric
pride that I present to you our Annual Report,
of our decisions. This holistic approach not only
a testimony to our steadfast journey towards
empowers our business but also contributes
excellence, sustainability, and progress in the
meaningfully to creating a more equitable, resilient,
landscape of the world's fastest-growing economy.
and environmentally conscious world. As we
The power sector stands as a vital cornerstone,
continue this transformative journey, we remain
contributing significantly to India's dynamic
resolute in our pursuit of harmonising business
growth story, fostering industrialisation, enhancing
success with the greater good of humanity and
urbanisation, and improving the quality of life for
our planet.
millions as the nation surges ahead.

India's ambitious plans for renewable energy These innovations exemplify our dedication to
further underscore the power sector's significance. shaping a digitally empowered and resilient energy
The transition towards cleaner and greener landscape, reducing losses, and advancing the
sources of power not only aligns with global transmission sector into a new era of progress.
environmental commitments but also positions
Sterlite as a leader in sustainable development. Conclusion
We have made a significant step towards In conclusion, as we reflect on the milestones and
accelerating India's transition to a greener awards of the past year, it is essential to remember
and more resilient economy by successfully that every success story begins with a vision,
commissioning of the largest green energy corridor fuelled by dedication, innovation, and resilience.
in Gujarat called Lakadia-Vadodara Transmission The deployment of heli-ops for material shifting,
Project. This milestone not only underscores the introduction of cutting-edge solutions like
our dedication to technological innovation and the 96 Fibre OPGW and ACCC ULS Brahmaputra
operational excellence but also serves as evidence High Performance Conductor, and the successful
of our unwavering dedication to advancing India's commissioning of transmission lines stand as
sustainable future in the power sector. emblems of our technological prowess.
Our dedication to providing reliable and The power sector plays a pivotal role in shaping
sustainable power solutions has garnered the progress of nations, driving economic
recognition, as evidenced by the awards and development, and enhancing the quality of life
accolades we have received. From being named for millions. As shareholders, your unwavering
"Power Transmission Company of the Year" at support and collaboration have been instrumental
prestigious summits to achieving the "Great Place in our achievements. Together, we have embraced
to Work" certification, these acknowledgements change, harnessed technological advancements,
are a testament to our collective efforts and vision. and risen to the challenges posed by an ever-
changing world.
Powering the Future
In essence, our role in empowering lives goes
As we chart our course forward, the acquisition of beyond wires and infrastructure. It embodies a
new projects, Tangara and Serra Negra, in Brazil commitment to enhancing the lives of people,
underlines our commitment to global excellence. fostering economic growth, and safeguarding the
Our journey remains guided by a shared environment. As a catalyst for change, Sterlite
commitment to sustainable power transmission, Power stands as a living proof of the transformative
innovation, and creating a future where every step power of the energy sector, leaving a lasting
reflects our dedication to progress. impact on generations to come.
We have introduced two new innovative solutions– Thank you for your trust and belief in our mission.
96 Fibre OPGW and ACCC ULS Brahmaputra High
Performance Conductor to deliver reliable, secure, Your Sincerely,
and highly efficient power transmission solutions.
These solutions will enable increased digitisation PRAVIN AGARWAL
of the transmission sector while reducing Chairman
transmission losses.

Empowering Humanity
Managing Director’s Message
As India embarks upon a crucial

phase of sustainable growth and
development or what we call the
“Amrit Kaal”, its energy demand
is set to outpace its domestic
supply. India is expected to be
one of the largest contributor to
global energy demand growth
with a share of 30% till 2035.”
Dear Shareholders accomplishments and significant milestones.

With India moving towards uninterrupted access
We firmly believe that electricity access transforms to energy to all consumers while meeting a large
societies and delivers long-lasting social impact. portion of its power requirement through clean
This belief has shaped our journey right from energy, and its net zero commitments, all at the
inception and today, we are a leading global player same time, your Company is playing a pivotal
in power transmission infrastructure. role in solving the toughest challenges of clean
energy delivery.
Across the world, climate change is seen as
the greatest threat facing humanity. People Scripting a Greener Tomorrow
are concerned about impact of climate change In keeping with the nation’s commitment to combat
and making a conscious shift from fossil fuel to climate change, your Company made a significant
clean energy. The size and scale of this shift is contribution by successfully commissioning one
unprecedented and the opportunity it creates for of the largest green energy corridor projects
energy logistics is equally large. in Gujarat. Through this mega project, known
as Lakadia Vadodara Transmission Project, the
Notably, over the last decade, India has risen country has unlocked 5,000 MW of green power
as a Global Leader in Climate Action and firmly for the nation that will accelerate India’s renewable
entrenched itself as a major player on the global energy vision of 500 GW by 2030. This project
stage. As India embarks upon a crucial phase of forms a critical part of the world’s largest 30,000
sustainable growth and development or what we MW hybrid renewable energy park coming up in
call the “Amrit Kaal”, its energy demand is set to Kutch in Gujarat, envisioned by our Hon’ble Prime
outpace its domestic supply. India is expected to Minister of India, Shri Narendra Modi.
be one of the largest contributor to global energy
demand growth with a share of 30% till 2035. Your Company’s effort of greening the grid
continues with our recent green energy project
Amidst this dynamic energy landscape, I am win in Rajasthan. We secured the ‘Part G’ Phase III
pleased to present the FY 2022-23 Annual Rajasthan Transmission project, that will connect
Report, which reflects a year of exceptional

the renewable Energy zones of Fatehgarh with I am also proud to share that Sterlite Power’s
Beawar, carrying a massive 20 GW of green energy commitment to fostering an exceptional work
into the heartland of the country. environment was validated by its second consecutive
Great Place to Work® Certification. Considered the
In Brazil, we won two important lots - 5 and 9, with ‘Gold Standard’ in recognising Great Workplace
a total estimated capex of I 1,800 crores, at the Cultures, this certification underscores the Company’s
auctions held last year. We also commissioned dedication to its workforce. Your Company was also
our largest project – Marituba, which transports recognised as the ‘Power Transmission Company
large volume of power across Amazon Forest. We of the Year 2023’ at The Economic Times Energy
also energised three more projects that connect Leadership Summit, evidence of its pole position in
renewable energy to the Brazilian national grid. the industry.
These critical moves are in perfect harmony with
the Company’s vision to secure a position of global A Year of Remarkable Results and
leadership within the power transmission sector. Promise of a Prosperous Tomorrow
Today, the Global Infrastructure business enjoys a
solid portfolio of 31 assets with cumulative capex of With continued focus on garnering new opportunities
~US$ 5 billion in India and Brazil. and operational efficiencies, Sterlite Power is happy
to report remarkable progress and achievements
in FY23. We have closed FY22 with 3.3% revenue
In the Solutions Business, your Company continues
growth at I 3,923 crores, EBITDA of I 558 crores
to partner with utilities in augmenting existing power
and strong growth in profitability in India operations.
infrastructure and decongest the critical parts of
The results demonstrate our strong fundamentals
their network. With increasing urbanisation, we see
and underline our commitment to be a key player in
high demand for the Master System Integration (MSI)
building the nation’s energy landscape.
business to upgrade and uprate aging infrastructure
across various states. Further, the global focus
on decarbonisation is increasing demand for our As we look into the future, we are excited about the
manufactured products and services, such as plethora of opportunities that this sector presents.
conductors, cables, and OPGW and the Company is Globally, the success of the energy transition story
building a large order book for exports to developed hinges on the presence of a robust transmission
markets. We ended the year with an open order book network. India is already a step ahead and the
of I 5,200 crores. government’s recently announced Transmission
roadmap involving an investment outlay of I 2.44
trillion by 2030. The momentum is already visible, the
The Convergence business also continues to grow
14th National Committee of Transmission approved
stronger on the back of unprecedented growth in
I 75,408 crores worth of power transmission projects
demand for data. This business is the leading best-in-
and these are likely to be awarded this year through
class dark fibre solution providers in the country and
the bidding route, making it the largest tranche under
has all top Telecom and ISPs as its customers today.
tariff-based competitive bidding (TBCB). With our
solid track record of executing complex projects,
Leading with Innovation & technical know-how, and strong capable teams, we
Sustainability are well positioned to capture a sizeable chunk of
this opportunity.
Sterlite Power continues to lead the way with cutting
edge innovation and technologies. We recently
unveiled ground-breaking solutions for power Once again, I extend my heartfelt gratitude to
transmission projects at ELECRAMA 2023. Developed our dedicated team members and stakeholders
for the first time in India, both the products - 96 for their steadfast support. As we reflect on the
Fibre OPGW and ACCC ULS Brahmaputra High- accomplishments and aspirations captured within this
Performance Conductor have been specifically annual report, I am filled with pride and optimism. We
developed to enable electricity access and greater have made significant strides in shaping the future of
digitisation of the power sector. energy delivery, and I am confident that our collective
efforts will continue to light the way for a brighter,
more connected, and empowered world.
Your Company has a vision of ‘Zero Accidents’,
and we consistently strive to achieve high QHSE
Standards considering them as non-negotiable and Your Sincerely,
integral part of our all-business operations.
Across the businesses, we have achieved more than PRATIK PRAVIN AGARWAL
30 million safe work hours with total recordable Managing Director
injury rate sustained below 2.0. This underscores
your Company’s dedication to safety in every aspect,
reinforcing its promise to prioritise well-being and
operational integrity.

Empowering Humanity
Board of Directors
1 2
MR. PRAVIN AGARWAL MR. PRATIK PRAVIN AGARWAL
Chairman Managing Director
3 4
MR. ALLAMPALLAM RAMAKRISHNAN MR. ANOOP SETH
NARAYANASWAMY Non-Executive and Independent Director
Non-Executive and Independent Director
5
MR. MANISH AGARWAL
Whole Time Director & CEO
(Global Products & Services)

1 3
MR. PRAVIN AGARWAL MR. ALLAMPALLAM RAMAKRISHNAN
Chairman NARAYANASWAMY
Mr. Pravin Agarwal is the Chairman and Non-executive Non-Executive and Independent Director
Director of our Company. He holds a Bachelor’s degree in Mr. Alampallam Ramakrishnan Narayanaswamy is an
Commerce from Patna University. He has been associated Independent Director of our Company. He holds a Bachelor’s
with the Sterlite Power Group since its inception and degree in Commerce from the University of Mumbai and is also
has significant experience in general management and a fellow member of the Institute of Chartered Accountants of
commercial affairs. Previously, he has held directorship India. He has an overall experience of 27 years as a Director in
positions in Sterlite Technologies Limited, East-North overseeing and handling management of companies. Previously,
Interconnection Company Limited and Speed on Network he has held directorship positions in Hindustan Zinc Limited,
Limited and has an overall experience of 25 years as Sterlite Technologies Limited, and MALCO Energy Limited. He
a Director in overseeing and handling management of has been a Director on our Board since July 22, 2019.
companies. He has been a Director on our Board since
May 5, 2015.
4
2
MR. ANOOP SETH
MR. PRATIK PRAVIN AGARWAL Non-Executive and Independent Director
Managing Director Mr. Anoop Seth is an MMS from BITS Pilani with a major in
Mr. Pratik Agarwal is the Managing Director of our Finance and Executive International Management Programme
Company. He holds a Master’s in Business Administration from INSEAD, France. Mr. Seth, has an illustrious career spanning
from the London Business School, University of London 36 years, in financial services and several infrastructure
and a Bachelor’s of Science degree from the Wharton sectors. He has held leadership positions in companies such
School at the University of Pennsylvania. as AMP Capital, Bank of America, Bechtel Corp, IDFC, Reliance
Industries, Standard Chartered Bank, and IL&FS Energy. With an
extensive experience, he advices the Board and leadership team
He has an overall experience of 11 years as a Director
on matters related to strategy and growth.
in overseeing and handling management of companies.
Previously, he has held directorship positions in Sterlite
Technologies Limited, Sterlite Ports Limited, Vizag
General Cargo Berth Limited, and Speed on Network 5
Limited. Pratik received the Economic Times CEO of the
Year Award at the Energy Leadership Summit 2022. In MR. MANISH AGARWAL
2018, he was awarded the Economic Times 40 under Whole Time Director and CEO (Global Products and Services)
40 Award. Mr. Manish Agarwal is a power infrastructure specialist with a
career spanning 26 years. A veteran in Power and Telecom, he
He is a member of the National Committee on Power is a leading voice shaping policy priorities in the infrastructure
constituted by the Confederation of Indian Industries & manufacturing sector. He is a passionate proponent of
(the “CII”) for Fiscal 2021, the co-chairman of the disruptive technologies and played a pivotal role in their
Infrastructure and Real Estate Committee constituted adoption in transmission sector. He is also a well-regarded
by the IMC Chamber of Commerce. He was also the champion of key industry matters including concession/
Chairman of the Core Group on Transmission constituted Public-Private Partnership, uprate/upgrades of infrastructure,
by the CII for Fiscal 2019 and a part of the Task Force fiberisation of underground and overhead power delivery
on Power Transmission constituted by the Federation of systems. He also invests his time in forging technology alliances,
Indian Chambers of Commerce and Industry (the “FICCI”) global partnerships, and commercialisation of new advanced
in 2013. He has been a Director on our Board since technologies and solutions.
June 1, 2016.
As CEO (Global Products and services) & Group Director,
(Corporate Affairs, Business Acquisition and Regulatory),
he steers the global products, services, and convergence
businesses. He is the co-chair for Power Council at Associated
Chambers of Commerce and Industry of India (ASSOCHAM) and
Vice President of CIGRE India (International Council on Large
Electric Systems), a global community for the collaborative
development of power system expertise. He is member of Power
Committee of FICCI.
He is a Harvard alumnus and has also pursued Leadership

Programmes from Indian Institute of Management, Ahmedabad
and Indian School of Business, Hyderabad. He holds a degree in
Engineering and an MBA from Federation University, Australia.

Empowering Humanity
Management Team
MR. PRATIK PRAVIN AGARWAL MR. MANISH AGARWAL MR. ARUN SHARMA
Managing Director Whole Time Director & CEO CEO, India
(Global Products & Services) Transmission (Interim)
MR. AKSHAY HIRANANDANI MR. AMITABH PRASAD MS. NEETI WAHI

Executive Director, Corporate Finance Country Manager, Brazil Chief Information Officer
MR. ASHOK GANESAN MS. SHRUTI JAIN

Company Secretary Chief Legal Officer

Awards and Accolades
Power Transmission Company of the Pratik Agarwal awarded the CEO of the Great Place to Work Certification
Year 2023 Year (non-renewables) in the ET Energy of 2022
Leadership Awards 2022
World Manufacturing Congress Award Aegis Graham Bell Award – in IDC Innovation Awards 2021 for
for “Best innovative Product of the category of” innovation in Data Intelligence
the Year” 2022 Telecom Infra” for its game changing
innovation in building edge computing
Containerized Data Centre (CDC) 2022
Energy & Environment Foundation Asian Power Awards 2021 – in the Bronze Winner in the IPMA project
Global Sustainability Award 2021 – category of “CSR Initiative of the Year” Excellence Award 2021 for the Mega-
Gold Award for Sterlite EdIndia Foundation sized Project Category
‘Innovative/Product Services Awards’ ‘HR Excellence Awards’ at the Golden Construction Project of the Year 2019
at the Golden Peacock Awards 2021 Peacock Awards 2020

Empowering Humanity
Technology Leadership
An Evolving World needs Revolutionary Solutions
We have led the way in adopting state-of-the-art global best practices in a ‘legacy-
driven’ power transmission sector. We are actively pursuing innovation opportunities
with universities, start-ups, and third parties.
Aerial Technology for

Accelerated Project Execution
› Planning and automated inspection
services by Unmanned Aerial Vehicles
(UAVs)
› First use of helicopter stringing in India
› Heli-crane based tower erections in
tough terrains
› Investor in global tech start-up:
Sharper Shape
Big Data Algorithms/Predictive

Simulations
› Route planning, elevation models and
resource optimisation using an in-house smart
algorithm platform TransAnalyst
› Improving predictability of soil characteristics
through data analytics for foundation design
(Subsurface Terrain Model or STeM)
› Pan-India power system studies
› Tower test simulations for design validation
Robotics for Safe Stringing and

Technology Intensive Products
› SkyrobTM – safe and efficient optical ground
wire stringing through robotics
› Largest manufacturer of high-performance
conductors in India
› Low-loss high-ampacity cable, fibre integrated
power cable
› Largest OPGW player in India
› SmartValveTM – modular power flow
control solutions

Digitalisation Operational Efficiency

› Digital prototypes for higher design quality
› Quality Health Safety Environment (QHSE) effectiveness
through e-audits and remote inspections
› Magellan is an in-house developed platform leveraging the
ArcGIS Platform to automate the entire Power Transmission
process from bidding stage through to project execution
stage. Magellan has 3 parts - Route Optimisation, Tower
Library Centralisation and BoQ generation
Smart Projects for Modern Grid

› India’s first vertical GIS Substation with smaller
footprint leading to reduced CO2 emissions
› Re-conductoring of 66 kV transmission line in
‘Live-Line Condition’ to achieve a 2x increase
in power transfer capacity in Electronic
City, Bengaluru
Technology for Greener Ecosystem

› Translocating bigger and mature living trees
› Green co-location from Convergence business

› Utilised state-of-the-art technologies, including drone-
based LiDAR and oblique camera systems, integrated
with advanced Artificial intelligence (AI) for tree
species identification.

Empowering Humanity
Business Overview
Global Infrastructure
The evolving demand for electricity is reshaping the energy landscape, presenting
new challenges and opportunities. We recognise the exponential rise in electricity
demands and the need to meet them sustainably. With this awareness, we have been
driven by the belief that power transmission has the transformative potential to create
lasting social change.
This conviction fuels our efforts to push boundaries and Our impressive portfolio encompasses 31 projects, spanning
make a positive impact on communities. In the fiscal year a vast network of nearly 15,000 circuit km of transmission
2022-2023, our expertise and commitment to sustainable lines. This extensive reach allows us to meet the growing
energy solutions played a crucial role. Our projects, spanning demands for electricity, ensuring reliable and sustainable
various regions, are designed to facilitate the transmission of power transmission.
renewable energy, fostering the growth of clean energy, and
reducing carbon emissions. The successful bids we secured As the demand for electricity continues to rise, we remain
this year highlight our capability to deliver efficient, reliable, committed to leveraging our expertise, technology, and
and environmentally friendly transmission systems. By innovation to address these evolving needs. We are actively
doing so, we contribute significantly to India’s clean energy exploring new opportunities, both in existing markets and
goals and strengthen our position as a key player in the emerging ones, to expand our presence and contribute to
advancement of the renewable energy sector. Currently, we the sustainable development of the global energy landscape.
have a strong operational presence in both India and Brazil.

Enabling India’s Energy Transition Journey

India has set an ambitious target of reaching 500 GW of transmission corridor from Fatehgarh III to Beawar, enabling
renewable energy capacity in its pursuit of a sustainable the evacuation of renewable power generated in Fatehgarh,
and clean energy future. One of the critical prerequisites Bhadla, and Ramgarh areas. This project follows our
for achieving this vision would be a robust and resilient successful commissioning of the Lakadia-Vadodara green
transmission grid. To ensure, the flow of green electrons energy transmission project in Gujarat, highlighting our
from RE-rich centres to the deficient ones, transmission commitment to reliable and sustainable power transmission
infrastructure needs strengthening. Hence, a significant across India.
investment in transmission build outs to ensure that RE
can be reliably and efficiently delivered to consumers. Our commitment to expanding our footprint led us to acquire
Kishtwar Transmission Limited in Jammu & Kashmir (J&K).
In the past year, Sterlite Power has achieved several Kishtwar project will unlock the untapped hydro potential of
significant milestones that will help to advance India’s J&K to the tune of 20,000 MW. In addition, the project will
energy transition. One of the biggest milestones was the evacuate 2,000 MW of power from the Pakaldul HydroElectric
successful completion of its largest green energy corridor Project to the Kishtwar substation. This project will involve
project – Lakadia Vadodara Transmission Project Limited the construction of a robust transmission system, which
(LVTPL). The project aims to deliver more than 5000 MW of includes a 400/132 kV GIS substation located in Kishtwar
power from RE-rich regions of Bhuj and Kutch to the national and a 400 kV transmission line connecting Kishenpur to
grid – a step towards accelerating India’s transition towards Dulhasti. In addition to augmenting the power flow capacity,
a greener economy. Built with an investment of I 2,024 this transmission system will also alleviate congestion in
crores, this inter-state transmission connects the 765/400 kV the downstream networks within the region, consequently,
substation at Lakadia to Vadodara through a 335 km long enhancing the quality and reliability of power flow in the
765 kV double-circuit transmission line. With 812 towers Kashmir valley, benefitting the local communities, and
spanning seven districts in Gujarat, this power transmission improving the overall electricity infrastructure in the area.
corridor is also one of the largest transmission corridors built
in India till date. Additionally, it forms a critical part of the True to our commitment of completing complex projects on
world’s largest 30,000 MW hybrid renewable energy park or before schedule, Sterlite Power achieved the successful
coming up in Kutch. commissioning of the 400 kV Banaskantha, Kansari, and
Vadavi Transmission line in Gujarat. The transmission line
This year also witnessed Sterlite Power’s foray into Rajasthan. was completed 4 months ahead of schedule, effectively
The Company was awarded the Package G order, under decongesting the existing transmission network in the region.
Phase III. The project will serve as a critical link in evacuating This critical transmission line not only enables the evacuation
20 GW of renewable power from Rajasthan’s Renewable of 1,000 MW of renewable power from Bhuj to the national
Energy Zones (REZ) to the national grid and forms an integral grid but also augments the state’s power transmission
part of the Ministry of Power’s roadmap for integration of 500 capacity, supporting Gujarat’s goal of establishing over
GW RE. Sterlite Power will construct a 350 kms, 765 kV 67 GW of renewable energy by 2030.

Empowering Humanity
Business Overview
Innovation drives transformation in power transmission, These projects will involve the construction of thousands
enabling technological advancements, efficiency, and of kilometres of transmission lines, strengthening the
sustainability. Our commitment to innovation is evident as we power network and supporting Brazil’s renewable energy
introduce cutting-edge products and solutions, delivering goals. We successfully completed the Vineyards Project, a
high-quality assets quickly. remarkable endeavour spanning two states and reinforcing
our commitment to reliable and efficient energy solutions.
At ELECRAMA 2023, we unveiled two revolutionary The project, spread across the states of Rio Grande do Sul
technologies: the 96 Fibre OPGW and ACCC ULS and Santa Catarina, involved the construction of a 500 kV
Brahmaputra High Performance Conductor. These transmission line spanning approximately 530 km.
innovations promote digitalisation and reduce transmission
losses. The ACCC ULS Brahmaputra HPC is a ground- The Vineyards Project strengthens the power transmission
breaking conductor designed to overcome challenges network in Brazil, facilitating the efficient supply of energy
in crossing the River Brahmaputra, one of India’s longest from diverse generation sources to meet growing energy
rivers. Its uniqueness is in combining an aluminium alloy demands. This remarkable achievement further solidifies
with a composite core of ultra-low sag properties, enhancing Sterlite Power’s global footprint and affirms its position as a
efficiency, capacity, reliability, and resilience in transmitting trusted partner in building future-ready power networks to
power across challenging terrain. Beyond India, we expanded drive economic growth and improve lives.
our presence in Brazil, securing significant transmission
projects in the country’s auctions.
Strengthening our Presence in Brazil

In financial year 2022-23, Sterlite Brazil Participações S.A. They also won Lot 09, which required building a 505 km
(“Sterlite Brazil”) won two transmission auctions in Brazil, transmission line with a capacity of 850 MVA in Mato Grosso
organised by the National Electric Energy Agency (ANEEL) and Pará to address energy demands in Claudia (MT) and
and held at B3 in São Paulo. These auctions covered the Novo Progresso (PA). For Lot 09, Sterlite Brazil offered a RAP
construction and maintenance of 5,425 km of transmission of BRL 88 million (US$ 17.6 million), a discount of 32.96% from
lines across Brazil, with a total of 13 lots auctioned. Sterlite the maximum RAP of BRL 130 million (US$ 26 million).
Brazil secured Lot 05, which involved developing a 113
kms long transmission line with a capacity of 300 MVA for The implementation of these projects, estimated to take 42 to
the state of Sergipe in Bahia and Sergipe. They offered a 60 months, is expected to generate around 2,261 direct jobs
Permitted Annual Revenue (RAP) of BRL 22 million (US$ 4.4 during the construction phase. These projects, along with
million), a discount of 26.52% compared to the maximum of Borborema, Dunas, and Solaris projects in Brazil, will enhance
BRL ~30 million (US$ 6.0 million). power transmission infrastructure, integrate renewable
energy sources, and ensure a reliable power supply.

The Borborema Transmission Project, spanning The Solaris Project in Minas Gerais includes constructing
approximately 130 kilometers, aims to strengthen Brazil’s 298.20 km of transmission lines, implementing one new
power transmission infrastructure by constructing a high- substation, and expanding two existing substations. It is
voltage transmission line connecting Paraíba. With an anticipated to generate 1,007 direct and indirect jobs.
investment of around BRL 367 million, it will increase the These initiatives showcase our commitment to regional
grid’s capacity, facilitate renewable energy transfer, support development, sustainable growth, and a customer-centric
regional development, and ensure a reliable power supply. approach. We prioritise excellence, technological innovation,
and operational efficiency to reduce transmission losses and
The Dunas Project in Ceará and Rio Grande do Norte strengthen grid resilience.
involves constructing 540.32 kms of transmission lines,
implementing three new substations, and expanding Our goal is to expand access to affordable and uninterrupted
existing ones. It is expected to create 2,434 direct and power, shaping the future power grids in India and Brazil. We
indirect jobs. With an investment of approximately take pride in contributing to societal betterment, sustainable
US$ 1.4 billion, the project aims to increase the grid’s development, and the global power sector as a trusted
capacity, integrate renewable energy sources, and partner, delivering reliable, efficient, and cost-effective power
improve power transfer capabilities. transmission solutions.
Accolades and Achievements

We had an exceptional year with numerous prestigious This marks the second consecutive year that Sterlite
global and national accolades recognising our Power has received the Great Place to Work-
outstanding achievements. Sterlite Power Transmission Certified™ distinction. This recognition highlights our
was honoured with the ‘Power Transmission Company dedication to fostering a purposeful and high-growth
of the Year’ award at the esteemed Economic organisational culture.
Times Energy Leadership Summit in 2023. This
recognition serves as a testament to the transformative These accolades showcase our relentless efforts and
influence of our leadership, driving us to pursue dedication towards creating a workplace where our
excellence relentlessly. employees thrive and where innovation, collaboration,
and growth are encouraged. We remain committed to
Furthermore, we are proud to announce that we have upholding these values and further strengthening our
been certified as a Great Place to Work® in India for the organisational culture in the years to come.
period of September 2022 to September 2023 by the
esteemed Great Place to Work® Institute.

Empowering Humanity
Business Overview
Operating Model
Bid Develop › Strong operations and

maintenance team that manages
› Rich track record of winning › Deep innovation and execution the assets post commissioning
lucrative inter-state transmission skills that help complete
› Pursuit of optimal
projects – robust pipeline in place projects within planned costs
refinance opportunities
– often commissioning ahead
› 18 projects in India, won through
of schedule › Sponsor of India’s first
Tariff Based Competitive Bidding
Infrastructure Investment Trust
(TBCB) › Adherence to highest standards
(InvIT) in the Power sector which
of safety and quality
› Strong regulatory regime in India has proven to be a successful way
enables fully contracted long-term › Collaboration with partners of raising capital by transferring
cash flows, low counter-party risk who are leaders in their mature, fully operational assets
respective fields to the Trust and redeploying the
capital gained for developing
new assets
Award Build Asset-flip

› Government tenders › Sub-contract to EPC partners › Flip assets to InvITs
› Credit-worthy counterparty › Back-to-back guarantees › Recycled equity for new projects
ensuring bankability
› Annuity period of 25-35 years
Portfolio at a Glance
31 Projects 18 Operational Assets K 41,748.89 crores of

Won under Public Private Won under PPP Capital Expenditure
Partnerships (18 in India under TBCB
(Figures as per CEA and ANEEL
and 13 in Brazil)
estimates)
~28,322 MVA 32 Substations 68 EHV Lines

of Transformation Capacity
~15,154 ckm 24% Market Share 99.78% Availability

of Power Transmission lines By tariff of inter-state projects Achieved across our commissioned
commissioned or under construction awarded under competitive bidding assets in Q4FY23
in India.

India
Our assets are located in
strategically important areas from
the perspective of transmission
connectivity, transferring power
Kishtwar
from generating centres to load
centres to meet inter-regional
power deficits.
Pare Hydro
Plant
We now have a total portfolio of
North
18* transmission projects in India, Lakhimpur
spanning more than 10,143 ckm, Beawar Fatehgarh
through a total capex of `26,724 crores Fatehpur
(US$ 3.60 billion). Chariyali Bongaigaon
PK Bari Bays
Footprint in India
5,585 km Lakadia
Route Length
Vapi
10,143 ckm
Length Padhga
Sayali
Khargar
K 26,724 crores
(US$ 3.25 billion)
Project Capex
Udupi
Kasargode
JTCL BDTCL RTCL MCTL LVTPL (Assets Executed)
PKTCL NRSS ENICL GPTL GTTPL F III BTL UKTL
OGPTL KTL NER-II MUML NBTL KTPL

(Assets Managed by IIML) (Assets Under Execution)
This map is a graphical representation designed for general reference purposes only.
*Including projects commissioned, under-construction and transferred to IndiGrid

Empowering Humanity
Business Overview
Footprint in India
Project Overview Scheduled CoD* Project Elements
Jabalpur Transmission Company Limited (JTCL) 1 x 765 kV D/C line Commissioned 994 ckm
1 x 765 kV S/C line
Bhopal Dhule Transmission Company Limited (BDTCL) 4 x 765 kV S/C line Commissioned 945 ckm
2 x 400 kV D/C line 6,000 MVA
1 x 765/400 kV Sub-station
RAPP Transmission Company Limited (RTCL) 1 x 400/220 kV D/C line Commissioned 402 ckm
Maheshwaram Transmission Company Limited (MTCL) 2 x 400 kV D/C line Commissioned 472 ckm
Purulia & Kharagpur Transmission Company Limited 2 x 400 kV D/C line Commissioned 545 ckm
(PKTCL)
NRSS XXIX Transmission Limited (NRSS) 3 x 400 kV D/C line Commissioned 830 ckm
1 x 400/220 kV Sub-station 735 MVA
East-North Interconnection Company Limited (ENICL) 2 x 400 kV D/C lines Commissioned 904 ckm
Gurgaon-Palwal Transmission Limited (GPTL) 5 x 400 kV D/C line Commissioned 271 ckm
3 x 400/220 kV Sub-station 3,000 MVA
Khargone Transmission Limited (KTL) 2 x 765 kV D/C line Commissioned 627 ckm
NER II Transmission Limited (NER-II) 2 x 400 kV D/C line Commissioned 832 ckm
Odisha Generation Phase-II Transmission Limited (OGPTL) 1 x 765 kV D/C line Commissioned 710 ckm
1 x 400 kV D/C line
Goa-Tamnar Transmission Project Limited (GTTPL) 1 x 765 kV D/C line Under construction 478 ckm
1 x 220 kV D/C line
Lakadia-Vadodara Transmission Project Limited (LVTPL) 1 x 765 kV D/C line Commissioned 659 ckm
1,000 MVA
Udupi Kasargode Transmission Limited (UKTL) 1 x 400 kV D/C line Under construction 231 ckm
1 x 400/220 kV Sub-station 1,000 MVA
Mumbai Urja Marg Transmission Limited 4 x 400 kV D/C line Dec-2023 351 ckm
(erstwhile known as VNLTL) 2 x 220 kV D/C line 1,000 MVA
2 x 132 kV D/C line
Nangalbibra Bongaigaon Transmission Limited (NBTL) 1 X 400 kV D/C line Under construction 281 ckm
1 X 132 kV D/C line
Kishtwar Transmission Limited (KTPL) 1X 400 kV D/C line SPV acquired 2 ckm
Fatehpur III Beawar Transmission Limited 1 x 765 kV D/C line SPV acquired 700 ckm
2 x 765 line bays
*Due to the impact of the outbreak and spread of the COVID-19 pandemic, all under-construction transmission projects were granted a 8 month
extension by the Ministry of Power Notification No. 3/1/2020-Trans dated July 27, 2020.

Brazil
We commissioned our first
project in Brazil 28 months
ahead of schedule, while
also emerging a winner in
the auction of the prestigious
Pampa project.
In a short span of time, we have

developed a portfolio of 13 transmission
projects* in the fast-growing South
Marituba
American nation, spanning 5034
ckm, through a total capex of
Dunas
BRL 9,257.48 million.
Novo Estado
Borborema
Footprint in Brazil Arcoverde
4,752 km
Serra Negra
Tangara SÃO Francisco
Route Length Jacana
5,034 ckm Goyaz

Length Solaris
BRL 9,257.48 million

(US$ 1.83 billion)
Project Capex
Pampa
*Including projects commissioned and under-construction Vineyards
SOLARIS GOYAZ BORBOREMA SÃO FRANCISCO MARITUBA JACANA
TANGARA SERRA NEGRA
(Assets Under Execution)
PAMPA* NOVO ESTADO* ARCOVERDE* DUNAS* VINEYARDS*

*Assets managed by third party

Empowering Humanity
Business Overview
Footprint in Brazil
Project Overview Scheduled CoD Project Elements

Arcoverde 2 x 230 kV transmission line Commissioned 139 ckm
1 x 230/69 kV substation 400 MVA
Vineyards 3 x 230 kV transmission line Aug-22 114 ckm
2 x 230/69 kV substation 496 MVA
4 x 230/69 kV Brownfiled substation
Novo Estado 3 x 500 kV transmission line Commissioned 1,831 ckm

Dunas 3 x 500 kV transmission line Commissioned 541 ckm
3 x 230 kV transmission line 3,300 MVA
3 x Greenfield substation
3 x Brownfield substation
Borborema 1 x 500 kV transmission line May-23 130 ckm

1 x Greenfield substation 750 MVA
1 x Brownfield substation (Additional 450MVA in Borborema
Reinforcement)
Sao Francisco 2 x 500 kV transmission line Sep-23 521 ckm
1 x 230 kV transmission line
Goyaz 1 x 230 kV transmission line May-23 152 ckm

4 x brownfield substation 600 MVA
Marituba 1 x 500 kV transmission line May-23 374 ckm
Solaris 1 x 345 kV transmission line Jan-24 298 ckm

1 x 230 kV transmission line 800 MVA
1 x greenfield substation (Additional 600MVA in Borborema
3 x brownfield substation
Reinforcement)
Pampa 2 x 525 kV transmission line Commissioned 316 ckm
1 x 525/230 kV substation 1,544 MVA
Jacana 500kV Olindina II S/S – interconnection of 500kV Mar-25 450 MVA
and 230kV switchyards, (3+1)x150MVA
Tangara 2 x 230kV transmission line Oct-25 511 ckm

2 x greenfield substation 850 MVA
1 x brownfield substation 2 x (-45/+45) Mvar
Serra Negra 2 x 230kV transmission line Feb-25 113 ckm
1 x greenfield substation 300 MVA
2 x brownfield substation

MSI (Master Systems Integration) and Products Business

India is home to some of the world’s fastest growing cities. Urbanisation and
development are triggering exponential demand for power, resulting in transmission
congestion challenges. There is an urgent need to strengthen, upgrade and uprate
corridor intensity of ageing transmission infrastructure with imaginative, innovative,
and cost-effective solutions.
Our custom-built solutions, top of the line technological A full-service operation, our MSI
prowess, engineering expertise, system design and
specialised EPC services are clear value differentiators. business delivers multi-fold increase
We are India’s first and largest integrated manufacturers of in throughput, upgrades to existing
OPGW. Creative problem-solving, strategic investments and
industry-leading research and development are inextricably infrastructure, uprate of overhead
tied to our long-standing commitment to customers. We conductors and OPGW-based
strive constantly to refine operations and deliver best-in-class
customer service. We are innovating on multiple fronts to communication systems in the
build the future of energy and address customer challenges shortest possible time.
swiftly and efficiently through the unwavering prism of time,
space, and capital.

Empowering Humanity
Business Overview
Business Model
1 1 System planning and optimisation

Co-create solutions to make techno-economical choices,
using state-of-the-art technology solutions
2 Feasibility studies and detailed

engineering
Survey and feasibility assessment and
detailed engineering
3 2
3 Project management and execution
Delivering solutions on turnkey basis
Capabilities Differentiators
› Transforming ageing power transmission infrastructure › Fast turn-around times for feasibility assessment
with innovation, technology, solutions and project and execution
execution expertise
› Strong expertise in design and engineering, automation › Use of Robotics and aerial technology for safe stringing
using technologies such as robotics and aviation, digital of OPGW and power conductors
tools for substations, conductor, cable systems
› Proven expertise in innovating pioneering long span › Bringing the best and the latest of solutions such as power
river crossings solutions flow controller, dynamic line rating, tower coating, to utilities
in India, for maximising asset utilisation
› Zero shutdown live line reconductoring capability › Passionate proponents of innovation, for faster
execution and for better safety and quality standards
› Industry-leading global partnerships state-of-the-art

technical solutions

Marquee Projects
Transgrid 2.0 Kerala

Transforming Kerala’s Inter-State
Transmission Systems corridors
by effecting a 15-24x increase in
throughput with a massive uprate/
upgrade exercise to revamp
ageing infrastructure.
River Crossing Solutions

Ganga | Narmada
Strong display of product and process
innovation in solutions deployed
across the Ganga and Narmada rivers.
High performance conductor used for
long-span river crossing across the
Ganga river. Stringing of a single largest
span of 1.7 km route length across the
Narmada river.
Deploying GAP technology

in NERSS
Cost-effective GAP solution deployed
on 132 kV to 400 kV lines spanning
Assam, West Bengal, Nagaland
and Manipur.
This doubled power ampacity and

reduced losses on existing power
corridors also reducing the need for
additional ROW.
Key process innovation during

installation with the development of
the ‘Pulling eye’ to pull the
gap conductor.

Empowering Humanity
Business Overview
Comprehensive Range of Solutions

Space
Increase? N Y N N N Y Y
(Yes/No) 100 sq m - 20% to 0% ~1% New row/Environmental
Flow
1.2 X 1.5 X 2.5 X 10 X >=14 X
Increase X
Sterlite DLR
Power
Power Flow
Controller
Live Line
Solutions
Uprate
Range
(V + 1) Upgrade
MCMV Upgrade
24 hrs/day
Shut 4-6 hrs/day
Down 0 hrs/day
Conven-
tional New Line
Method
7 30 180 365 540 In days
Response
Time
<6m < 1.5 Year > 24 Months
(Days)
Solutions Continuum: Addressing time, space and capital

5,300+ ckm 117 44,000+

Of uprate and upgrade to existing Critical corridors in 25 states OPGW-based communication
transmission line (completed or projects under live line condition
under execution) (completed or under execution)
India
JKPTCL
HPSEBL
PSTCL PTCUL
HVPNL
PGCIL
DTL PGCIL
PGCIL
AEGCL PGCIL
UPPTCL PGCIL
HZL PGCIL
BSPTCL MEPTCL
PGCIL PGCIL
PGCIL
JUSNL WBSETCL
GETCO
DVC
MPPTCL
DVC
MSETCL PGCIL
PGCIL
TS TRANSCO
HPSEBL WBSETCL PTCUL
GED DTL KSEB JKPTCL

KPTCL
AP TRANSCO UPPTCL TAN TRANSCO PSTCL
BSPTCL KPTCL HZL

KSEB TAN TRANSCO
PGCIL GED MPPTCL
JUSNL AP TRANSCO AEGCL
GETCO DVC MEPTCL
MSETCL TS TRANSCO HVPNL

Empowering Humanity
Business Overview
Transmission Technologies
HTLS Skyrob™ Aerial Technology
› Enabling last mile network › Robotics technology to ensure › Drones for stringing conductors
augmentation for Discoms safety of high-risk operation, on transmission lines for safety,
to strengthen corridors and involving installation, inspection speed and tough terrains
facilitate enhancement of and maintenance of OPGW on
operational efficiencies while high-voltage transmission lines
reducing AT&C losses
Industry Leading Diversified Portfolio

Sterlite Power is one of the world’s leading manufacturers of power cables, conductors and OPGW, supplying to all major
Indian states and private utilities besides exporting to 70+ countries. It has four state-of-the art manufacturing assets in
Silvassa, Jharsuguda and Haridwar.
Overhead Products Business Underground Products &

Turnkey Business
Conductors OPGW Cables & Solutions

› Complete range of power › India’s only fully-integrated › State-of-the-art facility in
conductors from ACSR, to High manufacturer and solutions provider Haridwar for manufacturing
Performance Conductors (HPC), of OPGW; NABL-accredited cables with CCV lines (Longest
like composite core, INVAR, ACCC, manufacturing facility in India) and NABL-accredited
ACSS & GAP type Test Lab
› Production capacity ~ 20,000 KM/
› Four NABL-accredited Year (12,427 miles/Year), 25,000 › Wide product range covering
manufacturing facilities with KM by Sept ‘23 6.6 kV to 220 kV power cables
production capacity of 1,20,000 MT/
› +73,000 km (45,360 miles) of › New products like three core
year with current mix (30% HPC)
OPGW along with hardware 66kV cables, fibre-integrated
and 30,000 km/year of HPC
supplied globally power cables, high-ampacity,
› Supply to 70+ countries worldwide low-loss cables and CCD are
› First Public-Private partnership
in focus
› One among two manufacturers (PPP) in Asia to build a OPGW
in India with upstream based fibre network › EHV turnkey projects, Capability
integration of molten metal for includes UG Transmission line
› Manufacturing Capability – Higher
manufacturing conductors up to 400kV along with GIS/AIS
fibre count with different Fibre Type
substation up to 400kV
› Conductor facilities at Rakholi – G652D, G655, Low Loss etc.
and Piparia scored 97% and 93%,
› Only company in India to
respectively in the Workplace
manufacture 96 fibre.
Conditions Assessment audit
conducted by Intertek in › Planning, application, design
November 2018 engineering and execution
capabilities to meet requirements
› Licensee for ACSS conductors in
of power systems/utilities for
India. ACSS conductor reference of
communication, protection and
more than 10,000km globally
commercial purposes
› Also supplying A l59 conductor
in Europe and India for more than
40,000 km

Differentiators
OH UG
› Fully backward and forward integrated state of art › State-of-the-art manufacturing facility (2010) with
manufacturing facilities with control over the entire 2 longest CCV lines (Maillefer
value chain – from products to services – to ensure
› Latest equipment’s from Europe and India for 220 kV,
uninterrupted supplies of raw material
expandable to 400 kV
› Years of in-depth experience in transmission
› NABL accredited Test labs for Type-Test up to 220 kV
lines service
› Strong R&D and technical expertise for New Product
› Access to smelters of Sterlite Group companies to
Design, Development, and Turnkey Solution
ensure abundant raw material, regardless of global
aluminum shortages › First Indian cable manufacturer to develop 5
breakthrough innovations in Power Cables – FIPC, CCD,
› Unique positioning with aluminum rods production
HA, Low Loss and 3 core 66kV Cables
using Molten Metal from smelter to ensure high quality
products with lower carbon foot print › Patent received for UltraEff Cables
› Unique design solution for new transmission lines › Highest Market Share in 66kV Segment – 45%
in ACSS Family, supplied with annealed Aluminium
› First Cable manufacturer in India with 100% Green
and Al-Clad Steel - High Tensile (1800 MPa of ACS
solution for Packing and Drum (only Steel is used) –
wire strength)
thereby reducing carbon footprint
› Differentiated Product supplies to RE Parks with low
› Inhouse Execution Capability upto 400kV
loss conductor -ECO-Max
› First cable manufacturer in India to develop Highest
› Differentiated lower weight Gap Conductors with
Cross Section (1,600 sqmm-Copper) in 132kV Segment.
Mega, Ultra & Extra High Steel for 132, 220 & 400 KV
Project commissioned successfully in Gujarat for
reconductoring projects (Steel wire strength from 1600
Torrent Power
MPa to 2050 MPa.)
› Unique river crossing designs for higher spans in ACCC
family using ultra low sag composite carbon fibre core
(span length > 1.0 Km)
› High strength OPGW for river crossing for similar
higher spans
› Proximity to Seaports - All plants are located near
seaports for easy movement of materials
› Only conductor manufacturer in the world owning
transmission lines in India and Brazil

Empowering Humanity
Business Overview
Key Achievements
Conductors OPGW Cables & Solutions
India’s first and only

Global leader in 1,400+ km of 66kV
Manufacturing fully-integrated OPGW Cables
solution provider
of overhead T&D conductors – supplied to Utilities pan-India
HTLS, ACSR, ACAR, AAAC, AAC
~132,000 MT/Year ~20,000 km/Year 300+ km of 132kV

(45,000 miles/year) (12,427 miles/Year) Cables
Production capacity Production capacity supplied to Utilities pan-India
(25,000km by Sept ‘23)
~45,000 MT/Year +73,000 km 50+ km of 220kV

(15,500 miles/Year) (45,360 miles) Cables
Production capacity (HPC) of OPGW along with hardware supplied to Utilities pan-India
supplied globally
413,000+ km 8,000 km of MV
(256,620 miles) (33/11kV) Cables
of conductors supplied by Sterlite supplied pan-India
outside India
Focus on Energy Efficiency – OH Business

› The blower supplying air to burners of melting furnaces › Eliminated compressed air and dust formation by using
has been upgraded and Variable Frequency Drivers most recent turbine technology in non-specular (Dull
installed which led to a reduction in power consumption Finish Conductors) special products for North America
by 25%. and Europe markets.
› Power consumption reduction of 28% achieved › Alloy conductor production capacity enhancement
by increasing the utilisation of the Age Hardening by addition of heat treatment furnaces to cater to the
Furnaces. increased the demand of AL 59 conductor in
Indian market.
› The interlock mechanism in Konforming machine
contributed to a 10% reduction in energy consumption. › Inhouse/domestic capability developed for
manufacturing and sourcing of high strength Al-Clad
› In Thermal Aluminum rods used for HTLS – Gap Type
Steel, Mega, Ultra & Extra galvanised high strength
special product, process engineering resulted in the
steel to cater latest technological product demand in
total cost reduction by 50% largely in energy cost.
domestic market.
› Rooftop Solar Power generation installed of 250 kW
in Rakholi plant couple of years back yielding benefits
towards green initiatives.

Convergence Business
India
Sterlite Power Convergence Kishtwar
Assets on its way to build a pan- Sambha
India network Jalandhar
Amargarh
Access to Gurugram Kadarpur

Palwal-Prithla
8,500+ kms
Aligarh Itanagar
Siliguri Gohpur
Bongaigaon Misa
of OPGW Purnea
Neemrana Bihar Sharif
Silchar
Bina
4,416 ckm
Dhanoda Paschim Kanchanbari
Surajmaninagar
Indore Bhopal
Jabalpur Dharamjaigarh
Length Vadodara Khargone Khandwa Tamnar
Nashik Jharsuguda
Dhule Raipur
100+ districts Mumbai Aurangabad

Pune
OPGC Plant
450+ towns Koyna

Network coverage Kolhapur
Mapusa
New Xeldam
Udupi
Kasargode
This map is a graphical representation designed SPTL MTCIL IGT

for general reference purposes only.
A convergence of power utilities and telecom companies is an apt choice to

build a digitally connected India.
India is at a cusp of a digital revolution unleashed by the advent of 5G rollouts

announced in FY 23 by leading telecom operators who are expanding their fibre
networks to deliver the required speeds and customer experience across the country.
In addition to this, there is a huge drive to connect large Data Centres on reliable
OPGW fibre medium to ensure a stable, low latency and reliable network sought after
by Hyper Scalers like Amazon Web Services and Google.

Empowering Humanity
Business Overview
key business and government offices. Sterlite Interlinks Ltd.

SIL) is now taking a position of aggregator and offering a
value proposition to State Utilities to maintain and monetise
their OPGW spare capacities. Convergence business is
disrupting the fibre infrastructure connectivity in the country
and intending to create national long distance corridors
connecting Mumbai-Delhi, and Chennai, Bengaluru and
Hyderabad by using its own OPGW assets and partnering
with State Utilities.
The business is in expansion mode and planning to replicate

the similar PPP models in other states as well. Our co-location
services with industry best tenancy of 5.1 provides a
flexible rental rack space in a highly secured location with
uninterrupted power supply and multiple back-up power.
The tower infrastructure services include lease of the huge
network of transmission towers for telecommunication and
IoT services. The business also undertakes end-to-end fibre
Convergence business in uniquely poised to address this
EPC to support telecom service providers build their network.
huge opportunity to provide reliable OPGW fibre network to
We are the first in the Indian telecom industry to introduce
telecom operators and have also forged relationships with
edge computing Containerised Data Centres (CDC) to host
cloud service providers to deliver a robust fibre network
telecom equipment. CDC solution reduces the turnaround
connecting data centres in Mumbai through partnerships with
time and provides superior customer experience. Sterlite
wholesale carriers. Convergence business has entrenched
Power’s CDC solution has been recognised at the 12th
relationships with all telecom service providers through
edition of the Aegis Graham Bell Awards for winning in the
long-term Master Service agreements in Maharashtra and are
category of “Innovation in Telecom Infra”.
their partner of choice for OPGW fibre connectivity across
prominent routes.
Convergence has locked contractual cashflows of I 700+
crores payable in the next 12–15 years from its customers for
With 5G deployments getting accelerated and IoT devices
the lease of Dark Fibre & Colo space comprising of upfront
ready to connect and interact with one another – Machine to
IRU/ARC OTC’s plus Recurring Fibre & Collocation O&M
Machine (M2M), reliable optical fibre infrastructure is the need
charges. The OPGW fibre network in Maharashtra is rapidly
of the hour. The omnipresent utilities network located across
expanding owing to the demand from customer and an
the length and breadth of the country is poised to address
additional 2,000 Kms fibre routes are being created in FY 24
the above need. Fibre network riding on utilities’ existing
to meet the growing needs of reliable fibre.
network can provide unparalleled coverage, along with robust
and secured infrastructure. Our Convergence business is
the leading best-in-class dark fibre solution providers in the Our customer centricity and dedication to add value to
country, utilising the highly reliable OPGW network. customers business is a differentiator and this has enabled
the growth in our business. Convergence business takes
pride in having 41 unique Telecom and ISP customers
Convergence business is replicating the success of PPP
across Maharashtra and GMDA networks where long term
models in Maharashtra state with State Transco for OPGW
partnerships have been cemented.
and in Gurugram (GMDA) for underground fibre connecting
Key Achievements
8 new logos added in the MTCIL MTCIL JV Scope extended by Industry highest Colo
& GMDA network (total 41 unique 70% (2,000 kms) in Maharashtra Tenancy of 5.1.
customers). and tenure extension by additional
6 years.
H700+ crores Indigrid Transmission and Sterlite Consistent and industry-best

Cumulative contractual Interlinks Ltd has signed a term uptimes of OPGW, Colocations and
portfolio OB. sheet for exclusive access to OPGW UG 99.99% with no compromise
across 8 assets of 3,600 Rkm (route QHSE of 0% LTIFR and 100% NCR
kilometre) approx. score.

Quality Excellence
Sterlite Power is committed to delivering high Sterlite Power Quality Framework describes the policy,
guidelines, and management standards to consistently deliver
quality projects and products through a first project, product and services that meet the customer and
time-right approach. We have established applicable statutory and regulatory requirements, aligned
with international ISO 9001:2015 standards. The performance
quality as centre of excellence and drive of quality is measured through a specially designed balance
assurance through engaged leadership and a score card comprising input and output parameters. These
parameters are categorised into Lead & Lag indicators called
risk-based process approach implementation Quality Health Index (QHI). QHI is designed and developed
of Quality Framework, Critical to Quality (CTQ), to measure the implementation and performance of quality
framework, procedures and best practices in the organisation,
regular bootcamps and strategic partnership across projects and plants.
with our contractors and supplier.
Quality Excellence Model

Customer Satisfaction. Sustainable and Reliable Assets. First-Time-Right Products.
Engagement
Recognition, empowerment
and enhancement of skills
and knowledge
Digitalisation
Facts, evidence and data
Leadership analysis for decision-
Provide purpose, direction
making iQSafe, Advance BI
and engagement operation’s
tools and RPA
built in ownership
Guiding
Principles Process approach
Continual Risk-based approach,
Critical to Quality
improvement (CTQ) Compliance,
To sustain current
Optimise performance
performance, measurement
through Score Card and to
create new opportunities Partnership
Evaluation, onboarding,
periodic assessment with
EPC and suppliers
Our Digital Quality App (Eagleye) is the key differentiator to capture real-time CTQ compliances, perform inspections, data
analysis and dynamic dashboards for project sites. Our manufacturing quality labs are NABL accredited to deliver high-quality
conductors, cables and OPGW fibres.

Empowering Humanity
Committed to Safety First
Sterlite Power believes that “all injuries,

occupational illnesses and incidents related
to Quality, Health, Safety and Environment
(QHSE) are preventable”. Sterlite Power has a
vision of “Zero Accidents”, and we consistently
strive to achieve high QHSE Standards
considering them as non-negotiable and
integral part of our all-business operations.
› Conduct all our activities in such a manner as to provide

safe and healthy working condition through elimination We have adopted below
of hazards and reduction of OHS risks to avoid harm
to employees, contractors’ workforce, associates, and
holistic approach to drive HSE
the community. Management system
› Comply with applicable legal requirements and other
requirements related to HSE and strive to fulfill the
1 Setting HSE Objectives and targets
compliance obligation.
› Minimise environmental impact by conserving resources, 2 Preparation of HSEplan, EPRP
reducing waste generation, and preventing pollution in all
our activities at our workplace. Implementation of plan, conducting HIRA,
3 training and mock drills
› Drive continuous improvement in HSE through setting and
reviewing objectives and targets, assessing and reporting Monitoring status of implementation by
HSE performance, using appropriate best available QHSE 4 conducting inspections and audits
practices and providing appropriate training and resources
to employees, contractors’ workforce and associates. Recording and reporting of HSE key
5 performance indicators
› Promote a positive safety culture within our organisation
through effective communication, participation and
consultation with employees, contractors’ workforce, and 6 Management review
associates.
› Assign and communicate HSE responsibilities and
accountability to employees, contractors, workers, We celebrate the first day of the month as ‘Safety Day’ across
associates, suppliers and service providers towards fulfilling projects and plants to create awareness and recognise best
QHSE requirements. safety practices.

Positively Impacting Lives

Sterlite EdIndia Foundation, strategic arm of Sterlite Power, has been
working to fulfil the objective of "quality education" as outlined by SDG 4.
With the vision of ensuring that every child in the country curriculum support, in-person workshops, and professional
has access to quality education, EdIndia has engaged with development sessions. As part of the initiative, EdIndia
the educational ecosystem by providing tech-innovations, hosted the first-ever state-level Teaching Plan Competition
content, skills, and analytics to deliver quality learning in collaboration with SCERT Chhattisgarh, which received
experiences to children. over 1,500 applications. This provided pre-service teachers
with practical exposure to classroom teaching, which Project
EdIndia's flagship project, Project Pragyan, has reached over Teachable advocates to be included in the curriculum.
50,000 teachers through the Pragyan app. The app provides
teachers with access to state-curriculum-mapped resources EdIndia's data analytics project, Project Nirnay, has
to improve learning outcomes in the classroom. In addition to been providing data visualisation and analytics support
its on-ground teacher-support component, Project Pragyan to government administrators across Maharashtra and
has made positive strides in integrating technology into 120 Chhattisgarh. In FY 2022-23, the project has successfully
classrooms across Rajasthan and Uttarakhand through its trained over 1,000 government stakeholders on how
Smart Classroom programme. to use Nirnay dashboards and Nirnay web app for data
collection and insight generation. During FY 2022-23, more
EdIndia's Project Teachable is a one-of-a-kind project than 600 decision makers successfully utilised the Nirnay
that aims to improve the conditions of pre-service teacher platform for making data-driven decisions and devising
education in India. Through direct partnerships with SCERT informed strategies. In its effort to improve the quality of
Chhattisgarh and Samagra Shiksha Uttarakhand, the project education, EdIndia partnered with UNESCO-MGIEP and
has benefitted over 4,500 pre-service students across 26 conducted training sessions on certified courses for over
District Institutes of Education and Training (DIETs) as well 3,500 in-service and pre-service teachers on the skills of
as 8 private teacher education institutes through multimedia digital pedagogy.

Empowering Humanity
Management Discussion
and Analysis
Economic Overview
Global
Chart 1: Growth in economies in 2022 vs 2021
The global economy is gradually A slow recovery, mainly weighed down by Russia’s invasion on
recovering from the blows of Ukraine and inflation
COVID-19 and Russia’s war in
Ukraine. While the lowering food Sub-Saharan Africa
and energy prices, improved supply

Middle East & Central Asia
chain functioning and China’s
economic reopening provided the Latin America & Caribbean
necessary fillip to the economy,

Emerging & Developing Europe
risks are firmly to the downside with
increased inflation and uncertainty Emerging & Developing Asia
from the recent financial sector

Advanced Economies
turmoil.
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
2021 2022

The inflation which reached multi-decade high last year,

appears to have peaked in many economies, notably in the
United States, the Euro area, and Latin America. Further, the
global monetary policy remained tight to push the inflation
back towards its targets. As per IMF World Economic Outlook
April 2023, the world economy grew 3.4% in 2022, led by
Middle East and Asia which added most of the growth.
Outlook
The global economic growth is expected to be moderate for
next two years, growing at 2.8% in 2023 and 3.0% in 2024, as
per the IMF World Economic Outlook. Advanced economies
are expected to see an especially pronounced growth
slowdown, from 2.7% in 2022 to 1.3% in 2023 and 1.4% in
2024. Developing economies of Asia are expected to drive
most of global growth in both years, growing at 4.4% and
5.3% respectively, as they benefit from ongoing reopening
dynamics and less intense inflationary pressures compared to
other regions. Overall, global inflation will decrease, although
more slowly than initially anticipated, from 8.7% in 2022 to
7.0% in 2023 and 4.9%in 2024.
India Outlook
The global economies slowed in 2022, however, India was The International Monetary Fund (IMF) has projected an
one of the fastest growing economies in the world with 6.8% optimistic outlook for India with a growth rate of 5.9% in
of growth. Growth was supported by robust domestic demand 2023 and 6.3% in 2024. Despite the global slowdown,
– strong investment activity augmented by the government’s India’s economic growth rate is stronger than in many
capex push and buoyant private consumption, particularly peer economies and reflects relatively robust domestic
among higher income earners. External demand was weak as consumption and lesser dependence on global demand. The
central banks globally continued monetary tightening to tame Government of India’s strong infrastructure push, improving
inflation. The inflation for India remained above the Reserve labour market conditions and consumer confidence will drive
Bank of India’s (RBI) target range of 2-6%. growth. Inflation will likely moderate to 5% in 2023 assuming
moderation in oil and food prices, and slow further to 4.5%
in FY 2024 as inflationary pressures subside. However,
geopolitical tensions and weather-related shocks are key
risks to India’s economic outlook.
Chart 2: GDP growth in India and major global economic groups

Indian economy growth rate is stronger among the global peers
2017 2018 2019 2020 2021 2022P 2023P 2024P
World Emerging Markets and Developing Economics

Advanced Economics India

Empowering Humanity
Management Discussion and Analysis
Brazil Outlook
Brazil had a fragile growth before the pandemic, as it was The economic growth is likely to be slow in Brazil due to
still recovering from the severe recession in 2015-16. While its large public debt, higher social welfare spending and
the government was on track to rebound the economy, the subdued global demand. Together, these factors are likely to
COVID-19 pandemic has halted growth and left Brazil with depress private consumptions, export, and investments. IMF
one of the highest global death tolls. A rapid vaccine rollout projects the economy to grow by 0.9% and 1.5% in 2023 and
programme and implementation of the government measures 2024 respectively.
to counteract the resulting economic crisis contributed to
a return to relative normality. As of March 30, 2023, 85% of Looking forward Brazil political dynamics remain a key area
Brazilians had received at least one dose of the vaccine, and to monitor in South America’s largest economy. The widening
77% had received two. fiscal deficit and the heavy debt burden continued to be the
most severe issues for Brazil and returning to a path of fiscal
The economy grew stronger in 2021 with GDP expansion of consolidation will be Brazil primary challenge.
5%. However, inflation which reached 9.4% in 2022, along
with high level of social spending, among other factors The recent reforms in the infrastructure sector, together with
mitigated the recovery in 2022. Overall, GDP grew 2.9% last the federal administration’s renewed interest in the climate
year, driven by household consumption, private investment, agenda, provide sound opportunities for Brazil’s green
and export. The labour market recovery continued, as recovery and for lifting millions of Brazilians out of poverty.
unemployment dropped to 7.9% by December 2022 – the However, Brazil has yet to develop an integrated long-term
lowest since 2015. national strategy to achieve its climate goals.
Chart 3: Historic GDP growth in Brazil and

growth projections
Growth is expected to be slow in 2023 and
2024
2024P 1.5
2023P 0.9
2022 2.9
2021 5.0
(3.3) 2020
2019 1.2
2018 1.8
2017 1.3

Industry
Global
The global policy support and increasing
competitiveness of clean energy technologies
continues to accelerate the energy transition.
In 2022, According to BNEF, global energy transition
investment totalled US$ 1.1 trillion up from 31% in 2021
and the first time the figures has been measured in trillions.
Renewables energy remained the largest sector with
US$ 495 billion of investment (up 17% y-o-y). While the
inflation and supply chain disruption have posed challenges,
US$ 1.1 trillion

they do not appear to have put a meaningful dent in the
speed of the transition.
The strongest engine of the global energy transition is Global energy transition investment in 2022
electrification, expanding in all regions and almost all sectors.
Electricity becomes the “new oil” in terms of its dominance
of final consumptions by 2050. As per IEA, the share of
US$ 495 billion

electricity is expected to reach more than 50% by 2050 a
significant rise from current 20% share. Hydrogen also takes
off after 2030 and expected to account for 10% of total final
consumption by 2050. Global investment in Renewable Energy in 2022
~31%
Year on year increase in energy transition investment
Chart 4: Final energy consumption by sector in the IEA Net Zero Scenario (2010-2050) – (Exajoule)
Dominated by electricity, with provides 50% of total final consumption by 2050
200 Industry Transport Buildings
Traditional use
of biomass
Other
150
Hydrogen-based
Other renewables
Modern bioenergy
100 Electricity
Fossil fuels with CCUS
Unabated fossil fuels
50
0
2010 2021 2030 2040 2050 2010 2021 2030 2040 2050 2030 2030 2030 2030 2030
Note: Other renewables include solar thermal and geothermal used directly in end-use sectors.

Empowering Humanity
Chart 5: Annual capacity addition for coal (GW) Chart 6: Annual capacity addition for
There is an evident decline in annual coal renewables (GW)
capacity additions over the past decade Annual installed capacity for renewables has
consistently grown over the past decade
Avg.
Avg. 212 GW
87 GW
Avg.
60 GW Avg.
138 GW
107.4
295
270
264
86.1
84.9
80.1
77.4
74.8
68.6
184
173
168
165
56.7
154
52.1
133
124
45.6
45.5
113
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
The growth in renewable electricity generation has been Further, to accelerate the electrification, more grid
consistent and fast enough to outpace the contribution connections will be needed. Investment in world grid
of fossil fuels for power in the long-term. While the recent would reach levels of US$ 500 billion/year in 2030s and
energy crisis (due to Russia’s invasion of Ukraine) pushes growing up to US$ 1 trillion/year by 2050s from the 2022
up the higher utilisation of coal-fired assets, however these levels of ~US$ 274 billion/year, according to DNV Energy
political and market responses are a short-term blip and Transition report. The growth in the grid investments would
will not prevent thermal coal’s decline in the medium to be driven by accelerating integration of renewables, grid
long term. modernisation to improve resilience and reliability and
digital transformation.
Between 2012 and 2016, the average new coal fired power
plant capacity added per annum was close to 87 GW, which
declined to ~60 GW in the 2017-21 period. In 2022, only
45 GW of such new capacity was added. By contrast, on
average 138 GW renewable capacity was added between
2012-16 which increased to an annual average of over 212
GW between 2017 and 2021. In 2022, the renewable energy
additions were 295 GW higher than the previous year,
which shows the resilience of renewable energy amidst the
lingering energy crisis. As per IEA World Energy Outlook,
investments in clean energy is projected to triple by 2030
from the current level in its Net Zero scenario.

Chart 7: World Transmission and Distribution Power line length by region

Transmission and Distribution lines will almost triple by 2050
Units: million circuit-km
Transmission Distribution
20 250
200
15 North America
Latin America
150 Europe
Sub-Saharan Africa
10 Middle East & North Africa
North East Eurasia
100
Greater China
Indian Subcontinent
5 South East Asia
50 OECD Pacific
0 0
2020 2030 2040 2050 2020 2030 2040 2050
Source: DNV Energy Transition Outlook 2022 report.
As per the DNV Energy Transition Report, it is forecasted that world transmission lines will increase from ~6 million ckm in
2020 to almost 18.5 million ckm by 2050. Distribution lines will almost triple from 2020 to 2050, reaching about 230 million
ckm globally, from 80 million ckm. The Indian Subcontinent and Greater China would have the larger share of the T&D
line expansion.

Empowering Humanity
India
Overview
Power sector is a critical component of infrastructure and the world with higher dependency on conventional sources,
crucial for economic growth and welfare of a country. The however the country is moving towards clean energy – in line
Indian power industry has been focused on providing with the global energy transition and decarbonisation efforts.
universal access to affordable power in a sustainable way. Hon. Prime Minister’s announcement at COP 26 summit has
In recent years, India has made significant efforts to set a framework towards the same. Further, India holds the
evolve the industry and turn the country from one with a presidency of G20 in 2023 and might leverage its role to
power shortage to one with a surplus including creating a make some bold announcements affecting energy transition.
single national grid and achieving a universal household
electrification. India‘s power sector is most diversified in
Raise non-fossil Meet 50% Reduce carbon Reduce 45% Achieve Net Zero
fuel capacity to requirement from emission by 1 Bn carbon intensity by 2070
500 GW RE by 2030 tonnes by 2030 by 2030
The electricity demand in India is experiencing a strong To achieve the growing power and energy demand in
growth, as per the IEA World Energy Outlook Report 2022, sustainable manner, India is taking actions for deployment
India is expected to witness largest increase in energy of renewable energy capacity and related infrastructure.
demand of any country. In FY 2023, electricity demand The Government of India came up with Green Hydrogen
grew by 9.5%, driven by a combination of continued Policy in Feb 2022 and National Green Hydrogen Mission
economic recovery after the COVID-19 slowdown and peak in January 2023, which would add up to the Renewables
summer temperatures. power demand from industries producing Green Hydrogen
and Green Ammonia using power from renewable Energy
(RE) resources. The government also established a plan
under its report titled ‘Transmission System for Integration
of over 500 MW RE Capacity by 2030’ for the integration
of the additional capacity within the transmission grid that
includes grid expansions and additional storage capacity.
For the expansion of large-scale grid-connected solar
and wind projects, the waiver of inter-state transmission
system charges for solar and wind projects has been
extended for projects scheduled for installation until 30
June 2025, and a phased waiver has been proposed up to
2030. The Green Energy Corridor scheme has also been
implemented to expand the existing infrastructure and
cater to the transmission requirements of new renewable
energy installations.

Further, India’s power transmission infrastructure needs to On the flip side, the retirement of coal plants has lagged over
be future-ready to handle the increasing electricity demand the years with ~14 GW capacity initially scheduled for closure
and data traffic. The government’s thrust on Digital India over the 2017-2022 period still in operation and used for
resulting in a strong growth in data consumption. The power balancing purposes. Further, the recent amendment at the
transmission infrastructure is being leveraged as a carrier policy level advising utilities to not retire coal-fired power
to transmit the data using the OPGW fibres on them. With plants till 2030 due to a surge in electricity demand, might
advantages like greater bandwidth and faster data transfer impact the rate of growth in new renewables addition in the
rates, OPGW is particularly important for India which has short term.
emerged as the world’s largest and fastest-growing market
for digital technologies and services. However, India is already a global leader in construction of
wind and solar power, its auction and tender programmes are
Generation among the world’s most successful and have helped it build
subsidy-free renewable energy capacity with some of the
India is persistent in its commitment towards non-fossil fuel lowest costs. The global trend of declining installation of fossil
energy sources. India’s installed renewables capacity touched fuel-based capacity is visible in India as well. Further, India’s
~125 GW of mark in FY 2023, which is over 30% of the rising population and surging power demand present a rich
country’s total installed generation capacity of 417 GW during opportunity for clean energy deployment and it is projected
FY 2023. Despite the headwinds from the macroeconomic that country’s renewable-based installed capacity would
factors, high commodity prices and supply chain crunch, contribute about 50% of total installed generation capacity by
investors’ confidence in the country’s renewables sector FY 2028.
remains strong. Funds raised from all sources by India’s clean
energy activities reached ~US$ 20 billion in 2022 (Jan – Dec),
investment for building new renewable power projects took
Transmission
the lion share with US$ 11.4 billion. M&A activity remained Transmission system plays a vital link between the generation
high with foreign investors continue to take an interest in and distribution of power. The unevenly distributed
the India renewable sector and domestic power producers energy sources and the rapid growth of renewable power
pursuing aggressive acquisitions strategies (assets as well as necessitates the robust development of transmission system
companies). for seamless transfer of power from surplus to deficit regions.
Unlike conventional thermal capacity, which requires 4-6

years for commissioning, renewables require ~2 years to
Chart 8: Absolute annual capacity addition by develop. Consequently, pace of transmission build-out will
source in previous decade require expediting to keep pace with the growing renewable
Annual addition of renewable capacity mix. In line with this, In December 2022, the government
outpacing other energy sources launched a plan for building a transmission system for
evacuating 500 Gigawatts (GW) of non-fossil-based energy
by 2030. The transmission schemes have been planned
considering energy storage to meet the requirement of
417
round-the-clock (RTC) power. It has been estimated

400
382
that 50,890 ckt. km and 433,575 MVA is the additional

370
356
requirement of transmission lines and substation capacity

344
327
respectively, planned under the ISTS for integrating

305
additional wind and solar capacity by 2030. The plan provides

transmission service providers with investment opportunities
275
of about I 2.44 lakh crore.

249
14,625
Ckms transmission line added in FY23
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
75,902
MVA of transformation capacity added in FY23
Thermal Hydro Nuclear RES
Source : Annual reports of Ministry of Power, India

Empowering Humanity
In FY 2023, India added 14,625 ckm of transmission lines. The Indian power transmission segment has grown
Private sector entities put up an impressive performance in significantly over the years and is now set for another phase
FY 2023, due to ISTS schemes under the TBCB route. Private of accelerated growth with the industry expecting the
sector added 3,883 ckm of transmission lines during the year, government to invite bids for power transmission projects
which is the highest annual achievement in recent years. worth I 1.50 lakh crore in the next 18 months. As per the
recent the CTU’s ISTS Rolling Plan 2027-28. Cumulatively,
41,255 ckm of transmission lines and transformation capacity
of 3,84,925 MVA at estimated cost of I 2,23,954 crores is
Chart 9: Annual addition to transmission expected to be added in the grid by 2027-28.
infrastructure-line length and transformation
capacity
Since the projects are typically awarded through the
India has consistently added ~15,000 ckm competitive bidding process, the level of competition among
annually since FY13 players is intense. In addition, the new technologies, such
as HVDC transmission lines, smart grids and digitalisation is
30000 100000 driving the competition in the market, as companies compete
90000 to offer the latest and most advanced solutions.
25000
80000
20000
70000 Off late, private sector has been steadily expanding its share
60000 in the overall grid length. The private sector growth in the
15000 50000 transmission network has been outpacing the growth in the
40000 centre and state transmission. Further, the government’s
10000
30000 interest to monetise transmission assets of the state
5000 20000 government-owned transmission undertakings and central
10000 public sector undertakings would infuse the private capital in
0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
0 the sector.
ckms added Transformation capacity added (MVA)
Source: Central Electricity Authority (CEA)
Table 1: Sector-wise growth in transmission build-out in India over the years

Transmission ckm at the end of Central State Private Total
6th plan ckm 3,472 48,562 - 52,034

% 7% 93%
7th plan ckm 17,626 61,827 - 79,453
% 22% 78%
8th plan ckm 31,199 86,177 - 1,17,376
% 27% 73%
9th plan ckm 42,017 1,10,252 - 1,52,269
% 28% 72%
10th plan ckm 64,295 1,31,828 - 1,96,123
% 33% 67%
11th plan ckm 91,950 1,57,116 8,415 2,57,481
% 36% 61% 3%
12th plan ckm 1,41,033 2,02,197 24,621 3,67,851
% 38% 55% 7%
2017-22 (up to ckm 1,75,164 2,46,709 34,843 4,56,716
March 22) % 38% 54% 8%

Distribution
Distribution is the interface between utilities and consumer The recent Electricity (Amendment) Bill, 2022 is a step
and the most important link in the entire power sector value towards bringing significant changes in power distribution
chain. However, the sector continues to make major losses sector. The bill pushes the private investments in the sector,
because of expensive long-term power purchase agreements, which will allow competition in the distribution segment.
poor infrastructure, and inefficient operations, among others. The Government of India has also approved the distribution
Revamped Distribution Sector Scheme (RDSS) to help
The average AT&C losses for distribution companies in DISCOMs improve their operational efficiencies and financial
FY 2020 and FY 2021 was hovering around 20%-22%. sustainability. The objective of the scheme is to reduce AT&C
Ministry of Power instituted number of measures to improve losses to the pan India levels of 12%-15% by 2024-25 and to
the performance of utilities as a result the AT&C losses completely negate ACS-ARR gap by 2024-25.
of DISCOMs have declined significantly. The preliminary
analysis of data for FY 2022 indicates that AT&C losses have
declined to ~17% in FY 2022 from ~22% in FY 2021. AT&C
losses reflects DISCOMs efficiency in recovering the cost of
supplying electricity and their abilities to pay to the GENCOs.
Chart 10: State-wise AT&C losses in India in FY21

Average losses in Indian DISCOMs remain high, however measures are being implemented to improve
the performance
60
50
40
30
National average = 21.83%
20
10
0
Kerala
Delhi
Gujarat
Goa
Telangana
Tamil Nadu
Himachal Pradesh
Karnataka
Uttarakhand
Haryana
Punjab
Assam
Puducherry
Manipur
Chhattisgarh
West Bengal
Rajasthan
Maharashtra
Uttar Pradesh
Andhra Pradesh
Odisha
Sikkim
Meghalaya
Bihar
Mizoram
Tripura
Jharkhand
Madhya Pradesh
Arunachal Pradesh
Jammu & Kashmir
Nagaland

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Power Exchanges
A power exchange is a power trading platform. It is a Globally, power exchanges have played a key role in reducing
system that enables power purchases through bids to buy cost of renewable energy integration and managing the
and sales through offers to sell. Currently, there are three intermittencies of renewables by efficiently integrating them
power exchanges in India, Indian Energy Exchange (IEX), with conventional power and matching demand and supply.
Power Exchange of India Limited (PXIL) and recently added
Hindustan Power Exchange Ltd (HPX) which facilitate platform For FY 2023, IEX traded 96.8 BU, a degrowth of 5% y-o-y
for physical delivery of electricity and discover optimised basis. The decline in the electricity volume was on the back
price for electricity. of power supply related constraints, which led to the price
increasing by 35% on y-o-y basis. While high temperatures
At present, the India’s power exchange constitutes ~8% of and increased demand are expected in the coming months,
the total annual electricity consumption, which is expected supply side liquidity should improve due to the various
to increase significantly in the coming year. Further, the conducive policy and regulatory initiatives announced by
high targets set by the government for renewables capacity the government to increase coal and gas-based generation,
addition would amplify the growth in spot market. thereby reducing the recent surge in prices on the exchanges.
Chart 11: Electricity volume traded at IEX (BU)

Power traded through the energy exchange has grown significantly in the previous years
102
CAGR
97
20%
74
54
52
46
41
FY17 FY18 FY19 FY20 FY21 FY22 FY23

Brazil
Overview
Brazil is the largest electricity market in Latin America and Chart 12: Brazil new clean energy investment
has the seventh largest electricity generation capacity in the (US$ Bn)
world. Despite the recovery from COVID-19 pandemic, Brazil Clean energy investment remains strong,
electricity demand in 2022 increased slightly by 0.3% y-o-y, defying economic headwinds
however it is expected to rise by ~2% per year in 2023-2025
period. Electricity generation from hydropower rebounded in
2022 with a y-o-y increase of ~17% after the country’s most
severe drought in 90 years.
14.8
Brazil power sector remains highly reliant on hydro which
12.5
accounts for more than 60% of total installed capacity. The
country is now seeking to diversify its electricity production
by expanding solar, wind, biomass, natural gas, and nuclear
9.1
energy. Recently, wind has supplanted natural gas as the
7.4
second largest source of power with ~12% and utility-scale
7.1
6.7
solar accounts for only 3%. The National Energy Plan targets
6.1
5.4
5.1
45% of renewable capacity by 2050. According to BNEF, new
clean energy investment in Brazil reached US$ 14.8 billion
3.9
3.4
last year, an increase of 18% y-o-y.
The country is also laying the groundwork for offshore wind 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
along with the R&D efforts in new clean technologies areas,

such as green hydrogen. A total of ~170 GW of offshore wind
farm projects are already under review in Brazil.
Transmission
The shift in the energy mix requires a strong growth in power substations, followed by another for BRL 20 billion
transmission network. As per the Decennial Energy Expansion (US$ 4 billion) by the end of the year for the construction
Plan 2021-2031, the transmission system is expected to and maintenance of 4,471 km of transmission line and two
increase from 175,200 km of lines to 208,900 km and from substations. The remaining BRL 20 billion (US$ 4 billion) will
421,900 MVA to 539,000 MVA in transformation capacity be scheduled for 2024. The plan is expected to enable 30 GW
by 2031. The report forecasts total investment of BRL 101 of renewables installations and unlock ~BRL 120 billion
billion (US$ 20 billion) in the transmission expansion plan by (US$ 24 billion) in private investment. The auctions scheduled
2031, including BRL 51.8 (US$ 10 billion) of projects already in 2023 are among the largest in terms of the value and is in
granted. Further, it highlights the challenges of country’s line with the energy transition ambitions of Brazil.
ageing electrical system and a need to replace them. By
2031, BRL56 billion (US$ 11 billion) has been forecasted to be
needed in assets at the end of their regulatory useful life.
Recently, Minister of Mines and Energy has presented

Electricity Transmission Grants Plan (POTEE) to invest BRL
19%
Growth in transmission line length expected
56 billion (US$ 11 billion) for the construction of power up to 2031
transmission, predominantly to integrate renewables energy,
in the northeast region.
The government intends to open three auctions this year,

starting with one for BRL 16 billion (US$ 3 billion) in the
first half of the year for the construction of 6,184 km of
25%
Growth in transformation capacity expected
transmission lines and modernisation of several existing up to 2031

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Enablers for Investment in Transmission
Diversifying End Uses of Increasing Impetus on Digital

Electricity Economy
The push for green energy does not singularly entail With the enhanced push for digitalisation and
the shift to clean power generation for electricity. exceptional growth of data consumption-driven by
It is being further augmented by electrification of ongoing 4G to 5G adoption and new use cases in
transportation. As per DV Energy Transition report diverse industry verticals there is an innate need of
2022, 78% 6 of all vehicles worldwide will be electric data connectivity across the country. As per the MBiT
(EVs) by 2050, which is bound to create a further fillip report released by Nokia, data traffic in India grew
for investment in power grids to make them more 3.2x in last five years. This creates a case for creation
resilient. In addition to EVs, electrification of cooking, of a dense optical fibre network. For a country like
heating, heavy machinery, and equipment will further India, where the population density is high and RoW
augment this demand. As this enhances pressure on issues severe, transmission assets can be uniquely
the grid network of densely populated cities, upgrade leveraged to transmit data using OPGW fibres
and uprate of existing grid infrastructure would be on them.
necessary to save on space.
Reforms for Intra-state Grid Upgrades of Ageing

Transmission in India Infrastructure
The government’s push for rural electrification and Until recently, much of the focus has been on power
the consumer switch from sources such as diesel generation. However, with ageing transmission and
generators and other alternate sources will create distribution systems, now it is time for utilities and
an additional case for investment in intra-state the government to enhance efforts on modernising
transmission lines. Additionally, grid upgrades are the grid. Ageing transmission infrastructure is a major
necessary to combat high transmission losses to risk factor for utilities as it is not designed to take
ensure efficient energy delivery. As per the CEAS up the increasing demand and the erratic nature of
estimates, RE capacity of 7 GW to be integrated to the supply that gets absorbed in the system because of
intra-state transmission system under Green Energy connecting intermittent sources of supply such as
Corridor - I (GEC-I) scheme, RE capacity of 19 GW to wind and solar. As per BNEF, of the US$ 13.4 trillion
be integrated to the intra-state transmission system envisaged in grid investment up to 2050, 31% or
under Green Energy Corridor - II (GEC-Il) scheme by US$ 4.1 trillion is sustain capital to replace
2030 in India. ageing assets.

Increasing Scope for Private Cross-border Interconnection

Participation in Transmission The growing impetus on regional energy
collaboration among nations is a driving factor for
Private participation in transmission segment still transmission system expansion through cross-border
lags the generation segment. In many countries, interconnections. Power can be supplied from nations
transmission lines have remained largely public. witnessing lower power load at a given time to
However, as these countries embark on energy nations that are power deficient as the demand peaks
transition journey, they require large investments that during the day. Cross-country transmission lines need
will make PPP critical to facilitate private investment. to be built to support the cross-country electricity
As a result, several nations are proposing PPP in trade. Currently, India is making efforts on setting up
transmission, opening more markets for private an intercontinental grid, in line with India’s ‘One Sun,
players. The recent Inflation Reduction Act (IRA) and One Word, One Grid’ initiative.
Infrastructure Investment and Jobs Act (ILJA) in the
US allocated US$ 29 billion of funding to initiatives
related to power grid which is expected to draw in
private investment in the sector.
The Push for Atmanirbhar Growing Momentum of

Bharat and the Pull from Renewables and Decarbonisation
Increasing Demand The global momentum towards renewables and
decarbonisation has strengthened more than ever.
India is currently experiencing significant economic Most of the countries have already announced their
growth and population expansion which has led to plans to transform their energy mix, for instance the
increasing demand for energy. As the per capita UK and the US target to become Net Zero by 2050.
income of the country increases, the depth of access India chases an ambitious target to install 500 GW
to electronic equipment to follow, thereby diversifying of cumulative non-fossil fuel capacity. However,
the centres of extensive power consumption. the pace and path of energy transition depends on
Additionally, the industrialisation expected to result electricity grid. There is an urgent need to develop a
from the government’s push promote indigenous robust grid to integrate the renewable energy. As per
manufacturing and production will further propel BNEF, at least US$ 13.4 trillion needs to be invested in
growth. Investment in greenfield and brownfield electricity grids by 2050 to support a global economic
transmission projects will become imperative to transition scenario.
support this demand.

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Directors’ Report
To,
The Members,
Sterlite Power Transmission Limited
Your Directors are pleased to present the 8th Annual Report on the business and operations of the Company along with the
audited financial statements of the Company for the financial year ended March 31, 2023 (FY’2023).
1. FINANCIAL SUMMARY/HIGHLIGHTS
The financial performance of the Company for FY’2023, is summarised below:
(J Million)
Summary of Key Financial Parameters Standalone Consolidated
Description March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Revenue from operations 39,235.14 37,973.84 62,970.68 51,974.83
EBITDA 5,579.04 3,655.15 11,497.28 13,538.29
Less: Finance cost (net of finance income) 877.83 270.29 5,966.46 3,372.16
Less: Depreciation/Amortisation/Impairment 438.40 390.65 1,058.04 803.56
Expense
Share of Profit/ (loss) of Associate 0 0 (2,168.87) (2,675.60)
Exceptional item 0 (117.00) 0 (117.00)
Profit Before Tax (PBT) 4,262.81 2,877.21 2,303.91 6,569.97
Less: Tax expense 1,042.70 411.43 2,631.23 2,168.55
Profit After Tax (PAT) (A) 3,220.11 2,465.78 (327.32) 4,401.42
Other Comprehensive Income/ (loss) (OCI) (B) (4,629.36) 3,413.39 (1,742.65) 5,218.15
Total Comprehensive Income/ (loss) (A+B) (1,409.25) 5,879.17 (2,069.97) 9,619.57
2. PERFORMANCE
Standalone Consolidated
FY’2023 closed with Revenues of I 39,235.14 million, EBITDA of FY’2023 closed with Revenues of I 62,970.68 million, EBITDA of
I 5,579.04 million, PAT of I 3,220.11 million. I 11,497.28 million, PAT of I (327.32) million.
3. BUSINESS OPERATIONS Date of approval April 21, 2022

Highlights of the business operations and state of affairs of the Board of
for the FY’2023 of your Company, including the key directors
performance indicators, key milestones, technology Date of allotment May 18, 2022
leadership, business overview, economic overview, No. of Securities 2,500 NCDs
and industry trends with respect to your Company and Face Value I 10,00,000 per NCDs
its subsidiaries, wherever applicable, forms part of this Issue Price At par
Annual Report in the section of Corporate Overview and Tenor 17 month & 25 days
Management Discussion and Analysis Report. Coupon 14.50% p.a.
(determined on arm's length basis)
4. KEY EVENTS DURING FY’2023 Purpose To infuse funds in the Under Construction
a. Issuance of Non-Convertible Debentures to Sterlite Grid Projects and/or towards equity infusion
16 Limited, a wholly owned subsidiary, for an amount of or towards other corporate expenses
up to K 2,500 million
During FY’2023, your Company issued unsecured, Further, on March 3, 2023, your Company had redeemed
unlisted, redeemable, Non-Convertible Debentures 750 nos. of NCDs of I 10,00,000/- each aggregating
(“NCDs”) to Sterlite Grid 16 Limited, a wholly owned to an amount of I 750 million. As on March 31, 2023,
subsidiary for an amount of I 2,500 million on private 1,750 nos. of NCDs of I 10,00,000/- each aggregating to
placement basis to augment fund requirements of your an amount of I 1,750 million are outstanding.
Company. The details of NCDs issued are as under:

b. Acquisition of stake in the following wholly owned provide an opportunity to the employees to partner in the
subsidiaries: growth of the Organisation as a shareholder.
i. Sterlite Interlinks Limited Under the RSU Plan – 2022, your Company will create,
Sterlite Interlinks Limited is in the business of telecom offer and grant from time to time, in one or more
infrastructure solutions company (Infrastructure Provider tranches, the number of Restricted Stock Unit (‘RSUs’) not
(IP) – I, registration bearing no. 839/2018 dated May 31, exceeding 1% (One percent) of the paid-up equity share
2018, issued by the Department of Telecommunications, capital of the Company at the time of grant of such RSUs.
Government of India) that specialises in acquiring The RSUs will be granted to the permanent employees
Right of Way (RoW) over passive fiber infrastructure and Directors of the Company, whether whole time or
assets from various State Transmission Utilities (STUs) otherwise, whether working in India or outside India
for monetisation and leasing them to Internet Service (except Promoter, Promoter Group, Independent Directors
Providers (ISPs) and Telecom Service Providers (TSPs). and Directors holding more than 10% of the outstanding
In October’2021, the Ministry of Commerce & Industry, equity shares of the Company, if any, through themselves
Government of India issued a notification to allow 100% or through their relatives or through any body corporate,
Foreign Direct Investment under ‘Automatic route’ in directly or indirectly), as may be decided by the RSU
Telecom Infrastructure. Committee under the RSU Plan – 2022. However, the
On June 01, 2022, to capitalise on the surge in aggregate number of equity shares to be issued upon
requirement of utility grade OPGW based fibre exercise was originally limited to 6,11,819 equity shares.
infrastructure, your Company acquired additional 51% Your Board of Directors had proposed issue of Bonus
being 5,100 equity shares of Sterlite Interlinks Limited equity shares to the holder of existing equity shares of the
from PTC Cables Pvt Ltd for a total purchase consideration Company at the 7th Annual General Meeting. Consequent
of I 13.36 million. Sterlite Interlinks Limited has become to the Bonus issue approved by the Shareholders, such
wholly owned subsidiary w.e.f. June 01, 2022. RSUs was increased from 6,11,819 to 12,23,638 equity
shares, without affecting any other rights or obligations
ii. Kishtwar Transmission Limited of the RSU grantees and without requiring any further
Kishtwar Transmission Limited, a Special Purpose Vehicle action/ approval of the Members/ Shareholders.
(‘SPV’) houses a transmission project for setting up
transmission system for evacuation of 1000MW of power Under RSU Plan – 2022, 30% of the RSUs granted have
from Pakaldul Hydro – Electric Plant in Chenab Valley, a vesting period of 1 (One) year from the date of grant of
Jammu & Kashmir (hereinafter referred to as ‘Kishtwar such RSUs. Accordingly, 30% of the Grant vested to the
Project’). Kishtwar project will unlock the untapped hydro employees in July’2023.
potential of Jammu & Kashmir to the tune of 20,000MW.
In addition, the project will evacuate 2,000MW of power d. Amendment to the Joint Venture Agreement executed
from the Pakaldul HydroElectric Project to the Kishtwar with Maharashtra State Electricity Transmission
substation. This project will involve the construction of a Company Limited (MSETCL) to extend the scope of
robust transmission system, which includes a 400/132kV operations and tenure of the Joint Venture Agreement
GIS substation located in Kishtwar and a 400kV Your Company had entered into a joint venture (‘JV’)
transmission line connecting Kishenpur to Dulhasti. In agreement with Maharashtra State Electricity Transmission
addition to augmenting the power flow capacity, this Company Limited (‘MSETCL’), a government company for
transmission system will also alleviate congestion in the the purpose of build and monetisation of OPGW fibre for
downstream networks within the region, consequently, 3,301 Kms to be executed by Maharashtra Transmission
enhancing the quality and reliability of power flow in the Communication Infrastructure Limited (‘MTCIL’), the JV
Kashmir valley, benefiting the local communities, and Company. In furtherance to such JV, MTCIL has built a
improving the overall electricity infrastructure in the area. OPGW network of 3,537 Kms on EHV transmission line
of MSETCL PAN Maharashtra and the transmission line is
Your Company participated in the tariff based competitive
operational. During FY’2023, your Company entered into
bidding for the Kishtwar Project through Sterlite Grid 24
an Amendment agreement with MSETCL for extension
Limited, a wholly owned subsidiary and emerged as a
of scope of the joint venture agreement by additional
successful bidder.
2,000 Kms and the period of joint venture agreement by
Your Company has successfully acquired the SPV from 6 years, i.e. till 2040.
PFC Consulting Limited, on December 06, 2022.
Subsequent to execution of the Amendment Agreement,
your Company has total scope of OPGW network of
c. Restricted Stock Unit Scheme – 2022
5,301 Kms and the Joint Venture Agreement is valid
Adopting a progressive approach from a long-term
till 2040.
perspective for retention and value creation for your
Company, its shareholders and the employees, the
e. Issue of Bonus shares
Board and the Members/Shareholders of the Company
Pursuant to the provisions of Section 63 of the
had approved Restricted Stock Unit Scheme Plan –
Companies Act, 2013 and other applicable provisions,
2022 (hereinafter referred to as ‘RSU Plan – 2022’) for
if any, including Rules made thereunder (including any
key employees of the Company. The approval of the
statutory modifications or re-enactment thereof for the
Shareholders on the RSU Scheme was obtained on July
time being in force) read with the Articles of Association
06, 2022. Your Company believes that this scheme will

Empowering Humanity
of the Company and pursuant to the approval of the plans, your Company initiated the process of launching
Members/ Shareholders of the Company and also subject an Initial Public Offer through a fresh issuance of the
to such consents and approvals as may be required equity shares of face value of I 2/- each and to list the
from the appropriate authorities/Government, your equity shares on one or more of the recognised Stock
Directors proposed to capitalise a sum of I 12,23,63,804 Exchanges in India for an issue size of I 12,500 million
(Indian Rupees Twelve Crores Twenty-Three Lakhs (hereinafter referred to as an ‘Proposed Issue’).
Sixty-Three Thousand Eight Hundred Four only) out The Board of directors and the Members/Shareholders
of free reserves, securities premium account and/ or accorded their approval for the Proposed Issue on
capital redemption reserve account (except the reserves July 02, 2021, and August 01, 2021, respectively.
created by revaluation of assets), by issue and allotment
Post approval of the Board of directors, and Members/
of 6,11,81,902 (Six Crores Eleven Lakhs Eighty-One
Shareholders, the Draft Offer document was filed with
Thousand Nine Hundred Two) fully paid-up equity shares
Securities and Exchange Board of India (‘SEBI’) on August
having face value of I 2/- each as bonus shares (“Bonus
16, 2021, and the final observations of SEBI on the Draft
Shares”) to the holders of existing fully paid-up equity
Offer document were received vide its letter dated
shares having face value of I 2/- each of the Company,
December 02, 2021. Pursuant to the letter of SEBI dated
whose names appeared in the Register of Members /
December 02, 2021, the Proposed Issue could be opened
Beneficial Owners’ Position of the Company as on the
for subscription within a period of twelve months from
Record date (‘October 05, 2022’), as fixed by the Board
the date of issuance of the final observations by SEBI i.e.,
of Directors for this purpose, in the proportion of 1:1, that
December 01, 2022.
is 1 (One) new bonus equity share of I 2/- each for every
1 (One) existing fully paid-up equity share of I 2/- each However, considering the prevailing market scenario
held by the existing shareholders, and the Bonus Shares during FY’2023, the Management proposed to withdraw
so allotted shall be treated as an increase in the paid up the Proposed Issue and reconsider undertaking an
equity share capital of the Company held by each such initial public offer of its securities in the near future,
member and not as income in lieu of dividend. The Bonus subject to suitable market conditions, receipt of requisite
Shares issued and allotted rank pari-passu in all respects approvals and other considerations. The Board of
with existing equity shares and carry the same rights as directors accorded its approval to withdraw the DRHP on
the existing fully paid equity shares of the Company. September 27, 2022, and the intimation of the same was
sent to SEBI on September 28, 2022.
Such Bonus Shares were allotted to the eligible
shareholders on October 20, 2022.
g. Disinvestment in Khargone Transmission Limited
Sterlite Power entered into a marquee deal with India
f. Withdrawal of Draft Red Herring Prospectus (DRHP)
Grid Trust for sale of its commissioned project thereby
dated August 16, 2021, filed with Securities and
transfering Khargone Transmission Limited to India
Exchange Board of India (‘SEBI’)
Grid Trust.
In the financial year 2021-22, to fund the growth strategy/
5. DIRECTORS
The Board of Directors of the Company is validly constituted and as on March 31, 2023, comprised of 6 Directors:
Sr.
Name of the director Designation Category
No.
1. Mr. Pravin Agarwal Chairman Non-Executive
2. Mr. A.R. Narayanaswamy Independent Director Non-Executive
3. Mr. Anoop Seth Independent Director Non-Executive
4. Mr. Pratik Pravin Agarwal1 Managing Director Executive
5. Mr. Manish Agrawal2 Whole Time Director Executive
6. Ms. Kamaljeet Kaur3 Whole Time Director Executive
Notes:
1Mr.
Pratik Pravin Agarwal was re-appointed as Managing Director w.e.f. June 01, 2021, for a term of 3 (Three) years.
2Mr. Manish Agrawal was re-appointed as Whole Time Director w.e.f. December 17, 2022, for a term of 2 (Two) years.
3Ms. Kamaljeet Kaur was appointed as Whole Time Director w.e.f. June 29, 2022, for a term of 1 (one) year. Accordingly, from the closing hours of

business of the Company on June 28, 2023, she has vacated the position of Director and Whole Time Director.
Changes during FY’2023, are as under: ii. Mr. Manish Agrawal was re-appointed as Whole
Time Director (Executive, Professional) effective
i. Mr. Pratik Pravin Agarwal, Managing Director being a
December 17, 2022, upon the recommendation of
director liable to retire by rotation, and being eligible,
the Nomination and Remuneration Committee for
was re-appointed as a director liable to retire by
a period of two years up to December 16, 2024.
rotation in the Annual General Meeting held on
Pursuant to the provisions of the Companies Act,
September 26, 2022.
2013, such re-appointment as the Whole Time

Director is being placed before the shareholders for for performance evaluation of the Independent Directors,
approval in the ensuing Annual General Meeting. the Board as a whole and individual directors and the
Committees of the Board. Pursuant to the provisions of
iii. Ms. Kamaljeet Kaur was appointed as an Additional
the Companies Act, 2013, the Board has carried out an
Director (Women Director, Executive, Professional)
annual evaluation of its own performance, performance
effective June 29, 2022, upon the recommendation
of its committees as well as the directors individually
of the Nomination and Remuneration Committee.
She was also appointed as a Whole Time Director, (including the Chairman and Independent Directors).
for a period of one year i.e. up to June 28, 2023, Details of the evaluation mechanism are available in
and her appointment as the Whole Time Director the Corporate Governance Report annexed to this
was approved by the Shareholders in the 7th Annual Directors’ Report as Annexure-A and forming part of the
General Meeting held on September 26, 2022. Directors’ Report.
Pursuant to the provisions of the Companies Act, The Board has, on the recommendation of the
2013, read with the terms of appointment, from Nomination and Remuneration Committee framed a
the closing hours of business of the Company on policy for selection and appointment of Directors, Senior
June 28, 2023, she has vacated the position of the Management, and their remuneration (‘NRC Policy’). The
Director and Whole Time Director. NRC Policy including the Policy on Board Diversity can
iv. Mr. Pravin Agarwal, Chairman will retire by rotation be accessed on the website of the Company at https://
at the ensuing Annual General Meeting and being www.sterlitepower.com/wp-content/uploads/2021/11/
eligible, offers himself for re-appointment, pursuant nrc_policy_board_diversity_others.pdf.
to Section 152 of the Companies Act, 2013. Details
of the aforesaid proposal for re-appointment of 8. CORPORATE SOCIAL RESPONSIBILITY
Mr. Pravin Agarwal are provided in the Annexure to a. The details of composition and changes therein
the Notice of the ensuing Annual General Meeting. are available in the Corporate Governance Report
v. The Company has received necessary declarations annexed to this Directors’ Report as Annexure-A and
from all the Independent Directors confirming that forming part of the Directors’ Report.
they meet the criteria of independence as prescribed b. The Board has approved a CSR policy governing
under the Companies Act, 2013. The Independent the CSR initiatives of the Company. The same
Directors of the Company have also registered can be accessed on the website of the Company
themselves in the data bank with the Indian Institute at https://www.sterlitepower.com/wp-content/
of Corporate Affairs and confirmed compliance uploads/2021/11/csr_policy.pdf.
of relevant provisions of Rule 6 of the Companies
(Appointments and Qualifications of Directors) c. During FY’2023, pursuant to Section 135 of the
Rules, 2014. The Board is of the opinion that the Companies Act, 2013, and relevant Rules made
Independent Directors of the Company possess thereunder, your Company was not mandatorily
requisite qualifications, experience and expertise required to spend on CSR Activities. However, the
and they hold highest standards of integrity. Further, Company had voluntarily spent I 2,09,40,000/- on
the Independent Directors also confirmed that the CSR activities during FY’2023.
they are independent of the Management of the
d. Pursuant to the amended provisions, your Company
Company.
may carry forward and set off such amount against
vi. Except as mentioned above, there was no other the liabilities that may arise in succeeding years.
change in the Board of Directors of the Company
e. Pursuant to Section 135 read with Rule 8 of
during FY’2023.
Companies (Corporate Social Responsibility Policy)
Rules, 2014, the Annual Report on CSR activities is
6. COMPOSITION OF BOARD COMMITTEES enclosed as Annexure-G to this Directors’ Report.
Details of the composition, terms of reference and
meetings held during the year of all the Committees of the 9. MEETINGS OF THE BOARD OF DIRECTORS
Board are available in the Corporate Governance Report During FY’2023, 12 (Twelve) meetings of the Board of
annexed to this Directors’ Report as Annexure-A and Directors have been duly convened. The intervening gap
forming part of the Directors’ Report. During FY’2023, the between the two consecutive meetings was within the
Board of directors has accepted all the recommendations period prescribed under the Companies Act, 2013, Rules
of the Committees. made thereunder and Secretarial Standard 1 on Board
Meetings issued by the Institute of Company Secretaries of
7. FRAMEWORK FOR THE PERFORMANCE India read with MCA circulars, as issued from time to time.
EVALUATION OF THE BOARD, ITS COMMITTEES,
AND INDIVIDUAL DIRECTORS The composition of the Board and changes therein, and
In order to identify strengths and areas of improvement, the details of meetings held during FY’2023 are available
the Board of Directors of the Company is committed to in the Corporate Governance Report annexed to this
assess its own performance as a Board. The Nomination Directors’ Report as Annexure-A and forming part of the
and Remuneration Committee has established processes Directors’ Report.

Empowering Humanity
10. KEY MANAGERIAL PERSONNEL

Pursuant to Section 203 of the Companies Act, 2013, and the Rules made thereunder, as on March 31, 2023, the Key
Managerial Personnels of the Company were as under:
Sr.
Name Designation Date of Appointment
No.
1. Mr. Pratik Pravin Agarwal1 Managing Director June 01, 2016
2. Mr. Manish Agrawal2 Whole Time Director December 17, 2021
3. Ms. Kamaljeet Kaur3 Whole Time Director June 29, 2022
4. Mr. Sanjeev Bhatia4 Chief Financial Officer October 01, 2021
5. Mr. Ashok Ganesan Company Secretary May 29, 2017
Notes
1Mr. Pratik Pravin Agarwal was re-appointed as Managing Director w.e.f. June 01, 2021, for a term of 3 (Three) years.



4Mr. Sanjeev Bhatia, Chief Financial Officer (CFO) has submitted his resignation from the position of the Chief Financial Officer

w.e.f. August 22, 2023.
11. AUDITORS AND AUDITORS’ REPORT The Statutory Auditors’ Report does not contain any
a. Statutory Auditors qualification or adverse remark. Hence, the Directors’
M/s. S R B C & Co. LLP, Chartered Accountants were Report do not require any clarification or explanation of
appointed as the Statutory Auditors of the Company from the Board of directors.
the conclusion of 6th Annual General Meeting held on
September 29, 2021, for a period of 4 years up to the b. Secretarial Auditors
conclusion of 10th Annual General Meeting to be held for During FY’2023, M/s. DMK Associates, Practising
the financial year 2024-25. Company Secretaries were appointed as the Secretarial
Auditors of the Company, to conduct the Secretarial
Based on internal analysis of M/s. S R B C & Co. LLP, the
Audit of the Company for FY’2023. The Report of the
total maximum period which can be served by an auditor
Secretarial Auditors is annexed as Annexure-E to this
for an entity where rotation is applicable, is 10 years. In
Directors’ Report.
light of the aforesaid and pursuant to Section 139(6) of the
Companies Act, 2013 and Rules made thereunder, M/s. The Secretarial Auditors’ Report does not contain any
S R B C & Co. LLP were appointed as the first statutory qualification or adverse remark. Hence, the Directors’
auditors by the Board of directors to hold office upto the Report do not require any clarification or explanation of
conclusion of first Annual General Meeting, and such the Board of directors.
period of appointment is considered for computation
of maximum period of 10 years. Therefore, an audit firm c. Cost Auditors
can be appointed or re-appointed by the Members/ During FY’2023, Mr. Kiran Chand Naik, Cost Accountant,
Shareholders of a company in the first Annual General was appointed as the Cost Auditor of the Company,
Meeting for a term of 5 consecutive years (first term) to conduct the audit of cost records being made and
and thereafter can be re-appointed for another term maintained by the Company for FY’2023.
of 4 consecutive years (second term) so that maximum
The Cost Audit for FY'2023 is under progress and will be
period served by such Audit firm as the Statutory Auditors
duly completed within the defined timeline.
does not exceed 10 years.
12. CHANGES IN SHARE CAPITAL

a. Authorised share capital
During FY’2023, there was no change in the authorised share capital of the Company. As on March 31, 2023, the authorised
share capital was as under:
Capital structure as on March 31, 2023

Type of capital
No. of shares Amount (In J)
Equity shares of I 2/- each 6,38,02,50,000 12,76,05,00,000
Optionally Convertible Redeemable Preference Shares of I 10/- each 47,00,00,000 4,70,00,00,000
Redeemable Preference Shares of I 2/- each 3,64,00,000 7,28,00,000
Total 17,53,33,00,000

b. Issued, subscribed, and paid-up share capital

During FY’2023, the issued, subscribed, and paid-up share capital of the Company was increased on account of issue
of bonus shares. The details of changes in the issued, subscribed, and paid-up share capital during FY’2023 and as on
March 31, 2023, are as under:
Particulars As on (Date) No. of shares Amount (In J)

Issued, Subscribed, and Paid-up share capital (A) April 01, 2022 6,11,81,902 12,23,63,804
Increase during the year on account of issue and allotment of bonus shares (B) October 20, 2022 6,11,81,902 12,23,63,804
Issued, Subscribed, and Paid-up share capital (A+B) March 31, 2023 12,23,63,804 24,47,27,608
13. INTERNAL FINANCIAL CONTROLS A detailed exercise is being carried out regularly to
Your Company has an Internal Control System, identify, evaluate, manage and monitor both business
commensurate with the size, scale and complexity and non-business risks. The Policy seeks to create
of its operations. Your Company had documented a transparency, minimise adverse impact on the business
comprehensive Internal Control System for all the major objectives and enhance the competitive advantage of
processes to ensure reliability of financial reporting, timely your Company. The Policy defines the risk management
feedback on achievement of operational and strategic approach across the enterprise at various levels including
goals, compliance with the policies, procedures, laws, and documentation and reporting.
regulations, safeguarding of assets and economical and
efficient use of resources. The formalised system of control 15. LEGAL COMPLIANCES MANAGEMENT
facilitates effective compliance as per relevant provisions The Compliance function independently tracks, reviews,
of the Companies Act, 2013 and other applicable Law(s). and ensures compliance with Regulatory and Statutory
Laws of the land and promotes compliance culture in your
To maintain its objectivity and independence, the
Company. The compliances are tracked and monitored
Internal Audit function reports to the Audit Committee.
on compliance portal, updated by the respective users.
The Internal Audit function monitors and evaluates the
The compliance portal is a software which facilitates
efficacy and adequacy of Internal Control system in
in operating an effective and efficient compliance
your Company, its compliance with operating systems,
management system that allows for monitoring of
accounting procedures and policies at all locations of your
the compliance with respect to applicable laws and
Company. Based on the report of Internal Audit function,
regulations and also updates the users in case of any
process owners undertake corrective action in their
amendments in existing laws and regulations. The portal
respective areas and thereby strengthen the controls.
also provides a robust governance structure and a
Significant audit observations, if any and corrective
streamlined reporting system that ensures comprehensive
actions thereon are presented to the Audit Committee
compliance reporting to the Board. The compliance
and the Board. The Audit Committee regularly reviews the
certificate duly certified by the Managing Director and
suggestions/observations of the Statutory Auditors on the
respective Function heads is submitted to the Board on a
financial statements, including financial reporting system,
quarterly basis, allowing robust and effective oversight of
compliance to accounting policies and procedures, the
the compliance management in your Company.
adequacy and effectiveness of internal controls and
systems followed by your Company.
16. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The details of Vigil Mechanism/ Whistle Blower Policy are
14. BUSINESS RISK MANAGEMENT
available in the Corporate Governance Report annexed to
Risk can be viewed as a combination of the probability of
this Directors’ Report as Annexure-A and forming part of
an event occurring, the impact of its consequence and the
the Directors’ Report.
current mitigation effectiveness. Events with a negative
impact represent risks that can prevent value creation or
17. MATERIAL CHANGES AND COMMITMENTS AFFECTING
erode existing value.
FINANCIAL POSITION BETWEEN THE END OF THE
The Board has constituted a Risk Management FINANCIAL YEAR AND DATE OF THE REPORT
Committee (details of which are available in the a. Acquisition of Fatehgarh III Beawar Transmission Limited
Corporate Governance Report annexed to this Directors’ Fatehgarh III Beawar Transmission Limited, a Special
Report as Annexure-A and forming part of the Directors’ Purpose Vehicle (‘SPV’) houses a transmission project to
Report) to review, identify, evaluate, and monitor both establish Inter-State Transmission System for evacuation
business and non-business-related risks and take of power from REZ in Rajasthan (20GW) under Phase-
requisite action to mitigate the same through a properly III Part G. Your company will build, own, operate, and
defined framework. Your Company has framed a Risk transfer, a critical transmission project in Rajasthan for a
Management Policy to identify and assess the risk period of 35 years. The project will involve construction of
areas, monitor and report compliance and effectiveness a 350km, 765kV transmission corridor from Fatehgarh III
of the policy. The Risk Management policy can be to Beawar in Rajasthan. It will enable evacuation of a part
accessed on the website of the Company at https:// of 20 GW of renewable power from Renewable Energy
www.sterlitepower.com/wp-content/uploads/2021/11/ Zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh
risk_management_policy_0.pdf. (2.9 GW) areas of the state.

Empowering Humanity
Your Company participated in the tariff based competitive 23. CONTRACTS OR ARRANGEMENTS WITH RELATED
bidding for the Fatehgarh Project through Sterlite Grid PARTIES
19 Limited, a wholly owned subsidiary and emerged as All contracts and arrangements with related parties,
a successful bidder. Your Company has successfully entered into by your Company during FY’2023, were in
acquired the SPV from PFC Consulting Limited, on
the ordinary course of business and on arm’s length basis.
August 01, 2023.
Pursuant to Section 134 of the Companies Act, 2013 and
the Rules made thereunder, particulars of contracts or
18. FINANCIAL STATEMENTS arrangements in Form: AOC-2 with related parties are
The standalone and consolidated financial statements of annexed to this Directors’ Report as Annexure-B.
the Company for the financial year 2022-23, prepared
in accordance with Indian Accounting Standards (Ind The details regarding the policy, approval and review
AS) and duly audited by the Statutory Auditors of the process of Related Party Transactions are available
Company, forms part of the Annual Report of FY’2023. in the Corporate Governance Report annexed to this
Directors’ Report as Annexure-A and forming part of the
Pursuant to General Circular Nos. 14/2020 dated Directors’ Report.
April 08, 2020; 17/2020 dated April 13, 2020; 22/2020
dated June 15, 2020; 33/2020 dated September 28, 24. PARTICULARS OF LOANS, GUARANTEES OR
2020, 39/2020 dated December 31, 2020, 10/2021 INVESTMENTS
dated June 23, 2021, 20/2021 dated December 08, The details of Loans, Guarantees and Investments of
2021 and 03/2022 dated May 05, 2022; 10/2022 dated your Company are provided in Note no. 6, 7, 8, 19 & 20
December 28, 2022 issued by the Ministry of Corporate of the standalone financial statements forming part of the
Affairs, the Company shall not be dispatching physical Annual Report for FY’2023.
copies of the financial statements forming part of the
Annual Report. The Annual Report for FY’2023 shall be 25. SUBSIDIARIES, ASSOCIATES AND JOINT
sent to the Members/Shareholders through email only. The VENTURES
physical copy of the Annual Report would be sent to the As on March 31, 2023, your Company had 51 subsidiaries
Member/Shareholders on a request made in this regard. and 8 Joint-ventures. The list of subsidiaries and
joint ventures is annexed to this Directors’ Report as
19. AMOUNT TRANSFERRED TO GENERAL RESERVE Annexure-C.
No amount is being proposed to be transferred to the
reserves, out of profits for FY'2023. Pursuant to Section 129 of the Companies Act, 2013 and
the Rules made thereunder, statement containing salient
20. DIVIDEND features of the financial statements of the subsidiary and
The Board of Directors of your Company in its meeting joint venture companies in Form: AOC-1 is annexed to this
held on March 24, 2023, declared an interim dividend of Directors’ Report as Annexure-D.
50% per equity share, being I 1/- per share for FY’2023,
The Policy on material subsidiaries can be accessed on
aggregating up to approximately I 122.36 million to
the website of the Company at https://www.sterlitepower.
be paid out of the profits of the Company for FY'2023.
com/wp-content/uploads/2021/11/policy_on_material_
The interim dividend was paid to those shareholders of
subsidiaries_0.pdf.
the Company whose names appeared on the Register of
Members as on the record date i.e. April 07, 2023, except During FY’2023, the changes in subsidiaries and/or joint
those equity shares in respect of which the Shareholders ventures of your Company is as under:
have waived or forgone their right to receive the interim
dividend for FY’2023, in accordance with the Articles of i. Companies that have become subsidiaries/associates/
Association of the Company. joint ventures during FY’2023:
Further, your Board of Directors do not recommend final • Through incorporation of a new company-
dividend for FY’2023. Therefore, the Interim Dividend − Sterlite Grid 31 Limited (w.e.f. May 26, 2022)
paid during FY’2023 would become the final dividend for
such year and accordingly, the same will also be placed − Sterlite Grid 32 Limited (w.e.f. May 23, 2022)
for confirmation/approval of the Members/ Shareholders − Sterlite Grid 33 Limited (w.e.f. May 25, 2022)
at the ensuing 8th Annual General Meeting.
− Sterlite Grid 34 Limited (w.e.f. June 02, 2022)
The Dividend policy can be accessed on the website
of the Company at https://www.sterlitepower.com/wp- − Sterlite Grid 35 Limited (w.e.f. May 26, 2022)
content/uploads/2021/11/dividend_policy_0.pdf.
− Sterlite Grid 36 Limited (w.e.f. July 20, 2022)
21. CHANGE IN NATURE OF BUSINESS, IF ANY. − Sterlite Grid 37 Limited (w.e.f. July 22, 2022)
There is no change in the nature of business of the
Company during FY’2023.
22. CORPORATE GOVERNANCE
A Report on Corporate Governance forming part of this
Directors’ Report is annexed as Annexure-A. − SF 542 (w.e.f. July 28, 2022)

• Through acquisition of shares- 27. INVESTOR EDUCATION AND PROTECTION FUND

− Kishtwar Transmission Limited (IEPF)
(w.e.f. December 06, 2022) Pursuant to the provisions of Section 124 of the
− Sterlite Interlinks Limited (w.e.f. June 01, 2022) Companies Act, 2023 and the Rules made thereunder the
amounts of Dividend which remained unpaid or unclaimed
− Serra Negra Transmissão de Energia S.A for a period of seven years are to be transferred by the
(w.e.f. June 15, 2022) Company to the Investor Education and Protection Fund
− Tangará Transmissão de Energia S.A. established by Central Government.
(w.e.f. June 15, 2022) As on March 31, 2023, the details of unpaid and
unclaimed dividend lying with your Company can be
Note: Post March 31, 2023, Fatehgarh III Beawar Transmission accessed on the website of the Company at https://www.
Limited has become the subsidiary of the Company through sterlitepower.com/investors.
acquisition of shares w.e.f. August 01, 2023.
Further, no amount was required to be transferred to IEPF
during FY’2023.
ii. Companies which have ceased to be subsidiaries during
FY’2023:
28. SHARES LYING IN UNCLAIMED SUSPENSE
• SE Vineyards Transmissão de Energia S.A ACCOUNT
(w.e.f. November 30, 2022) The details of shares lying in Unclaimed Suspense
• Vineyards Participações S.A. Account are available in the Corporate Governance
(w.e.f. November 30, 2022) Report annexed to this Directors’ Report as Annexure-A
and forming part of the Directors’ Report. Further, the
• Khargone Transmission Limited (w.e.f. March 02, 2023)
details of the Shareholders to whom the shares belong
iii. Companies which have ceased to be associates during and lying in the unclaimed suspense account can be
FY’2023: accessed on the website of the Company at https://www.
sterlitepower.com/investors.
• Sterlite Interlinks Limited (w.e.f. June 01, 2022)
29. PARTICULARS OF CONSERVATION OF ENERGY,
26. DISCLOSURE REGARDING PREVENTION OF
TECHNOLOGY ABSORPTION AND FOREIGN
SEXUAL HARASSMENT AT WORKPLACE
EXCHANGE EARNINGS AND OUTGO
Your Company has zero tolerance for sexual harassment
Pursuant to Section 134 of the Companies Act, 2013
at workplace and has adopted a Policy on prevention,
and the Rules made thereunder, the particulars of
prohibition and redressal of sexual harassment at
conservation of energy, technology absorption and
workplace in line with the provisions of the Sexual
foreign exchange earnings and outgo is annexed to this
Harassment of Women at Workplace (Prevention,
Directors’ Report as Annexure-F.
Prohibition and Redressal) Act, 2013 and the Rules framed
thereunder for prevention and redressal of complaints
30. PARTICULARS OF EMPLOYEES AND RELATED
of sexual harassment at workplace and the same can be
DISCLOSURES
accessed on the website of the Company at https://www.
Pursuant to the Section 197 of the Companies Act, 2013
sterlitepower.com/wp-content/uploads/2021/12/sterlite_
and the Rules made thereunder, the particulars relating to
power_posh_policy-1.pdf. Your Company has constituted
statement containing the remuneration of the employees
Internal Complaints Committee (ICC) for various business
including such other details as are required to be
divisions and offices, as per the requirements of the
disclosed under the relevant Section, is being excluded
Sexual Harassment of Women at Workplace (Prevention,
from this Annual Report for FY’2023.
Prohibition and Redressal) Act, 2013.
However, such particulars shall be made available to
Your Company is an equal opportunity employer and
any Member/Shareholder on a specific request made
believes in providing opportunity and key positions to
in writing before the date of ensuing Annual General
women professionals. The Group has endeavoured to
Meeting. Any Member/Shareholder interested in obtaining
encourage women professionals by creating proper
a copy of such statement, may write to the Company
policies to address issues relating to safe and proper
Secretary at secretarial.grid@sterlite.com and the same
working conditions and create and maintain a healthy
shall be furnished upon such request.
and conducive work environment that is free from
discrimination. This includes discrimination on any
31. PERFORMANCE AND RETENTION CASH PLAN
basis, including gender, as well as any form of sexual
2021
harassment.
In order to provide strategic direction to the Organisation
During FY’2023, your Company has received no and ensuring achievement of high growth, the Nomination
complaints of harassment. As on March 31, 2023, no and Remuneration Committee had adopted ‘Performance
complaints were pending to be resolved. and Retention Cash Plan 2021’ (“Plan”) on September 24,
2021, for the key employees including Managing Director

Empowering Humanity
of the Company to ensure a continuous focus on creating India Infraprojects Private Limited (‘Pan India’) for the
value and participating actively in growth journey. purchase of ACSS aluminium conductors and OPGW
Cables from the Company and a liquidation application
The Plan is in line with Company’s philosophy of sharing
filed before the National Company Law Tribunal against
benefits of growth with its key growth drivers.
Pan India under the Insolvency and Bankruptcy Code,
2016 and the corresponding public announcement dated
32. LITIGATION BY THE COMPANY UNDER July 25, 2020, your Company has raised a claim of
INSOLVENCY AND BANKRUPTCY CODE, 2016 approximately I 124.17 million against Pan India for certain
The details of application made by your Company and cancellation costs and dues towards the non-issuance of
proceeding pending under the Insolvency and Bankruptcy C form owed by Pan India to the Company. The matter is
Code, 2016 during FY’2023 along with the status as at currently pending.
March 31, 2023 is as under:
Pursuant to certain purchase orders placed by Pan
33. DISCLOSURES WITH RESPECT TO EVENTS POST MARCH 31, 2023

a. Alteration in the share capital clause of Memorandum of Association
Post closure of FY’2023, the authorised Share Capital has been increased from I 1753,33,00,000 to I 2000,00,00,000,
by creation of 123,33,50,000 additional Redeemable Preference Shares of I 2/- each aggregating to I 246,67,00,000.
The details of the same are as under:
Capital structure Capital Structure
Type of share as on March 31, 2023 as on August 11, 2023
No. of shares Amount (In J) No. of shares Amount (In J)
Equity shares of I 2/- each 638,02,50,000 1276,05,00,000 638,02,50,000 1276,05,00,000
Optionally Convertible Redeemable Preference Shares of 47,00,00,000 470,00,00,000 47,00,00,000 470,00,00,000
I 10/- each
Redeemable Preference Shares of I 2/- each 3,64,00,000 7,28,00,000 126,97,50,000 253,95,00,000
Total 1753,33,00,000 2000,00,00,000
b. Completion of tenure of Ms. Kamaljeet Kaur, b. they have selected such accounting policies and
Whole Time Director applied them consistently and made judgements
Ms. Kamaljeet Kaur (Chief Human Resource Officer) and estimates that are reasonable and prudent so as
was appointed as a Woman and Whole Time Director of to give a true and fair view of the state of affairs of
the Company on June 29, 2022, for a period of 1 (One) the Company as at March 31, 2023 and of the profit/
year. Pursuant to the provisions of the Companies Act, loss of the Company for the year April 01, 2022 to
2013 and read with the terms of appointment, from the March 31, 2023.
closing hours of business of the Company on June 28, c. they have taken proper and sufficient care for the
2023, she has vacated the position of the Director and maintenance of adequate accounting records in
Whole Time Director. accordance with the provisions of the Companies
Act, 2013, for safeguarding the assets of the
c. Resignation of Mr. Sanjeev Bhatia, from the position of Company and for preventing and detecting fraud
the Chief Financial Officer and other irregularities.
Mr. Sanjeev Bhatia was appointed as Chief Financial
Officer (CFO) of your Company w.e.f. October 01, 2021. d. they have prepared the annual accounts on a going
He has submitted his resignation from the position of concern basis.
the CFO w.e.f. August 22, 2023, as he wants to pursue e. they have laid down internal financial controls
opportunities outside your Company. The Board of to be followed by the Company and that such
directors in its meeting held on August 11, 2023, has internal financial controls are adequate and are
accepted the same and he would be relieved of his operating effectively.
responsibilities as CFO with effect from closing hours of
business of the Company on August 22, 2023. f. they have devised proper systems to ensure
compliance with the provisions of all applicable
34. DIRECTORS’ RESPONSIBILITY STATEMENT laws and that such systems are adequate and
Pursuant to provisions of Section 134 of the Companies operating effectively.
Act, 2013 and the Rules made thereunder, your Directors
state that: 35. GENERAL
For FY’2023, the Directors state that:
a. in the preparation of the annual accounts for the
financial year ended March 31, 2023, the applicable a. Your Company has not received any complaints
accounting standards read with requirements set out relating to child labour, forced labour, involuntary
under Schedule III to the Act, have been followed labour during the FY’2023.
and there are no material departures from the same.

b. Your Company has not accepted any deposits from 37. ANNUAL RETURN
the public or otherwise in terms of Section 73 of Pursuant to Section 92 of the Companies Act, 2013
the Companies Act, 2013 read with Companies the Annual Return of the Company for FY’2023 can be
(Acceptance of Deposit) Rules, 2014 and as such, accessed on the website of the Company at https://www.
no amount on account of principal or interest on sterlitepower.com/investors.
deposits from public was outstanding as on the date
of Balance Sheet. 38. ACKNOWLEDGEMENTS
c. Your Company has not issued any equity shares with Your Directors would like to express their appreciation
differential rights as to dividend, voting or otherwise. for the assistance and co-operation received from the
financial institutions, banks, Government authorities,
d. The Managing Director of your Company do not customers, vendors and Members during FY’2023.
receive any remuneration or commission from any of Your Directors place on record their deep sense of
its subsidiaries. appreciation to the contributions made by the employees
e. No significant or material orders were passed by through their hard work, dedication, competence, support
the Regulators or Courts or Tribunals which has an and co-operation towards the progress of your Company.
impact on the going concern status and Company’s For and on behalf of the Board of Directors
operations in future.
f. The Auditors have not reported any matter under
Section 143 (12) of the Act. sd/-
g. Your Company has not made any one-time Pravin Agarwal

settlement in respect of any loan from Banks or Chairman
Financial Institutions, hence, no details of difference
between amount of the valuation done at the time DIN-00022096
of one-time settlement and the valuation done while Date: August 11, 2023
taking loan from the Banks or Financial Institutions
along with the reasons thereof, are required to Place: Mumbai
be given.
36. COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Secretarial Standard
– 1, on Meetings of Board of Directors and Secretarial
Standard – 2 on General Meetings, issued by the
Institute of Company Secretaries of India, have been duly
complied with.
ANNEXURES TO THE DIRECTORS’ REPORT

Annexure Particulars
A Corporate Governance Report
B Particulars of contracts or arrangements with related parties referred in Form AOC - 2
C List of subsidiaries, and joint ventures as on March 31, 2023
D Salient features of subsidiaries/joint-ventures pursuant to Section 129 of the Companies Act, 2013, and the Rules made thereunder in
Form AOC–1
E Secretarial Audit Report for the financial year ended March 31, 2023
F Particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134 of the
Companies Act, 2013 read with Rules made thereunder
G Report on Corporate Social Responsibility

Empowering Humanity
Annexure-A
Corporate Governance Report

PHILOSOPHY OF THE COMPANY ON CODE OF GOVERNANCE
Corporate Governance represents the value, ethical and moral framework under which business decisions are taken. The
investors want to be sure that not only their capital is handled effectively and adds to the creation of wealth, but the business
decisions are also taken in a manner which is not illegal or involving moral hazard. Your Company perceives good corporate
governance practices as a key to sustainable corporate growth and long-term shareholder value creation. The primary objective
is to develop and adhere to a corporate culture of harmonious and transparent functioning, increasing employee and client
satisfaction and enhancing shareholders’ wealth by developing capabilities and identifying opportunities that best serve the goal
of value creation. All actions and strategic plans are directed towards delivering value to all stakeholders, as well as conforming
to the highest standards of corporate behavior. Your Company is continuously striving to attain excellence in business backed by
client service. Similar to our personal performance monitoring, wherein our focus is towards being outstanding or excellent, all
our products and business processes need to be ‘Excellent’ - first in our own perception and then in our customers’ perception.
Your Company believes that an active, well-informed, independent Board is necessary to ensure the highest standard of
Corporate Governance. Your Company firmly believes that the Board’s independence is essential to bring objectivity and
transparency to the management and dealings of the Company.
Further, our governance structure, including our commitment to environment and sustainability, aims to reflect our corporate
governance standards and practices. We have a three-tiered governance structure comprising our Board, Board Committees and
Executive Management. Our Board Committees also play a vital role in ensuring sound corporate governance practices.
Strategic supervisionThe Board of Directors occupies the topmost tier in the governance structure. It plays a role of strategic supervision
that is devoid of involvement in the task of strategic management of the Company. The Board lays down strategic goals
and exercises control to ensure that your Company is progressing to fulfill stakeholders’ aspirations.
Strategic management The Management Executive Committee is composed of the senior management of your Company and operates upon
the directions and supervision of the Board.
Executive management The function of Executive Management is to execute and realise the goals that are laid down by the Board and the
Management Executive Committee.
1. Board of Directors
a. Composition of the Board
As on March 31, 2023, the Board of Directors comprised of 6 (Six) directors, of which 2 (two) were Independent Directors:
S. No. Name of the director Designation Category

4. Mr. Pratik Pravin Agarwal1 Managing Director Executive
5. Mr. Manish Agrawal2 Whole Time Director Executive
6. Ms. Kamaljeet Kaur3 Whole Time Director Executive
Note:
1Mr. Pratik Pravin Agarwal was re-appointed as Managing Director w.e.f. June 01, 2021, for a term of 3 (Three) years.
Updates/changes in the composition of the Board are available at Point no. 5 in the Directors’ Report.
All the Independent Directors have confirmed that they meet the criteria of ‘independence’ as per the Companies Act,
2013. The Independent Directors of the Company have also registered themselves in the data bank with the Indian Institute
of Corporate Affairs and confirmed compliance of relevant provisions of Rule 6 of the Companies (Appointments and
Qualifications of Directors) Rules, 2014. The Board is of the opinion that the Independent Directors of the Company possess
requisite qualifications, experience and expertise and they hold highest standards of integrity. Further, the Independent
Directors also confirmed that they are independent of the Management of the Company.

All the Directors have made necessary disclosures regarding Committee positions and directorships held by them in other
companies. None of the directors is a member in more than ten committees and Chairman in more than five Committees
(i.e. Audit Committee and Stakeholders’ Relationship Committee) across all companies in which he / she is a director. Also,
none of the Independent Directors of the Company served as an Independent Director in more than seven listed companies.
As on the date of this report, the composition of the Board of Directors of the Company is as under:
S.
Name of the director(s) Designation Category
No.
4. Mr. Pratik Pravin Agarwal Managing Director Executive
5. Mr. Manish Agrawal Whole Time Director Executive
The Company is in the process of filling the casual vacancy of Woman Director within statutory timeline
b. Meetings of the Board of Directors

The Board Members met 12 (twelve) times during FY’2023 i.e., on April 21, 2022, May 27, 2022, June 29, 2022, July 22,
2022, July 29, 2022, August 09, 2022, August 23, 2022, October 27, 2022, November 11, 2022, December 21, 2022,
February 14, 2023, and March 24, 2023. Further, the gap between two meetings did not exceed the statutory timelines. The
majority of the board meetings were held through video-conferencing (ʻVCʼ)/other audio-visual means (ʻOAVMʼ)
The details of attendance of the Directors in the Board Meetings and 7th Annual General Meeting are as under:
No. of Board Meetings held during FY'23 Shares

Attendance at the held in the
Sr.
Name of the Directors Relationship with other directors last AGM held on Company as
No. Held Entitled to attend Attended
September 26, 2022 on March 31,
2023
1 Mr. Pravin Agarwal Father of Mr. Pratik Pravin Yes 12 12 6 15,41,710
(Chairman) Agarwal
2 Mr. Pratik Pravin Agarwal Son of Mr. Pravin Agarwal Yes 12 12 9 10,94,728
(Managing Director)
3 Mr. A.R. Narayanaswamy Yes 12 12 12 -
(Independent Director)
4 Mr. Anoop Seth Yes 12 12 12 -
(Independent Director)
5 Mr. Manish Agrawal Yes 12 12 8 -
(Whole Time Director)
6 Ms. Kamaljeet Kaur1 Yes 12 9 8 -
(Whole Time Director)

business of the Company on June 28, 2023, she has vacated the position of the Director and Whole Time Director.
c. Information provided to the Board

Information is provided to the Board Members on regular basis for their review, inputs and approvals. The quarterly Board
Meeting presentations to the Board provide adequate information to Directors on strategy, future roadmap, technology,
functional updates, financial results and its analysis, governance matters and legal updates. The agenda for the Board
and Committee Meetings are sent in advance and contains all material information for facilitating meaningful and focused
discussions at the meeting.
Further, the Managing Director, the Whole Time Director, the Chief Financial Officer and the Company Secretary have
interactions with all Directors at the Board Meetings, and members of Senior Management also attend the Board Meetings
to provide detailed insight to the Board Members.
d. Separate meeting of the Independent Directors

Pursuant to the Code of Independent Directors prescribed under the Companies Act, 2013, a separate meeting of the
Independent Directors of the Company was held on March 23, 2023, for the FY’2023 to review the performance of
Non-independent Directors (including the Chairman) and the Board as a whole. The Independent Directors also reviewed
the quality, content, and timeliness of the flow of information between the Management and the Board and its Committees
which is necessary to perform and discharge their duties effectively and reasonably.
e. Induction and training of Board Members

The Company has put a process in place for the Induction and Training of Board Members. Upon appointment, the
concerned Director is issued a letter of appointment setting out in detail the terms of appointment, duties, responsibilities

Empowering Humanity
and expected time commitments. At the time of Committees are placed before the Board on quarterly
appointment, the Independent Director is taken through basis for noting. As on March 31, 2023, the Board had
a formal induction program including a presentation established the following Committees:
from the Managing Director on the Company’s business.
2.1. Audit Committee
The details of familiarisation programs imparted to
independent directors is forming part of the Nomination 2.2. Nomination and Remuneration Committee1
and Remuneration Policy and can be accessed on 2.3. Stakeholders Relationship Committee1
website of the Company at https://www.sterlitepower.com/ 2.4. Corporate Social Responsibility Committee1
wp-content/uploads/2021/11/nrc_policy_board_diversity_
2.5. Risk Management Committee2
others.pdf.
2.6. Banking and Authorisation Committee
The Company Secretary also brief about the legal and
2.7. Allotment Committee
regulatory responsibilities of a Director. On matters of
a specialised nature, the Company engages outside 2.8. IPO Committee
experts/consultants for presentation and discussion with Notes:
the Board Members, if it considers necessary. 1The composition of the Nomination and Remuneration Committee,

Stakeholders Relationship Committee and Corporate Social
f. Evaluation of the Board, Committees, Chairman and Responsibility Committee was last changed on April 21, 2022.
Individual Directors 2The charter of the Risk Management Committee was last amended

The Nomination and Remuneration Committee and on November 11, 2022
the Board have laid down the manner in which formal *The Investment Committee was dissolved w.e.f. May 27, 2022.

annual evaluation of the performance of the Board, the
Committees, the Chairman and Individual Directors is to 2.1. Audit Committee
be done. The Audit Committee of the Board is governed by a
Charter drawn in accordance with the requirements of
The evaluation process includes circulation of
the Companies Act, 2013, as amended from time to time,
questionnaires to the Directors for evaluation of the Board
besides other terms as may be referred by the Board of
and its Committees, their composition and its structure, its
Directors. The primary objective of the Audit Committee
effectiveness, its functioning, information availability, etc.
of the Board of Directors is to discharge responsibilities
These questionnaires also cover specific criteria and the
relating to accounting and reporting of financial practices
grounds on which the directors in their individual capacity
adopted by the Company and its subsidiaries, surveillance
are evaluated.
of internal financial control systems as well as accounting
Accordingly, pursuant to the provisions of the Act, the and audit activities.
Board had carried out an annual performance evaluation
of its own performance, the Chairman, the Directors a. Composition of the Audit Committee
individually as well as the evaluation of the working of its The Audit Committee comprises of 2 (two) Independent
Committees for FY'2023. The said structured evaluation Directors and 1 (one) Non-Executive Director.
was conducted after taking into consideration, the inputs Mr. A.R. Narayanaswamy, Chairman of the Committee
received from the Directors, covering various aspects (Independent Director) is a Chartered Accountant and has
like role, time and level of participation, performance accounting and financial expertise. The other Committee
of duties, level of oversight, professional conduct and Members are also financially literate, with ability to read
independence and report to this effect is kept in the and understand financial statements. The Company
custody of Company Secretary of the Company. Secretary acts as the Secretary to the Audit Committee.
The quorum of the Committee is two members or
g. Directors and Officers Liability Insurance (D&O POLICY) one-third of its members, whichever is higher, and at least
The Company has in place a D&O Policy. It covers one Independent Director shall be present to form a valid
directors (including independent directors) of the quorum.
Company. The Board is of the opinion that the quantum
The Chairman of the Audit Committee attended the
and risks presently covered are adequate.
7th Annual General Meeting of the Company held on
September 26, 2022.
2. Committees of the Board*
The Board Committees play a vital role in ensuring sound As on March 31, 2023, and as on the date of this report,
Corporate Governance practices. The Committees are the composition of the Audit Committee is as under:
constituted to handle specific activities and ensure
speedy resolution of diverse matters. The Board Sr.
Name of the Director(s) Designation
Committees are set up under the formal approval of the No.
Board and the roles are clearly defined to be performed 1 Mr. A.R. Narayanaswamy Chairman
by Members of the Board, as a part of good governance 2 Mr. Pravin Agarwal Member
practice. The Board supervises the execution of its 3 Mr. Anoop Seth Member
responsibilities by the Committees and is responsible
for their action. The minutes of the meetings of all the

b. Meetings of the Audit Committee

The Audit Committee met 9 (nine) times during FY’2023 i.e., on April 21, 2022, May 26, 2022, July 22, 2022, August 08,
2022, October 27, 2022, November 11, 2022, December 21, 2022, February 13, 2023, and March 24, 2023, and the gap
between two meetings did not exceed the statutory timelines.
The details of attendance of the Members during the Audit Committee meetings are as under:
Sr. No. of meetings held during FY’2023

Name of the Directors Designation
1 Mr. A.R. Narayanaswamy Chairman 9 9 9
2 Mr. Pravin Agarwal Member 9 9 5
3 Mr. Anoop Seth Member 9 9 9
c. The Terms of Reference of the Audit Committee are as agency monitoring the utilisation of proceeds of
under: a public or rights issue, and making appropriate
A. Review Role- Audit Committee recommendations to the board to take up steps in
1. Oversight of the Company’s financial reporting this matter.
process and the disclosure of its financial 6. Review and monitor effectiveness of the audit
information to ensure that the financial statement is process.
correct, sufficient and credible.
7. Review and monitor the auditor’s independence,
2. Review with the management, the annual financial performance and qualifications, including an
statements and auditor’s report thereon before evaluation of the lead audit partner; and to assure
submission to the board for approval, with particular the regular rotation of the lead audit partner and
reference to: consider regular rotation of the accounting firm
a. matters required to be included in the director’s serving as the independent auditors.
responsibility statement to be included in 8. Review with the Management, performance of
the board’s report in terms of clause (c) of Statutory and Internal auditors and adequacy of the
sub-section (3) of Section 134 of the Companies internal control systems.
Act, 2013;
9. Evaluate Internal Financial Controls and Risk
b. changes, if any, in accounting policies and Management systems and call for comments by the
practices and reasons for the same; auditors about internal control systems/scope of
c. major accounting entries involving estimates audit, including the observations of the auditors and
based on the exercise of judgment by review of financial statement before their submission
management; to the Board and discuss any related issues with the
Internal and Statutory Auditors and the Management
d. significant adjustments made in the financial of the Company.
statements arising out of audit findings;
10. Review of the adequacy of internal audit function,
e. compliance with listing and other legal if any, including the structure of the internal audit
requirements relating to financial statements; department, staffing and seniority of the official
f. disclosure of any related party transactions; heading the department, reporting structure
coverage and frequency of internal audit.
g. qualifications and modified opinion(s) in the
draft audit report; 11. Discussion with internal auditors of any significant
findings and follow up thereon and review the
3. Examination and review with the management of the findings of any investigations by the internal auditors
quarterly financial statement and auditor’s report into matters where there is suspected fraud or
thereon; and audit findings, including any significant irregularity or a failure of internal control systems
suggestions for improvements provided to the of a material nature and reporting the matter to
Management by the independent auditors, or the the Board.
internal auditor before submission to the board for
approval. 12. Review material issues raised in any inquiry or
investigation by governmental or professional
4. Review the financial statements, in particular, the authorities, regarding any independent audit
investments made by the unlisted subsidiary. performed by the independent auditor, during their
5. Review, with the management, the statement of tenure with the Company, and any steps taken to
uses / application of funds raised through an issue deal with any such issues.
(public issue, rights issue, preferential issue, etc.), 13. Review proposals for fund raising, mergers and
the statement of funds utilised for purposes other acquisitions, making investments or sale of
than those stated in the offer document / prospectus investment/ assets.
/ notice and the report submitted by the monitoring

Empowering Humanity
14. Consider and comment on rationale, cost-benefits i. quarterly statement of deviation(s)

and impact of schemes involving merger, demerger, including report of monitoring agency, if
amalgamation etc., on the listed entity and its applicable, submitted to stock exchange(s)
shareholders. in terms of Regulation 32(1).
15. Review with the Management, and independent ii. annual statement of funds utilised for
auditors, any prospectus or such other document purposes other than those stated in the
including financial statements contained therein, offer document/prospectus/notice in terms
proposed to be issued by the Company for the of Regulation 32(7).
purpose of raising capital.
f. Review, at least on a quarterly basis, the details
16. Monitoring of end use of funds raised through public of related party transactions entered into by
offers and related matters. the Company pursuant to each of the omnibus
approvals given.
17. Monitoring and review of the utilisation of
loans and/ or advances from/investment in the
subsidiary companies exceeding I 100 crores or B. Approval Role- Audit Committee
10% of the asset size of the subsidiary/associate 26. Approval of other non-audit services rendered by
companies, whichever is lower; including existing the Statutory Auditors including finalisation of fees
loans / advances / investments existing as on the for such other services;
date of coming into force of this provision. 27. Approval or any subsequent modification of
18. Review the reasons for substantial defaults in transactions of the Company with the related parties
payment to the depositors, debenture holders, or recommendation of the same to the Board.
shareholders (in case of non-payment of declared 28. Approval of appointment of the Chief Financial
dividends) and creditors, if any. Officer and Chief Internal Auditor after assessing
19. Periodically review the treasury policy of the Company. the qualifications, experience and background,
etc. of the candidate. The removal and terms of
20. Review the functioning of the Vigil / Whistle Blower remuneration of the chief internal auditor shall also
Mechanism. be subject to review by the Audit Committee.
21. Review of compliance with the Code of Business 29. Recommendation for appointment, remuneration and
Conduct & Ethics, Prevention of Sexual Harassment terms of appointment of the auditors of the Company
at Workplace Policy, Conflict of Interest Policy, Anti- including secretarial auditors and cost auditors.
Trust Policy and Anti-Corruption and Bribery Policy.
22. Note report of compliance officer as per SEBI C. Other Roles and Functions- Audit Committee
(Prohibition of Insider Trading) Regulations, 2015. 30. Formulate the scope, functioning, periodicity and
methodology for conducting the internal audit in
23. Review of secretarial audit report, cost audit report consultation with internal auditor.
and other audit report as required under the
applicable laws. 31. Discussion with statutory auditors, internal auditors,
secretarial auditors and cost auditors before the
24. Review, in conjunction with legal counsel, any legal audit commences, about the nature and scope of
matters that could have a significant impact on the audit as well as post-audit discussion to ascertain
Company’s financial statements/position. any area of concern.
25. Review the following: 32. Scrutiny of inter corporate loans and investments
a. Management discussion and analysis of and periodically review its status.
financial condition and results of operation. 33. Valuation of undertakings or assets of the Company,
b. Statement of significant related party wherever it is necessary
transactions (as defined by the audit 34. Appointment of Registered Valuer in terms of
committee), submitted by management. Section 247 of the Companies Act, 2013, if required.
Provided that only those members of the Audit 35. Formulate the criteria for granting omnibus approval
Committee, who are independent directors, in line with the policy on related party transactions of
shall approve related party transactions. the Company.
c. Management letters / letters of internal control 36. Make an omnibus approval for related party
weaknesses issued by the statutory auditors transactions proposed to be entered into by
including Internal audit reports relating to the Company subject to such conditions and
internal control weaknesses. requirements as prescribed by Applicable Law.
d. Statement of deviations, if any in the use of 37. Undertake any other activity in this regard as may
proceeds as against the objects for which the be required by the Companies Act, 2013, the Rules,
funds were raised. or the SEBI Listing Regulations or other applicable
e. Review the statement of deviations: law from time to time.

38. To do all acts, deeds and things which may be a. Composition of the Nomination and Remuneration
necessary for effective implementation of the Committee
foregoing acts. The NRC Committee comprises of 2 (two) Independent
39. Investigate into any matter in relation to activities Directors and 1 (one) Non-Executive Director.
mentioned above and for this purpose have Mr. A.R. Narayanaswamy is the Chairman of the NRC
the authority to obtain professional advice from Committee. The Company Secretary acts as the
external sources and have full access to records of Secretary to the NRC Committee. The quorum of the NRC
the Company. Committee is two members or one-third of its members,
whichever is higher and at least one Independent Director
The Audit Committee shall have powers to investigate shall be present to form a valid quorum.
any activity within its terms of reference or referred to
it by the Board, seek information from any employee, Further, Mr. Pravin Agarwal was inducted as Member
obtain outside legal or other professional advice and of the NRC Committee on April 21, 2022, in place of
secure attendance of outsiders with relevant expertise, Ms. Haixia Zhao who resigned from the directorship of the
if it considers necessary. Company on March 31, 2022.
As on March 31, 2023, and as on the date of this report,
2.2. Nomination and Remuneration Committee the composition of NRC Committee is as under:
(‘NRC Committee’)
The Nomination and Remuneration Committee of the S. No. Name of the Directors Designation
Board is governed by a Charter drawn in accordance 1 Mr. A.R. Narayanaswamy Chairman
with the requirements of the Companies Act, 2013, as 2 Mr. Pravin Agarwal1 Member
amended from time to time, besides other terms as 3 Mr. Anoop Seth Member
may be referred by the Board of Directors. The NRC
Committee has adopted a Nomination and Remuneration 1Mr. Pravin Agarwal was inducted as a member of the NRC

Policy which can be accessed on the website of the Committee effective from April 21, 2022.
Company at https://www.sterlitepower.com/wp-content/
uploads/2021/11/nrc_policy_board_diversity_others.pdf.
b. Meetings of the NRC Committee

The NRC Committee met 3 (three) times during FY’2023 i.e. on June 29, 2022, July 19, 2022 and November 11, 2022.
The details of attendance of the Members during the NRC Committee meetings are as under:

3 Mr. Anoop Seth Member 3 3 3
c. The Terms of Reference of the NRC Committee are as 6. Review and recommend to the Board appointment
under: of Directors and Senior Management, including
A. Nominating Functions- Nomination and Remuneration evaluation of incumbent directors for potential
Committee re-nomination. Further, to recommend to the Board
1. Review and recommend the structure, size and their removal, as may be necessary.
composition of the Board and its Committees. 7. To determine whether to extend or continue the
2. Formulate and recommend to the Board the criteria term of appointment of the independent director, on
for determining qualifications, positive attributes and the basis of the report of performance evaluation of
independence of a Director. independent directors.
3. Evaluate the balance of skills, knowledge, 8. Review succession planning for Senior Management.
experience and diversity on the Board for
description of the role and capabilities, required for B. Remuneration Functions- Nomination and Remuneration
an appointment. Committee
1. Recommend to the Board a policy relating to
4. To devise a policy on diversity of board of directors.
remuneration of the Directors, Key Managerial
5. To identify persons who are qualified to become Personnel, Senior Management and other
directors and who may be appointed in senior employees of the Company (refer “Remuneration
management in accordance with the criteria Policy”) and periodically review the same.
laid down

Empowering Humanity
2. The NRC, while formulating the above policy, should 3. To specify the manner for effective evaluation
ensure that: of performance of Board, its committees and individual
directors to be carried out either by the Board, by the
a) the level and composition of remuneration be
NRC or by an independent external agency and review its
reasonable and sufficient to attract, retain and
implementation and compliance
motivate directors of the quality required to run
the Company successfully; 4. To bi-annually review the performance of the executive
director/s.
b) relationship of remuneration to performance
is clear and meets appropriate performance 5. To annually review its own performance and present the
benchmarks; and results to the Board.
c) remuneration to directors, key managerial
personnel and senior management involves 2.3. Stakeholders Relationship Committee (‘SRC Committee’)
a balance between fixed and incentive pay The Stakeholders Relationship Committee of the Board
reflecting short and long term performance is governed by a Charter drawn in accordance with the
objectives appropriate to the working of the requirements of the Companies Act, 2013, as amended
Company and its goals; from time to time, besides other terms as may be referred
by the Board of Directors.
3. Determine and recommend to the Board the
remuneration payable to the Directors of the a. Composition of the Stakeholders Relationship
Company and the Senior Management and Key Committee
Managerial Personnel of the Company. The SRC Committee comprises of 1 (one) Independent
4. Review the annual compensation strategy and Director, 1 (one) non-executive Director and 1
budget covering all employees of the Company (one) executive Director during FY’2023. Mr. A.R.
including Senior Management. Narayanaswamy is the Chairman of the SRC Committee.
The Company Secretary acts as the Secretary to the SRC
5. Review deployment of key Human Resources Committee. The quorum of the SRC Committee is two
strategies and tools specifically in the area of members or one-third of its members, whichever is higher
talent management, employee engagement & and at least one Independent Director shall be present to
development and succession planning. form a valid quorum.
Further, Mr. Manish Agrawal was inducted as Member
C. Governance and Evaluation Function- Nomination and
of the SRC Committee on April 21, 2022, in place of
Remuneration Committee
Ms. Haixia Zhao who resigned from the directorship of the
1. To formulate a criteria for evaluation of performance
Company on March 31, 2022.
of independent directors and the board of directors.
2. To establish and oversee, the process of annual
evaluation, including self-evaluation, of the Board, its
Committees and Directors.
As on March 31, 2023, and as on the date of this report, the composition of SRC Committee is as under:
S. No. Name of the Directors Designation

1 Mr. A.R. Narayanaswamy1 Chairman
2 Mr. Pravin Agarwal Member
3 Mr. Manish Agrawal2 Member
1Mr. A.R. Narayanaswamy was designated as the Chairman of the Committee effective from April 21, 2022.

2Mr. Manish Agrawal was inducted as Member of the Committee effective from April 21, 2022.


b. Meetings of the SRC Committee

The SRC Committee met 2 (two) times during FY’2023 i.e., on July 18, 2022, and February 14, 2023.
The details of attendance of the Members during the SRC Committee meetings are as under:

3 Mr. Manish Agrawal Member 2 2 2
c. The Terms of Reference of the SRC Committee are as 2.4. Corporate Social Responsibility Committee
under: (‘CSR Committee’)
1. To approve/refuse/reject registration of transfer/ The Corporate Social Responsibility Committee of the Board
transmission of Shares in a timely manner; is governed by a Charter drawn in accordance with the
requirements of the Companies Act, 2013, as amended from
2. To approve/revise the format of share certificates
time to time, besides other terms as may be referred by the
and authorise printing thereof;
Board of Directors. The primary role of the Committee is to
3. To authorise to maintain, preserve and keep in its assist the Company in discharging its social responsibilities.
safe custody all books and documents relating to The Committee monitors the implementation of the Corporate
the issue of share certificates, including the blank Social Responsibility Policy. The CSR Policy of the Company
forms of share certificates; can be accessed at the website of the Company at https://
www.sterlitepower.com/wp-content/uploads/2021/11/csr_
4. To monitor redressal of and resolve the security
policy.pdf
holder’s complaints/grievances including relating
to non-receipt of allotment / refund, transfer/
a. Composition of the Corporate Social Responsibility
transmission of shares, non-receipt of annual report,
Committee
non-receipt of declared dividends, issue of new/
The CSR Committee comprises of 1 (one) Independent
duplicate certificates, general meetings etc.
Director, 1 (one) non-executive Director and 1 (one)
5. Review of measures taken for effective exercise of executive Director. Mr. Pravin Agarwal is the Chairman of
voting rights by shareholders. the CSR Committee. The Company Secretary acts as the
Secretary to the CSR Committee. The quorum of the CSR
6. Review of adherence of the service standards
Committee is two members or one-third of its members,
adopted by the Company in respect of various
whichever is higher and at least one Independent Director
services being rendered by the Registrar & Share
shall be present to form a valid quorum.
Transfer Agent.
Further, Mr. Manish Agrawal was inducted as Member
7. Review of the various measures and initiatives
of the CSR Committee on April 21, 2022, in place of
taken by the Company for reducing the quantum of
Ms. Haixia Zhao who resigned from the directorship of the
unclaimed dividends and ensuring timely receipt of
Company on March 31, 2022. Mr. Pratik Pravin Agarwal
dividend warrants/annual reports/statutory notices
ceased to be a Member of the CSR Committee on
by the shareholders of the Company.
April 21, 2022.
8. Undertake any other activity in this regard or
As on March 31, 2023 and as on the date of this report,
carrying out any functions as may be specified by
the composition of the CSR Committee is as under:
the Board or as may be required by the Companies
Act, 2013, the rules thereunder, or the SEBI
S. No. Name of the Directors3 Designation
Regulations each as amended or by any other
regulatory authority, from time to time; 1 Mr. Pravin Agarwal1 Chairman
2 Mr. A R Narayanaswamy Member
9. To do all acts, deeds and things as may be 3 Mr. Manish Agrawal2 Member
necessary for effective implementation of the
foregoing acts. 1Mr. Pravin Agarwal was designated as Chairman of the Committee

effective from April 21, 2022
d. Investor Grievances 2Mr. Manish Agrawal was inducted as Member of the Committee

During FY’2023, the Company received 247 complaints effective from April 21, 2022.
for various matters like non-receipt of share certificates, 3Mr. Pratik Pravin Agarwal ceased to be a Member of the

non-receipt of dividend and non-receipt of annual report. CSR Committee effective from April 21, 2022
All the complaints were resolved to the satisfaction of the
shareholders. Mr. Ashok Ganesan, Company Secretary,
acts as the Compliance Officer of the Company. There
were no pending complaints as on March 31, 2023.

Empowering Humanity
b. Meetings of the CSR Committee

The CSR Committee met 2 (two) times during FY’2023 i.e., on July 18, 2022, and February 14, 2023.
The details of attendance of the Members during the CSR Committee meetings are as under:

1 Mr. Pravin Agarwal Chairman 2 2 2
2 Mr. A.R. Narayanaswamy Member 2 2 2
3 Mr. Manish Agrawal Member 2 2 1
c. The Terms of Reference of the CSR Committee are as the same to the Board, based on the reasonable
under: justification to that effect.
1. Formulate and recommend to the Board, a 7. The CSR Committee may at the expense of the
Corporate Social Responsibility Policy which Company secure external professional advice and
shall indicate the activities to be undertaken attendance of third parties with relevant experience
by the Company as specified in Schedule VII to and expertise, if it considers this necessary.
the Companies Act, 2013, the CSR Rules and
amendments therein, from time to time. 8. The Committee shall have access to any internal
information necessary to fulfil its role.
2. Formulate and recommend to the Board, a roadmap
of the CSR activities to be undertaken by the 9. Undertake any other activity in this regard or
Company and annual budget to carry out the CSR carrying out any functions as may be specified by
activities including amendments therein, from time the Board or as may be required by the Companies
to time. Act, 2013, the CSR Rules, or other applicable law
each as amended or by any other regulatory
3. Approve and recommend to the Board the authority, from time to time.
expenditure to be incurred on the CSR activities,
from time to time as per the annual budget / CSR 10. To do all acts, deeds and things which may be
program approved by the Board of directors and in necessary for effective implementation of the
accordance with the Companies Act, 2013 and the foregoing acts.
CSR Rules.
2.5. Risk Management Committee ('RMC Committee')
4. Establish a transparent monitoring mechanism
The Risk Management Committee of the Board is
for implementation of CSR projects and programs
governed by a Charter drawn in accordance with
undertaken by the Company and submit a half-
the requirements of the Companies Act, 2013, as
yearly report to the Board of directors.
amended from time to time, besides other terms as
5. Review and monitor the Corporate Social may be referred by the Board of Directors. The primary
Responsibility Policy and CSR activities of objective of the Risk Management Committee of the
the Company. Board of Directors is to support the Board in fulfilling its
Corporate Governance oversight responsibilities with
6. Formulate and recommend to the Board, an annual
regard to identification, evaluation and mitigation of risks
action plan in pursuance of its CSR policy, which
impacting the business.
shall include the following, namely: -
(a) the list of CSR projects or programs that are a. Composition of the Risk Management Committee
approved to be undertaken in areas or subjects The Risk Management Committee comprises of 1 (one)
specified in Schedule VII of the Companies Independent Director and (1) one Executive Director. The
Act, 2013; Company Secretary acts as the Secretary to the Risk
Management Committee. The quorum of the Committee
(b) the manner of execution of such projects or
is two members or one-third of its members, whichever
programs as specified in sub-rule (1) of rule 4 of
is higher, and at least one member of the Board shall be
the CSR Rules;
present to form a valid quorum.
(c) the modalities of utilisation of funds and
implementation schedules for the projects or
the composition of the Risk Management Committee is
programs;
as under:
(d) monitoring and reporting mechanism for the
projects or programs; and S. No. Name of the Directors Designation
(e) details of need and impact assessment, if any, 1 Mr. A.R. Narayanaswamy Member
for the projects undertaken by the Company: 2 Mr. Pratik Pravin Agarwal Member
Provided that Committee may alter such plan at

any time during the financial year, and recommend

b. Meetings of the Risk Management Committee

The Risk Management Committee met 3 (three) times during FY’2023 i.e. on May 06, 2022, October 27, 2022 and
March 24, 2023.
The details of attendance of the Members during the Risk Management Committee meetings are as under:

1 Mr. A.R. Narayanaswamy Member 3 3 3
2 Mr. Pratik Pravin Agarwal Member 3 3 3
c. The terms of reference of the Risk Management 11. Ensure the CRO shall be given the right of unfettered
Committee are as under: direct access to the Chairman of the Board and/or to the
1. Advise the Board on the Company’s overall risk Committee.
appetite, tolerance and strategy, taking account of 12. The Committee may at the expense of the
the current and prospective macroeconomic and Company secure external legal or other
financial environment and drawing on financial professional advice and attendance of third
stability assessments such as those published by parties with relevant experience and expertise,
relevant industry and regulatory authorities. if it considers this necessary. The Committee
2. To formulate a detailed risk management policy may also seek information from any employee of
which shall include: the Company.
(a) A framework for identification of internal 13. Undertake any other activity in this regard or
and external risks specifically faced by the carrying out any functions as may be specified by
listed entity, in particular including financial, the Board or as may be required by the Companies
operational, sectoral, sustainability (particularly, Act, 2013, the rules thereunder, or the SEBI Listing
ESG related risks), information, cyber security Regulations each as amended or by any other
risks or any other risk as may be determined by regulatory authority, from time to time.
the Committee. The Risk Management Committee shall coordinate its
(b) Measures for risk mitigation including activities with other committees, in instances where there
systems and processes for internal control of is any overlap with activities of such committees, as per
identified risks. the framework laid down by the board of directors.
(c) Business continuity plan.

2.6. Banking and Authorisation Committee ('BAC Committee')
3. Oversee and advise the Board on the current risk The Banking and Authorisation Committee of the Board
exposures of the Company and future risk strategy is governed by a Charter, besides other terms as may be
and review the risk management plan. referred to by the Board of Directors. The primary role of
the Banking and Authorisation Committee of the Board of
4. To ensure that appropriate methodology, processes
directors is to ease the day-to-day affairs of the Company
and systems are in place to monitor and evaluate
within the approvals accorded and delegated by the
risks associated with the business of the Company.
Board of Directors.
5. To monitor and oversee implementation of the
risk management policy, including evaluating the a. Composition of the Banking and Authorisation Committee
adequacy of risk management systems. The Banking and Authorisation Committee comprises
of 1 (one) Non-Executive Director and 1 (one) Executive
6. To periodically review the risk management
Director. Mr. Pravin Agarwal is the Chairman of the
policy, at least once in two years, including by
Committee. The Company Secretary acts as the
considering the changing industry dynamics and
Secretary to the Banking and Authorisation Committee.
evolving complexity.
The quorum of the Committee is two members present
7. To keep the board of directors informed about at the meeting.
the nature and content of its discussions,
recommendations and actions to be taken.
the composition of the Banking and Authorisation
8. The appointment, removal and terms of Committee is as under:
remuneration of the Chief Risk Officer (if any) shall
be subject to review by the Risk Management S. No. Name of the Directors Designation
Committee. 1 Mr. Pravin Agarwal Chairman
9. Review of cyber security and related risks. 2 Mr. Pratik Pravin Agarwal Member
10. Set a standard for the accurate and timely

monitoring of large exposures and certain risk types
of critical importance.

Empowering Humanity
b. Meetings of the Banking and Authorisation Committee

The Banking and Authorisation Committee met 13 (thirteen) times during FY’2023 i.e., on April 06, 2022, April 27, 2022,
May 14, 2022, June 01, 2022, June 21, 2022, August 13, 2022, September 19, 2022, October 15, 2022, December 10, 2022,
January 09, 2023, January 30, 2023, March 03, 2023, and March 29, 2023.
The details of attendance of the Members during the Banking and Authorisation Committee meetings are as under:

1 Mr. Pravin Agarwal Chairman 13 13 13
2 Mr. Pratik Pravin Agarwal Member 13 13 13
c. The Terms of Reference of the Banking and time to ensure the presence of quorum at their
Authorisation Committee are as under: General Meetings and to ensure minimum number of
i. Opening and/or Closure of Bank Accounts / Opening members under the Companies Act 2013.
and/or Closure of Demat Accounts / Hedging viii. Authorise employees of the Company in matters
Accounts / Forex Accounts / Derivative/Forex relating to opening and/or closing of representative/
Transactions / Internet Banking Authorisations / branch offices in India or other countries.
Cash Management Services with various banks in
India and/or outside India and change in operations ix. Authorise / grant Power of Attorney to one or
of Bank Accounts, issuing letter of continuity and all more persons at various units for administrative
such matters related to operations of the Current purposes viz. applying for telephone/ internet/ power
and Cash Credit Accounts. connection and/or dealing with local municipal
authorities, shop act authorities and related matters.
ii. Appointing hedging brokers/sub-brokers for London
Metal Exchange or any other Metal Exchanges. x. Authorise / give Power of Attorney to one or more
persons to make application to Central Government,
iii. Authorise / Grant Power of Attorneys to employees Ministry of Corporate Affairs, Foreign Investment
of the Company for bidding in tenders, marketing, Promotion Board, Enforcement Directorate, Reserve
representing the Company in routine business Bank of India, Registrar of Companies for various
matters. permissions required under various Statutory
iv. Authorise / grant Power of Attorney to employees enactments.
of the Company or consultants to the Company in xi. Authorise one or more persons to execute and/
routine business matters. or register any documents, deeds, papers for
v. Authorise / grant Power of Attorney to one or purchase/ sale/ take or give on lease and / or Leave
more persons to represent before authorities & License basis, land, factory, office premises and/or
under Income Tax, Sales Tax, Excise, VAT, decide residential premises for the purpose of business.
authentication of Excise Invoices, Customs (including xii. Invest sums of money in Units of Mutual Funds,
issuing Bonds), Ministry of Corporate Affairs, the Government Securities, Bonds, Debentures, and any
Reserve Bank of India, the Registrar of Companies, other Securities or instruments upto I 500 crores, at
Foreign Investment Promotion Board, Enforcement any given point of time.
Directorate, Electricity Boards, Pollution Control
Boards, Town and Country Planning Authorities and/ xiii. Avail Working Capital facilities from various banks/
or other statutory authorities under Central and/or financial institutions (Fund based and non-fund
State Governments. based) for the prescribed limit as approved by Board
from time to time.
vi. Authorise / grant Power of Attorney to one or
more persons to initiate and/or defend all legal xiv. Avail Term Loan facilities including through Non-
proceedings including appointment of counsel, Convertible Debentures from various banks/financial
attorneys, mediators, arbitrators on behalf of the institutions for the prescribed limit as approved by
Company and also to execute affidavits, appeals, Board from time to time.
applications, petitions and other documents and all xv. Creation of security or charge including but not
such necessary/incidental steps necessary in this limited to hypothecation, mortgage, pledge, bailment
regard. etc. on the moveable and/or immovable properties.
vii. Authorise one or more employees of the Company xvi. Authorise one or more persons to issue, sign,
under Section 113 of the Companies Act, 2013 to execute, and deliver indemnity, corporate
attend and vote at the meetings of the companies guarantees, undertakings, affidavit or any other
where the Company is a shareholder/debenture- document on behalf of the Company.
holder, meetings of creditors and meetings
convened by the orders of the Court and to xvii. Approve amendments to existing Superannuation
nominate/change nominee shareholders in any Scheme including authority to change trustees,
Subsidiary or Associate Companies from time to wherever necessary.

xviii. Authorise any person to affix seal of the Company to a. Composition of the IPO Committee
any instrument by the authority of a resolution. The IPO Committee comprises of 1 (one) Independent
xix. To revoke the powers delegated to the employee(s) Director, 1 (one) Non-Executive and 1 (one)
by the Board and / or Committee(s) thereof from time Executive director.
to time. As on March 31, 2023, and as on the date of this report,
the composition of the IPO Committee is as under:
2.7. Allotment Committee
The Allotment Committee of the Board is governed by S. No. Name of the Directors Designation
a Charter, besides other terms as may be referred to by 1 Mr. Pravin Agarwal Chairman
the Board of Directors. The primary role of the Allotment 2 Mr. A. R. Narayanaswamy Member
Committee of the Board of directors is to make allotment 3 Mr. Pratik Pravin Agarwal Member
of various securities issued by the Company, from time
to time, pursuant to the approval of the Board to ease its
b. Meetings of the IPO Committee
administrative function.
During FY’2023, no meeting of the IPO Committee
was held.
a. Composition of the Allotment Committee
The Allotment Committee comprises of 1 (one)
c. The Terms of Reference of the IPO Committee are as
Non-Executive Director and 1 (one) Executive Director.
under:
Mr. Pravin Agarwal is the Chairman of the Committee.
i. To approve applications to be made to the
The Company Secretary acts as the Secretary to the
Government of India, Securities and Exchange Board
Allotment Committee. The quorum of the Committee is
of India (“SEBI”), Reserve Bank of India (“RBI”), or
two members present at the meeting.
to any other statutory or governmental authorities
As on March 31, 2023, and as on the date of this report, in connection with the Issue as may be required
the composition of the Allotment Committee is as under: and accept on behalf of the Board such conditions
and modifications as may be prescribed or imposed
S. No. Name of the Directors Designation by any of them while granting such approvals,
1 Mr. Pravin Agarwal Chairman permissions and sanctions as may be required;
2 Mr. Pratik Pravin Agarwal Member ii. To finalise and approve the draft red herring
prospectus with the SEBI, the red herring prospectus
b. Meetings of the Allotment Committee and prospectus with the SEBI, Registrar of
During FY’2023, no meeting of the Allotment Committee Companies, Pune (the “RoC”), stock exchange(s),
was held. and other regulatory authorities and the preliminary
and final international wrap (including amending,
c. The Terms of Reference of the Allotment Committee are varying, supplementing or modifying the same,
as under: or providing any notices, addenda, or corrigenda
i. Allot Shares / Securities of the Company. thereto, together with any summaries thereof as
may be considered desirable or expedient), the
ii. Splitting of shares, issuance of Duplicate Share
bid cum application forms, abridged prospectus,
Certificate in lieu of those torn, destroyed, lost
confirmation of allocation notes and any other
or defaced or where the cages in the reverse for
document in relation to the Issue as finalised
recording transfers have been fully utilised.
by the Company, and take all such actions in
iii. Authorise Directors / officers of the Company to consultation with the book running lead managers
issue Share / Securities Certificate to respective (the “BRLMs”) as may be necessary for the
allottee(s) for above mentioned purposes. submission and filing of the documents mentioned
above, including incorporating such alterations/
iv. Undertake any other activity in this regard as may
corrections/modifications as may be required by the
be required by the Companies Act, 2013 or the
SEBI, the RoC or any other relevant governmental
Rules, from time to time.
and statutory authorities or otherwise under
v. To do all acts, deeds, matters and things as may applicable laws;
be necessary for effective implementation of the
iii. To approve in consultation with the BRLMs on the
foregoing acts.
timing, pricing and all the terms and conditions of
the Issue, including the price band, Issue price, Issue
2.8. IPO Committee
size and to accept any amendments, modifications,
The IPO Committee of the Board is governed by a
variations or alterations thereto;
Charter, besides other terms as may be referred to by the
Board of Directors. The primary role of the IPO Committee iv. To authorise officials to appoint and enter into
of the Board of directors is to oversee, approve and arrangements with the BRLMs, underwriters to the
undertake various activities in relation to an Initial Public Issue, syndicate members to the Issue, brokers to
Offer, as and when approved by the Board. the Issue, escrow collection banks to the Issue,
refund banks to the Issue, public offer account banks

Empowering Humanity
to the Issue, sponsor bank, registrar to the Issue, allocation to eligible investors, categories of persons
independent chartered accountants, ad agency, to whom offer is to be made, approve the basis of
printers, industry data providers, experts, legal allotment and confirm allocation/allotment of the
advisors, advertising agency, monitoring agency and Equity Shares to various categories of persons as
any other agencies or persons or intermediaries to disclosed in the DRHP, the RHP and the Prospectus,
the Issue, including any successors or replacements in consultation with the BRLMs and do all such acts
thereof, and to negotiate and finalise and amend the and things as may be necessary and expedient for,
terms of their appointment; and incidental and ancillary to the Issue including
any alteration, addition or making any variation in
v. To authorise the maintenance of a register of
relation to the Issue;
holders of the Equity Shares;
xi. To make allotment of equity shares, issue allotment
vi. To authorise officials to negotiate, finalise and
letters/confirmation of allotment notes with power
settle and to execute where applicable and deliver
to authorise one or more officers of the Company
or arrange the delivery of the BRLMs’ mandate or
to sign all or any of the aforestated documents
fee/ engagement letter, Issue agreement, syndicate
including various corporate actions documents to
agreement, underwriting agreement, escrow and
be submitted with the depositories and registrar
sponsor bank agreement, agreements with the
and share transfer agent, payment of stamp duty,
registrar, the advertising agency and the monitoring
if applicable;
agency and all other documents, deeds, agreements
and instruments and any notices, supplements, xii. To authorise and approve notices, advertisements in
addenda and corrigenda thereto, as may be relation to the Issue in consultation with the relevant
required or desirable in relation to the Issue. intermediaries appointed for the Issue;
vii. To approve opening of account with the bankers to xiii. To do all such acts, deeds, matters and things and
the Issue such accounts as may be required by the authorise one or more officers of the Company to
regulations issued by SEBI and to authorise officials execute all such other documents, application(s),
of the Company to operate bank accounts opened agreement(s), undertaking(s), affidavits, declarations
in terms of the escrow and sponsor bank agreement and certificates, and/or to give such direction as it
with a scheduled bank to receive applications deems necessary or desirable for such purpose,
along with application monies, handling refunds including without limitation, finalise the basis of
and for the purposes set out in Section 40(3) of the allocation and to allot the shares to the successful
Companies Act, 2013, as amended, in respect of the allottees as permissible in law, in accordance with
Issue, and to authorise one or more officers of the the relevant rules;
Company to execute all documents/deeds as may
xiv. To do all such acts, deeds and things as may be
be necessary in this regard;
required to dematerialise the Equity Shares and
viii. To approve any corporate governance requirements to sign agreements and/or such other documents
that may be considered necessary by the Board or as may be required with the National Securities
the IPO Committee or as may be required under the Depository Limited, the Central Depository Services
Applicable Laws or the uniform listing agreement to (India) Limited, the Registrar and Transfer Agent and
be entered into by the Company with the relevant such other agencies, authorities or bodies as may
stock exchanges, and to approve policies to be be required in this connection;
formulated under the Companies Act, 2013, as
xv. To withdraw the draft red herring prospectus, red
amended and the regulations prescribed by SEBI
herring prospectus and the Issue at any stage, if
including the Securities and Exchange Board of
deemed necessary, in accordance with Applicable
India (Issue of Capital and Disclosure Requirements)
Laws and in consultation with the BRLMs;
Regulations, 2018, as amended, the Securities and
Exchange Board of India (Listing Obligations and xvi. To finalise and approve any and all notices, offer
Disclosure Requirements) Regulations, 2015, as documents (including draft red herring prospectus,
amended, the Securities and Exchange Board of red herring prospectus and prospectus) agreements,
India (Prohibition of Insider Trading) Regulations, letters, applications, other documents, papers or
2015, as amended, (given the proposed listing of instruments (including any amendments, changes,
the Company); variations, alterations or modifications thereto) (as
maybe applicable), as the case may be, in relation to
ix. To authorise and approve, the incurring of
the Issue, with the power to authorise one or more
expenditure and payment of fees, commission,
officers of the Company to negotiate, execute and
remuneration and expenses in connection with
deliver any or all of the these documents.
the Issue;
xvii. To approve applications for listing of the Equity
x. To finalise the bid opening and bid closing dates
Shares in one or more recognised stock exchange(s)
(including bid opening and bid closing dates for
in India and to execute and to deliver or arrange
anchor investors), the floor price/price band for
the delivery of necessary documentation to the
the Issue (including anchor investors offer price),
concerned stock exchange(s) including in-principle
total number of Equity Shares to be reserved for
approval and/ or final approval;

xviii. To authorise any director or directors of the b. In the capacity of the Whole Time Director,
Company or other officer or officers of the Mr. Manish Agrawal was paid a remuneration of
Company, including by the grant of power of I 3,52,88,485/- (Indian Rupees Three Crores Fifty
attorney, to do such acts, deeds and things as Two Lakhs Eighty Eight Thousand Four Hundred
such authorised person in his/her/their absolute Eighty Five Only) during FY’2023. This remuneration
discretion may deem necessary or desirable in does not include gratuity and leave encashment
connection with the issue, offer and allotment/ since the same is calculated for all employees of the
transfer of the Equity Shares; Company as a whole.
xix. To decide the total number of Equity Shares to be c. In the capacity of the Whole Time Director,
reserved for allocation to eligible categories of Ms. Kamaljeet Kaur was paid a remuneration of
investors, if any; I 1,35,71,685 /- (Indian Rupees One Crores Thirty
Five Lakhs Seventy One Thousand Six Hundred
xx. To determine the amount, the number of Equity
Eighty Five) which was recognised as Managerial
Shares, terms of the issue of the equity shares, the
Remuneration w.e.f. June 29, 2022 during FY’2023.
categories of investors for the Pre-IPO Placement,
This remuneration does not include gratuity and
if any including the execution of the relevant
leave encashment since the same is calculated for
documents with the investors, in consultation
all employees of the Company as a whole.
with the BRLM(s), and rounding off, if any, in the
event of oversubscription and in accordance with d. Mr. Pravin Agarwal, Chairman and Non-executive
Applicable Laws; Director, was not entitled to any remuneration during
FY’2023
xxi. To determine and approve the utilisation of
proceeds of the Issue and accept and appropriate e. The Independent Directors are paid sitting fee
proceeds of the Issue in accordance with the of I 1,00,000/- (Indian Rupees One Lakh only)
Applicable Laws; and for attending each meeting of the Board and
Committees of the Board. Remuneration by way
xxii. To authorise officials of the company to sign and
of commission to Non-Executive Directors is
execute various agreements, documents, deeds,
paid pursuant to the approval of the Members/
papers on behalf of the Company, to represent the
Shareholders and is decided by the Board of
Company before any statutory or non-statutory
Directors and distributed to them based on their
authorities/ departments/ organisations, and to do
participation and contribution to the Board and
all other acts, deeds and things as may be deemed
certain Committee meetings, as well as, time spent
necessary in relation to and in furtherance to the
on strategic matters other than at meetings.
execution of the afore-said resolution.
Accordingly, pursuant to the approval of Members/
xxiii. To authorise officers of the Company to settle all
Shareholders accorded in Annual General Meeting
questions, difficulties or doubts that may arise in
held on September 26, 2022 to pay remuneration to
regard to such issues or allotment and matters
Independent Directors even in case of inadequate profits,
incidental thereto as it may, deem fit and to delegate
the Board of directors, on August 11, 2023 approved the
such of its powers as may be deemed necessary to
payment of Commission to its Independent Directors for
the officials of the Company.
FY’2023. The proposal of payment of such commission
is being placed for the approval of the Members/
3. Details of Remuneration paid to the Directors Shareholders of the Company in the ensuing Annual
a. Mr. Pratik Pravin Agarwal is the Managing Director General Meeting.
of the Company and was re-appointed for a term
of 3 years w.e.f. June 01, 2021. As per the terms of For FY’2023, the details of remuneration of the
appointment, the agreement can be terminated by Independent Directors are as under:
giving 90 days’ notice or equivalent pay by either Mr. A.R.
S. No. Particulars Mr. Anoop Seth
of the sides. The said appointment, its terms and Narayanaswamy
remuneration were approved by the shareholders 1. Sitting fee paid (in I) 32,00,000 25,00,000
of the Company in the Annual General Meeting 2. Proposed 3,00,000 24,00,000
of the Company held on December 31, 2020. commission (in I)
Mr. Pratik Pravin Agarwal was paid a remuneration Total 35,00,000 49,00,000
of I 7,48,45,935 (Indian Rupees Seven Crores Forty
Eight Lakhs Forty Five Thousand Nine Hundred
4. Disclosure regarding prevention of Sexual Harassment
Thirty Five) during FY’2023. This remuneration does
at Workplace
not include gratuity and leave encashment since the
The disclosure with respect to the Sexual Harassment
same is calculated for all employees of the Company
of Women at Workplace (Prevention, Prohibition and
as a whole.
Redressal) Act, 2013 is available at Point no. 26 of the
Directors’ Report.

Empowering Humanity
5. General Body Meetings

a. Particulars of last three Annual General Meetings
Date Venue Time Resolutions that were passed with requisite majority
September 26, Held through 3:00 P.M. - To receive, consider and adopt the Audited Standalone Financial Statements of the
2022 Video Company for the financial year ended March 31, 2022 and the report of Board of
(7th AGM) Conference directors and Statutory Auditors thereon (Passed as an Ordinary resolution)
- To receive, consider and adopt the Audited Consolidated Financial Statements of the
Company for the financial year ended March 31, 2022, and the report of the Statutory
Auditors thereon. (Passed as an Ordinary resolution)
- Re-appointment of Mr. Pratik Agarwal (DIN: 03040062) as Director of the Company.
(Passed as an Ordinary resolution)
- Appointment of Mr. Manish Agrawal (DIN - 05298459) - Chief Executive Officer -
Infrastructure & Solutions Business of the Company, as a Whole Time Director, for a
period of 1 year effective from December 17, 2021, till December 16, 2022 and to fix
his overall maximum remuneration (Passed as a Special resolution)
- Appointment of Ms. Kamaljeet Kaur (DIN - 09625188) - Chief Human Resources
Officer of the Company, as a Whole Time Director, for a period of 1 year effective from
June 29, 2022, till June 28, 2023 and to fix her overall maximum remuneration (Passed
as a Special resolution)
- Approval for payment of commission to Ms. Haixia Zhao, Independent Director of the
Company (Passed as a Special resolution)
- Approval for payment of remuneration by way of commission to Independent Directors
of the Company for the Financial Year 2022-23 (Passed as a Special resolution)
- Approval of remuneration of the Cost Auditors’ for the financial year 2022-23 (Passed
as an Ordinary resolution)
- Approval for the issue of bonus shares out of reserves of the Company (Passed as a
Special resolution)
September 29, Held through 4:00 P.M. - To receive, consider and adopt the Audited Standalone Financial Statements of the
(6th AGM) Conference directors thereto and report of Auditors thereon. (Passed as an Ordinary resolution)
Company for the financial year ended March 31, 2021, and the report of the Auditors
thereon. (Passed as an Ordinary resolution)
- Re-appointment of Mr. Pravin Agarwal as director of the Company. (Passed as an
Ordinary resolution)
- Confirmation of interim dividend paid on equity shares as final dividend. (Passed as an
- Re-appointment of Statutory Auditors for a period of 4 years. (Passed as an Ordinary
resolution)
- Approval of remuneration of the Cost Auditors’ for the financial year 2022 (Passed as an
- Approval for conversion of loan into equity share capital of the Company (Passed as a
Special resolution)
- Approval for payment of remuneration by way of commission to Independent Directors
of the Company (Passed as a Special resolution)
December 31, Held through 11.00 A.M - To receive, consider and adopt the Audited Standalone Financial Statements of the
(5th AGM) Conference Directors thereto and report of Auditors thereon. (Passed as an Ordinary resolution).
Company for the financial year ended March 31, 2020 and the report of the Auditors
thereon. (Passed as an Ordinary resolution)
- Re-Appointment of Mr. Pratik Agarwal as Director of the Company. (Passed as an
- Approval of remuneration of the Cost Auditors for FY 2021. (Passed as an Ordinary
resolution).
- Appointment of Mr. Anoop Seth (DIN- 00239653) as an Independent Director for a term
of 5 years. (Passed as an Ordinary resolution)
- Re-appointment of Mr. Pratik Agarwal (DIN - 03040062) as Managing Director for a
period of 3 years (Passed as a Special resolution)
- Authorisation for creation of charge on the assets of the Company under section 180(1)
(a) of the Companies Act, 2013 (Passed as a Special resolution)
- Transfer of Capital Redemption Reserve to Retained Earnings of the Company (Passed
- Remuneration by way of commission to Independent Directors of the Company (Passed

b. Resolutions passed by Postal Ballot During FY’2023, pursuant to the Companies Act, 2013,
During FY’2023, the following resolutions were passed all material transactions entered into with Related Parties
through Postal Ballot on July 06, 2022: were in the ordinary course of business and on an arm’s
length basis. Suitable disclosures as required under the
i. Approval for the Restricted Stock Unit Scheme 2022 applicable Accounting Standards have been made in the
(Passed as a Special resolution). notes to the Financial Statements of the Company for
ii. Authorisation to the Board under Section 180(1)(a) FY’2023.
of the Companies Act, 2013 (Passed as a Special The policy on Related Party Transactions can be
resolution). accessed on the website of the Company at https://www.
The Board of directors appointed Ms. Mehak Gupta of sterlitepower.com/wp-content/uploads/2021/11/related_
M/s. Mehak Gupta & Associates, Practicing Company party_transactions_policy_0.pdf.
Secretaries, as Scrutiniser to monitor and review the
e-voting process. The Company had provided facility of 8. Code of Conduct
e-voting pursuant to provisions of the Companies Act, The Company has adopted a ‘Code of Business Conduct
2013. On completion of e-voting process, the Scrutiniser & Ethics’ to meet the changing internal and external
submitted her report to the Chairman and thereafter the environment for its employees at all levels including
results were declared on July 07, 2022, on the website senior management and directors. The Code serves
of the Company and Registrar & Transfer Agent. All the as a guide to the employees of the Company to make
resolutions were passed with the requisite majority. informed and prudent decisions and act on them. The
Code can be accessed on the website of the Company at
6. Subsidiary, Associate and Joint Venture Companies https://www.sterlitepower.com/partners.
As on March 31, 2023, the Company had 51 subsidiaries
and 8 joint venture companies. The significant matters 9. Vigil Mechanism / Whistleblower Policy
pertaining to subsidiary companies are discussed at The Company follows a strong vigil mechanism and had
the Audit Committee of the Company. The performance adopted a Whistle Blower Policy, along with the Code of
of its subsidiaries is reviewed by the Board quarterly. Business Conduct & Ethics. The Whistle Blower Policy is
The minutes of all the subsidiary companies are placed the mechanism to help the employees of the Company
before the Board and the attention of the directors is and all external stakeholders to raise their concerns
drawn from time to time upon significant transactions and about any malpractice, impropriety, abuse or wrong-doing
arrangements entered into with the subsidiary companies. at an early stage and in the right way, without fear of
Policy on material subsidiaries can be accessed on the victimisation, subsequent discrimination or disadvantage.
website of the Company at https://www.sterlitepower.
The policy encourages to raise concerns within the
com/wp-content/uploads/2021/11/policy_on_material_
Company rather than overlooking a problem. The
subsidiaries_0.pdf.
Whistleblower Policy can be accessed on the website
of the Company at https://www.sterlitepower.com/wp-
Note: Post March 31, 2023, Fatehgarh III Beawar Transmission
Limited has become the subsidiary of the Company w.e.f.
content/uploads/2021/11/whistle_blower_policy_0.pdf. All
August 01, 2023. Complaints under this policy are reported to the Director -
Management Assurance, who is independent of operating
management and businesses. ‘Complaints’ can also be
7. Related Party Transactions
reported on a web-based portal, designated email id or
All Related Party Transactions are reviewed and approved
tollfree number as under:
by the Audit Committee and the Board of directors
in accordance with the provisions of the Companies Web based Portal www.vedanta.ethicspoint.com
Act, 2013. No transaction with the related parties has Toll Free number 000 800 100 1681
a potential conflict with the Company’s interest. The Email stl.whistleblower@stl.tech
related party transactions are entered into based on Mailing address Director - Management Assurance,
considerations of various business exigencies, such as Vedanta, 75 Nehru Road, Vile Parle (E),
synergy in operations, sectoral specialisation and the Mumbai 400 099
Company’s long-term strategy for sectoral investments, Tel No. +91- 22 – 6646 1000,
optimisation of market share, profitability, liquidity and Fax No. +91- 22 – 6646 1450
capital resources of subsidiaries and associates. All
related party transactions are entered into on an arm’s
length basis and are intended in the Company’s interests.

Empowering Humanity
10. General Shareholder Information

a. Distribution of Shareholding as on March 31, 2023
Sr. no Category No. of shareholders % No. of shares % of shareholding

1 1 - 5000 1,03,182 99.60 1,97,92,884 16.18
2 5001 - 10000 239 0.23 17,24,062 1.41
3 10001 - 20000 95 0.09 13,33,767 1.09
4 20001 - 30000 25 0.02 5,82,880 0.48
5 30001 - 40000 15 0.01 5,24,928 0.43
6 40001 - 50000 9 0.01 4,09,284 0.33
7 50001 - 100000 19 0.02 13,54,282 1.11
8 100001 and above 15 0.01 9,66,41,717 78.98
Total 1,03,599 100 12,23,63,804 100
b. The equity shareholding pattern as on March 31, 2023
Name Total Shares % To Equity

Promoter 8,73,40,796 71.38
Promoter Group 35,96,406 2.94
Total of Promoter & Promoter Group (A) 9,09,37,202 74.32
Institutions 10,24,609 0.83
Non-Institutions 2,70,42,131 22.1
Body Corporates 33,59,862 2.74
Total – Public shareholders (B) 3,14,26,602 25.68
Total (A) + (B) 12,23,63,804 100
c. Dematerialisation of Shares and Liquidity

As on March 31, 2023, 12,13,53,224, equity shares representing 99.17% of total equity shares were held in electronic form.
The Shareholders can hold the shares in demat form either through NSDL or CDSL. The ISIN allotted to the equity shares of
the Company is INE110V01015.
d. Details of outstanding equity shares in the Unclaimed Suspense Account

As on March 31, 2023, the details of equity shares lying in the suspense account are as under:
Total No.
Particulars No. of Shares
of Shareholders
As on April 01, 2022 5350 4,24,877
Shares transferred to suspense account pursuant to bonus issue on the shares already held in 5350 4,24,877
suspense account
Shares transferred to suspense account pursuant to bonus shares allotted against the shares held in 14143 10,03,912
physical form
Total 18,53,666
Shareholders approached for transfer/delivery during FY’2023 5 563
Shares transferred/delivered during FY’2023 5 563
As on March 31, 2023 18,53,103
11. Share Transfer System

The Company Secretary has been delegated powers to deal with all the matters related to transfers, transmission, issuance
of duplicate share/debenture certificates, split and/or consolidation requests. In addition, the Company Secretary and
authorised officials of the Registrar and Transfer Agents of the Company have been given powers to endorse registration of
transfers on share certificates. The Company’s shares being in compulsory demat list can only be transferred through the
depository system. The Company has entered into agreements with both the depositories NSDL & CDSL.
KFin Technologies Limited, Hyderabad is the Registrar and Transfer Agent for transfer of shares. The requests received for
transfer of shares are generally processed within 10-15 days of receipt of documents, complete and valid in all respects.
Shares under objection are returned within 7-10 days.
12. Registrar and Transfer Agents

KFin Technologies Limited (formerly known as KFin Technologies Private Limited), Hyderabad is the Registrar and
Transfer Agent of the Company. The shareholders, beneficial owners, and Depository Participants (DPs) can contact KFin
Technologies Limited through below means:

a. Investor Support Centre: A webpage accessible via any browser enabled system. The shareholders can use a host
of services like Post a Query, Raise a service request, Track the status of their DEMAT and REMAT request, Dividend
status, Interest and Redemption status, Upload exemption forms (TDS), Download all ISR and other related forms.
URL: https://ris.kfintech.com/clientservices/isc/default.aspx
b. eSign Facility: Common and simplified norms for processing shareholders’ service requests by RTAs and norms for
furnishing PAN, KYC details and Nomination requires that eSign option be provided to shareholders for raising service
requests.
URL https://ris.kfintech.com/clientservices/isr/isr1.aspx?mode=f3Y5zP9DDNI%3d
c. KYC Status: The shareholders can access the KYC status of their folio. The webpage has been created to ensure that
the shareholders have the requisite information regarding their folios.
URL: https://ris.kfintech.com/clientservices/isc/kycqry.aspx
d. KPRISM: A mobile application as well as a webpage which allows users to access folio details, Interest and Dividend
status, FAQs, ISR Forms and full suite of other shareholder services.
URL: https://kprism.kfintech.com/signin.aspx
The shareholders’ correspondence should be addressed to KFin Technologies Limited at the below address.
KFin Technologies Limited
Selenium Tower B, Plot 31 & 32,
Financial District, Nanakramguda, Serilingampally Mandal,
Hyderabad - 500 032, Telangana.
Phone No.: 040 67161524, New Toll-free Number: 1-800-309-4001
E-mail: einward.ris@kfintech.com
In case of unresolved complaints, the Members may also write to the Company Secretary & Compliance Officer at the
office of the Company at the below address:
DLF Cyber Park, Block B, 9th Floor,
Udyog Vihar Phase III, Sector - 20,
Gurugram, Haryana - 122008
Ph. - 0124 4562000
E-mail: secretarial.grid@sterlite.com
Registered Office -
4th Floor, Godrej Millennium
9 Koregaon Road, Pune – 411 001
Maharashtra, India
Plant Locations:

Rakholi Survey No. 99/2/P, Rakholi Village, Madhuban Dam Road, Silvassa 396230, Union Territory of Dadra & Nagar
Haveli, India
Piparia Survey No. 209, Phase-II, Piparia Industrial Estate, Silvassa -396230, UT of Dadra & Nagar Haveli, India
Jharsuguda Near Vedanta Limited, Bhurkhamunda, PO- Kalimandir Road, Dist – Jharsuguda, Odisha – 768202, India
Haridwar Sector – 5, Vardhaman Industrial Estate, Bahadurpur Saini, Roorkee, Haridwar – 249 402, Uttarkhand India

Annexure-B
80
FORM NO. AOC-2
Details of Related Party Transactions
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the
Companies Act, 2013 including certain arm’s length transactions under third proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis: NA
2. Details of material contracts or arrangement or transactions at arm's length basis
Salient terms of
the contracts or Justification for
Duration of Date on which the special resolution Amount paid
Nature of contracts/ arrangements Date(s) of entering into
Sr. the contracts / was passed in general meeting as advances,

Name(s) of the related party Nature of relationship arrangements/ or transactions approval by such contracts or
No. arrangements/ as required under first proviso to if any
transactions including the value, the Board arrangements or
transactions section 188 (in J million)
if any. (Amount in transactions
J Millions)
1 Udupi Kasargode Subsidiary of Joint Revenue from EPC Ongoing 581.57 February 04, N.A. as the transaction was in Business -
Transmission Limited Venture Contract 2021 ordinary course of business and requirement
at arms' length
2 Khargone Transmission Subsidiary (till Revenue from EPC Contract 142.64 May 27, 2022 N.A. as the transaction was in Business -
Limited March 01, 2023) Contract ended ordinary course of business and requirement
at arms' length
3 Mumbai Urja Marg Limited Subsidiary of Joint Revenue from EPC Ongoing 5,468.97 February 04, N.A. as the transaction was in Business -
(Erstwhile Vapi II-North Venture Contract 2021 ordinary course of business and requirement
Lakhimpur Transmission at arms' length
Limited)
4 Goa-Tamnar Transmission Subsidiary of Joint Revenue from EPC Ongoing 703.93 February 04, N.A. as the transaction was in Business -
Project Limited Venture Contract 2021 ordinary course of business and requirement
at arms' length
5 Lakadia-Vadodara Subsidiary of Joint Revenue from EPC Ongoing 682.04 February 04, N.A. as the transaction was in Business -
Transmission Project Venture Contract 2021 ordinary course of business and requirement
Limited at arms' length
6 Nangalbibra-Bongaigaon Subsidiary Revenue from EPC Ongoing 1,932.90 February 03, N.A. as the transaction was in Business -
Transmission Limited Contract 2022 ordinary course of business and requirement
at arms' length
7 Serentica Renewables Associate of Revenue from EPC Ongoing - February 14, N.A. as the transaction was in Business 84.96
India 1 Private Limited Immediate Holding Contract 2023 ordinary course of business and requirement
Company at arms' length
8 Serentica Renewables India Associate of Revenue from EPC Ongoing - February 14, N.A. as the transaction was in Business 38.35
4 Private Limited immediate holding Contract 2023 ordinary course of business and requirement
company at arms' length
9 Kishtwar Transmission Subsidiary (from Revenue from EPC Ongoing - December 21, N.A. as the transaction was in Business 602.69
Limited December 06, 2022) Contract 2022 ordinary course of business and requirement
at arms' length
Empowering Humanity
Salient terms of
J Millions)
10 Maharashtra Transmission Subsidiary Revenue from EPC Ongoing 121.40 November 11, N.A. as the transaction was in Business 32.55
Communication Contract 2022 ordinary course of business and requirement
Infrastructure Limited at arms' length
11 Maharashtra Transmission Subsidiary Sale of goods FY 2022-23 42.83 May 27, 2022 N.A. as the transaction was in Business -
Communication ordinary course of business and requirement
12 Sterlite Technologies Fellow Subsidiary Sale of goods FY 2022-23 0.46 May 27, 2022 N.A. as the transaction was in Business -
Limited ordinary course of business and requirement
at arms' length
13 Hindustan Zinc Limited Fellow Subsidiary Sale of goods FY 2022-23 71.67 May 27, 2022 N.A. as the transaction was in Business -
ordinary course of business and requirement
at arms' length
14 Bharat Aluminium Fellow Subsidiary Sale of goods FY 2022-23 14.94 November 11, N.A. as the transaction was in Business -
Company Limited 2022 ordinary course of business and requirement
at arms' length
15 Vedanta Limited Fellow Subsidiary Sale of goods Ongoing 215.28 May 27, 2022 N.A. as the transaction was in Business -
at arms' length
16 Khargone Transmission Subsidiary (till Management Fees Contract 10.00 May 27, 2022 N.A. as the transaction was in Business -
Limited March 01, 2023) Income ended ordinary course of business and requirement
at arms' length
17 Maharashtra Transmission Subsidiary Management Fees Ongoing 42.63 May 04, 2021 N.A. as the transaction was in Business -
Communication Income ordinary course of business and requirement
18 Sterlite Brazil Subsidiary Management Fees Ongoing 0.79 May 27, 2022 N.A. as the transaction was in Business -
Participações S.A., Brazil Income ordinary course of business and requirement
at arms' length
19 Mumbai Urja Marg Limited Subsidiary of Joint Management Fees Ongoing 0.15 August 09, 2022 N.A. as the transaction was in Business -
(Erstwhile Vapi II-North Venture Income ordinary course of business and requirement
Lakhimpur Transmission at arms' length
Limited)
20 Sterlite Convergence Subsidiary Management Fees Ongoing 4.25 September 19, N.A. as the transaction was in Business -
Limited Income 2022 ordinary course of business and requirement
at arms' length
21 Sterlite Interlinks Limited Subsidiary Management Fees Ongoing 72.82 May 27, 2022 N.A. as the transaction was in Business -
Income ordinary course of business and requirement
at arms' length
Annual Report 2022-23

22 Goa-Tamnar Transmission Subsidiary of Joint Management Fees Ongoing 0.65 August 09, 2022 N.A. as the transaction was in Business -
Project Limited Venture Income ordinary course of business and requirement
at arms' length
81
82
Salient terms of
J Millions)
23 Serentica Renewables India Fellow Subsidiary Management Fees Ongoing 425.17 May 27, 2022 N.A. as the transaction was in Business -
Private Limited (Erstwhile (till March 09 2023) Income ordinary course of business and requirement
Sterlite Power Technologies at arms' length
Private Limited)
24 Serentica Renewables India Associate of Management Fees Ongoing 18.80 May 27, 2022 N.A. as the transaction was in Business -
Private Limited (Erstwhile immediate holding Income ordinary course of business and requirement

Sterlite Power Technologies company (w.e.f at arms' length
Private Limited) March 10, 2023)
25 Sterlite Grid 14 Limited Joint Venture Miscellaneous Ongoing 3.42 May 27, 2022 N.A. as the transaction was in Business -
income ordinary course of business and requirement
at arms' length
26 Sterlite Brazil Participações Subsidiary Performance bank Ongoing 17.95 May 27, 2022 N.A. as the transaction was in Business -
S.A., Brazil guarantee charge ordinary course of business and requirement
at arms' length
27 Vedanta Limited Fellow Subsidiary Purchase of goods FY 2022-23 15,510.86 May 27, 2022 N.A. as the transaction was in Business -
and services ordinary course of business and requirement
at arms' length
28 Bharat Aluminium Fellow Subsidiary Purchase of goods FY 2022-23 2,350.23 May 27, 2022 N.A. as the transaction was in Business -
Company Limited and services ordinary course of business and requirement
at arms' length
29 ESL Steel Limited Fellow Subsidiary Purchase of goods FY 2022-23 317.02 May 27, 2022 N.A. as the transaction was in Business -
and services ordinary course of business and requirement
at arms' length
30 Sterlite Technologies Fellow Subsidiary Purchase of goods FY 2022-23 140.83 May 27, 2022 N.A. as the transaction was in Business -
Limited and services ordinary course of business and requirement
at arms' length
31 Sterlite Grid 16 Limited Subsidiary Purchase of goods FY 2022-23 392.63 November 11, N.A. as the transaction was in Business -
and services 2022 ordinary course of business and requirement
at arms' length
32 Vedanta Limited Fellow Subsidiary Purchase of Power FY 2022-23 44.44 May 27, 2022 N.A. as the transaction was in Business -
at arms' length
33 Universal Floritech LLP Director's Interest Availing Services FY 2022-23 0.56 May 27, 2022 N.A. as the transaction was in Business -
Party ordinary course of business and requirement
at arms' length
34 Talwandi Sabo Power Director's Interest Availing Services FY 2022-23 0.20 May 27, 2022 N.A. as the transaction was in Business -
Limited Party ordinary course of business and requirement
at arms' length
Empowering Humanity
Salient terms of
J Millions)
35 Sterlite Technologies Fellow Subsidiary Reimbursement of FY 2022-23 4.60 May 27, 2022 N.A. as the transaction was in Business -
Limited expense paid to ordinary course of business and requirement
related parties at arms' length
36 Goa-Tamnar Transmission Subsidiary of Joint Reimbursement of FY 2022-23 0.50 May 27, 2022 N.A. as the transaction was in Business -
Project Limited Venture expenses paid on ordinary course of business and requirement
behalf of related at arms' length
parties
37 Khargone Transmission Subsidiary Reimbursement of FY 2022-23 2.73 May 27, 2022 N.A. as the transaction was in Business -
Limited (till March 01, 2023) expenses paid on ordinary course of business and requirement
parties
38 Sterlite Brazil Participações Subsidiary Reimbursement of FY 2022-23 9.65 May 27, 2022 N.A. as the transaction was in Business -
S.A., Brazil expenses paid on ordinary course of business and requirement
parties
39 Kishtwar Transmission Subsidiary (w.e.f Reimbursement of FY 2022-23 1.61 May 27, 2022 N.A. as the transaction was in Business -
Limited December 06, 2022) expenses paid on ordinary course of business and requirement
parties
40 Vedanta Limited Fellow Subsidiary Reimbursement of FY 2022-23 3.00 May 27, 2022 N.A. as the transaction was in Business -
expenses paid on ordinary course of business and requirement
parties
41 Serentica Renewables India Fellow Subsidiary Reimbursement of FY 2022-23 3.40 May 27, 2022 N.A. as the transaction was in Business -
Private Limited (Erstwhile (till March 09, 2023) expenses paid on ordinary course of business and requirement
Sterlite Power Technologies behalf of related at arms' length
Private Limited) parties
42 Serentica Renewables India Associate of Reimbursement of FY 2022-23 2.76 May 27, 2022 N.A. as the transaction was in Business -
Private Limited (Erstwhile immediate holding expenses paid on ordinary course of business and requirement
Sterlite Power Technologies company (w.e.f behalf of related at arms' length
Private Limited) March 10, 2023) parties
For and on behalf of the Board of Directors of

sd/-
Pravin Agarwal
Chairman

DIN-00022096
Date: August 11, 2023
Place: Mumbai
83
Empowering Humanity
Annexure-C
PARTICULARS OF SUBSIDIARY AND JOINT VENTURE COMPANIES AS ON MARCH 31, 2023
S. Subsidiary/Associate/
Name and address of the Company
No. Joint Venture
1 Sterlite Grid 5 Limited Subsidiary Company
Add: 4th Floor, Godrej Millennium, Koregaon Road 9, STS 12/1 Pune-411001
Add: DLF Cyber Park, Block B, 9th Floor, Udyog Vihar, Phase III, Sector- 20, Gurugram-122008
Add: Survey No. 99, Madhuban Dam Road, Village Rakholi, Silvassa Dadra & Nagar Haveli 396230

No. Joint Venture
33 OneGrid Limited Subsidiary Company
34 Maharashtra Transmission Communication Infrastructure Limited Subsidiary Company
Add: Prakashganga Plot No. C 19, E Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051
35 Sterlite Interlinks Limited Subsidiary Company
Add: 12th Floor, no B-113, 247 Park, Hindustan C. Bus Stop, Lal Bahadur Shastri Road, Gandhi Nagar,
Vikhroli (West), Mumbai -400079
36 Sterlite Convergence Limited Subsidiary Company
37 Nangalbibra-Bongaigaon Transmission Limited Subsidiary Company
Add: DLF Cyber Park, Tower B, 9th Floor, Udyog Vihar, Phase III, Sector- 20, Gurugram-122008
38 Kishtwar Transmission Limited Subsidiary Company
Add: YC Co Working Space, 3rd Floor, Plot No. 94 Dwarka Sec. 13, Opp. Metro, Near Radisson Blu,
New Delhi-110078
39 Sterlite EdIndia Foundation (Section 8 Company) Subsidiary Company
Add: Maker Maxity, 5 North Avenue, Level 5th Bandra Kurla Complex, Bandra East Mumbai City
Maharashtra- 400051
40 Sterlite Brazil Participações S.A. Subsidiary Company
Add: City and State of São Paulo, at Avenida Engenheiro Luiz Carlos Berrini, nº 105, Building Berrini One, 12th floor,
Room A, Cidade Monções, CEP 04571-010
41 Borborema Transmissão de Energia S.A. Subsidiary Company
Room D, Cidade Monções, CEP 04571-010
42 São Francisco Transmissão de Energia S.A. Subsidiary Company
Room F, Cidade Monções, CEP 04571-010
43 Goyaz Transmissão de Energia S.A. Subsidiary Company
Room G, Cidade Monções, CEP 04571-010
44 Marituba Transmissão de Energia S.A. Subsidiary Company
Room H, Cidade Monções, CEP 04571-010
45 Solaris Transmissão de Energia S.A. Subsidiary Company
Room I, Cidade Monções, CEP 04571-010
46 GBS Participações S.A. (Erstwhile Borborema Participações S.A.) Subsidiary Company
Room E, Cidade Monções, CEP 04571-010
47 Jaçanã Transmissão de Energia S.A. (Erstwhile Jaçanã Energia Ltd) Subsidiary Company
Room K, Cidade Monções, CEP 04571-010
48 Olindina Participaçõies S.A. (Erstwhile Jaçanã Transmissão de Energia S.A.) Subsidiary Company
Room J, Cidade Monções, CEP 04571-010
49 Serra Negra Transmissão de Energia S.A. (Erstwhile Veredas Transmissão de Energia S.A.) Subsidiary Company
Room M, Cidade Monções, CEP 04571-010
50 Tangará Transmissão de Energia S.A. (Erstwhile Cerrado Transmissão de Energia S.A.) Subsidiary Company
Room L, Cidade Monções, CEP 04571-010
51 SF 542 Subsidiary Company
Add: Cardeal Arcoverde Street, 2365, CJ 11 E 3, CEP 05407-003, Pinheiros, City of São Paulo, State of São Paulo.

Empowering Humanity
No. Joint Venture
52 Sterlite Grid 13 Limited Joint Venture Company
56 Goa-Tamnar Transmission Project Limited Joint Venture Company
57 Mumbai Urja Marg Limited (Erstwhile Vapi II-North Lakhimpur Transmission Limited) Joint Venture Company
58 Udupi Kasargode Transmission Limited Joint Venture Company
59 Lakadia-Vadodara Transmission Project Limited Joint Venture Company
Notes:
1. The following wholly owned subsidiary companies have been incorporated during FY’2023:
• Sterlite Grid 31 Limited (w.e.f. May 26, 2022)
• Sterlite Grid 34 Limited (w.e.f. June 02, 2022)
• Sterlite Grid 36 Limited (w.e.f. July 20, 2022)
• SF 542 (w.e.f. July 28, 2022)
2. The following wholly owned subsidiary companies have been acquired during FY’2023:
• Kishtwar Transmission Limited (w.e.f. December 06, 2022)
• Sterlite Interlinks Limited (w.e.f. June 1, 2022)
• Serra Negra Transmissão de Energia S.A (w.e.f. June 15, 2022)
• Tangará Transmissão de Energia S.A. (w.e.f. June 15, 2022)
3. The following companies have ceased to be subsidiaries during FY’2023:

• SE Vineyards Transmissão de Energia S.A. (w.e.f. November 30, 2022)
• Vineyards Participações S.A. (w.e.f. November 30, 2022)
• Khargone Transmission Limited (w.e.f. March 02, 2023)
4. The name of the following companies has been changed during FY’2023:
• ‘Jaçanã Energia Ltd’ changed to ‘Jaçanã Transmissão de Energia S.A.’ (w.e.f. April 22, 2022)
• ‘Jaçanã Transmissão de Energia S.A.’ changed to ‘Olindina Participaçõies S.A. (w.e.f. July 06, 2022).
5. The address of the Registered Office of the subsidiary/joint venture companies is given as on the date of this Report

Annexure-D
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/ASSOCIATES/
JOINT VENTURE COMPANIES AS PER COMPANIES ACT, 2013
FORM AOC-1 - PART A: SUBSIDIARIES
(₹ in million)
The date since Profit
Provision
S. when subsidiary Country of Reporting Exchange Share Reserve & Total Total / (loss) Profit /(loss) Proposed % of Eq.
Name of Subsidiary Business Activity Investment** Turnover* for
No. was acquired/ Incorporation currency rate (J) Capital Surplus Assets Liabilities before after taxation dividend Holding
taxation
incorporated taxation
1 Sterlite Grid 5 Limited Building transmission 27-09-2016 India I NA 0.50 650.85 1,521.10 869.75 1,497.99 0.00 (110.43) 0.34 (110.77) Nil 100.00
lines on BOOM basis
through its subsidiaries
2 Sterlite Grid 6 Limited Building transmission 14-08-2017 India I NA 0.50 (3.36) 0.49 3.35 0.00# 0.00 (0.05) 0.00 (0.05) Nil 100.00
lines on BOOM basis
lines on BOOM basis
lines on BOOM basis
lines on BOOM basis
6 Sterlite Grid 10 Building transmission 13-10-2017 India I NA 0.50 (2.22) 0.02 1.74 0.00# 0.00 (0.08) 0.00 (0.08) Nil 100.00
Limited lines on BOOM basis
10 Sterlite Grid 16 Building transmission 30-01-2019 India I NA 0.50 18.61 1,910.12 1,891.01 1,750.00 332.43 (6.43) 0.00 (6.43) Nil 100.00

87
88
(₹ in million)
Provision
taxation

17 Sterlite Grid 24 Building transmission 12-03-2019 India I NA 1.00 103.68 435.52 330.84 254.30 0.00 (14.79) 0.00 (14.79) Nil 100.00
19 Sterlite Grid 26 Building transmission 25-03-2019 India I NA 1.00 (4.16) 664.17 667.33 194.42 0.00 (204.92) 0.00 (204.92) Nil 100.00
21 Sterlite Grid 28 Building transmission 07-06-2019 India I NA 1.00 (1.51) 0.15 0.66 0.00# 0.00 0.50 0.00 0.50 Nil 100.00
Limited^^ lines on BOOM basis
Empowering Humanity
(₹ in million)
Provision
taxation
33 Khargone Construction and 22-08-2016 India I NA - - - - - 1,726.78 140.70 35.54 105.15 Nil 0.00
Transmission Limited^ development of Power
transmission lines
34 Sterlite EdIndia CSR related Activities 07-08-2019 India I NA 0.50 0.28 5.76 4.98 0.00 0.00 (1.79) 0.00# (1.78) Nil 99.95
Foundation
(Section 8 Company)
35 Sterlite Convergence Build, Own, Operate, 16-06-2017 India I NA 0.50 (41.58) 782.61 823.69 0.00 34.68 (9.44) 0.00 (9.44) Nil 100.00
Limited Manage, Sell, and lease
technology - neutral last
mile access, Intra-city
Aggregaton and long
distance links including
passive and active
infrastructure and
telecom networks.
36 Sterlite Interlinks Construct, maintain, etc. 01-06-2022 India I NA 0.10 24.53 444.77 420.14 0.00 106.52 (1.39) 0.00 (1.39) Nil 100.00
Limited^^ the infrastructure of Dark
Fibre through OPGW
/ Cabling, ROW, Duct
Space and towers on
lease/ rent out basis.
37 OneGrid Limited Build, Own, Operate, 24-09-2020 India I NA 0.10 (0.14) 0.02 0.06 0.00 0.00 (0.07) 0.00 (0.07) Nil 100.00
Manage, Sell, and lease
technology - neutral last
mile access, Intra-city
Aggregaton and long
passive and active
infrastructure and
telecom networks.
38 Nangalbibra- Construction and 16-12-2021 India I NA 350.10 (5.53) 4,181.91 3,837.34 0.00 0.00 (0.26) 1.55 (1.81) Nil 100.00
Bongaigaon development of Power
Transmission Limited transmission lines

89
90
(₹ in million)
Provision
taxation
39 Maharashtra Build, Own, Operate, 31-03-2022 India I NA 345.51 90.69 3,787.92 3,351.72 0.00 417.77 256.06 40.06 216.00 Nil 64.98
Transmission Manage, Sell, and lease
Communication technology - neutral last
Infrastructure mile access, Intra-city
Limited Aggregaton and long
passive and active
infrastructure and
telecom networks.
40 Kishtwar Transmission Construction and 06-12-2022 India I NA 254.30 (3.07) 1,207.34 956.11 0.00 0.00 (2.59) 0.46 (3.05) Nil 100.00

Limited^^ development of Power
transmission lines
41 Sterlite Brazil Construction and 26-05-2017 Brazil I 16.23 6,447.94 (2,038.70)14,193.03 9,783.79 10,332.43 (0.88) (255.01) 830.83 (1,085.83) Nil 76.59
Participações S.A. development of Power
transmission lines
42 Vineyards Construction and 01-12-2020 Brazil I 16.23 - - - - 0.00 67.33 (54.97) (8.05) (46.92) Nil -
Participações S.A.^ development of Power
transmission lines
43 SE Vineyards Construction and 26-05-2017 Brazil I 16.23 - - - - - - - - - - -
Transmissão de development of Power
Energia S.A.^ transmission lines
44 GBS Participações S.A Construction and 16-04-2021 Brazil I 16.23 7,749.38 613.66 18,059.01 9,695.96 16,645.07 - 882.80 (0.01) 882.81 Nil 76.59
(Erstwhile Borborema development of Power
Participações S.A)^^ transmission lines
45 Borborema Construction and 24-07-2018 Brazil I 16.23 3,157.62 603.78 8,673.35 4,911.95 - 2,645.57 800.74 93.27 707.47 Nil 76.59
Energia S.A. transmission lines
46 Goyaz Transmissão de Construction and 24-07-2018 Brazil I 16.23 5,608.50 (77.23) 6,553.02 1,021.75 - 2,457.17 346.48 98.68 257.80 Nil 76.59
Energia S.A. development of Power
transmission lines
47 Solaris Transmissao de Construction and 24-07-2018 Brazil I 16.23 3,170.06 1,568.78 11,207.82 6,468.98 - 4,654.24 1,538.70 156.18 1,382.52 Nil 76.59
Energia S.A. development of Power
transmission lines
48 São Francisco Construction and 24-07-2018 Brazil I 16.23 2,370.53 (1,890.43) 7,577.60 7,097.50 0.00 2,928.71 (1,764.90) 23.90 (1,788.80) Nil 76.59
Energia S.A. transmission lines
49 Marituba Transmissão Construction and 24-07-2018 Brazil I 16.23 3,882.05 146.28 16,140.59 12,112.27 0.00 10,694.14 236.48 81.09 155.39 Nil 76.59
de Energia S.A. development of Power
transmission lines
50 Olindina Participações Construction and 21-02-2022 Brazil I 16.23 50.83 (0.97) 56.34 6.48 0.00 8.84 (0.66) 0.27 (0.94) Nil 76.59
S.A. (Erstwhile Jaçanã development of Power
Transmissão de transmission lines
Energia S.A.)
51 Serra Negra Construction and 15-06-2022 Brazil I 16.23 2.27 (0.48) 2.00 0.21 0.00 - (0.46) - (0.46) Nil 76.59
Energia S.A (Erstwhile transmission lines
Veredas Transmissão
de Energia S.A)
Empowering Humanity
(₹ in million)
Provision
taxation
52 Tangará Transmissão Construction and 15-06-2022 Brazil I 16.23 10.38 (1.15) 9.28 0.05 0.00 - (0.51) - (0.51) Nil 76.59
de Energia S.A. development of Power
(Erstwhile Cerrado transmission lines
Transmissão de
Energia S.A.)
^ Subsidiary sold during the year

^^ Entity acquired/ incorporated during the year
* Turnover does not include other income
** Investment include investment classified as held for sale
# Amount is less than 0.01 million
BRL Closing Rate: 16.225; BRL Average Rate: 15.587

Names of Subsidiaries which are yet to commence operations - SF 542
Names of Subsidiaries which have been liquidated or sold during the year -
Vineyards Participações S.A.; SE Vineyards Transmissão de Energia S.A., Khargone Transmission Limited.

91
FORM AOC-1 - PART B: ASSOCIATES & JOINT VENTURES
92
STATEMENT PURSUANT TO SECTION 129(3) OF THE COMPANIES ACT, 2013 RELATED TO ASSOCIATE COMPANIES AND JOINT VENTURES
(H in million)
Mumbai Urja
Udupi Lakadia- Marg Limited
Goa-Tamnar
Sterlite Grid 13 Sterlite Grid 14 Sterlite Grid 18 Sterlite Grid 29 Kasargode Vadodara (Erstwhile Vapi
S. No. Name of Associate / Joint Ventures Transmission
Limited Limited Limited Limited Transmission Transmission II-North Lakhimpur
Project Limited
Limited Project Limited Transmission
Limited)
1 Latest audited Balance Sheet date 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023
2 Date on which the Associate or Joint Venture was 31-03-2021 06-04-2021 06-04-2021 06-04-2021 06-04-2021 06-04-2021 31-03-2021 06-04-2021

associated or acquired
3 Shares of Associate/Joint Ventures held by the Company 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
on the year end
a Number 16510511 60000 61861000 39069483 144238875 960907385 634630680 327547
b Amount of investment (At face value) 165105110 600000 618610000 390694830 1442388750 9609073850 6346306800 3275470
c % of holding 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
4 Description of how there is significant influence By virtue of By virtue of By virtue of By virtue of By virtue of By virtue of By virtue of By virtue of
shareholding shareholding shareholding shareholding shareholding shareholding shareholding shareholding
5 Reason why the associate / joint venture is not consolidated NA NA NA NA NA NA NA NA
6 Networth attributable to shareholding as per latest audited (211.68) (115.52) (641.20) 16.80 134.38 277.59 654.23 502.16
Balance sheet
7 Profit/Loss for the year (471.61) (135.15) (496.77) (453.67) (2.90) (423.72) 44.92 119.93
a Considered in consolidation (235.80) (67.58) (248.39) (226.84) (1.45) (211.86) 22.46 59.97
b Not considered in consolidation NA NA NA NA NA NA NA NA
1. Names of associate or joint ventures which are yet to commence operations: Nil
2. Names of associate or joint ventures which have been liquidated or sold during the year: Nil
For and on behalf of the Board of Directors of

Sd/- Sd/- Sd/- Sd/-
Pravin Agarwal Pratik Pravin Agarwal Sanjeev Bhatia Ashok Ganesan
Chairman Managing Director Chief Financial Officer Company Secretary
DIN: 00022096 DIN: 03040062 PAN: ACTPB6336M PAN: AHYPK5104G
Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Empowering Humanity
Annexure-E
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
To, c) The Securities and Exchange Board of India

The Members (Listing Obligation and Disclosure Requirements)
STERLITE POWER TRANSMISSION LIMITED Regulations, 2015 (hereinafter after referred as “SEBI
CIN: U74120PN2015PLC156643 LODR”); (Not applicable to the Company during the
4th Floor, Godrej Millennium, Audit Period)
9 Koregaon Road, Pune - 411001
d) The Securities and Exchange Board of India (Issue of
We have conducted the secretarial audit of the compliance Capital and Disclosure Requirements) Regulations,
of applicable statutory provisions and the adherence to good 2018(SEBI “ICDR” Regulations); (Not applicable to
corporate practices by STERLITE POWER TRANSMISSION the Company during the Audit Period)
LIMITED (hereinafter called the “Company”). Secretarial Audit
e) The Securities and Exchange Board of India (Share
was conducted in a manner that provided us a reasonable
Based Employee Benefits and Sweat Equity)
basis for evaluating the corporate conduct/statutory
Regulations, 2021; (Not applicable to the Company
compliances and expressing our opinion thereon.
during the Audit Period)
Based on our verification of the Company’s books, papers,
f) The Securities and Exchange Board of India (Issue
minute books, forms and returns filed and other records
and Listing of Debt Securities) Regulations, 2008;
maintained by the Company and also the information
(Not applicable to the Company during the Audit
provided by the Company, its officers, agents and authorised
Period)
representatives during the conduct of Secretarial Audit, we
hereby report that in our opinion, the Company has, during the g) The Securities and Exchange Board of India (Issue
audit period covering the financial year ended on March 31, and Listing of Non-Convertible Shares) Regulations,
2023 (“Audit Period”) complied with the statutory provisions 2021; (Not applicable to the Company during the
listed hereunder and also that the Company has proper Board- Audit Period)
processes and compliance-mechanism in place to the extent,
h) The Securities and Exchange Board of India
in the manner and subject to the reporting made hereinafter:
(Registrars to an Issue and Share Transfer Agents)
We have examined the books, papers, minute books, forms Regulations, 1993 regarding the Act and dealing
and returns filed and other records maintained by the with client; (Not applicable as the Company is
Company for the financial year ended on March 31, 2023 not registered as Registrar to an issue and Share
according to the provisions of: Transfer Agent during the Audit Period)
(i) The Companies Act, 2013 (the “Act”) and the rules made i) The Securities and Exchange Board of India
thereunder; (Delisting of Equity Shares) Regulations, 2021 (Not
applicable to the Company during the Audit
(ii) The Securities Contracts (Regulation) Act, 1956 and the
Period); and
rules made thereunder;
j) The Securities and Exchange Board of India
(iii) The Depositories Act, 1996 and the Regulations and Bye-
(Buyback of Securities) Regulations, 2018 (Not
laws framed thereunder;
applicable to the Company during the Audit
(iv) Foreign Exchange Management Act, 1999 and the rules Period).
and regulations made thereunder to the extent of Foreign
he Company is a leading global power transmission
T
Direct Investment (“FDI”), Overseas Direct Investments
developer and solutions provider that is solving problems
(“ODI”) and External Commercial Borrowings(“ECB”).
at the intersection of time, space and capital through its
(No fresh FDI and ECB was taken/was made by the
Operational & Manufacturing plants and as per the information
Company during the Audit Period)
provided and confirmed by the Management, no sector
(v) The Regulations and Guidelines prescribed under the specific law applicable on the Company.
Securities and Exchange Board of India Act, 1992 (‘SEBI
We have also examined compliance with the applicable
Act’), as amended from time to time:-
clauses of the following:
a) The Securities and Exchange Board of India
(i) Secretarial Standards issued by The Institute of Company
(Substantial Acquisition of Shares and Takeovers)
Secretaries of India (SS-1 and SS-2).
Regulations, 2011; (Not applicable to the Company
during the Audit Period) (ii) The Listing Agreements entered into by the Company
with the BSE Limited (“BSE”) and National Stock
b) The Securities and Exchange Board of India
Exchange of India Limited (“NSE”). (Not applicable to the
(Prohibition of Insider Trading) Regulations, 2015;
Company during the Audit period as the Company is not
(Not applicable to the Company during the
listed with any of the stock exchange(s)).
Audit Period)

Empowering Humanity
During the Audit Period, the Company has complied with • Enhance the limit given to the Board under
the provisions of the Act, Rules, Regulations, Guidelines, Section 180(1)(a) of the Act w.r.t. sale, lease or
Standards, etc. mentioned above. otherwise dispose-off whole or substantially the
whole of the undertaking(s) of the Company upto
Based on the information received and records maintained, we
I 1,05,00,00,00,000/- (Indian Rupees Ten Thousand
further report that:
Five Hundred Crores only).
1. The Board of Directors of the Company is duly constituted
with proper balance of Executive, Non-Executive, 3. Special Resolution was passed by the members in their
Women and Independent Directors. The changes in the 7th Annual General Meeting held on September 26, 2022,
composition of the Board of Directors that took place to issue 6,11,81,902 (Six Crores Eleven Lakhs Eighty-One
during the period under review were carried out in Thousand Nine Hundred Two) fully paid-up equity shares
compliance with the provisions of the Act. of face value of I 2/- each as bonus shares (“Bonus
Shares”) to the holders of existing fully paid-up equity
2. Adequate notice of at least seven days (except few Board
shares in the proportion of 1 (One) new bonus equity
meetings which were held at shorter notice in compliance
Share of I 2/- each for every 1 (One) existing fully paid-up
with the Act) was given to all directors to schedule the
Equity Share of I 2/- each held by them in accordance
Board Meetings along with agenda and detailed notes
with the provisions of section 63 of the Act read with
on agenda and a system exists for seeking and obtaining
Rules made thereunder.
further information and clarifications on the agenda items
before the meeting and for meaningful participation at the The aforesaid Bonus Shares were allotted to the holders
meeting in compliance of the Act. of existing fully paid-up equity shares of the Company by
Allotment Committee of the Board vide their resolution
3. All decisions at Board Meetings were carried out unanimously
passed through circulation on October 20, 2022 in
and recorded in the minutes of the Meetings. Further as
accordance with the provisions of the Act.
informed, no dissent was given by any director in respect of
resolutions passed in the Board Meetings. 4. The Company had filed the Draft Red Herring Prospectus
DRHP with SEBI, BSE & NSE for the proposed Initial
Based on the compliance mechanism established by the
Public Offer (“IPO”) of the Equity Shares of the Company
company and on the basis of the Compliance Certificate(s)
for an aggregate amount of I 12,50,00,00,000/-
issued by Managing Director and Company Secretary of the
(Indian Rupees One Thousand Two Hundred and Fifty
Company and taken on record by the Board of Directors at
Crores only) and also received in principal approval
their meeting(s), we further report that there are adequate
from BSE on September, 30, 2021 and from NSE on
systems and processes in the Company commensurate
November 24, 2021. However, the Board of Directors
with the size and operations of the Company to monitor and
vide its Board resolution dated September 27, 2022 has
ensure compliance with applicable laws, rules, regulations and
decided to withdraw of the said DRHP and not to proceed
guidelines.
with the IPO.
We further report that during the audit period the company
5. The Board of Directors vide its resolution dated March 24,
has undertaken the following event / action which may be
2023, subject to the approval of shareholders have
construed as major in pursuance of above referred laws, rules,
accorded their approval for:
regulations, guidelines, standards etc.
• Option to convert outstanding loan availed from PTC
1. The Board of Directors at its meeting held on April 21,
Cables Private Limited (‘PTC Cables’) into fully paid-
2022 has approved the issue of 2,500 (Indian Rupees
up shares (Equity/Preference) of the Company under
Two Thousand and Five Hundred) unsecured, unlisted,
Section 62(3) of the Act.
redeemable Non-Convertible Debentures (“NCDs”) of
face value of I 10,00,000/- each (Indian Rupees Ten Lakhs • Increase in the Authorised Share Capital of the
Only) aggregating to I 2,50,00,00,000 (Indian Rupees Company and consequent amendment in the
Two Hundred Fifty Crores only) in dematerialised form Memorandum of Association of the Company.
on private placement basis to Sterlite Grid 16 Limited
(“SGL 16”), in compliance of Section 42 and 71 of the Act For DMK ASSOCIATES
read with rules made thereunder. The aforesaid NCDs Company Secretaries
were allotted to SGL 16 by Allotment Committee of the Date: August 11, 2023
Board vide their resolution passed through circulation on
Place: New Delhi
May 18, 2022 in accordance with the provisions of the
UDIN: F004140E000787670 Sd/-
Act.
(DEEPAK KUKREJA)
2. Special Resolution was passed by the members of the FCS, LLB., ACIS (UK), IP.
Company through Postal Ballot on July 07, 2022 to: PARTNER
• Approve the “Sterlite Power Transmission Limited CP No.8265
Restricted Stock Unit Scheme 2022” (“RSU Scheme FCS No. 4140
2022”) of the Company. Peer Review No. 779/2020

Annexure-1
To,
The Members
STERLITE POWER TRANSMISSION LIMITED
CIN: U74120PN2015PLC156643
4th Floor, Godrej Millennium,
9 Koregaon Road, Pune -411001
Sub: Our Secretarial Audit Report for the Audit Period is to be read along with this letter.
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 our Audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. We believe that the processes and practices we follow, provide a
reasonable basis of our opinion.
3. We have not verified the correctness and appropriateness of Financial Records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules, and regulations
and happening of events, etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of the Management. Our examination was limited to the verification of the procedures on test basis.
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 the affairs of the Company.
7. As per the information provided by the Company, there are certain disputed cases filed by or against the Company, which
are currently lying pending with the various Courts. However, as informed, these cases have no major impact on the
Company.
For DMK ASSOCIATES

Company Secretaries
Place: New Delhi
UDIN: F004140E000787670 Sd/-
(DEEPAK KUKREJA)
FCS, LLB., ACIS (UK), IP.
PARTNER
CP No.8265
FCS No. 4140
Peer Review No. 779/2020

Empowering Humanity
Annexure-F
The particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo as prescribed
under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014
A. CONSERVATION OF ENERGY B. TECHNOLOGY ABSORPTION

i. The steps taken or impact on conservation of energy i. The efforts made towards technology absorption.
• Installation of VFD • New test method developed for the test of RM used in
EHV cables.
− In place of conventional star-delta starter
at high-speed mixer motor to reduce the • New Non specular machine procured which will use
energy consumption. the steel shots and use the turbine concept which will
eliminate the usage of compressed air and no dust
− In place of conventional star-delta starter at fan
accumulation.
motors of AHU to reduce the energy consumption.
• Inhouse ACS & Mega Steel stranding capability
− Replaced the conventional high bay lights by
developed.
LED lights.
ii. The benefits derived like product improvement, cost
− Lead Sheathing machine for EHV cables connected
reduction, product development or import substitution.
to UPS.
• Lead Alloy chemical test developed.
• Optimised and reduced the electrical capacity of
• EHV cables 1C X 1200 Sq.mm X 220Kv Lead sheathed
process water circulation pumps to reduce energy
typed tested at external NABL accredited test lab.
consumption.
• EHV FIPC cables 3C X 300 Sq.mm X 66Kv typed
• The blower supplying air to burners of melting
tested at external NABL accredited test lab.
furnaces has been upgraded and Variable Frequency
Drivers installed which led to a reduction in power • EHV cables 1C X 630 Sq.mm X 66Kv Lead sheathed
consumption by 25%. typed tested at external NABL accredited test lab.
• Power consumption reduction of 28% achieved • MV FIPC cables 3C X 400 Sq.mm X 11Kv typed tested
by increasing the utilisation of the Age Hardening at external NABL accredited test lab.
Furnaces.
• New ACCC and ACSS products developed which
• The interlock mechanism in Konforming machine contributes to lower losses and higher current carrying
contributed to a 10% reduction in energy consumption. capacity.
• In Thermal Aluminum rods used for HTLS – Gap Type • Product improved 12.3 mm 96F OPGW, 18.8 mm
special product, process engineering resulted in the 96F OPGW, PBT-16.7 mm 48F
total cost reduction by 50% largely in energy cost.
C. IN CASE OF IMPORTED TECHNOLOGY
• Rooftop Solar Power generation installed of 250 kW
(IMPORTED DURING THE LAST THREE YEARS
in Rakholi Plant couple of years back yielding benefits
RECKONED FROM THE BEGINNING OF THE
towards green initiatives.
FINANCIAL YEAR) - Not Applicable
ii. The steps taken by the Company for utilising alternate
sources of energy D. THE EXPENDITURE INCURRED ON RESEARCH
AND DEVELOPMENT - Not Applicable
• Installed 250 kW Solar rooftop at Rakholi plant.
iii. The capital investment on energy conservation E. DETAILS OF FOREIGN EXCHANGE EARNINGS
equipment AND OUTGO DURING FY’2023 ARE AS UNDER:
• New Dulling machine installed which will work on the Amount
FY’2023
turbine concept, resulted in the reduction of 55 kW (In J Million)
compressor power supply. The foreign exchange earned in terms of 14,979
actual inflows during the year
• Tubular machine upgradation for 1+12 bobbin from 1+8
Foreign exchange outgo during the year in 6,510
bobbin. Now multiple products can run on this machine
terms of actual outflows
in place of single products.
• 91 Strand machine installed to manufacture the higher
size of conductor.

Annexure-G
REPORT ON CORPORATE SOCIAL RESPONSIBILITY
1. Brief outline on Corporate Social Responsibility Policy of the Company

The Company is committed to conduct its business in a socially responsible, ethical, and environment friendly manner and
to continuously work towards improving quality of life of the communities including in its operational areas.
2. Composition of CSR Committee (as on March 31, 2023):
Number of
Number of
meetings of
Designation/ Nature meetings of CSR
S. No. Name of Director1 CSR Committee
of Directorship Committee held
attended during
during the year
the year
1. Mr. Pravin Agarwal Chairman 2 2
2. Mr. A.R. Narayanaswamy Member 2 2
3. Mr. Manish Agrawal2 Member 2 1
Notes:
1Mr. Pratik Pravin Agarwal ceased to be a member of the CSR Committee effective from April 21, 2022.
2Mr. Manish Agrawal was inducted as Member of the Committee effective from April 21, 2022.
3. Web-link(s) where Composition of CSR Committee, CSR Policy and CSR Projects approved by the board are disclosed on
the website of the Company: https://www.sterlitepower.com/investors
4. The executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3)
of rule 8, if applicable: Not Applicable
5. (a) Average net profit of the Company as per sub-section (5) of Section 135: K (87,77,72,773.45)/-
(Negative K 87.78 Crores approx.)
(b) Two percent of average net profit of the Company as per sub-section (5) of Section 135: Nil
(Negative K 1.76 Crores approx.)
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year 2022-23 5(b)+5(c)-5(d): Nil
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): I 2,01,77,765/- (Indian Rupees
Two Crores One Lakh Seventy Seven Thousand Seven Hundred and Sixty Five only)
(b) Amount spent in administrative overheads: K 7,62,235/-
(c) Amount spent on Impact Assessment, if applicable: Not applicable
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]= K 2,09,40,000/- (Indian Rupees Two Crore Nine Lakh Forty
Thousand only)*
(e) CSR amount spent or unspent for the Financial Year:
Amount spent (In I) Amount Unspent (in I)

Total Amount transferred to Unspent
Amount transferred to any fund specified under Schedule
CSR Account as per sub-section (6) of
Total amount spent for the Financial Year. (In I) VII as per second proviso to sub-section (5) of section 135
section 135
Amount Date of transfer Name of the Fund Amount Date of transfer
2,09,40,000/-* N.A.
*The amount has been spent as voluntary contribution towards CSR programs

Empowering Humanity
(f) Excess amount for set-off, if any:
Sl.
Particular Amount (in J)
No.
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 Nil*
(ii) Total amount spent for the Financial Year 2,09,40,000
(iii) Excess amount spent for the financial year [(ii)-(i)] 2,09,40,000
(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)] 2,09,40,000
*2% of average net profit of the company as per section 135(5) is I (1,75,55,455.47)/- (I (1.76) crores approx.)
(g) Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years: Nil
7. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year: No
8. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per sub-section (5) of
section 135 – Not Applicable
Sd/- Sd/-
Pravin Agarwal Pratik Pravin Agarwal
Chairman-CSR Committee Managing Director
Date: August 11, 2023 Date: August 11, 2023

Place: Mumbai Place: Mumbai

Financial Statements
STANDALONE
Balance Sheet 108
CONSOLIDATED
Balance Sheet 206
Empowering Humanity
Independent Auditor’s Report
To Our opinion on the standalone financial statements does not

The Members of cover the other information and we do not express any form of
Sterlite Power Transmission Limited assurance conclusion thereon.
Report on the Audit of the Standalone Financial Statements In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
OPINION and, in doing so, consider whether such other information is
We have audited the accompanying standalone financial materially inconsistent with the financial statements, or our
statements of Sterlite Power Transmission Limited (“the knowledge obtained in the audit or otherwise appears to be
Company”), which comprise the Balance Sheet as at March 31 materially misstated.
2023, the Statement of Profit and Loss, including the statement
of Other Comprehensive Income, the Cash Flow Statement The Annual report is not made available to us as at the date of
and the Statement of Changes in Equity for the year then the auditor’s report. We have nothing to report in this regard.
ended, and notes to the standalone financial statements,
including a summary of significant accounting policies and RESPONSIBILITY OF MANAGEMENT FOR THE
other explanatory information. STANDALONE FINANCIAL STATEMENTS
The Company’s Board of Directors is responsible for the
In our opinion and to the best of our information and according matters stated in section 134(5) of the Act with respect to
to the explanations given to us, the aforesaid standalone the preparation of these standalone financial statements that
financial statements give the information required by the give a true and fair view of the financial position, financial
Companies Act, 2013, as amended (“the Act”) in the manner performance including other comprehensive income, cash
so required and give a true and fair view in conformity with flows and changes in equity of the Company in accordance
the accounting principles generally accepted in India, of the with the accounting principles generally accepted in India,
state of affairs of the Company as at March 31, 2023, its profit including the Indian Accounting Standards (Ind AS) specified
including other comprehensive income, its cash flows and the under section 133 of the Act read with the Companies
changes in equity for the year ended on that date. (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate
BASIS FOR OPINION accounting records in accordance with the provisions of
We conducted our audit of the standalone financial statements the Act for safeguarding of the assets of the Company and
in accordance with the Standards on Auditing (SAs), as for preventing and detecting frauds and other irregularities;
specified under section 143(10) of the Act. Our responsibilities selection and application of appropriate accounting policies;
under those Standards are further described in the ‘Auditor’s making judgments and estimates that are reasonable and
Responsibilities for the Audit of the Standalone Financial prudent; and the design, implementation and maintenance
Statements’ section of our report. We are independent of of adequate internal financial controls, that were operating
the Company in accordance with the ‘Code of Ethics’ issued effectively for ensuring the accuracy and completeness of
by the Institute of Chartered Accountants of India together the accounting records, relevant to the preparation and
with the ethical requirements that are relevant to our audit of presentation of the standalone financial statements that give
the financial statements under the provisions of the Act and a true and fair view and are free from material misstatement,
the Rules thereunder, and we have fulfilled our other ethical whether due to fraud or error.
responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have In preparing the standalone financial statements, management
obtained is sufficient and appropriate to provide a basis for our is responsible for assessing the Company’s ability to continue
audit opinion on the standalone financial statements. as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of
OTHER INFORMATION accounting unless management either intends to liquidate
The Company’s Board of Directors is responsible for the the Company or to cease operations, or has no realistic
other information. The other information comprises the alternative but to do so.
information included in the Annual report, but does not
include the standalone financial statements and our auditor’s The Board of Directors are also responsible for overseeing the
report thereon. Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF We communicate with those charged with governance
THE STANDALONE FINANCIAL STATEMENTS regarding, among other matters, the planned scope and
Our objectives are to obtain reasonable assurance about timing of the audit and significant audit findings, including
whether the standalone financial statements as a whole any significant deficiencies in internal control that we identify
are free from material misstatement, whether due to fraud during our audit.
or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, We also provide those charged with governance with a
but is not a guarantee that an audit conducted in accordance statement that we have complied with relevant ethical
with SAs will always detect a material misstatement when it requirements regarding independence, and to communicate
exists. Misstatements can arise from fraud or error and are with them all relationships and other matters that may
considered material if, individually or in the aggregate, they reasonably be thought to bear on our independence, and
could reasonably be expected to influence the economic where applicable, related safeguards.
decisions of users taken on the basis of these standalone
financial statements. REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
As part of an audit in accordance with SAs, we exercise 1. As required by the Companies (Auditor’s Report) Order,
professional judgment and maintain professional skepticism 2020 (“the Order”), issued by the Central Government
throughout the audit. We also: of India in terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure 1” a statement on the
• Identify and assess the risks of material misstatement of matters specified in paragraphs 3 and 4 of the Order.
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive 2. As required by Section 143(3) of the Act, we report that:
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk (a) We have sought and obtained all the information and
of not detecting a material misstatement resulting from explanations which to the best of our knowledge and
fraud is higher than for one resulting from error, as fraud belief were necessary for the purposes of our audit;
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. (b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
• Obtain an understanding of internal control relevant to appears from our examination of those books;
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of (c) The Balance Sheet, the Statement of Profit and Loss
the Act, we are also responsible for expressing our opinion including the Statement of Other Comprehensive
on whether the Company has adequate internal financial Income, the Cash Flow Statement and Statement of
controls with reference to financial statements in place and Changes in Equity dealt with by this Report are in
the operating effectiveness of such controls. agreement with the books of account;
• Evaluate the appropriateness of accounting policies used (d) In our opinion, the aforesaid standalone financial
and the reasonableness of accounting estimates and statements comply with the Accounting Standards
related disclosures made by management. specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
• Conclude on the appropriateness of management’s use of 2015, as amended;
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty (e) On the basis of the written representations received
exists related to events or conditions that may cast from the directors as on March 31, 2023 taken
significant doubt on the Company’s ability to continue as a on record by the Board of Directors, none of the
going concern. If we conclude that a material uncertainty directors is disqualified as on March 31, 2023 from
exists, we are required to draw attention in our auditor’s being appointed as a director in terms of Section
report to the related disclosures in the financial statements 164 (2) of the Act;
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained (f) With respect to the adequacy of the internal financial
up to the date of our auditor’s report. However, future controls with reference to these standalone financial
events or conditions may cause the Company to cease to statements and the operating effectiveness of such
continue as a going concern. controls, refer to our separate Report in “Annexure
2” to this report;
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the (g) In our opinion, the managerial remuneration for
disclosures, and whether the standalone financial the year ended March 31, 2023 has been paid
statements represent the underlying transactions and / provided by the Company to its directors in
events in a manner that achieves fair presentation. accordance with the provisions of section 197 read
with Schedule V to the Act;

Empowering Humanity
(h) With respect to the other matters to be included than as disclosed in the note 58(ii) to the
in the Auditor’s Report in accordance with Rule standalone financial statements, no funds
11 of the Companies (Audit and Auditors) Rules, have been received by the Company
2014, as amended in our opinion and to the from any person(s) or entity(ies), including
best of our information and according to the foreign entities (“Funding Parties”), with
explanations given to us: the understanding, whether recorded in
writing or otherwise, that the Company
i. The Company has disclosed the impact of shall, whether, directly or indirectly, lend
pending litigations on its financial position in its or invest in other persons or entities
standalone financial statements – Refer Note identified in any manner whatsoever by or
42 to the standalone financial statements; on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee,
ii. The Company has made provision, as required security or the like on behalf of the
under the applicable law or accounting Ultimate Beneficiaries; and
standards, for material foreseeable losses, if
any, on long-term contracts including derivative c) Based on such audit procedures
contracts – Refer Note 10 and Note 21 to the performed that have been considered
standalone financial statements; reasonable and appropriate in the
circumstances, nothing has come to our
iii. There were no amounts which were required notice that has caused us to believe that
to be transferred to the Investor Education and the representations under sub-clause (a)
Protection Fund by the Company; and (b) contain any material misstatement.
iv. a) The management has represented that, v. The interim dividend declared and paid by the
to the best of its knowledge and belief, Company during the year and until the date of
other than as disclosed in note 58(i) to this audit report is in accordance with section
the standalone financial statement no 123 of the Act;
funds have been advanced or loaned or
invested (either from borrowed funds or vi. A
s proviso to rule 3(1) of the Companies
share premium or any other sources or (Accounts) Rules, 2014 is applicable for the
kind of funds) by the Company to or in company only w.e.f. April 1, 2023, reporting
any other person(s) or entity(ies), including under this clause is not applicable.
foreign entities (“Intermediaries”), with
the understanding, whether recorded in For S R B C & CO LLP
writing or otherwise, that the Intermediary Chartered Accountants
shall, whether, directly or indirectly lend ICAI Firm Registration Number: 324982E/E300003
or invest in other persons or entities
identified in any manner whatsoever by sd/-
or on behalf of the Company (“Ultimate per Paul Alvares
Beneficiaries”) or provide any guarantee, Partner
security or the like on behalf of the Membership Number: 105754
Ultimate Beneficiaries; UDIN: 23105754BGQUPU8505
Place of Signature: Mumbai
b) The management has represented that, to Date: August 11, 2023
the best of its knowledge and belief, other

Annexure 1
Referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even date
Re: Sterlite Power Transmission Limited (the "Company") or intangible assets during the year ended
March 31, 2023.
In terms of the information and explanations sought by us and
given by the company and the books of account and records (e) There are no proceedings initiated or are pending
examined by us in the normal course of audit and to the best of against the Company for holding any benami
our knowledge and belief, we state that: property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.
(i) (a) (A) The Company has maintained proper
records showing full particulars, including (ii) (a) The inventory has been physically verified by
quantitative details and situation of property, the management during the year except for
plant and equipment. inventories lying with third parties. In our opinion,
the frequency of verification by the management
(a) (B) The Company has maintained proper records is reasonable and the coverage and procedure
showing full particulars of intangibles assets. for such verification is appropriate. Discrepancies
of 10% or more in aggregate for each class of
(b) All property, plant and equipment have not been inventory, were not noted on physical verification of
physically verified by the management during the inventories. Inventories lying with third parties have
year but there is a regular programme of verifying been confirmed by them as at March 31, 2023 and
them once in three years which, in our opinion, discrepancies of 10% or more in aggregate for each
is reasonable having regard to the size of the class of inventory were not noticed in respect of
Company and the nature of its assets. No material such confirmations.
discrepancies were noticed on such verification.
(b) As disclosed in note 59 to the financial statements,
(c) The title deeds of all the immovable properties the Company has been sanctioned working capital
(other than properties where the Company is the limits in excess of Rupees five crores in aggregate
lessee and the lease agreements are duly executed from banks during the year on the basis of security
in favour of the lessee) are held in the name of current assets of the Company. Based on the
of the Company. records examined by us in the normal course
of audit of the financial statements, quarterly
(d) The Company has not revalued its property, plant returns/statements filed by the Company with such
and equipment (including Right-of-use assets) banks are in agreement with the books of accounts
of the Company.
(iii) (a) During the year the Company has provided loans and stood guarantee to parties as follows:
(H in million)
Advances in
Guarantees Security Loans*
nature of loans
Aggregate amount granted/provided during the year:
- Subsidiaries 2,000.00 - 1,010.27 -
- Joint Ventures - - 1,864.09 -
- Other companies - - 383.68 -
Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries 2,188.60 - 2,744.89 -
- Joint Ventures - - 8,481.85 -
- Other companies - - - -
* Includes Non-convertible debentures and Compulsory-convertible debentures.
(b) During the year the investments made, guarantees provided and conditions of the grant of all loans to companies are
not prejudicial to the Company's interest. During the year, the Company has not given security and advances in the
nature of loans to companies.
Further, during the year the Company has not made investments, provided guarantees, provided security and granted
loans and advances in the nature of loans to firms, Limited Liability Partnerships or any other parties.

Empowering Humanity
(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. The Company has not granted
loans and advances in the nature of loans to firms, Limited Liability Partnerships or any other parties.
(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.
(e) The Company had granted loan to Sterlite Grid 5 Limited, a wholly owned subsidiary, which had fallen due during the
year and the Company has extended loan tenure during the year to settle the dues of the existing loans.
The aggregate amount of such extended loan and the percentage of the aggregate to the total loans or advances in
the nature of loans granted during the year are as follows:
(H in million)
Aggregate amount of Aggregate overdue amount Percentage of the aggregate
loans or advances in the settled by renewal or to the total loans or advances
Name of Parties
nature of loans granted extension or by fresh loans in the nature of loans granted
during the year granted to same parties during the year
Sterlite Grid 5 limited 3,258.03 643.73 19.76%
(f) As disclosed in note 8 to the financial statements, during the year, the Company has granted loans which are repayable
on demand to companies which are related parties (‘wholly owned subsidiaries’) as defined in clause (76) of section 2
of the Companies Act, 2013. None of these loans are granted to promoters.
(H in million)
Wholly owned subsidiaries
Aggregate amount of loans/ advances in nature of loans
- Repayable on demand 41.30
Percentage of loans/ advances in nature of loans to the total loans 1.95%
During the year, the Company has not granted loans or advances in the nature of loans, either repayable on demand or
without specifying any terms or period of repayment to firms, Limited Liability Partnerships or any other parties.
(iv) Loans, investments, guarantees and security in respect of which provisions of sections 185 and 186 of the Companies Act,
2013 are applicable have been complied with by 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
manufacture of power conductors, power cables and engineering procurement and construction services 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 regular in depositing with appropriate authorities undisputed statutory dues including goods and
services tax, provident fund, income-tax, duty of customs, 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.

(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:
(H in million)
Nature of Period to which
Name of the statute Amount Forum where the dispute is pending
the dues the amount relates
Central Excise Act 1944 Excise 73.56 FY 2000-01, Bombay High Court
FY 2001-02
Orissa Value Added Tax Act, 2004 CST 2.86 FY 2016-17, Office of the Addl. Commissioner of CT & GST
FY 2017-18 (Appeal)-Sambalpur
West Bengal VAT Act, 2003 CST 6.10 FY 2014-15, Jt. Commissioner Appeal, Medinipur(WB)
FY 2015-16
Delhi VAT Act, 2004 CST 27.64 FY 2014-15 Assistant Commissioner, DVAT
Madhya Pradesh VAT Act, 2002 CST/ET/ VAT 19.06 FY 2015-16 Additional Commissioner Appeal, Bhopal (MP)
Jharkhand VAT Act, 2005 CST 1.46 FY 2017-18 Assessing Officer
Goods & Services Tax Act, 2017 GST 77.74 FY 2017-18, Joint Commissioner of State Tax, Chattisgarh
FY 2018-19,
FY 2021-22
Goods & Services Tax Act, 2017 GST 0.35 FY 2021-22 Joint Commissioner of State Tax, Uttarakhand
Goods & Services Tax Act, 2017 GST 0.89 FY 2022-23 Assistant Commissioner (UP)
CGST Act, 2017 IGST 1,827.39 FY 2018-19, Office of the Commissioner, Central GST
FY 2019-20
Income Tax Act, 1961 Income Tax 3.68 AY 2018-19, Commissioner of Income-tax (Appeals)
AY 2019-20
(viii) The Company has not surrendered or disclosed any (x) (a) The Company has not raised any money during the
transaction, previously unrecorded in the books of year by way of initial public offer/further public offer
account, in the tax assessments under the Income Tax (including debt instruments) hence, the requirement
Act, 1961 as income during the year. Accordingly, the to report on clause 3(x)(a) of the Order is not
requirement to report on clause 3(viii) of the Order is not applicable to the Company.
applicable to the Company.
(b) The Company has not made any preferential
(ix) (a) The Company has not defaulted in repayment of allotment or private placement of shares/fully or
loans or other borrowings or in the payment of partially or optionally convertible debentures during
interest thereon to any lender. the year under audit and hence, the requirement to
report on clause 3(x)(b) of the Order is not applicable
(b) The Company has not been declared wilful defaulter to the Company.
by any bank or financial institution or government or
any government authority. (xi) (a) No material fraud by the Company or no material
fraud on the Company has been noticed or reported
(c) Term loans were applied for the purpose for which during the year.
the loans were obtained.
(b) During the year, no report under sub-section (12)
(d) On an overall examination of the financial statements of section 143 of the Companies Act, 2013 has
of the Company, no funds raised on short-term been filed by cost auditor/secretarial auditor or by
basis have been used for long-term purposes us in Form ADT – 4 as prescribed under Rule 13 of
by the Company. Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
(e) On an overall examination of the financial statements
of the Company, the Company has not taken any (c) We have taken into consideration the whistle blower
funds from any entity or person on account of or to complaints received by the Company during the year
meet the obligations of its subsidiaries, associates or while determining the nature, timing and extent of
joint ventures. audit procedures.
(f) The Company has not raised loans during the year (xii) The Company is not a Nidhi Company as per the
on the pledge of securities held in its subsidiaries, provisions of the Companies Act, 2013. Therefore, the
joint ventures or associate companies. Hence, the requirement to report on clause 3(xii)(a), (b) and (c) of the
requirement to report on clause 3(ix)(f) of the Order Order is not applicable to the Company.
is not applicable to the Company.

Empowering Humanity
(xiii) Transactions with the related parties are in compliance (xviii) There has been no resignation of the statutory auditors
with sections 177 and 188 of Companies Act, 2013 during the year and accordingly requirement to
where applicable and the details have been disclosed in report on Clause 3(xviii) of the Order is not applicable
the notes to the financial statements, as required by the to the Company.
applicable accounting standards.
(xix) On the basis of the financial ratios disclosed in note 57
(xiv) (a) The Company has an internal audit system to the financial statements, ageing and expected dates
commensurate with the size and nature of realization of financial assets and payment of financial
of its business. liabilities, other information accompanying the financial
statements, our knowledge of the Board of Directors
(b) The internal audit reports of the Company issued and management plans and based on our examination
till the date of the audit report, for the period under of the evidence supporting the assumptions, nothing
audit have been considered by us. has come to our attention, which causes us to believe
that any material uncertainty exists as on the date of the
(xv) The Company has not entered into any non-cash audit report that Company is not capable of meeting its
transactions with its directors or persons connected with liabilities existing at the date of balance sheet as and
its directors and hence requirement to report on clause when they fall due within a period of one year from the
3(xv) of the Order is not applicable to the Company. balance sheet date. We, however, state that this is not
an assurance as to the future viability of the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank We further state that our reporting is based on the
of India Act, 1934 (2 of 1934) are not applicable to facts up to the date of the audit report and we neither
the Company. Accordingly, the requirement to report give any guarantee nor any assurance that all liabilities
on clause 3(xvi)(a) of the Order is not applicable falling due within a period of one year from the balance
to the Company. sheet date, will get discharged by the Company as and
when they fall due.
(b) The Company is not engaged in any Non-Banking
Financial or Housing Finance activities. (xx) The Company was not required to spend any amount
Accordingly, the requirement to report on clause in respect of Corporate Social Responsibility activities
(xvi)(b) of the Order is not applicable to the Company. under section 135 (5) of the Companies Act, 2013 for
the year ended March 31, 2023, Accordingly, reporting
(c) The Company is not a Core Investment Company under clause 3(xx)(a) and (b) of the Order is not applicable
as defined in the regulations made by Reserve to the Company.
Bank of India. Accordingly, the requirement to
report on clause 3(xvi) of the Order is not applicable For S R B C & CO LLP
to the Company. Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
(d) There is no Core Investment Company as a part
of the Group, hence, the requirement to report sd/-
on clause 3(xvi) of the Order is not applicable per Paul Alvares
to the Company. Partner
Membership Number: 105754
(xvii) The Company has not incurred cash losses in the current UDIN: 23105754BGQUPU8505
and immediately preceding financial year. Place of Signature: Mumbai

Annexure 2
To the Independent Auditor’s Report of even date on the Standalone Financial Statements of Sterlite Power Transmission Limted
REPORT ON THE INTERNAL FINANCIAL CONTROLS MEANING OF INTERNAL FINANCIAL CONTROLS WITH
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION REFERENCE TO THESE STANDALONE FINANCIAL
143 OF THE COMPANIES ACT, 2013 (“THE ACT”) STATEMENTS
We have audited the internal financial controls with reference A company's internal financial controls with reference to standalone
to standalone financial statements of Sterlite Power financial statements is a process designed to provide reasonable
Transmission Limited (“the Company”) as of March 31, 2023 assurance regarding the reliability of financial reporting and
in conjunction with our audit of the standalone financial the preparation of financial statements for external purposes
statements of the Company for the year ended on that date. in accordance with generally accepted accounting principles.
A company's internal financial controls with reference to standalone
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL financial statements includes those policies and procedures that
FINANCIAL CONTROLS (1) pertain to the maintenance of records that, in reasonable detail,
The Company’s Management is responsible for establishing accurately and fairly reflect the transactions and dispositions of
and maintaining internal financial controls based on the internal the assets of the company; (2) provide reasonable assurance that
control over financial reporting criteria established by the transactions are recorded as necessary to permit preparation
Company considering the essential components of internal of financial statements in accordance with generally accepted
control stated in the Guidance Note on Audit of Internal Financial accounting principles, and that receipts and expenditures of the
Controls Over Financial Reporting issued by the Institute of company are being made only in accordance with authorisations
Chartered Accountants of India (“ICAI”). These responsibilities of management and directors of the company; and (3) provide
include the design, implementation and maintenance of adequate reasonable assurance regarding prevention or timely detection
internal financial controls that were operating effectively for of unauthorised acquisition, use, or disposition of the company's
ensuring the orderly and efficient conduct of its business, assets that could have a material effect on the financial statements.
including adherence to the Company’s policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, INHERENT LIMITATIONS OF INTERNAL FINANCIAL
the accuracy and completeness of the accounting records, and CONTROLS WITH REFERENCE TO STANDALONE
the timely preparation of reliable financial information, as required FINANCIAL STATEMENTS
under the Companies Act, 2013. Because of the inherent limitations of internal financial controls
with reference to standalone financial statements, including the
AUDITOR’S RESPONSIBILITY possibility of collusion or improper management override of
Our responsibility is to express an opinion on the Company's controls, material misstatements due to error or fraud may occur
internal financial controls with reference to these standalone and not be detected. Also, projections of any evaluation of the
financial statements based on our audit. We conducted our audit in internal financial controls with reference to standalone financial
accordance with the Guidance Note on Audit of Internal Financial statements to future periods are subject to the risk that the internal
Controls Over Financial Reporting (the “Guidance Note”) and the financial control with reference to standalone financial statements
Standards on Auditing, as specified under section 143(10) of may become inadequate because of changes in conditions, or
the Act, to the extent applicable to an audit of internal financial that the degree of compliance with the policies or procedures
controls, both issued by ICAI. Those Standards and the Guidance may deteriorate.
Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about OPINION
whether adequate internal financial controls with reference to these In our opinion, the Company has, in all material respects, adequate
standalone financial statements was established and maintained internal financial controls with reference to standalone financial
and if such controls operated effectively in all material respects. statements and such internal financial controls with reference
to standalone financial statements were operating effectively as
Our audit involves performing procedures to obtain audit at March 31, 2023, based on the internal control over financial
evidence about the adequacy of the internal financial controls reporting criteria established by the Company considering the
with reference to these standalone financial statements and their essential components of internal control stated in the Guidance
operating effectiveness. Our audit of internal financial controls with Note issued by the ICAI.
reference to standalone financial statements included obtaining an
understanding of internal financial controls with reference to these For S R B C & CO LLP
standalone financial statements, assessing the risk that a material Chartered Accountants
weakness exists, and testing and evaluating the design and ICAI Firm Registration Number: 324982E/E300003
operating effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of sd/-
the financial statements, whether due to fraud or error. per Paul Alvares
Partner
We believe that the audit evidence we have obtained is sufficient Membership Number: 105754
and appropriate to provide a basis for our audit opinion on the UDIN: 23105754BGQUPU8505
Company’s internal financial controls with reference to these Place of Signature: Mumbai
standalone financial statements. Date: August 11, 2023

Empowering Humanity
Balance Sheet
as at March 31, 2023
(All amounts in ` million unless otherwise stated)
(H in million)
Note 31 March 2023 31 March 2022
ASSETS
Non-current assets
Property, plant and equipment 3 2,014.38 2,130.63
Capital work in progress 4 35.95 20.01
Other intangible assets 5 69.93 96.29
Right-of-use assets 3 437.45 549.41
Investments in associate 6 - 0.05
Financial assets
i. Investments 7 12,648.10 11,445.10
ii. Loans 8 1,881.97 1,165.66
iii. Trade receivables 9 - -
iv. Other financial assets 10 1,183.39 915.03
Income tax asset (net) 359.07 768.89
Other non-current assets 11 434.04 435.13
Total non-current assets 19,064.28 17,526.20
Current assets
Inventories 13 7,245.87 2,204.57
Financial assets
i. Investments 7 805.00 -
ii. Loans 8 231.10 4,586.26
iii. Trade receivables 9 16,772.24 13,491.50
iv. Cash and cash equivalents 14 3,221.10 1,859.54
v. Other bank balances 15 978.80 465.64
vi. Other financial assets 10 1,845.49 2,035.87
Other current assets 11 5,611.33 3,875.83
Total current assets 36,710.93 28,519.21
Assets classified as held for sale 12 - 101.35
36,710.93 28,620.56
TOTAL ASSETS 55,775.21 46,146.76
EQUITY AND LIABILITIES
Equity
Equity share capital 16 244.72 122.36
Other equity
i. Securities premium 17 4,450.46 4,536.80
ii. Retained earnings 17 17,786.19 14,932.38
iii. Others 17 (4,098.77) 38.55
Total equity 18,382.60 19,630.09
Liabilities
Non-current liabilities
Financial liabilities
i. Borrowings 19 430.00 187.61
ii. Lease liabilities 40 344.88 444.27
iii. Other financial liabilities 21 24.55 149.21
Employee benefit obligations 22 55.73 74.04
Other non-current liabilities 25 - 2,249.29
Deferred tax liabilities (net) 23 23.62 300.25
Total non-current liabilities 878.78 3,404.67
Current liabilities
i. Borrowings 20 4,286.09 2,325.47
iii. Trade payables 24
- total outstanding dues of micro enterprises and small enterprises 908.41 497.00
- total outstanding dues of creditors other than micro enterprises and small enterprises 16,352.10 12,500.56
iv. Other financial liabilities 21 1,167.46 861.64
Other current liabilities 25 13,407.71 6,384.30
Current tax liability (net) 217.27 350.44
Total current liabilities 36,513.83 23,112.00
TOTAL EQUITY AND LIABILITIES 55,775.21 46,146.76
Summary of significant accounting policies 2.2
The accompanying notes are an integral part of the standalone financial statements
As per our report of even date
For S R B C & CO LLP For and on behalf of the board of directors of Sterlite Power Transmission Limited
Chartered Accountants
Firm Registration No. 324982E/E300003
Sd/- Sd/- Sd/-
per Paul Alvares Pravin Agarwal Pratik Agarwal
Partner Chairman Managing Director
Membership Number: 105754 DIN: 00022096 DIN: 03040062
Place: Mumbai Place: Mumbai Place: Mumbai
Date: 11 August 2023 Date: 11 August 2023 Date: 11 August 2023
Sd/- Sd/-
Sanjeev Bhatia Ashok Ganesan
Chief Financial Officer Company Secretary
PAN : ACTPB6336M PAN : AHYPK5104G
Date: 11 August 2023 Date: 11 August 2023

Statement of Profit and Loss

for the year ended March 31, 2023
(H in million)
Note 31 March 2023 31 March 2022

INCOME
Revenue from operations 26 39,235.14 37,973.84
Other income 28 188.98 371.85
Total income (I) 39,424.12 38,345.69
EXPENSES
Cost of raw material and components consumed 29 17,384.00 12,003.35
Purchase of traded goods 674.55 579.31
Construction material and contract expenses 30 10,030.19 16,262.68
(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods 31 (1,287.48) 176.85
Employee benefits expense 32 2,020.40 2,046.60
Other expenses 33 5,023.42 3,621.75
Total expenses (II) 33,845.08 34,690.54
Earning before interest, tax, depreciation and amortisation (EBITDA) (I) - (II) 5,579.04 3,655.15
Depreciation and amortisation expense 34 438.40 390.65
Finance costs 35 1,942.29 1,119.57
Finance income 27 (1,064.46) (849.28)
Profit before tax before exceptional items and tax 4,262.81 2,994.21
Exceptional items 36 - (117.00)
Profit before tax 4,262.81 2,877.21
Tax expense:
(i) Current tax 23 830.29 541.91
(ii) Income tax for earlier years (31 March 2022: refer note 56) 23 (29.69) (145.07)
(iii) Deferred tax 23 242.10 14.59
Income tax expense 1,042.70 411.43
Profit for the year 3,220.11 2,465.78
OTHER COMPREHENSIVE INCOME
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net movement on cash flow hedges (2,336.56) 2,816.88
Income tax effect 530.74 (307.38)
Net other comprehensive income to be reclassified to profit or loss in subsequent periods (1,805.82) 2,509.50
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Re-measurement loss on defined benefit plans (3.84) (10.39)
Income tax effect 0.97 2.61
Net gain/(loss) on FVTOCI equity securities (2,807.69) 1,621.69
Income tax effect (12.98) (710.02)
Net other comprehensive gain/(loss) not to be reclassified to profit or loss in subsequent periods (2,823.54) 903.89
Other comprehensive income/(loss) for the year (4,629.36) 3,413.39
Total comprehensive income for the year (1,409.25) 5,879.17
Earnings per equity share [nominal value of J 2 (31 March 2022: J 2)] 37
Basic (J per share) 26.32 20.15
Diluted (J per share) 26.27 20.15
The accompanying notes are an integral part of the standalone financial statements
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Cash Flow Statement

(H in million)
31 March 2023 31 March 2022

A. OPERATING ACTIVITIES
Net profit as per statement of profit and loss 3,220.11 2,465.78
Adjustment for taxation 1,042.70 411.43
Non-cash and non-operating adjustment to reconcile profit before tax to net cash flows
Depreciation and amortisation expense 438.40 390.65
Profit/(loss) on sale of property, plant and equipment, (net) 0.24 4.48
Impairment allowance/(reversal) for trade receivables (31.74) 103.59
Reversal of impairment of investment and loans (154.71) (150.53)
Impairment on investment and loans 409.28 59.98
Net gains on sale of investment in an associate and units of India Grid Trust - (297.50)
Fair value gain on financial instruments measured at fair value through profit and loss (4.95) -
Gain on sale of mutual funds (1.86) -
Share based payment expense 59.06 -
Finance costs 1,942.29 1,119.57
Finance income (1,064.46) (849.28)
Income on investment in India Grid Trust - (11.47)
1,591.55 369.49
Operating profit before working capital changes 5,854.36 3,246.70
Movements in working capital :
Increase/(decrease) in trade payables 4,231.88 (596.55)
Increase/(decrease) in employee benefit obligations (50.78) 5.46
Increase/(decrease) in other liabilities 4,796.25 (2,427.30)
Increase/(decrease) in other financial liabilities (2,074.76) 829.71
(Increase) in trade receivables (3,249.00) (3,839.68)
(Increase)/decrease in inventories (5,041.30) 1,286.53
Decrease in other financial assets (73.47) 571.39
(Increase)/decrease in other assets (1,734.42) 1,631.19
Change in working capital (3,195.60) (2,539.25)
Cash generated from operations 2,658.76 707.45
Direct taxes paid (net of refunds) (523.95) (385.86)
Net cash flow from operating activities (A) 2,134.81 321.59
B. INVESTING ACTIVITIES
Purchase of property, plant and equipment, including capital work in progress and capital advances (234.02) (161.64)
Proceeds from sale of property, plant and equipment 3.78 51.71
Proceeds from sale of investments 60.55 -
Investment in equity share capital, compulsorily convertible debentures and non convertible debenture (2,363.01) (4,683.84)
Proceed from sale of non convertible debenture - 1,914.23
Proceeds from sale of investment in an associate and units of India Grid Trust - 643.68
Consideration paid for Maharashtra Transmission Communication Infrastructure Limited (refer note 7(e)) (100.00) (200.00)
Investment in bank deposits (net) (779.34) 2,734.65
Loans given (900.17) (1,217.28)
Loans repaid 3,372.71 1,776.48
Payment for indemnification expenses as per share purchase agreement (39.43) (231.05)
Purchase of mutual funds (2,200.00) -
Sale of mutual funds 1,401.84 9.07
Income on investment in India Grid Trust - 11.47
Finance income received 119.64 210.20
Consideration received for sale of projects 559.89 279.93
Net cash flow from/(used in) investing activities (B) (1,097.56) 1,137.61

Cash Flow Statement

(H in million)
31 March 2023 31 March 2022

C. FINANCING ACTIVITIES
Proceeds of long term borrowings 2,644.49 750.21
Repayment of long term borrowings (1,125.00) (977.61)
Proceeds of borrowings from related party 430.00 -
Repayment of lease liability (142.27) (67.82)
Proceeds from short term borrowings 651.67 6,082.85
Repayment of short term borrowings (398.15) (6,010.64)
Interest paid (1,736.43) (1,008.46)
Dividend paid - (317.97)
Net cash flow from/(used in) in financing activities (C) 324.31 (1,549.44)
Net increase/(decrease) in cash and cash equivalents (A + B + C) 1,361.56 (90.24)
Cash and cash equivalents as at beginning of the year 1,859.54 1,868.45
Cash and cash equivalents on merger (refer note 56) - 81.33
Cash and cash equivalents as at year end 3,221.10 1,859.54
Components of cash and cash equivalents:
Balances with banks:
On current accounts 1,017.99 759.51
Deposit with original maturity of less than 3 months 2,203.08 1,100.00
Cash in hand 0.03 0.03
Total cash and cash equivalents (refer note 14) 3,221.10 1,859.54
Reconciliation between opening and closing liabilities arising from financing activities
(H in million)
Long term Short term

Particulars
borrowings borrowing
31 March 2021 375.00 7,129.90
Cash flow -
- Interest (47.63) (960.84)
- Addition in short term borrowings on account of merger of Sterlite Grid 4 Limited (refer note 56) - 2,182.32
- Proceeds/(repayments) (227.40) 72.21
Non-cash changes -
- Classified as current maturities 40.00 (40.00)
- Inter Company borrowings eliminated on account of merger of Sterlite Grid 4 Limited (refer note 56) - (6,761.18)
- Interest accrual for the year 47.81 1,054.89
31 March 2022* 187.78 2,677.30
Cash flow
- Interest (401.20) (1,335.23)
- Proceeds/(repayments) 1,949.49 253.52
Non-cash changes
- Classified as current maturities (1,707.10) 1,707.10
- Interest accrual for the year 402.10 1,474.29
31 March 2023* 431.07 4,776.98
*Including interest accrual as at year end.
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Statement of Changes in Equity

A. EQUITY SHARE CAPITAL

Equity shares of J 2 each issued, subscribed and fully paid Nos. in million J in million
As at 1 April 2021 61.18 122.36
Equiry share issued during the year - -
Changes in equity share capital due to prior period errors - -
As at 31 March 2022 61.18 122.36
Increase in equity share capital on account of issue of bonus shares [refer note 16(b)] 61.18 122.36
Changes in equity share capital due to prior period errors - -
As at 31 March 2023 122.36 244.72
B. OTHER EQUITY
Share
Cash flow Debenture Capital
Securities Retained based FVTOCI Total
hedge redemption redemption
premium earnings payment reserve equity
reserve reserve reserve
reserve
As at 1 April 2021 4,536.80 1,820.28 - 6,517.29 769.94 - 36.02 13,680.33
Profit for the year - 2,465.78 - - - - - 2,465.78
Other comprehensive income - (7.78) - 911.67 2,509.50 - - 3,413.39
Total comprehensive income - 2,458.00 - 911.67 2,509.50 - - 5,879.17
Net realised gain on sale of investment - 336.65 - (336.65) - - - -
transferred from FVTOCI reserve to retained
earnings
Dividend appropriation - (324.26) - - - - - (324.26)
Adjustment on merger of Sterlite Grid 4 Limited - 10,441.71 - (8,692.88) - 200.00 - 1,948.83
Transfer from debenture redemption reserve - 200.00 - - - (200.00) - -
(refer note 17.5)
Amount reclassified to statement of profit and - - - - (1,676.34) - - (1,676.34)
loss
As at 31 March 2022 4,536.80 14,932.38 - (1,600.57) 1,603.10 - 36.02 19,507.73
Profit for the year - 3,220.11 - - - - - 3,220.11
Other comprehensive income - (2.87) - (2,820.67) (1,805.82) - - (4,629.36)
Total comprehensive Income - 3,217.24 - (2,820.67) (1,805.82) - - (1,409.25)
Net realised gain on sale of investment - 8.93 - (8.93) - - - -
transferred from FVTOCI reserve to retained
earnings
Options granted during the year (refer note 54) - - 59.06 - - - - 59.06
Dividend appropriation (refer note 18) - (122.36) - - - - - (122.36)
Amount utilised for issuance of bonus shares (86.34) - - - - - (36.02) (122.36)
(refer note 17.1 & 17.4)
Debenture redemeption reserve created during - (250.00) - - - 250.00 - -
the year (refer note 17.5)
Amount reclassified to statement of profit and - - - - 225.06 - - 225.06
loss
As at 31 March 2023 4,450.46 17,786.19 59.06 (4,430.17) 22.34 250.00 - 18,137.88

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Notes to Financial Statements

1. CORPORATE INFORMATION The standalone financial statements are presented in Indian

Sterlite Power Transmission Limited (the Company) is Rupees millions, except when otherwise indicated.
a public company domiciled in India and incorporated
under the provisions of the Companies Act, 2013. 2.2 Summary of significant accounting policies
The registered office of the Company is located at The following is the summary of significant accounting
4th Floor, Godrej Millennium, Koregaon Park, Pune, policies applied by the Company in preparing its
Maharashtra, India. The CIN of the Company is standalone financial statements:
U74120PN2015PLC156643.
a) Current versus non-current classification
The Company is primarily engaged in the business The Company presents assets and liabilities in
of Power products and solutions. Power products the balance sheet based on current/non-current
and solutions mainly include manufacturing of power classification. An asset is current when it is:
transmission conductors, optical ground wire cables and
power cables. It also includes execution of Engineering, • Expected to be realised or intended to be sold or
Procurement and Construction Contracts for replacement consumed in the normal operating cycle;
of power transmission conductors, optical ground wire
cables and power cables as a part of master system • Held primarily for the purpose of trading;
integration business.
• Expected to be realised within twelve months
The Company, directly or indirectly, through its after the reporting period; or
subsidiaries, acts as a developer on Build Own Operate
& Maintain (“BOOM”) basis, for designing, financing, • Cash or cash equivalent unless restricted from
construction and maintenance of power transmission being exchanged or used to settle a liability for at
systems for concessional periods ranging from 25 to 35 least twelve months after the reporting period.
years. The Company also undertakes the Engineering,
Procurement and Construction Contracts for construction All other assets are classified as non-current.
of power transmission systems.
A liability is current when:
The standalone financial Statements were approved for
issue in accordance with resolution passed by the Board • It is expected to be settled in the normal
of Directors of the Company on 11 August 2023. operating cycle;
2. SIGNIFICANT ACCOUNTING POLICIES • It is held primarily for the purpose of trading;

2.1 Basis of preparation
The financial statements of the Company have been • It is due to be settled within twelve months after
prepared in accordance with Indian Accounting Standards the reporting period; or
as defined in Rule 2(1)(a) of the Companies (Indian
Accounting Standards) Rules, 2015, as amended, • There is no unconditional right to defer the
prescribed under Section 133 of the Companies Act, settlement of the liability for at least twelve
2013 ("Ind AS") and presentation requirements of Division months after the reporting period.
II of Schedule III to the Companies Act, 2013, (Ind AS
compliant Schedule III). The Company classifies all other liabilities
as non-current.
The standalone financial statements have been prepared
on a historical cost basis, except for the following assets Deferred tax assets and liabilities are classified as
and liabilities which have been measured at fair value or non-current assets and liabilities.
revalued amount:
The operating cycle of the Company is the time
• Derivative financial instruments. between the acquisition of assets for processing and
their realisation in cash or cash equivalents. As the
• Certain financial assets measured at fair value (refer
Company’s normal operating cycle is not clearly
accounting policy regarding financial instruments).
identifiable, it is assumed to be twelve months.
• Defined benefit obligations, plan assets
measured at fair value.

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b) Foreign currencies A fair value measurement of a non-financial asset

The Company’s standalone financial statements are takes into account a market participant's ability to
presented in INR, which is its functional currency. generate economic benefits by using the asset in
its highest and best use or by selling it to another
Transactions and balances market participant that would use the asset in its
Transactions in foreign currencies are initially highest and best use.
recorded by the Company at their respective
functional currency spot rates at the date The Company uses valuation techniques that are
the transaction first qualifies for recognition. appropriate in the circumstances and for which
Monetary assets and liabilities denominated sufficient data are available to measure fair value,
in foreign currencies are translated at the maximising the use of relevant observable inputs
functional currency spot rates of exchange at the and minimising the use of unobservable inputs.
reporting date.
All assets and liabilities for which fair value is
Exchange differences arising on settlement or measured or disclosed in the standalone Ind AS
translation of monetary items are recognised in financial statements are categorised within the fair
profit or loss. value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
Non-monetary items that are measured in terms of measurement as a whole:
historical cost in a foreign currency are translated
using the exchange rates at the dates of the Level 1- Quoted (unadjusted) market prices in active
initial transactions. markets for identical assets or liabilities;
c) Fair value measurement Level 2- Valuation techniques for which the lowest
The Company measures financial instruments level input that is significant to the fair value
such as derivatives at fair value at each measurement is directly or indirectly observable;
balance sheet date.
Level 3- Valuation techniques for which the lowest
Fair value is the price that would be received to sell level input that is significant to the fair value
an asset or paid to transfer a liability in an orderly measurement is unobservable.
transaction between market participants at the
measurement date. The fair value measurement is For assets and liabilities that are recognised in
based on the presumption that the transaction to sell the financial statements on a recurring basis, the
the asset or transfer the liability takes place either: Company determines whether transfers have
occurred between levels in the hierarchy by
• In the principal market for the asset or liability, or re-assessing categorisation (based on the lowest
level input that is significant to the fair value
• In the absence of a principal market, in the most measurement as a whole) at the end of each
advantageous market for the asset or liability. reporting period.
The principal or the most advantageous market must External valuers are involved for valuation of
be accessible by the Company. significant assets such as investment in subsidiaries
and joint ventures. Involvement of external valuers
The fair value of an asset or a liability is measured is decided by the management on a need basis and
using the assumptions that market participants with relevant approvals. The valuers involved are
would use when pricing the asset or liability, selected based on criteria like market knowledge,
assuming that market participants act in their reputation, independence and professional
economic best interest. standards. The management decides after
discussion with the external valuers, which valuation
techniques and inputs to use for each case.


At each reporting date, the management analyses goods or services. The Company has generally
the movement of assets and liabilities which are concluded that it is the principal in its revenue
required to be premeasured or reassessed as per arrangements because it typically controls the goods
the Company’s accounting policies. For this analysis, or services before transferring them to the customer.
the management verifies the major inputs applied Amounts disclosed as revenue are net of goods and
in the latest valuation by agreeing the information service tax (GST).
in the valuation computation to contracts and other
relevant documents. The disclosures of significant accounting
judgements, estimates and assumptions relating
The management in conjunction with external to revenue from contracts with customers are
valuers also compares the change in fair value provided in note 38.
of each asset and liability with relevant external
sources to determine whether the change is Sale of power products and traded goods
reasonable. The valuation results are discussed at Revenue from sale of power products and traded
the Audit Committee. goods are recognised at a point of time upon
delivery of conductor, power cable or traded
For the purpose of fair value disclosures, the aluminium ingots and rods and payment is
Company has determined classes of assets and generally due within 30 to 180 days from invoice.
liabilities on the basis of the nature, characteristics Some contracts provide the Company right to
and risks of the asset or liability and the level of the receive price variation from customers on account of
fair value hierarchy, as explained above. changes in metal prices.
This note summarises accounting policy for fair Rendering of services

value. Other fair value related disclosures are given Revenues from services are recognised when the
in the relevant notes. services are rendered. When the contract outcome
cannot be measured reliably, revenue is recognised
• Disclosures for valuation methods, significant only to the extent that the expenses incurred are
estimates, and assumptions (note 38, 46 & 47) eligible to be recovered.
• Quantitative disclosures of fair value Revenue from Engineering, Procurement and

measurement hierarchy (note 47) Construction (EPC) projects
Revenue from fixed price construction contracts for
• Investment in Non-Convertible Debentures power transmission lines and supply & installation
(note 46 and 47) of power transmission products is recognised as the
performance obligation is satisfied progressively
• Investment in Compulsorily Convertible over the contract period. The Company's progress
Debentures (note 46 and 47) towards completion is measured based on the
proportion that the contract expenses incurred to
• Investment in mutual funds (note 46 and 47) date bear to the estimated total contract expenses.
Payment is due as per the achievement of
• Financial instruments (note 47) contractual milestones.
• Investment in unquoted equity shares The estimates of contract cost and the revenue
(note 46 and 47) thereon are reviewed periodically by management
and the cumulative effect of any changes in
d) Revenue from contracts with customers estimates is recognised in the period in which such
Revenue from contracts with customers is changes are determined. Where it is probable that
recognised when control of the goods or services the contract expenses will exceed total revenues
are transferred to the customer at an amount that from a contract, the expected loss is recognised
reflects the consideration to which the Company immediately as an expense in the statement of
expects to be entitled in exchange for those profit and loss.

Empowering Humanity

Where the profit from a contract cannot be estimated Trade receivable

reliably, revenue is only recognised equalling the A receivable represents the Company’s right to
expenses incurred to the extent that it is probable an amount of consideration that is unconditional
that the expenses will be recovered. (i.e., only the passage of time is required before
payment of the consideration is due). Refer to
Revenue from services rendered to joint ventures accounting policies of financial assets in section
Services rendered to joint ventures represent (q) Financial instruments – initial recognition and
the performance obligation for providing various subsequent measurement.
consultation and agency services in relation to joint
venture entities which are satisfied over time. Contract liabilities
A contract liability is the obligation to transfer
Contract modifications: goods or services to a customer for which the
Contract modifications are defined as changes in the Company has received consideration (or an amount
scope of the work, other than changes envisaged of consideration is due) from the customer. If a
in the original contract, that may result in a change customer pays consideration before the Company
in the revenue associated with that contract. transfers goods or services to the customer, a
Modifications to approval before billings can be contract liability is recognised when the payment is
issued and the amounts relating to the additional made, or the payment is due (whichever is earlier).
work can be collected. The Company does not Contract liabilities are recognised as revenue when
recognise the revenue from such additional work the Company performs under the contract.
until the customer's approval has been obtained.
In cases where the additional work has been e) Government grants
approved but the corresponding change in price has Government grants are recognised where there is
not been determined, the requirement described reasonable assurance that the grant will be received,
below for variable consideration is applied: namely, and all attached conditions will be complied with.
to recognise revenue for an amount with respect When the grant relates to an expense item, it is
to which it is highly probable that a significant recognised as income on a systematic basis over
reversal will not occur. The costs associated with the periods that the related costs, for which it is
these additional units or services performed are intended to compensate, are expensed. When the
recognised when incurred, irrespective of whether or grant relates to an asset, it is recognised as income
not the modification has been approved. in equal amounts over the expected useful life of
the related asset.
Variable considerations:
If the consideration in a contract includes a variable When the Company receives grants of non-monetary
amount, the Company estimates the amount assets, the asset and the grant are recorded at fair
of consideration to which it will be entitled in value amounts and released to profit or loss over
exchange for transferring the goods to the customer. the expected useful life in a pattern of consumption
The variable consideration is estimated at contract of the benefit of the underlying asset i.e. by equal
inception and constrained until it is highly probable annual instalments.
that a significant revenue reversal in the amount
of cumulative revenue recognised will not occur When loans or similar assistance are provided by
when the associated uncertainty with the variable governments or related institutions, with an interest
consideration is subsequently resolved. rate below the current applicable market rate, the
effect of this favourable interest is regarded as a
Contract balance government grant. The loan or assistance is initially
Contract assets recognised and measured at fair value and the
A contract asset is the right to consideration in government grant is measured as the difference
exchange for goods or services transferred to the between the initial carrying value of the loan and
customer. If the Company performs by transferring the proceeds received. The loan is subsequently
goods or services to a customer before the measured as per the accounting policy applicable to
customer pays consideration or before payment is financial liabilities.
due, a contract asset is recognised for the earned
consideration that is conditional.


f) Taxes the initial recognition of an asset or liability in a

Current income tax transaction that is not a business combination
Current income tax assets and liabilities are and, at the time of the transaction, affects neither
measured at the amount expected to be recovered the accounting profit nor taxable profit or loss;
from or paid to the tax authorities. The tax rates and
tax laws used to compute the amount are those • In respect of deductible temporary differences
that are enacted or substantively enacted at the associated with investments in subsidiaries,
reporting date. associates and interests in joint ventures,
deferred tax assets are recognised only to the
Current income tax relating to items recognised extent that it is probable that the temporary
outside of profit or loss is recognised outside of differences will reverse in the foreseeable future
profit or loss (either in other comprehensive income and taxable profit will be available against which
or in equity). Current tax items are recognised in the temporary differences can be utilized.
correlation to the underlying transaction either in
OCI or directly in equity. Management periodically The carrying amount of deferred tax assets is
evaluates positions taken in the tax returns with reviewed at each reporting date and reduced
respect to situations in which applicable tax to the extent that it is no longer probable that
regulations are subject to interpretation and sufficient taxable profit will be available to allow
establishes provisions where appropriate. all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed
Deferred tax at each reporting date and are recognised to the
Deferred tax is provided using the liability method extent that it has become probable that future
on temporary differences between the tax bases of taxable profits will allow the deferred tax asset
assets and liabilities and their carrying amounts for to be recovered.
financial reporting purposes at the reporting date.
Deferred tax assets and liabilities are measured
Deferred tax liabilities are recognised for all taxable at the tax rates that are expected to apply in the
temporary differences, except: year when the asset is realised or the liability is
settled, based on tax rates (and tax laws) that have
• When the deferred tax liability arises from the been enacted or substantively enacted at the
initial recognition of goodwill or an asset or liability reporting date.
in a transaction that is not a business combination
and, at the time of the transaction, affects neither Deferred tax relating to items recognised outside of
the accounting profit nor taxable profit or loss; profit or loss is recognised outside of profit or loss.
Deferred tax items are recognised in correlation
• In respect of taxable temporary differences to the underlying transaction either in OCI or
associated with investments in subsidiaries, directly in equity.
associates and interests in joint ventures, when
the timing of the reversal of the temporary Deferred tax assets and deferred tax liabilities are
differences can be controlled and it is probable offset if a legally enforceable right exists to set
that the temporary differences will not reverse in off current tax assets against current tax liabilities
the foreseeable future. and the deferred taxes relate to the same taxable
Company and the same taxation authority.
Deferred tax assets are recognised for all deductible
temporary differences, the carry forward of Goods and service tax paid on acquisition of assets
unused tax credits and any unused tax losses. or on incurring expenses
Deferred tax assets are recognised to the extent Expenses and assets are recognised net of the
that it is probable that taxable profit will be available amount of goods and service tax paid, except:
against which the deductible temporary differences,
and the carry forward of unused tax credits and • When the tax incurred on a purchase of assets or
unused tax losses can be utilised, except: services is not recoverable from the tax authority,
in which case, the tax paid is recognised as part
• When the deferred tax asset relating to the of the cost of acquisition of the asset or as part of
deductible temporary difference arises from the expense item, as applicable

Empowering Humanity

• When receivables and payables are stated with to the plan will be made or that the plan
the amount of tax included will be withdrawn.
The net amount of tax recoverable from, or payable Non-current assets held for sale to owners and
to, the tax authority is included as part of receivables disposal groups are measured at the lower of their
or payables in the balance sheet. carrying amount and the fair value less costs to sell.
Assets and liabilities classified as held for sale are
g) Assets held for sale presented separately in the balance sheet.
The Company classifies non-current assets and
disposal groups as held for sale if their carrying Property, plant and equipment and intangible
amounts will be recovered principally through a sale assets once classified as held for sale to owners
rather than through continuing use. Actions required are not depreciated or amortised. Refer note 12 for
to complete the sale should indicate that it is further disclosures.
unlikely that significant changes to the sale
will be made or that the decision to sell will be • A disposal group qualifies as discontinued
withdrawn. Management must be committed to operation if it is a component of an entity that
the sale expected within one year from the date of either has been disposed of, or is classified as
classification. held for sale, and:
• Represents a separate major line of business or
For these purposes, sale transactions include
geographical area of operations,
exchanges of non-current assets for other
non-current assets when the exchange has • Is part of a single co-ordinated plan to dispose of
commercial substance. The criteria for held for sale a separate major line of business or geographical
classification is regarded met only when the assets area of operations.
or disposal group is available for immediate sale in
its present condition, subject only to terms that are h) Property, plant and equipment
usual and customary for sales of such assets (or Certain items of freehold land have been measured
disposal groups), its sale is highly probable; and it at fair value at the date of transition to Ind AS.
will genuinely be sold, not abandoned. The Company regards the fair value as deemed cost
at the transition date, viz., April 01, 2015.
The Company treats sale of the asset or disposal
group to be highly probable when: Capital work in progress, property, plant and
equipment are stated at cost, net of accumulated
• The appropriate level of management is depreciation and accumulated impairment losses,
committed to a plan to sell the asset (or if any. Such cost includes the cost of replacing part
disposal group), of the property, plant and equipment and borrowing
costs for long-term construction projects if the
• An active programme to locate a buyer recognition criteria are met. When significant parts
and complete the plan has been initiated of the property, plant and equipment are required to
(if applicable), be replaced at intervals, the Company depreciates
them separately based on their specific useful lives.
• The asset (or disposal group) is being actively Likewise, when a major inspection is performed,
marketed for sale at a price that is reasonable in its cost is recognised in the carrying amount of
relation to its current fair value, the plant and equipment as a replacement if the
recognition criteria are satisfied. All other repair
• The sale is expected to qualify for recognition as and maintenance costs are recognised in statement
a completed sale within one year from the date of of profit or loss as incurred. No decommissioning
classification, and liabilities are expected or to be incurred on the
assets of plant and equipment.
• Actions required to complete the plan indicate
that it is unlikely that significant changes


Expenditure directly relating to construction activity can be attributable to construction activity or is

is capitalised. Indirect expenditure incurred during incidental there to. Income earned during the
construction period is capitalised as part of the construction period is deducted from the total of the
construction costs to the extent the expenditure indirect expenditure.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Asset Category Useful Life considered Useful life (Schedule II#)

Buildings (Factory/Office) ** 10-60 Years * 30/60 Years
Plant and machinery 2 - 20 Years * Continuous process plant- 25 Years
Others- 15 Years
Furniture and fixtures 3 - 10 Years * 10 Years
Data processing equipment 3 - 6 Years * Service and networks- 6 Years and desktops
and laptop etc - 3 Years
Office equipment 2 - 5 Years * 5 Years
Electric fittings 4 - 20 Years * 10 Years
Vehicles 3 - 5 Years * 8 Years
Leasehold improvements Lease period Lease period
* Considered on the basis of management’s estimation, supported by technical advice, of the useful lives of the respective assets.
** Includes roads for which life considered is 15-25 years.
# Residual value considered as 5% on the basis of management’s estimation, supported by technical advice.
The Company, based on technical assessments The residual values, useful lives and methods of
made by technical experts and management depreciation of property, plant and equipment are
estimates, depreciates the certain items of building, reviewed at each financial year end and adjusted
plant and machinery, data processing equipment, prospectively, if appropriate.
furniture and fixtures, office equipment, electric
fittings, vehicles and other telecom networks i) Intangible Assets
equipment over estimated useful lives which are Intangible assets acquired separately are measured
different from the useful life prescribed in Schedule on initial recognition at cost. Following initial
II to the Companies Act, 2013. The management recognition, intangible assets are carried at cost
believes that these estimated useful lives are less accumulated amortisation and accumulated
realistic and reflect fair approximation of the period impairment losses. Internally generated intangible
over which the assets are likely to be used. assets, excluding capitalised development costs, are
not capitalised and the expenditure is recognised
An item of property, plant and equipment and any in the Statement of Profit and Loss in the period in
significant part initially recognised is derecognised which the expenditure is incurred.
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or The useful lives of intangible assets are assessed as
loss arising on derecognition of the asset (calculated either finite or indefinite.
as the difference between the net disposal proceeds
and the carrying amount of the asset) is included Intangible assets with finite lives are amortised
in the statement of profit or loss when the asset over their useful economic lives and assessed for
is derecognised. impairment whenever there is an indication that the
intangible asset may be impaired. The amortisation
period and the amortisation method for an intangible

Empowering Humanity

asset with a finite useful life are reviewed at least short-term leases and leases of low-value assets.
at the end of each reporting period. Changes in The Company recognises lease liabilities to make
the expected useful life or the expected pattern lease payments and right-of-use assets representing
of consumption of future economic benefits the right to use the underlying assets.
embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and i) Right-of-use assets
are treated as changes in accounting estimates. The Company recognises right-of-use assets at
The amortisation expense on intangible assets the commencement date of the lease (i.e., the
with finite lives is recognised in the statement of date the underlying asset is available for use).
profit or loss. Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment
The Company does not have any intangible assets losses, and adjusted for any remeasurement
with indefinite useful lives. of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities
Gains or losses arising from derecognition of an recognised, initial direct costs incurred,
intangible asset are measured as the difference and lease payments made at or before the
between the net disposal proceeds and the commencement date less any lease incentives
carrying amount of the asset and are recognised received. Right-of-use assets are depreciated
in the statement of profit or loss when the asset on a straight-line basis over the shorter of the
is derecognised. lease term and the estimated useful lives of the
assets, as follows:
Softwares are amortised on a straight-line basis over
the period of three to five years. • Land- 99 years
• Office building – 1 to 5 years
j) Borrowing Costs
Borrowing costs directly attributable to the • Vehicles – 3 to 5 years
acquisition, construction or production of an asset
that necessarily takes a substantial period of time to If ownership of the leased asset transfers to the
get ready for its intended use or sale are capitalised Company at the end of the lease term or the
as part of the cost of the asset. All other borrowing cost reflects the exercise of a purchase option,
costs are expensed in the period in which they depreciation is calculated using the estimated
occur. Borrowing costs consist of interest and other useful life of the asset.
costs that the Company incurs in connection with
the borrowing of funds. Borrowing cost also includes The right-of-use assets are also subject to
exchange differences to the extent regarded as an impairment. Refer to the accounting policies in
adjustment to the borrowing costs. section (m) Impairment of non-financial assets.
k) Leases ii) Lease Liabilities

The determination of whether an arrangement is At the commencement date of the lease,
(or contains) a lease is based on the substance the Company recognises lease liabilities
of the arrangement at the inception of the measured at the present value of lease
lease. The arrangement is, or contains, a lease payments to be made over the lease term.
if fulfilment of the arrangement is dependent The lease payments include fixed payments
on the use of a specific asset or assets and the (including in substance fixed payments) less
arrangement conveys a right to use the asset or any lease incentives receivable, variable
assets, even if that right is not explicitly specified in lease payments that depend on an index or a
an arrangement. rate, and amounts expected to be paid under
residual value guarantees. The lease payments
Company as lessee also include the exercise price of a purchase
The Company applies a single recognition and option reasonably certain to be exercised
measurement approach for all leases, except for by the Company and payments of penalties


for terminating the lease, if the lease term l) Inventories

reflects the Company exercising the option to Inventories are valued at the lower of cost and net
terminate. Variable lease payments that do not realisable value.
depend on an index or a rate are recognised as
expenses (unless they are incurred to produce Costs incurred in bringing each product to its
inventories) in the period in which the event or present location and condition are accounted
condition that triggers the payment occurs. for as follows:
In calculating the present value of lease Raw materials, components, construction material,
payments, the Company uses its incremental stores and spares, packing materials and others: cost
borrowing rate at the lease commencement includes cost of purchase and other costs incurred in
date because the interest rate implicit in the bringing the inventories to their present location and
lease is not readily determinable. After the condition. Cost is determined on weighted average
commencement date, the amount of lease cost basis except for aluminium wherein the cost is
liabilities is increased to reflect the accretion determined on specific identification method based
of interest and reduced for the lease payments on the costing details of each project.
made. In addition, the carrying amount of
lease liabilities is remeasured if there is a Finished goods and work in progress: cost includes
modification, a change in the lease term, a cost of direct materials and labour and a proportion
change in the lease payments (e.g., changes of manufacturing overheads based on the normal
to future payments resulting from a change in operating capacity but excluding borrowing costs.
an index or rate used to determine such lease Cost is determined on weighted average cost basis
payments) or a change in the assessment of an except for aluminium conductors wherein the cost is
option to purchase the underlying asset. determined on specific identification method based
on the costing details of each project.
iii) Short-term leases and leases of low-value
assets Traded goods: cost includes cost of purchase and
The Company applies the short-term lease other costs incurred in bringing the inventories
recognition exemption to its short-term leases to their present location and condition. Cost is
(i.e., those leases that have a lease term of determined on weighted average basis.
12 months or less from the commencement
date and do not contain a purchase option). Initial cost of inventories includes the transfer of
Lease payments on short-term leases and gains and losses on qualifying cash flow hedges,
leases of low-value assets are recognised recognised in OCI, in respect of the purchases
as expense on a straight-line basis over of raw materials.
the lease term.
Net realisable value is the estimated selling price in
Company as lessor the ordinary course of business, less estimated costs
Leases in which the Company does not transfer of completion and the estimated costs necessary
substantially all the risks and rewards of ownership to make the sale.
of an asset are classified as operating leases.
Rental income from operating lease is recognised m) Impairment of non-financial assets
on a straight-line basis over the term of the relevant The Company assesses, at each reporting date,
lease. Initial direct costs incurred in negotiating whether there is an indication that an asset may
and arranging an operating lease are added to the be impaired. If any indication exists, or when
carrying amount of the leased asset and recognised annual impairment testing for an asset is required,
over the lease term on the same basis as rental the Company estimates the asset’s recoverable
income. Contingent rents are recognised as revenue amount. An asset’s recoverable amount is the higher
in the period in which they are earned. of an asset’s or cash-generating unit’s (CGU) fair
value less costs of disposal and its value in use.

Empowering Humanity

Recoverable amount is determined for an individual impairment losses no longer exist or have
asset, unless the asset does not generate cash decreased. If such indication exists, the Company
inflows that are largely independent of those from estimates the asset’s or CGU’s recoverable amount.
other assets or groups of assets. When the carrying A previously recognised impairment loss is reversed
amount of an asset or CGU exceeds its recoverable only if there has been a change in the assumptions
amount, the asset is considered impaired and is used to determine the asset’s recoverable amount
written down to its recoverable amount. since the last impairment loss was recognised.
The reversal is limited so that the carrying amount
In assessing value in use, the estimated future cash of the asset does not exceed its recoverable
flows are discounted to their present value using amount, nor exceed the carrying amount that would
a pre-tax discount rate that reflects current market have been determined, net of depreciation, had
assessments of the time value of money and the no impairment loss been recognised for the asset
risks specific to the asset. In determining fair value in prior years. Such reversal is recognised in the
less costs of disposal, recent market transactions are statement of profit or loss unless the asset is carried
taken into account. If no such transactions can be at a revalued amount, in which case, the reversal is
identified, an appropriate valuation model is used. treated as a revaluation increase.
These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded n) Provisions
companies or other available fair value indicators. General
Provisions are recognised when the Company
The Company bases its impairment calculation on has a present obligation (legal or constructive)
detailed budgets and forecast calculations, which as a result of a past event, it is probable that an
are prepared separately for each of the Company’s outflow of resources embodying economic benefits
CGUs to which the individual assets are allocated. will be required to settle the obligation and a
These budgets and forecast calculations generally reliable estimate can be made of the amount of
cover a period of five years. For longer periods, the obligation. When the Company expects some
a long-term growth rate is calculated and applied or all of a provision to be reimbursed, for example,
to project future cash flows after the fifth year. under an insurance contract, the reimbursement
To estimate cash flow projections beyond periods is recognised as a separate asset, but only when
covered by the most recent budgets/forecasts, the reimbursement is virtually certain. The expense
the Company extrapolates cash flow in the relating to a provision is presented in the statement
budget using a steady or declining growth rate of profit or loss net of any reimbursement.
for subsequent years, unless an increasing rate
can be justified. In any case, this growth rate does If the effect of the time value of money is material,
not exceed the long-term average growth rate for provisions are discounted using a current pre-tax
the products, industries, or country or countries in rate that reflects, when appropriate, the risks
which the entity operates, or for the market in which specific to the liability. When discounting is used, the
the asset is used. increase in the provision due to the passage of time
is recognised as a finance cost.
Impairment losses of continuing operations,
including impairment on inventories, impairment Warranty provisions
of Compulsorily Convertible Debentures and The Company provides warranties for general
Non-Convertible Debentures are recognised in the repairs of defects that existed at the time of sale,
statement of profit and loss, except for properties as required by the contract with the customers.
previously revalued with the revaluation surplus Provisions related to these assurance-type
taken to OCI. For such properties, the impairment is warranties are recognised when the product is
recognised in OCI up to the amount of any previous sold, or the service is provided to the customer.
revaluation surplus. Initial recognition is based on historical experience.
The initial estimate of warranty-related costs is
For assets excluding goodwill, an assessment is revised annually.
made at each reporting date to determine whether
there is an indication that previously recognised


o) Retirement and other employee benefits records liability based on actuarial valuation
Retirement benefit in the form of provident fund computed under projected unit credit method.
and superannuation fund are defined contribution Actuarial gains/losses are immediately taken to the
schemes. The Company has no obligation, other Statement of Profit and Loss and are not deferred.
than the contribution payable to the provident The Company presents the entire leave encashment
fund and superannuation fund. The Company liability as a current liability in the balance sheet
recognizes contribution payable to the provident since the Company does not have an unconditional
fund and superannuation fund as an expense, when right to defer its settlement for more than 12 months
an employee renders the related service. If the after the reporting date.
contribution payable to the scheme for service
received before the balance sheet date exceeds the p) Share-based payments
contribution already paid, the deficit payable to the The Company issues equity-settled options to
scheme is recognized as a liability after deducting certain employees. These are measured at fair value
the contribution already paid. If the contribution on the date of grant. The fair value determined at
already paid exceeds the contribution due for the grant date of the equity settled share-based
services received before the balance sheet date, options is expensed over the vesting period, based
then excess is recognized as an asset to the extent on the Company’s estimate of the shares that will
that the pre-payment will lead to, for example, a eventually vest.
reduction in future payment or a cash refund.
Fair value is measured using Black-Scholes
The Company has a defined benefit gratuity plan in framework and is recognized as an expense,
India, which requires contributions to be made to a together with a corresponding increase in equity,
separately administered fund. over the period in which the options vest using the
graded vesting method. The expected life used
The cost of providing benefits under the defined in the model is adjusted, based on management’s
benefit plan is determined using the projected best estimate, for the effects of non-transferability,
unit credit method. exercise restrictions and behavioural considerations.
The expected volatility and forfeiture assumptions
Remeasurements, comprising of actuarial gains are based on historical information.
and losses and the return on plan assets (excluding
amounts included in net interest on the net defined The dilutive effect of outstanding options if any,
benefit liability), are recognised immediately in the is reflected as additional share dilution in the
balance sheet with a corresponding debit or credit to computation of diluted earnings per share.
retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to q) Financial instruments
profit or loss in subsequent periods. A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
Net interest is calculated by applying the discount liability or equity instrument of another entity.
rate to the net defined benefit liability or asset.
The Company recognises the following changes in Financial assets
the net defined benefit obligation as an expense in Initial recognition and measurement
the statement of profit and loss:
Financial assets are classified, at initial recognition,
• Service costs comprising current service as subsequently measured at amortised cost, fair
costs, past-service costs, gains and losses on value through other comprehensive income (OCI),
curtailments and non-routine settlements; and and fair value through profit or loss.
• Net interest expense or income The classification of financial assets at initial

recognition depends on the financial asset’s
The Company provides other benefits in the form contractual cash flow characteristics and the
of compensated absences. The employees of the Company’s business model for managing them.
Company are entitled to compensated absences With the exception of trade receivables that do
based on the unavailed leave balance. The Company not contain a significant financing component or

Empowering Humanity

for which the Company has applied the practical iii. Financial assets at fair value through profit
expedient, the Company initially measures a or loss (FVTPL)
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or iv. Equity instruments measured at fair value
loss, transaction costs. Trade receivables that do through other comprehensive income (FVTOCI)
not contain a significant financing component or
for which the Company has applied the practical Financial assets at amortised cost
expedient are measured at the transaction price A ‘financial assets’ is measured at the amortised cost
determined under Ind AS 115. Refer to the if both the following conditions are met:
accounting policies in section (d) Revenue from
contracts with customers. a) The asset is held within a business model
whose objective is to hold assets for collecting
For a financial asset to be classified and measured contractual cash flows, and
at amortised cost or fair value through OCI, it needs
to give rise to cash flows that are ‘solely payments of b) Contractual terms of the asset give rise on
principal and interest (SPPI)’ on the principal amount specified dates to cash flows that are solely
outstanding. This assessment is referred to as the payments of principal and interest (SPPI) on the
SPPI test and is performed at an instrument level. principal amount outstanding.
Financial assets with cash flows that are not SPPI are
classified and measured at fair value through profit This category is the most relevant to the Company.
or loss, irrespective of the business model. After initial measurement, such financial assets are
subsequently measured at amortised cost using the
The Company’s business model for managing effective interest rate (EIR) method. Amortised cost
financial assets refers to how it manages its financial is calculated by taking into account any discount
assets to generate cash flows. The business or premium on acquisition and fees or costs that
model determines whether cash flows will result are an integral part of the EIR. The EIR amortisation
from collecting contractual cash flows, selling the is included in finance income in the statement of
financial assets, or both. Financial assets classified profit or loss. The losses arising from impairment
and measured at amortised cost are held within a are recognised in the statement of profit or loss.
business model with the objective to hold financial This category generally applies to trade receivables
assets to collect contractual cash flows while and loan to subsidiaries included under other
financial assets classified and measured at fair value non-current financials assets. For more information
through OCI are held within a business model with on receivables, refer to note 9.
the objective of both holding to collect contractual
cash flows and selling. Financial assets at FVTOCI
A ‘financial assets’ is classified as at the FVTOCI if
Purchases or sales of financial assets that require both of the following criteria are met:
delivery of assets within a time frame established by
regulation or convention in the marketplace (regular a) The objective of the business model is achieved
way trades) are recognised on the trade date, i.e., both by collecting contractual cash flows and
the date that the Company commits to purchase or selling the financial assets, and
sell the asset.
b) The asset’s contractual cash flows
Subsequent measurement represent SPPI.
For purposes of subsequent measurement, financial
assets are classified in four categories: Financial assets included within the FVTOCI
category are measured initially as well as at each
i. Financial assets at amortised cost reporting date at fair value. Fair value movements
are recognized in the other comprehensive income
ii. Financial assets at fair value through other (OCI). However, the Company recognizes interest
comprehensive income (FVTOCI) income, impairment losses and reversals and


foreign exchange gain or loss in the statement Derecognition

of profit and loss. On derecognition of the asset, A financial asset (or, where applicable, a part of a
cumulative gain or loss previously recognised in OCI financial asset or part of a group of similar financial
is reclassified from the equity to statement of profit assets) is primarily derecognised (i.e. removed from
and loss. Interest earned whilst holding FVTOCI the Company’s combined balance sheet) when:
financial assets is reported as interest income using
the EIR method. • The rights to receive cash flows from the asset
have expired, or
Financial assets at FVTPL
FVTPL is a residual category for financial assets. • The Company has transferred its rights to receive
Any financial asset, which does not meet the criteria cash flows from the asset or has assumed an
for categorization as at amortized cost or as FVTOCI, obligation to pay the received cash flows in full
is classified as at FVTPL. without material delay to a third party under a
‘pass-through’ arrangement; and either (a) the
In addition, the Company may elect to designate a Company has transferred substantially all the
financial asset, which otherwise meets amortized risks and rewards of the asset, or (b) the Company
cost or FVTOCI criteria, as at FVTPL. However, such has neither transferred nor retained substantially
election is allowed only if doing so reduces all the risks and rewards of the asset, but has
or eliminates a measurement or recognition transferred control of the asset.
inconsistency (referred to as ‘accounting mismatch’).
The Company has not designated any debt When the Company has transferred its rights to
instrument as at FVTPL. receive cash flows from an asset or has entered into
a pass-through arrangement, it evaluates if and to
Financial asset included within the FVTPL category what extent it has retained the risks and rewards
are measured at fair value with all changes of ownership. When it has neither transferred nor
recognized in the statement of profit and loss. retained substantially all of the risks and rewards of
the asset, nor transferred control of the asset, the
Equity instruments Company continues to recognise the transferred
All equity investments in scope of Ind AS 109 are asset to the extent of the Company’s continuing
measured at fair value. Equity instruments which involvement. In that case, the Company also
are held for trading and contingent consideration recognises an associated liability. The transferred
recognised by an acquirer in a business combination asset and the associated liability are measured on a
to which Ind AS 103 applies are classified as basis that reflects the rights and obligations that the
at FVTPL. For all other equity instruments, the Company has retained.
Company may make an irrevocable election to
present in other comprehensive income subsequent Continuing involvement that takes the form of a
changes in the fair value. The Company makes guarantee over the transferred asset is measured at
such election on an instrument-by-instrument basis. the lower of the original carrying amount of the asset
The classification is made on initial recognition and and the maximum amount of consideration that the
is irrevocable. Company could be required to repay.
If the Company decides to classify an equity Impairment of financial assets

instrument as at FVTOCI, then all fair value changes In accordance with Ind AS 109, the Company applies
on the instrument, excluding dividends, are expected credit loss (ECL) model for measurement
recognized in the OCI. There is no recycling of the and recognition of impairment loss on the following
amounts from OCI to statement of profit or loss, even financial assets and credit risk exposure:
on sale of investment. However, the Company may
transfer the cumulative gain or loss within equity. a) Financial assets that are debt instruments, and
are measured at amortised cost e.g., loans,
Equity instruments included within the FVTPL debt securities, deposits, trade receivables
category are measured at fair value with all changes and bank balance;
recognized in the statement of profit and loss.

Empowering Humanity

b) Trade receivables or any contractual right to be estimated reliably, then the entity is required
receive cash or another financial asset that to use the remaining contractual term of the
result from transactions that are within the financial instrument;
scope of Ind AS 115.
• Cash flows from the sale of collateral held or
The Company follows ‘simplified approach’ for other credit enhancements that are integral to the
recognition of impairment loss allowance on: contractual terms.
• Trade receivables or contract revenue ECL impairment loss allowance (or reversal)
receivables; and recognized during the period is recognized as
income/expense in the statement of profit and
• All lease receivables resulting from transactions loss. This amount is reflected under the head
within the scope of Ind AS 116 ‘other expenses’ in the statement of profit and loss.
The balance sheet presentation for various financial
The application of simplified approach does not instruments is described below:
require the Company to track changes in credit risk.
Rather, it recognises impairment loss allowance • Financial assets measured as at amortised cost,
based on lifetime ECLs at each reporting date, right contractual revenue receivables and lease
from its initial recognition. receivables: ECL is presented as an allowance,
i.e., as an integral part of the measurement of
For recognition of impairment loss on other financial those assets in the balance sheet. The allowance
assets and risk exposure, the Company determines reduces the net carrying amount. Until the asset
that whether there has been a significant increase meets write-off criteria, the Company does not
in the credit risk since initial recognition. If credit risk reduce impairment allowance from the gross
has not increased significantly, 12-month ECL is used carrying amount.
to provide for impairment loss. However, if credit risk
has increased significantly, lifetime ECL is used. If, in For assessing increase in credit risk and impairment
a subsequent period, credit quality of the instrument loss, the Company combines financial instruments on
improves such that there is no longer a significant the basis of shared credit risk characteristics with the
increase in credit risk since initial recognition, then objective of facilitating an analysis that is designed
the entity reverts to recognising impairment loss to enable significant increases in credit risk to be
allowance based on 12-month ECL. identified on a timely basis.
Lifetime ECL are the expected credit losses resulting The Company does not have any purchased or
from all possible default events over the expected originated credit-impaired (POCI) financial assets,
life of a financial instrument. The 12-month ECL is a i.e., financial assets which are credit impaired on
portion of the lifetime ECL which results from default purchase/origination.
events that are possible within 12 months after the
reporting date. Financial liabilities
Initial recognition and measurement
ECL is the difference between all contractual cash Financial liabilities are classified, at initial recognition,
flows that are due to the Company in accordance as financial liabilities at fair value through profit
with the contract and all the cash flows that the or loss, loans and borrowings, payables, or as
entity expects to receive (i.e., all cash shortfalls), derivatives designated as hedging instruments in an
discounted at the original EIR. When estimating the effective hedge, as appropriate.
cash flows, an entity is required to consider:
All financial liabilities are recognised initially at fair
• All contractual terms of the financial instrument value and, in the case of loans and borrowings
(including prepayment, extension, call and similar and payables, net of directly attributable
options) over the expected life of the financial transaction costs.
instrument. However, in rare cases when the
expected life of the financial instrument cannot


The Company’s financial liabilities include trade and or costs that are an integral part of the EIR. The EIR
other payables, loans and borrowings including bank amortisation is included as finance costs in the
overdrafts and derivative financial instruments. statement of profit and loss. This category generally
applies to borrowings. For more information refer
Subsequent measurement note 19 and note 20.
The measurement of financial liabilities depends on
their classification, as described below: Buyers’ Credit/Suppliers’ Credit
The Company enters into arrangements whereby
• Financial liabilities at fair value financial institutions make direct payments to
through profit or loss suppliers for raw materials and project materials.
The financial institutions are subsequently repaid
• Financial liabilities at amortised cost (loans by the Company at a later date providing working
and borrowings) capital timing benefits. These are normally settled
up within 12 months to 36 months. Where these
Financial liabilities at fair value through profit or loss arrangements are with a maturity of up to twelve
Financial liabilities at fair value through profit or months the economic substance of the transaction is
loss include financial liabilities held for trading determined to be operating in nature and these are
and financial liabilities designated upon initial recognised as operational buyers’ credit/suppliers’
recognition as at fair value through profit or loss. credit (under Trade payables). Interest expense on
Financial liabilities are classified as held for trading if these are recognised in the finance cost.
they are incurred for the purpose of repurchasing in
the near term. This category also includes derivative Derecognition
financial instruments entered into by the Company A financial liability is derecognised when the
that are not designated as hedging instruments obligation under the liability is discharged or
in hedge relationships as defined by Ind AS 109. cancelled or expires. When an existing financial
Separated embedded derivatives are also classified liability is replaced by another from the same
as held for trading unless they are designated as lender on substantially different terms, or the terms
effective hedging instruments. of an existing liability are substantially modified,
such an exchange or modification is treated as
Gains or losses on liabilities held for trading are the derecognition of the original liability and the
recognised in the profit or loss. recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
Financial liabilities at amortised cost (loans and statement of profit and loss.
borrowings)
This is the category most relevant to the Company. Embedded derivatives
After initial recognition, interest-bearing loans and An embedded derivative is a component of a
borrowings are subsequently measured at amortised hybrid (combined) instrument that also includes a
cost using the EIR method. Gains and losses are non-derivative host contract – with the effect that
recognised in profit or loss when the liabilities some of the cash flows of the combined instrument
are derecognised as well as through the EIR vary in a way similar to a stand-alone derivative.
amortisation process. An embedded derivative causes some or all of the
cash flows that otherwise would be required by the
Amortised cost is calculated by taking into account contract to be modified according to a specified
any discount or premium on acquisition and fees interest rate, financial instrument price, commodity

Empowering Humanity

price, foreign exchange rate, index of prices or The following table shows various reclassification
rates, credit rating or credit index, or other variable, and how they are accounted for:
provided in the case of a non-financial variable that
the variable is not specific to a party to the contract.
Original Revised
Reassessment only occurs if there is either a change Accounting Treatment
classification Classification
in the terms of the contract that significantly modifies
Amortised FVTPL Fair value is measured at
the cash flows that would otherwise be required or
Cost reclassification date. Difference
a reclassification of a financial asset out of the fair
between previous amortised
value through profit or loss. cost and fair value is recognised
in statement of profit and loss.
If the hybrid contract contains a host that is a FVTPL Amortised Fair value at reclassification date
financial asset within the scope of Ind AS 109, the Cost becomes its new gross carrying
Company does not separate embedded derivatives. amount. EIR is calculated based
Rather, it applies the classification requirements on the new gross carrying
contained in Ind AS 109 to the entire hybrid contract. amount.
Derivatives embedded in all other host contracts are Amortised FVTOCI Fair value is measured at
accounted for as separate derivatives and recorded cost reclassification date. Difference
at fair value if their economic characteristics and between previous amortised
risks are not closely related to those of the host cost and fair value is recognised
contracts and the host contracts are not held for in OCI. No change in EIR due to
trading or designated at fair value though profit or reclassification.
loss. These embedded derivatives are measured FVTOCI Amortised Fair value at reclassification
at fair value with changes in fair value recognised cost date becomes its new amortised
in profit or loss, unless designated as effective cost carrying amount. However,
hedging instruments. cumulative gain or loss in OCI
is adjusted against fair value.
Reclassification of financial assets Consequently, the asset is
The Company determines classification of financial measured as if it had always
assets and liabilities on initial recognition. After initial been measured at amortised
cost.
recognition, no reclassification is made for financial
assets which are equity instruments and financial FVTPL FVTOCI Fair value at reclassification
date becomes its new carrying
liabilities. For financial assets which are debt
amount. No other adjustment is
instruments, a reclassification is made only if there
required.
is a change in the business model for managing
FVTOCI FVTPL Assets continue to be measured
those assets. Changes to the business model are
at fair value. Cumulative gain or
expected to be infrequent. The Company’s senior
loss previously recognised in
management determines change in the business
OCI is reclassified to statement
model as a result of external or internal changes of profit and loss at the
which are significant to the Company’s operations. reclassification date.
Such changes are evident to external parties.
A change in the business model occurs when the
Offsetting of financial instruments
Company either begins or ceases to perform an
Financial assets and financial liabilities are offset and
activity that is significant to its operations. If the
the net amount is reported in the balance sheet if
Company reclassifies financial assets, it applies the
there is a currently enforceable legal right to offset
reclassification prospectively from the reclassification
the recognised amounts and there is an intention to
date which is the first day of the immediately
settle on a net basis, to realise the assets and settle
next reporting period following the change in
the liabilities simultaneously.
business model. The Company does not restate
any previously recognised gains, losses (including
impairment gains or losses) or interest.


r) Derivative financial instruments and hedge At the inception of a hedge relationship, the
accounting Company formally designates and documents the
Initial recognition and subsequent measurement hedge relationship to which the Company wishes to
The Company uses derivative financial apply hedge accounting and the risk management
instruments, such as forward currency contracts objective and strategy for undertaking the hedge.
and commodity future contracts to hedge its The documentation includes the Company’s risk
foreign currency risks and commodity price risks, management objective and strategy for undertaking
respectively. Such derivative financial instruments hedge, the hedging/economic relationship, the
are initially recognised at fair value on the date hedged item or transaction, the nature of the risk
on which a derivative contract is entered into being hedged, hedge ratio and how the entity will
and are subsequently re-measured at fair value. assess the effectiveness of changes in the hedging
Derivatives are carried as financial assets when the instrument’s fair value in offsetting the exposure
fair value is positive and as financial liabilities when to changes in the hedged item’s fair value or cash
the fair value is negative. flows attributable to the hedged risk. Such hedges
are expected to be highly effective in achieving
The purchase contracts that meet the definition of a offsetting changes in fair value or cash flows and
derivative under Ind AS 109 are recognised in the are assessed on an ongoing basis to determine that
statement of profit and loss. Commodity contracts they actually have been highly effective throughout
that are entered into and continue to be held the financial reporting periods for which they
for the purpose of the receipt or delivery of a were designated.
non-financial item in accordance with the Company’s
expected purchase, sale or usage requirements Cash flow hedges that meet the strict criteria
are held at cost. for hedge accounting are accounted for, as
described below:
Any gains or losses arising from changes in the
fair value of derivatives are taken directly to profit The effective portion of the gain or loss on the
or loss, except for the effective portion of cash hedging instrument is recognised in OCI in the cash
flow hedges, which is recognised in OCI and later flow hedge reserve, while any ineffective portion
reclassified to profit or loss when the hedge item is recognised immediately in the statement of
affects profit or loss or treated as basis adjustment profit and loss.
if a hedged forecast transaction subsequently
results in the recognition of a non-financial asset or Amounts recognised as OCI are transferred to profit
non-financial liability. or loss when the hedged transaction affects profit or
loss, such as when the hedged financial expense is
For the purpose of hedge accounting, hedges recognised or when a forecast sale occurs. When the
are classified as: hedged item is the cost of a non-financial asset or
non-financial liability, the amounts recognised as OCI
• Fair value hedges when hedging the exposure to are transferred to the initial carrying amount of the
changes in the fair value of a recognised asset or non-financial asset or liability.
liability or an unrecognised firm commitment;
If the hedging instrument expires or is sold,
• Cash flow hedges when hedging the exposure to terminated or exercised without replacement or
variability in cash flows that is either attributable rollover (as part of the hedging strategy), or if its
to a particular risk associated with a recognised designation as a hedge is revoked, or when the
asset or liability or a highly probable forecast hedge no longer meets the criteria for hedge
transaction or the foreign currency risk in an accounting, any cumulative gain or loss previously
unrecognised firm commitment; recognised in OCI remains separately in equity
until the forecast transaction occurs or the foreign
• Hedges of a net investment in a foreign operation. currency firm commitment is met.

Empowering Humanity

s) Earnings per share (EPS) understanding of the company’s financial position

Basic EPS is calculated by dividing the profit for the or performance.
period attributable to ordinary equity shareholders
of the Company by the weighted average number of Accordingly, the Company has elected to present
Equity shares outstanding during the period. EBITDA as a separate line item on the face of the
statement of profit and loss. The Company measures
Diluted EPS is calculated by dividing the profit EBITDA on the basis of profit/(loss) from continuing
attributable to ordinary equity shareholders of the operations. In its measurement, the Company does
Company by the weighted average number of not include depreciation and amortization expense,
Equity shares outstanding during the period plus finance income, finance costs and tax expense.
the weighted average number of Equity shares that
would be issued on conversion of all the dilutive 2.3 New and amended standards
potential equity shares into equity shares. Amendments to Standards effective 1 April 2022
Indian Accounting Standards rules have been amended
t) Cash and cash equivalents via notification dated 23 March 2022. The amendments
Cash and cash equivalent in the balance sheet were applicable from 01 April 2022, but did not
comprise cash at banks and on hand and short-term have a material impact on the financial statements
deposits with an original maturity of three months of the Company.
or less, which are subject to an insignificant risk of
changes in value. • Amendments to Ind AS 101 – First-time
Adoption of Ind AS
For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term • Amendments to Ind AS 103 - Business Combination
deposits, as defined above, net of outstanding bank
overdrafts as they are considered an integral part of • Amendments to Ind AS 109 – Financial Instruments
the Company’s cash management.
• Amendments to Ind AS 16 – Property,
u) Cash dividend distribution to equity holders of the Plant and Equipment
Company
The Company recognises a liability to make cash • Amendments to Ind AS 37 – Provisions, Contingent
distributions to equity holders of the Company Liabilities and Contingent Assets
when the distribution is authorised, and the
distribution is no longer at the discretion of the • Amendments to Ind AS 41 - Agriculture
Company. As per the corporate laws in India, a
distribution is authorised when it is approved by the Amendments to Standards effective 1 April 2023
shareholders. A corresponding amount is recognised The Ministry of Corporate Affairs has notified Companies
directly in equity. (Indian Accounting Standards) Amendment Rules,
2023 dated 31 March 2023 to amend the following Ind
v) Presentation of EBITDA AS which are effective from 01 April 2023 which are
The Company presents Earnings before interest, not expected to have material impact on the financial
tax, depreciation and amortisation (‘EBITDA’) in the statements of the Company.
statement of profit or loss; this is not specifically
required by Ind AS 1. The term EBITDA is not • Ind AS 1 – Presentation of Financial Statements
defined in Ind AS. Ind AS compliant Schedule III The amendments require companies to disclose their
allows companies to present line items, sub-line material accounting policies rather than their significant
items and sub-totals to be presented as an accounting policies. Accounting policy information,
addition or substitution on the face of the financial together with other information, is material when it can
statements when such presentation is relevant to an reasonably be expected to influence decisions of primary
users of general purpose financial statements.


• Ind AS 12 – Income Taxes • Ind AS 8 – Accounting Policies, Changes in Accounting

The amendments clarify how companies account Estimates and Errors
for deferred tax on transactions such as leases and The amendments will help entities to distinguish
decommissioning obligations. The amendments narrowed between accounting policies and accounting estimates.
the scope of the recognition exemption in paragraphs The definition of a change in accounting estimates has
15 and 24 of Ind AS 12 (recognition exemption) so been replaced with a definition of accounting estimates.
that it no longer applies to transactions that, on initial Under the new definition, accounting estimates are
recognition, give rise to equal taxable and deductible “monetary amounts in financial statements that are
temporary differences. subject to measurement uncertainty”. Entities develop
accounting estimates if accounting policies require items
in financial statements to be measured in a way that
involves measurement uncertainty.

NOTE 3: PROPERTY, PLANT AND EQUIPMENT & RIGHT-OF-USE ASSETS
(H in million)
132
Owned assets Right-of-use assets
Furniture Data Sub-
Freehold Leasehold Plant and Office Electrical Sub-total Office Total
DESCRIPTION Buildings and Vehicles processing Land Vehicles total
land improvements machinery equipment installations (A) building (A+B)
fixtures equipment (B)
Cost
As at 01 April 2021 485.89 60.64 1,029.56 3,059.04 46.94 26.61 46.07 251.30 134.77 5,140.82 3.17 184.71 10.67 198.55 5,339.37
Additions - - 2.68 147.18 0.21 - 7.11 12.86 27.02 197.06 - 599.83 - 599.83 796.89
Disposals - 36.52 30.95 76.37 10.61 6.73 6.92 - 10.78 178.88 - - 3.91 3.91 182.79
As at 31 March 485.89 24.12 1,001.29 3,129.85 36.54 19.88 46.26 264.16 151.01 5,159.00 3.17 784.54 6.76 794.47 5,953.47
2022
Additions - - 17.70 121.17 0.76 4.50 7.29 - 8.73 160.15 6.74 - - 6.74 166.89

Disposals - - - 14.40 6.36 14.61 10.33 0.01 1.37 47.08 - - - - 47.08
As at 31 March 485.89 24.12 1,018.99 3,236.62 30.94 9.77 43.22 264.15 158.37 5,272.07 9.91 784.54 6.76 801.21 6,073.28
2023
Accumulated depreciation
As at 1 April 2021 - 56.40 382.45 2,133.65 39.61 15.50 37.02 136.73 104.79 2,906.15 0.28 165.22 2.82 168.32 3,074.47
Depreciation - 3.52 33.94 160.28 2.59 4.66 5.08 15.20 19.64 244.91 0.04 76.38 2.49 78.91 323.82
charged during the
year
Disposals - 35.86 34.53 21.54 9.96 4.68 6.10 - 10.02 122.69 - - 2.17 2.17 124.86
As at 31 March - 24.06 381.86 2,272.39 32.24 15.48 36.00 151.93 114.41 3,028.37 0.32 241.60 3.14 245.06 3,273.43
2022
Depreciation - - 77.22 144.09 0.63 0.52 5.07 26.59 18.27 272.39 0.08 116.91 1.71 118.70 391.09
charged during the
year
Disposals - - - 16.42 6.05 11.32 9.06 0.01 0.21 43.07 - - - - 43.07
As at 31 March - 24.06 459.08 2,400.06 26.82 4.68 32.01 178.51 132.47 3,257.69 0.40 358.51 4.85 363.76 3,621.45
2023
Net block as at 31 485.89 0.06 619.43 857.46 4.30 4.40 10.26 112.23 36.60 2,130.63 2.85 542.94 3.62 549.41 2,680.04
March 2022
Net block as at 31 485.89 0.06 559.91 836.56 4.12 5.09 11.21 85.64 25.90 2,014.38 9.51 426.03 1.91 437.45 2,451.83
March 2023
Title deeds in respect of all the immovable properties are in the name of the Company.
NOTE 4: CAPITAL WORK IN PROGRESS

Particulars (I in million)
As at 1 April 2021 5.96
Additions 211.11
Capitalised during the year (197.06)
As at 31 March 2022 20.01
Additions 176.09
As at 31 March 2023 35.95
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Capital work in progress mainly includes capital expenditure incurred for plant & machinery.

Following is the ageing of capital work in progress

(H in million)
Amount in capital work in progress for

As at 31 March 2023 As at 31 March 2022
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in progress 35.95 - - - 35.95 19.11 0.22 0.68 - 20.01
Total 35.95 - - - 35.95 19.11 0.22 0.68 - 20.01
There are no projects for which completion is overdue or has exceeded its cost compared to its original budget.]
NOTE 5: INTANGIBLE ASSETS

(H in million)
DESCRIPTION Software/Licenses
Cost
As at 01 April 2021 311.84
Additions 10.93
As at 31 March 2022 322.77
Additions 21.06
Disposals 24.41
As at 31 March 2023 319.42
Amortisation
As at 01 April 2021 159.65
Amortisation charge for the year 66.83
As at 31 March 2022 226.48
Amortisation charge for the year 47.31
Disposals 24.30
As at 31 March 2023 249.49
Net block as at 31 March 2022 96.29
Net block as at 31 March 2023 69.93
NOTE 6 : INVESTMENTS IN ASSOCIATE

(H in million)
31 March 2023 31 March 2022

Non-current
Investment in equity shares- unquoted (valued at cost)
Sterlite Interlinks Limited [refer note 7(f)]
Nil (31 March 2022: 4,900) equity shares of H 10 each fully paid up - 0.05
Total - 0.05
NOTE 7: INVESTMENTS
(H in million)
31 March 2023 31 March 2022
NON-CURRENT
Investments in equity shares- unquoted (valued at fair value through other comprehensive income)
Investments in joint ventures
Sterlite Grid 13 Limited 121.07 502.93
1,65,10,511 (31 March 2022: 3,10,000) equity shares of I 10 each fully paid up
Sterlite Grid 14 Limited (refer note d below) 181.44 105.29
60,000 (31 March 2022: 60,000) equity shares of I 10 each fully paid up
Sterlite Grid 18 Limited (refer note a & d below) 102.57 -

Empowering Humanity

(H in million)
31 March 2023 31 March 2022
6,18,61,000 (31 March 2022: 6,18,61,000) equity shares of I 10 each fully paid up
Sterlite Grid 29 Limited (refer note c & d below) 36.46 760.63
Investments in subsidiaries
Sterlite Grid 5 Limited (refer note c below) - 0.50
1,00,000 (31 March 2022: 1,00,000) equity shares of I 10 each fully paid up
Sterlite Grid 26 Limited - 1.00


(H in million)
31 March 2023 31 March 2022
Sterlite Grid 31 Limited 1.50 -
1,50,000 (31 March 2022: Nil) equity shares of I 10 each fully paid up
10,000 (31 March 2022: Nil) equity shares of I 10 each fully paid up
Sterlite Convergence Limited 0.50 0.50
Sterlite Interlinks Limited (refer note f below) 13.41 -
Maharashtra Transmission Communication Infrastructure Limited (refer note e below) 411.15 411.15
Sterlite EdIndia Foundation 0.50 0.50
Sterlite Brazil Participacoes S.A. 2,717.26 3,340.96
30,43,91,209 (31 March 2022: 27,78,97,092) equity shares of R$ 1 each fully paid up
One Grid Limited 0.10 0.10
Investment in non-convertible debentures (unquoted) (valued at amortised cost)
Sterlite Grid 13 Limited 2,672.48 1,651.30
23,03,14,139 (31 March 2022: 15,15,74,650) Non- convertible debentures of face value of I 10 each*
Sterlite Grid 18 Limited (refer note a below) 2,499.58 2,252.29
Less: Impairment on investment in non convertible debentures - (104.21)
2,499.58 2,148.08
Sterlite Grid 29 Limited 1,615.44 1,453.82
Investment in Compulsorily convertible debentures (unquoted) (valued at fair value through statement of
profit and loss)
Sterlite Grid 18 Limited (refer note a below) 845.20 50.50
8,45,20,250 (31 March 2022: 50,50,250) 0.01% Compulsorily convertible debentures of face value of I 10
each
Less: Impairment on investment in Compulsorily convertible debentures - (50.50)
845.20 -

Empowering Humanity

(H in million)
31 March 2023 31 March 2022
1,73,62,513 (31 March 2022: 48,52,613) 0.01% Compulsorily convertible debentures of face value of I 10
each
Others (valued at fair value through other comprehensive income)
Sharper Shape Group Inc 100.20 112.45
6,62,600 (31 March 2022: 26,504) common stock of USD 0.0004 (31 March 2022: USD 0.01) each fully
paid up (refer note g below)
Equity component of loan given to subsidiaries (refer note b below)
Sterlite Grid 5 Limited # 286.02 305.71
Sterlite Grid 26 Limited # - -
Sterlite Convergence Limited 28.07 28.07
460.09 333.78
Total 12,648.10 11,445.10
*The Company has subscribed to the non convertible debentures issued by the joint ventures which are redeemable at premium of 12.30% - 13.70% p.a.
payable at the time of redemeption.
#The fair market value of the investment in Sterlite Grid 5 Limited ('SGL5') and Sterlite Grid 26 Limited ('SGL26') was below cost, hence the Company has
recognised an impairment of I 365.67 and I 202.08 million on equity component of loan through other comprehensive income.
(a) In earlier years, the fair market value of the investment in Sterlite Grid 18 Limited ('SGL18') was below cost, hence the
Company had recognised the impairment on compulsorily convertible debentures and non-convertible debentures.
However, during the current year, the Company has reversed the impairment on compulsorily convertible debentures and
non-convertible debentures based on fair valuation.
(b) The Company has given interest free loans to wholly owned subsidiaries, amounting to I 2,703.60 million repayable after
1-3 years. The loans being financial asset, have been discounted to present value amounting to I 2,082.62 million at
initial recognition. The balance of I 620.98 million being the difference between present value and loan amount has been
recognised as equity component. During the current year, the Company has extended term of loan given to Sterlite Grid 5
Limited ('SGL5') which has resulted in change in equity component of loan.
c) Pursuant to Share Purchase Agreement ("Agreement") dated 3 April 2021 executed among the Company's wholly owned
subsidiary Sterlite Grid 5 Limited ('SGL5'), wholly owned subsidiary of SGL5 i.e. Goa- Tamnar Transmission Project Limited
("GTTPL") and wholly owned subsidiary of the Company Sterlite Grid 29 Limited ('SGL29'), 100% equity shareholding of
GTTPL held by the SGL5 is transferred to SGL29.
(d) The Company has entered into a Framework Agreement with AMP Capital Infrastructure Investment No.2 S.A R.L.
(‘AMP Capital’) dated 28 December 2020 (‘the Agreement’) for investment in the subsidiaries of the Company which are
engaged in the business of developing, designing, financing, constructing and maintaining power transmission systems on
a ‘build own operate and maintain’ basis in India. Pursuant to the agreement, AMP Capital has invested in 50% of the paid
up equity share capital of Sterlite Grid 14 Limited (‘SGL14’), Sterlite Grid 18 Limited ('SGL18') and Sterlite Grid 29 Limited
('SGL29') on 6 April 2021. Accordingly, as per the terms of the agreement and rights available to the Company, investment
in SGL14, SGL18 and SGL29 have been classified as investment in joint ventures.
(e) Pursuant to Share purchase agreement ('SPA') dated 29 March 2022 executed between the Company, Sterlite Technologies
Limited ('STL'), Maharashtra State Electricity Transmission Company Limited ('MSETCL') and Maharashtra Transmission
Communication Infrastructure Limited ('MTCIL'), the Company has purchased 64.98% equity stake in MTCIL from STL
for agreed consideration of I 430.00 million. SPTL has paid advance consideration of I 200.00 million and balance
consideration of I 230.00 million is payable in 2 tranches. First Tranche of I 100.00 million is payable within a period 6
months from date of SPA which has been paid during the financial year 2022-23 and second tranche of I 130.00 million is


payable after 18 months from the date of SPA. Accordingly consideration payable after 18 months has been accounted at
effective interest rate method ('EIR'). As a result, MTCIL became the subsidiary of the Company w.e.f. 31 March 2022.
(f) Pursuant to Securities purchase agreement ('SPA') dated 1 June 2022 executed between the Company, PTC Cables Private
Limited and Sterlite Interlinks Limited ('SIL'), the Company has purchased 51% equity stake in SIL from PTC Cables Private
Limited for agreed consideration of I 13.36 million. As a result, SIL became the wholly owned subsidiary of the Company
from associate w.e.f. 1 June 2022.
(g) During the year, 1 common stock of Sharper shape Group Inc. of USD 0.01 each fully paid up has been splitted into 25
common stock of USD 0.0004 each fully paid up.
(H in million)
31 March 2023 31 March 2022
CURRENT
Investment in mutual funds - quoted (valued at fair value through profit or loss)
3,39,250.82 units (31 March 2022: Nil units) of Axis Overnight Fund Direct Growth (ONDGG) 402.20 -
3,33,283.31 units (31 March 2022: Nil units) of ICICI Prudential P9693 Overnight Fund Direct Plan Growth 402.80 -
Total 805.00 -
Current (mutual fund units) 805.00 -
Non-current (equity shares) 3,706.16 5,249.51
Non-current (non-convertible debentures) 7,463.02 5,813.18
Non-current (compulsorily convertible debentures) 1,018.83 48.63
Non-current (equity component of loan given to subsidiaries) 460.09 333.78
Aggregate value of quoted investments (mutual fund units) 805.00 -

Aggregate value of unquoted investments (equity shares) 3,706.16 5,249.51
Aggregate value of unquoted investments (non-convertible debentures) 7,463.02 5,813.18
Aggregate value of unquoted investments (compulsorily convertible debentures) 1,018.83 48.63
Aggregate value of unquoted investments (equity component of loan given to subsidiaries) 460.09 333.78
Investments at fair value through other comprehensive income and fair value through statement of profit and loss reflect
investment in quoted mutual fund units, unquoted equity securities and compulsorily convertible debentures. Refer note 47
for determination of their fair values.
NOTE 8: LOANS (UNSECURED, CONSIDERED GOOD)

(H in million)
31 March 2023 31 March 2022

Loans to related parties (refer note 50)* - 35.52
Loans to subsidiaries [refer note 50 & 7(b)]# 2,113.07 5,716.40
Total 2,113.07 5,751.92
Current 231.10 4,586.26
Non-Current 1,881.97 1,165.66
* During the current year, the Company has given unsecured loan to Serentica Renewables India Private Limited (formerly Sterlite Power Technologies
Private Limited) amounting to I 383.68 million (March 31, 2022: 35.52 million) (including accumulated interest accrued) carrying interest at the rate of 11%
p.a. and is repayable within 1 year. The loan has been repaid during the year.
# Indian rupee loan to subsidiaries which are either repayable on demand or with repayment terms of 1-3 years and these loans carry Nil rate of interest.
Compliance to the provisions of Section 186 of the Companies Act, 2013

The Company has given interest free loans amounting to its I 1,010.26 million to wholly owned subsidiaries and the outstanding
balance of total loan is of I 2,113.07 million (discounted amount) as at year end. Based on the legal opinion obtained by the
management, for the purpose of the compliance with Section 186 of the Companies Act, 2013, the Company is considered as
infrastructure company as per Schedule VI of the Companies Act, 2013 as the Company is engaged in construction of power
transmission lines and manufacturing of power products and solutions. Accordingly, the provisions of section 186 (2) to section
186 (11) are not applicable to the Company.

Empowering Humanity

Break up of loans and advances in the nature of loans as at year end that are either repayable on demand or without
specifying any term or period of repayment:
(H in million)
31 March 2023 31 March 2022

Amount of Percentage to Amount of Percentage to
loan and the total loans loan and the total loans
Type of borrower advance in the and advances advance in the and advances
nature of loan in the nature of nature of loan in the nature of
outstanding: loans: outstanding: loans:
Promoter - - - -
Directors - - - -
KMPs - - - -
Related parties * 41.30 1.95% 4,550.74 79.12%
* Includes loan to subsidiary which carries nil rate of interest and is repayable on demand.
The Company has not granted loans to its promoters, directors, KMPs and the related parties (as defined under Companies Act,
2013) which are repayable on demand or without specifying any terms or period of repayment other than mentioned above.
Details of loan given by the Company (unsecured)

(H in million)
As on 31 March 2023 As on 31 March 2022
Name of entities
Amount of loan % of total loan Amount of loan % of total loan
Non current
Loans to related parties
Fellow subsidiaries - - - -
Wholly owned subsidiaries 1,881.97 100.00% 1,165.66 100.00%
Totals 1,881.97 100.00% 1,165.66 100.00%
Current
Loans to related parties
Fellow subsidiaries - - 35.52 0.77%
Wholly owned subsidiaries 231.10 100.00% 4,550.74 99.23%
Totals 231.10 100.00% 4,586.26 100.00%
NOTE 9: TRADE RECEIVABLES

(H in million)
31 March 2023 31 March 2022
Non-current
Trade receivables 631.06 699.43
Total 631.06 699.43
Break-up for security details:
- Unsecured, considered good - -
- Unsecured, credit impaired receivables 631.06 699.43
631.06 699.43
Impairment allowance (allowance for bad and doubtful debts)
Total non-current trade receivables - -
Current
Trade receivables 8,607.99 6,684.75
Receivable from related parties (refer note 50) 8,164.25 6,806.75
Total 16,772.24 13,491.50


(H in million)
31 March 2023 31 March 2022
- Unsecured, considered good 16,772.24 13,491.50
- Unsecured, credit impaired receivables - -
16,772.24 13,491.50
16,772.24 13,491.50
Total current trade receivables 16,772.24 13,491.50
Ageing of current trade receivables

(H in million)
Outstanding for following periods from due date of payment
Particulars Current but Less than 6 months - More than
1-2 years 2-3 years Total
not due 6 months 1 year 3 years
As at 31 March 2023
Undisputed Trade receivables – 11,746.99 4,191.53 357.55 300.68 19.68 155.81 16,772.24
considered good
Undisputed Trade receivables – which - - - - - - -
have significant increase in credit risk
Undisputed Trade receivables – credit 0.03 21.49 63.60 36.00 123.00 386.94 631.06
impaired
Disputed Trade receivables – considered - - - - - - -
good
Disputed Trade receivables – which have - - - - - - -
significant increase in credit risk
Disputed Trade receivables – credit - - - - - - -
impaired
Total 11,747.02 4,213.02 421.15 336.68 142.68 542.75 17,403.30
As at 31 March 2022
considered good
Undisputed Trade receivables – credit - 64.93 9.04 184.75 5.27 435.44 699.43
impaired
good
Disputed Trade receivables – credit - - - - - - -
impaired
Total 9,908.00 3,034.85 278.64 349.30 50.38 569.76 14,190.93
No trade receivable are due from directors or other officers of the Company either severally or jointly with any other person.
Trade receivables are non-interest bearing and credit period varies as per the contractual terms with the customers which is
generally between 30 - 180 days.
Refer note 48 on credit risk of trade receivables, which explains how the Company manages and measures credit quality of trade
receivables that are neither past due or impaired.

Empowering Humanity

NOTE 10: OTHER FINANCIAL ASSETS

(H in million)
31 March 2023 31 March 2022
Non-current
Security deposits (unsecured, considered good) 68.38 66.20
Other bank balance* 1,115.01 848.83
Total other non-current financials assets 1,183.39 915.03
*Represents margin money against various guarantees issued by banks on behalf of the Company and fixed deposits which have been marked lien to
government/local authorities.
Current
Advances recoverable in cash (unsecured, considered good) (refer note 50) 28.40 28.40
Interest accrued on fixed deposits 72.29 28.24
Earnest money deposit with customer (unsecured, considered good) 24.53 40.52
Consideration receivable on sale of investments in subsidiaries (unsecured, considered good) 1,050.05 1,237.67
Other receivables from related parties (unsecured, considered good) (refer note 50) 89.70 136.87
1,306.07 1,513.18
Derivative instruments
- Commodity futures 539.42 522.69
539.42 522.69
Total other current financial assets 1,845.49 2,035.87
Security deposits are non-derivative financial assets and are refundable in cash. These are measured based on effective
interest method.
Derivative instruments reflect the change in fair value of commodity futures, designated as cash flow hedges to hedge highly
probable forecasts/firm commitments for purchase of aluminium and copper.
Earnest money deposit from customers are non-derivative financial assets and are refundable in cash.
Consideration receivable on sale of investments in subsidiaries and receivables from related parties are non-derivative financial
assets and are recoverable in cash.
NOTE 11: OTHER ASSETS

(H in million)
31 March 2023 31 March 2022

Non-current
Balances with government authorities 202.97 335.09
Deposit paid under dispute (refer note 42) 98.87 78.14
Prepaid expenses 132.20 21.90
Total other non-current assets 434.04 435.13
Current
Advances to vendors/contractors (unsecured) 1,364.02 936.33
Balances with government authorities 2,290.71 1,671.11
Contract assets related to EPC contracts 1,687.83 976.82
Others 0.12 1.18
Total other current assets 5,611.33 3,875.83


NOTE 12: ASSETS AND LIABILITIES HELD FOR SALE

Pursuant to Ind AS - 105 ""Non Current Assets Held for Sale and Discontinued Operations"", the Company has identified
non-current assets referred to in below notes as held for sale as the carrying amount of these assets will be recovered principally
through a sale transaction rather than through continuing use. These assets are available for immediate sale in its present
condition and the sale transactions are highly probable.
Following assets and liabilities are classified as held for sale as at 31 March 2023 and as at 31 March 2022:
(C in million)
31 March 2023 31 March 2022

Investment in equity shares (unquoted and valued at fair value through other comprehensive income)
Khargone Transmission Limited*
1.56 million equity shares of C 10 each fully paid up - 101.35
Total - 101.35
Assets classified as held for sale - non-current - -
Assets classified as held for sale - current - 101.35
*Sale of Khargone Transmission Limited
During the year ended 31 March 2023, the Company entered into share purchase agreement and shareholders’ agreement
dated 21 January 2023 (“the Agreements”) among Khargone Transmission Limited ('KTL' referred as “the SPV”), Sterlite
Power Transmission Limited ('SPTL'), Axis Trustee Services Limited (on behalf of and acting in its capacity as trustee to India
Grid Trust) and IndiGrid Investments Managers Limited (in its capacity as investment manager of India Grid Trust). Pursuant to
the Agreements, the Company transferred 49% of equity in the SPV and for transfer of the remaining 51% equity stake, the
Company has received consideration in advance which is non-refundable. The remaining stake will be transferred to the buying
shareholder on expiry of the mandatory shareholding period in the SPV. Under the Agreements, the Company had also given the
following rights to the buying shareholder:
a. Right to nominate all directors on the board of directors of the SPV;
b. Right to direct the selling shareholders to vote according to its instructions in the AGM/EGM or any other meetings of
shareholders of the SPV;
c. Irrevocable and unconditional call option to acquire the remaining 51% equity stake in the SPV at later dates.
d. Pledge on the remaining 51% equity stake in the SPV;
e. Non-disposal undertaking from the selling shareholders for the remaining 51% equity stake in the SPV.
Basis the above rights and the fact that full non-refundable consideration was received in advance by the Company from the
buyers, the Company has derecognised entire investment in the SPV and recognised a loss of H 32.86 million on sale of the SPV
during the current year through other comprehensive income.

Empowering Humanity

NOTE 13: INVENTORIES (VALUED AT LOWER OF COST AND NET REALISABLE VALUE)
(H in million)
31 March 2023 31 March 2022
Raw materials and components [includes stock in transit I 325.61 million (31 March 2022: H 51.49 million)] 2,053.91 809.56
Work-in-progress 533.31 340.83
Finished goods [includes stock in transit H 1,056.42 million (31 March 2022: H 175.38 million)] 1,593.71 497.42
Construction material [includes stock in transit H Nil (31 March 2022: H 302.77 million)] 2,797.15 309.98
Traded goods 9.91 11.20
Stores, spares, packing materials and others 257.88 235.58
Total 7,245.87 2,204.57
NOTE 14: CASH AND CASH EQUIVALENTS

(C in million)
31 March 2023 31 March 2022
On current accounts 1,017.99 759.51
Deposits with original maturity for less than three months 2,203.08 1,100.00
Total 3,221.10 1,859.54
NOTE 15: OTHER BANK BALANCES

(C in million)
31 March 2023 31 March 2022

Deposits with maturity for more than 3 months but less than 12 months 978.80 465.64
Total 978.80 465.64
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for
varying periods, depending on the immediate cash requirements of the Company, and earns interest at the respective
short-term deposit rates.
NOTE 16: SHARE CAPITAL

Nos. in million J in million
Authorised Equity share capital
Authorised Equity share capital of J 2 per share each as on 01 April 2021 6,380.00 12,760.00
Increase in authorised equity share capital on merger (refer note 56) 0.25 0.50
As at 31 March 2022 6,380.25 12,760.50
Changes during the year - -
As at 31 March 2023 6,380.25 12,760.50
Issued, subscribed and fully paid-up equity shares (nos. million)
122.36 (31 March 2022: 61.18) equity shares of H 2 each fully paid - up. 244.72 122.36
Total issued, subscribed and fully paid-up equity share capital 244.72 122.36
* Authorised equity share capital has been disclosed after considering the impact of merger as mentioned in note 56
a. Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting period
As at 01 April 2021 61.18 122.36
Add: Changes during the year - -
As at 31 March 2022 61.18 122.36
Add: On account of issuance of bonus equity shares 61.18 122.36
As at 31 March 2023 122.36 244.72


b. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of H 2 per share. Each holder of equity shares is
entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The Board of Directors of the Company in its meeting held on
24 March 2023, have considered and declared an interim dividend of H 1.00 per share on each fully paid-up equity shares
having face value of H 2 each, for the financial year 2022-23 (refer note 18).
During the year ended 31 March 2023, pursuant to the approval of Board of directors and the Shareholders of the Company
in their meeting held on 23 August 2022 and 26 September 2022 respectively, the Company has issued bonus shares and
allotted 61.18 million bonus equity shares of face value of I 2 each in ratio of 1:1 (i.e. one equity share for every one equity
share already held) to the exisitng shareholder on record date i.e. 5 October 2022.
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 shareholders.
c. Equity shares held by holding company and their subsidiaries/associates:

31 March 2023 31 March 2022
Nos. in million % holding Nos. in million % holding
Immediate holding company
Twin Star Overseas Limited, Mauritius 87.34 71.38% 43.67 71.38%
Subsidiary of Volcan Investments Limited, Bahamas
(Ultimate holding company)
Vedanta Limited 1.91 1.56% 0.95 1.56%
d. Detail of shareholders holding more than 5 % of equity shares in the Company

31 March 2023 31 March 2022
e. Detail of shareholding of Promoters
As at 31 March 2023
No. of equity No. of equity
Name of the promoters Change during % Change during
shares in million shares in million % of Total shares
the year* the year
at the beginning at the end
Twin Star Overseas Limited, Mauritius
Equity shares at H 2 each fully paid up 43.67 43.67 87.34 71.38% 100%
Total 43.67 43.67 87.34 71.38% 100%
As at 31 March 2022
Name of the promoters Change during % Change
the year during the year
Equity shares at H 2 each fully paid up 43.67 - 43.67 71.38% -
Total 43.67 - 43.67 71.38% -
*Issue of bonus shares during the year.
The shareholding information is based on the legal ownership of shares and has been extracted from the records of the
Company including register of shareholder/members.

Empowering Humanity

NOTE 17 : OTHER EQUITY

(H in million)
31 March 2023 31 March 2022
Securities premium
Balance as per last financial statements 4,536.80 4,536.80
Add: Amount utilised for issuance of bonus shares (refer note 17.1) (86.34) -
Closing balance 4,450.46 4,536.80
Retained earnings
Add: Adjustment on merger of Sterlite Grid 4 Limited (refer note 56) - 10,441.71
Add: Profit for the year 3,220.11 2,465.78
Add: Remeasurement of post employment benefit obligation, net of tax (2.87) (7.78)
Add: Realised gain on sale of investments in subsidiaries transferred from FVTOCI reserve 8.93 336.65
Add: Dividend (refer note 18) (122.36) (324.26)
Add: Transfer from/(to) debenture redemption reserve (refer note 17.5) (250.00) 200.00
Others
FVTOCI reserve
Balance as per last financial statements (1,600.57) 6,517.29
Add: Adjustment on merger of Sterlite Grid 4 Limited (refer note 56) - (8,692.88)
Add: Change in fair value of investments through other comprehensive income, net of taxes (2,820.67) 911.67
Add: Net realised gain on sale of investments in subsidiaries transferred to retained earnings (8.93) (336.65)
Closing balance (4,430.17) (1,600.57)
Debenture redemption reserve
Balance as per last financial statements - -
Add: Created during the year (refer note 17.5) 250.00 -
Add: Adjustment on merger of Sterlite Grid 4 Limited (refer note 56) - 200.00
Add: Transferred to retained earning - (200.00)
Closing balance 250.00 -
Cash flow hedge reserve
Balance as per last financial statements 1,603.10 769.94
Add: Cash flow hedge reserve created on hedging contracts, net of taxes (1,805.82) 2,509.50
Add: Amount reclassified to statement of profit and loss 225.06 (1,676.34)
Closing balance 22.34 1,603.10
Capital redemption reserve
Balance as per last financial statements 36.02 36.02
Closing balance - 36.02
Share based payment reserve
Add: Expense recognised during the year (refer note 17.6) 59.06 -
Total other reserves (4,098.77) 38.55
Nature and purpose of reserves :-

17.1 Securities premium reserve
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for
limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
During the current year, the Company has utilised the amount for issuance of bonus shares pursuant to the approval
of Board of directors and the Shareholders of the Company in their meetings held on 23 August 2022 and 26
September 2022 respectively.


17.2 FVTOCI reserve

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated in FVTOCI reserve within equity. The Company transfers amounts
from this reserve to retained earnings when the relevant equity securities are derecognised.
17.3 Cash flow hedge reserve

The Company uses hedging instruments as part of its management of foreign currency risk associated with receivable and
payable and commodity risk associated with purchase of aluminium and copper. For hedging these risks, the Company uses
commodity future and foreign currency forward contracts. To the extent these hedges are effective, the change in fair value
of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised in the cash flow hedging
reserve is reclassified to the statement of profit or loss when the hedged item affects the statement of profit or loss.
17.4 Capital redemption reserve

During the year ended 31 March 2021, the Company had redeemed 18 million redeemable preference shares of face
value of H 2 each issued to Clix Finance India Private Limited. Accordingly, the Company created capital redemption reserve
of H 36.02 million in compliance of Section 69 of the Companies Act, 2013. During the current year, the Company has
utilised the amount for issuance of bonus shares pursuant to the approval of Board of directors and the Shareholders of the
Company in their meetings held on 23 August 2022 and 26 September 2022 respectively.
17.5 Debenture Redemption reserve

During the year ended 31 March 2022, Sterlite Grid 4 Limited has been merged with the Company. Sterlite Grid 4 Limited
had created debenture redemption reserve of H 200.00 million in compliance with section 71(4) of the Companies Act 2013
which had been transferred to retained earnings on redemeption of non-convertible debentures.
During the current year, the Company has issued 2,500 non-convertible debentures to its wholly owned subsidiary ""Sterlite
Grid 16 Limited"" at face value or I 10,00,000 each. Accordingly, the Company has created debenture redemption reserve
of H 250.00 million in compliance with section 71(4) of the Companies Act 2013.
17.6 Share based payment reserve

The share options-based payment reserve is used to recognise the grant date fair value of options issued to employees
under Employee stock option plan (refer note 54).
NOTE 18 : DISTRIBUTION MADE AND PROPOSED

(H in million)
31 March 2023 31 March 2022
Dividends on Equity shares declared and paid:
Interim dividend for the year ended on 31 March 2023: H 1 per share (31 March 2022: H 5.30 per share) 122.36 324.26
122.36 324.26
Dividend amounting to H 6.26 million (31 March 2022: I 6.29 million) is unclaimed and outstanding as on 31 March 2023
(refer note 21).
The Board of Directors of the Company in its meeting held on 24 March 2023, have considered and declared an interim
dividend of H 1.00 per share on each fully paid-up equity shares having face value of H 2.00 each, for the financial year ended 31
March 2023. This dividend is payable as on 31 March 2023 which has been paid subsequently.

Empowering Humanity

NOTE 19 : NON CURRENT BORROWINGS

(H in million)
31 March 2023 31 March 2022
Term loan
Indian rupee loan from financial institution (secured) (refer note (a)(i) below) - 187.61
Inter corporate deposit
Inter corporate deposit from related party (unsecured) (refer note (b) below) 430.00 -
Non convertible debenture
1,750 (31 March 2022: Nil) Non convertible debenture from related parties (unsecured) (refer note (c) below) - -
Total non-current borrowings 430.00 187.61
Current maturities of long-term borrowing
Non convertible debenture from related parties (unsecured) (refer note (c) below) 1,750.00 -
1,750 (31 March 2022: Nil) Non- convertible debentures of face value of H 10,00,000 each
Indian rupee loan from financial institution (secured) (refer note (a)(i) below) 187.50 375.00
Indian rupee loan from financial institution (unsecured) (refer note (a)(ii) below) 144.60 -
Total 2,082.10 375.00
a Term Loans
Indian rupee term loan from financial institution
i) The Indian rupee loan of H 750.00 million from Arka Fincap Limited carries interest at the rate of 11.25% p.a.
payable monthly. The loan amount shall be repayable in four semi annual instalments from date of disbursement.
The loan is secured by:
a) First paripassu charge over all current assets of the Company, both present and future immovable and movable
fixed assets of the Company
b) Second paripassu charge over all the movable and immovable assets of the Company
c) Interest service reserve (ISRA) of 1 months to be maintained in the form of FDs charged in favour of lender at all
times during the tenor of the facility.
The Company has complied with the covenants attached to the borrowings.
ii) The Indian rupee loan of H 190.00 million from Mahindra & Mahindra Financial Services Limited which carries interest
at the rate of 10.00% p.a. payable monthly. The loan amount shall be repayable in 12 monthly equal instalments after
3 months of morotorium (where interest is only paid) from the date of disbursement. It is working capital term loan and
the same is unsecured.
The Company has not been reported as wilful defaulter during the current year.
b Inter Corporate Deposit from related party

During the year, the Company has availed unsecured Inter Corporate Deposit of H 430.00 million from its wholly owned
subsidiary "Sterlite Convergance Limited" at the interest rate of 10% p.a payable quarterly. The loan amount shall be
repayable as bullet repayment after 3 years from the date of disbursement.
c Non convertible debenture (NCDs) from related parties

During the year, the Company has issued 2,500 Non Convertible Debentures to its wholly owned subsidiary "Sterlite Grid
16 Limited" at face value of I 10,00,000 each the interest rate of 14.50% p.a payable quarterly for a term of 17 months and
25 days from its allotment date. The NCDs are redeemable at the end of the tenor or can be reedemed in part or full at any
time upon demand from the debentureholders. Accordingly, the Company has redeemed 750 Non convertible debenture
amounting to H 750.00 million during the year.


d Redeemable preferences shares

The preference shares carried 0.01% non-cumulative dividend. Holders of preference shares had a preferential right to
receive their redemption value in precedence to holders' of equity shares in the event at liquidation.
(H in million)
31 March 2023 31 March 2022
Authorised shares (nos. million)
36.40 millions (31 March 2022: 36.40 millions) redeemable preference shares of H 2 each 72.80 72.80
Issued, subscribed and fully paid-up shares (nos. million)
Nil (31 March 2022: Nil) redeemable preference shares of H 2 each - -
e Optionally convertible redeemable preference shares

(H in million)
31 March 2023 31 March 2022
470.00 millions (31 March 2022: 470.00 millions) optionally convertible redeemable preference shares of 4,700.00 4,700.00
H 10 each
Nil (31 March 2022: Nil) optionally convertible redeemable preference shares of H 10 each - -
NOTE 20 : SHORT TERM BORROWINGS

(H in million)
31 March 2023 31 March 2022
Current maturities of long-term borrowings (refer note 19) 2,082.10 375.00
Loan from others (unsecured) (refer note (i) below) 1,500.00 1,500.00
Customer bill discounting (secured) (refer note (ii) below) 651.67 -
Vendor bill discounting (secured) (refer note (iii) below) - 289.24
Vendor bill discounting (unsecured) (refer note iv below) 52.32 161.23
Total 4,286.09 2,325.47
The above amount includes
Secured borrowings 839.17 664.24
Unsecured borrowings 3,446.92 1,661.23
(i) Loan from others for H 1,500.00 million (31 March 2022: H 1,500.00 million) include loan from PTC Cables Private Limited
with an interest rate of 9.60% - 11.00% p.a. (SBI 1 year MCLR + 250 basis points). However, the Company can repay
the partial or full amount to the lender with prior not less than 10 days irrevocable notice or the lender may ask for the
repayment by giving 5 business days notice to the Company.
(ii) The Company has entered into factoring facility arrangements with banks for trade receivables from Power Grid Corporation
India Limited (‘PGCIL’) with full recourse basis. The factoring facility is generally taken for a period of 90 days and carries
interest rate of 7.00% - 8.50% p.a.
(iii) Vendor bill discounting credit arrangements were secured by hypothecation of raw materials, work in progress, finished
goods and trade receivables. Vendor bill discounting is generally repaid after a period of 90-120 days and it carries interest
rate of Nil (31 March 2022: 8.55% - 8.60% p.a.).
(iv) Unsecured vendor bill discounting credit arrangements are generally repaid after a period of 90 days and it carries interest
rate of 8.15% - 8.30% p.a. (31 March 2022: 7.00% - 8.50% p.a.).

Empowering Humanity

NOTE 21 : OTHER FINANCIAL LIABILITIES

(H in million)
31 March 2023 31 March 2022
Non Current
Payable against purchase consideration (refer note 7(e)) - 111.15
Employee benefits payable (refer note 53) 24.55 36.69
Others - 1.37
Total non-current financial liabilities 24.55 149.21
Current
Derivative instruments
- Forward contracts 58.09 7.46
58.09 7.46
Interest accrued but not due on short term borrowings 490.89 351.83
Interest accrued but not due on long term borrowing 1.07 0.17
Interest free and earnest money deposit from customers 2.80 2.20
Interest free and earnest money deposit from vendors 5.31 1.00
Payable for property, plant and equipment 35.06 65.13
Payable against purchase consideration (refer note 7(e)) 123.34 100.00
Employee benefits payable 304.88 265.78
Dividend payable (including unclaimed dividend, refer note 18) 128.63 6.29
Others 17.39 61.78
Total current financial liabilities 1,167.46 861.64
Payables for purchase of property, plant and equipment are non-interest bearing and are normally settled on 30-90 days terms.
Derivative instruments reflect the change in fair value of foreign exchange forward contracts, designated as cash flow hedges to
hedge highly probable forecasts/firm commitments for foreign currency sales and purchases and foreign currency receivables
and payables in US Dollars (USD) and Euros (EUR).
Interest free deposits from customer and earnest money deposits from vendor are non interest bearing.
For explanations on the Company’s credit risk management processes, refer to note 48.
NOTE 22 : EMPLOYEE BENEFIT OBLIGATIONS

(H in million)
31 March 2023 31 March 2022
Non-current
Provision for employee benefits
Provision for gratuity (refer note 39) 55.73 74.04
Total non-current employee benefit obligations 55.73 74.04
Current
Provision for employee benefits
Provision for leave benefit 61.04 82.14
Total current employee benefit obligations 77.63 106.26


NOTE 23: DEFERRED TAX LIABILITIES/ASSETS (NET)

(H in million)
31 March 2023 31 March 2022
Deferred tax liability
Property, plant & equipment: Impact of difference between tax depreciation and depreciation/amortisation for 24.07 35.13
financial reporting
Fair valuation of land on transition date 38.86 38.86
Fair valuation of FVTOCI investments - -
Cash flow hedge reserve 7.51 538.28
Interest accrued on non-convertible debentures 290.85 128.80
Others 4.14 16.11
Gross deferred tax liability 365.43 757.18
Deferred tax assets
Provision for doubtful debts and advances 159.58 149.60
Capital loss on sale of investment 13.09 13.09
Expenses disallowed in income tax, allowed as and when incurred 83.85 171.14
Employee benefit obligations 55.68 65.70
Others 29.61 57.40
Gross deferred tax assets 341.81 456.93
Net deferred tax liability/(asset) 23.62 300.25
Reconciliation of deferred tax liability/(asset)

(H in million)
31 March 2023 31 March 2022
Opening deferred tax liability (net) 300.25 1,789.06
Deferred tax credit recorded in statement of profit and loss 242.10 14.59
Deferred tax charge recorded in OCI 12.01 707.41
Deferred tax charge/(credit) on cash flow hedge reserve (530.74) 307.38
Deferred tax liability transferred to current tax liability on sale of investments - 60.82
Adjustment on merger of Sterlite Grid 4 Limited (refer note 56) - (2,579.00)
Others - (0.01)
Closing deferred tax liability/(asset), (net) 23.62 300.25
The major components of income tax expense for the years ended 31 March 2023 and 31 March 2022 are:
(H in million)
31 March 2023 31 March 2022
Profit or loss section
Current income tax charges:
Current income tax 830.29 541.91
Adjustment of tax relating to earlier periods (29.69) (145.07)
Deferred tax
Relating to origination and reversal of temporary differences 242.10 14.59
Income tax expenses reported in the statement of profit or loss 1,042.70 411.43
OCI Section
Deferred tax related to items recognised in OCI during in the year:
Net (gain)/loss on revaluation of cash flow hedges (530.74) 307.38
Re-measurement loss defined benefit plans (0.97) (2.61)
Income tax charged through OCI on fair valuation of investments 12.98 710.02
(518.73) 1,014.79

Empowering Humanity

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31 March 2023 and
31 March 2022:
(H in million)
31 March 2023 31 March 2022
Accounting profit before income tax 4,262.81 2,877.21
At India’s statutory income tax rate of 25.168% (31 March 2022: 25.168%) 1,072.95 724.19
Permanent difference on account of expenses disallowed 14.07 8.56
Permanent difference on account of deferred tax not recognised on impairment 64.08 -
Permanent difference not liable to tax on account of notional income (48.46) (35.87)
Difference in income tax rate considered for deferred tax on capital assets (16.22) (17.93)
Interest cost benefit on NCDs of Sterlite Grid 4 Limited - (98.16)
Tax/(reversal of tax) for earlier years (29.69) (145.07)
Others (14.03) (24.29)
At the effective income tax rate of 23.37% (31 March 2022: 14.30%) 1,042.70 411.43
Income tax expense reported in the statement of profit and loss 1,042.70 411.43
For the purpose of recognition and measurement of income tax, the amalgamation of Sterlite Grid 4 Limited ("SGL4") with the
Company has been considered from the appointed date of 1 April 2020 as required by the Income Tax Act, 1961 resulting
in utilisation of business losses of the Company against the tax liability of SGL4, resulting in tax credit of H 145.07 million
in previous year.
NOTE 24 : TRADE PAYABLES

(H in million)
31 March 2023 31 March 2022
Current
Trade payables
- total outstanding dues of micro enterprises and small enterprises ('MSME') (refer note 45) 908.41 497.00
17,260.51 12,997.56
Trade payables to related parties (refer note 50) 75.95 106.27
Operational suppliers credit
- from related parties (refer note 50) 7,029.32 3,316.99
- from others 192.50 -
Other trade payables 9,962.74 9,574.30
Total 17,260.51 12,997.56
Ageing of trade payables

(H in million)
Particulars Less than More than
Not due Unbilled 1-2 years 2-3 years Total
1 year 3 years
As at 31 March 2023
Dues
(i) MSME 553.99 - 187.02 86.15 48.15 33.10 908.41
(ii) Others 11,944.97 2,747.02 444.94 1,191.74 5.95 13.76 16,348.38
(iii) Disputed dues - MSME - - - - - - -
(iv) Disputed dues - Others - - - 3.72 - - 3.72
Total 12,498.96 2,747.02 631.96 1,281.61 54.10 46.86 17,260.51


(H in million)
1 year 3 years
As at 31 March 2022
Dues
(i) MSME 48.49 - 360.39 83.46 - 4.66 497.00
(ii) Others 10,665.86 606.46 1,156.10 68.32 2.74 1.08 12,500.56
(iv) Disputed dues - Others - - - - - - -
Total 10,714.35 606.46 1,516.49 151.78 2.74 5.74 12,997.56
a) Trade payables are non-interest bearing and are normally settled on 45-180 days terms.
b) Operational supplier’s credit availed in Indian Rupees at an interest rate of 7.00%-10.65% and is backed by Standby Letter
of Credit issued under working capital facilities sanctioned by domestic banks. Part of these facilities are secured by first
pari passu charge over the present and future current assets of the Company.
NOTE 25: OTHER LIABILITIES

(H in million)
31 March 2023 31 March 2022
Non-current
Advance from customers* - 2,249.29
Total other non-current liabilities - 2,249.29
Current liabilities
Advance from customers* 8,634.37 3,858.97
Goods and services tax payable 66.16 113.77
Withholding taxes (TDS) payable 119.67 114.03
Contract liabilities for EPC contracts including advances from customers 4,342.35 2,007.92
Others 245.16 289.61
Total 13,407.71 6,384.30
*The Company has provided corporate guarantees against the advances received from joint ventures and subsidiaries.
NOTE 26: REVENUE FROM OPERATIONS

(H in million)
31 March 2023 31 March 2022
Revenue from contract with customers
Sale of goods and services (see notes below) 38,478.35 37,810.79
Other operating revenue
Sale of scrap 183.07 128.45
Management fees (refer note 50) 573.72 34.60
Total revenue from operations 39,235.14 37,973.84
Type of goods or service:
Revenue from sale of conductors and power cables 21,900.62 15,470.90
Revenue from engineering, procurement and construction (EPC) contracts 8,089.19 3,254.93
Revenue from engineering, procurement and construction (EPC) contracts with related parties (refer note 50) 7,686.54 18,469.45
Revenue form sale of traded goods 667.62 331.50
Revenue from project consultancy services - 46.14
Revenue from services rendered to joint ventures (refer note 50) 134.38 237.87
Total revenue from contracts with customers 38,478.35 37,810.79

Empowering Humanity

(H in million)
31 March 2023 31 March 2022
Geographical disaggregation:
Within India 26,677.82 27,037.97
Outside India 11,800.53 10,772.82
Timing of revenue recognition:
Goods transferred at a point in time 22,568.24 15,802.40
Services transferred over time 15,910.11 22,008.39
26 (a) Performance obligations

Information about the Company's performance obligations are summarised below:
Revenue from sale of conductors, power cables and traded goods

The performance obligation is satisfied upon delivery of conductor, power cable or traded aluminium ingots and rods
and payment is generally due within 30 to 180 days from delivery. Some contracts provide the Company right to
receive price variation from customers on account of changes in metal prices.
Revenue from engineering, procurement and construction (EPC) contracts

The performance obligation is satisfied progressively over the construction period. The Company’s progress towards
completion is measured based on the proportion that the contract expenses incurred to date bear to the estimated
total contract expenses. Payment is due as per the contractual terms.
Project consultancy services

Project consultancy services represent the performance obligation for providing consultation services in relation
to designing and testing of conductors and are satisfied over-time. Payment is generally due within 30 days from
provision of service.
Revenue from services rendered to joint ventures

Services rendered to joint ventures represent the performance obligation for providing various consultation and
agency services in relation to joint venture entities which are satisfied over-time.
26 (b) Assets and liabilities related to contracts with customers

(H in million)
31 March 2023 31 March 2022
Balances at the beginning of the year
Contract assets 976.82 1,440.03
Contract liabilities 8,116.18 10,043.39
Balances at the end of the year
Contract assets 1,687.83 976.82
Contract liabilities 12,976.72 8,116.18
The Company receives payments from customers based on a billing schedule, as established in the contracts.
Contract asset relates to the conditional right to consideration for completed performance under the contract.
Accounts receivable are recognised when the right to consideration becomes unconditional. Contract liability relates to
payments received in advance of performance under the contract. Contract liabilities are recognised as revenue as (or
when) performed under the contract.


26 (c) Revenue recognised in relation to contract liabilities

(H in million)
31 March 2023 31 March 2022
Revenue recognised that was included in the contract liability balance at the beginning of the year 6,064.08 7,794.11
26 (d) Transaction price allocated to the remaining performance obligations

(H in million)
31 March 2023 31 March 2022
Expected to be recognised as revenue over the next one year 31,943.51 28,423.59
Expected to be recognised as revenue beyond next one year 14,590.34 7,771.83
Total 46,533.85 36,195.42
NOTE 27: FINANCE INCOME

(H in million)
31 March 2023 31 March 2022
Interest income on
- Bank deposits 121.32 133.42
- Loans and non-convertible debenture given/issued to related parties (refer note 50) 904.58 678.75
- Income tax refund 20.45 9.47
Gain on sale of non-convertible debentures - 20.67
Gain on sale of mutual funds 1.86 -
Fair value gain on financial instruments measured at fair value through profit and loss 4.95 -
Others 11.30 6.97
Total 1,064.46 849.28
NOTE 28: OTHER INCOME

(H in million)
31 March 2023 31 March 2022
Net gain on sale of investment in an associate and units of India Grid Trust - 297.50
Claim received from vendor 74.00 -
Reversal of impairment allowance for trade receivables 31.74 -
Guarantee commission charges (refer note 50) 17.95 21.93
Miscellaneous income 65.29 40.95
Total 188.98 371.85
NOTE 29: COST OF RAW MATERIAL AND COMPONENTS CONSUMED

(H in million)
31 March 2023 31 March 2022
Inventory at the beginning of the year 809.56 1,871.70
Add: Purchases during the year 18,628.35 10,941.21
19,437.91 12,812.91
Less: Inventory at the end of the year 2,053.91 809.56
Cost of raw material and components consumed 17,384.00 12,003.35

Empowering Humanity

NOTE 30: CONSTRUCTION MATERIAL AND CONTRACT EXPENSES

(H in million)
31 March 2023 31 March 2022
Construction material consumed
Inventory at the beginning of the year 309.98 412.72
Less: Inventory at the end of the year (2,797.15) (309.98)
6,573.57 12,494.88
Subcontracting charges* 3,456.62 3,767.80
Total 10,030.19 16,262.68
*These charges pertain to services availed in relation to engineering, procurement and construction (EPC) contracts.
NOTE 31: CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND TRADED GOODS
(H in million)
31 March 2023 31 March 2022
Opening inventories:
Finished goods 497.42 762.44
849.45 1,026.30
Closing inventories:
Finished goods 1,593.71 497.42
2,136.93 849.45
(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods (1,287.48) 176.85
NOTE 32: EMPLOYEE BENEFITS EXPENSE

(H in million)
31 March 2023 31 March 2022
Salaries, wages and bonus 1,795.07 1,916.83
Contribution to provident fund and superannuation fund 54.03 56.61
Employee stock appreciation rights expense (refer note 52) - (16.37)
Share based payment expense (refer note 54) 59.06 -
Gratuity expense (refer note 39) 16.86 24.53
Staff welfare expenses 95.38 65.00
Total 2,020.40 2,046.60
NOTE 33: OTHER EXPENSES

(H in million)
31 March 2023 31 March 2022
Consumption of stores and spares 138.19 91.27
Power, fuel and water 377.71 303.02
Repairs and maintenance -
- Building 30.36 17.37
- Machinery 206.40 122.54
Service expenses and labour charges 320.66 247.53
Consumption of packing materials 489.87 324.10
Sales commission 143.78 168.53
Advertisement & sales promotion 62.85 33.72
Carriage outwards 1,325.20 814.27


(H in million)
31 March 2023 31 March 2022
Rent 128.81 50.62
Insurance 72.45 72.32
Rates and taxes 20.02 121.88
Travelling and conveyance 305.37 187.60
Legal and professional fees 288.12 307.63
Loss on sale of property, plant & equipment (net) 0.24 4.48
Corporate social responsibility expenses (refer note (b) below) 20.94 30.17
Impairment allowance for trade receivables - 103.59
Impairment on investment and loans 409.28 -
Directors sitting fees (refer note 50) 9.24 14.17
Payment to auditor (refer note (a) below) 14.43 12.20
Miscellaneous expenses 659.50 594.74
Total 5,023.42 3,621.75
(a) Payment to auditor

(H in million)
31 March 2023 31 March 2022
As auditor:
Statutory audit fee (including audit of consolidated financial statements) 9.88 9.55
Tax audit fee 1.25 1.25
Other services (fees related to certifications) 3.30 1.40
Total 14.43 12.20
(b) Corporate social responsibility expenses

Section 135 of the Companies Act, 2013 is applicable on the Company but 2% of its average net profits of the last three
financial years is negative. Hence, the Company is not required to contribute towards Corporate Social Responsibility
activities. Though during the current year, the Company has spent H 20.94 million (31 March 2022: H 30.17 million)
voluntarily on non-capital related activities.
Details of CSR expenditure:

(H in million)
Particulars 31 March 2023 31 March 2022
a) Gross amount required to be spent by the Company during the year - -
b) Amount approved by the Board to be spent during the year 22.00 40.10
(H in million)
Particulars In cash In cash

i) Construction/acquisition of any asset
Amount spent during the year ending - -
ii) On purposes other than (i) above
Amount spent during the year ending 20.94 30.17
d) Details related to spent/unspent obligations:
i) Contribution to Public Trust - -
ii) Contribution to Charitable Trust - -
iii) Unspent amount in relation to:
- Ongoing project # 1.06 9.93
- Other than ongoing project - -
# Since the amount has been spent as voluntary contribution towards CSR programs, the Company is not required or has no obligation to spend or
transfer unspent amount to a separate bank account as per the provisions of the Section 135 of the Companies Act, 2013.

Empowering Humanity

NOTE 34: DEPRECIATION AND AMORTISATION EXPENSE

(H in million)
31 March 2023 31 March 2022
Depreciation of tangible assets 272.39 244.91
Depreciation of right-of-use assets 118.70 78.91
Amortisation of intangible assets 47.31 66.83
Total 438.40 390.65
NOTE 35: FINANCE COST

(H in million)
31 March 2023 31 March 2022
Interest on financial liabilities measured at amortised cost 1,186.66 675.19
Bill discounting and factoring charges 270.74 78.05
Bank charges 431.18 349.48
Interest on lease liabilities 53.71 16.85
Total 1,942.29 1,119.57
NOTE 36: EXCEPTIONAL ITEMS

(H in million)
31 March 2023 31 March 2022
Initial public offer related expenses* - 117.00
Total - 117.00
*During the previous year, the Company had filed its Draft Red Herring Prospectus with Securities & Exchange Board of India (SEBI) for a proposed Initial
Public Offering (IPO) of its equity shares. The Company incurred expenses of H 117.00 million in connection with proposed IPO. Management has informed
that the current market conditions are not conducive for listing and hence the same is not pursued. Accordingly, management has charged off expenses
incurred on the IPO as non recurring expenses. Considering the nature of the expenses management has disclosed it as an “exceptional item” for the
financial year ended 31 March 2022. It also includes payment of H 30.25 million made to auditors related to professional services rendered for special
purpose audits, certification work and deliverables related to proposed initial public offer.
NOTE 37: EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average
number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number
of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on
conversion of all the dilutive potential equity shares into equity shares.
The following reflects the profit and share data used in the basic and diluted EPS:
(H in million)
31 March 2023 31 March 2022
Profit attributable to equity shareholders for computation of basic and diluted EPS 3,220.11 2,465.78
Weighted average number of equity shares in calculating basic EPS (restated on account of issuance of bonus 122.36 122.36
shares, refer note 16)
Dilutive effect on weighted average number of equity shares outstanding during the year 0.24 -
Weighted average number of equity shares in calculating diluted EPS (restated on account of issuance of 122.60 122.36
bonus shares, refer note 16)
Earnings per share (J)
Basic (on nominal value of H 2 per share) 26.32 20.15*
Diluted (on nominal value of H 2 per share) 26.27 20.15*
* Previous year earning per share has been restated on account of bonus shares issued during the current year.


NOTE 38: SIGNIFICANT ACCOUNTING JUDGEMENTS, e. Non-disposal undertaking from the selling
ESTIMATES AND ASSUMPTIONS shareholders for the remaining 51% equity
The preparation of the Company’s standalone financial stake in the SPV.
statements requires management to make judgements,
estimates and assumptions that affect the reported amounts Basis the above rights and the fact that full
of revenues, expenses, assets and liabilities, and the non-refundable consideration was received in advance
accompanying disclosures, and the disclosure of contingent by the Company from the buying shareholder, the
liabilities. Uncertainty about these assumptions and estimates Company has derecognised entire investment in the
could result in outcomes that require a material adjustment SPV and recognised a loss of H 32.86 million on sale
to the carrying amount of assets or liabilities affected in of the SPV during the current year through other
future periods. comprehensive income.
A. Judgements During the year ended 31 March 2022, the Company

In the process of applying the Company’s accounting had classified Khargone Transmission Limited as 'Asset
policies, management has made the following classified as held for sale' at recoverable value based on
judgements, which have the most significant effect the judgement that sale transaction was highly probable. "
on the amounts recognised in the standalone
financial statements:" ii) Accounting for Merger of Sterlite Grid 4 Limited ("SG4L")
The Scheme of Amalgamation of Sterlite Grid 4 Limited
i) Disposal of Khargone Transmission Limited (""KTL"") ('SGL4') being a wholly owned subsidiary of the
During the year ended 31 March 2023, the Company Company with the Company has sanctioned by National
had entered into share purchase agreement and Company Law Tribunal ('NCLT') vide its order dated 17
shareholders’ agreement dated 21 January 2023 (“the February 2022. The Company received certified copy of
Agreements”) among Khargone Transmission Limited the order which is filed with Registrar of Companies on 14
('KTL' referred as “the SPV”), Sterlite Power Transmission March 2022 ('Effective date').
Limited ('SPTL'), Axis Trustee Services Limited (on behalf
of and acting in its capacity as trustee to India Grid Trust) Management has assessed that the amalgamation of
and IndiGrid Investments Managers Limited (in its capacity SGL4 (including project SPVs) with the Company as an
as investment manager of India Grid Trust). Pursuant to asset acquisition since it doesn’t fulfil/meet the definition
the Agreements, the Company had transferred 49% of of business as per Ind AS 103, Business Combinations.
equity in the SPV and for transfer of the remaining 51% Therefore, the amalgamation of SGL4 with the Company
equity stake, the Company has received consideration in accounted from the Effective date when all substantial
advance which is non-refundable. The remaining stake conditions for the transfer of assets and liabilities are
will be transferred to the buying shareholder on expiry of completed. Also, the amalgamation of SGL4 with the
the mandatory shareholding period in the SPV. Under the Company has not considered as a common control
Agreements, the Company had also given the following transaction under Appendix C to Ind AS 103, the
rights to the buying shareholder: comparative periods are not restated."
a. Right to nominate all directors on the board of B. Estimates and Assumptions

directors of the SPV; The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
b. Right to direct the selling shareholders to vote date, that have a significant risk of causing a material
according to its instructions in the AGM/EGM or any adjustment to the carrying amounts of assets and
other meetings of shareholders of the SPV; liabilities within the next financial year, are described
below. The Company based its assumptions and
c. Irrevocable and unconditional call option to estimates on parameters available when the financial
acquire the remaining 51% equity stake in the SPV statements were prepared. Existing circumstances and
at later dates. assumptions about future developments, however,
may change due to market changes or circumstances
d. Pledge on the remaining 51% equity arising that are beyond the control of the Company.
stake in the SPV; Such changes are reflected in the assumptions
when they occur.

Empowering Humanity

i) Impairment of non-financial assets The parameter most subject to change is the discount
Impairment exists when the carrying value of an asset rate. In determining the appropriate discount rate for
or cash generating unit exceeds its recoverable amount, plans operated in India, the management considers
which is the higher of its fair value less costs of disposal the interest rates of government bonds in currencies
and its value in use. The fair value less costs of disposal consistent with the currencies of the post-employment
calculation is based on available data from binding sales benefit obligation. The underlying bonds are further
transactions, conducted at arm’s length, for similar assets reviewed for quality. Those having excessive credit
or observable market prices less incremental costs for spreads are excluded from the analysis of bonds on which
disposing of the asset. The value in use calculation is the discount rate is based, on the basis that they do not
based on a DCF model. The cash flows are derived from represent high quality corporate bonds.
the budget and do not include restructuring activities that
the Company is not yet committed to or significant future The mortality rate is based on publicly available mortality
investments that will enhance the asset’s performance tables for the specific countries. Those mortality
of the CGU being tested. The recoverable amount is tables tend to change only at interval in response to
sensitive to the discount rate used for the DCF model as demographic changes. Future salary increases and
well as the expected future cash-inflows and the growth gratuity increases are based on expected future inflation
rate used for extrapolation purposes. rates for the respective countries.
Further details about gratuity obligations are
ii) Revenue recognition for construction contracts- EPC given in Note 39.
contracts
As described in note 2.2, revenue and costs in respect iv) Fair value measurement of financial instruments
of construction contracts are recognised by reference When the fair values of financial assets recorded in the
to stage of completion of the contract activity at the balance sheet cannot be measured based on quoted
end of the reporting period, measured based on the prices in active markets, their fair value is measured using
proportion of contract costs incurred for work performed valuation techniques including the DCF model. The inputs
to date relative to the estimated total contract costs. to these models are taken from observable markets
The Company estimates the total cost of the project at where possible, but where this is not feasible, a degree
each period end. These estimates are based on the rates of judgement is required in establishing fair values.
agreed with vendors/sub contractors and management's Changes in assumptions about these factors could affect
best estimates of the costs that would be incurred for the reported fair value of financial instruments. See Note
the completion of project based on past experience 46, 47 and 48 for further disclosures.
and/or industry data. These estimates are re-assessed
at each period end. Variations in contract works, claims v) Provision for expected credit losses of trade receivables
and incentive payments are included to the extent that and contract assets
the amount can be measured reliably and its receipt The Company performs an impairment analysis at each
is considered probable. When it is probable that total reporting date on an individual basis for major customers.
contract cost will exceed total contract revenue, the In addition, a large number of minor receivables are
expected loss is recognised as an expense immediately. grouped into homogenous groups and assessed for
impairment collectively. The calculation is based on
iii) Defined benefit plans (gratuity benefits) historical observed data for defaults. At every reporting
The cost of the defined benefit gratuity plan and the date, the historical observed default rates are updated.
present value of the gratuity obligation are determined The maximum exposure to credit risk at the reporting
using actuarial valuations. An actuarial valuation involves date is the carrying value of each class of financial assets.
making various assumptions that may differ from The Company evaluates the concentration of risk with
actual developments in the future. These include the respect to trade receivables as low, as its customers
determination of the discount rate, future salary increases are located in several jurisdictions and industries and
and mortality rates. Due to the complexities involved operate in largely independent markets. Further, for
in the valuation and its long-term nature, a defined companies engaged in the power infrastructure business,
benefit obligation is highly sensitive to changes in these major receivables are from few customers and is based
assumptions. All assumptions are reviewed at each on point of connection mechanism (refer Note 26),
reporting date. hence the concentration of risk with respect to trade
receivables is low.


vi) Assumption used in Restricted Stock Units/Employee Stock Options Plan

The Company measures the cost of equity-settled transactions with employees using Black Scholes model to determine
the fair value of options. Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which is dependent on the terms and conditions relating to vesting of the grant. This estimate
also requires determination of the most appropriate inputs to the valuation model including the expected life of the share
option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating
fair value for share-based payment transactions are disclosed in Note 54.
NOTE 39: EMPLOYEE BENEFITS

a) Defined contribution plan
The Company has defined contribution plan which are made to provident fund for employees at the rate of 12% of basic
salary as per regulations. The contributions are made to registered provident fund administered by the government.
The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive
obligation. The expense recognised during the year towards defined contribution plan are as under:
(H in million)
Employer’s contribution to provident fund 54.03 56.61
Total 54.03 56.61
b) Defined benefit plan

The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination
is the employees last drawn basic salary plus dearness allowance per month computed proportionately for 15 days salary
multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to
funds. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of
time based on estimations of expected gratuity payments.
Changes in the present value of the defined benefit obligation are as follows:
(H in million)
Defined benefit obligation at the beginning of the year 113.78 100.37
Interest cost 6.91 5.67
Current service cost 15.28 18.87
Past service cost (4.38) -
Liability transferred out (2.40) -
Benefits paid (18.75) (22.48)
Actuarial (gain)/loss due to change in financial assumptions (1.75) 6.77
Actuarial (gain)/loss on obligation due to experience adjustments 1.50 3.55
Actuarial (gain)/loss on obligation due to demographic assumptions 4.81 1.03
Present value of defined benefit obligation at the end of the year 115.00 113.78
Changes in the present value of the defined benefit plan asset:

(H in million)
Defined benefit plan asset at the beginning of the year 15.62 -
Employer's contribution 33.38 24.99
Return on plan assets 1.67 0.96
Present value of defined benefit plan asset at the end of the year 42.68 15.62

Empowering Humanity

Details of defined benefit obligation

(H in million)
Present value of defined benefit obligation 115.00 113.78
Fair value of plan assets 42.68 15.62
Net defined benefit obligation 72.32 98.16
Net employee benefit expense recognised in the statement of profit and loss:
(H in million)
Interest cost on benefit obligation 6.91 5.67
Realised return on plan assets (0.95) -
Net benefit expense 16.86 24.54
Expenses recognised in other comprehensive income (OCI) for current period

(H in million)
Actuarial (gain)/loss on obligation for the year
- changes in demographic assumption 4.81 1.03
- changes in financial assumption (1.75) 6.77
- experience variance 1.50 3.55
- Return on plan assets excluding amounts recognised in net interest expense (0.72) (0.96)
Net expense for the period recognised in OCI 3.84 10.39
The net liability disclosed above related to funded plan is as follows:

(H in million)
Defined benefit obligation 115.00 113.78
Plan assets 42.68 15.62
Surplus/(deficit) (72.32) (98.16)
Experience adjustments on plan liabilities 1.50 3.55
Experience adjustments on plan assets - -
The principal assumptions used in determining defined benefit obligation are shown below:
(H in million)
Discount rate 7.35% 6.10%
Expected rate of return on plan asset NA NA
Employee turnover 8.00%-23.00% 15.00%-22.62%
Expected rate of salary increase 10% 9%
Actual rate of return on plan assets NA NA
The estimated future salary increase, considered in actuarial valuation, takes into account the effect of inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.


Sensitivity analysis
(H in million)
Defined benefit obligation based on current assumptions 115.00 113.78
Delta effect of +1% change in rate of discounting (7.11) (5.73)
Delta effect of -1% change in rate of discounting 7.98 5.46
Delta effect of +1% change in rate of salary increase 6.04 4.82
Delta effect of -1% change in rate of salary increase (5.84) (5.34)
Delta effect of +1% change in rate of employee turnover (4.50) (4.30)
Delta effect of -1% change in rate of employee turnover 7.52 8.32
Maturity profile of defined benefit obligation (undiscounted basis)

(H in million)
Projected benefits payable in future years from the date of reporting
Within next 1 year 16.59 24.12
Between 2 to 5 years 54.09 60.31
Beyond 10 years 82.61 33.70
NOTE 40: LEASE LIABILITY

The Company has long term lease contacts for office premises and various vehicles. Information about leases for which the
Company is lessee is presented below.
Lease liabilities*
(H in million)
Maturity profile Amount
Less than one year 97.16
One to two years 112.18
Two to five years 232.70
More than five years -
Total lease liabilities at March 31, 2023 442.04
Set out below, are the carrying amount of the Company's liabilities and the movement during the year.
(H in million)
Particulars Amount
Opening lease liabilities as at 1 April 2022 530.60
Add: Additions/(deductions) -
Add: Interest on lease liabilities 53.71
Add: Payments (142.27)
As at 31 March 2023 442.04
Current 97.16
Non-current 344.88
* Effective interest rate used for discounting of lease liabilities is 11% p.a.

Empowering Humanity

NOTE 41: CAPITAL AND OTHER COMMITMENTS

(a) Commitment related to further investment in subsidiaries is H 3,647.10 million (31 March 2022: H 4,268.06 million)
(b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) are
H 67.65 million (31 March 2022: H 26.55 million).
NOTE 42: CONTINGENT LIABILITIES

(H in million)
31 March 2023 31 March 2022
1 Disputed liabilities in appeal:
a) Excise duty 73.56 73.56
b) Value Added Tax (VAT), Entry Tax and Central Sales Tax (refer note i below) 41.71 38.98
c) Income tax 3.91 -
d) Goods and service tax (refer note iii below) 1,827.39 -
2 Performance guarantee to insurer on behalf of subsidiaries 1,669.42 2,265.27
3 Bank guarantees given:
- To long term transmission customers on behalf of its subsidiary/joint ventures companies. 1,822.10 3,261.25
- For bidding of projects on behalf of its subsidiaries 609.70 300.00
- On behalf of India Grid Trust ('IGT') 25.00 25.00
- To India Grid Trust ('IGT') for various claim with respect to sale of investments 1,163.04 1,336.00
- For advance received from customers - 800.00
4 Corporate guarantees given:
- To India Grid Trust ('IGT') against earn-outs as mentioned in the share purchase agreement with respect to 350.00 350.00
sale of ENICL
- Given on behalf of its related party revenue contract executed 188.60 188.60
- On behalf of its subsidiary for issuance of non-convertible debentures* 2,000.00 -
* The current outstanding of the non-convertible debentures is I 1,750 millions as at 31 March 2023.
Further, pursuant to share purchase agreement with India Grid of H 4.77 million (31 March 2022: 4.77 million) while
Trust, the Company is to indemnify India Grid Trust for entry tax preferring the appeal in this matter.
demand of H 252.78 million (31 March 2022 H 252.78 million),
sales tax demands of H 19.07 million (31 March 2022: H 9.34 (c) Central Sales Tax demand of H 5.53 million
million) and income tax demands of H 27.92 million (31 March 2021 H 5.53 million) raised under
(31 March 2022: 27.92 million) in relation to the Companies the West Bengal VAT Act, 2003 on account of
sold to India Grid Trust. non-submission of the declaration forms C pending
to be received/submitted for the Assessment Year
(i) The above Value Added Tax, Central Sales Tax and Entry 2014-15. The Company has deposited an amount of
Tax demand (along with the applicable interest, wherever H 0.56 million (31 March 2022: H 0.56 million) while
levied) pertains to the following matters. preferring the appeal in this matter.
(a) Central Sales Tax demand of H Nil (31 March 2022 (d) Value added tax (VAT) and Central sales tax (CST)
H 16.80 million) raised under the Delhi VAT Act, 2004 demand of H Nil (31 March 2022: H Nil) pertains
on account of non-submission of the declaration to Telangana VAT Act, 2003 on account on
forms C pending to be received from the customers non-discharge of VAT liability by sub- contractor
for the Assessment Year 2014-15. for the period December 2015 to June 2017.
The Company has deposited an amount of H
(b) Value Added Tax, Central Sales Tax and Entry Tax 3.44 million (31 March 2022: H 3.44 million) while
demand of H 14.31 million (31 March 2022 of preferring the appeal in this matter.
H 14.31 million) raised under the Madhya Pradesh
VAT Act, 2002 on account of non-submission of (e) Central Sales Tax demand of H 1.46 million
the declaration forms EI/EII and Form 3 pending (31 March 2022: 1.46 million) pertains to the
to be received/submitted for the Assessment Year demand raised under the Jharkhand VAT Act, 2005
2015-16. The Company has deposited an amount on account of non-submission of the C form and EII


forms pending to be received from the suppliers for petition against this demand in Honourable Gujarat High
the Assessment Year 2015-16, Assessment year Court and has received stay order against the demand.
2016-17 and Assessment year 2017-18. The Company doesn’t expect the claim to succeed
and has obtained a legal opinion for the said matter.
(f) Central Sales Tax demand of H 0.88 million Accordingly, no provision for contingent liability has been
(31 March 2022: H 0.88 million ) pertains to made in the financial statements. Further, management
the demand raised under the Odisha VAT Act, believes that even if the payment of GST is made, the
2004 on account of non-submission of the E1 same will be re-credited to the electronic credit ledger
declaration forms pending to be received from the (excluding penalty and interest) and the same can be
suppliers for the Assessment Year 2016-17 and utilised to pay the output GST liability.
2017-18.The Company has deposited an amount of
H 0.10 million (31 March 2022: H 0.10 million) while NOTE 43: HEDGING ACTIVITIES AND DERIVATIVES
preferring the appeal in this matter. Cash flow hedges
Foreign exchange forward contracts
g) Value Added Tax demand of H 18.79 million (31 Foreign exchange forward contracts measured at fair value
March 2022: H 18.79 million) raised under the through other comprehensive income are designated as
Orissa Value Added Tax Act, 2004 on account hedging instruments in cash flow hedges of highly probable
of non-submission of the C Form pending to be forecast transactions/firm commitments, majorly for sales
received/submitted for the period October 2015 and purchases in USD and EUR. The foreign exchange
to March 2016, April 2016 to June 2016 and forward contract balances vary with the level of expected
April 2014 to September 2015. foreign currency sales and purchases and changes in foreign
exchange forward rates. The terms of the foreign currency
The Company is contesting the demand by way of forward contracts match the terms of the expected highly
preferring appeals to the higher tax authorities and the probable forecast transactions. As a result, generally, no
management, including its tax advisors, believe that it's hedge ineffectiveness arise requiring recognition through
position will likely be upheld in the appellate process. profit or loss.
No expense has been accrued in the financial statements
for the tax demands raised. The management believes Commodity future contracts
that the ultimate outcome of these proceedings will not Commodity future contracts entered on London Metal
have a material adverse effect on the company's financial Exchange (LME) measured at fair value through other
position and results of the operations. comprehensive income are designated as hedging
instruments in cash flow hedges of highly probable forecast
(ii) During the previous year, one of the MSME vendor had transactions/firm commitments for purchases of aluminium
filed arbitration proceedings against the Company which and copper. The futures contract balances vary with the
is pending before Delhi International Arbitration Centre level of expected quantity of purchases of aluminium and
("DIAC"). The Company had filed a writ petition to Hon. copper. The terms of the future contracts match the terms
Delhi High Court basis which the High Court has ordered of the expected highly probable forecast transactions/firm
DIAC for stay of proceedings. The management doesn't commitments. As a result, generally, no hedge ineffectiveness
expect the claim to succeed and accordingly no provision arise requiring recognition through profit or loss.
for the contingent liability has been recognised in the
financial statements. The cash flow hedges as at 31 March 2023 were assessed
to be highly effective, and a net unrealised gain of H 22.34
(iii) During the current year, the Company has received million (net of deferred tax of H 7.51 million), (31 March 2022
show cause notice from Directorate General of Goods & H 1,603.10 million) (net of deferred tax of H 538.28 million)
Service Tax Intelligence, Surat Zonal Unit. The Company is included in other comprehensive income. The amounts
has received a demand for erroneous refund in respect retained in other comprehensive income at 31 March 2023 are
of exports made on payment of IGST under Rule 96(10) expected to mature and affect the statement of profit and loss
of the CGST Rules, 2017. The Company has filed writ for the year ending 31 March 2024.

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NOTE 44: DERIVATIVE INSTRUMENTS

(a) The following are the outstanding forward exchange contracts entered into by the Company, for hedge purpose, as
on 31 March 2023
Foreign currency Amount No. of contracts

Purpose Buy/Sell
(In million) (J in million) (Quantity)
31 March 2023
Hedge of payables, suppliers credit and highly probable purchases USD 183.26 15,067.06 Buy 258
Hedge of trade receivables, margin money deposits and highly USD 125.69 10,333.65 Sell 85
probable sale
Hedge of payables and highly probable purchases EUR 1.39 124.65 Buy 1
Hedge of trade receivables and highly probable sale EUR 15.88 1,422.59 Sell 10
31 March 2022
Hedge of payables, suppliers credit and highly probable purchases USD 101.33 7,681.30 Buy 141
probable sale
Hedge of trade receivables and highly probable sale EUR 6.68 565.94 Sell 10
(b) The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise
are given below:
Amounts payable in foreign currency on account of the following:

Foreign currency Amount
Category Currency type
(In million) (J in million)
31 March 2023
Import of goods and services EUR 0.02 1.94
Import of goods and services USD 0.62 50.89
31 March 2022
Import of goods and services EUR 0.00* 0.13
Import of goods and services USD 0.13 9.62
* Amount less than H 0.01 million
(c) Commodity future contracts to hedge against fluctuation in commodity prices:
The following are the outstanding future contracts entered into by the Company as on 31 March 2023
Contracted
Year Commodity type No. of contracts Buy/Sell
quantity (MT)
31 March 2023 Aluminium 288 99,814.00 Buy
31 March 2023 Aluminium 76 49,255.00 Sell
31 March 2023 Copper 33 2,565.00 Buy
31 March 2023 Copper 19 984.00 Sell
31 March 2022 Aluminium 127 34,622.00 Buy
31 March 2022 Aluminium 19 9,345.00 Sell
31 March 2022 Copper 6 153.00 Buy
31 March 2022 Copper 4 149.00 Sell


NOTE 45: DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MSMED ACT, 2006
(H in million)
Description 31 March 2023 31 March 2022
(i) The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any
supplier as at the end of each accounting year.
Principal amount due to micro and small enterprises 884.12 490.95
Interest due on above 18.24 5.34
(ii) The amount of interest paid by the buyer in terms of section 16, of the Micro Small and Medium Enterprises - -
Development Act, 2006 along with the amounts of the payment made to the supplier beyond the
appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making payment (which have been paid - -
but beyond the appointed day during the year) but without adding the interest specified under Micro Small
and Medium Enterprises Development Act, 2006
(iv) The amount of interest accrued and remaining unpaid at the end of each accounting year. 24.29 6.05
(v) The amount of further interest remaining due and payable even in the succeeding years, 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 Micro Small and Medium Enterprises Development
Act, 2006.
Interest payable as per section 16 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 to the extent of
H 24.29 million (31 March 2022: 6.05 Million) is accrued in the books of accounts.
Dues to micro and small enterprises have been determined to the extent such parties have been identified on the basis of
intimation received from the suppliers/information available with the Company regarding their status under MSMED Act, 2006.
NOTE 46: FAIR VALUES

Set out below is the comparison of class of the carrying amount and fair value of the Company’s financial instruments that are
recognized in the financial statements:
(H in million)
Carrying value Fair value
Particulars
31 March 2023 31 March 2022 31 March 2023 31 March 2022
Financial assets
- At fair value through other comprehensive income
Investment in equity instruments 3,706.16 5,249.51 3,706.16 5,249.51
Equity component of loan given to subsidiaries 460.09 333.78 460.09 333.78
Derivative instruments 539.42 522.69 539.42 522.69
- At fair value through statement of profit or loss
Investment in Compulsorily convertible debentures 1,018.83 48.63 1,018.83 48.63
Investment in mutual funds 805.00 - 805.00 -
- At amortised cost
Investment in non-convertible debentures 7,463.02 5,813.18 7,463.02 5,813.18
Loans 2,113.07 5,751.92 2,113.07 5,751.92
Trade receivables 16,772.24 13,491.50 16,772.24 13,491.50
Cash and cash equivalents 3,221.10 1,859.54 3,221.10 1,859.54
Other bank balances 978.80 465.64 978.80 465.64
Other financial assets 2,489.46 2,428.21 2,489.46 2,428.21
Total 39,567.19 35,964.60 39,567.19 35,964.60
- At amortised cost

Empowering Humanity

(H in million)
Particulars
31 March 2023 31 March 2022 31 March 2023 31 March 2022
Borrowings 4,716.09 2,513.08 4,716.09 2,513.08
Lease liabilities 442.04 530.60 442.04 530.60
Trade payables 17,260.51 12,997.56 17,260.51 12,997.56
Other financial liabilities 1,133.92 1,003.39 1,133.92 1,003.39
Total 23,610.65 17,052.09 23,610.65 17,052.09
The management assessed that cash and cash equivalents, other bank balances, trade receivables, trade payables, other
financial assets and liabilities and lease liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments. The management has further assessed that borrowings availed and loans given approximate their carrying
amounts largely due to the interest rates being variable or in case of fixed rate borrowings/loans, movements in interest rates
from the recognition of such financial instrument till period end not being material.
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, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:
• The fair values of the quoted mutual funds are based on net asset value (NAV) available as at reporting date.
• The fair values of the unquoted equity instruments and compulsorily convertible debentures have been estimated using a
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 these unquoted equity investments and compulsorily
convertible debentures.
• The Company enters into derivative financial instruments with financial institutions with investment grade credit ratings.
Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market observable
inputs. The most frequently applied valuation techniques include forward pricing model, using present value calculations.
The models incorporates various inputs including the credit quality counterparties, foreign exchange spot and forward rates,
yield curves of the respective currencies, currency basis spread between the respective currencies, interest rate curves etc.
The fair values of commodity futures contracts are based on price quotations on LME at the reporting date. The changes in
counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge
relationships and other financial instruments recognised at fair value.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31 March 2023 and 31 March 2022 are as shown below:
Description of significant unobservable inputs to valuation:

A FVTOCI assets - unquoted equity shares in subsidiaries and joint ventures and compulsorily convertible debentures of
joint ventures
The fair value of the investments in equity instruments of subsidiaries and joint ventures and and compulsorily convertible
debentures of joint ventures have been determined based on the fair values of the various Indian and Brazilian transmission
projects owned by the Company. Such fair values have been computed based on discounted cash flow (DCF) method
during the year ended 31 March 2023 and 31 March 2022.


(a) Investment in Indian transmission projects in equity shares and compulsorily convertible debentures of joint ventures
(H in million)
Significant unobservable Increase/(decrease) in fair value

Range Sensitivity of the input to fair value
inputs 31 March 2023 31 March 2022
i) Cost of equity (i) Operational projects
31 March 2023: 12.75%
31 March 2022: NA
(ii) New/under construction project (+) 0.5% (466.00) (390.27)
31 March 2023: 13.25%- 14.75% (-) 0.5% 509.13 422.89
31 March 2022: 13.50%- 15.00%
ii) Cost of debt 31 March 2023: 7.50% - 7.75% (+) 0.5% (1,971.68) (2,287.14)
31 March 2022: 8.00% (-) 0.5% 1,958.80 2,277.07
iii) Incremental tariff Change in law claim has been (+) 5% (of non-escalable tariff) 120.32 32.89
expected to be considered in the fair
approved by CERC valuation of Lakadia Vadodara (-) 5% (of non-escalable tariff) (120.76) (32.89)
in respect of cost Transmission Project Limited for the year
overruns due to force ended 31 March 2023.
majeure/change in law
(as % of non-escalable
tariff)
iv) Project cost (for under (+) 5% (2,487.96) (3,875.64)
construction assets) (-) 5% 2,483.96 1,897.67
(note 1)
Note 1:
(H in million)
Project cost
Project
31 March 2023 31 March 2022
Goa-Tamnar Transmission Project Limited 17,685.28 13,442.00
Lakadia Vadodara Transmission Project Limited 23,088.70 20,291.00
Mumbai Urja Marg Limited 27,992.85 27,800.00
Nangalbibra-Bongaigaon Transmission Limited 5,895.84 5,560.00
Udupi Kasargode Transmission Limited 7,658.00 7,780.00
(b) Investment in Brazilian transmission projects:

Significant unobservable Increase/(decrease) in fair value
inputs 31 March 2023 31 March 2022
i) Cost of equity (i) Operational projects-
31 March 2023: 13.00% (+) 0.5% (509.09) (353.99)
31 March 2022: NA
(ii) New/under construction project -
31 March 2023: 13.00% - 14.50% (-) 0.5% 554.43 326.50
31 March 2022: 14.75%
ii) Cost of debt 31 March 2023: 6.10% to 10.00% (+) 0.5% (564.32) (647.80)
31 March 2022: 4.50% to 7.00% (-) 0.5% 562.70 573.07
iii) Inflation 31 March 2023: 1.78% (+) 5% 185.52 133.68
31 March 2022: 1.23% (-) 5% (171.33) (141.64)
iv) Project cost (for under (+) 5% (2,302.39) (1,902.05)
construction assets) (-) 5% 2,288.75 1,839.19

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B. FVTOCI assets - Unquoted equity shares in Sharper Shape Group Inc.

Valuation technique: Discounted cash flow (DCF) method
(H in million)
Sr. Significant unobservable Increase/(decrease) in fair value

No. inputs 31 March 2023 31 March 2022
(i) Discount for lack of 31 March 2023: 20% 5% increase (5.67) (6.27)
marketability 31 March 2022: 10% 5% decrease 6.93 6.27
C. FVTOCI assets - Unquoted equity shares in Maharashtra Transmission Communication Infrastructure Limited (MTCIL)*
Valuation technique: Discounted cash flow (DCF) method
Fair value
Sr. No. Significant unobservable inputs Range Sensitivity of the input to fair value
31 March 2023
(i) Discount rate 31 March 2023: 18.87% 2% increase (34.12)
2% decrease 40.94
(ii) Terminal growth rate 31 March 2023: 2.00% 1% increase 12.39
1% decrease (12.39)
*MTCIL was acquired on 31 March 2022 and hence valuation was not carried out during previous year.
NOTE 47: FAIR VALUES HIERARCHY

The following table provides the fair value measurement hierarchy of the Company's assets and liabilities:
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March 2023 and 31 March 2022
(H in million)
Fair value measurement using
Quoted prices in Significant Significant

Amount active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets/(liabilities) measured at fair value through profit and loss

Investment in mutual funds
As at 31 March 2023 805.00 805.00 - -
As at 31 March 2022 - - - -
Investment in compulsorily convertible debentures
As at 31 March 2023 1,018.83 - - 1,018.83
As at 31 March 2022 48.63 - - 48.63
Assets/(liabilities) measured at fair value through other
comprehensive income
Investment in equity instruments
As at 31 March 2023 3,706.16 - - 3,706.16
As at 31 March 2022 5,249.51 - - 5,249.51
Derivative asset/(liabilities) (net)
As at 31 March 2023 481.33 - 481.33 -
As at 31 March 2022 515.23 - 515.23 -
There have been no transfers among Level 1, Level 2 and Level 3.


NOTE 48: FINANCIAL RISK MANAGEMENT types of risk: interest rate risk, currency risk and other
OBJECTIVES AND POLICIES price risk, such as equity price risk and commodity risk.
The Company's principal financial liabilities comprise Financial instruments affected by market risk include
borrowings, trade and other payables and other financial loans and borrowings, deposits, investments and
liabilities. The main purpose of these financial liabilities derivative financial instruments.
is to finance the Company's operations. The Company's
principal financial assets include investments, loans, trade The sensitivity analysis in the following sections relate to
and other receivables, cash and short-term deposits and the position as at 31 March 2023 and 31 March 2022.
other financial assets that derive directly from its operations.
The Company also holds FVTOCI investments and enters into The sensitivity analysis have been prepared on the
derivative transactions. basis that the amount of net debt, the ratio of fixed to
floating interest rates of the debt and derivatives and the
The Company is exposed to market risk, credit risk and proportion of financial instruments in foreign currencies
liquidity risk. The Company's senior management oversees are all constant and on the basis of hedge designations in
the management of these risks. All derivative activities for risk place at 31 March 2023.
management purposes are carried out by specialist teams
that have the appropriate skills, experience and supervision. The analyses exclude the impact of movements in market
It is the Company's policy that no trading in derivatives for variables on the carrying values of gratuity and provisions.
speculative purposes may be undertaken. The Company
reviews and agrees policies for managing each of these risks, The following assumption has been made in calculating
which are summarised below: the sensitivity analysis:
The Risk Management policies of the Company are established The sensitivity of the relevant statement of profit or
to identify and analyse the risks faced by the Company, to set loss item is the effect of the assumed changes in
appropriate risk limits and controls and to monitor risks and respective market risks. This is based on the financial
adherence to limits. Risk management policies and systems assets and financial liabilities held as at 31 March 2023
are reviewed regularly to reflect changes in market conditions and 31 March 2022.
and the Company's activities.
Interest rate risk
Management has overall responsibility for the establishment Interest rate risk is the risk that the fair value or the future
and oversight of the Company's risk management framework. cash flows of a financial instrument will fluctuate because
In performing its operating, investing and financing activities, of changes in market interest rates. The Company's
the Company is exposed to the Credit Risk, Liquidity Risk exposure to the risk of changes in market interest
and Market risk. rate primarily relates to the Company's long term debt
obligations with floating interest rates.
(a) Market risk
Market risk is the risk that the fair value of future cash The Company is exposed to the interest rate fluctuation in
flows of a financial instrument will fluctuate because of domestic borrowing.
changes in market prices. Market risk comprises three
Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in the interest rates on that portion of
loans and borrowings affected. With all the other variables held constant, the Company's profit/(loss) before tax is affected
through the impact on floating rate borrowings, as follows:
(H in million)
Increase/
Effect on profit
Particulars decrease in
before tax
basis points
31 March 2023
Base Rate +50 (11.74)
Base Rate -50 11.74
31 March 2022
Base Rate +50 (9.75)
Base Rate -50 9.75

Empowering Humanity

Foreign currency risk

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's exposure to the risk of changes in foreign exchange rates relates primarily to the
Company’s operating activities (when revenue or expense is denominated in a foreign currency).
The Company has a policy to keep minimum forex exposure on the books that are likely to occur within a maximum
12-month period for hedges of forecasted sales and purchases.
When a derivative is entered into for the purpose of being a hedge, the Company 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.
Out of total foreign currency exposure, the Company has hedged the exposure of 99.99% as at 31 March 2023 and 99.99%
as at 31 March 2022.
Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, and EUR exchange rates, with all
other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary
assets and liabilities. The impact on the Company’s pre-tax equity is due to changes in the fair value of forward exchange
contracts designated as cash flow hedges. The Company’s exposure to foreign currency changes for all other currencies
is not material. With all the other variable held constant, the Company's profit before tax is affected through the impact on
change of foreign currency rate as follows:
(H in million)
Change in Effect on profit Change in Effect on profit
USD rate before tax Euro rate before tax
31 March 2023 +5% (2.54) +5% (0.10)
-5% 2.54 -5% 0.10
31 March 2022 +5% (0.48) +5% (0.01)
-5% 0.48 -5% 0.01
Commodity price risk Commodity price sensitivity

The Company is affected by the price volatility of certain As per the Company's policy for commodity price
commodities. Its operating activities require the ongoing hedging, all the commodity price exposures as on
purchase of aluminium and copper for manufacture reporting dates are fully hedged. Thus, there are no open
of conductor and OPGW, power cables and therefore unhedged exposures on the reporting dates.
require a continuous supply of aluminium and copper.
Due to the volatility of the price of aluminium and copper, Equity price risk
the Company enters into various purchase contracts The Company has invested in mutual fund units,
for aluminium and copper on London Metal Exchange. compulsory convertible debentures and unlisted equity
The prices in these purchase contracts are linked to the securities which are susceptible to market price risk
price on London Metal Exchange. arising from uncertainties about future values of the
investment securities. The Company manages the equity
The Company’s Board of Directors has developed price risk by placing limits on individual and total equity
and enacted a risk management strategy regarding instruments. Reports on the equity portfolio are submitted
commodity price risk and its mitigation. to the Company’s senior management on a regular basis.
The Company’s Board of Directors reviews and approves
Based on forecasted delivery plans, the Company hedges all equity investment decisions.
the aluminium and copper price using future commodity
contracts. The forecast is deemed to be highly probable. At the reporting date, the exposure to mutual fund
units, compulsory convertible debentures and unlisted
equity securities at fair value is H 5,529.99 million (31


March 2022: H 5,298.12 million). Sensitivity analysis of and long term transmission customer on behalf of its
these investments have been provided in note 46. subsidiaries and joint ventures. Based on the expectations
at the end of reporting period, the Company considers
(b) Credit risk likelihood of any claim under guarantee is remote.
Credit risk is the risk that a counterparty will not meet
its obligations under a financial instrument or customer Financial instruments and cash deposits
contract, leading to a financial loss. The Company Credit risk from balances with banks and financial
is exposed to credit risk from its operating activities institutions is managed by the Company’s treasury
(primarily trade receivables) and from its financing department in accordance with the Company’s policy.
activities, including deposits with banks, foreign exchange Investments of surplus funds are made only with
transactions and other financial instruments. approved counterparties and within credit limits assigned
to each counterparty. Counterparty credit limits are
Trade receivables reviewed by the Company’s Board of Directors on
Customer credit risk is managed by each business unit an annual basis, and may be updated throughout the
subject to the Company’s established policy, procedures year . The limits are set to minimise the concentration
and control relating to customer credit risk management. of risks and therefore mitigate financial loss through
Credit quality of a customer is assessed based on an counterparty’s potential failure to make payments.
extensive credit rating scorecard and individual credit
limits are defined in accordance with this assessment. The Company’s maximum exposure to credit risk for the
Outstanding customer receivables are regularly components of the balance sheet at 31 March 2023 and
monitored and any shipments to major customers are 31 March 2022 is the carrying amounts of each class
generally covered by letters of credit or other forms of of financial assets except for financial guarantees and
credit insurance. derivative financial instruments. The Company’s maximum
exposure relating to financial guarantees and financial
An impairment analysis is performed at each reporting derivative instruments is noted in Note 43 and the
date on an individual basis for major customers. liquidity table below:
In addition, a large number of minor receivables are
grouped into homogenous groups and assessed for (c) Liquidity risk
impairment collectively. The calculation is based on losses Liquidity risk is the risk that the Company may encounter
historical data. The maximum exposure to credit risk at difficulty in meeting its present and future obligations
the reporting date is the carrying value of each class of associated with financial liabilities that are required
financial assets. The Company does not hold collateral as to be settled by delivering cash or another financial
security. The Company evaluates the concentration of risk asset. The Company's objective is to, at all times,
with respect to trade receivables as low, as its customers maintain optimum levels of liquidity to meet its cash
are located in several jurisdictions and industries and and collateral obligations. The Company requires funds
operate in largely independent markets. both for short term operational needs as well as for long
term investment programs mainly in growth projects.
Financial guarantee contracts The Company closely monitors its liquidity position and
The Company is exposed to credit risk in relation to deploys a robust cash management system. It aims
financials guarantee given by the Company on behalf of to minimise these risks by generating sufficient cash
subsidiaries. The Company's maximum exposure in this flows from its current operations, which in addition
regard is the maximum amount Company could have to to the available cash and cash equivalents, liquid
pay if the guarantee is called on as at 31 March 2023 is investments and sufficient committed fund facilities, will
H 6,158.45 million (31 March 2022: H 6,260.85 million). provide liquidity.
These financial guarantees have been issued to bank

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The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period
taken to settle trade payables is about 60 - 180 days. The other payables are with short term durations. The carrying
amounts are assumed to be reasonable approximation of fair value. The table below summarises the maturity profile of the
Company's financial liabilities based on contractual undiscounted payments:
(H in million)
Payable on Less than 1 year to
Particulars > 5 years Total
demand 1 year 5 years
As at 31 March 2023
Borrowings # 1,990.89 2,787.16 430.00 - 5,208.05
Lease liabilities - 97.16 344.88 - 442.04
Other financial liabilities - 582.35 24.55 - 606.90
Trade payables - 17,260.51 - - 17,260.51
Payables for purchase of property, plant and - 35.06 - - 35.06
equipment
Derivatives - 58.09 - - 58.09
Financial/Performance guarantee contracts* 6,158.45 - - - 6,158.45
Total 8,149.34 20,820.33 799.43 - 29,769.10
As at 31 March 2022
Borrowings # 1,851.83 825.64 187.61 - 2,865.08
Other financial liabilities - 437.05 149.21 - 586.26
Trade payables - 12,997.56 - - 12,997.56
Payables for purchase of property, plant and - 65.13 - - 65.13
equipment
Derivatives - 7.46 - - 7.46
Financial/Performance guarantee contracts* 6,261.00 - - - 6,261.00
Total 8,112.83 14,419.17 781.09 - 23,313.09
# Including short and term long term borrowings and interest accrued thereon.
* Based on the maximum amount that can be called for under the financial guarantee contract. Financial guarantee contract pertains to guarantees
given to term loan lender, long term transmission customer on behalf of subsidiaries etc. These will be invoked in case of default by subsidiaries
(refer note 42).


NOTE 49: CAPITAL MANAGEMENT

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 ensure that
it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio,
which is net debt divided by total capital plus net debt. The Company's policy is to keep the gearing ratio optimum. The Company
includes within net debt, borrowings, trade payables, other financial liabilities and advances received from customers less cash
and short-term deposits and current investments, excluding discontinued operations, if any.
(H in million)
Particulars March 31, 2023 March 31, 2022

Borrowings# 5,208.05 2,865.08
Trade payables 17,260.51 12,997.56
Other financial liabilities 700.05 658.85
Advances received from customers 12,976.72 8,116.18
Less: Cash and short-term deposits and current investments (5,004.90) (2,325.18)
Net debt 31,140.43 22,312.49
Equity share capital 244.72 122.36
Other equity 18,137.88 19,507.73
Total capital 18,382.60 19,630.09
Capital and net debt 49,523.03 41,942.58
Gearing ratio 62.88% 53.20%
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 breaches
in the financial covenants of any interest-bearing loans and borrowing in the current period except those specified in note 19.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2023
and 31 March 2022.
NOTE 50: RELATED PARTY DISCLOSURES

Related party disclosures as required by Ind AS 24, "Related Party Disclosures" :-
(A) Name of related party and nature of its relationship:

(a) Related parties where control exists
(i) Holding company
Twin Star Overseas Limited, Mauritius (immediate holding company)
Volcan Investments Limited, Bahamas (ultimate holding company)
(ii) Subsidiaries
Sterlite Grid 4 Limited (till 15 March 2022, merged thereafter, refer note 56)
Sterlite Grid 5 Limited

Empowering Humanity


Sterlite Grid 14 Limited (till 05 April 2021)
Sterlite EdIndia Foundation
Khargone Transmission Limited (till 01 March 2023)
Sterlite Convergence Limited
Goa-Tamnar Transmission Project Limited (till 05 April 2021)
Udupi Kasargode Transmission Limited (till 05 April 2021)
Lakadia-Vadodara Transmission Project Limited (till 05 April 2021)
Nangalbibra-Bongaigaon Transmission Limited (from 16 December 2021)
One Grid Limited
Kishwtar Transmission Limited (from 06 Decemeber 2022)
Sterlite Interlinks Limited (from 01 June 2022)
Maharashtra Transmission Communication Infrastructure Limited (from 31 March 2022)
Se Vineyards Power Transmission S.A., Brazil (till 30 Novemeber 2022)
Sterlite Brazil Participicoes, S.A., Brazil
Dunas Transmissão de Energia S.A (till 02 June 2021)
Marituba Transmissão de Energia S.A.
São Francisco Transmissão de Energia S.A.
GBS Participicoes S.A. Brazil (From 16 April 2021)
Goyas Transmissão de Energia S.A.
Borborema Transmissão de Energia S.A.
Solaris Transmissão de Energia S.A.
Vineyards Participicoes S.A. (till 30 Novemeber 2022)
Jaçanã Transmissão de Energia S.A (Erstwhile Jaçanã Energia Ltd) (from 21 February 2022)
Olindina Participaçõies S.A. (Erstwhile Jaçanã Transmissão de Energia S.A) (from 01 February 2022)
Tangará Transmissão de Energia S.A. (Erstwhile Cerrado Transmissão de Energia S.A) (from 15 June 2022)
Serra Negra Transmissão de Energia S.A (Erstwhile Veredas Transmissão de Energia S.A (from 15 June 2022)
SF 542 Participações Societárias (from 28 July 2022)


(iii) Associate
Indigrid Investment Managers Limited (formerly known as Sterlite Investment Managers Limited (till 14 January 2022)
Sterlite Interlinks Limited (till 31 May 2022)
NER-II Transmission Limited (till 29 June 2021)
(iv) Joint Ventures

Sterlite Grid 14 Limited (from 06 April 2021)
(v) Subsidiaries of joint ventures

Mumbai Urja Marg Limited (Erstwhile Vapi II-North Lakhimpur Transmission Limited)
Udupi Kasargode Transmission Limited (from 06 April 2021)
Lakadia-Vadodara Transmission Project Limited (from 06 April 2021)
Goa-Tamnar Transmission Project Limited (from 06 April 2021)
(b) Other related parties under IND AS-24 "Related party disclosures" with whom transactions have taken place during the year
(i) Key Management Personnel (KMP)
Mr. Pravin Agarwal (Chairman)
Mr. Pratik Agarwal (Managing Director)
Mr. Anuraag Srivastava (Chief Financial Officer) (till 30 September 2021)
Mr. Sanjeev Bhatia (Chief Financial Officer) (from 01 October 2021)
Mr. Manish Agrawal (Whole time Director) (from 17 December 2021)
Mrs. Kamaljeet Kaur (Whole time Director) (from 29 June 2022)
(ii) Fellow subsidiaries

Vedanta Limited
Bharat Aluminium Company Limited
Hindustan Zinc Limited
Sterlite Technologies Limited
Serentica Renewables India Private Limited (Sterlite Power Technologies Private Limited) (till 9 March 2023)
Serentica Renewables India 1 Private Limited (till 9 March 2023)
Maharashtra Transmission Communication Infrastructure Limited (till 30 March 2022)
ESL Steels Limited (formerly know as Electrosteel Steels Limited)
(iii) Associate of immediate holding company

Serentica Renewables India Private Limited (Sterlite Power Technologies Private Limited) (from 10 March 2023)
Serentica Renewables India 1 Private Limited (from 10 March 2023)
(c) Additional related parties as per Companies Act, 2013 with whom transactions have taken place during the year
(i) Key Management Personnel (KMP)
Mr. Ashok Ganesan (Company Secretary)
Mr. Arun Todarwal (Director) (till 24 July 2021)
Mr. Anoop Seth (Independent Director)
Ms. Zhao Haixia (Director) (till 31 March 2022)
Mr. A.R. Narayanswamy (Independent Director)

Empowering Humanity

(ii) Entities in which directors are interested

PTC Cables Private Limited (till 24 July 2021)
Talwndi Sabo Power Limited
Universal Floritech LLP
(iiii) Relative of key management personnel (KMP)

Mr. Navin Kumar Agarwal
Mrs. Suman Didwania
(B) The transactions with related parties during the year and their outstanding balances are as follows:
(H in million)
Associate, Joint Ventures and
S. Holding Company, Subsidiaries KMP, Relatives of KMP and
Particulars its subsidiaries, Associate of
No. & Fellow subsidiary Director interested parties
immediate holding company
Transactions 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
1 Subscription/acquisition of 430.00 - 162.01 1,007.90 - -
equity shares including pending
allotment
2 Loans and advances given by the 1,193.16 1,217.28 307.00 - - -
Company
3 Investment in Non-convertible - - 837.40 3,576.80 - -
debentures (NCDs)
4 Investment in Compulsory- - - 919.70 99.13 - -
convertible debentures (CCDs)
5 Repayment of loans and 325.19 1,749.48 307.00 27.00 - -
advances given by the Company*
6 Loan taken by the Company 2,930.00 - - - - -
7 Loan repaid by the Company 750.00 - - - - -
8 Revenue from EPC contract with 2,196.93 429.94 7,436.52 19,945.09 - -
customer
9 Sale of goods (including GST) 345.19 42.23 - - - -
10 Secondment fee income - - 3.42 3.71 - -
11 Management fees income 555.65 53.18 19.59 0.73 - -
(excluding GST)
12 Performance bank guarantee 17.95 21.93 - - - -
charge recovered from
subsidiary
13 Interest income accrued or 5.99 7.81 708.47 562.96 - -
interest received
14 Purchase of goods and services 18,712.12 13,355.18 - - 0.20 -
(including GST)
15 Interest cost 723.16 125.32 - - - 44.90
16 Purchase of power 44.44 31.33 - - - -
17 Remuneration given to KMP - - - - 150.51 149.96
18 Director sitting fees - - - - 6.50 10.63
19 Director Commission - - - - 2.70 3.54
20 CSR expenditure 20.94 29.00 - - - -
21 Advance received against 635.24 843.49 123.31 405.92 - -
contracts (excluding tax)
22 Reimbursement of expense paid 4.60 15.50 - - - -
to related parties
23 Reimbursement of expense paid 20.38 46.80 3.26 52.99 - -
on behalf of related parties


(H in million)
Associate, Joint Ventures and
S. Holding Company, Subsidiaries KMP, Relatives of KMP and
Particulars its subsidiaries, Associate of
No. & Fellow subsidiary Director interested parties
immediate holding company
Transactions 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
24 Bank guarantee given to related - - - 800.00 - -
parties
25 Corporate guarantee given on 2,000.00 - - - - -
behalf of related parties
26 Bank/performance guarantee 1,319.00 303.90 0.21 0.20 - -
given on behalf of related parties
27 Dividend paid - 236.50 - - - 8.00
(H in million)
S.
Outstanding Balances 31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022
No.
1 Loans and advances receivable* 2,744.89 6,030.52 - - - -
2 Short term borrowings 2,180.00 - - - - -
3 Investment in non-convertible - - 7,463.02 5,917.39 - -
debentures (NCD)
4 Investment in compulsorily - - 1,018.83 99.13 - -
convertible debentures (CCD)
5 Trade receivables 1,136.05 196.61 7,028.20 6,610.14 - -
6 Trade payables 7,105.27 3,423.26 - - - -
7 Payable against purchase 130.00 230.00 - - - -
consideration
8 Amount payable against - - 5.17 - - -
supplies, services and
reimbursement of expenses (net
of advance)
9 Amount receivable against 58.26 83.88 36.61 52.99 - -
supplies, services and
reimbursement of expenses (net
of payable)
10 Advances recoverable in cash 28.40 - - 28.40 - -
from related party
11 Advance from customers 1,065.76 843.49 3,268.23 4,761.59 - -
12 Advance to vendors 8.85 - - - - -
13 Corporate guarantee given 2,188.60 188.60 - - - -
outstanding at year end
14 Bank/performance guarantee 3,278.77 4,580.62 822.45 2,045.90 - -
given outstanding at year end
*During the current year, the Company has sold its investment in equity shares of its wholly owned subsidiary 'Khargone Transmission Limited (KTL)'
on 2 March 2023 accordingly it ceases to be the related party of the Company. Accordingly, the loan repaid by KTL of I 3,340 million post transfer
of stake in KTL has not been shown as part of the related party transactions.
(C) The major transactions with related parties during the year are as follows:
(H in million)
Relationship 31 March 2023 31 March 2022
1 Subscription/acquisition of equity shares
including pending allotment
Sterlite Grid 13 Limited Joint Venture 162.01 -
Sterlite Grid 14 Limited Joint Venture - 0.10

Empowering Humanity

(H in million)
Sterlite Grid 31 Limited Subsidiary 1.50 -
Sterlite Brazil Participicoes, S.A., Brazil Subsidiary 422.00 -
2 Loans and advances given by the Company
Khargone Transmission Limited Subsidiary (till 1 March, 2023) 2.80 -
Sterlite Convergence Limited Subsidiary - 41.70
Sterlite Grid 5 Limited Subsidiary 2.84 602.51
Sterlite Grid 24 Limited Subsidiary 434.70 0.00*
Serentica Renewables India Private Limited Fellow Subsidiary (till 9 March 2023) 182.90 35.00
(Sterlite Power Technologies Private Limited)
Serentica Renewables India Private Limited Associate of immediate holding company 200.00 -
(Sterlite Power Technologies Private Limited) (from 10 March 2023)
Lakadia-Vadodara Transmission Project Subsidiary of Joint Venture 107.00 -
Limited
*Amount is less than H 0.01 million
3 Investment in Non-convertible
debentures (NCDs)
Sterlite Grid 13 Limited Joint Venture 787.40 507.87


(H in million)
Sterlite Grid 29 Limited Joint Venture - 1,875.86
4 Investment in Compulsory-convertible
debentures (CCDs)
5 Repayment of loans and advances
given by the Company
Sterlite Grid 5 Limited Subsidiary - 1,157.64
Sterlite Technologies Limited Fellow Subsidiary - 101.50
Khargone Transmission Limited Subsidiary (till 1 March, 2023) - 281.40
Lakadia-Vadodara Transmission Project Subsidiary of Joint Venture 107.00 -
Limited
6 Loan taken by the Company
Sterlite Grid 16 Limited Subsidiary 2,500.00 -
Sterlite Convergence Limited Subsidiary 430.00 -
7 Loan repaid by the Company
8 Revenue from EPC contract with Customer#
Udupi Kasargode Transmission Limited Subsidiary of Joint Venture 581.57 2,394.31
Mumbai Urja Marg Limited Subsidiary of Joint Venture 5,468.97 6,359.68
Goa-Tamnar Transmission Project Limited Subsidiary of Joint Venture 703.93 2,004.29
Lakadia-Vadodara Transmission Project Subsidiary of Joint Venture 682.04 9,186.81
Limited
Khargone Transmission Limited Subsidiary (till 1 March, 2023) 142.64 375.88
Nangalbibra-Bongaigaon Transmission Subsidiary 1,932.90 54.06
Limited
Maharashtra Transmission Communication Subsidiary 121.40 -
Infrastructure Limited
9 Sale of goods (including GST)
Maharashtra Transmission Communication Subsidiary 42.83 35.36
Sterlite Convergence Limited Subsidiary - 6.87
Sterlite Technologies Limited Fellow Subsidiary 0.46 -
Hindustan Zinc Limited Fellow Subsidiary 71.67 -
Bharat Aluminium Company Limited Fellow Subsidiary 14.94 -
Vedanta Limited Fellow Subsidiary 215.28 -
10 Secondment fee income
11 Management fees income (excluding GST)
Maharashtra Transmission Communication Subsidiary 42.63 24.99

Empowering Humanity

(H in million)
Sterlite Brazil Participicoes, S.A., Brazil Subsidiary 0.79 19.27
Sterlite Interlinks Limited Subsidiary w.e.f. 1 June 2022 72.82 -
Serentica Renewables India Private Limited Fellow Subsidiary (till 9 March 2023) 425.17 -
IndiGrid Investment Managers Limited Associate (till 14 January 2022) - 0.73
(formerly known as Sterlite Investment
Managers Limited)
Mumbai Urja Marg Limited Subsidiary of Joint Venture 0.15 -
Goa-Tamnar Transmission Project Limited Subsidiary of Joint Venture 0.65 -
12 Performance bank guarantee charge
13 Interest income accrued or interest received
Sterlite Technologies Limited Fellow Subsidiary - 6.29
14 Purchase of goods and services
(including GST)
Vedanta Limited Fellow Subsidiary 15,510.86 10,647.67
Bharat Aluminium Company Limited Fellow Subsidiary 2,350.23 2,195.46
ESL Steels Limited (formerly know as Fellow Subsidiary 317.02 405.88
Electrosteel Steels Limited)
Sterlite Technologies Limited Fellow Subsidiary 140.83 105.97
Hindustan Zinc Limited Fellow Subsidiary - 0.20
Universal Floritech LLP Fellow Subsidiary 0.56 -
Talwandi Sabo Power Limited Director interested parties 0.20 -
15 Interest cost
ESL Steels Limited (formerly know as Fellow Subsidiary 5.51 -
Hindustan Zinc Limited Fellow Subsidiary 0.03 -
Vedanta Limited Fellow Subsidiary 344.90 104.10
Bharat Aluminium Company Limited Fellow Subsidiary 39.16 21.22
PTC Cables Private Limited Director interested parties - 44.90


(H in million)
16 Purchase of power
17 Remuneration given to KMP
(refer note 2 below)
Mr. Anuraag Srivastav KMP - 24.28
Mr. Pratik Agarwal KMP 74.85 101.50
Mr. Ashok Ganesan KMP 11.25 11.81
Mr. Sanjeev Bhatia KMP 15.55 6.39
Mr. Manish Agrawal KMP 35.29 5.98
Mrs. Kamaljeet Kaur KMP 13.57 -
18 Director sitting fees
Mr. Arun Todarwal Director (till 24 July 2021) - 1.40
Mr. A.R Narayanaswamy Director 3.60 3.70
Ms. Haixia Zhao Director (till 31 March 2022) - 2.63
Mr. Anoop Seth Director 2.90 2.90
19 Director commission
Mr. Anoop Seth Director 2.40 -
Mr. A.R Narayanaswamy Director 0.30 0.12
Ms. Haixia Zhao Director (till 31 March 2022) - 3.42
20 CSR expenditure
Sterlite EdIndia Foundation Subsidiary 20.94 29.00
21 Advance received against contracts
(excluding tax)
Udupi Kasargode Transmission Limited Subsidiary of Joint Venture - 405.92
Nangalbibra-Bongaigaon Transmission Subsidiary - 843.49
Limited
Kishtwar Transmission Limited Subsidiary (from 06 Decemeber 2022) 602.69 -
Serentica Renewables India 1 Private Limited Associate of immediate holding company 84.96 -
(from 10 March 2023)
(from 10 March 2023)
22 Reimbursement of expense paid to
related parties
Sterlite Technologies Limited Fellow Subsidiary 4.60 15.50
23 Reimbursement of expense paid on behalf of
related parties
Goa-Tamnar Transmission Project Limited Subsidiary of Joint Venture 0.50 11.89
Lakadia-Vadodara Transmission Project Subsidiary of Joint Venture - 33.36
Limited
Mumbai Urja Marg Limited Subsidiary of Joint Venture - 7.74
Kishtwar Transmission Limited Subsidiary (from 06 Decemeber 2022) 1.61 -
Serentica Renewables India 9 Private Limited Fellow Subsidiary (till 9 March 2023) - -
Serentica Renewables India Private Limited Fellow Subsidiary (till 9 March 2023) 3.40 -

Empowering Humanity

(H in million)
24 Bank guarantee given to related parties
Mumbai Urja Marg Limited Subsidiary of Joint Venture - 800.00
25 Corporate guarantee given on behalf of
related parties
Sterlite Grid 16 Limited Subsidiary 2,000.00 -
26 Bank/performance guarantee given on
Sterlite Grid 26 Limited Subsidiary - 103.90
Sterlite Grid 30 Limited Subsidiary - 200.00
Goa-Tamnar Transmission Project Limited Joint Venture 0.21 -
Lakadia-Vadodara Transmission Project Joint Venture - 0.20
Limited
27 Dividend paid
Twinstar Overseas Limited Immediate Holding Company - 231.45
Vedanta Limited Fellow Subsidiary - 5.05
Mr. Pravin Agarwal Chairman - 4.43
Mr. Navin Kumar Agarwal Relative of KMP - 0.30
Mrs. Suman Didwania Relative of KMP - 0.09
Mr. Pratik Agarwal KMP - 3.18
# Sales disclosed above are based on actual billings made to subsidiaries in respect of EPC contracts. However, the Company recognises revenue
based on percentage of completion method.
Note:
1. All the related party transactions disclosed above have been shown at their nominal values without giving effect
to the impact of reclassification into equity and liability and adjustment arising on account of effective interest rate
method under Ind AS.
2. Remuneration to key management personnel:

(H in million)
31 March 2023 31 March 2022
Short-term employee benefits 150.51 149.96
Post-employment benefits* - -
Total 150.51 149.96
* As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as a whole, the amounts pertaining
to the key management personnel are not included above.


NOTE 51: SEGMENT INFORMATION

Operating segment:
The Company has only one operating segment which is power product solution and power transmission infrastructure. On review
of all the relevant aspects including, in particular, the system of internal financial reporting to the Board of Directors which is
the Chief Operating Decision Maker ('CODM') and considering the economic characteristics of the Company's operations, the
Company is of the view that it operates in a single primary segment. Hence, no separate disclosure under India Accounting
Standard 108 is considered necessary. As permitted by paragraph 4 of Ind AS-108, 'Operating Segments', if a single financial
report contains both consolidated financial statements and the separate financial statements of the parent, segment information
need be presented only on the basis of the consolidated financial statements.
Geographic information:
Geographical revenue is allocated based on the location of the customer. Information regarding geographical
revenue is as follows:
The Company's revenue from external customers by location of operations and information about its non-current assets by
location of assets are detailed below:
(H in million)
(1) Revenue from external customers
- Within India 26,677.82 27,037.97
- Outside India 11,800.53 10,772.82
Total revenue per statement of profit and loss 38,478.35 37,810.79
The revenue information above is based on the locations of the customers
(2) Non-current operating assets
- Within India 2,557.71 2,796.33
- Outside India - -
Total 2,557.71 2,796.33
Non-current assets for this purpose consists of property, plant and equipment, Capital work in progress, intangible assets and
right-of-use assets.
NOTE 52: EMPLOYEE STOCK APPRECIATION RIGHTS

ESAR scheme 2017
The Company has not granted any Employee Stock Appreciation Rights (ESARs) during the year ended 31 March 2023 and
31 March 2022 to employees under the Employee Stock Appreciation Rights plan 2017 ("ESAR 2017") Scheme ("Scheme") as
approved by the Committee formed under the Scheme vide Board Resolution dated 8 October 2017.
Following is the reconciliation of provision for ESARs outstanding issued in earlier years:
(H in million)
31 March 2023 31 March 2022
Particulars
Numbers Amount Numbers Amount
Opening balance as at the beginning of the year - - 0.63 304.18
ESARs granted during the period - - - -
ESARs cancelled/waived - - - (16.37)
Payment towards ESARs vested - - (0.63) (287.80)
Closing balance as at the end of the year - - - -
During the previous year ended March 31, 2022, the Company has reversed expense of H 16.37 million in statement of profit &
loss account and I 287.80 million was paid to employees towards ESAR vested.

Empowering Humanity

NOTE 53 PERFORANCE CASH INCENTIVE PLAN FOR EMPLOYEE

Long Term Incentive Plan 2022
During the previous year, the Company introduced Sterlite Power Plus Performance Cash Incentive Plan– 2021 (‘Performance
Cash Incentive Plan’) for its employees pursuant to the approval from the Nomination and Remuneration committee vide
resolution dated 24 September 2021. Performance Cash Incentive Plan is designed to provide annual incentives to the
employees of the company to contribute towards long term performance of the Company and achievement of the Company’s
goals. It is a cash settled plan.
The Nomination and remuneration committee of the Company has approved related vesting conditions. Vesting of the benefits
under Performance Cash Incentive Plan would be subject to continuous employment with the Company and certain performance
parameters subject to which the incentives would vest. The total cash incentives payable as per the Performance Cash Incentive
Plan are approved by the Nomination and remuneration committee and the cash pay out will be spread over a period of 3 years
as per the pay out schedule specified in the Performance Cash Incentive Plan based on the performance parameters achieved
by the Company during the relevant financial year. Subsequent to the first grant which was issued in Financial year 2021-22, the
second grant was issued to eligible employees in current year.
The Company has recorded liability towards Performance Cash Incentive Plan based on the projected unit completion method.
The Company has used certain assumptions such as attrition rate and discount rate to derive the present value of the obligation
under Performance Cash Incentive Plan.
The details of expenses and liability recognised during the year for the Performance Cash Incentive Plan are as follow:
(H in million)
Opening balance as at the beginning of the year 114.30 -
Performance Cash Incentive Plan provision during the year 33.11 114.30
Payment towards Performance Cash Incentive Plan vested (59.54) -
Closing balance as at the end of the year 87.87 114.30
NOTE- 54 SHARE BASED PAYMENTS:

Details of the Employee Share Option Plan (ESOP) of the Company:
(a) The ESOP titled “Sterlite Power Transmission Limited Restricted Stock Unit Scheme 2022” (RSU 2022/Scheme) was
approved by the shareholders on 6 July 2022. Total 12,23,638 RSUs/options are covered under the Scheme which are
convertible into equal number of equity shares of the Company. The vesting period of these options range over a period
of three years and the options must be exercised within a period of four years from the date of vesting. The Company has
granted 3,52,900 options (31 March 2022: Nil) under this scheme during the year ended 31 March 2023.
(b) During the current year, Employee benefit expenses of I 59.06 million (31 March 2022: Nil) relating to the above referred
RSU 2022 have been recognised in the Statement of Profit and Loss.
Fair value of share options granted during the year::

The fair value of the share options granted during the year is I 463.21 per option. The Options were priced using a Black-
Scholes method of valuation at grant date. Expected volatility is based on the historical share price volatility over the past 3
years. The following assumptions were used for valuation of fair value of options granted during the year:
(H in million)
Particulars Amount
Grant date share price (in H) 474.75
Exercise price per share (in H) 2.00
Expected life (in years) 3.00 to 5.01
Expected volatility (%) 40.45 to 41.06
Dividend yield (%) 0.56
Risk-free interest rate (%) 6.73 to 7.06


Employee stock options details as on the balance sheet date are as follows:
(H in million)
Weighted
average
Particulars Options (No’s)
exercise price
per option (I)
Option outstanding at the beginning of the year: - -
Granted during the year: 352,900 2.00
Exercised during the year - -
Lapsed/cancelled during the year 29,940 -
Options outstanding at the end of the year:* 322,960 2.00
Options available for grant 900,678 2.00
* Includes options vested but not exercised as at 31 March 2023: Nil (31 March 2022: Nil)
# Above grants, exercise price and fair value is adjusted on account of issue of bonus shares during the year as per scheme (refer note 16).
NOTE 55: OTHER NOTES

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date
on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued.
The Company is assessing the impact of the Code when it comes into effect and will record any related impact in the period the
Code becomes effective.
NOTE 56: IMPACT OF MERGER OF STERLITE GRID 4 LIMITED

During the previous year, the Scheme of Amalgamation of Sterlite Grid 4 Limited ('SGL4') being a wholly owned subsidiary of the
Company with the Company was sanctioned by National Company Law Tribunal ('NCLT') vide its order dated 17 February 2022.
The Company has received certified copy of the order which is filed with Registrar of Companies on March 14, 2022
('Effective date').
Management has assessed that the amalgamation of SGL4 (including project SPVs) with the Company is an asset acquisition
since it doesn’t fulfil/meet the definition of business as per Ind AS 103, Business Combinations. Therefore, the amalgamation
of SGL4 with the Company was accounted from the Effective date when all substantial conditions for the transfer of assets and
liabilities are completed as specified in the scheme.
(a) Balance sheet of Sterlite Grid 4 Limited as on 14 March 2022

(H in million)
Particulars 14 March 2022
ASSETS
Financial assets
i. Other financial assets 3.37
Total non-current assets 3.37
Financial assets
i. Loans 10,891.86
ii. Cash and cash equivalents 81.33
iii. Bank balances other than (ii) above 1,272.81
iv. Other financial assets 853.57
Other current assets 44.40
Total current assets 13,143.97
TOTAL ASSETS 13,147.34

Empowering Humanity

(H in million)
Particulars 14 March 2022
Equity
Equity share capital 0.50
Other equity
i. Retained earnings 10,441.71
ii. Debenture Redemption Reserve 200.00
Total equity 10,642.21
Liabilities
Current liabilities
i. Short term borrowings 2,182.32
ii. Other financial liabilities 39.78
Current tax liability (net of advance tax and tds) 283.03
Total current liabilities 2,505.13
TOTAL LIABILITIES 13,147.34

NOTE 57: RATIO ANALYSIS AND ITS ELEMENTS
S.
Ratio Numerator Denominator 31 March 2023 31 March 2022 % change Reason for variance more than (+/-) 25%
No.
1 Current ratio Current assets Current liabilities 1.01 1.23 -18.52% Not applicable
2 Debt-Equity ratioTotal debt = Total long Shareholder's equity = 0.26 0.13 100.40% The increase in the ratio is majorly on
term borrowings + Short Share capital + Securities account of the new borrowings which
term borrowings + Current premium + Retained were availed by the Company during the
maturities of long term earnings + Other reserves year.
borrowings
3 Debt service Net profit after taxes + Non- Debt service = Interest 2.01 2.54 -20.74% Not applicable
coverage ratio cash operating & lease payments +
expenses like depreciation Principal repayments
and amortization + Interest +

other adjustments like profit/
loss on sale of property, plant
& equipment
4 Return on equity Profit after tax Average shareholder's 17% 15% 14.86% Not applicable
ratio equity = (Opening

shareholder's equity +
Closing shareholder's
equity)/2
5 Inventory Cost of goods sold = Cost of Average inventories = 5.67 10.19 -44.34% The decrease in inventory turnover ratio
turnover ratio raw material and components (Opening inventories + is majorly on account of increase in
consumed + Purchase of Closing inventories)/2 inventory level of the Company at the end
traded goods + Construction of the current year.
material and contract expense
+ Decrease/(increase) in
inventories of finished goods,
work-in-progress and traded

goods
6 Trade receivable Revenue from operations Average trade receivables 2.59 3.27 -20.63% Not applicable
turnover ratio = (Opening trade
receivables + Closing
trade receivables)/2
7 Trade payable Net credit purchases = Average trade payables 1.94 2.09 -7.12% Not applicable
turnover ratio Purchase of raw materials and = (Opening trade
components + Purchase of payables + Closing trade
traded goods + Construction payables)/2
material and contract expense

187
S.
Ratio Numerator Denominator 31 March 2023 31 March 2022 % change Reason for variance more than (+/-) 25%
No.
188
8 Net capital Revenue from operations Working capital = Current 199.06 6.89 2787.63% The increase in the ratio is majorly on
turnover ratio assets - Current liabilities account of decrease in net current asset
position of the Company due to increase
of short term borrowings and advances
received from the customer due to
increase in operations of the Company.
9 Net profit ratio Profit/(loss) after tax Revenue from operations 8% 6% 26.39% The increase in the ratio is because of
increase in profits due to increase in
revenue from operations with better
margin.
10 Return on capitalEarnings before interest Capital employed = 23% 15% 51.78% The increase in the ratio is because of

employed and taxes = Earning before Shareholder's equity + Earnings before interest and taxes due to
interest, tax, depreciation and Total debt + Deferred tax increase in revenue from operations with
amortisation - Depreciation liability (net) - Intangible better margin.
and amortisation expense assets (including under
development) - Right of
use assets
11 Return on Return = Interest income Investment = Average 3% 7% -52.00% The change in ratio is due to earlier
investment on bank deposits + Gain/ investments (excluding redemption or lesser period of holding
(loss) on sale of investments investments in fixed deposits.
+ Dividend income on subsidiaries, associates
investments and joint ventures) +
Average deposits with
banks
Empowering Humanity

NOTE 58 : ADDITIONAL DISCLOSURES REQUIRED BY SCHEDULE III (DIVISION II) OF THE ACT, AS AMENDED
Ministry of Corporate Affairs ("MCA") through a notification dated March 24, 2021, amended Division II of Schedule III of
the Companies Act, 2013. These amendments are applicable for the reporting period beginning on or after April 1, 2021.
Pursuant to these amendments, the Company has given the significant additional disclosures, as applicable:
(i) The Company has granted loans and made investment in its Joint ventures, associates, subsidiaries, fellow subsidiaries,
subsidiaries of Joint ventures and associate of immediate holding company which have been utilised by them in ordinary
course of business for further investment in their subsidiaires or for general corporate purpose. Details of the loans given
and investments made during the year are as follows and refer note 8 and 7 for the terms of the loans given and investment:
31 March 2023
S. Relation with Nature of Amount
Name of intermediary CIN Registered address Date
No. the company transaction (I in million)
1 Sterlite Grid 5 Limited Subsidiary U29190PN2016PLC209044 4th Floor, Godrej Millennium, Loan Given Various 2.84
Koregaon Road 9, STS 12/1 Dates
Pune Pune MH 411001 IN
2 Sterlite Grid 6 Limited Subsidiary U29309HR2017PLC102137 DLF Cyber Park, Block B, Loan Given Various 0.67
9th Floor, Udyog Vihar, Dates
Phase III, Sector- 20 Gurugram
Gurgaon HR 122008 IN
9th Floor, Udyog Vihar, Phase Dates
III, Sector- 20 Gurugram
9 Sterlite Grid 13 Limited Joint U29309HR2018PLC111970 DLF Cyber Park, Block B, Investment Various 787.39
venture 9th Floor, Udyog Vihar, in non- Dates
Phase III, Sector- 20 Gurugram convertible
Gurgaon HR 122008 IN debentures
10 Sterlite Grid 13 Limited Joint U29309HR2018PLC111970 DLF Cyber Park, Block B, Investment 31 March 162.01
venture 9th Floor, Udyog Vihar, in equity 2023
11 Sterlite Grid 14 Limited Joint U29300HR2018PLC113220 DLF Cyber Park, Block B, Investment 30 50.00
venture 9th Floor, Udyog Vihar, in non- Novemeber
Phase III, Sector- 20 Gurugram convertible 2022
Gurgaon HR 122008 IN debentures

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12 Sterlite Grid 15 Limited Subsidiary U29309HR2018PLC102131 DLF Cyber Park, Block B, Loan Given 16 0.15
9th Floor, Udyog Vihar, Septemeber
Phase III, Sector- 20 Gurugram 2022
13 Sterlite Grid 16 Limited Subsidiary U29249DN2019PLC005563 Survey No. 99, Madhuban Loan Given Various 185.04
Dam Road, Village Rakholi, Dates
SILVASSA DADRA & NAGAR
HAVELI DN 396230 IN
HAVELI DN 396230 IN
15 Sterlite Grid 18 Limited Joint U29110DN2019PLC005565 YC Co Working Space, Investment Various 794.70
venture 3rd Floor, Plot No. 94 Dwarka in Dates
Sec 13, Opp. Metro Station compulsurly
Near Radisson Blu Delhi convertible
South West Delhi 110078 debentures
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN
HAVELI DN 396230 IN



25 Sterlite Grid 28 Limited Subsidiary U40100DN2019PLC005582 Survey No. 99, Madhuban Loan Given 16 0.02
Dam Road, Village Rakholi, September
SILVASSA DADRA & NAGAR 2022
HAVELI DN 396230 IN
26 Sterlite Grid 29 Limited Joint U40100DN2019PLC005578 Survey No. 99, Madhuban Investment Various 125.00
venture Dam Road, Village Rakholi, in Dates
SILVASSA DADRA & NAGAR compulsurly
HAVELI DN 396230 convertible
debentures
28 Sterlite Grid 31 Limited Subsidiary U40100HR2022PLC103933 DLF Cyber Park, Block B, Investment 29 June 1.50
9th Floor, Udyog Vihar, in equity 2022
9th Floor, Udyog Vihar, Phase in equity 2022
III, Sector- 20 Gurugram
33 Sterlite Grid 36 Limited Subsidiary U40108HR2022PLC105281 DLF Cyber Park, Block B, Investment 31 August 0.10
35 Sterlite Grid 37 Limited Subsidiary U40200HR2022PLC105368 DLF Cyber Park, Block B, Loan Given 31 January 0.59
9th Floor, Udyog Vihar, 2023

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38 Sterlite Grid 40 Limited Subsidiary U40200HR2022PLC105371 DLF Cyber Park, Block B, 9th Investment 31 August 0.10
Floor, Udyog Vihar, Phase III, in equity 2022
Sector- 20 Gurugram Gurgaon
HR 122008 IN
39 Sterlite Brazil Subsidiary NIRE 33300324780 Avenida Rio Branco 1 12th Investment 31 March 422.55
Participicoes, S.A., Floor 1201 Bairro Centro Cep in equity 2023
Brazil 20090-907 Rio De Janeiro
Brazil
40 Serentica Renewables Fellow U74110HR2014PTC101972 DLF Cyber Park, Block B, Loan Given Various 183.68
India Private Limited Subsidiary 9th Floor, Udyog Vihar, Dates
(Sterlite Power (till 9 March Phase III, Sector- 20 Gurugram
Technologies Private 2023) Gurgaon HR 122008 IN
Limited)
41 Serentica Renewables Associate of U74110HR2014PTC101972 DLF Cyber Park, Block B, Loan Given 18 March 200.00
India Private Limited immediate 9th Floor, Udyog Vihar, 2023
(Sterlite Power holding Phase III, Sector- 20 Gurugram
Technologies Private company Gurgaon HR 122008 IN
Limited) (from 10
March 2023)
42 Khargone Transmission Subsidiary U40300HR2015PLC104647 5th Floor, JMD Galleria, Loan Given Various 2.80
Limited (till 1 March Sohna Road, Sector-48 Dates
2023) Gurgaon-122018, Haryana
Gurgaon Gurgaon Gurgaon
HR 122018 IN
43 Lakadia-Vadodara Subsidiary U40105HR2019GOI113221 DLF Cyber Park, Block B, Loan Given 31 January 107.00
Transmission Project of Joint 9th Floor, Udyog Vihar, 2023
Limited Venture Phase III, Sector- 20,
Gurugram HR 122008 IN
31 March 2022
Relation with Nature of Amount

the company transaction (J in million)
Sterlite Convergence Subsidiary U64100HR2017PLC102280 DLF Cyber Park, Block B, 9th Floor, Loan Given Various 41.70
Limited Udyog Vihar, Phase III, Sector- 20 Dates
Gurugram Gurgaon HR 122008 IN
Sterlite Grid 10 Subsidiary U29100HR2017PLC102281 DLF Cyber Park, Block B, 9th Floor, Loan Given Various 0.79
Sterlite Grid 13 Joint venture U29309DL2018PLC337962 F-1, The Mira Corporate Suites, Investment in Various 957.87
Limited Ishawar Nagar, Mathura Road, New non-convertible Dates
Delhi 110065 debentures
Limited Ishawar Nagar, Mathura Road, New equity Dates
Delhi 110065
Limited Ishawar Nagar, Mathura Road, non-convertible Dates
New Delhi 110065 debentures



Sterlite Grid 16 Subsidiary U29249DN2019PLC005563 Survey No. 99, Madhuban Dam Loan Given Various 0.00
Limited Road, Village Rakholi, SILVASSA Dates
DADRA & NAGAR HAVELI DN
396230 IN
396230 IN
Sterlite Grid 18 Joint venture U29110DN2019PLC005565 Survey No. 99, Madhuban Dam Investment in Various 50.50
Limited Road, Village Rakholi, SILVASSA compulsurly Dates
DADRA & NAGAR HAVELI DN convertible
396230 IN debentures
Limited Road, Village Rakholi, SILVASSA equity Dates
396230 IN
Limited Road, Village Rakholi, SILVASSA non-convertible Dates
DADRA & NAGAR HAVELI DN debentures
396230 IN
396230 IN
396230 IN
396230 IN
396230 IN
396230 IN
396230 IN
396230 IN

Empowering Humanity


396230 IN
Limited Road, Village Rakholi, SILVASSA compulsurly Dates
DADRA & NAGAR HAVELI DN convertible
396230 IN debentures
Limited Road, Village Rakholi, SILVASSA equity Dates
396230 IN
Limited Road, Village Rakholi, SILVASSA non-convertible Dates
DADRA & NAGAR HAVELI DN debentures
396230 IN
Sterlite Grid 5 Limited Subsidiary U29190PN2016PLC209044 4th Floor, Godrej Millennium, Loan Given Various 602.51
Koregaon Road 9, STS 12/1 Pune Dates
Pune MH 411001 IN
Sterlite Grid 6 Limited Subsidiary U29309HR2017PLC102137 DLF Cyber Park, Block B, 9th Floor, Loan Given Various 1.40
Udyog Vihar, Phase III, Sector- 20 Dates
Sterlite Power Fellow U74110HR2014PTC101972 DLF Cyber Park, Block B, 9th Floor, Loan Given Various 35.00
Technologies Private Subsidiary Udyog Vihar, Phase III, Sector- 20 Dates
Limited Gurugram Gurgaon HR 122008 IN
(ii) In the current year, the Company has received funds from Sterlite Grid 16 Limited (‘Funding party’) for investment
in joint ventures/subsidiaries (‘Intermediary’) and further to be invested in the project entities i.e. subsidiary of joint
ventures/subsidiary (‘Ultimate beneficiary’) as follows;
Details of funds received

Amount
Relationship received
Sr Name of Nature of Date of
with funding CIN of funding party Registered address from funding
No. the funding party funding receipt
party party
(I in million)
1.1 Sterlite Grid 16 Limited Subsidiary U29249DN2019PLC005563 Survey No. 99, Madhuban Non- 31 May 900.00
Dam Road, Village Rakholi, Convertible 2022
SILVASSA DADRA & NAGAR Debentures
HAVELI DN 396230 IN


Amount
party party
(I in million)
HAVELI DN 396230 IN
HAVELI DN 396230 IN
Details of payments
Amount
Relationship
Sr Name of Nature of Date of paid to
with CIN of the Intermediary Registered address
No. the Intermediary payment payment Intermediary
Intermediary
(I in million)
1.1 Sterlite Grid 18 Limited Joint Venture U29110DN2019PLC005565 YC Co Working Space, 3rd Investment in 8 June 2022 324.70
Floor, Plot No. 94 Dwarka Sec Compulsory
13, Opp. Metro Station Near Convertible
Radisson Blu Delhi South Debentures
West Delhi 110078
1.2 Sterlite Grid 18 Limited Joint Venture U29110DN2019PLC005565 YC Co Working Space, 3rd Investment in 24 August 470.00
Floor, Plot No. 94 Dwarka Sec Compulsory 2022
West Delhi 110078
Details of payments
Amount paid
Relationship
Sr Name of the Nature of Date of to Ultimate
with Ultimate CIN of the Ultimate Beneficiary Registered address
No. Ultimate Beneficiary payment payment Beneficiary
Beneficiary
(I in million)
1.1 Lakadia-Vadodara Subsidiary of U40105DL2019GOI347349 YC Co Working Space, 3rd Investment in 8 June 2022 293.84
Transmission Project Joint Venture Floor, Plot No. 94 Dwarka Sec equity shares
Limited 13, Opp. Metro Station Near
Radisson Blu Delhi South
West Delhi 110078
Transmission Project Joint Venture Floor, Plot No. 94 Dwarka Sec Compulsory
Limited 13, Opp. Metro Station Near Convertible
West Delhi 110078
1.3 Lakadia-Vadodara Subsidiary of U40105DL2019GOI347349 YC Co Working Space, Investment in 25 August 470.00
Transmission Project Joint Venture 3rd Floor, Plot No. 94 Dwarka Compulsory 2022
Limited Sec 13, Opp. Metro Station Convertible
Near Radisson Blu Delhi debentures
South West Delhi 110078

Empowering Humanity

The Company has availed borrowings from the banks and financial institutions on the basis of security of current assets.
The Company files the statement of current assets with the bank on periodical basis. Following are the discrepancies between
books of accounts and quarterly statements submitted to the lenders, where borrowings have been availed based on security of
current assets:
For the year ended March 31, 2023

1. Inventory
Amount as Reconciling Items
Amount as
reported in the Material in
S.No. Quarter Contract asset "Others per books of Net difference
quarterly return/ transit
(refer note 2) (refer note 3)" accounts
statement (refer note 1)
1 Jun-22 4,432.37 122.67 (1,613.37) - 2,941.67 -
2 Sep-22 5,483.00 206.25 (1,282.71) - 4,406.54 -
3 Dec-22 5,949.84 97.39 (1,624.07) 0.93 4,424.09 -
4 Mar-23 8,893.06 61.92 (2,448.90) 739.79 7,245.87 -
Note 1 Balances for material in transit were not considered in the quarterly statement submitted to the lenders.
Note 2 Balances for contract asset arising from EPC contracts which forms part of other current assets in the books of
accounts were considered in inventory in the quarterly statement submitted to the lenders.
Note 3 Balances for Project Inventory which were at site location for consumption, those were not considered in the
quarterly statement submitted to the lenders.
2. Trade payable
Reconciling items
Amount as
Provision for Trade payables Amount as
reported in the Advance to
S.No. Quarter services and for material in Others per books of Net difference
quarterly return/ vendor
expenses transit (refer note 4 & 5) accounts
(refer note 1) (refer note 3)
1 Jun-22 8,005.25 2,325.89 985.55 122.60 (356.41) 11,082.88 -
2 Sep-22 9,347.39 1,770.38 1,167.16 206.18 (41.26) 12,449.84 -
3 Dec-22 10,793.44 1,900.38 1,397.80 97.32 (149.47) 14,039.48 -
4 Mar-23 14,254.91 1,564.92 1,452.00 588.94 (600.26) 17,260.51 -
Note 1 Balance for payables for service and provision for expenses were not considered in the quarterly statement
submitted to the lenders.
Note 2 Balance of advance given to vendors which forms part of other current assets in the books of accounts were
considered in trade payables in the quarterly statement submitted to the lenders.
Note 3 Balance of trade payables for material in transit not considered in the quarterly statement submitted
to the lenders.
Note 4 Balance of short term borrowings (vendor bill discounting) which is not included in the trade payable in the
quarterly return submitted to the lenders.
Note 5 For March 2023 quarter, statement submitted to lenders does not include balances related to corporate payables,
service related payables of product business and interunit eliminations other than mentioned in note 4.


3. Trade receivables
Amount as Reconciling items
Amount as
reported in the Provision for Advance from
S.No. Quarter Others per books of Net difference
quarterly return/ doubtful debts customers
(refer note 3 &4) accounts
statement (refer note 1) (refer note 2)
1 Jun-22 2,362.23 (887.99) 9,513.81 (609.42) 10,378.63 -
2 Sep-22 3,970.32 (800.85) 9,902.95 (570.70) 12,501.72 -
3 Dec-22 4,933.50 (768.01) 9,986.68 (38.97) 14,113.21 -
4 Mar-23 10,244.32 (316.27) 8,278.78 (1,434.59) 16,772.24 -
Note 1 Balance for provision for trade receivables were not considered in the quarterly statement submitted
to the lenders.
Note 2 Balance of advances received from customer and other contract liabilites which forms part of other liabilities in the
books of accounts were considered in the quarterly statement submitted to the lenders.
Note 3 Others includes balance of unbilled revenue pertaining to subsidiary or contract asset which forms part of other
assets in the books of accounts which were considered in the quarterly statement submitted to the lenders.
Note 4 For March 2023 quarter, statement submitted to lenders does not include provision for doubtful debts of EPC
business and interunit eliminations other than mentioned in note 3.
* State Bank of India, Axis Bank, Yes Bank, ICICI Bank, Bank of Maharashtra, IDBI Bank, Bank of Baroda, HDFC Bank, Union Bank of India, Federal
Bank, EXIM Bank, IndusInd Bank, Indian Bank are the working capital lenders for Sterlite Power Transmission Limited to which the quarterly stock
statements are submitted.

The Company has availed borrowings from the banks and financial institutions on the basis of security of current assets.
The Company files the statement of current assets with the bank on periodical basis. Following are the discrepancies between
books of accounts and quarterly statements submitted to the lenders, where borrowings have been availed based on security of
current assets:
1. Inventory
Amount as
reported in the Provision for Material in
S.No. Quarter Contract asset per books of Net difference
quarterly return/ inventory transit
(refer note 3) accounts
1 Jun-21 4,102.05 - - (1,212.38) 2,889.67 -
2 Sep-21 3,979.32 (117.40) - (1,297.23) 2,564.69 -
3 Dec-21 4,311.53 - 2.41 (1,400.80) 2,913.14 -
4 Mar-22 3,391.74 - 305.09 (1,492.26) 2,204.57 -
Note 1 Balances for provision for inventory were not considered in the quarterly statement submitted to the lenders.

Empowering Humanity

2. Trade payable
Reconciling items
Amount as
S.No. Quarter services and not backed by Others per books of Net difference
expenses letter of credit (refer note 4) accounts
1 Jun-21 8,249.92 898.13 852.09 3,366.90 - 13,367.04 -
2 Sep-21 9,828.56 1,164.41 833.98 3,467.43 - 15,294.38 -
3 Dec-21 9,818.01 2,567.43 1,178.89 453.50 (314.80) 13,703.03 -
4 Mar-22 9,663.60 2,960.24 923.61 - (549.89) 12,997.56 -
Note 3 Balance of trade payables not backed by letter of credit were not considered in the quarterly statement submitted
to the lenders.
Note 4 Balance of short term borrowings which is included in the trade payable in the quarterly return
submitted to the lenders
Reconciling items
Trade
Amount as
receivables Amount as
S.No. Quarter pertaining to Others per books of Net difference
quarterly return/ doubtful debts customers (refer
finished goods (refer note 3) accounts
statement (refer note 1) note 2)
in transit
(refer note 4)
1 Jun-21 3,093.62 384.18 5,956.00 - - 9,433.80 -
2 Sep-21 3,801.15 (610.10) 7,731.96 760.00 - 11,683.01 -
3 Dec-21 6,304.77 (805.19) 8,228.68 - (2,352.78) 11,375.48 -
4 Mar-22 7,625.43 (841.04) 8,213.97 - (1,506.86) 13,491.50 -
to the lenders.
Note 2 Balance of advances received from customer which forms part of other liabilities in the books of accounts were
considered in the quarterly statement submitted to the lenders.
Note 4 Balance of receivables pertaining to the finished goods in transit were considered in the quarterly statement
* State Bank of India, Axis Bank, Yes Bank, ICICI Bank, Corporation Bank, Bank of Maharashtra, IDBI Bank, Bank of Baroda, HDFC Bank, Union Bank
of India, Federal Bank, RBL Bank, EXIM Bank, IndusInd Bank are the working capital lenders for Sterlite Power Transmission Limited to which the
quarterly stock statements are submitted.


(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
except that with State Bank of India for working capital facility that has been sanctioned to the Company against which the
charge for additional security demanded by the bank has not been perfected before the end of the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) other
than as disclosed in note 58(ii) 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 on behalf of the Ultimate Beneficiaries.
(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s) or entity(ies), including foreign entities
(Intermediaries) other than as disclosed in note 58(i) with the understanding (whether recorded in writing or otherwise) that
the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Company has 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).
(viii) The Company has not revalued its property, plant and equipment, right of use assets and intangible assets during the year
ended 31 March 2023.
(ix) The Company has not been declared as a wilful defaulter.

Sd/- Sd/- Sd/-
Sd/- Sd/-


Empowering Humanity
Independent Auditor’s Report
To Code of Ethics. We believe that the audit evidence we have

The Members of obtained is sufficient and appropriate to provide a basis for our
Sterlite Power Transmission Limited audit opinion on the consolidated financial statements.
Report on the Audit of the Consolidated Financial Statements OTHER INFORMATION

The Holding Company’s Board of Directors is responsible for
OPINION the other information. The other information comprises the
We have audited the accompanying consolidated financial information included in the Annual report and board report, but
statements of Sterlite Power Transmission Limited (hereinafter does not include the consolidated financial statements and our
referred to as “the Holding Company”), its subsidiaries (the auditor’s report thereon.
Holding Company and its subsidiaries together referred to
as “the Group”), associate and joint ventures comprising Our opinion on the consolidated financial statements does not
of the Consolidated Balance sheet as at March 31, 2023, cover the other information and we do not express any form of
the Consolidated Statement of Profit and Loss, including assurance conclusion thereon.
other comprehensive income, the Consolidated Cash Flow
Statement and the Consolidated Statement of Changes In connection with our audit of the consolidated financial
in Equity for the year then ended, and notes to the statements, our responsibility is to read the other information
Consolidated Financial Statements, including a summary and, in doing so, consider whether such other information
of significant accounting policies and other explanatory is materially inconsistent with the consolidated financial
information (hereinafter referred to as “the consolidated statements or our knowledge obtained in the audit or
financial statements”). otherwise appears to be materially misstated.
In our opinion and to the best of our information and according The Annual report is not made available to us as at the date of
to the explanations given to us and based on the consideration the auditor’s report. We have nothing to report in this regard.
of reports of other auditors on separate financial statements
and on the other financial information of the subsidiaries, RESPONSIBILITIES OF MANAGEMENT FOR THE
associate and joint ventures, the aforesaid consolidated CONSOLIDATED FINANCIAL STATEMENTS
financial statements give the information required by the The Holding Company’s Board of Directors is responsible
Companies Act, 2013, as amended (“the Act”) in the manner for the preparation and presentation of these consolidated
so required and give a true and fair view in conformity with financial statements in terms of the requirements of the Act
the accounting principles generally accepted in India, of the that give a true and fair view of the consolidated financial
consolidated state of affairs of the Group, its associate and position, consolidated financial performance including
joint ventures as at March 31, 2023, their consolidated loss other comprehensive income, consolidated cash flows and
including other comprehensive income, their consolidated consolidated statement of changes in equity of the Group
cash flows and the consolidated statement of changes in including its associate and joint ventures in accordance
equity for the year ended on that date. with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified
BASIS FOR OPINION under section 133 of the Act read with the Companies
We conducted our audit of the consolidated financial (Indian Accounting Standards) Rules, 2015, as amended.
statements in accordance with the Standards on Auditing The respective Board of Directors of the companies included
(SAs), as specified under section 143(10) of the Act. in the Group and of its associate and joint ventures are
Our responsibilities under those Standards are further responsible for maintenance of adequate accounting records
described in the ‘Auditor’s Responsibilities for the Audit in accordance with the provisions of the Act for safeguarding
of the Consolidated Financial Statements’ section of our of the assets of their respective companies and for preventing
report. We are independent of the Group, associate, joint and detecting frauds and other irregularities; selection
ventures in accordance with the ‘Code of Ethics’ issued by and application of appropriate accounting policies; making
the Institute of Chartered Accountants of India together with judgments and estimates that are reasonable and prudent;
the ethical requirements that are relevant to our audit of and the design, implementation and maintenance of adequate
the financial statements under the provisions of the Act and internal financial controls, that were operating effectively for
the Rules thereunder, and we have fulfilled our other ethical ensuring the accuracy and completeness of the accounting
responsibilities in accordance with these requirements and the records, relevant to the preparation and presentation of the

consolidated financial statements that give a true and fair view • Conclude on the appropriateness of management’s use
and are free from material misstatement, whether due to fraud of the going concern basis of accounting and, based
or error, which have been used for the purpose of preparation on the audit evidence obtained, whether a material
of the consolidated financial statements by the Directors of the uncertainty exists related to events or conditions that may
Holding Company, as aforesaid. cast significant doubt on the ability of the Group and its
associate and joint ventures to continue as a going concern.
In preparing the consolidated financial statements, the If we conclude that a material uncertainty exists, we are
respective Board of Directors of the companies included in the required to draw attention in our auditor’s report to the
Group and of its associate and joint ventures are responsible related disclosures in the consolidated financial statements
for assessing the ability of their respective companies to or, if such disclosures are inadequate, to modify our opinion.
continue as a going concern, disclosing, as applicable, Our conclusions are based on the audit evidence obtained
matters related to going concern and using the going concern up to the date of our auditor’s report. However, future
basis of accounting unless management either intends to events or conditions may cause the Group and its associate
liquidate the Group or to cease operations, or has no realistic and joint ventures to cease to continue as a going concern.
alternative but to do so.
• Evaluate the overall presentation, structure and content
Those respective Board of Directors of the companies included of the consolidated financial statements, including the
in the Group and of its associate and joint ventures are also disclosures, and whether the consolidated financial
responsible for overseeing the financial reporting process of statements represent the underlying transactions and
their respective companies. events in a manner that achieves fair presentation.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF • Obtain sufficient appropriate audit evidence regarding the
THE CONSOLIDATED FINANCIAL STATEMENTS financial information of the entities or business activities
Our objectives are to obtain reasonable assurance about within the Group and its associate and joint ventures of
whether the consolidated financial statements as a whole which we are the independent auditors and whose financial
are free from material misstatement, whether due to fraud information we have audited, to express an opinion on the
or error, and to issue an auditor’s report that includes our consolidated financial statements. We are responsible for
opinion. Reasonable assurance is a high level of assurance, the direction, supervision and performance of the audit
but is not a guarantee that an audit conducted in accordance of the financial statements of such entities included in the
with SAs will always detect a material misstatement when it consolidated financial statements of which we are the
exists. Misstatements can arise from fraud or error and are independent auditors. For the other entities included in the
considered material if, individually or in the aggregate, they consolidated financial statements, which have been audited
could reasonably be expected to influence the economic by other auditors, such other auditors remain responsible
decisions of users taken on the basis of these consolidated for the direction, supervision and performance of the audits
financial statements. carried out by them. We remain solely responsible for
our audit opinion.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism We communicate with those charged with governance of
throughout the audit. We also: the Holding Company and such other entities included in
the consolidated financial statements of which we are the
• Identify and assess the risks of material misstatement of independent auditors regarding, among other matters, the
the consolidated financial statements, whether due to fraud planned scope and timing of the audit and significant audit
or error, design and perform audit procedures responsive findings, including any significant deficiencies in internal
to those risks, and obtain audit evidence that is sufficient control that we identify during our audit.
and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from We also provide those charged with governance with a
fraud is higher than for one resulting from error, as fraud statement that we have complied with relevant ethical
may involve collusion, forgery, intentional omissions, requirements regarding independence, and to communicate
misrepresentations, or the override of internal control. with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
• Obtain an understanding of internal control relevant to where applicable, related safeguards.
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of OTHER MATTER
the Act, we are also responsible for expressing our opinion (a) We did not audit the financial statements and other
on whether the Holding Company has adequate internal financial information, in respect of 49 subsidiaries, whose
financial controls with reference to financial statements in financial statements (without giving effect of elimination of
place and the operating effectiveness of such controls. intra-group transactions) include total assets of
I 91,799.46 million as at March 31, 2023, and total
• Evaluate the appropriateness of accounting policies used revenues of I 24,230.09 million and net cash outflows
and the reasonableness of accounting estimates and of I 2,880.25 million for the year ended on that date.
related disclosures made by management. These financial statement and other financial information
have been audited by other auditors, which financial

Empowering Humanity
statements, other financial information and auditor’s Cash Flow Statement and Consolidated Statement
reports have been furnished to us by the management. of Changes in Equity dealt with by this Report are
The consolidated financial statements also include the in agreement with the books of account maintained
Group’s share of net profit of I 0.05 million for the year for the purpose of preparation of the consolidated
ended March 31, 2023, as considered in the consolidated financial statements;
financial statements, in respect of an associate, whose
financial statements, other financial information have (d) In our opinion, the aforesaid consolidated financial
been audited by other auditors and whose reports have statements comply with the Accounting Standards
been furnished to us by the Management. Our opinion specified under Section 133 of the Act, read with
on the consolidated financial statements, in so far as Companies (Indian Accounting Standards) Rules,
it relates to the amounts and disclosures included in 2015, as amended;
respect of these subsidiaries and associate, and our
report in terms of sub-sections (3) of Section 143 of the (e) On the basis of the written representations received
Act, in so far as it relates to the aforesaid subsidiaries from the directors of the Holding Company as on
and associate, is based solely on the reports of such March 31, 2023 taken on record by the Board of
other auditors. Directors of the Holding Company and the reports
of the statutory auditors who are appointed under
Our opinion above on the consolidated financial statements, Section 139 of the Act, of its subsidiary companies
and our report on Other Legal and Regulatory Requirements and joint ventures, none of the directors of the
below, is not modified in respect of the above matters with Group’s companies and joint ventures, incorporated
respect to our reliance on the work done and the reports of the in India, is disqualified as on March 31, 2023 from
other auditors and the financial statements and other financial being appointed as a director in terms of Section
information certified by the Management. 164 (2) of the Act;
REPORT ON OTHER LEGAL AND REGULATORY (f) With respect to the adequacy of the internal
REQUIREMENTS financial controls with reference to consolidated
1. As required by the Companies (Auditor’s Report) Order, financial statements of the Holding Company
2020 (“the Order”), issued by the Central Government of and its subsidiary companies and joint ventures,
India in terms of sub-section (11) of section 143 of the Act, incorporated in India, and the operating
based on our audit and on the consideration of report of effectiveness of such controls, refer to our separate
the other auditors on separate financial statements and Report in “Annexure 2” to this report;
the other financial information of the subsidiary companies,
associate company and joint ventures companies, (g) In our opinion and based on the consideration of
incorporated in India, as noted in the ‘Other Matter’ reports of other statutory auditors of the subsidiaries,
paragraph we give in the “Annexure 1” a statement on the associate and joint ventures incorporated in India,
matters specified in paragraph 3(xxi) of the Order. the managerial remuneration for the year ended
March 31, 2023 has been paid / provided by the
2. As required by Section 143(3) of the Act, based on our Holding Company, its subsidiaries, associate and
audit and on the consideration of report of the other joint ventures incorporated in India to their directors
auditors on separate financial statements and the other in accordance with the provisions of section 197
financial information of subsidiaries, associate and joint read with Schedule V to the Act;
ventures, as noted in the ‘other matter’ paragraph we
report, to the extent applicable, that: (h) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
(a) We/the other auditors whose report we have the Companies (Audit and Auditors) Rules, 2014,
relied upon have sought and obtained all the as amended, in our opinion and to the best of our
information and explanations which to the best of information and according to the explanations given
our knowledge and belief were necessary for the to us and based on the consideration of the report of
purposes of our audit of the aforesaid consolidated the other auditors on separate financial statements
financial statements; as also the other financial information of the
subsidiaries, associate and joint ventures, as noted
(b) In our opinion, proper books of account as required in the ‘Other matter’ paragraph:
by law relating to preparation of the aforesaid
consolidation of the financial statements have been i. The consolidated financial statements disclose
kept so far as it appears from our examination of the impact of pending litigations on its
those books and reports of the other auditors; consolidated financial position of the Group
and its associate and joint ventures in its
(c) The Consolidated Balance Sheet, the Consolidated consolidated financial statements – Refer Note
Statement of Profit and Loss including the Statement 44 to the consolidated financial statements;
of Other Comprehensive Income, the Consolidated

ii. Provision has been made in the consolidated associate and joint ventures respectively
financial statements, as required under the that, to the best of its knowledge and
applicable law or accounting standards, for belief, other than as disclosed in the
material foreseeable losses, if any, on long-term note 62 to the consolidated financial
contracts including derivative contracts – Refer statements, no funds have been received
(a) Note 10 and Note 22 to the consolidated by the respective Holding Company or any
financial statements in respect of such items of such subsidiaries, associate and joint
as it relates to the Group and its associate ventures from any person(s) or entity(ies),
and joint ventures and (b) the Group’s share of including foreign entities (“Funding
net profit/loss in respect of its associate and Parties”), with the understanding, whether
joint ventures; recorded in writing or otherwise, that
the Holding Company or any of such
iii. There has been no delay in transferring subsidiaries, associate and joint ventures
amounts, required to be transferred, to the shall, whether, directly or indirectly, lend
Investor Education and Protection Fund by the or invest in other persons or entities
Holding Company, its subsidiaries, associate identified in any manner whatsoever by or
and joint ventures, incorporated in India during on behalf of the Funding Party (“Ultimate
the year ended March 31, 2023. Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
iv. a) The respective managements of the Ultimate Beneficiaries; and
Holding Company and its subsidiaries,
associate and joint ventures which are c) Based on the audit procedures that
companies incorporated in India whose have been considered reasonable
financial statements have been audited and appropriate in the circumstances
under the Act have represented to us and performed by us and that performed by
the other auditors of such subsidiaries, the auditors of the subsidiaries, associate
associate and joint ventures respectively and joint ventures which are companies
that, to the best of its knowledge and incorporated in India whose financial
belief, other than as disclosed in the statements have been audited under the
note 62 to the consolidated financial Act, nothing has come to our or other
statements, no funds have been auditor’s notice that has caused us or
advanced or loaned or invested (either the other auditors to believe that the
from borrowed funds or share premium representations under sub-clause (a) and
or any other sources or kind of funds) (b) contain any material mis-statement.
by the Holding Company or any of
such subsidiaries, associate and joint v. The interim dividend declared and paid by the
ventures to or in any other person(s) Holding Company during the year and until the
or entity(ies), including foreign entities date of this audit report is in accordance with
(“Intermediaries”), with the understanding, section 123 of the Act.
whether recorded in writing or otherwise,
that the Intermediary shall, whether, vi. As proviso to rule 3(1) of the Companies
directly or indirectly lend or invest in (Accounts) Rules, 2014 is applicable for the
other persons or entities identified in any company only w.e.f. April 1, 2023, reporting
manner whatsoever by or on behalf of under this clause is not applicable.
the respective Holding Company or any
of such subsidiaries, associate and joint For S R B C & CO LLP
ventures (“Ultimate Beneficiaries”) or Chartered Accountants
provide any guarantee, security or the like ICAI Firm Registration Number: 324982E/E300003
on behalf of the Ultimate Beneficiaries;
sd/-
b) The respective managements of the per Paul Alvares
Holding Company and its subsidiaries, Partner
associate and joint ventures which are Membership Number: 105754
companies incorporated in India whose UDIN: 23105754BGQUPV8709
financial statements have been audited Place of Signature: Mumbai
under the Act have represented to us and Date: 11 August 2023
the other auditors of such subsidiaries,

Empowering Humanity
Annexure 1
Referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even date
Re: Sterlite Power Transmission Limited (the "Company"), its subsidiaries, associates and joint ventures incorporated in India
Clause (xxi) of the Companies (Auditors Report) Order, 2020:
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:
Holding Company/ subsidiary/ Clause number of the CARO report

S. No. Name CIN
associate/ joint venture which is qualified or is adverse
1 Mumbai Urja Marg Limited U40100HR2018PLC113474 Subsidiary of a Joint venture Clause ix(d)
(Formerly known as Vapi-II North
Lakhimpur Transmission Limited)
2 Udupi Kasargode Transmission U40100HR2018GOI113222 Subsidiary of a Joint venture Clause i(c)
Limited
For S R B C & CO LLP

ICAI Firm Registration Number: 324982E/E300003
sd/-
per Paul Alvares
Partner
Membership Number: 105754
UDIN: 23105754BGQUPV8709
Place of Signature: Mumbai
Date: 11 August 2023
Annexure 2
To the Independent Auditor’s Report of even date on the Consolidated Financial Statements of Sterlite Power Transmission Limted
maintaining internal financial controls based on the internal

REPORT ON THE INTERNAL FINANCIAL CONTROLS
control over financial reporting criteria established by the
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION
Holding Company considering the essential components
143 OF THE COMPANIES ACT, 2013 (“THE ACT”)
of internal control stated in the Guidance Note on Audit of
In conjunction with our audit of the consolidated financial
Internal Financial Controls Over Financial Reporting issued
statements of Sterlite Power Transmission Limited (hereinafter
by the Institute of Chartered Accountants of India (ICAI).
referred to as the “Holding Company”) as of and for the year
These responsibilities include the design, implementation
ended March 31, 2023, we have audited the internal financial
and maintenance of adequate internal financial controls
controls with reference to consolidated financial statements
that were operating effectively for ensuring the orderly and
of the Holding Company and its subsidiaries (the Holding
efficient conduct of its business, including adherence to the
Company and its subsidiaries together referred to as “the
respective company’s policies, the safeguarding of its assets,
Group”), its joint ventures, which are companies incorporated
the prevention and detection of frauds and errors, the accuracy
in India, as of that date.
and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL
the Companies Act, 2013.
FINANCIAL CONTROLS
The respective Board of Directors of the companies included
in the Group and joint ventures, which are companies
incorporated in India, are responsible for establishing and

AUDITOR’S RESPONSIBILITY of the company are being made only in accordance with
Our responsibility is to express an opinion on the Holding authorisations of management and directors of the company;
Company's internal financial controls with reference to and (3) provide reasonable assurance regarding prevention or
consolidated financial statements based on our audit. timely detection of unauthorised acquisition, use, or disposition
We conducted our audit in accordance with the Guidance Note of the company's assets that could have a material effect on
on Audit of Internal Financial Controls Over Financial Reporting the financial statements.
(the “Guidance Note”) and the Standards on Auditing, specified
under section 143(10) of the Act, to the extent applicable to INHERENT LIMITATIONS OF INTERNAL FINANCIAL
an audit of internal financial controls, both, issued by ICAI. CONTROLS WITH REFERENCE TO CONSOLIDATED
Those Standards and the Guidance Note require that we FINANCIAL STATEMENTS
comply with ethical requirements and plan and perform the Because of the inherent limitations of internal financial
audit to obtain reasonable assurance about whether adequate controls with reference to consolidated financial statements,
internal financial controls with reference to consolidated including the possibility of collusion or improper management
financial statements was established and maintained and if override of controls, material misstatements due to error or
such controls operated effectively in all material respects. fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls with reference to
Our audit involves performing procedures to obtain audit consolidated financial statements to future periods are subject
evidence about the adequacy of the internal financial controls to the risk that the internal financial controls with reference to
with reference to consolidated financial statements and their consolidated financial statements may become inadequate
operating effectiveness. Our audit of internal financial controls because of changes in conditions, or that the degree of
with reference to consolidated financial statements included compliance with the policies or procedures may deteriorate.
obtaining an understanding of internal financial controls with
reference to consolidated financial statements, assessing the OPINION
risk that a material weakness exists, and testing and evaluating In our opinion, the Group, and its joint ventures, which are
the design and operating effectiveness of internal control companies incorporated in India, have, maintained in all
based on the assessed risk. The procedures selected depend material respects, adequate internal financial controls with
on the auditor’s judgement, including the assessment of the reference to consolidated financial statements and such
risks of material misstatement of the financial statements, internal financial controls with reference to consolidated
whether due to fraud or error. financial statements were operating effectively as at March 31,
2023, based on the internal control over financial reporting
We believe that the audit evidence we have obtained and criteria established by the Holding Company considering
the audit evidence obtained by the other auditors in terms of the essential components of internal control stated in the
their reports referred to in the Other Matters paragraph below, Guidance Note issued by the ICAI.
is sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls with reference to OTHER MATTERS
consolidated financial statements. Our report under Section 143(3)(i) of the Act on the adequacy
and operating effectiveness of the internal financial controls
MEANING OF INTERNAL FINANCIAL CONTROLS with reference to consolidated financial statements of
WITH REFERENCE TO CONSOLIDATED FINANCIAL the Holding Company, in so far as it relates to these 36
STATEMENTS subsidiaries which are companies incorporated in India,
A company's internal financial control with reference to is based on the corresponding reports of the auditors of
consolidated financial statements is a process designed to such subsidiaries.
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements For S R B C & CO LLP
for external purposes in accordance with generally accepted Chartered Accountants
accounting principles. A company's internal financial ICAI Firm Registration Number: 324982E/E300003
control with reference to consolidated financial statements
includes those policies and procedures that (1) pertain to the sd/-
maintenance of records that, in reasonable detail, accurately per Paul Alvares
and fairly reflect the transactions and dispositions of the Partner
assets of the company; (2) provide reasonable assurance that Membership Number: 105754
transactions are recorded as necessary to permit preparation UDIN: 23105754BGQUPV8709
of financial statements in accordance with generally accepted Place of Signature: Mumbai
accounting principles, and that receipts and expenditures Date: 11 August 2023

Empowering Humanity
Consolidated Balance Sheet

as at March 31, 2023
(All amounts in I million unless otherwise stated)
(H in million)
Notes March 31, 2023 March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment 3 3,445.22 3,330.52
Capital work-in-progress 4 2,860.58 230.77
Intangible assets 5 418.91 362.40
Intangible assets under development 5 - 0.07
Right-of-use assets 3 476.98 615.68
Investment in associates and joint ventures 6 100.82 251.79
Financial assets
i. Investments 7 8,118.56 5,955.98
ii. Trade receivables 9 - -
iii. Other financial assets 10 1,412.00 926.40
Income tax assets (net) 611.73 887.52
Deferred tax assets (net) 25 - 175.77
Other non-current assets 11 43,524.79 18,431.30
Total non-current assets 60,969.59 31,168.20
Current assets
Inventories 13 6,597.04 2,207.18
Financial assets
i. Investments 7 805.00 -
ii. Trade receivables 9 15,996.30 13,604.29
iii. Cash and cash equivalents 14 11,576.15 11,475.58
iv. Other bank balances 15 2,802.15 2,024.95
v. Loans 8 - 35.52
vi. Other financial assets 10 1,827.97 1,999.97
Other current assets 11 9,788.56 5,537.53
49,393.17 36,885.02
Assets classified as held for sale 12 - 23,437.85
Total current assets 49,393.17 60,322.87
TOTAL ASSETS 1,10,362.76 91,491.07
Equity
Equity share capital 16 244.72 122.36
Other equity
i. Securities premium 17 4,450.46 4,536.80
ii. Retained earnings 17 11,321.15 8,638.98
iii. Other reserves 17 (1,076.31) 3,607.92
Equity attributable to equity holders of the parent 14,940.02 16,906.06
Non-controlling interest 152.76 81.53
Total equity 15,092.78 16,987.59
Liabilities
i. Borrowings 19 35,543.51 15,629.13
iii. Other financial liabilities 22 1,290.69 447.29
Deferred tax liabilities (net) 25 1,020.40 543.99
Other non-current liabilities 26 5,244.61 4,973.18
Total non-current liabilities 43,520.97 22,124.43
Current liabilities
i. Borrowings 19 10,570.96 5,578.08
iii. Trade payables
- total outstanding dues of micro enterprises and small enterprises 21 908.41 492.92
- total outstanding dues of creditors other than micro enterprises and small enterprises 21 20,069.76 16,195.32
iv. Other financial liabilities 22 7,040.29 3,057.36
Other current liabilities 26 12,150.67 5,798.02
Current tax liabilities (net) 830.24 351.86
51,749.01 31,704.84
Liabilities directly associated with assets classified as held for sale 12 - 20,674.21
Total current liabilities 51,749.01 52,379.05
Total liabilities 95,269.98 74,503.48
TOTAL EQUITY AND LIABILITIES 1,10,362.76 91,491.07
The accompanying notes are an integral part of the consolidated financial statements
Sd/- Sd/- Sd/-
Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023
Sd/- Sd/-

Consolidated Statement of Profit and Loss

(H in million)
Notes March 31, 2023 March 31, 2022
INCOME
Revenue from operations 27 62,970.68 51,974.83
Other income 29 1,550.61 7,970.70
Total income (I) 64,521.29 59,945.53
EXPENSES
Cost of raw material and components consumed 30 17,383.57 12,003.35
Construction material and contract expense 31 27,264.53 27,388.71
Purchase of traded goods 676.87 579.31
(Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods 32 (1,287.48) 176.84
Employee benefits expense 33 2657.63 2,470.37
Other expenses 34 6,328.89 3,788.66
Total expenses (II) 53,024.01 46,407.24
Earning before interest, tax, depreciation and amortisation (EBITDA) (I) - (II) 11,497.28 13,538.29
Depreciation and amortisation expense 35 1,058.04 803.56
Finance costs 36 7,255.02 4,256.76
Finance income 28 (1,288.56) (884.60)
Profit before share of profit of associates and joint ventures and tax expense 4,472.78 9,362.57
Share of loss of associates and joint ventures 6 (2,168.87) (2,675.60)
Exceptional item 37 - 117.00
Tax expense: 25
Current tax 1,463.64 1,570.18
Deferred tax charge 1,196.92 743.27
Income tax for earlier years (29.33) (144.90)
Income tax expense 2,631.23 2,168.55
Profit/(loss) for the year (327.32) 4,401.42
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange differences on translating the financial statements of foreign operations 78.38 1,040.09
Income tax effect - -
78.38 1,040.09
Net movement on effective portion of cash flow hedges (2,336.61) 4,493.22
Income tax effect 530.74 (307.38)
(1,805.87) 4,185.84
Net other comprehensive income to be reclassified to profit or loss in subsequent periods (1,727.49) 5,225.93
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement gain on defined benefit plans (3.84) (10.39)
Income tax effect 0.97 2.61
Net loss on FVTOCI equity securities (12.29) -
Income tax effect - -
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods (15.16) (7.78)
Other comprehensive income for the year, net of tax (1,742.65) 5,218.15
Total comprehensive income for the year, net of tax (2,069.97) 9,619.57
Attributable to:
Equity holders of the parent (398.55) 4,401.42
Non-controlling interest 71.23 -
Other comprehensive income for the year, net of tax (1,742.65) 5,218.15
Attributable to:
Equity holders of the parent (1,742.65) 5,218.15
Non-controlling interest - -
Total comprehensive income for the year, net of tax (2,069.97) 9,619.57
Attributable to:
Equity holders of the parent (2,141.19) 9,619.57
Non-controlling interest 71.23 -
Earnings per equity share [nominal value of J 2 (March 31, 2022: J 2)] 38
Basic earnings per share (2.67) 35.97
Diluted earnings per share (2.67) 35.97
Sd/- Sd/- Sd/-
Sd/- Sd/-

Empowering Humanity
Consolidated Cash Flow Statement

(H in million)
March 31, 2023 March 31, 2022
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit/(loss) as per consolidated statement of profit and loss (327.32) 4,401.42
Adjustment for taxation 2,631.23 2,168.55
Non-cash adjustment to reconcile profit before tax to net cash flows
Depreciation and amortisation expense 1,058.04 803.56
Provision for doubtful debts - 103.59
Reversal of impairment allowance for trade receivables (31.74) -
Loss on sale of property, plant and equipment (net) 5.48 4.48
Gain/(Loss) on sale of stake in subsidiary (loss of control) - (94.44)
Indemnifcation expenses incurred under share purchase agreeement 59.56 77.13
Net profit on sale of investments in Indigrid Investment Managers Limited and in units of India Grid Trust - (297.50)
Write down related to assets held for sale - (422.23)
Share based payment expense 59.06 -
Impairment and expected loss on concession contract assets (including loss for onerous contracts) 898.66 -
Income on investment in India Grid Trust - (11.47)
Share in loss of associates and joint ventures 2,168.87 2,675.60
Finance costs 7,255.02 4,256.76
Finance income (1,288.56) (884.60)
Net gain on sale of power transmission assets (1,350.05) (7,031.95)
Consideration received from India Grid Trust on sale of transmission assets in earlier years - (513.65)
8,834.33 (1,334.72)
Operating profit before working capital changes 11,138.24 5,235.25
Movements in working capital :
Increase in trade payables 4,134.39 6,599.79
Increase/(decrease) in employee benefits obligation (53.24) 5.46
Increase in other liabilities 6,550.15 1,675.43
Increase/(decrease) in other financial liabilities (1977.89) 746.02
Increase in trade receivables (2,240.06) (4,539.86)
(Increase)/decrease in inventories (4,389.86) 880.66
(Increase)/decrease in other financial assets (25.06) 1,227.29
Increase in other assets (28,871.07) (13,327.14)
Change in working capital (26,872.64) (6,732.36)
Cash used in operations (15,734.39) (1,497.11)
Direct taxes paid (net of refunds) (689.25) (1,381.35)
Net cash used in operating activities (16,423.64) (2,878.46)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, including capital work-in-progress and capital advances (1,992.34) (6,582.65)
Proceeds from sale of property, plant and equipment 71.22 67.74
Sale of mutual funds 1,401.81 9.07
Purchase of mutual funds (2,200.00) -
Consideration paid on acquisition of Sterlite Interlinks Limited (13.36) -
Consideration paid on acquisition of Maharashtra Transmission Communication Infrastructure Limited (100.00) (200.00)
Proceeds from sale of power transmission assets 3,787.05 6,097.72
Proceeds from sale of units of India Grid Trust - 283.72
Proceeds from sale of investment in Indigrid Investment Managers Limited - 359.95
Investment in bank deposits (net) (1,402.52) 1,747.60
Payment for indemnification expenses as per share purchase agreement (39.43) (225.16)
Loans given (624.90) (35.00)
Loans repaid 4,000.42 302.02


(H in million)
March 31, 2023 March 31, 2022
Investment in shares of joint ventures (162.02) (1,007.91)
Investment in non-convertible debentures of joint ventures (836.41) (2,453.00)
Investment in compulsorily convertible debentures of joint ventures (919.69) (99.13)
Proceed from sale of non-convertible debentures of joint ventures - 1,914.23
Finance income received 523.11 301.24
Net cash flow from investing activities 1492.94 491.91
C. CASH FLOW FROM FINANCING ACTIVITIES
Payment of dividend on equity shares - (317.97)
Payment of dividend on redeemable preference shares (13.21) -
Proceeds of long term borrowings 22,404.63 16,788.29
Repayment of long term borrowings (1,189.77) (977.61)
Proceeds/(repayment) of short term borrowings (net) 225.21 (2,015.56)
Repayment of lease liabilities (149.21) (86.31)
Finance costs paid (5,633.23) (4,603.51)
Net cash flow from financing activities 15644.42 8,787.33
Net increase in cash and cash equivalents 713.72 6,400.79
Cash and cash equivalents as at beginning of year 11,475.58 6,711.19
Cash and cash equivalents on dispoal/loss of control of subsidiaries in power transmission and - (657.76)
infrastructure business
Cash and cash equivalents on conversion of Sterlite Interlinks Limited from associate to subsidiary [refer 21.30 -
note 6 (i)]
Cash and cash equivalents on addition of subsidiary (refer note 49) - 65.71
Decrease of cash and cash equivalents classifed under assets held for sale (refer note 12) (638.33) (1,044.40)
Adjustments on account of foreign currency translation 3.88 0.05
Cash and cash equivalents as at year end 11,576.15 11,475.58
Reconciliation between opening and closing balances for liabilities arising from financing activities
(H in million)
Long-term Short-term
Particulars
borrowings borrowings
April 01, 2021 19,256.28 8,504.66
Cash flow
- Interest (2,627.32) (1,976.19)
- Proceeds/(repayments) 15,810.68 (2,015.56)
Non-cash changes
- Classified as current maturities 330.91 (330.91)
- Classified as liabilties held for sale (11,385.09) (545.68)
- Addition on acquisiton of subsidiary 88.05 -
- Transferred on sale/loss of control of subsidiaries (8,200.55) -
- Foreign currency translation (271.15) (34.43)
Interest accrual for the year (gross of interest capitalised) 2,627.32 1,976.19
March 31, 2022 15,629.13 5,578.08
- Interest (2,731.59) (2,901.64)
- Proceeds/(repayments) 21,214.86 225.21
Non-cash changes
- Classified as current maturities (2,086.07) 2,086.07
- Foreign currency translation 752.14 86.36
- Movement in borrowings classified as liabilities held for sale 33.45 2,595.24
Interest accrual for the year (gross of interest capitalised) 2,731.59 2,901.64
March 31, 2023 35,543.51 10,570.96

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(H in million)
Components of cash and cash equivalents: March 31, 2023 March 31, 2022
On current accounts 2,097.89 10,112.86
Total cash and cash equivalents (refer note 14) 11,576.15 11,475.58

Sd/- Sd/- Sd/-
Sd/- Sd/-

A. EQUITY SHARE CAPITAL
Equity shares of J 2 each issued, subscribed and fully paid Nos. in million H in million
As at April 01, 2021* 61.18 122.36
Movement during the year - -
As at March 31, 2022* 61.18 122.36
Increase in equity share capital on account of issue of bonus shares (refer note 16(b)) 61.18 122.36
As at March 31, 2023 122.36 244.72
B. OTHER EQUITY
(H in million)
Items of other
Reserves and surplus
Special Share Foreign
Particulars Debenture Capital Cash flow Total equity
Securities Retained Legal unearned Capital FVTOCI based currency
redemption redemption hedge
premium earnings reserve income reserve reserve payment translation
Balance as at April 01, 2021 4,536.80 4,372.21 200.00 172.13 3,270.44 36.02 0.35 - - 769.98 (2,514.25) 10,843.68
Profit for the year - 4,401.42 - - - - - - - - 4,401.42

Other comprehensive income - (10.39) - - - - - - 2,509.50 1,040.09 3,539.20
Total comprehensive income - 4,391.03 - - - - - - - 2,509.50 1,040.09 7,940.62
Appropriation for dividend paid - (324.26) - - - - - - - - - (324.26)
Reclassified to statement of profit - - - - - - - - - (1,676.34) - (1,676.34)
and loss
Transferred to retained earnings - 200.00 (200.00) - - - - - - - -
Balance as at March 31, 2022 4,536.80 8,638.98 - 172.13 3,270.44 36.02 0.35 - - 1,603.15 (1,474.16) 16,783.70
Profit for the year - (398.55) - - - - - - - - - (398.55)
Other comprehensive income - (2.87) - - - - - (12.29) - (1,805.86) 78.38 (1,742.64)
Total comprehensive income - (401.42) - - - - - (12.29) - (1,805.86) 78.38 (2,141.19)
Appropriation for dividend paid - (122.36) - - - - - - - - - (122.36)
Reclassified to statement of profit - - - - - - - - - 225.06 - 225.06
and loss
Impact of acquisition of Sterlite - 13.38 - - - - - - - - - 13.38
Interlinks Limited
Amount transferred from legal - 172.13 - (172.13) - - - - - - - -
reserve to retained earnings
(refer note 17.4)
Amount transferred from special - 3,270.44 - - (3,270.44) - - - - - - -
unearned income reserve to retained
earnings (refer note 17.5)
Options granted during the year - - - - - - - - 59.06 - - 59.06
(refer note 54)
Consolidated Statement of Changes in Equity

211
(H in million)
212
Items of other
Reserves and surplus
Special Share Foreign
Particulars Debenture Capital Cash flow Total equity
Securities Retained Legal unearned Capital FVTOCI based currency
redemption redemption hedge
premium earnings reserve income reserve reserve payment translation
Debenture redemeption reserve - (250.00) 250.00 - - - - - - - - -
created during the year
(refer note 17.7)
Amount utilised for issuance of bonus (86.34) - - - - (36.02) - - - - - (122.36)
shares [refer note 16(b)]
Balance as at March 31, 2023 4,450.46 11,321.15 250.00 - - - 0.35 (12.29) 59.06 22.35 (1,395.78) 14,695.30

* There is no change in equity share capital and other equity as at April 01, 2021 and March 31, 2022 due to prior period errors.
Refer note 2.3 for summary of significant accounting policies.

For S R B C & CO LLP For and on behalf of the Board of Directors of Sterlite Power Transmission Limited
Firm Registration No.
324982E / E300003
Sd/- Sd/- Sd/- Sd/- Sd/-

per Paul Alvares Pravin Agarwal Pratik Agarwal Sanjeev Bhatia Ashok Ganesan
Partner Chairman Managing Director Chief Financial Officer Company Secretary
Membership Number : 105754 DIN: 00022096 DIN: 03040062 PAN: ACTPB6336M PAN: AHYPK5104G
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023 Date: August 11, 2023
Consolidated Statement of Changes in Equity
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Notes to Consolidated Financial Statements

1. CORPORATE INFORMATION The consolidated financial statements are presented in

Sterlite Power Transmission Limited (the Company) is Indian Rupees Million, except when otherwise indicated.
a public company domiciled in India and incorporated
under the provisions of the Companies Act, 2013. 2.2 Basis of consolidation
The registered office of the Company is located at The consolidated financial statements comprise the
4th Floor, Godrej Millennium, Koregaon Park, Pune, financial statements of the Company and its subsidiaries
Maharashtra, India. as at March 31, 2023. Control is achieved when the
Group is exposed, or has rights, to variable returns from
The CIN of the Company is U74120PN2015PLC156643 its involvement with the investee and has the ability to
affect those returns through its power over the investee.
The Company and its subsidiaries (together referred to Specifically, the Group controls an investee if and only
as ‘the Group’) are engaged in the business of Power if the Group has:
products and solutions. Power products and solutions
mainly include manufacturing of power transmission • Power over the investee (i.e. existing rights that give
conductors, optical ground wire cables and power cables. it the current ability to direct the relevant activities
It also includes execution of Engineering, Procurement of the investee)
and Construction Contracts for replacement of power
transmission conductors, optical ground wire cables • Exposure, or rights, to variable returns from its
and power cables as a part of master system integration involvement with the investee, and
business. The Group also acts as a developer on Build
Own Operate & Maintain (“BOOM”) basis, for designing, • The ability to use its power over the investee to
financing, construction and maintenance of power affect its returns
transmission systems for concessional periods ranging
from 25 to 35 years. The Group also undertakes the Generally, there is a presumption that a majority of voting
Engineering, Procurement and Construction Contracts for rights result in control. To support this presumption and
construction of power transmission systems. when the Group has less than a majority of the voting
or similar rights of an investee, the Group considers all
The consolidated financial Statements were approved for relevant facts and circumstances in assessing whether it
issue in accordance with resolution passed by the Board has power over an investee, including:
of Directors on August 11, 2023.
• The contractual arrangement with the other vote
2. SIGNIFICANT ACCOUNTING POLICIES holders of the investee
2.1 Basis of preparation
The consolidated financial statements of the Group • Rights arising from other contractual arrangements
(‘CFS’) have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the • The Group’s voting rights and potential voting rights
Companies (Indian Accounting Standards) Rules,
2015(as amended from time to time) and presentation • The size of the group’s holding of voting rights relative
requirements of Division II of Schedule III to the to the size and dispersion of the holdings of the other
Companies Act, 2013, (Ind AS compliant Schedule III), as voting rights holders
applicable to the CFS.
The Group re-assesses whether or not it controls an
The consolidated financial statements have been investee if facts and circumstances indicate that there
prepared on a historical cost basis, except for the are changes to one or more of the three elements of
following assets and liabilities which have been measured control. Consolidation of a subsidiary begins when
at fair value or revalued amount: the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary.
• Derivative financial instruments; Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in
• Certain financial assets measured at fair value (refer the consolidated financial statements from the date the
accounting policy regarding financial instruments). Group gains control until the date the Group ceases to
control the subsidiary.

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Consolidated financial statements are prepared using Profit or loss and each component of other
uniform accounting policies for like transactions and other comprehensive income (OCI) are attributed to the
events in similar circumstances. If a member of the group equity holders of the parent of the Group and to the
uses accounting policies other than those adopted in the non-controlling interests, even if this results in the
consolidated financial statements for like transactions and non-controlling interests having a deficit balance.
events in similar circumstances, appropriate adjustments When necessary, adjustments are made to the financial
are made to that group member’s financial statements in statements of subsidiaries to bring their accounting
preparing the consolidated financial statements to ensure policies in line with the Group’s accounting policies.
conformity with the group’s accounting policies. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions
The financial statements of all entities used for the between members of the Group are eliminated in full
purpose of consolidation are drawn up to same reporting on consolidation.
date as that of the parent Company, i.e., year ended
on March 31. When the end of the reporting period A change in the ownership interest of a subsidiary,
of the parent is different from that of a subsidiary, without a loss of control, is accounted for as an equity
the subsidiary prepares, for consolidation purposes, transaction. If the Group loses control over a subsidiary, it:
additional financial information as of the same date as the
financial statements of the parent to enable the parent • Derecognises the assets (including goodwill) and
to consolidate the financial information of the subsidiary, liabilities of the subsidiary at their carrying amounts at
unless it is impracticable to do so. the date when control is lost
Consolidation procedure: • Derecognises the carrying amount of any

(a) Combine like items of assets, liabilities, equity, non-controlling interests
income, expenses and cash flows of the parent with
those of its subsidiaries. For this purpose, income • Derecognises the cumulative translation differences
and expenses of the subsidiary are based on the recorded in equity
amounts of the assets and liabilities recognised
in the consolidated financial statements at the • Recognises the fair value of the consideration received
acquisition date.
• Recognises the fair value of any investment retained
(b) Offset (eliminate) the carrying amount of the (unless the subsidiary is considered as an asset
parent’s investment in each subsidiary and the rather than a business and the investment retained is
parent’s portion of equity of each subsidiary. classified as investment in associate or joint venture in
Business combinations policy explains how to which case the investment retained is carried at cost)
account for any related goodwill.
• Recognises any surplus or deficit in profit or loss
(c) Eliminate in full intragroup assets and liabilities,
equity, income, expenses and cash flows relating to • Reclassifies the parent’s share of components
transactions between entities of the group (profits previously recognised in OCI to profit or loss or
or losses resulting from intragroup transactions that retained earnings, as appropriate, as would be
are recognised in assets, such as inventory and fixed required if the Group had directly disposed of the
assets, are eliminated in full). Intragroup losses may related assets or liabilities.
indicate an impairment that requires recognition in
the consolidated financial statements. Ind AS-12 2.3 Summary of significant accounting policies
Income Taxes applies to temporary differences The following is the summary of significant accounting
that arise from the elimination of profits and losses policies applied by the Group in preparing its
resulting from intragroup transactions. consolidated financial statements:
(d) Non-controlling interest in the results and a) Business Combinations and goodwill
equity of subsidiaries are shown separately in Business combinations are accounted for using
the consolidated statement of profit and loss, the acquisition method. The cost of an acquisition
consolidated changes of statement of equity and is measured as the aggregate of the consideration
balance sheet respectively. transferred measured at acquisition date fair value
and the amount of any non-controlling interests


in the acquiree. For each business combination, interest in the acquired entity over the fair value of
the Group elects whether to measure the the net identifiable assets acquired is recorded as an
non-controlling interests in the acquiree at fair value adjustment to the asset acquired. If those amounts
or at the proportionate share of the acquiree’s are less than the fair value of the net identifiable
identifiable net assets. Acquisition-related costs are assets, the difference is recognised recorded as an
expensed as incurred. adjustment to the asset acquired. Where settlement
of any part of cash consideration is deferred, the
At the acquisition date, the identifiable assets amounts payable in the future are discounted to
acquired, and the liabilities assumed are recognised their present value as at the date of exchange.
at their acquisition date fair values. For this The discount rate used is the entity’s incremental
purpose, the liabilities assumed include contingent borrowing rate, being the rate at which a similar
liabilities representing present obligation and borrowing could be obtained from an independent
they are measured at their acquisition fair values financier under comparable terms and conditions.
irrespective of the fact that outflow of resources Contingent consideration is classified either as
embodying economic benefits is not probable. equity or a financial liability. Amounts classified as
However, the following assets and liabilities acquired a financial liability are subsequently remeasured to
in a business combination are measured at the basis fair value with changes in fair value recognised in
indicated below: profit or loss. If the business combination is achieved
in stages, the acquisition date carrying value of
• Deferred tax assets or liabilities, and the the acquirer’s previously held equity interest in the
assets or liabilities related to employee benefit acquiree is carried at cost at the acquisition date.
arrangements are recognised and measured in
accordance with Ind AS 12 Income Tax and Ind When the Group acquires a business, it assesses
AS 19 Employee Benefits respectively. the financial assets and liabilities assumed for
appropriate classification and designation in
• Potential tax effects of temporary differences accordance with the contractual terms, economic
and carry forwards of an acquiree that exist circumstances and pertinent conditions as at the
at the acquisition date or arise as a result of acquisition date. This includes the separation
the acquisition are accounted in accordance of embedded derivatives in host contracts
with Ind AS 12. by the acquiree.
• Liabilities or equity instruments related to share If the business combination is achieved in stages,
based payment arrangements of the acquiree any previously held equity interest is re-measured
or share – based payments arrangements of at its acquisition date fair value and any resulting
the Group entered into to replace share-based gain or loss is recognised in profit or loss or OCI,
payment arrangements of the acquiree are as appropriate.
measured in accordance with Ind AS 102
Share-based Payments at the acquisition date. Any contingent consideration to be transferred
by the acquirer is recognised at fair value at the
• Assets (or disposal groups) that are classified acquisition date. Contingent consideration classified
as held for sale in accordance with Ind AS as an asset or liability that is a financial instrument
105 Non-current Assets Held for Sale and and within the scope of Ind AS 109 Financial
Discontinued Operations are measured in Instruments, is measured at fair value with changes
accordance with that standard. in fair value recognised in profit or loss. If the
contingent consideration is not within the scope of
• Reacquired rights are measured at a value Ind AS 109, it is measured in accordance with the
determined on the basis of the remaining appropriate Ind AS. Contingent consideration that is
contractual term of the related contract. classified as equity is not re-measured at subsequent
Such valuation does not consider potential reporting dates and subsequent its settlement is
renewal of the reacquired right. accounted for within equity.
The excess of the consideration transferred; amount Goodwill is initially measured at cost, being the
of any non-controlling interest in the acquired entity, excess of the aggregate of the consideration
and acquisition-date fair value of any previous equity transferred and the amount recognised for

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non-controlling interests, and any previous interest amounts are adjusted through goodwill during
held, over the net identifiable assets acquired and the measurement period, or additional assets or
liabilities assumed. If the fair value of the net assets liabilities are recognised, to reflect new information
acquired is in excess of the aggregate consideration obtained about facts and circumstances that existed
transferred, the Group re-assesses whether it has at the acquisition date that, if known, would have
correctly identified all of the assets acquired and all affected the amounts recognized at that date.
of the liabilities assumed and reviews the procedures These adjustments are called as measurement
used to measure the amounts to be recognised at period adjustments. The measurement period does
the acquisition date. If the reassessment still results not exceed one year from the acquisition date.
in an excess of the fair value of net assets acquired
over the aggregate consideration transferred, then Business Combination under Common control
the gain is recognised in OCI and accumulated A business combination involving entities or
in equity as capital reserve. However, if there is businesses under common control is a business
no clear evidence of bargain purchase, the entity combination in which all of the combining entities
recognises the gain directly in equity as capital or businesses are ultimately controlled by the same
reserve, without routing the same through OCI. party or parties both before and after the business
combination and the control is not transitory.
After initial recognition, goodwill is measured at cost The transactions between entities under common
less any accumulated impairment losses. For the control are specifically covered by Appendix C
purpose of impairment testing, goodwill acquired in to Ind AS 103 and are accounted for using the
a business combination is, from the acquisition date, pooling-of-interest method as follows:
allocated to each of the Group’s cash-generating
units that are expected to benefit from the − The assets and liabilities of the combining entities
combination, irrespective of whether other assets or are reflected at the carrying amounts recorded
liabilities of the acquiree are assigned to those units. in the parent entity’s Consolidated Financial
Statements with the exception of certain income
A cash generating unit to which goodwill has been tax and deferred tax assets.
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit − No adjustments are made to reflect fair values,
may be impaired. If the recoverable amount of the or recognize new assets or liabilities. The only
cash generating unit is less than its carrying amount, adjustments are made to harmonize significant
the impairment loss is allocated first to reduce the accounting policies.
carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro rata − The financial information in the consolidated
based on the carrying amount of each asset in the financial statements in respect of prior periods
unit. Any impairment loss for goodwill is recognised is restated as if the business combination has
in profit or loss. An impairment loss recognised for occurred from the beginning of the preceding
goodwill is not reversed in subsequent periods. period in the financial statements, irrespective of
the actual date of the combination.
Where goodwill has been allocated to a
cash-generating unit and part of the operation within The balance of the retained earnings appearing
that unit is disposed of, the goodwill associated with in the financial statements of the transferor is
the disposed operation is included in the carrying aggregated with the corresponding balance
amount of the operation when determining the gain appearing in the financial statements of the
or loss on disposal. Goodwill disposed in these transferee. The identity of the reserves is preserved,
circumstances is measured based on the relative and the reserves of the transferor become the
values of the disposed operation and the portion of reserves of the transferee.
the cash-generating unit retained.
The difference, if any, between the amounts
If the initial accounting for a business combination recorded as share capital issued plus any additional
is incomplete by the end of the reporting year in consideration in the form of cash or other assets
which the combination occurs, the Group reports and the amount of share capital of the transferor
provisional amounts for the items for which the is transferred to capital reserve and is presented
accounting is incomplete. Those provisional separately from other capital reserves.


b) Investment in associates and joint ventures recognised only to the extent that the Group has
An associate is an entity over which the Group has incurred legal or constructive obligations or made
significant influence. Significant influence is the payments on behalf of the associate or joint venture.
power to participate in the financial and operating If the associate or joint venture subsequently reports
policy decisions of the investee but is not control or profits, the entity resumes recognising its share of
joint control over those policies. those profits only after its share of the profits equals
the share of losses not recognised.
A joint venture is a type of joint arrangement
whereby the parties that have joint control of the Unrealised gains resulting from the transactions
arrangement have rights to the net assets of the between the Group and its associate or joint venture,
joint venture. Joint control is the contractually to the extent of Group’s interests in the associate or
agreed sharing of control of an arrangement, which joint venture, are eliminated in the statement of profit
exists only when decisions about the relevant and loss from the line item “Share of profit/(loss) of
activities require unanimous consent of the parties associates and joint ventures” and in the balance
sharing control. sheet against the carrying amounts of the associate
or joint venture. Where such unrealised gains, to
The considerations made in determining whether the extent of Group’s interests in the associate or
significant influence or joint control are similar joint venture, exceed the carrying amounts of the
to those necessary to determine control over associate or joint venture, such excess is presented
the subsidiaries. as deferred income. Unrealised losses are eliminated
in the same way as unrealised gains, but only to the
The Group’s investments in its associate or joint extent that there is no evidence of impairment.
ventures are accounted for using the equity method.
Under the equity method, the investment in an The financial statements of the associate or joint
associate or joint venture is initially recognised venture are prepared for the same reporting period
at cost to the Group. The carrying amount of the as the Group. When necessary, adjustments are
investment is adjusted to recognise changes in the made to bring the accounting policies in line with
Group’s share of net assets of the associate or joint those of the Group.
venture since the acquisition date. Goodwill relating
to the associate or joint venture is included in the After application of the equity method, the Group
carrying amount of the investment and is not tested determines whether it is necessary to recognise an
for impairment individually. impairment loss on its investment in its associate
or joint venture impairment. At each reporting date,
The statement of profit and loss reflects the Group’s the Group determines whether there is objective
share of the results of operations of the associate or evidence that the investment in the associate or
joint venture. Any change in OCI of those investees joint venture impaired. If there is such evidence,
is presented as part of the Group’s OCI. In addition, the Group calculates the amount of impairment as
when there has been a change recognised directly the difference between the recoverable amount of
in the equity of the associate or joint venture, the associate or joint venture and its carrying value,
the Group recognises its share of any changes, and then recognises the loss as ‘Share of profit of
when applicable, in the statement of changes in an associate and joint venture’ in the statement of
equity. Unrealised gains and losses resulting from profit or loss.
transactions between the Group and the associate
or joint venture are eliminated to the extent of the Upon loss of significant influence over the associate
interest in the associate or joint venture. or loss of joint control over the joint venture, the
Group measures and recognises any retained
If an entity’s share of losses of an associate or investment at its fair value. Any difference between
joint venture equals or exceeds its interest in the the carrying amount of the associate or joint
associate or joint venture (which includes any long venture upon loss of significant influence/joint
term interest that, in substance, form part of the control and the fair value of the retained investment
Group’s net investment in the associate or joint and proceeds from disposal is recognised in
ventures), the entity discontinues recognising profit or loss.
its share of further losses. Additional losses are

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c) Current versus non-current classification loss that is reclassified to profit or loss reflects the
The Group presents assets and liabilities amount that arises from using this method.
in the balance sheet based on current/
non-current classification. An asset is treated as Transactions and balances
current when it is: Transactions in foreign currencies are initially
recorded by the Group’s entities at their
• Expected to be realised or intended to be sold or respective functional currency spot rates at the
consumed in normal operating cycle date the transaction first qualifies for recognition.
However, for practical reasons, the group uses an
• Held primarily for the purpose of trading average rate if the average approximates the actual
rate at the date of the transaction.
• Expected to be realised within twelve months
after the reporting period, or Monetary assets and liabilities denominated
in foreign currencies are translated at the
• Cash or cash equivalent unless restricted from functional currency spot rates of exchange at the
being exchanged or used to settle a liability for at reporting date.
least twelve months after the reporting period
Exchange differences arising on settlement or
All other assets are classified as non-current. translation of monetary items are recognised in profit
or loss with the exception of the following:
A liability is current when:
• Exchange differences arising on monetary
• It is expected to be settled in normal items that form part of a reporting entity’s net
operating cycle investment in a foreign operation are recognised
in profit or loss in the separate financial
• It is held primarily for the purpose of trading statements of the reporting entity or the individual
financial statements of the foreign operation,
• It is due to be settled within twelve months after as appropriate. In the financial statements that
the reporting period, or include the foreign operation and the reporting
entity (e.g., consolidated financial statements
• There is no unconditional right to defer the when the foreign operation is a subsidiary), such
settlement of the liability for at least twelve exchange differences are recognised initially in
months after the reporting period OCI. These exchange differences are reclassified
from equity to profit or loss on disposal of the
The Group classifies all other liabilities as non-current. net investment.
Deferred tax assets and liabilities are classified as • Exchange differences arising on monetary items
non-current assets and liabilities. that are designated as part of the hedge of the
Group’s net investment of a foreign operation.
The operating cycle is the time between the These are recognised in OCI until the net
acquisition of assets for processing and their investment is disposed of, at which time, the
realisation in cash and cash equivalents. The group cumulative amount is reclassified to profit or loss.
has identified twelve months as its operating cycle.
• Tax charges and credits attributable to exchange
d) Foreign currencies differences on those monetary items are also
The Group’s consolidated financial statements recorded in OCI.
are presented in INR, which is also the parent
Company’s functional currency. For each entity Non-monetary items that are measured in terms of
the Group determines the functional currency and historical cost in a foreign currency are translated
items included in the financial statements of each using the exchange rates at the dates of the initial
entity are measured using that functional currency. transactions. Non-monetary items measured at fair
The Group uses the direct method of consolidation value in a foreign currency are translated using the
and on disposal of a foreign operation the gain or 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 assuming that market participants act in their
in line with the recognition of the gain or loss on economic best interest.
the change in fair value of the item (i.e., translation
differences on items whose fair value gain or A fair value measurement of a non-financial asset
loss is recognised in OCI or profit or loss are also takes into account a market participant's ability to
recognised in OCI or profit or loss, respectively). generate economic benefits by using the asset in
its highest and best use or by selling it to another
Group companies market participant that would use the asset in its
On consolidation, the assets and liabilities of highest and best use.
foreign operations are translated into INR at the
rate of exchange prevailing at the reporting date The Group uses valuation techniques that are
and their statements of profit or loss are translated appropriate in the circumstances and for which
at exchange rates prevailing at the dates of the sufficient data are available to measure fair value,
transactions. For practical reasons, the group maximising the use of relevant observable inputs
uses an average rate to translate income and and minimising the use of unobservable inputs.
expense items, if the average rate approximates
the exchange rates at the dates of the transactions. All assets and liabilities for which fair value is
The exchange differences arising on translation for measured or disclosed in the consolidated financial
consolidation are recognised in OCI. On disposal of statements are categorised within the fair value
a foreign operation, the component of OCI relating hierarchy, described as follows, based on the
to that particular foreign operation is recognised in lowest level input that is significant to the fair value
profit or loss. measurement as a whole:
Any goodwill arising in the acquisition/ business Level 1- Quoted (unadjusted) market prices in active
combination of a foreign operation and any fair markets for identical assets or liabilities;
value adjustments to the carrying amounts of assets
and liabilities arising on the acquisition are treated Level 2- Valuation techniques for which the lowest
as assets and liabilities of the foreign operation level input that is significant to the fair value
and translated at the spot rate of exchange at the measurement is directly or indirectly observable;
reporting date.
Level 3- Valuation techniques for which the lowest
e) Fair value measurement level input that is significant to the fair value
The Group measures financial instruments such as measurement is unobservable.
mutual funds and derivatives at fair value at each
balance sheet date. For assets and liabilities that are recognised in the
consolidated financial statements on a recurring
Fair value is the price that would be received to sell basis, the Group determines whether transfers
an asset or paid to transfer a liability in an orderly have occurred between levels in the hierarchy
transaction between market participants at the by re-assessing categorisation (based on the
measurement date. The fair value measurement is lowest level input that is significant to the fair
based on the presumption that the transaction to sell value measurement as a whole) at the end of each
the asset or transfer the liability takes place either: reporting period.
• In the principal market for the asset or liability, or External valuers are involved for valuation of
significant liabilities, such as optionally convertible
• In the absence of a principal market, in the most redeemable preference shares. Involvement of
advantageous market for the asset or liability. external valuers is decided by the management
on a need basis and with relevant approvals.
The principal or the most advantageous market must The valuers involved are selected based on criteria
be accessible by the Group. like market knowledge, reputation, independence
and professional standards. The management
The fair value of an asset or a liability is measured decides after discussion with the external valuers,
using the assumptions that market participants which valuation techniques and inputs to use
would use when pricing the asset or liability, for the valuation.

Empowering Humanity

At each reporting date, the management analyses The Disclosure for significant accounting
the movement of assets and liabilities which are judgements, estimates and assumptions relating to
required to be remeasured or reassessed as per revenue from operations are provided in Note 39.
the Group’s accounting policies. For this analysis,
the management verifies the major inputs applied Sale of power products and traded goods
in the latest valuation by agreeing the information Revenue from the sale of power products and traded
in the valuation computation to contracts and other goods are recognised at a point upon delivery of
relevant documents. conductor, power cable or traded aluminium ingots
and rods and payment is generally due within 30 to
The management in conjunction with the external 180 days from invoice. Some contracts provide the
valuers also compares the change in fair value Group right to receive price variation from customers
of each asset and liability with relevant external on account of changes in metal prices.
sources to determine whether the change is
reasonable. The valuation results are discussed at Power transmission services
the Audit Committee. Revenue from contracts with customers comprises of
revenue from power transmission services rendered
For the purpose of fair value disclosures, the Group in India to Long Term Transmission Customers
has determined classes of assets and liabilities on (LTTCs) pursuant to the respective Transmission
the basis of the nature, characteristics and risks of Services Agreements (TSAs) executed by the Group
the asset or liability and the level of the fair value with LTTCs for periods of 25/35 years. The Group is
hierarchy, as explained above. required to ensure that the transmission assets meet
the minimum availability criteria under the respective
This note summarises accounting policy for fair TSAs. The Group's performance obligation under
value. Other fair value related disclosures are given the TSAs is to provide power transmission services.
in the relevant notes. The performance obligation is satisfied over time
as the customers receive and consume the benefits
• Disclosures for valuation methods, significant
provided by the Group’s performance as the Group
estimates, and assumptions (notes 39 and 57).
performs. Accordingly, the revenue from power
• Quantitative disclosures of fair value transmission services is recognised over time based
measurement hierarchy (note 58). on the transmission asset availabilities and the tariff
charges approved under the respective Central
• Investment in Non-Convertible
Electricity Regulatory Commission (‘CERC’) tariff
Debentures (note 57).
orders and includes unbilled revenues accrued up
• Investment in Compulsorily Convertible to the end of the accounting period. The payment
Debentures (note 57 and 58). is generally due within 60 days upon receipt of
monthly invoice by the customer.
• Investment in mutual funds (note 57 and 58)
• Financial instruments (including thos carried at Revenue from Engineering, procurement and
amortised cost) (note 57) construction (‘EPC’) contracts
In case of revenue from fixed price EPC contracts for
• Investment in unquoted equity shares
power transmission lines and installation of power
(note 57 and 58).
transmission products, the performance obligation
is satisfied progressively over the construction
f) Revenue recognition
period. The Group's progress towards completion is
Revenue from contract with customers
measured based on the proportion that the contract
Revenue from contracts with customers is
expenses incurred to date bear to the estimated
recognised when control of the goods or services
total contract expenses. Payment is due as per the
are transferred to the customer at an amount that
achievement of contractual milestones.
reflects the consideration to which the Group
expects to be entitled in exchange for those goods
The estimates of contract cost and the revenue
or services. The Group has concluded that it is the
thereon are reviewed periodically by management
principal in its revenue arrangements because it
and the cumulative effect of any changes in
typically controls the services before transferring
estimates is recognised in the period in which such
them to the customer. Amounts disclosed in revenue
changes are determined. Where it is probable that
are net of goods and service tax (GST).


total contract expenses will exceed total revenues The estimates of contract cost and the revenue
from a contract, the expected loss is recognised thereon are reviewed periodically by management
immediately as an expense in the statement of and the cumulative effect of any changes in
profit and loss. estimates is recognised in the period in which such
changes are determined. Where it is probable that
Where the profits from the contract cannot be total contract expenses will exceed total revenues
estimated reliably, revenue is recognised equalling from a contract, the expected loss is recognised
to expense incurred to the extent that it is probable immediately as an expense in the statement of
that the expense will be recovered. profit and loss.
Revenue from construction of concession assets Remuneration of concession assets

The Group constructs transmission infrastructure in Remuneration from service concession arrangement
Brazil which is used to provide transmission services comprise of interest income recognised using the
and operates and maintains that infrastructure discount rate that reflects the economic volatility on
for a specified period of time. The infrastructure the future cash flows from the service concession
constructed by the group (i.e. the operator) is not infrastructure. The discount rate is represented by a
recorded as property, plant and equipment of the market rate that considers the risks and premiums
group because the concession agreement does not specific to the service concession transmission asset.
transfer to the concessionaire the right to control
the use of public services infrastructure. The group Revenue from indefeasible right-of-use contracts
only has the right to operate the infrastructure for the Indefeasible right-of-use (IRU) contracts represent
provision of public services on behalf of the Granting performance obligation for providing rights to the
Authority, as provided in the contract. Thus, under customers to use the optical ground wire cable/dark
the terms of the concession agreement, the operator fibre telecommunication networks of the Group
only acts as a service provider. These arrangements over a period as determined under the contract.
are accounted for under Appendix D to Ind Revenue under IRU contracts are recognised on a
AS 115 Service Concession Arrangements. straight line basis over the said period.
Such arrangements give rise to contract assets till
the transmission services are rendered. The contract Revenue from services rendered to joint ventures
asset refers to the Group’s right to the consideration Services rendered to joint ventures represent
as a result of the investments made in the the performance obligation for providing various
construction of transmission line infrastructure. consultation and agency services in relation to joint
venture entities which are satisfied over time.
The Group’s performance obligation with respect
to construction of service concession assets is Rendering of other services
satisfied progressively over the construction Revenues from services are recognised over the
period. The Group's progress towards completion is period of the contract as and when services are
measured based on the proportion that the contract rendered. When the contract outcome cannot be
costs incurred to date bear to the estimated total measured reliably, revenue is recognised only to
contract costs. When the Group provides more than the extent that the expenses incurred are eligible
one service under a concession agreement, the to be recovered.
consideration received is allocated based on the fair
values of the services delivered. For the estimate Contract modifications:
related to the revenue from construction assets, Contract modifications are defined as changes
the Group used a model that calculates the cost of in the scope of the work, other than changes
financing the customer (in this case, the Concession envisaged in the original contract, that may result
Grantor). The discount rates represent a market rate in a change in the revenue associated with that
that considers the risks and premiums specific to the contract. Modifications to approval before billings
service concession transmission asset. The discount can be issued and the amounts relating to the
rates are fixed over the concession period and additional work can be collected. The Group does
reflects the price that a customer would have paid not recognise the revenue from such additional work
for the promised goods or services if the customer until the customer's approval has been obtained.
had paid cash for those goods or services when (or In cases where the additional work has been
as) they transfer to the customer. approved but the corresponding change in price has

Empowering Humanity

not been determined, the requirement described services

below for variable consideration is applied: namely, Income from project and investment management
to recognise revenue for an amount with respect services is recognised as per the terms of the
to which it is highly probable that a significant agreement on the basis of services rendered.
reversal will not occur. The costs associated with
these additional units or services performed are Dividend
recognised when incurred, irrespective of whether or Dividend income is recognised in the consolidated
not the modification has been approved. statement of profit and loss only when the right
to receive payment is established, provided it is
Variable considerations: probable that the economic benefits associated with
If the consideration in a contract includes a the dividend will flow to the Group, and the amount
variable amount, the Group estimates the amount of the dividend can be measured reliably.
of consideration to which it will be entitled in
exchange for transferring the goods to the customer. Interest Income
The variable consideration is estimated at contract The Group recognises the interest income based
inception and constrained until it is highly probable on the rate of interest as mentioned in the loan
that a significant revenue reversal in the amount agreement. The Group annually assess the
of cumulative revenue recognised will not occur recoverability of the loan based by reviewing the
when the associated uncertainty with the variable financial position of the lender and considers the
consideration is subsequently resolved. provision on the recoverability based on the such
assessment. Interest accrual is considered in the
Contract balances: books only if it is considered to be recoverable.
Contract assets
A contract asset is the right to consideration in License Fees
exchange for goods or services transferred to the Initial license fees is recognised over the period of
customer. If the Group performs by transferring time for use of infrastructure assets.
goods or services to a customer before the
customer pays consideration or before payment is g) Government grants
due, a contract asset is recognised for the earned Government grants are recognised where there is
consideration that is conditional. reasonable assurance that the grant will be received,
and all attached conditions will be complied with.
Trade receivables When the grant relates to an expense item, it is
A receivable represents the Group’s right to an recognised as income on a systematic basis over
amount of consideration that is unconditional the periods that the related costs, for which it is
(i.e., only the passage of time is required before intended to compensate, are expensed. When the
payment of the consideration is due). Refer to grant relates to an asset, it is recognised as income
accounting policies of financial assets in section in equal amounts over the expected useful life of
“Financial instruments – initial recognition and the related asset.
subsequent measurement”.
When the Group receives grants of non-monetary
Contract liabilities assets, the asset and the grant are recorded at fair
A contract liability is the obligation to transfer value amounts and released to profit or loss over
goods or services to a customer for which the the expected useful life in a pattern of consumption
Group has received consideration (or an amount of the benefit of the underlying asset i.e. by equal
of consideration is due) from the customer. If a annual instalments.
customer pays consideration before the Group
transfers goods or services to the customer, a When loans or similar assistance are provided by
contract liability is recognised when the payment is governments or related institutions, with an interest
made, or the payment is due (whichever is earlier). rate below the current applicable market rate, the
Contract liabilities are recognised as revenue when effect of this favourable interest is regarded as a
the Group performs under the contract. government grant. The loan or assistance is initially
recognised and measured at fair value and the
Project management and Investment management government grant is measured as the difference
between the initial carrying value of the loan and


the proceeds received. The loan is subsequently assets are recognised to the extent that it is probable
measured as per the accounting policy applicable to that taxable profit will be available against which
financial liabilities. the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses
h) Taxation can be utilized, except:
Current income tax
Current income tax assets and liabilities are • When the deferred tax asset relating to the
measured at the amount expected to be recovered deductible temporary difference arises from
from or paid to the tax authorities. The tax rates and the initial recognition of an asset or liability in a
tax laws used to compute the amount are those transaction that is not a business combination
that are enacted or substantively enacted at the and, at the time of the transaction, affects neither
reporting date. the accounting profit nor taxable profit or loss;
Current income tax relating to items recognised • In respect of deductible temporary differences
outside statement of profit or loss is recognised associated with investments in subsidiaries,
outside consolidated statement of profit and loss associates and interests in joint ventures,
(either in other comprehensive income or in equity). deferred tax assets are recognised only to the
Current tax items are recognised in correlation to extent that it is probable that the temporary
the underlying transaction either in OCI or directly differences will reverse in the foreseeable future
in equity. Management periodically evaluates and taxable profit will be available against which
positions taken in the tax returns with respect to the temporary differences can be utilized.
situations in which applicable tax regulations are
subject to interpretation and establishes provisions The carrying amount of deferred tax assets is
where appropriate. reviewed at each reporting date and reduced
to the extent that it is no longer probable that
Deferred tax sufficient taxable profit will be available to allow
Deferred tax is provided using the liability method all or part of the deferred tax asset to be utilised.
on temporary differences between the tax bases of Unrecognised deferred tax assets are re-assessed
assets and liabilities and their carrying amounts for at each reporting date and are recognised to the
financial reporting purposes at the reporting date. extent that it has become probable that future
taxable profits will allow the deferred tax asset
Deferred tax liabilities are recognised for all taxable to be recovered.
temporary differences, except:
Deferred tax assets and liabilities are measured
• When the deferred tax liability arises from the at the tax rates that are expected to apply in the
initial recognition of goodwill or an asset or year when the asset is realised or the liability is
liability in a transaction that is not a business settled, based on tax rates (and tax laws) that have
combination and, at the time of the transaction, been enacted or substantively enacted at the
affects neither the accounting profit nor taxable reporting date.
profit or loss;
Deferred tax relating to items recognised outside
• In respect of taxable temporary differences statement of profit or loss is recognised outside
associated with investments in subsidiaries, statement of profit or loss. Deferred tax items
associates and interests in joint ventures, when are recognised in correlation to the underlying
the timing of the reversal of the temporary transaction either in OCI or directly in equity.
differences can be controlled and it is probable
that the temporary differences will not reverse in Deferred tax assets and deferred tax liabilities are
the foreseeable future. offset if a legally enforceable right exists to set off
current tax assets against current tax liabilities and
Deferred tax assets are recognised for all deductible the deferred taxes relate to the same taxable entity
temporary differences, the carry forward of unused and the same taxation authority.
tax credits and any unused tax losses. Deferred tax

Empowering Humanity

Goods and Service Tax paid on acquisition of assets it will genuinely be sold, not abandoned. The group
or on incurring expenses treats sale/ distribution of the asset or disposal group
Expenses and assets are recognised net of the to be highly probable when:
amount of Goods and Service tax paid, except:
• The appropriate level of management is
• When the tax incurred on a purchase of assets or committed to a plan to sell the asset (or
services is not recoverable from the tax authority, disposal group),
in which case, the tax paid is recognised as part
of the cost of acquisition of the asset or as part of • An active program to locate a buyer and complete
the expense item, as applicable the plan has been initiated (if applicable),
• When receivables and payables are stated with • The asset (or disposal group) is being actively
the amount of tax included marketed for sale at a price that is reasonable in
relation to its current fair value,
The net amount of tax recoverable from, or payable
to, the tax authority is included as part of receivables • The sale is expected to qualify for recognition as
or payables in the balance sheet. a completed sale within one year from the date of
classification and
i) Assets held for sale
The Group classifies non-current assets and disposal • Actions required to complete the plan indicate
groups as held for sale/ distribution to owners if that it is unlikely that significant changes
their carrying amounts will be recovered principally to the plan will be made or that the plan
through a sale/ distribution rather than through will be withdrawn.
continuing use.
Non-current assets held for sale/for distribution to
Non-current assets and disposal groups classified owners and disposal groups are measured at the
as held for sale are measured at the lower of lower of their carrying amount and the fair value
their carrying amount and fair value less costs less costs to sell/ distribute. Assets and liabilities
to sell. Costs to sell are the incremental costs classified as held for sale/ distribution are presented
directly attributable to the disposal of an asset separately in the balance sheet. Refer note 12 for
(disposal group), excluding finance costs and additional disclosures.
income tax expense.
A disposal group qualifies as discontinued operation
The criteria for held for sale classification is regarded if it is a component of an entity that either has been
as met only when the sale is highly probable, and the disposed of, or is classified as held for sale, and:
asset or disposal group is available for immediate
sale in its present condition. Actions required to • Represents a separate major line of business or
complete the sale/ distribution should indicate that geographical area of operations,
it is unlikely that significant changes to the sale/
distribution will be made or that the decision to sell/ • Is part of a single co-ordinated plan to dispose of
distribute will be withdrawn. Management must be a separate major line of business or geographical
committed to the sale/ distribution expected within area of operations.
one year from the date of classification.
j) Property, plant and equipment
For these purposes, sale transactions include Property, plant and equipment is stated at cost,
exchanges of non-current assets for other net of accumulated depreciation and accumulated
non-current assets when the exchange has impairment losses, if any. Capital work in progress is
commercial substance. The criteria for held for stated at cost less accumulated impairment losses,
sale/ distribution classification is regarded met only if any. Such cost includes the cost of replacing part
when the assets or disposal group is available for of the plant and equipment and borrowing costs for
immediate sale/ distribution in its present condition, long-term construction projects if the recognition
subject only to terms that are usual and customary criteria are met. When significant parts of the plant
for sales/ distribution of such assets (or disposal and equipment are required to be replaced at
groups), its sale/ distribution is highly probable; and intervals, the Group depreciates them separately


based on their specific useful lives. Likewise, when a Expenditure directly relating to construction activity
major inspection is performed, its cost is recognised is capitalised. Indirect expenditure incurred during
in the carrying amount of the plant and equipment construction period is capitalised as part of the
as a replacement if the recognition criteria are construction costs to the extent the expenditure
satisfied. All other repair and maintenance costs are can be attributable to construction activity or is
recognised in statement of profit or loss as incurred. incidental there to. Income earned during the
No decommissioning liabilities are expected or be construction period is deducted from the total of the
incurred on the assets of plant and equipment. indirect expenditure.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
(Life in number of years)

Asset Category Useful Life considered Useful life (Schedule II )
#
Buildings (Factory/Office)** 10/60 Years 30/60 Years

Plant and Machinery 2 - 20 Years* Continuous process plant- 25 Years
Others- 15 Years
Substations 25-35 Years* 40 Years
Furniture and fixtures 3 - 10 Years* 10 Years
Power Transmission Lines 25-35 Years* 40 Years
Data processing equipment 3 - 6 Years* Service and networks- 6 Years and
desktops and laptop etc - 3 Years
Office equipment 2 - 5 Years* 5 Years
Electric fittings 4 - 20 Years* 10 Years
Vehicles 3 - 5 Years* 8 Years
Leasehold improvements Lease period$ Lease period
*Considered on the basis of management’s estimation, supported by technical advice, of the useful lives of the respective assets.
** Includes roads for which life considered is 15-25 years.

#
Residual value considered as 5% on the basis of management’s estimation, supported by technical advice.
$
Leasehold improvements are depreciated over the useful life of the asset or the lease period whichever is lower
The Group, based on technical assessments made and the carrying amount of the asset) is included
by technical experts and management estimates, in the statement of profit or loss when the asset
depreciates certain items of, Building, plant and is derecognised.
machinery data processing equipment, furniture
and fixtures, electrical fittings, office equipment and The residual values, useful lives and methods of
other telecom networks equipment over estimated depreciation of property, plant and equipment are
useful lives which are different from the useful reviewed at each financial year end and adjusted
life prescribed in Schedule II to the Companies prospectively, if appropriate.
Act, 2013. The management believes that these
estimated useful lives are realistic and reflect fair k) Intangible assets
approximation of the period over which the assets Intangible assets acquired separately are measured
are likely to be used. on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost
An item of property, plant and equipment and any less any accumulated amortisation and accumulated
significant part initially recognised is derecognised impairment losses. Internally generated intangibles,
upon disposal or when no future economic benefits excluding capitalised development costs, are
are expected from its use or disposal. Any gain or not capitalised and the related expenditure is
loss arising on derecognition of the asset (calculated reflected in profit or loss in the period in which the
as the difference between the net disposal proceeds expenditure is incurred.

Empowering Humanity

The useful lives of intangible assets are assessed as if fulfilment of the arrangement is dependent
either finite or indefinite. on the use of a specific asset or assets and the
arrangement conveys a right to use the asset or
Intangible assets with finite lives are amortised assets, even if that right is not explicitly specified in
over the useful economic life and assessed for an arrangement.
impairment whenever there is an indication that the
intangible asset may be impaired. The amortisation Group as lessee
period and the amortisation method for an intangible The Group applies a single recognition and
asset with a finite useful life are reviewed at least measurement approach for all leases, except for
at the end of each reporting period. Changes in short-term leases and leases of low-value assets.
the expected useful life or the expected pattern The Group recognises lease liabilities to make lease
of consumption of future economic benefits payments and right-of-use assets representing the
embodied in the asset are considered to modify the right to use the underlying assets.
amortisation period or method, as appropriate, and
are treated as changes in accounting estimates. i) Right-of-use assets
The amortisation expense on intangible assets with The Group recognises right-of-use assets at
finite lives is recognised in the statement of profit the commencement date of the lease (i.e., the
and loss unless such expenditure forms part of date the underlying asset is available for use).
carrying value of another asset. Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment
The Group does not have any intangible assets with losses, and adjusted for any remeasurement
indefinite useful life. of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities
Gains or losses arising from derecognition of an recognised, initial direct costs incurred,
intangible asset are measured as the difference and lease payments made at or before the
between the net disposal proceeds and the commencement date less any lease incentives
carrying amount of the asset and are recognised received. Right-of-use assets are depreciated
in the statement of profit or loss when the asset on a straight-line basis over the shorter of the
is derecognised. lease term and the estimated useful lives of the
assets, as follows:
Software are amortised on a straight-line basis over
• Land - 13 to 99 years
a period of three to five years.
• Office building – 1 to 5 years
Right of way is amortised on straight line basis over
• Vehicles – 3 to 5 years
the period of 28 years (Refer note 5).
If ownership of the leased asset transfers to
l) Borrowing Costs
the Group at the end of the lease term or the
Borrowing costs directly attributable to the
cost reflects the exercise of a purchase option,
acquisition, construction or production of an asset
depreciation is calculated using the estimated
that necessarily takes a substantial period of time to
useful life of the asset.
get ready for its intended use or sale are capitalised
as part of the cost of the asset. All other borrowing
The right-of-use assets are also subject to
costs are expensed in the period in which they
impairment. Refer to the accounting policies in
occur. Borrowing costs consist of interest and other
section (n) Impairment of non-financial assets.
costs that the Group incurs in connection with the
borrowing of funds. Borrowing cost also includes
ii) Lease Liabilities
exchange differences to the extent regarded as an
At the commencement date of the lease, the
adjustment to the borrowing costs.
Group recognises lease liabilities measured
at the present value of lease payments to
m) Leases
be made over the lease term. The lease
The determination of whether an arrangement is
payments include fixed payments (including
(or contains) a lease is based on the substance
in substance fixed payments) less any lease
of the arrangement at the inception of the
incentives receivable, variable lease payments
lease. The arrangement is, or contains, a lease
that depend on an index or a rate, and


amounts expected to be paid under residual over the lease term on the same basis as rental
value guarantees. The lease payments also income. Contingent rents are recognised as revenue
include the exercise price of a purchase in the period in which they are earned.
option reasonably certain to be exercised
by the Group and payments of penalties for n) Inventories
terminating the lease, if the lease term reflects Inventories are valued at the lower of cost and net
the Group exercising the option to terminate. realisable value. Costs incurred in bringing each
Variable lease payments that do not depend product to its present location and condition are
on an index or a rate are recognised as accounted for as follows:
expenses (unless they are incurred to produce
inventories) in the period in which the event or Raw materials, components, stores and spares,
condition that triggers the payment occurs. packing materials and others: cost includes cost of
purchase and other costs incurred in bringing the
In calculating the present value of lease inventories to their present location and condition.
payments, the Group uses its incremental Cost is determined on weighted average cost basis
borrowing rate at the lease commencement except for aluminium wherein the cost is determined
date because the interest rate implicit in the on specific identification method based on the
lease is not readily determinable. After the costing details of each project.
commencement date, the amount of lease
liabilities is increased to reflect the accretion Finished goods and work in progress: cost includes
of interest and reduced for the lease payments cost of direct materials and labour and a proportion
made. In addition, the carrying amount of of manufacturing overheads based on the normal
lease liabilities is remeasured if there is a operating capacity but excluding borrowing costs.
modification, a change in the lease term, a Cost is determined on weighted average cost basis
change in the lease payments (e.g., changes except for aluminium conductors wherein the cost is
to future payments resulting from a change in determined on specific identification method based
an index or rate used to determine such lease on the costing details of each project.
payments) or a change in the assessment of an
option to purchase the underlying asset. Traded goods: cost includes cost of purchase and
other costs incurred in bringing the inventories
iii) Short-term leases and leases of low-value to their present location and condition. Cost is
assets determined on weighted average basis.
The Group applies the short-term lease
recognition exemption to its short-term leases Initial cost of inventories includes the transfer of
of machinery and equipment (i.e., those leases gains and losses on qualifying cash flow hedges,
that have a lease term of 12 months or less recognised in OCI, in respect of the purchases
from the commencement date and do not of raw materials.
contain a purchase option). It also applies the
lease of low-value assets recognition exemption Net realisable value is the estimated selling price in
to leases of office equipment that are the ordinary course of business, less estimated costs
considered to be low value. Lease payments of completion and the estimated costs necessary
on short-term leases and leases of low-value to make the sale.
assets are recognised as expense on a
straight-line basis over the lease term. o) Impairment of non-financial assets
The Group assesses, at each reporting date, whether
Group as lessor there is an indication that an asset may be impaired.
Leases in which the Group does not transfer If any indication exists, or when annual impairment
substantially all the risks and rewards of ownership testing for an asset is required, the Group estimates
of an asset are classified as operating leases. the asset’s recoverable amount. An asset’s
Rental income from operating lease is recognised recoverable amount is the higher of an asset’s or
on a straight-line basis over the term of the relevant cash-generating unit’s (CGU) fair value less costs of
lease. Initial direct costs incurred in negotiating disposal and its value in use. Recoverable amount
and arranging an operating lease are added to the is determined for an individual asset, unless the
carrying amount of the leased asset and recognised asset does not generate cash inflows that are largely

Empowering Humanity

independent of those from other assets or groups was recognised. The reversal is limited so that
of assets. When the carrying amount of an asset the carrying amount of the asset does not exceed
or CGU exceeds its recoverable amount, the asset its recoverable amount, nor exceed the carrying
is considered impaired and is written down to its amount that would have been determined, net
recoverable amount. of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal
In assessing value in use, the estimated future cash is recognised in the consolidated statement of profit
flows are discounted to their present value using and loss unless the asset is carried at a revalued
a pre-tax discount rate that reflects current market amount, in which case the reversal is treated as a
assessments of the time value of money and the revaluation increase.
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are p) Provisions
taken into account. If no such transactions can be Provisions are recognised when the Group has
identified, an appropriate valuation model is used. a present obligation (legal or constructive) as a
These calculations are corroborated by valuation result of a past event, it is probable that an outflow
multiples, quoted share prices for publicly traded of resources embodying economic benefits
companies or other available fair value indicators. will be required to settle the obligation and a
reliable estimate can be made of the amount of
The Group bases its impairment calculation on the obligation. When the Group expects some or
detailed budgets and forecast calculations, which all of a provision to be reimbursed, for example,
are prepared separately for each of the Group’s under an insurance contract, the reimbursement
CGUs to which the individual assets are allocated. is recognised as a separate asset, but only
These budgets and forecast calculations generally when the reimbursement is virtually certain.
cover a period of five years. For longer periods, The expense relating to a provision is presented in
a long-term growth rate is calculated and applied the consolidated statement of profit or loss net of
to project future cash flows after the fifth year. any reimbursement.
To estimate cash flow projections beyond periods
covered by the most recent budgets/forecasts, the If the effect of the time value of money is material,
Group extrapolates cash flow projections in the provisions are discounted using a current pre-tax
budget using a steady or declining growth rate rate that reflects, when appropriate, the risks
for subsequent years, unless an increasing rate specific to the liability. When discounting is used, the
can be justified. In any case, this growth rate does increase in the provision due to the passage of time
not exceed the long-term average growth rate for is recognised as a finance cost.
the products, industries, or country or countries in
which the entity operates, or for the market in which Onerous contracts
the asset is used. If the Group has a contract that is onerous, the
present obligation under the contract is recognised
Impairment losses, including impairment on and measured as a provision. However, before
inventories, are recognised in the statement of profit a separate provision for an onerous contract is
and loss, except for assets previously revalued established, the Group recognises any impairment
with the revaluation surplus taken to OCI. For such loss that has occurred on assets dedicated
assets, the impairment is recognised in OCI up to the to that contract.
amount of any previous revaluation surplus.
An onerous contract is a contract under which the
For assets excluding goodwill, an assessment is unavoidable costs (i.e., the costs that the Group
made at each reporting date as to whether there is cannot avoid because it has the contract) of meeting
any indication that previously recognised impairment the obligations under the contract exceed the
losses may no longer exist or may have decreased. economic benefits expected to be received under
If such indication exists, the Group estimates the it. The unavoidable costs under a contract reflect
asset’s or cash-generating unit’s recoverable the least net cost of exiting from the contract,
amount. A previously recognised impairment loss which is the lower of the cost of fulfilling it and any
is reversed only if there has been a change in compensation or penalties arising from failure to
the assumptions used to determine the asset’s fulfil it. The cost of fulfilling a contract comprises the
recoverable amount since the last impairment loss costs that relate directly to the contract (i.e., both


incremental costs and an allocation of costs directly unused entitlement that has accumulated at the
related to contract activities). reporting date. The group recognizes expected cost
of short-term employee benefit as an expense, when
q) Retirement and other employee benefits an employee renders the related service.
Retirement benefit in the form of provident fund is
a defined contribution scheme. The Group has no The group recognizes expected cost of short-term
obligation, other than the contribution payable to the employee benefit as an expense, when an employee
provident fund. The Group recognizes contribution renders the related service.
payable to the provident fund scheme as an
expense, when an employee renders the related The Group treats accumulated leave expected
service. If the contribution payable to the scheme to be carried forward beyond twelve months, as
for service received before the balance sheet date a long-term employee benefit for measurement
exceeds the contribution already paid, the deficit purposes. Such long-term compensated
payable to the scheme is recognized as a liability absences are provided for based on the actuarial
after deducting the contribution already paid. If the valuation using the projected unit credit method
contribution already paid exceeds the contribution at the reporting date. Actuarial gains/losses are
due for services received before the balance sheet immediately taken to the consolidated statement of
date, then excess is recognized as an asset to the profit and loss and are not deferred.
extent that the pre-payment will lead to, for example,
a reduction in future payment or a cash refund. The obligations are presented as current liabilities
in the balance sheet if the entity does not have an
The Group has a defined benefit gratuity plan in unconditional right to defer the settlement for at
India. The cost of providing benefits under the least twelve months after the reporting date.
defined benefit plan is determined using the
projected unit credit method at Group level. r) Share based payments
Remeasurements, comprising of actuarial gains and The Group issues equity-settled options to certain
losses, excluding amounts included in net interest employees. These are measured at fair value on
on the net defined benefit liability and the return the date of grant. The fair value determined at
on plan assets (excluding amounts included in net the grant date of the equity settled share-based
interest on the net defined benefit liability), are options is expensed over the vesting period, based
recognised immediately in the balance sheet with a on the Group’s estimate of the shares that will
corresponding debit or credit to retained earnings eventually vest.
through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or loss Fair value is measured using Black-Scholes
in subsequent periods. framework and is recognized as an expense,
together with a corresponding increase in equity,
Net interest is calculated by applying the discount over the period in which the options vest using the
rate to the net defined benefit liability or asset. graded vesting method. The expected life used
The Group recognises the following changes in the in the model is adjusted, based on management’s
net defined benefit obligation as an expense in the best estimate, for the effects of non-transferability,
consolidated statement of profit and loss: exercise restrictions and behavioural considerations.
The expected volatility and forfeiture assumptions
• Service costs comprising current service are based on historical information.
costs, past-service costs, gains and losses on
curtailments and non-routine settlements; and The dilutive effect of outstanding options if any,
is reflected as additional share dilution in the
• Net interest expense or income computation of diluted earnings per share.
Accumulated leave, which is expected to be utilised s) Financial instruments

within the next 12 months, is treated as short-term
employee benefit. The Group measures the A financial instrument is any contract that gives
expected cost of such absences as the additional rise to a financial asset of one entity and a financial
amount that it expects to pay as a result of the liability or equity instrument of another entity.

Empowering Humanity

Financial assets i. Financial assets at amortised cost

Initial recognition and measurement
The classification of financial assets at initial ii. Financial assets at fair value through other
recognition depends on the financial asset’s comprehensive income (FVTOCI)
contractual cash flow characteristics and the Group’s
business model for managing them. With the iii. Financial assets at fair value through profit
exception of trade receivables that do not contain or loss (FVTPL)
a significant financing component or for which the
Group has applied the practical expedient, the iv. Equity instruments measured at fair value
Group initially measures a financial asset at its fair through other comprehensive income (FVTOCI)
value plus, in the case of a financial asset not at
fair value through profit or loss, transaction costs. Financial assets at amortised cost
Trade receivables that do not contain a significant A Financial assets’ is measured at the amortised cost
financing component or for which the Group has if both the following conditions are met:
applied the practical expedient are measured at
the transaction price determined under Ind AS a) The asset is held within a business model
115. Refer to the accounting policies in section (f) whose objective is to hold assets for collecting
Revenue from contracts with customers. contractual cash flows, and
For a financial asset to be classified and measured b) Contractual terms of the asset give rise on
at amortised cost or fair value through OCI, it needs specified dates to cash flows that are solely
to give rise to cash flows that are ‘solely payments of payments of principal and interest (SPPI) on the
principal and interest (SPPI)’ on the principal amount principal amount outstanding.
outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level. This category is the most relevant to the Group.
Financial assets with cash flows that are not SPPI are After initial measurement, such financial assets are
classified and measured at fair value through profit subsequently measured at amortised cost using the
or loss, irrespective of the business model. effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount
The Group’s business model for managing financial or premium on acquisition and fees or costs that
assets refers to how it manages its financial are an integral part of the EIR. The EIR amortisation
assets to generate cash flows. The business is included in finance income in the statement of
model determines whether cash flows will result profit or loss. The losses arising from impairment
from collecting contractual cash flows, selling the are recognised in the statement of profit or loss.
financial assets, or both. Financial assets classified This category generally applies to loans, trade and
and measured at amortised cost are held within a other receivables (refer note 9 and 10)
business model with the objective to hold financial
assets to collect contractual cash flows while Financial assets at FVTOCI
financial assets classified and measured at fair value A ‘debt instrument’ is classified as the FVTOCI if both
through OCI are held within a business model with of the following criteria are met:
the objective of both holding to collect contractual
cash flows and selling. a) The objective of the business model is achieved
both by collecting contractual cash flows and
Purchases or sales of financial assets that require selling the financial assets, and
delivery of assets within a time frame established by
regulation or convention in the marketplace (regular b) The asset’s contractual cash flows
way trades) are recognised on the trade date, i.e., represent SPPI.
the date that the Group commits to purchase or
sell the asset. Financial assets included within the FVTOCI
category are measured initially as well as at each
Subsequent measurement reporting date at fair value. Fair value movements
For purposes of subsequent measurement, financial are recognized in the other comprehensive income
assets are classified in four categories: (OCI). However, the Group recognizes interest
income, impairment losses and reversals and


foreign exchange gain or loss in the statement assets) is primarily derecognised (i.e. removed from
of profit or loss. On derecognition of the asset, the Group’s balance sheet) when:
cumulative gain or loss previously recognised in
OCI is reclassified from the equity to statement of • The rights to receive cash flows from the asset
profit or loss. Interest earned whilst holding FVTOCI have expired, or
debt instrument is reported as interest income using
the EIR method. • The Group has transferred its rights to receive
cash flows from the asset or has assumed an
Financial assets at FVTPL obligation to pay the received cash flows in full
FVTPL is a residual category for Financial assets. without material delay to a third party under a
Any Financial assets, which does not meet the ‘pass-through’ arrangement; and either (a) the
criteria for categorization as at amortized cost or as Group has transferred substantially all the risks
FVTOCI, is classified as at FVTPL. and rewards of the asset, or (b) the Group has
neither transferred nor retained substantially
In addition, the Group may elect to designate all the risks and rewards of the asset, but has
a Financial assets, which otherwise meets transferred control of the asset.
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing When the Group has transferred its rights to receive
so reduces or eliminates a measurement or cash flows from an asset or has entered into a
recognition inconsistency (referred to as ‘accounting pass-through arrangement, it evaluates if and to
mismatch’). The Group has not designated any debt what extent it has retained the risks and rewards
instrument as at FVTPL. of ownership. When it has neither transferred nor
retained substantially all of the risks and rewards
Financial assets included within the FVTPL category of the asset, nor transferred control of the asset,
are measured at fair value with all changes the Group continues to recognise the transferred
recognized in the statement of profit or loss. asset to the extent of the Group’s continuing
involvement. In that case, the Group also recognises
Equity investments an associated liability. The transferred asset and
All equity investments in scope of Ind AS 109 are the associated liability are measured on a basis
measured at fair value. Equity instruments which that reflects the rights and obligations that the
are held for trading and contingent consideration Group has retained.
recognised by an acquirer in a business combination
to which Ind AS 103 applies are classified as at Continuing involvement that takes the form of a
FVTPL. For all other equity instruments, the Group guarantee over the transferred asset is measured at
may make an irrevocable election to present in other the lower of the original carrying amount of the asset
comprehensive income subsequent changes in the and the maximum amount of consideration that the
fair value. The Group makes such election on an Group could be required to repay.
instrument-by-instrument basis. The classification is
made on initial recognition and is irrevocable. Impairment of financial assets
In accordance with Ind AS 109, the Group applies
If the Group decides to classify an equity instrument expected credit loss (ECL) model for measurement
as at FVTOCI, then all fair value changes on the and recognition of impairment loss on the following
instrument, excluding dividends, are recognized in financial assets and credit risk exposure:
the OCI. There is no recycling of the amounts from
OCI to statement of profit or loss, even on sale of a) Financial assets that are debt instruments, and
investment. However, the Group may transfer the are measured at amortised cost e.g., loans,
cumulative gain or loss within equity. debt securities, deposits, trade receivables
and bank balance;
Equity instruments included within the FVTPL
category are measured at fair value with all changes b) Trade receivables or any contractual right to
recognized in the statement of profit or loss. receive cash or another financial asset that
result from transactions that are within the
Derecognition scope of Ind AS 115.
A financial asset (or, where applicable, a part of a
financial asset or part of a group of similar financial

Empowering Humanity

The Group follows ‘simplified approach’ for ECL impairment loss allowance (or reversal)
recognition of impairment loss allowance on: recognized during the period is recognized as
income/ expense in the statement of profit and
− Trade receivables or contract revenue loss. This amount is reflected under the head
receivables; and ‘other expenses’ in the statement of profit and loss.
The balance sheet presentation for various financial
− All lease receivables resulting from transactions instruments is described below:
within the scope of Ind AS 116
• Financial assets measured as at amortised cost,
The application of simplified approach does not contractual revenue receivables and lease
require the Group to track changes in credit risk. receivables: ECL is presented as an allowance,
Rather, it recognises impairment loss allowance i.e., as an integral part of the measurement of
based on lifetime ECLs at each reporting date, right those assets in the balance sheet. The allowance
from its initial recognition. reduces the net carrying amount. Until the asset
meets write-off criteria, the Group does not
For recognition of impairment loss on other financial reduce impairment allowance from the gross
assets and risk exposure, the Group determines that carrying amount.
whether there has been a significant increase in the
credit risk since initial recognition. If credit risk has For assessing increase in credit risk and impairment
not increased significantly, 12-month ECL is used to loss, the Group combines financial instruments on
provide for impairment loss. However, if credit risk the basis of shared credit risk characteristics with the
has increased significantly, lifetime ECL is used. If, in objective of facilitating an analysis that is designed
a subsequent period, credit quality of the instrument to enable significant increases in credit risk to be
improves such that there is no longer a significant identified on a timely basis.
increase in credit risk since initial recognition, then
the entity reverts to recognising impairment loss The Group does not have any purchased or
allowance based on 12-month ECL. originated credit-impaired (POCI) financial assets,
i.e., financial assets which are credit impaired on
Lifetime ECL are the expected credit losses resulting purchase/ origination.
from all possible default events over the expected
life of a financial instrument. The 12-month ECL is a Financial liabilities
portion of the lifetime ECL which results from default Initial recognition and measurement
events that are possible within 12 months after the Financial liabilities are classified, at initial recognition,
reporting date. as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as
ECL is the difference between all contractual cash derivatives designated as hedging instruments in an
flows that are due to the Group in accordance effective hedge, as appropriate.
with the contract and all the cash flows that the
entity expects to receive (i.e., all cash shortfalls), All financial liabilities are recognised initially at fair
discounted at the original EIR. When estimating the value and, in the case of loans and borrowings
cash flows, an entity is required to consider: and payables, net of directly attributable
transaction costs.
All contractual terms of the financial instrument
(including prepayment, extension, call and similar The Group’s financial liabilities include borrowings
options) over the expected life of the financial and related costs, trade and other payables and
instrument. However, in rare cases when the derivative financial instrument.
expected life of the financial instrument cannot
be estimated reliably, then the entity is required Subsequent measurement
to use the remaining contractual term of the The measurement of financial liabilities depends on
financial instrument; their classification, as described below:
• Cash flows from the sale of collateral held or Financial liabilities at fair value through profit or loss
other credit enhancements that are integral to the Financial liabilities at fair value through profit or
contractual terms. loss include financial liabilities held for trading


and financial liabilities designated upon initial lender on substantially different terms, or the terms
recognition as at fair value through profit or loss. of an existing liability are substantially modified,
Financial liabilities are classified as held for trading if such an exchange or modification is treated as
they are incurred for the purpose of repurchasing in the derecognition of the original liability and the
the near term. This category also includes derivative recognition of a new liability. The difference in the
financial instruments entered into by the Group respective carrying amounts is recognised in the
that are not designated as hedging instruments statement of profit or loss.
in hedge relationships as defined by Ind AS 109.
Separated embedded derivatives are also classified Embedded derivatives
as held for trading unless they are designated as An embedded derivative is a component of a
effective hedging instruments. hybrid (combined) instrument that also includes a
non-derivative host contract – with the effect that
Gains or losses on liabilities held for trading are some of the cash flows of the combined instrument
recognised in the profit or loss. vary in a way similar to a stand-alone derivative.
An embedded derivative causes some or all of the
Financial liabilities at amortised cost (loan and cash flows that otherwise would be required by the
borrowing) contract to be modified according to a specified
This is the category most relevant to the Group. interest rate, financial instrument price, commodity
After initial recognition, interest-bearing loans and price, foreign exchange rate, index of prices or
borrowings are subsequently measured at amortised rates, credit rating or credit index, or other variable,
cost using the EIR method. Gains and losses are provided in the case of a non-financial variable that
recognised in profit or loss when the liabilities the variable is not specific to a party to the contract.
are derecognised as well as through the EIR Reassessment only occurs if there is either a change
amortisation process. in the terms of the contract that significantly modifies
the cash flows that would otherwise be required or
Amortised cost is calculated by taking into account a reclassification of a financial asset out of the fair
any discount or premium on acquisition and value through profit or loss.
fees or costs that are an integral part of the EIR.
The EIR amortisation is included as finance costs If the hybrid contract contains a host that is a
in the statement of profit and loss. This category financial asset within the scope of Ind AS 109, the
generally applies to borrowings. For more Group does not separate embedded derivatives.
information refer note 19. Rather, it applies the classification requirements
contained in Ind AS 109 to the entire hybrid contract.
Derivatives embedded in all other host contracts are
Buyers’ Credit/ Suppliers’ Credit accounted for as separate derivatives and recorded
The Group enters into arrangements whereby at fair value if their economic characteristics and
financial institutions make direct payments to risks are not closely related to those of the host
suppliers for raw materials and project materials. contracts and the host contracts are not held for
The financial institutions are subsequently repaid by trading or designated at fair value though profit or
the Group at a later date providing working capital loss. These embedded derivatives are measured
timing benefits. These are normally settled within 12 at fair value with changes in fair value recognised
months to 36 months. Where these arrangements in profit or loss, unless designated as effective
are with a maturity of up to twelve months the hedging instruments.
economic substance of the transaction is determined
to be operating in nature and these are recognised Reclassification of financial assets
as operational buyers’ credit/ suppliers’ credit (under The Group determines classification of financial
Trade payables). Interest expense on these are assets and liabilities on initial recognition. After initial
recognised under finance cost. recognition, no reclassification is made for financial
assets which are equity instruments and financial
Derecognition liabilities. For financial assets which are debt
A financial liability is derecognised when the instruments, a reclassification is made only if there is
obligation under the liability is discharged or a change in the business model for managing those
cancelled or expires. When an existing financial assets. Changes to the business model are expected
liability is replaced by another from the same to be infrequent. The Group’s senior management

Empowering Humanity

determines change in the business model as a result balance sheet if there is a currently enforceable legal
of external or internal changes which are significant right to offset the recognised amounts and there is
to the Group’s operations. Such changes are evident an intention to settle on a net basis, to realise the
to external parties. A change in the business model assets and settle the liabilities simultaneously.
occurs when the Group either begins or ceases to
perform an activity that is significant to its operations. t) Cash and cash equivalents
If the Group reclassifies financial assets, it applies the Cash and cash equivalent in the balance sheet
reclassification prospectively from the reclassification comprise cash at banks and on hand and short-term
date which is the first day of the immediately next deposits with an original maturity of three months
reporting period following the change in business or less, which are subject to an insignificant risk of
model. The Group does not restate any previously changes in value.
recognised gains, losses (including impairment gains
or losses) or interest. For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
The following table shows various reclassification deposits, as defined above, net of outstanding bank
and how they are accounted for: overdrafts as they are considered an integral part of
the Group’s cash management.
Original Revised
classification Classification
Accounting Treatment u) Cash dividend distribution to equity holders of the
Amortised FVTPL Fair value is measured at Group
Cost reclassification date. Difference The Group recognises a liability to make cash
between previous amortised cost distributions to equity holders of the Group
and fair value is recognised in when the distribution is authorised, and the
statement of profit or loss. distribution is no longer at the discretion of the
FVTPL Amortised Fair value at reclassification date Group. As per the corporate laws in India, a
Cost becomes its new gross carrying distribution is authorised when it is approved by the
amount. EIR is calculated based shareholders. A corresponding amount is recognised
on the new gross carrying amount. directly in equity
Amortised FVTOCI Fair value is measured at
cost reclassification date. Difference v) Derivative financial instruments and hedge
between previous amortised accounting
cost and fair value is recognised Initial recognition and subsequent measurement
in OCI. No change in EIR due to The Group uses derivative financial instruments,
reclassification. such as forward currency contracts to hedge
FVTOCI Amortised Fair value at reclassification its foreign currency risks and commodity future
cost date becomes its new amortised contracts to hedge metal price risk. Such derivative
cost carrying amount. However, financial instruments are initially recognised at fair
cumulative gain or loss in OCI value on the date on which a derivative contract
is adjusted against fair value. is entered into and are subsequently re-measured
Consequently, the asset is
at fair value. Derivatives are carried as financial
measured as if it had always been
assets when the fair value is positive and as financial
measured at amortised cost.
liabilities when the fair value is negative.
FVTPL FVTOCI Fair value at reclassification date
becomes its new carrying amount.
The purchase contracts that meet the definition of a
No other adjustment is required.
derivative under Ind AS 109 are recognised in the
FVTOCI FVTPL Assets continue to be measured at
statement of profit and loss. Commodity contracts
fair value. Cumulative gain or loss
previously recognised in OCI is
that are entered into and continue to be held
reclassified to statement of profit or for the purpose of the receipt or delivery of a
loss at the reclassification date. non-financial item in accordance with the Group’s
expected purchase, sale or usage requirements
are held at cost
Offsetting of financial instruments
Financial assets and financial liabilities are offset
Any gains or losses arising from changes in the
and the net amount is reported in the consolidated
fair value of derivatives are taken directly to profit


or loss, except for the effective portion of cash The effective portion of the gain or loss on the
flow hedges, which is recognised in OCI and later hedging instrument is recognised in OCI in the cash
reclassified to profit or loss when the hedge item flow hedge reserve, while any ineffective portion
affects profit or loss or treated as basis adjustment is recognised immediately in the consolidated
if a hedged forecast transaction subsequently statement of profit and loss.
results in the recognition of a non-financial asset or
non-financial liability. Amounts recognised as OCI are transferred to profit
or loss when the hedged transaction affects profit or
For the purpose of hedge accounting, hedges loss, such as when the hedged financial income or
are classified as: financial expense is recognised or when a forecast
purchase occurs. When the hedged item is the cost
• Fair value hedges when hedging the exposure to of a non-financial asset or non-financial liability,
changes in the fair value of a recognised asset or the amounts recognised as OCI are transferred
liability or an unrecognised firm commitment to the initial carrying amount of the non-financial
asset or liability.
• Cash flow hedges when hedging the exposure to
variability in cash flows that is either attributable If the hedging instrument expires or is sold,
to a particular risk associated with a recognised terminated or exercised without replacement or
asset or liability or a highly probable forecast rollover (as part of the hedging strategy), or if its
transaction or the foreign currency risk in an designation as a hedge is revoked, or when the
unrecognised firm commitment hedge no longer meets the criteria for hedge
accounting, any cumulative gain or loss previously
• Hedges of a net investment in a foreign operation recognised in OCI remains separately in equity
until the forecast transaction occurs or the foreign
At the inception of a hedge relationship, the Group currency firm commitment is met.
formally designates and documents the hedge
relationship to which the Group wishes to apply w) Earnings per share
hedge accounting and the risk management Basic earnings per share is calculated by dividing
objective and strategy for undertaking the hedge. the net profit or loss attributable to equity holders
The documentation includes the Group’s risk of parent Company (after deducting preference
management objective and strategy for undertaking dividends and attributable taxes) by the weighted
hedge, the hedging/ economic relationship, the average number of equity shares outstanding
hedged item or transaction, the nature of the risk during the period.
being hedged, hedge ratio and how the entity will
assess the effectiveness of changes in the hedging Partly paid equity shares are treated as a fraction
instrument’s fair value in offsetting the exposure of an equity share to the extent that they are
to changes in the hedged item’s fair value or cash entitled to participate in dividends relative to a
flows attributable to the hedged risk. Such hedges fully paid equity share during the reporting period.
are expected to be highly effective in achieving The weighted average number of equity shares
offsetting changes in fair value or cash flows and outstanding during the period is adjusted for events
are assessed on an ongoing basis to determine that such as bonus issue, bonus element in a rights issue,
they actually have been highly effective throughout share split, and reverse share split (consolidation
the financial reporting periods for which they of shares) that have changed the number of equity
were designated. shares outstanding, without a corresponding
change in resources.
The Group has not classified any hedge as Fair
Value hedge or hedge of net investment in For the purpose of calculating diluted earnings per
foreign operation. share, the net profit or loss for the period attributable
to equity shareholders of the parent Company and
Cash flow hedges that meet the strict criteria the weighted average number of shares outstanding
for hedge accounting are accounted for, as during the period are adjusted for the effects of all
described below: dilutive potential equity shares.

Empowering Humanity

x) Presentation of EBITDA Amendments to Standards effective 1 April 2023

The Group presents Earnings before interest, tax, The Ministry of Corporate Affairs has notified Companies
depreciation and amortisation (‘EBITDA’) in the (Indian Accounting Standards) Amendment Rules,
statement of profit or loss; this is not specifically 2023 dated 31 March 2023 to amend the following Ind
required by Ind AS 1. The term EBITDA is not AS which are effective from 01 April 2023 which are
defined in Ind AS. Ind AS compliant Schedule III not expected to have material impact on the financial
allows companies to present line items, sub-line statements of the Group.
items and sub-totals to be presented as an
addition or substitution on the face of the financial • Ind AS 1 – Presentation of Financial Statements
statements when such presentation is relevant to
an understanding of the Group’s financial position The amendments require companies to disclose their
or performance. material accounting policies rather than their significant
accounting policies. Accounting policy information,
Accordingly, the Group has elected to present together with other information, is material when it
EBITDA as a separate line item on the face of the can reasonably be expected to influence decisions of
statement of profit and loss. The Group measures primary users of general purpose financial statements.
EBITDA on the basis of profit/ (loss) from continuing
operations. In its measurement, the Group does • Ind AS 12 – Income Taxes
not include depreciation and amortization expense,
finance income, finance costs and tax expense. The amendments clarify how companies account
for deferred tax on transactions such as leases and
2.3 New and amended standards decommissioning obligations. The amendments
Amendments to Standards effective 1 April 2022 narrowed the scope of the recognition exemption
in paragraphs 15 and 24 of Ind AS 12 (recognition
Indian Accounting Standards rules have been amended exemption) so that it no longer applies to transactions
via notification dated 23 March 2022. The amendments that, on initial recognition, give rise to equal taxable
were applicable from 01 April 2022, but did not have a and deductible temporary differences.
material impact on the financial statements of the Group.
• Ind AS 8 – Accounting Policies, Changes in Accounting
• Amendments to Ind AS 101 – First-time Estimates and Errors
Adoption of Ind AS
The amendments will help entities to distinguish
• Amendments to Ind AS 103 - Business Combination between accounting policies and accounting
estimates. The definition of a change in accounting
• Amendments to Ind AS 109 – Financial Instruments estimates has been replaced with a definition of
accounting estimates. Under the new definition,
• Amendments to Ind AS 16 – Property, accounting estimates are “monetary amounts in
Plant and Equipment financial statements that are subject to measurement
uncertainty”. Entities develop accounting estimates
• Amendments to Ind AS 37 – Provisions, Contingent if accounting policies require items in financial
Liabilities and Contingent Assets statements to be measured in a way that involves
measurement uncertainty.
• Amendments to Ind AS 41 - Agriculture

NOTE 3: PROPERTY, PLANT AND EQUIPMENT
(H in million)
Owned assets Right-of-use assets

Total
Particulars Data Furniture Sub-
Freehold Leasehold Transmission Plant and Office Electrical Sub-total Office (A+B)
Buildings processing and Vehicles Sub-station Land Vehicles total
land improvements lines machinery equipment installations (A) building
equipment fittings (B)
COST
As at April 01, 2021 818.64 60.59 1,019.56 4,957.57 3,100.11 137.38 47.51 47.80 26.60 251.29 3,579.25 14,046.30 3.17 239.97 8.41 251.55 14,297.85
Additions 72.66 - 2.68 5,826.34 138.19 28.47 0.32 7.99 - 12.86 1,082.80 7,172.31 - 630.10 - 630.10 7,802.41
Adjustments - - - - - - - - - - - - - 1.68 - 1.68 1.68
Additions on account - - - - 1,436.96 - - - - - - 1,436.96 6.68 - - 6.68 1,443.64
of acquisitions
(refer note 49)
Disposals - (36.52) (36.35) - (76.37) (10.78) (10.61) (6.92) (6.73) - - (184.28) - - (3.91) (3.91) (188.19)
Disposals on loss of (178.25) - - - - - - - - - - (178.25) - - - - (178.25)
control of subsidiaries
(refer note 61)
Transfer to held for (154.50) - - (10,783.91) - (0.92) (0.31) (2.24) - - (4,662.05) (15,603.93) - - - - (15,603.93)
sale
As at March 31, 2022 558.55 24.07 985.89 - 4,598.89 154.15 36.91 46.63 19.87 264.15 - 6,689.11 9.85 871.75 4.50 886.10 7,575.21
Additions 294.33 - 36.82 - 183.43 8.98 0.76 7.44 4.50 - - 536.26 6.74 - - 6.74 543.00
Disposals (72.66) - - - (14.40) (1.63) (6.36) (10.33) (14.61) (0.01) - (120.00) - (62.47) - (62.47) (182.47)
Adjustments on - - 0.78 - - 0.04 0.20 - - - - 1.02 - (1.46) - (1.46) (0.44)
account of foreign
currency translation
As at March 31, 2023 780.22 24.07 1,023.49 - 4,767.92 161.54 31.51 43.74 9.76 264.14 - 7,106.39 16.59 807.82 4.50 828.91 7,935.30
Depreciation
/Impairment
As at April 01, 2021 - 56.41 393.77 166.04 2,144.80 105.14 39.65 37.79 15.51 137.61 140.78 3,237.50 0.28 176.39 0.84 177.51 3,415.01
Depreciation charge - 3.52 33.94 212.38 160.28 20.55 2.77 5.63 4.66 15.20 165.10 624.03 0.03 91.57 2.48 94.08 718.11
for the year
Additions on account - - - - 305.37 - - - - - - 305.37 - - 1.00 1.00 306.37
of acquisitions
(refer note 49)
Disposal - (35.86) (34.59) - (21.53) (10.02) (9.96) (6.10) (4.68) - - (122.74) - - (2.17) (2.17) (124.91)
Transferred to assets - - - (378.42) - (0.05) (0.10) (1.12) - - (305.88) (685.57) - - - - (685.57)
held for sale
As at March 31, 2022 - 24.07 393.12 - 2,588.92 115.62 32.36 36.20 15.49 152.81 - 3,358.59 0.31 267.96 2.15 270.42 3,629.01
Depreciation charge - - 77.22 - 216.43 19.11 0.73 5.24 0.52 26.59 - 345.84 0.52 121.66 1.71 123.89 469.73
for the year
Disposal - - - - (16.42) (0.44) (6.05) (9.06) (11.32) (0.01) - (43.30) - (41.42) - (41.42) (84.72)
Adjustments on - - - - - 0.04 - - - - - 0.04 - (0.96) - (0.96) (0.92)
account of foreign
currency translation
As at March 31, 2023 - 24.07 470.34 - 2,788.93 134.33 27.04 32.38 4.69 179.39 - 3,661.17 0.83 347.24 3.86 351.93 4,013.10
Net book value
As at March 31, 2022 558.55 - 592.77 - 2,009.97 38.53 4.55 10.43 4.38 111.34 - 3,330.52 9.54 603.79 2.35 615.68 3,946.20
As at March 31, 780.22 - 553.15 - 1,978.99 27.21 4.47 11.36 5.07 84.75 - 3,445.22 15.76 460.58 0.64 476.98 3,922.20
2023
* Amount is less than H 0.01 million.


237
NOTE 4: CAPITAL WORK IN PROGRESS*
238
Particulars (J in million)
As at April 01, 2021 14,932.90
Additions 464.92
Disposals on loss of control of subsidiaries (refer note 61) (7,994.74)
Capitalised during the year (7,172.31)
As at March 31, 2022 230.77
Additions 3,166.07
As at March 31, 2023 2,860.58
*Capital work in progress mainly includes expenditure incurred on construction of transmission lines and sub-stations.

(i) Following is the ageing of capital work in progress:
(H in million)
Amount in capital work in progress for
As at March 31, 2023 As at March 31, 2022

Particulars
Less than More than Less than More than
1 year 3 years 1 year 3 years
Projects in progress 2,702.97 157.61 - - 2,860.58 229.87 0.22 0.68 - 230.77
Total 2,702.97 157.61 - - 2,860.58 229.87 0.22 0.68 - 230.77
(ii) Details of capital-work-in progress whose completion is overdue as compared to its original plan as at reporting dates:
To be completed in
Particulars
Less than Less than
1 year 1 year
Transmission project undertaken by Nangalbibra-Bongaigaon Transmission 2,472.92 - - 2,472.92 - - - -
Limited
Total 2,472.92 - - 2,472.92 - - - -
(iii) The Group does not have any project under capital work-in-progress as at reporting dates whose costs has exceeded as compared to
its original plan.
Empowering Humanity

NOTE 5: INTANGIBLE ASSETS

(H in million)
Software/
Particulars Right of way Total
Licenses
Cost
As at April 01, 2021 346.79 291.08 637.87
Additions 12.85 - 12.85
Additions on account acquisitions (refer note 49) - 51.00 51.00
Adjustment^ - (35.63) (35.63)
As at March 31, 2022 359.64 306.45 666.09
Additions 28.34 100.00 128.34
Disposals (24.41) - (24.41)
Adjustments on account of foreign currency translation 0.77 - 0.77
As at March 31, 2023 364.34 406.45 770.79
Amortisation/Impairment
As at April 01, 2021 178.67 15.41 194.08
Amortisation charge for the year 73.28 12.16 85.44
Additions on account acquisitions (refer note 49) - 23.60 23.60
Adjustments on account of foreign currency translation - 0.57 0.57
As at March 31, 2022 251.95 51.74 303.69
Amortisation charge for the year 53.65 18.01 71.66
Disposals (24.30) - (24.30)
Adjustments on account of foreign currency translation 0.83 - 0.83
As at March 31, 2023 282.13 69.75 351.88
Net book value
As at March 31, 2022 107.69 254.71 362.40
As at March 31, 2023 82.21 336.70 418.91
(i) The Group has undertaken a project awarded by Gurugram Metropolitan Development Authority (“GMDA”) to a consortium
of which the Group is a party which involves laying of four ducts for creation of Optical Fibre cable backbone network for
Gurugram smart city as per the designs approved by GMDA. The entire infrastructure shall be in the ownership of GMDA;
Out of the four ducts, the Group will be given right of use of two ducts for monetizing its investments. One duct along
with Optical Fibre Cable shall be used solely by GMDA and one duct will be spare and will be in the custody of GMDA,
revenue earned out of the said duct shall be shared between GMDA and the consortium. The Group shall also undertake
maintenance of the above network infrastructure for a period of 21 years on its own cost.
The consideration for the development of infrastructure for GMDA's use and for the maintenance of the same for 21 years
will be in the form of Right of Way ('ROW') for the above project given by GMDA and no cash consideration will be received
from GMDA. For the two ducts for which the rights of use/monetisation will be with the Group, there will be no restrictions
from GMDA on the customers or the pricing to be charged by the Group. The Group has valued the consideration in the
form of ROW at fair value which is included in intangible asset and the intangible assets under development. The Group has
also recognised contract liability at present value of future cash flows for its performance obligations related to maintenance
of the ducts over the period of 21 years.
(ii) Right of way (ROW) pertains to the right granted by Maharashtra State Electricity Transmission Company Limited (MSETCL) to
the Group to establish communication network in the state of Maharashtra in accordance with the terms of the joint venture
agreement between the Group and MSETCL ("the agreement"). Pursuant to an addendum to the agreement executed
during the year between the Group and MSETCL the validity of the agreement was extended by a period of 6 years and
accordingly the useful life of the ROW was revised from 22 years to 28 years during the current year.
^ Adjustment to the cost of intangible assets pertain to those arising on account of final settlement with EPC Contractors/vendors.

Empowering Humanity

Intangible assets under development

Particulars (J in million)
As at April 01, 2021 -
Additions during the year 12.92
Transferred to intangible asset during the year (12.85)
As at March 31, 2022 0.07
Additions during the year 128.27
Transferred to intangible asset during the year (128.34)
As at March 31, 2023 -
(i) Following is the ageing of intangible asset under development

Amount in intangible assets under development
Particulars
Less than Less than
1-2 years Total 1-2 years Total
1 year 1 year
Projects in progress - - - 0.07 - 0.07
Total - - - 0.07 - 0.07
NOTE 6: INVESTMENT IN ASSOCIATES AND JOINT VENTURES

(C in million)
31 March 2023 31 March 2022

NON-CURRENT
Investment in equity shares- unquoted (valued at cost) (associate)
Sterlite Interlinks Limited
Nil (March 31, 2022: 4,900) equity shares of I10 each fully paid up (refer note i below) - 12.85
Investment in equity shares- unquoted (valued at cost) (joint venture)
Sterlite Grid 13 Limited (refer note ii below)
16,510,511 (March 31, 2022: 310,000) equity shares of I 10 each fully paid up - -
Sterlite Grid 14 Limited (refer note iii below)
60,000 (March 31, 2022: 60,000) equity shares of I 10 each fully paid up - -
Sterlite Grid 18 Limited (refer note iv below)
61,861,000 (March 31, 2022: 61,861,000) equity shares of I 10 each fully paid up - -
Sterlite Grid 29 Limited (refer note v below)
39,069,483 (March 31, 2022: 39,069,483) equity shares of I 10 each fully paid up 100.82 238.94
Total 100.82 251.79
Note i
As at March 31, 2022, the Group had 49% interest in Sterlite Interlinks Limited ('SIL'), which undertakes activities of construction,
maintenance of the infrastructure of Dark Fibre through OPGW / Cabling, ROW, Duct Space and towers on lease/ rent out basis.
On June 01, 2022 the Group acquired the remaining 51% stake in SIL, pursuant to which SIL became wholly owned subsidiary of
the Group. The Group’s interest in SIL was accounted for using the equity method in the consolidated financial statements till the
acquisition of remaining 51% stake. The table below illustrates the summarised consolidated financial information of the Group’s
investment in SIL till SIL was the Group's associate.


(C in million)
As at
March 31, 2022
Net assets
Current assets 136.06
Non-current assets 117.97
Current liabilities (103.55)
Non-current liabilities (124.25)
26.22
Equity investments (unquoted):
Proportion of the Group’s ownership 49.00%
Carrying amount of the investment 12.85
Investment in associate 12.85
(H in million)
For the period from
For the year ended
April 01, 2022 to
March 31, 2022
May 31, 2022
Statement of profit and loss
Revenue from contract with customers 3.46 27.37
Other income 0.14 1.52
Contract expense - (0.54)
Other expense (3.49) (27.82)
Profit before tax 0.11 0.53
Income tax - -
Profit for the period 0.11 0.53
Total comprehensive income for the period 0.11 0.53
Group’s share of profit for the period 0.05 0.26
Following are the net assets which were acquired on acquisition of remaining 51% stake in SIL as at May 31, 2022:
Particulars (` in million)
Non-current assets
Financial assets
Other non-current assets 123.99
124.00
Current assets
Financial assets
i. Inventories 0.09
ii. Trade receivables 2.59
iii. Cash and cash equivalents 21.30
94.72
Total assets (A) 218.72
Other liabilities 122.97
122.97
Current liabilities
i. Trade payables 20.23
ii. Other financial liabilities 41.59
Other liabilities 7.67
69.49

Empowering Humanity

Particulars (` in million)
Total liabilities (B) 192.46
Net assets acquired (C=A-B) 26.26
Amount already invested for 49% stake (D) (12.90)
Net assets acquired for remaining 51% stake (E) 13.36
Consideration paid for remaining 51% stake (F) 13.36
Goodwill/(Capital reserve) on acquisition (E-F) -
Note ii
Investment in Sterlite Grid 13 Limited has been classified as investment in joint venture which is engaged in the business
of developing, designing, financing, constructing and maintaining power transmission systems on a ‘build own operate and
maintain’ basis in India. The Group's interest in the Sterlite Grid 13 Limited is accounted using the equity method in the
consolidated financial statements. The table below illustrates the summarised consolidated financial information of the Group’s
investment in Sterlite Grid 13 Limited.
(C in million)
As at and for As at and for
the year ended the year ended
March 31, 2023 March 31, 2022
Net assets
Current assets 1,955.34 2,645.53
Non-current assets 18,891.28 11,793.30
Current liabilities (2,953.23) (3,501.68)
Non-current liabilities (18,288.94) (11,230.01)
(395.55) (292.86)
Proportion of the Group’s ownership 50.00% 50.00%
Carrying amount of the investment (197.78) (146.43)
Consolidation adjustment# (2,629.50) (1,280.40)
Investment in joint venture* (2,827.28) (1,426.83)
Revenue from operations 223.33 -
Other income 5.17 -
Finance cost (577.33) (271.11)
Finance income 0.18 0.65
Employee benefits expense (7.06) -
Depreciation and amortisation expense (47.56) -
Loss before tax (418.04) (280.99)
Income tax (8.66) (8.07)
Loss for the year (426.70) (289.06)
Total comprehensive income for the year (426.70) (289.06)
Group’s share of loss for the year (213.35) (144.53)
Consolidation adjustments# (1,349.09) (1,280.40)
Net share of loss for the year (1,562.44) (1,424.93)
Note iii
maintain’ basis in India. Refer note 61. The Group's interest in the Sterlite Grid 14 Limited is accounted using the equity method
in the consolidated financial statements. The table below illustrates the summarised consolidated financial information of the
Group’s investment in Sterlite Grid 14 Limited.


(C in million)
March 31, 2023 March 31, 2022
Net assets
Current assets 467.52 121.77
Current liabilities (506.53) (750.70)
(250.78) (112.72)
Consolidation adjustments# (61.85) (19.59)
Investment in joint venture* (187.24) (75.94)
Revenue from operations - -
Other income 2.31 -
Finance cost (131.08) (91.46)
Loss before tax (136.03) (96.45)
Income tax (2.01) (1.68)
Net share of loss for the year (111.27) (96.55)
Note iv

Empowering Humanity

(C in million)
March 31, 2023 March 31, 2022
Net assets
Current assets 439.21 854.79
Current liabilities (3,420.71) (2,024.25)
(1,121.64) (201.62)
Investment in joint venture* (661.32) (304.50)
Revenue from operations - -
Other income 1.18 -
Finance cost (728.81) (483.87)
Loss before tax (920.41) (503.44)
Income tax (0.08) (4.21)
Consolidation adjustments# 103.19 (594.05)
Note v


(C in million)
March 31, 2023 March 31, 2022
Net assets
Current assets 2,545.28 360.58
Current liabilities (860.53) (635.39)
160.48 494.16
Carrying amount of the investment 80.24 247.08
Investment in joint venture 100.82 238.94
Revenue from operations 334.57 -
Other income 112.49 -
Finance cost (623.03) (279.76)
Employee benefits expense (3.64) -
Loss before tax (300.01) (294.71)
Income tax (33.73) (2.03)
*As the share in net assets of the joint ventures is negative, the investment is shown at Nil value. The deficit is shown at liability side under the head
'deferred revenue'.
#
Consolidation adjustments include elimination of gains or losses on transactions between the Group and the joint ventures to the extent related to the
Group's interests in the joint ventures.
As on March 31, 2023, the joint ventures have outstanding capital commitment for construction of Transmission lines, net of
advances as mentioned below:
Sterlite Grid 13: I 8,840.37 million (March 31, 2022: I 15,010.25 million)
Sterlite Grid 18: I Nil million (March 31, 2022: I 2,166.13 million)

Empowering Humanity

NOTE 7: INVESTMENTS
(C in million)
31 March 2023 31 March 2022

NON CURRENT
Investments in equity shares- unquoted (valued at fair value through other comprehensive income)
Sharper Shape Group Inc.
6,62,600 (March 31,2022: 26,504) common stock of USD 0.0004 (March 31, 2022: USD 0.01) each fully 100.16 112.45
paid up ^
Investment in non-convertible debentures (unquoted) (valued at amortised cost)##
23,03,14,139 (March 31, 2022: 15,15,74,650) 12.30% Non- convertible debentures of face value of I 10 2,476.61 1,506.77
each
5,64,25,101 (March 31, 2022: 5,14,25,101) 12.30% Non- convertible debentures of face value of I 10 578.04 531.52
each
each
each
Investment in compulsorily-convertible debentures (unquoted) (valued at fair value through profit or loss)
8,45,20,250 (March 31, 2022: 50,50,250 ) 0.01% Compulsorily convertible debentures of face value of 675.10 50.50
I 10 each
1,73,62,513 (March 31, 2022: 48,52,613) 0.01% Compulsorily convertible debentures of face value of 173.63 48.63
I 10 each
Total 8,118.56 5,955.98
CURRENT
Investment in mutual funds - quoted (valued at fair value through profit or loss)
3,39,250.82 (31 March 2022: Nil units) of Axis Overnight Fund Direct Growth (ONDGG) 402.20 -
3,33,283.31 (31 March 2022: Nil units) of ICICI Prudential P9693 Overnight Fund Direct Plan Growth 402.80 -
Total 804.99 -
Current (mutual fund units) 805.00 -
Non-current (equity shares) 100.16 112.45
Non-current (non-convertible debentures) 7,169.67 5,744.40
Non-current (Compulsory convertible debentures) 848.72 99.13
Aggregate value of quoted investments (mutual fund units) 805.00 -
Aggregate value of unquoted investments (equity shares) 100.16 112.45
Aggregate value of unquoted investments (non-convertible debentures) 7,169.67 5,744.40
Aggregate value of unquoted investments (compulsorily convertible debentures) 848.72 99.13
The Group has subscribed to the non-convertible debentures issued by the joint ventures which are redeemable at premium of 12.30% - 13.70% p.a.
##
payable at the time of redemption.
^ During the year, 1 common stock of Sharper Shape Group Inc. of USD 0.01 each fully paid up has been splitted into 25 common stock of USD 0.0004
each fully paid up.
Investments at fair value through other comprehensive income and fair value through statement of profit and loss reflect
investment in quoted mutual fund units, unquoted equity shares and compulsorily convertible debentures. Refer note 57 for
determination of their fair values.


NOTE 8: LOANS (UNSECURED, CONSIDERED GOOD)

(C in million)
31 March 2023 31 March 2022

Loans to related parties (refer note 59)* - 35.52
Total - 35.52
Current - 35.52
Non-Current - -
* During the current year, the Group has given unsecured loan to Serentica Renewables India Private Limited (formerly known as Sterlite Power
Technologies Private Limited) amounting to H 383.68 million (March 31, 2022: 35.52 million) (including accumulated interest accrued) carrying interest at
the rate of 11% p.a. and is repayable within 1 year. The loan has been repaid during the year.
Further, during the current year the Group had given unsecured loan to Serentica Renewables India 3 Private Limited amounting to I 135.00 million (March
31, 2022: Nil) carrying interest at the rate of 13% p.a. for a maximum tenure of 3 years. The loan has been repaid during the current year.
Break up of loans and advances in the nature of loans as at year end:

(C in million)
31 March 2023 31 March 2022

Percentage to Percentage to
Amount of loan Amount of loan
the total loans the total loans
and advance in and advance in
Type of borrower and advances and advances
the nature of the nature of
in the nature of in the nature of
loan outstanding loan outstanding
loans loans
Promoter - - - -
Directors - - - -
KMPs - - - -
Related parties - - 35.52 100%
NOTE 9: TRADE RECEIVABLES

(C in million)
31 March 2023 31 March 2022
(i) Non-current
Trade receivables 637.72 701.85
Total 637.72 701.85
637.72 701.85
Total non-current trade receivables - -
(ii) Current
Receivables from related parties (refer note 59) 7,029.85 6,668.30
Other trade receivables 8,966.45 6,935.99
Total 15,996.30 13,604.29
- Unsecured, considered good 15,996.30 13,604.29
15,996.30 13,604.29
Total current trade receivables 15,996.30 13,604.29

Empowering Humanity

Ageing of current trade receivables

(H in million)
Particulars Amount Less than 6 months - More than
1-2 years 2-3 years Total
not due 6 months 1 year 3 years
As at March 31, 2023
considered good
Undisputed Trade receivables – 0.03 21.49 70.26 36.00 123.00 386.94 637.72
credit impaired
Disputed Trade receivables – | - - - - - - -
considered good
Disputed Trade receivables – - - - - - - -
credit impaired
Total 11925.78 3,365.41 389.92 267.48 142.68 542.75 16,634.02
considered good
Undisputed Trade receivables – - 64.92 9.04 239.05 5.27 383.57 701.85
credit impaired
good
Disputed Trade receivables – - - - - - - -
credit impaired
Total 6,494.37 6,251.00 378.98 473.92 89.70 618.17 14,306.14
There are no outstanding trade or other receivable which are due from directors or other officers of the group either severally or
jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which any
director is a partner, a director or a member.
Trade receivables are non-interest bearing and credit period varies as per the contractual terms with the customers which is
generally between 30 - 180 days.
Refer note 55 on credit risk of trade receivables, which explains how the Group manages and measures credit quality of trade
receivables that are neither past due nor impaired.


NOTE 10: OTHER FINANCIAL ASSETS

(H in million)
31 March 2023 31 March 2022
Non-current
Other bank balance* 1,342.35 859.84
Total other non-current financials assets 1,412.00 926.40
*Represents margin money against various guarantees issued by banks on behalf of the Group, fixed deposits which have been marked under lien to
government/local authorities, fixed deposits maintained under debt service reserve account and balances maintained with banks under escrow account.
Current
Advances recoverable in cash (unsecured, considered good) (refer note 59) - 28.40
Unbilled revenue 2.48 4.83
Interest accrued on fixed deposits 76.30 29.06
Receivable from related parties (unsecured, considered good) (refer note 59) 89.54 95.20
Consideration receivable on sale of transmission assets (unsecured, considered good) 1,050.05 1,237.67
Earnest money deposit with customer (unsecured, considered good) 24.53 40.63
Others 4.51 -
1,288.55 1,477.28
Derivative instruments at fair value through OCI
- Commodity future contracts 539.42 522.69
539.42 522.69
Total other current financial assets 1,827.97 1,999.97
Security deposits are non-derivative financial assets and are refundable in cash. These are measured based on effective
interest method.
Earnest money deposit from customers are non-derivative financial assets and are refundable in cash.
Derivative instruments reflect the change in fair value of commodity futures, designated as cash flow hedges to hedge highly
probable forecasts/firm commitments for purchase of aluminium and copper.
Consideration receivable on sale of transmission assets and receivables from related parties are non-derivative financial assets
and are recoverable in cash.
NOTE 11: OTHER ASSETS

(H in million)
March 31, 2023 March 31, 2022
Non- current
Capital advances (unsecured, considered good) 205.16 74.53
Concession contract assets* 36,676.60 14,936.96
Advances to vendors/contractors (unsecured, considered good)# 6,175.46 2,954.95
Balances with government authorities 202.97 335.09
Deposit paid under dispute (refer note 44) 98.87 78.14
Others - 10.62
Total other non-current assets 43,524.79 18,431.30

Empowering Humanity

(H in million)
March 31, 2023 March 31, 2022
Current
Advances to vendors/contractors (unsecured, considered good)# 1,103.16 949.99
Balances with government authorities 2,508.22 1,862.67
Contract assets related to EPC contracts 1,598.22 977.84
Concession contract assets* 4,220.91 1,431.38
Advances to employees 40.89 0.77
Others 0.71 2.28
Total other current assets 9,788.56 5,537.53
*Movement of concession contract assets can be summarized as follows:
Opening balance 16,368.34 1,006.15
Revenue from construction of concession assets 24,328.24 12,182.06
Remuneration of the concession assets 706.51 1,461.93
Assets sold during the year - (7.34)
Impact of change in operation and maintenance revenue for concession assets (782.15) 422.23
Asset held for sale (refer note 12) - (1,179.90)
Reversal of asset previously held for sale - 293.69
Impact of foreign currency conversion 1175.23 2,189.51
41,796.17 16,368.34
Less: Impairment and expected loss on concession contract assets (including loss for onerous contracts) (898.66) -
Current 4,220.91 1,431.38
Non-current 36,676.60 14,936.96
#
Includes advance towards construction of concession assets.
NOTE 12: ASSETS AND LIABILITIES HELD FOR SALE

Ind AS -105 Non Current Assets Held for Sale and Discontinued Operations requires a disposal group to be identified as held for
sale if the carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this
to be the case, the disposal group must be available for immediate sale in its present condition and the sale must be highly
probable. Based on the assessment performed by the management, it has been determined that the disposal groups as above
should be disclosed as held for sale under Ind AS. Consequently the assets and liabilities of the disposal groups held for sale
have been presented separately from the other assets and other liabilities respectively in the balance sheet.
The Group does not have any asset or liability as held for sale as at March 31, 2023. Following assets and liabilities were
classified as held for sale as at March 31, 2022:
As at March 31, 2022:

The Group had entered into a framework agreement dated April 30, 2019 as amended through amendment to the framework
agreement dated August 28, 2020, with India Grid Trust pursuant to which the Group shall sale its net assets of Khargone
Transmission Limited (referred to as 'Disposal Group I' )at values agreed in the framework agreement subject to certain
adjustments and the requisite approvals. Since the project was commissioned as at March 31, 2022, it was highly probable that
the Group will realise it's value through sale rather than through use. Therefore net assets held in the Khargone Transmission
Limited have been classified as held for sale as at March 31, 2022.


The Group had entered into a Share Purchase agreement with Vinci Energeia Fundo De Investment EM Participacoes
Infrastructura and Cymi Construcoes Participacoes S.A. for selling its stake in Vineyards Participacoes S.A. (referred to as
'Disposal Group II') at values as agreed in the Share Purchase agreement subject the requisite approvals.
(H in million)
Particulars Disposal Group I Disposal Group II Total
Assets
- Non-current assets - - -
- Current assets 15,822.81 7,615.04 23,437.85
Liabilities
- Non-current liabilities - - -
- Current liabilities 12,025.50 8,648.71 20,674.21
Break up of assets and liabilities of Disposal Group I and Disposal Group II as at March 31, 2022:
(H in million)
Particulars Disposal Group I Disposal Group II Total
Assets
Property, plant and equipment 14,899.94 - 14,899.94
Capital work-in-progress 15.95 - 15.95
Trade receivable 289.78 84.42 374.20
Cash and cash equivalents 203.09 841.31 1,044.40
Bank balances other than cash and cash equivalents 240.55 - 240.55
Concession infrastructure - contract asset - 6,639.51 6,639.51
Taxes receivable - 39.84 39.84
Prepaid expenses - 8.39 8.39
Other financial assets 159.93 - 159.93
Other assets 12.30 - 12.30
Deferred tax assets - 1.57 1.57
Income tax assets 1.27 - 1.27
Total assets held for sale 15,822.81 7,615.04 23,437.85
Liabilities
Accounts payable 27.62 146.51 174.13
Borrowings 11,930.77 7,634.18 19,564.95
Other financial liabilities 31.77 1.35 33.12
Others liabilities 12.98 11.42 24.40
Deferred Pis and Cofins taxes - 611.56 611.56
Deferred tax liabilities 22.36 243.68 266.05
Total liabilities held for sale 12,025.50 8,648.71 20,674.21
NOTE 13: INVENTORIES (VALUED AT LOWER OF COST AND NET REALISABLE VALUE)
(H in million)
March 31, 2023 March 31, 2022
Raw materials and components [includes stock in transit I 325.61 million (March 31, 2022: I 51.49 million)] 2,053.91 809.56
Finished goods [includes stock in transit I 1,056.42 million (March 31, 2022: I 175.38 million)] 1,593.71 497.42
Construction material [includes stock in transit I Nil million (March 31, 2022: I 302.77 million)] 2,146.10 309.98
Stores, spares, packing materials and others 260.10 238.19
Total 6,597.04 2,207.18

Empowering Humanity

NOTE 14: CASH AND CASH EQUIVALENTS

(H in million)
March 31, 2023 March 31, 2022
On current accounts 2,097.89 10,112.86
Total 11,576.15 11,475.58
NOTE 15: OTHER BANK BALANCES

(H in million)
March 31, 2023 March 31, 2022
Deposits with original maturity for more than 3 months but less than 12 months 2,757.20 1,437.26
Balances in escrow account 44.95 587.69
Total 2,802.15 2,024.95
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods
of between three months and twelve months, depending on the immediate cash requirements of the group, and earn interest at
the respective short-term deposit rates.
NOTE 16: EQUITY SHARE CAPITAL

Authorised shares (nos. million)*
Authorised share capital as on April 01, 2021 6,380.00 12,760.00
Increase in authorised share capital on merger (refer note 61) 0.25 0.50
Authorised share capital as on March 31, 2022 6,380.25 12,760.50
Increase in authorised share capital - -
Authorised share capital as on March 31, 2023 6,380.25 12,760.50
Authorised shares (nos. million)*
6,380.25 (March 31, 2022: 6,380.25) equity shares of I 2 each 6,380.25 12,760.50
122.36 ((March 31, 2022: 61.18) equity shares of I 2 each fully paid - up. 244.72 122.36
Total issued, subscribed and fully paid-up share capital 244.72 122.36
* Authorised share capital has been disclosed after considering the impact of merger order. (refer note 61(b))
a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
At April 01, 2021 61.18 122.36
Add: Movement during the year - -
At March 31, 2022 61.18 122.36
Add: Issue of bonus shares during the year 61.18 122.36
At March 31, 2023 122.36 244.72
b. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of I 2 per share. Each holder of equity shares is
entitled to one vote per share.


The Company declares and pays dividends in Indian rupees. The Board of Directors of the Company in its meeting held on
24 March 2023, have considered and declared an Interim Dividend of I 1.00 per share on each fully paid-up equity shares
having face value of I 2.00 each, for the financial year 2022-23 (refer note 18).
During the year ended March 31, 2023, pursuant to the approval of Board of directors and the Shareholders of the
Company in their meeting held on August 23, 2022 and September 26, 2022 respectively, the Company has issued bonus
shares and allotted 61.18 million bonus equity shares of face value of I 2.00 each in ratio of 1:1 (i.e. one equity share for
every one equity share already held) to the exisitng shareholder on record date i.e. October 05, 2022.
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 shareholders.
The shareholding information is based on the legal ownership of shares and has been extracted from the record of the
Company including register of shareholder/ member.
c. Shares held by Holding Company and their subsidiaries/associates:

31 March 2023 31 March 2022
Subsidiary of Volcan Investments Limited, Bahamas
[Ultimate holding company]
Vedanta Limited 1.91 1.56% 0.95 1.56%
d. Detail of shareholders holding more than 5 % of shares in the Company

31 March 2023 31 March 2022
e. Detail of shareholding of Promoters

March 31, 2023
Promoter name Change during % Change during
the year* the year
Equity shares at I 2 each fully paid up 43.67 43.67 87.34 71.38% 100%
Total 43.67 43.67 87.34 71.38%
March 31, 2022

Promoter name Change during % Change during
the year* the year
Equity shares at I 2 each fully paid up 43.67 - 43.67 71.38% -
Total 43.67 - 43.67 71.38% -
*Issue of bonus shares during the year.
The shareholding information is based on the legal ownership of shares and has been extracted from the records of the
Company including register of shareholder/members.

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NOTE 17: OTHER EQUITY

(I in million)
March 31, 2023 March 31, 2022
Securities premium
Add: Amount utilised for issue of bonus shares (refer note 17.1) (86.34) -
Retained earnings
Add: Net profit/(loss) for the year (398.55) 4,401.42
Add: Remeasurement of post employment benefit obligation, net of tax (2.87) (10.39)
Add: Amount transferred from/(to) debenture redemption reserve (refer note 17.7) (250.00) 200.00
Add: dividend (122.36) (324.26)
Add: Amount transferred from legal reserve (refer note 17.4) 172.13 -
Add: Amount transferred from special unearned income reserve (refer note 17.5) 3,270.44 -
Add: Impact of acquisition of Sterlite Interlinks Limited 13.38 -
Other reserves
Debenture redemption reserve
Balance as per last financial statements - 200.00
Add: Created during the year (refer note 17.7) 250.00
Add: Amount transferred to retained earnings - (200.00)
Cash flow hedge reserve
Balance as per last financial statements 1,603.15 769.98
Add: Cash flow hedge reserve created on hedging contracts, net of taxes (1,805.86) 2,509.50
Add: Amount reclassified to statement of profit and loss 225.06 (1,676.34)
Closing balance 22.35 1,603.15
Foreign currency translation reserve
Balance as per last financial statements (1,474.16) (2,514.25)
Add: Movement during the year 78.38 1,040.09
Closing balance (1,395.78) (1,474.16)
Capital redemption reserve
Legal reserve
Add: Transferred to retained earnings (refer note 17.4) (172.13) -
FVTOCI reserve
Add: Change in fair value of investments through other comprehensive income, net of taxes (12.29) -
Closing balance (12.29) -
Special unearned income reserve
Add: Transferred to retained earnings (refer note 17.5) (3,270.44) -
Closing balance - 3,270.44
Capital reserve
Add: Movement during the year - -
Closing balance 0.35 0.35


(I in million)
March 31, 2023 March 31, 2022
Share based payment reserve
Add: Expense recognised during the year (refer note 17.8) 59.06 -
Total other reserves (1,076.31) 3,607.92
Total other equity 14,695.30 16,783.70
Nature and purpose of reserves:

17.1 Securities premium
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013. During the current
year, the Company has utilised the amount for issuance of bonus shares pursuant to the approval of Board of directors and the
Shareholders of the Group in their meetings held on August 23, 2022 and September 26, 2022 respectively.
17.2 Cash flow hedge reserve

The Group uses hedging instruments as part of its management of foreign currency risk associated with receivable
and payable and commodity risk associated with purchase of aluminium and copper. For hedging commodity and
foreign currency, the Group uses commodity future and foreign currency forward contracts. To the extent these hedges
are effective, the change in fair value of the hedging instrument is recognised in the cash flow hedging reserve.
Amounts recognised in the cash flow hedging reserve is reclassified to the statement of profit or loss when the hedged item
affects statement of profit or loss.
17.3 Foreign currency translation reserve

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income as
described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified
to profit or loss when the net investment is disposed-off.
17.4 Legal reserve

Brazilian subsidiaries of the Group recognise 5% of net profit for the year subject to 20% of capital, before any allocation,
as legal reserve. The reserve is no longer required and hence, has been transferred to retained earnings during
the current year.
17.5 Special unearned income reserve

Special unearned income reserve is created in Brazilian subsidiaries in accordance with laws. The reserve is no longer
required and hence, has been transferred to retained earnings during the current year.
17.6 Capital redemption reserve

During the financial year ended March 31, 2021, the Group had redeemed 18 million redeemable preference shares of face
value of I 2 each issued to Clix Finance India Private Limited. Accordingly, the Group created capital redemption reserve
of I 36 million in compliance of Section 69 of the Companies Act, 2013. During the current year, the Group has utilised the
amount for issuance of bonus shares pursuant to the approval of Board of directors and the Shareholders of the Group in
their meetings held on August 23, 2022 and September 26, 2022 respectively.
17.7 Debenture Redemption Reserve (DRR)

During the year ended March 31, 2022, Sterlite Grid 4 Limited has been merged with Sterlite Power Transmission Limited
(SPTL). The Group had created debenture redemption reserve of I 200.00 million in compliance with section 71(4) of the
Companies Act 2013 which had been transferred to retained earnings on redemption of non-convertible debentures.
During the current year, the Group has issued 2,500 non-convertible debentures at face value or I 10,00,000 each.
Accordingly, the Group has created debenture redemption reserve of I 250.00 million in compliance with section 71(4) of
the Companies Act 2013.

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17.8 Share based payment reserve

The share options-based payment reserve is used to recognise the grant date fair value of options issued to employees
under Employee stock option plan (refer note 54).
17.9 FVTOCI reserve

The Group has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated in FVTOCI reserve within equity. The Group transfers amounts
from this reserve to retained earnings when the relevant equity securities are derecognised.
NOTE 18: DISTRIBUTION MADE AND PROPOSED

(H in million)
March 31, 2023 March 31, 2022
Dividends on equity shares declared and paid:
Interim dividend for the year ended on March 31, 2023: I 1.00 per share (March 31, 2022: I 5.30 per share) 122.36 324.26
Total 122.36 324.26
Dividend amounting to I 6.26 million (March 31, 2022: I 6.29 million) is unclaimed and outstanding as on March 31, 2023.
(refer note 22)
The Board of Directors of the Company in its meeting held on March 24, 2023, have considered and declared an Interim
Dividend of I 1.00 per share on each fully paid-up equity shares having face value of I 2.00 each, for the financial year 2022-23.
This dividend is payable as on March 31, 2023 which has been paid subsequently.
NOTE 19: BORROWINGS

(H in million)
March 31, 2023 March 31, 2022
[A] Long-term borrowings
Non-current
Non-convertible debentures (secured) (refer note I) 21,063.53 12,652.23
Non-cumulative redeemable preference shares (secured) (refer note V)
8.81 million (March 31, 2022: 8.81) 15% non-cumulative redeemable preference shares 88.05 88.05
Term loans (refer note II)
Indian rupee loans from financial institutions (secured) 900.00 987.59
Indian rupee loans from banks (secured) 2,430.00 -
Brazilian real loans from banks (secured) 11,061.93 1,901.26
Total non-current borrowings 35,543.51 15,629.13
Current maturities
Non-convertible debentures (secured) (refer note I) 1,939.74 -
Term loans (secured) (refer note I)
Indian rupee loans from financial institution (secured) 187.50 375.00
Indian rupee loans from financial institution (unsecured) 144.60 -
Brazilian real loans from banks (secured) 189.23 -
Total current maturities 2,461.07 375.00
Amount disclosed under the head "Short-term borrowings" (note 19 [B]) 2,461.07 375.00
Net amount - -


Notes: debentures are repayable in December 2027 and

carry an interest rate in the range of CDI + 4.00% p.a.
I. Non-convertible debentures to CDI + 5.50% p.a.
A) Solaris Transmissão de Energia S.A. (Solaris)
Solaris carried out the first issue of 1,50,000 E) Marituba Transmissão de Energia S.A. (Marituba)
non-convertible debentures issued at the face value Marituba carried out the first issue of 1,50,000
of BRL 1,000 each in December 2021, composed non-convertible debentures issued at the face value of
of principal and interest, secured by way of BRL 1,000 each in August 2022, composed of principal
endorsement from Sterlite Brazil Participacoes S.A. and interest, secured by way of endorsement from
These non-convertible debentures are repayble in 44 Sterlite Brazil Participacoes S.A. These non-convertible
semi-annual instalments beginning after the end of debentures are repayable in 44 semi-annual instalments
moratorium period of 25 months beginning from the date with first instalment due on July 2024 and the last in
of issue of the non-convertible debentures by Solaris. July 2044. These non-convertible debentures carry an
The first instalment is due on February 2024 and the last interest rate of IPCA rate + 7.242% p.a.
in February 2045. These non-convertible debentures
carry an interest rate of IPCA rate + 6.40% p.a. F) Sterlite Grid 16 Limited (SGL16)
During the year, SGL16 carried out issue of 2,500
B) GBS Participacoes S.A. (Formerly known as Borborema Non-Convertible Debentures (NCDs) to 360 One Asset
Participacoes S.A.) [GBS] Management Limited (formerly known as IIFL Asset
GBS carried out the first issue of 5,95,500 non-convertible Management Limited) at face value of I 1,000,000 each
debentures issued at the face value of BRL 1,000 at the interest rate of 13.95% p.a. payable quarterly for
each in March 2022 and the second issue of 4,500 a term of 18 months from its allotment date. The NCDs
non-convertible debentures issued at the face value of are redeemable at the end of the tenor or can be
BRL 1,000 each in April 2022, composed of principal and reedemed in part or full at any time upon demand
interest, and are secured by way of endorsement from from the debenture holders. Accordingly, SGL16 has
Sterlite Brazil Participacoes S.A. These non-convertible redeemed 750 Non-convertible debentures amounting to
debentures are repayable in 43 Half yearly instalments I 750.00 million during the year. The NCDs are secured
beginning after the end of the moratorium period of 12 by exclusive charges over monetization/sale/financing,
months beginning from the date of the first issue of the and equity shares, debentures, and preference shares
non-convertible debentures by GBS. The first instalment of specified companies owned by Sterlite Power
is due on March 2023 and the last on September 2043. Transmission Limited, corporate guarantees, shortfall
These non-convertible debentures carry an interest rate undertakings, and charges on loans, cash flows,
of IPCA rate + 7.2731% p.a. investments, and movable assets.
C) Borborema Transmissão de Energia S.A. (Borborema) II. Term loans

Borborema carried out the first issue of 50,000 A) Sterlite Power Transmission Limited (SPTL)
non-convertible debentures issued at the face value i) The Indian rupee loan of I 750.00 million from Arka
of BRL 1,000 each in November 2021, composed Fincap Limited carries interest at the rate of 11.25% p.a.
of principal and interest, and are secured by way of payable monthly. The loan amount shall be repayable in
endorsement from Sterlite Brazil Participacoes S.A. four semi-annual instalments from date of disbursement.
These non-convertible debentures are repayable in 43 The loan is secured by:
semi-annual instalments beginning after the end of the
a) First paripassu charge over all current assets of
moratorium period of 28 months, beginning from the date
SPTL, both present and future immovable and
of issue of the non-convertible debentures by Boborema.
movable fixed assets of SPTL
The first instalment is due on January 2024 and the last
on January 2045. These non-convertible debentures b) Second paripassu charge over all the movable and
carry an interest rate of IPCA rate + 6.10% p.a. immovable assets of SPTL
c) Interest service reserve (ISRA) of 1 months to be
D) Sterlite Brazil Participacoes S.A. (SBP)
maintained in the form of FDs charged in favour of
SBP carried out the first issue of 4,00,000 non-convertible
lender at all times during the tenor of the facility.
debentures issued at the face value of BRL 1,000 each
in December 2022, composed of principal and interest, SPTL has complied with the covenants attached to
and are secured by way of guarantees issued by Sterlite the borrowings.
Power Transmission Limited. These non-convertible

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ii) The Indian rupee loan of I 190.00 million from Mahindra in respect of long term loans obtained from financial
& Mahindra Financial Services Limited which carries institutions. For the year ended March 31, 2023, NBTL is
interest at the rate of 10.00% p.a. payable monthly. not required to comply with the said covenants.
The loan amount shall be repayable in 12 monthly equal
instalments after 3 months of morotorium (where interest C) Borborema Transmissão de Energia S.A.
is only paid) from the date of disbursement. It is working (i) Brazilian real loan from banks includes I 572.90 million
capital term loan and the same is unsecured. taken from Fundo de Desenvolvimento do Nordeste
('FDNE'). The loan is repayable in half yearly instalments
B) NANGALBIBRA-BONGAIGAON TRANSMISSION LIMITED with first instalment due in March 2023 and last
(NBTL) instalment due in September 2041. The loan is secured
(i) Indian rupee term loan from financial institutions of by way of endorsement from Sterlite Brazil Participacoes
I 2,430 million (March 31, 2022: I 800.00 million) carries S.A. The loan carries interest in the range of IPCA rate +
interest rate of 9.25 % to 10.95% p.a. (March 31, 2022: 1.4541% p.a. to IPCA rate + 1.7772% p.a.
9.25% p.a.) (linked to the lenders prime lending rate –
long term with spread). 75.10% of total loan amount is (ii) Brazilian real loan from banks includes I 2,113.77 million
repayable in 75 structured quarterly instalments post one as at March 31, 2023, from Banco do Nordeste ('BNB').
year moratorium period in accordance with repayment The interest rate for borrowing amounting to I 1,915.14
schedule starting from March 31, 2025. Balance 24.90% million is based on customised amortisation with interest
of the total loan amount shall be repayable as a bullet rate of IPCA + 1.4541% and balance I 295.33 million
repayment as a last instalment on September 30, 2043. is based on customised amortisation with interest rate
The loan is secured by first charge on all the immovable of IPCA + 1.7772%. The loan is secured by way of
assets pertaining to the project, tangible movable assets, endorsement from Sterlite Brazil Participacoes S.A. and is
current assets, all the accounts and intangible assets both repayable in monthly instalments starting from the month
present and future. Loans are also secured by assignment of July 2023 and ending in the month of December 2040.
by way of security of all the right, title, interest benefits,
claims and demands whatsoever of NBTL in the project D) Solaris Transmissão de Energia S.A.
documents, duly acknowledged and consented to by the Brazilian real loan from bank includes I 2,071.22 million
relevant counter parties to such project documents, all taken from Banco do Nordeste ('BNB'). The loan is
as amended, varied or supplemented from time to time; repayable in monthly instalments with first instalment due
all rights, title, interest and benefits of NBTL in to and in March 2024 and last instalment due in February 2045.
under all clearances pertaining to the project (including The loan is secured by way of endorsement from
transmission license) to the extent same are assignable; Sterlite Brazil Participacoes S.A. The loan carries
all rights, title, interest, benefits, claims and demands interest in the range of IPCA rate + 1.7576% p.a. to IPCA
whatsoever of NBTL in any letter of credit, guarantee rate + 2.1482% p.a.
including contract guarantees and liquidated damages,
consent agreements, side letters and performance bond E) Marituba Transmissão de Energia S.A. (Marituba)
provided by any party to the project document; all rights, Brazilian real loan from bank includes I 6,396.57
title, interest, benefits, claims and demands whatsoever of million taken from Banco da Amazônia S.A. ('BASA'). The
the borrower in, to and under all insurance contracts and loan is repayable in monthly instalments with first
insurance proceeds pertaining to the project. Loans are instalment due in August 2024 and last instalment
also secured by pledge of 51% of share capital of NBTL due in November 2045. The loan is secured by way
held by Sterlite Grid 26 Limited voting rights of which do of endorsement from Sterlite Brazil Participacoes
not fall below 51%. S.A. The loan carries interest at the rate of IPCA
+ 3.7086% p.a.
NBTL is required to ensure compliance of certain financial
covenants, after completion of one financial year of full
operations of the project, pertaining to maintenance of
minimum debt service coverage ratio, debt equity ratio


V. Non-cumulative redeemable preference shares of Maharashtra Transmission Communication Infrastructure Limited

(H in million)
March 31, 2023 March 31, 2022
8.81 (March 31, 2022: 8.81) 15% non-cumulative redeemable preference shares of ` 10 each fully paid upa 88.05 88.05
Total issued, subscribed and fully paid-up share capital 88.05 88.05
Terms/rights attached to preference shares

Maharashtra Transmission Communication Infrastructure Limited ('MTCIL')has issued 8.81 million 15% non- cumulative
redeemable preference shares of face value of Rs.10 each to Maharashtra State Electricity Transmission Company Limited
(MSETCL). The preference shares are redeemable at the end of 20 years from the date of issue and redeemable at Rs.10
per share. The dividend rights are non- cumulative. The preference shares will carry a preferential right vis-à-vis equity
shares of the Company with respect to the payment of dividend and repayment of capital in the event of a liquidation.
[B] Short-term borrowings

(H in million)
March 31, 2023
No. in million % holding
Current maturities of long-term borrowings (refer note 19[A]) 2,461.07 375.00
Foreign currency bridge loan from banks (unsecured) (refer note (i) below) 4,607.90 -
Foreign currency bridge loan from banks (secured) (refer note (vi) below) - 3,251.69
Foreign currency promissory note issued (secured) (refer note (vii) below) 1,298.00 -
Customer bill discounting (secured) (refer note (ii) below) 651.67 -
Vendor bill discounting (secured) (refer note (iii) below) - 289.24
Vendor bill discounting (unsecured) (refer note (iv) below) 52.32 161.23
Loan from others (unsecured) (refer note (v) below) 1,500.00 1,500.92
Total 10,570.96 5,578.08
(i) Unsecured foreign currency bridge loans from banks are generally repayable within 2 to 12 months from the date of
availing the loan and carry interest in the range of CDI + 2.697% p.a. to CDI + 5.35 % p.a.
(ii) The Group has entered into factoring facility arrangements with banks for trade receivables from Power Grid
Corporation India Limited (‘PGCIL’) with full recourse basis. The factoring facility is generally taken for a period of 90
days and carries interest rate of 7.00% - 8.50% p.a.
(iii) Vendor bill discounting credit arrangements were secured by hypothecation of raw materials, work in progress,
finished goods and trade receivables. Vendor bill discounting is generally repaid after a period of 90-120 days and it
carries interest rate of Nil (March 31, 2022: 8.55% - 8.60% p.a.).
(iv) Unsecured vendor bill discounting credit arrangements are generally repaid after a period of 90 days and it carries
interest rate of 8.15% - 8.30% p.a. (March 31, 2022: 7.00% - 8.50% p.a.).
(v) Loan from others for I 1,500.00 million (March 31, 2022: I 1,500.00 million) include loan from PTC Cables Private
Limited with an interest rate of 9.60% - 11.00% p.a. (SBI 1 year MCLR + 250 basis points). However, the Group can
repay the partial or full amount to the lender with prior not less than 10 days irrevocable notice or the lender may ask
for the repayment by giving 5 business days notice to the Group.
(vi) Secured bridge loan as at March 31, 2022 taken in Brazil from Banco Modal and Banco Alfa investimentos which is
secured by pledge of shares/fiduciary rights of Marituba Transmission De Energia S.A. and hypothetication of escrow

Empowering Humanity

account maintained by the Company in respect of Novo Estado The loan was repayable within a period of 120 to 180
days and carried a rate of interest of CDI + (3.55%-4.50%), to a range between 8%-10%.
(vii) Secured foreign currency promissory notes are issued by São Francisco Transmissão de Energia S.A. ('the issuer') are
repayable in the month of September 2023. The promissory notes are secured by way of endorsement of Sterlite Brazil
Participacoes S.A, the immediate holding company of the issuer and carry interest at the rate of IPCA + 4.00 % p.a.
NOTE 20: AUTHORISED PREFERENCE SHARE CAPITAL

A Redeemable preference shares
The preference shares carried 0.01% non-cumulative dividend. Holders of preference shares had a preferential right to
receive their redemption value in precedence to holders' of equity shares in the event at liquidation.
(H in million)
March 31, 2023 March 31, 2022
36.40 (March 31, 2022: 36.40) redeemable preference shares of I 2 each 72.80 72.80
Nil (March 31, 2022: Nil) cumulative redeemable preference shares of I 2 each
- Nominal Value - -
- Securities Premium - -
B Optionally convertible redeemable preference shares

(H in million)
March 31, 2023 March 31, 2022
470.00 (March 31, 2022: 470.00) optionally convertible redeemable preference shares of I 10 each 4,700.00 4,700.00
Nil (March 31, 2022: Nil) optionally convertible redeemable preference shares of I 10 each
- Nominal value - -
- Securities premium - -
NOTE 21: TRADE PAYABLES

(H in million)
March 31, 2023 March 31, 2022
Current
Trade payables
- total outstanding dues of micro enterprises and small enterprises 908.41 492.92
Total 20,978.17 16,688.23
Trade payables to related parties (refer note 59) 53.22 85.60
Operational suppliers credit
- from related parties (refer note 59) 7,029.32 3,316.99
- from others 192.50 -
Other trade payables 13,703.13 13,285.65
Total 20,978.17 16,688.24


Ageing of trade payables

(C in million)
1 year 3 years
As at 31 March 2023
Billed dues
(i) MSME 553.99 - 187.02 86.15 48.15 33.10 908.41
(ii) Others 12,379.91 2,477.44 4,111.43 1,073.01 10.49 13.76 20,066.04
(iv) Disputed dues - Others - - - 3.72 - - 3.72
Total 12,933.90 2,477.44 4,298.45 1,162.88 58.64 46.86 20,978.17
(C in million)
1 year 3 years
As at 31 March 2022
Billed dues
(i) MSME 43.32 - 361.45 83.49 - 4.66 492.92
(ii) Others 12339.42 392.28 1,578.94 420.68 856.71 607.29 16,195.32
(iv) Disputed dues - Others - - - - - - -
Total 12382.74 392.28 1,940.39 504.17 856.71 611.95 16,688.24
a) Trade payables are non-interest bearing and are normally settled on 45-180 days terms
b) Operational supplier’s credit availed in Indian Rupees from the commodity suppliers at an interest rate of 7.00%-10.65%
and is backed by Stand by Letter of Credit issued under working capital facilities sanctioned by domestic banks. Part of
these facilities are secured by first pari passu charge over the present and future current assets of Sterlite Power
Transmission Limited.
NOTE 22: OTHER FINANCIAL LIABILITIES

(H in million)
March 31, 2023 March 31, 2022
Non-Current
Purchase consideration payable (refer note 54) - 130.00
Employee benefit payable 24.55 36.70
Interest accrued and not due on long-term borrowings 1,266.14 271.15
Others - 9.44
Total non-current financial liabilities 1,290.69 447.29
Current
Derivative instruments fair value through OCI#
Forward contracts 58.09 7.46
58.09 7.46

Empowering Humanity

(H in million)
March 31, 2023 March 31, 2022
Other financial liabilities at amortised cost
Interest free deposit from customers 14.61 2.20
Employee benefit payable 476.89 359.27
Interest accrued and not due on short term borrowings 727.82 359.98
Interest accrued and not due on long-term borrowings 261.05 0.17
Earnest money deposit from vendors 5.31 1.00
Dividend payable on non-cumulative redeemable preference shares 11.89 -
Payables for property plant and equipment* 1,887.59 474.34
Deferred revenue^ 3,210.10 1,631.80
Purchase consideration payable (refer note 54) 123.34 100.00
Dividend payable (including unclaimed dividend, refer note 18) 128.63 -
Others$ 134.97 121.14
Total 7,040.29 3,057.36
* Payables for purchase of property, plant and equipment are non-interest bearing and are normally settled on 30-120 days terms.
# Derivative instruments reflect the change in fair value of foreign exchange forward contracts, designated as cash flow hedges to hedge highly
probable forecasts / firm commitments for foreign currency sales and purchases and foreign currency receivables and payables in US Dollars (USD)
and Euros (EUR).
Interest free deposits from customer and earnest money deposits to vendor are non interest bearing.
^ Deferred revenue represents unrealised intercompany profit on sales made to joint ventures and associates of the Group.
$ Other current financial liabilities consists of revenue share expenses payable, reimbursements payable, etc.
For explanations on the group’s credit risk management processes, refer to note 55.
NOTE 23: NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONS

(H in million)
March 31, 2023 March 31, 2022
Total 55.72 76.10
NOTE 24: CURRENT EMPLOYEE BENEFIT OBLIGATIONS

(H in million)
March 31, 2023 March 31, 2022
Provision for leave benefit 61.04 82.54
Total 77.64 106.66


NOTE 25: DEFERRED TAX ASSETS / LIABILITIES (NET)

(H in million)
March 31, 2023 March 31, 2022
I. Deferred tax liability
Property, plant and equipment: Impact of difference between tax depreciation and depreciation/ 115.47 35.13
amortisation for financial reporting
Fair valuation of land on transition date 38.86 38.86
Fair Valuation of FVTOCI Investments - -
Cash flow hedge reserve 7.51 538.28
Timing difference on accounting profit and profit chargeable under income tax for Brazil 878.79 209.80
Interest accrued on non-convertible debentures 290.85 128.80
Deferred tax liability created on consolidation adjustment 77.94 355.37
Others 4.13 47.47
Gross deferred tax liability 1,413.55 1,353.70
Less: Netted off against deferred tax assets 393.15 809.71
Net deferred tax liability 1,020.40 543.99
II. Deferred tax assets
Property, plant and equipment: Impact of difference between tax depreciation and depreciation/ - 511.80
amortisation for financial reporting
Unabsorbed tax depreciation and carry forward losses 49.76 -
Provision for doubtful debts and advances 159.58 149.60
Capital loss on sale of investment 13.09 13.09
Expenses disallowed in income tax, allowed as and when incurred 85.43 171.14
Employee benefit obligations 55.68 65.70
Others 29.61 74.15
Gross deferred tax assets 393.15 985.48
Less: Netted off against deferred tax liabilities 393.15 809.71
Net deferred tax asset - 175.77
Reconciliation of deferred tax asset/(liability)

(H in million)
March 31, 2023 March 31, 2022
Opening deferred tax asset/(liability), [net] (368.22) 773.23
Deferred tax charge recorded in statement of profit and loss (1,196.92) (743.27)
Net deferred tax credit recorded in OCI not to be reclassified to profit and loss in the subsequent period 0.97 2.61
Deferred tax credit recorded in cash flow hedge reserve 530.74 (307.38)
Deferred tax asset/ (liability) classified as asset held for sale 27.50 (22.36)
Others (14.47) (71.05)
Closing deferred tax liability, (net) as at year end (1,020.40) (368.22)

Empowering Humanity

The major components of income tax expense for the year ended March 31, 2023 and March 31, 2022 are:
(H in million)
March 31, 2023 March 31, 2022
Profit or loss section
Current income tax charges:
Current income tax 1,463.64 1,570.18
Adjustment of tax relating to earlier periods (29.33) (144.90)
Deferred tax
Relating to origination and reversal of temporary differences 1,196.92 743.27
Income tax expenses reported in the statement of profit or loss 2,631.23 2,168.55
OCI section
Deferred tax related to items recognised in OCI during the year:
Net (gain)/loss on revaluation of cash flow hedges 530.74 (307.38)
Re-measurement loss defined benefit plans 0.97 2.61
Income tax (debited)/credited through OCI 531.71 (304.77)
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31, 2023 and
March 31, 2022:
(H in million)
March 31, 2023 March 31, 2022
Accounting profit before income tax 2,303.91 6,569.97
At India’s statutory income tax rate of 25.17% ( March 31, 2022: 25.17%) 579.85 1,653.53
Permanent difference on account expenses disallowed/income exempted 25.99 150.77
Effect of income chargeable at different rate of tax - 302.02
Deferred tax asset recognised on losses incurred in the earlier years (21.19) -
Impact of finance income capitalised in property, plant and equipment in accounting 2.08 -
Difference in income tax rate considered for deferred tax on capital assets (16.22) (442.58)
Deferred tax asset derecognised on sale of power transmission assets 238.80 -
Deferred tax asset not recognised on losses/disallowed expenses 1,205.34 36.69
Deferred tax assets written off on lapsed carried forward losses 143.50 -
Difference in rate of tax in Brazil and India 12.67 (59.18)
Impact of share in the profit of loss in associate or joint venture for the year 496.24 673.45
Income tax for earlier year (29.33) (144.90)
Others (6.50) (1.25)
At the effective income tax rate of 114.21% (March 31, 2022: 33.01%) 2,631.23 2,168.55
Income tax expense reported in the statement of profit and loss 2,631.23 2,168.55


NOTE 26: OTHER LIABILITIES

(H in million)
March 31, 2023 March 31, 2022
Advance from customers* - 2,249.29
Contract liability (refer note 5) 73.15 71.63
PIS and COFINS tax payable 2,260.72 668.83
Unearned revenue 2,910.74 1,983.43
Total 5,244.61 4,973.18
Current liabilities
Advance from customers* 7,575.99 3,015.48
Withholding taxes (TDS) payable 142.24 125.25
Contract liabilities for EPC contracts 3,496.36 1,968.04
Goods and service tax payable 67.56 127.63
PIS and COFINS tax payable 258.90 52.24
ICMS tax payable 83.43 87.60
Other statutory dues payable to government authorities in Brazil 39.66 59.54
Unearned revenue 240.44 72.63
Others 246.09 289.61
Total 12,150.67 5,798.02
*The Group has provided corporate guarantees against the advances received from subsidiaries of joint ventures.
NOTE 27: REVENUE FROM OPERATIONS

(H in million)
March 31, 2023 March 31, 2022
Revenue from contracts with customers
Revenue from sale of conductors and power cables 21,900.62 15,470.90
Revenue from engineering, procurement and construction (EPC) contracts 8,089.19 3,247.01
Revenue from engineering, procurement and construction (EPC) contracts with joint ventures (refer note 55) 5,920.45 17,978.93
Revenue from power transmission services 1,726.78 1,345.68
Revenue from construction of concession assets 20,180.74 11,687.25
Remuneration of concession assets 3,166.91 1,365.47
Revenue from operation and maintenance of concession assets 108.18 84.05
Revenue from sale of traded goods 669.74 324.63
Revenue from project consultancy services - 46.14
Revenue from indefeasible right-to-use (IRU) contracts 435.51 -
Revenue from services rendered to joint ventures (refer note 59) 134.38 237.88
Revenue from network infrastructure 10.35 32.76
Other operating revenue
Scrap sales 183.07 128.45
Management fees (refer note 59) 444.76 25.68
Total revenue from operations 62,970.68 51,974.83
(a) Performance obligations

Revenue from sale of conductors, power cables and traded goods
The performance obligation is satisfied upon delivery of conductor, power cable or traded aluminium ingots and rods and
payment is generally due within 30 to 180 days from delivery. Some contracts provide the Group right to receive price
variation from customers on account of changes in metal prices.

Empowering Humanity

Revenue from Engineering, Procurement and the value to the customer of the entity's performance
Construction ('EPC') contracts completed to date.
The performance obligation is satisfied progressively over
the construction period. The Group’s progress towards Construction of concession assets
completion is measured based on the proportion that the The Group's performance obligation with respect to
contract expenses incurred to date bear to the estimated construction of service concession assets is satisfied
total contract expenses. Payment is due as per the progressively over the construction period. The Group's
contractual terms. progress towards completion is measured based on the
proportion that the contract costs incurred to date bear
Power transmission services to the estimated total contract costs. When the Group
Power transmission services are rendered to Long provides more than one service under a concession
Term Transmission Customers (LTTCs) pursuant to the agreement, the consideration received is allocated based
respective Transmission Services Agreements (TSAs) on the fair values of the services delivered.
executed by the Group with LTTCs. The TSAs are
executed for a period of 35 years and have fixed tariff Remuneration of concession assets
charges as approved by CERC (except some escalable Remuneration from service concession arrangement
portion and some incentives/penalties relating to comprise of interest income which is recognized at the
transmission assets availabilities). Under the TSAs, the market interest rate that reflects the economic volatility on
Group's performance obligation is to provide power the future flow from the service concession infrastructure.
transmission services. The Group is required to ensure The discount rate is represented by a market rate that
that the transmission assets meet the minimum availability considers the risks and premiums specific to the service
criteria under the respective TSAs failing which could concession transmission asset.
result in certain disincentives/penalties. The performance
obligation is satisfied over-time as the customers receive Revenue from services rendered to joint ventures
and consume the benefits provided by the Group's Services rendered to joint ventures represent the
performance as the Group performs. The payment is performance obligation for providing various consultation
generally due within 30 days upon receipt of monthly and agency services in relation to joint venture entities
invoice by the customer. which are satisfied over-time.
The Group receives payments as per the pooling Project consultancy services
arrangements specified under the Central Electricity Project consultancy services represent the performance
Regulatory Commission (sharing of Inter State obligation for providing consultation services in relation
Transmission Charges and Losses) Regulations, 2010 to designing and testing of conductors and are satisfied
('Pooling Regulations'). In the Point of Connection (PoC) over-time. Payment is generally due within 30 days from
mechanism, the transmission charges to be recovered provision of service.
from the entire system are allocated between users based
on their location in the grid. Under the PoC mechanism, Revenue from indefeasible right-to-use (IRU) contracts
all the charges collected by the Central Transmission Indefeasible right-to-use (IRU) contracts represent
Utility (i.e. Power Grid Corporation of India Limited) from performance obligation for providing rights to the
LTTCs are disbursed pro-rata to all Transmission Service customers to use the optical ground wire cable/dark fibre
Providers from the pool in proportion of the respective telecommunication networks of the Group over a period
billed amount. Applying the practical expedient as as determined under the contract. Revenue under IRU
given in Ind AS 115, the Group has not disclosed the contracts are recognised on a straight line basis over
remaining performance obligation related disclosures the said period.
since the revenue recognized corresponds directly with


(b) Disaggregated revenue information

(H in million)
Within India Outside India
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Power product and solutions
(i) Revenue from sale of conductors and power cables recognised 10,100.10 4,698.07 11,800.53 10,772.82
at a point in time
(ii) Revenue from sale of traded goods recognised at a point of time 669.74 324.63 - -
(iii) Revenue from engineering, procurement and construction (EPC) 8,089.19 3,247.01 - -
contracts recognised over time
(iv) Revenue from engineering, procurement and construction (EPC) 5,920.45 17,978.93 - -
contracts with joint ventures recognised over time
(v) Revenue from project consultancy services recognised over time - - - 46.14
(vi) Revenue from services rendered to joint ventures recognised 134.38 237.88 - -
over time
Power transmission grid business
(i) Revenue from power transmission services recognised over time 1,726.78 1,345.68 - -
(ii) Revenue from construction of concession assets recognised over - - 20,180.74 11,687.25
time
(iii) Remuneration of concession assets recognised over time - - 3,166.91 1,365.47
(iv) Revenue from operation and maintenance of concession assets - - 108.18 84.05
recognised over time
Others
(i) Revenue from IRU contracts recognised over time 435.51 - - -
(ii) Revenue from network infrastructure recognised over time 10.35 32.76 - -
Total 27,086.50 27,864.96 35,256.36 23,955.73
(c) Assets and liabilities related to contracts with customers

(H in million)
March 31, 2023 March 31, 2022
Balances at the beginning of the year
Contract assets* 17,346.18 2,533.12
Contract liabilities (including advances from customers) 7,304.43 4,969.53
Balances at the end of the year
Contract assets* 42,495.74 17,346.18
Contract liabilities (including advances from customers) 11,145.50 7,304.43
* Also includes contract assets related to construction of concession assets
The Group receives payments from customers based on a billing schedule, as established in the contracts. Contract asset
relates to the conditional right to consideration for completed performance under the contract. Accounts receivable
are recognised when the right to consideration becomes unconditional. Contract liability relates to payments received
in advance of performance under the contract. Contract liabilities are recognised as revenue as (or when) performed
under the contract.
Set out below is the amount of revenue recognised from:

(H in million)
March 31, 2023 March 31, 2022
Amounts included in contract liabilities at the beginning of the year 5,252.34 4,969.53

Empowering Humanity

(d) Reconciliation of the amount of revenue recognised in the statement of profit and loss with the contracted price
(H in million)
March 31, 2023 March 31, 2022
Revenue as per contracted price 62,287.81 51,774.61
Adjustments:
Incentives earned for higher asset availabilities 52.91 42.35
Surcharges received for late payments 10.26 10.99
Rebates given for early payments (8.13) (7.25)
(e) Terms of service concession contracts

The Group has subsidiaries in Brazil which construct power transmission assets / facilities under service
concession agreements.
Characteristics of service concession arrangement

The Group constructs transmission infrastructure in Brazil and operates and maintains such infrastructure for a specified
period of time which are awarded by Brazilian Electricity Regulatory Agency ('ANEEL') through competitive bidding process.
The infrastructure constructed by the Group (i.e. the operator) is not recorded as property, plant and equipment of the group
because the concession agreement does not transfer to the concessionaire the right to control the use of public services
infrastructure. The Group only has the right to operate the infrastructure for the provision of public services on behalf of the
Granting Authority, as provided in the contract
Periodic revision to annual permitted revenue ('RAP')

In accordance with the service concession agreement every five years after the date of signing the contracts, Brazilian
Electricity Regulatory Agency ('ANEEL') will periodically tariff review of RAP of electricity transmission, in order to promote
efficiency and low tariffs.
The periodic rate revision recipe comprises repositioning by determining:

a) the change of third-party capital costs in the concession agreement;
b) receipts from reinforcements and improvements;
c) identifying the amount to be considered as reducing rate - Other Income
Variable consideration
In accordance with the service concession agreement, the Group is liable to pay penalty for unavailability of transmission
facilities to the Grantor. Further, the Group is eligible for additional RAP as an incentive for improving the availability of
transmission facilities. These variable considerations are recognised as revenue from transmission infrastructure and/or
operation & maintenance revenue in the period in which they occur.
Details of revenue from construction of service concession assets and related construction costs:
(H in million)
March 31, 2023 March 31, 2022
Revenue from construction of service concession assets 20,180.74 11,687.25
Cost of construction of service concession assets 18,917.74 11603.65
(f) Remuneration of concession assets

Remuneration from concession assets comprise of interest income which is recognized at the market interest rate
that reflects the economic volatility on the future flow from the service concession infrastructure. The discount rate is
represented by a market rate that considers the risks and premiums specific to the service concession transmission asset at
the time of award of the concession.


(g) Transaction price allocated to the remaining performance obligations

(H in million)
March 31, 2023 March 31, 2022
Expected to be recognised as revenue over the next one year 47,985.90 37,428.94
Expected to be recognised as revenue beyond next one year 1,62,706.95 56,844.63
Total 2,10,692.85 94,273.57
NOTE 28: FINANCE INCOME

(H in million)
March 31, 2023 March 31, 2022
Interest income on
- Bank deposits 530.44 283.07
- Loan to related parties (refer note 59) 718.58 576.35
- Income tax refund 20.95 0.96
Gain on sale of mutual funds 1.86 -
Fair value gain on financial instruments measured at fair value through profit and loss 4.95 -
Others 11.78 24.22
Total 1,288.56 884.60
NOTE 29: OTHER INCOME

(H in million)
March 31, 2023 March 31, 2022
Net gain on sale of power transmission assets (refer note i and ii below) (refer note 39) 1,350.05 7,031.95
Net gains on sale of investment in an associate and units of India Grid Trust - 297.50
Claim received from vendor 74.00 -
Reversal of impairment allowance for trade receivables 31.74 -
Gain on conversion of subsidiaries in power transmission infrastructure business into joint ventures (refer note 46) - 94.44
Consideration received from India Grid Trust on sale of investments in earlier years (refer note iii below) - 513.65
Miscellaneous income 94.82 21.69
Total 1,550.61 7,970.70
(i) Sale of Khargone Transmission Limited

During the year ended March 31, 2023, the Group entered into share purchase agreement and shareholders’ agreement
dated January 21, 2023 (“the Agreements”) among Khargone Transmission Limited ('KTL' referred as “the SPV”), Sterlite
Power Transmission Limited ('SPTL'), Axis Trustee Services Limited (on behalf of and acting in its capacity as trustee to India
Grid Trust) and IndiGrid Investments Managers Limited (in its capacity as investment manager of India Grid Trust). Pursuant to
the Agreements, the Group transferred 49% of equity in the SPV and for transfer of the remaining 51% equity stake, the
Group has received consideration in advance which is non-refundable. The remaining stake will be transferred to the buying
shareholder on expiry of the mandatory shareholding period in the SPV. Under the Agreements, the Group had also given
the following rights to the buying shareholder:
a. Right to nominate all directors on the board of directors of the SPV;
b. Right to direct the selling shareholders to vote according to its instructions in the AGM/EGM or any other meetings of
shareholders of the SPV;
c. Irrevocable and unconditional call option to acquire the remaining 51% equity stake in the SPV at later dates.
e. Non-disposal undertaking from the selling shareholders for the remaining 51% equity stake in the SPV.

Empowering Humanity

Basis the above rights and the fact that full non-refundable consideration was received in advance by the Group from the buyers,
the Group has derecognised its assets in the SPV and recognised a loss of I 224.06 million on sale of the SPV during the year
ended March 31, 2023.
(ii) Sale of Vineyards Participicoes S.A.

During the year ended March 31, 2023, the Group sold its equity stake in Vineyards Participicoes S.A. Consequent to this,
the Group derecognised the power transmission assets and gain of I 1,638.28 million was recognised in the statement of
profit and loss.
(iii) In earlier periods, the Group sold the investment in various subsidiaries to India Grid Trust. During the year ended
March 31, 2022, India Grid Trust has paid earn outs related to claim in increase in tariff due to change in law, income tax
refund and VAT refund to the Group.
NOTE 30: COST OF RAW MATERIAL AND COMPONENTS CONSUMED

(H in million)
31 March 2023 31 March 2022
Inventory at the beginning of the year 809.56 1,871.70
19,437.48 12,812.92
Less: Inventory at the end of the year 2,053.91 809.56
Cost of raw material and components consumed 17,383.57 12,003.35
NOTE 31: CONSTRUCTION MATERIAL AND CONTRACT EXPENSES

(H in million)
31 March 2023 31 March 2022
Construction material 6,028.96 12,361.41
Cost of construction of service concession assets 18,917.74 11,603.65
Subcontracting charges* 2,317.83 3,423.65
Total 27,264.53 27,388.71
*These charges pertain to services availed in relation to engineering, procurement and construction (EPC) contracts.
NOTE 32: (INCREASE)/DECREASE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND

TRADED GOODS
(H in million)
31 March 2023 31 March 2022
Opening inventories:
Finished goods 497.42 762.44
849.45 1,026.29
Closing inventories:
Finished goods 1,593.71 497.42
2,136.93 849.45
(Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods (1,287.48) 176.84


NOTE 33: EMPLOYEE BENEFITS EXPENSE

(H in million)
31 March 2023 31 March 2022
Salaries, wages and bonus 2,284.79 2,205.70
Contribution to provident, superannuation and other employee welfare funds (refer note 41) 145.79 137.04
Share based payment expense (refer note 54) 59.06 -
Employees stock appreciation rights expense (refer note 47) - (16.37)
Gratuity expense (refer note 41) 16.86 24.53
Staff welfare expenses 151.13 119.47
Total 2,657.63 2,470.37
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date
on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued.
The Group is assessing the impact of the Code when it comes into effect and will record any related impact in the year the Code
becomes effective.
NOTE 34: OTHER EXPENSES

(H in million)
31 March 2023 31 March 2022
Consumption of stores and spares 138.19 91.27
Power, fuel and water 392.27 309.98
Repairs and maintenance
- Building 30.36 17.37
- Machinery 206.40 122.54
- Others 3.40 5.78
Service expenses and labour charges 326.53 271.23
Consumption of packing materials 489.87 324.10
Transmission infrastructure maintenance charges 36.94 75.35
Sales commission 143.78 168.53
Carriage outwards 1,325.20 814.27
Rent 142.61 60.29
Insurance 121.50 132.45
Rates and taxes 35.53 151.43
Travelling and conveyance 327.43 198.97
Legal and professional fees 511.28 525.80
Advertisement and business promotion expenses 62.85 33.72
Loss on sale of property, plant & equipment (net) 5.48 4.48
Network maintenance charges 25.03 10.95
Directors sitting fee and commission (refer note 59) 9.89 14.17
Provision for doubtful debts and advances - 103.59
Reversal of write down related to assets held for sale (refer note 12) - (422.23)
Impairment and expected loss on concession contract assets (including loss for onerous contracts) [refer note 11] 898.66 -
Indemnification expenses incurred under share purchase agreement 59.56 77.13
Miscellaneous expenses 1,036.13 697.49
Total 6,328.89 3,788.66
Other expenses above are net of the amounts capitalised to property, plant and equipment. Refer note 42 for details.

Empowering Humanity

NOTE 35: DEPRECIATION AND AMORTISATION EXPENSE

(H in million)
31 March 2023 31 March 2022
Depreciation of property, plant and equipment 862.49 624.03
Depreciation of right-of-use assets 123.89 94.08
Amortisation of intangible assets 71.66 85.45
Total 1,058.04 803.56
NOTE 36: FINANCE COSTS

(H in million)
31 March 2023 31 March 2022
Interest on financial liabilities measured at amortised cost 5,286.13 3,212.35
Bill discounting and factoring charges 270.74 78.05
Dividend paid on non-cumulative redeemable preference shares 26.41 -
Interest on Lease Liabilities 56.43 19.59
Other interest and bank charges 1,615.31 946.77
Total 7,255.02 4,256.76
NOTE 37: EXCEPTIONAL ITEM

(H in million)
31 March 2023 31 March 2022
Initial public offer related expenses* - 117.00
Total - 117.00
During the year ended March 31, 2022, the Group had filed its Draft Red Herring Prospectus with Securities & Exchange Board
of India (SEBI) for a proposed Initial Public Offering (IPO) of its equity shares. The Company incurred expenses of I 117.00 million
in connection with proposed IPO. Management has informed that the current market conditions are not conducive for listing
and hence the same is not pursued. Accordingly, management has charged off expenses incurred on the IPO as non recurring
expenses. Considering the nature of the expenses management has disclosed it as an 'exceptional item' for the financial year
NOTE 38: EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average
number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity
shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all
the dilutive potential equity shares into equity shares.


The following reflects the profit and share data used in the basic and diluted EPS computation:
(H in million)
31 March 2023 31 March 2022
Weighted average number of equity shares in calculating basic EPS (restated on account of issuance of 122.36 122.36
Effect of dilution:
Add: Potential shares arising from allotment in accordance with 'Sterlite Power Transmission Limited Restricted 0.24 -
Stock Unit Scheme 2022' (refer note 54)
Weighted average number of equity shares in calculating diluted EPS (restated on account of issuance of 122.60 122.36
Earnings per share (J) [Nominal value per share: J 2 (March 31, 2022: J 2)]
Basic earnings per share (2.67) 35.97*
Diluted earnings per share # (2.67) 35.97*
# Since earning per share based on diluted weighted average number of shares is anti dilutive, the basic and dilutive earnings per share for the year
ended March 31, 2023 are the same.
* Previous year's earnings per share has been restated on account of bonus shares issued during the current year.
NOTE 39: SIGNIFICANT ACCOUNTING JUDGEMENTS, under the regulatory framework to conduct its operations
ESTIMATES AND ASSUMPTIONS both during the period of the license as well as at the end
The preparation of the Group’s consolidated financial of the license period. However, in the view of management,
statements requires management to make judgements, the grantor’s involvement and approvals are to protect public
estimates and assumptions that affect the reported amounts interest and are not intended to control through ownership,
of revenues, expenses, assets and liabilities, and the beneficial entitlement or otherwise, any significant residual
accompanying disclosures, and the disclosure of contingent interest in the transmission infrastructure at the end of the term
liabilities. Uncertainty about these assumptions and estimates of the arrangement. Accordingly, management is of the view
could result in outcomes that require a material adjustment that Appendix D is not applicable to the Group in respect of the
to the carrying amount of assets or liabilities affected in transmission projects undertaken in India under BOOM model.
future periods.
Determining the lease term of contracts with renewal and
Judgements termination options – Group as lessee
In the process of applying the Group’s accounting policies, The Group determines the lease term as the non-cancellable
management has made the following judgements, which have term of the lease, together with any periods covered by an
the most significant effect on the amounts recognised in the option to extend the lease if it is reasonably certain to be
Group's consolidated financial statements: exercised, or any periods covered by an option to terminate
the lease, if it is reasonably certain not to be exercised.
Applicability of Appendix D to Ind AS 115 - Revenue from The Group has several lease contracts that include extension
Contracts with Customers to transmission projects in India: and termination options. The Group applies judgement in
The Group through its subsidiaries in India is a transmission evaluating whether it is reasonably certain whether or not to
licensee under the Electricity Act, 2003 holding valid licenses exercise the option to renew or terminate the lease. That is, it
for 25 years. It has also entered into a Transmission Services considers all relevant factors that create an economic incentive
Agreements (TSA) with Long Term Transmission Customers for it to exercise either the renewal or termination. After the
(LTTC) in India through a tariff based bidding process and commencement date, the Group reassesses the lease term
is required to Build, Own, Operate and Maintain (BOOM) if there is a significant event or change in circumstances that
the transmission infrastructure for a period of 25/35 years. is within its control and affects its ability to exercise or not to
The management of the Group is of the view that the grantor exercise the option to renew or to terminate.
as defined under Appendix D of Ind AS 115 (Appendix D)
requires transmission licensee to obtain various approvals

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Leases - Estimating the incremental borrowing rate KTL:

The Group cannot readily determine the interest rate implicit in During the year ended March 31, 2023, the Group entered
the lease, therefore, it uses its incremental borrowing rate (IBR) into share purchase agreement and shareholders’ agreement
to measure lease liabilities. The IBR is the rate of interest that dated January 21, 2023 (the Agreements) among Khargone
the Group would have to pay to borrow over a similar term, and Transmission Limited ('KTL' referred as the SPV), Sterlite Power
with a similar security, the funds necessary to obtain an asset Transmission Limited ('SPTL'), Axis Trustee Services Limited (on
of a similar value to the right-of-use asset in a similar economic behalf of and acting in its capacity as trustee to India Grid Trust)
environment. The IBR therefore reflects what the Group ‘would and IndiGrid Investments Managers Limited (in its capacity
have to pay’, which requires estimation when no observable as investment manager of India Grid Trust). Pursuant to the
rates are available or when they need to be adjusted to reflect Agreements, the Group transferred 49% of equity in the
the terms and conditions of the lease. For leases pertaining SPV and for transfer of the remaining 51% equity stake,
to vehicles, Group has used implicit rate in agreement and the Group has received consideration in advance which is
for leases pertaining to office buildings, Group has used non-refundable. The remaining stake will be transferred to the
incremental borrowing rate (IBR) in absence of implicit rate buying shareholder on expiry of the mandatory shareholding
mentioned in the agreement. period in the SPV. Under the Agreements, the Group had also
given the following rights to the buying shareholder:
Disposal of NER II Transmission Limited (NER) and Khargone
a. Right to nominate all directors on the board of
Transmission Limited (KTL):
directors of the SPV;
NER:
The Group entered into a Share purchase agreement dated b. Right to direct the selling shareholders to vote according
March 05, 2021, as amended on March 25, 2021 (SPA) and to its instructions in the AGM/EGM or any other meetings
Shareholders’ agreement dated March 25, 2021 (SHA) with of shareholders of the SPV;
IndiGrid Investment Managers Limited, being the Investment
c. Irrevocable and unconditional call option to acquire the
Manager of India Grid Trust (‘IndiGrid’) for the sale of NER II
remaining 51% equity stake in the SPV at later dates.
Transmission Limited (NER).
Pursuant to the SPA, the Group has sold 49% of the paid-up
e. Non-disposal undertaking from the selling shareholders
equity shares of NER on March 24, 2021 for a consideration
for the remaining 51% equity stake in the SPV.
of I 8,578.70 million. Further, under the SHA, the Group has
also transferred control over majority of the Board of Directors Basis the above rights and the fact that full non-refundable
of NER to IndiGrid. Also, the Group had received irrevocable consideration was received in advance by the Group from the
advance consideration for further 25% paid up equity shares buyers, the Group has derecognised its assets in the SPV and
of NER during the year ended March 31, 2021 and for further recognised a loss of I 224.06 million on sale of the SPV during
26% paid up equity shares of NER during the year ended the year ended March 31, 2023.
March 31, 2022. The Group had transferred such equity shares
to an escrow account on an irrevocable basis to be transferred During the year ended March 31, 2022, the Group had
eventually to IndiGrid after the expiry of period for mandatory classified its assets in KTL as 'Asset classified as held for
shareholding by Sterlite Grid 4 Limited in NER as per the sale' at recoverable value based on the judgement that sale
relevant Transmission Services Agreement. Under the SHA, transaction was highly probable.
the control over the voting power for the 51% equity shares is
vested with IndiGrid and it has the right to instruct the Group to Estimates and assumptions
vote in accordance with its instructions in respect of the 51% The key assumptions concerning the future and other key
equity shares in NER. sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
Basis the above, the Group has concluded that it has the carrying amounts of assets and liabilities within the next
transferred control over NER to IndiGrid on March 25, 2021. financial year, are described below. Existing circumstances and
assumptions about future developments, however, may change
The Group had recognised a gain of I 7,031.95 million on due to market changes or circumstances arising that are
sale of 26% of the equity share capital of NER during the year beyond the control of the Group. Such changes are reflected in
ended March 31, 2022. the assumptions when they occur.


Estimates used in the application of Appendix D of Ind AS rates agreed with vendors/sub-contractors and management's
115 'Service Concession Arrangement’ to transmission best estimates of the costs that would be incurred for the
projects in Brazil completion of project based on past experience and/or
The Group constructs transmission infrastructure in Brazil and industry data. These estimates are re-assessed at each
operates and maintains such infrastructure for a specified period end. Variations in contract works, claims and incentive
period of time. The infrastructure constructed by the group (i.e. payments are included to the extent that the amount can be
the operator) is not recorded as property, plant and equipment measured reliably and its receipt is considered probable.
of the group because the concession agreement does not When it is probable that total contract cost will exceed total
transfer to the concessionaire the right to control the use of contract revenue, the expected loss is recognised as an
public services infrastructure. The Group only has the right to expense immediately.
operate the infrastructure for the provision of public services
on behalf of the Granting Authority, as provided in the contract. Impairment of non-financial assets
Thus, under the terms of the concession agreement, the Impairment exists when the carrying value of an asset or cash
operator only acts as a service provider. generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in
The Group records Concession contract assets, as per Ind AS use. The recoverable amounts for the transmission assets are
115– Revenue from Contracts with Customers for Brazilian based on the fair values less costs of disposal/value in use of
subsidiaries in the Group's special purpose consolidated the projects. The fair value less costs of disposal calculation
financial statements. The contract asset refers to the Group’s is based on available data from binding sales transactions,
right to the consideration as a result of the investments conducted at arm’s length, for similar assets or observable
made in the construction of transmission line infrastructure. market prices less incremental costs for disposing of the
The measurement of contract assets involves significant asset. The value in use calculation is based on a DCF model.
estimates, such as: (i) the discount rate used, which represents The cash flows are derived from the budget and do not include
the financing component embedded in the future receivable, restructuring activities that the Group is not yet committed
(ii) Determination of fair value of consideration for each to or significant future investments that will enhance the
identified performance obligation and (iii) expected profit asset’s performance of the Cash generating unit being tested.
margins in each identified performance obligation. The recoverable amount is sensitive to the discount rate used
for the DCF model as well as the expected future cash inflows
For determination of expected profit margins, the Group and the growth rate used for extrapolation purposes.
estimates the total cost of construction and maintenance of
service concession assets at each period end. These estimates Defined benefit plans (gratuity benefits)
are based on the rates agreed with vendors/sub-contractors The cost of the defined benefit gratuity plan and the present
and management's best estimates of the costs that would value of the gratuity obligation are determined using actuarial
be incurred for the construction and maintenance of valuations. An actuarial valuation involves making various
infrastructure based on past experience and/or industry assumptions that may differ from actual developments in
data. These estimates are re-assessed at each period end. the future. These include the determination of the discount
Variations in contract works, claims and incentive payments rate, future salary increases and mortality rates. Due to the
are included to the extent that the amount can be measured complexities involved in the valuation and its long-term nature,
reliably and its receipt is considered probable. When it is a defined benefit obligation is highly sensitive to changes
probable that total discounted cost for construction of service in these assumptions. All assumptions are reviewed at each
concession assets will exceed amount recognised as service reporting date.
concession contract asset, the expected loss is recognised as
an expense immediately. The parameter most subject to change is the discount rate.
In determining the appropriate discount rate for plans operated
Revenue from contract with customers - EPC contracts in India, the management considers the interest rates of
As described in note 2.3, revenue and costs in respect of government bonds in currencies consistent with the currencies
construction contracts are recognised by reference to stage of of the post-employment benefit obligation. The underlying
completion of the contract activity at the end of the reporting bonds are further reviewed for quality. Those having excessive
period, measured based on the proportion of contract costs credit spreads are excluded from the analysis of bonds on
incurred for work performed to date relative to the estimated which the discount rate is based, on the basis that they do not
total contract costs. The Group estimates the total cost of the represent high quality corporate bonds.
project at each period end. These estimates are based on the

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The mortality rate is based on publicly available mortality defaults. At every reporting date, the historical observed
tables for the specific countries. Those mortality tables tend to default rates are updated. The maximum exposure to credit
change only at interval in response to demographic changes. risk at the reporting date is the carrying value of each class
Future salary increases and gratuity increases are based on of financial assets. The Company evaluates the concentration
expected future inflation rates for the respective countries. of risk with respect to trade receivables as low, as its
Further details about gratuity obligations are given in Note 41. customers are located in several jurisdictions and industries
and operate in largely independent markets. Further, for
Fair value measurement of financial instruments companies engaged in the power infrastructure business,
When the fair values of financial assets and financial major receivables are from few customers and is based on
liabilities recorded in the balance sheet cannot be measured point of connection mechanism (refer Note 27), hence the
based on quoted prices in active markets, their fair value concentration of risk with respect to trade receivables is low.
is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable Assumption used in Restricted Stock Units/Employee Stock
markets where possible, but where this is not feasible, a Options Plan
degree of judgement is required in establishing fair values. The Group measures the cost of equity-settled transactions
Judgements include considerations of inputs such as liquidity with employees using Black Scholes model to determine the
risk, credit risk and volatility. Changes in assumptions about fair value of options. Estimating fair value for share-based
these factors could affect the reported fair value of financial payment transactions requires determination of the most
instruments. See Note 57 and 58 for further disclosures. appropriate valuation model, which is dependent on the terms
and conditions relating to vesting of the grant. This estimate
Provision for expected credit losses of trade receivables and also requires determination of the most appropriate inputs to
contract assets the valuation model including the expected life of the share
The Group performs an impairment analysis at each reporting option, volatility and dividend yield and making assumptions
date on an individual basis for major customers. In addition, about them. The assumptions and models used for estimating
a large number of minor receivables are grouped into fair value for share-based payment transactions are
homogenous groups and assessed for impairment collectively. disclosed in note 54.
The calculation is based on historical observed data for
NOTE 40: LIST OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES WHICH ARE INCLUDED IN THE
CONSOLIDATION AND THE COMPANY'S EFFECTIVE EQUITY SHAREHOLDINGS THEREIN ARE AS UNDER:
Effective equity Effective equity
Country of
Name of the entity shareholding as on shareholding as on
incorporation
March 31, 2023 March 31, 2022
List of subsidiaries
Sterlite Convergence Limited 100.00% 100.00% India
Sterlite Grid 5 Limited 100.00% 100.00% India


Effective equity Effective equity

Country of
Name of the entity shareholding as on shareholding as on
incorporation
March 31, 2023 March 31, 2022
Sterlite Grid 30 Limited (formerly known as NRSS XXIS JS Transmission limited) 100.00% 100.00% India
Sterlite Grid 31 Limited * 100.00% - India
One Grid Limited 100.00% 100.00% India
Sterlite EdIndia Foundation 99.95% 99.95% India
Sterlite Interlinks Limited # 100.00% - India
Khargone Transmission Limited ** - 100.00% India
Nangalbibra-Bongaigaon Transmission Limited 100.00% 100.00% India
Maharashtra Transmission Communication Infrastructure Limited 64.98% 64.98% India
Kishtwar Transmission Limited * 100.00% - India
Sterlite Brazil Participacoes S.A 100.00% 100.00% Brazil
GBS Participicoes S.A. Brazil * 100.00% - Brazil
Vineyards Participacoes S.A.** - 100.00% Brazil
Se Vineyards Power Transmission S.A., Brazil ** - 100.00% Brazil
Borborema Participacoes S.A. 100.00% 100.00% Brazil
Borborema Transmissão de Energia S.A. 100.00% 100.00% Brazil
São Francisco Transmissão de Energia S.A. 100.00% 100.00% Brazil
Goyas Transmissão de Energia S.A. 100.00% 100.00% Brazil
Marituba Transmissão de Energia S.A. 100.00% 100.00% Brazil
Solaris Transmissão de Energia S.A. 100.00% 100.00% Brazil
Jaçanã Transmissão de Energia S.A (Erstwhile Jaçanã Energia Ltd) * 100.00% - Brazil
Olindina Participaçõies S.A. (Erstwhile Jaçanã Transmissão de Energia S.A) * 100.00% - Brazil
Tangará Transmissão de Energia S.A. (Erstwhile Cerrado Transmissão de Energia S.A) * 100.00% - Brazil
Serra Negra Transmissão de Energia S.A (Erstwhile Veredas Transmissão de Energia S.A * 100.00% - Brazil
SF 542 Participações Societárias * 100.00% - Brazil
List of associates and joint ventures
Sterlite Interlinks Limited # - 49.00% India
Sterlite Grid 13 Limited (SG13L) 50.00% 50.00% India
Mumbai Urja Marg Liimited [formorely know as Vapi II-North Lakhimpur Transmission Limited 50.00% 50.00% India
(VNLTL)]
Goa-Tamnar Transmission Project Limited (GTTPL) 50.00% 50.00% India
Udupi Kasargode Transmission Limited (UKTL) 50.00% 50.00% India
Lakadia Vadodara Transmission Project Limited (LVTPL) 50.00% 50.00% India
* Subsidiary incorporated/acquired during the year.
** Entity sold during the year.
# Entity converted from associate to subsidiary during the year [refer note 6 (i)].

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NOTE 41: EMPLOYEE BENEFIT OBLIGATION

a) Defined contribution plan
The Group has recognised the following amounts in the statement of profit and loss on account of defined contribution plan:
(H in million)
Employer’s contribution to provident, superannuation and other employee welfare funds 145.79 137.04
Total 145.79 137.04
b) Defined benefit plan

The Group has a defined benefit gratuity plan which in unfunded. Every employee working in the Group gets a gratuity on
departure at 15 days salary (last drawn salary) for completed period of service.
Changes in the present value of the defined benefit obligation are as follows:
(H in million)
Defined benefit obligation at the beginning of the year 113.78 100.37
Interest cost 6.91 5.67
Liability transferred out/divestments (2.40) -
Benefits paid directly by the Group (18.75) (22.48)
Actuarial (gain)/loss due to change in financial assumptions (1.75) 6.77
Actuarial (gain)/loss on obligation due to experience adjustments 1.50 3.55
Actuarial (gain)/loss on obligation due to demographic assumptions 4.81 1.03
Present value of defined benefit obligation at the end of the year 115.00 113.78
Changes in the fair value of plan assets are as follows:

(H in million)
Fair value of plan assets at the beginning of the year 15.62 -
Employer's contribution 33.38 24.99
Return on plan assets 1.67 0.96
Fair value of plan assets at the end of the year 42.68 15.62
Details of defined benefit obligation

(H in million)
Present value of defined benefit obligation 115.00 113.78
Fair value of plan assets 42.68 15.62
Adjustment on account of merger - 2.06
Defined benefit liability 72.32 100.22
Current 16.59 24.12
Non Current 55.72 76.10


Net employee benefit expense recognised in the statement of profit and loss:
(H in million)
Interest cost on benefit obligation 6.91 5.67
Realised return on plan assets (0.95) -
Net benefit expense 16.86 24.54
Expenses recognised in other comprehensive income (OCI) for current year

(H in million)
Actuarial (gain)/loss on obligation for the year
- changes in demographic assumption 4.81 1.03
- changes in financial assumption (1.75) 6.77
- experience variance 1.50 3.55
- Return on plan assets excluding amounts recognised in net interest expense (0.72) (0.96)
Net (income)/expense for the year recognized in OCI 3.84 10.39
Amounts for the current and previous years are as follows:

(H in million)
Defined benefit obligation 115.00 98.16
Plan assets 42.68 -
Deficit (72.32) (98.16)
Experience adjustments on plan liabilities 1.50 3.55
Experience adjustments on plan assets - -
The principal assumptions used in determining defined benefit obligation are shown below:
Discount rate 7.35% 6.10%
Expected rate of return on plan asset NA NA
Employee turnover 8.00%-23.00% 15.00%-22.62%
Expected rate of salary increase 10% 9%
Actual rate of return on plan assets NA NA
The estimated future salary increase, considered in actuarial valuation, takes into account the effect of inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
Sensitivity analysis
(H in million)
Projected benefit obligation on current assumptions 115.00 113.78
Delta effect of +1% change in rate of discounting (7.11) (5.73)
Delta effect of -1% change in rate of discounting 7.98 5.46
Delta effect of +1% change in rate of salary increase 6.04 4.82
Delta effect of -1% change in rate of salary increase (5.84) (5.34)
Delta effect of +1% change in rate of employee turnover (4.50) (4.30)
Delta effect of -1% change in rate of employee turnover 7.52 8.32

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Maturity analysis of projected benefit obligation: From the employer (undiscounted basis)
(H in million)
Projected benefits payable in future years from the date of reporting
Within next 1 year 16.59 24.12
Beyond 10 years 82.61 33.70
NOTE 42: CAPITALISATION OF EXPENDITURE

During the year, the Group has capitalised the following expenses to the cost of property, plant and equipment/capital
work-in-progress (CWIP). Consequently, expenses disclosed under the respective notes are net of amounts capitalised by the Group.
(H in million)
A. Opening balance of expenditure included in CWIP 105.05 4,773.43
B. Additions to CWIP during the year
Finance costs* 197.06 457.45
Professional and consultancy fee 16.23 91.37
Other expenses 10.07 3.66
Total 223.36 552.48
C. Reduction in CWIP during the year
Transferred to property, plant and equipment - 2,905.07
Reduction due to loss of control in subsidiaries - 2,315.79
- 5,220.87
D. Closing balance of expenditure in CWIP (A+B-C) 328.41 105.05
* During the year, the Group has capitalised borrowing costs of H 197.06 million (March 31, 2022: H 457.45 million) incurred on the borrowings availed for
erection of transmission lines. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest
rate applicable to the company’s borrowings, in this case 9.25% to 10.95% p.a. (March 31, 2022: 9.25% p.a. to 12.45% p.a.)
NOTE 43: CAPITAL AND OTHER COMMITMENTS d) The Group has entered into agreements with the lenders
a) Estimated amount of contracts of the Group remaining to of following joint ventures wherein it has committed to
be executed on capital account and not provided for (net hold, together with AMP Capital Infrastructure Investment
of advances) are I 5,534.12 million (March 31, 2022: I No.2 S.A R.L. (‘AMP Capital’), directly or indirectly at
4,491.20 million). In addition, the Group has commitment all times at least 51% of equity share capital of below
related to further investment in joint ventures of I mentioned joint venture entities and not to sell, transfer,
2,279.72 million (March 31, 2022: I 3,248.06 million). assign, pledge or create any security interest except
pledge of shares to the respective lenders as covered in
b) Entities in power transmission grid business have entered respective agreements with lenders.
into transmission service agreements (TSAs) with long
1. Goa-Tamnar Transmission Project limited
term transmission customers pursuant to which these
entities have committed to transmit power of contracted 2. Lakadia-Vadodara Transmission Limited
capacity and have also committed minimum availability
3. Mumbai Urja Marg Limited (formerly known as Vapi
of transmission line over the period of respective
II-North Lakhimpur Transmission Limited)
TSAs. The TSAs contain provision for disincentives and
penalties in case of certain defaults. 4. Udupi Kasargode Transmission Limited
c) The Group has entered into service concession e) The Group has provided commitment to fund the cost
agreement in Brazil for construction and maintenance of overruns over and above the estimated project cost or
service concession assets. The Group has commitment cash deficiency if any to the lenders of the project in
towards contracts remaining to be executed for subsidiaries to the extent as specified in the agreements
construction of service concession assets and not executed with the respective lenders.
provided for (net of advances) of I 1,355.82 million
(March 31. 2022: I 17,201.72 million).


NOTE 44: CONTINGENT LIABILITIES

(H in million)

1 Disputed liabilities in appeal
a) Excise duty 73.56 73.56
b) Value Added Tax (VAT) and Central sales tax (refer note i below) 41.71 38.98
c) Income tax 3.91 -
d) Goods and service tax (refer note iii below) 1,827.39 -
2 Bank guarantees given
- To long term transmission customers on behalf of joint ventures 822.45 2,045.90
- On behalf of India Grid Trust 25.00 25.00
- To India Grid Trust for various claim with respect to sale of investments 1,163.04 1,336.00
3 Corporate guarantees given:
- Given on behalf of its related party revenue contract executed 188.60 188.60
- To India Grid Trust for clearance of items mentioned in the share purchase agreement with respect to sale 350.00 350.00
of East-North Interconnection Company Limited
Further, pursuant to share purchase agreement with India Grid I 0.56 million (March 31, 2022: I 0.56 million) while
Trust, the Group is to indemnify India Grid Trust for entry tax preferring the appeal in this matter.
demand of I 252.78 million (March 31, 2022 I 252.78 million)
sales tax demands of I 19.07 million (March 31, 2022: I 9.34 (d) VAT and CST demand of I Nil (March 31, 2022:
million) and income tax demands of I 27.92 million (March 31, I Nil) pertains to Telangana VAT Act, 2003 on
2022: 27.92 million) in relation to the companies sold to account on non- discharge of VAT liability by
India Grid Trust. sub- contractor for the period December 2015 to
June 2017. The Group has deposited an amount of
(i) The above Value Added Tax, Central Sales Tax and Entry I 3.44 million (March 31, 2022: I 3.44 million) while
Tax demand (along with the applicable interest, wherever preferring the appeal in this matter.
levied) pertains to the following matters.
(e) Central Sales Tax demand of I 1.46 million
(a) Central Sales Tax demand of I Nil (March 31, 2022: (March 31, 2022: I 1.46 million) pertains to the
I 16.80 million) raised under the Delhi VAT demand raised under the Jharkhand VAT Act, 2005
Act, 2004 on account of non-submission of the on account of non-submission of the C form and EII
declaration forms C pending to be received from the forms pending to be received from the suppliers for
customers for the Assessment Year 2014-15. the Assessment Year 2015-16, Assessment year
2016-17 and Assessment year 2017-18.
(b) Value Added Tax, Central Sales Tax and Entry Tax
demand of I 14.31 million (March 31, 2022: (f) Central Sales Tax demand of I 0.88 million
I 14.31 million) raised under the Madhya Pradesh (March 31, 2022: I 0.88 million) pertains to the
VAT Act, 2002 on account of non-submission of demand raised under the Odisha VAT Act, 2004 on
the declaration forms EI/EII and Form 3 pending to account of non-submission of the E1 declaration
be received / submitted for the Assessment Year forms pending to be received from the suppliers
2015-16. The Group has deposited an amount of for the Assessment Year 2016-17 and 2017-18.
I 4.77 million (March 31, 2022: I 4.77 million) while The Group has deposited an amount of I 0.10
preferring the appeal in this matter. million (March 31, 2022: I 0.10 million) while
preferring the appeal in this matter.
(c) Central Sales Tax demand of I 5.53 million
(March 31, 2022: I 5.53 million) raised under g) Value Added Tax demand of I 18.79 million
the West Bengal VAT Act, 2003 on account of (March 31, 2022: I 18.79 million) raised under
non-submission of the declaration forms C pending the Orissa Value Added Tax Act, 2004 on account
to be received / submitted for the Assessment Year of non-submission of the C Form pending to be
2014-15 and the Group has deposited an amount of received / submitted for the period October 2015

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to March 2016, April 2016 to June 2016 and NOTE 45: HEDGING ACTIVITIES AND DERIVATIVES
April 2014 to September 2015. Cash flow hedges
Foreign exchange forward contracts
The Group is contesting the demand by way of Foreign exchange forward contracts measured at fair value
preferring appeals to the higher tax authorities through other comprehensive income are designated as
and the management, including its tax advisors, hedging instruments in cash flow hedges of highly probable
believe that it's position will likely be upheld in the forecast transactions/firm commitments, majorly for sales
appellate process. No expense has been accrued in and purchases in USD and EUR. The foreign exchange
the financial statements for the tax demands raised. forward contract balances vary with the level of expected
The management believes that the ultimate outcome foreign currency sales and purchases and changes in foreign
of these proceedings will not have a material exchange forward rates. The terms of the foreign currency
adverse effect on the Group's financial position and forward contracts match the terms of the expected highly
results of the operations. probable forecast transactions. As a result, generally, no
hedge ineffectiveness arise requiring recognition through
(ii) During the previous year, one of the MSME vendor had profit or loss.
filed arbitration proceedings against the Group which
is pending before Delhi International Arbitration Centre Commodity future contracts
("DIAC"). The Group had filed a writ petition to Hon. Commodity future contracts entered on London Metal
Delhi High Court basis which the High Court has ordered Exchange (LME) measured at fair value through other
DIAC for stay of proceedings. The management doesn't comprehensive income are designated as hedging
expect the claim to succeed and accordingly no provision instruments in cash flow hedges of highly probable forecast
for the contingent liability has been recognised in the transactions/firm commitments for purchases of aluminium
financial statements. and copper. The futures contract balances vary with the
level of expected quantity of purchases of aluminium and
(iii) During the current year, the Group has received show copper. The terms of the future contracts match the terms
cause notice from Directorate General of Goods & Service of the expected highly probable forecast transactions/firm
Tax Intelligence, Surat Zonal Unit. The Group has received commitments. As a result, generally, no hedge ineffectiveness
a demand for erroneous refund in respect of exports arise requiring recognition through profit or loss.
made on payment of IGST under Rule 96(10) of the CGST
Rules, 2017. The Group has filed writ petition against The cash flow hedges during the year were assessed to be
this demand in Honourable Gujarat High Court and has highly effective and a net unrealised gain of I 22.34 million
received stay order against the demand. The Group (net of deferred tax of I 7.51 million) [March 31, 2022:
doesn’t expect the claim to succeed and has obtained I 1,603.15 million (net of deferred tax of I 538.28 million)]
a legal opinion for the said matter. Accordingly, no relating to the hedging instruments, is included in other
provision for contingent liability has been made in the comprehensive income. The amounts retained in in other
financial statements. Further, management believes comprehensive income as at March 31, 2023 is expected to
that even if the payment of GST is made, the same will mature and affect the statement of profit and loss during the
be re-credited to the electronic credit ledger (excluding year ended March 31, 2024.
penalty and interest) and the same can be utilised to pay
the output GST liability.


NOTE 46: DERIVATIVE INSTRUMENTS

(a) The following are the outstanding forward exchange contracts entered into by the Group, for hedge purpose, as on
March 31, 2023 and March 31, 2022:
Foreign currency Amount No. of contracts

Purpose Buy/Sell
(In million) (J in million) (Quantity)
March 31, 2023
Hedge of payables, supplier's credit and highly probable foreign USD 183.26 15,067.06 Buy 258
currency purchases
probable sale
Hedge of trade receivables and highly probable sale EUR 15.88 1,422.59 Sell 10
March 31, 2022
Hedge of payables, supplier's credit and highly probable foreign USD 101.33 7,681.30 Buy 141
currency purchases
probable sale
Hedge of trade receivables and highly probable sale EUR 6.68 565.94 Sell 10
(b) The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise
are given below:
Amounts payable in foreign currency on account of the following:

(H in million)
March 31, 2023 March 31, 2022
Category Currency type
Foreign currency Amount Foreign currency Amount
Import of goods and services EUR 0.02 1.94 0.00* 0.13
Import of goods and services USD 0.62 50.89 0.13 9.62
*Amount less than H 0.01 million
(c) Commodity future contracts to hedge against fluctuation in commodity prices:
The following are the outstanding future contracts entered into by the Group as on year end:
Contracted
Year Commodity type No. of contracts Buy/Sell
quantity (MT)
March 31, 2023 Aluminium 288 99,814 Buy
March 31, 2023 Aluminium 76 49,255 Sell
March 31, 2023 Copper 33 2,565 Buy
March 31, 2023 Copper 19 984 Sell
March 31, 2022 Aluminium 127 34,622 Buy
March 31, 2022 Aluminium 19 9,345 Sell
March 31, 2022 Copper 6 153 Buy
March 31, 2022 Copper 4 149 Sell

Empowering Humanity

NOTE 47: EMPLOYEE STOCK APPRECIATION RIGHTS (ESAR)

ESAR scheme 2017
The Group has not granted any Employee Stock Appreciation Rights (ESARs) during the year ended March 31, 2023 and
March 31, 2022 to employees under the Employee Stock Appreciation Rights plan 2017 (""ESAR 2017"") Scheme (""Scheme"")
as approved by the Committee formed by the Company under the Scheme vide Board Resolution dated 8 October 2017.
Following is the reconciliation of provision for ESARs outstanding issued in earlier years:
March 31, 2023 March 31, 2022

Particulars Amount Amount
Numbers Numbers
(J in million) (J in million)
Opening balance as at the beginning of the year - - 6,28,472 307.65
ESAR granted during the year - - - -
ESAR cancelled/waived - - - (16.37)
Payment towards ESARs vested - - (6,28,472) (291.28)
Closing balance as at the end of the year - - - -
During the previous year ended March 31, 2022, the Group has reversed expense of I 16.37 million in statement of profit and
loss and I 291.28 million has been paid to employees towards ESAR vested.
NOTE 48: PERFORMANCE CASH INCENTIVE PLAN FOR EMPLOYEE

Long Term Incentive Plan 2022
During the year ended March 31, 2022, the Group introduced Sterlite Power Plus Performance Cash Incentive Plan– 2021
(‘Performance Cash Incentive Plan’) for its employees pursuant to the approval from the Nomination and Remuneration committee
vide resolution dated September 24, 2021. Performance Cash Incentive Plan is designed to provide annual incentives to the
employees of the Group to contribute towards long term performance of the Group and achievement of the Group’s goals. It is a
cash settled plan.
The Nomination and remuneration committee of the Company has approved related vesting conditions. Vesting of the benefits
under Performance Cash Incentive Plan would be subject to continuous employment with the Group and certain performance
parameters subject to which the incentives would vest. The total cash incentives payable as per the Performance Cash Incentive
Plan are approved by the Nomination and remuneration committee and the cash pay out will be spread over a period of 3 years
as per the pay out schedule specified in the Performance Cash Incentive Plan based on the performance parameters achieved
by the Group during the relevant financial year. Subsequent to the first grant which was issued during the year ended March 31,
2022, the second grant was issued to eligible employees during the year ended March 31, 2023.
The Group has recorded liability towards Performance Cash Incentive Plan based on the projected unit completion method.
The Group has used certain assumptions such as attrition rate and discount rate to derive the present value of the obligation
under Performance Cash Incentive Plan.
The details of expenses and liability recognised during the year for the Performance Cash Incentive Plan are as follow:
(H in million)
Opening balance as at the beginning of the year 114.30 -
Performance Cash Incentive Plan provision during the year 33.11 114.30
Payment towards Performance Cash Incentive Plan vested (59.54) -
Closing balance as at the end of the year 87.87 114.30


NOTE 49: ACQUISITION OF MAHARASHTRA TRANSMISSION COMMUNICATION INFRASTRUCTURE LIMITED

(a) During the year ended March 31, 2022, the Group had acquired Maharashtra Transmission Communication Infrastructure
Limited (‘MTCIL’) which is engaged in the business of making available fiber capacity on lease rental to retail, wholesale and
enterprise /corporate customers, drawn from Optical Power Ground Wire (OPGW) network. The purchase consideration
primarily pertains to the fair value of the telecommunication infrastructure assets. As the fair value of MTCIL is substantially
concentrated in the property, plant and equipment, the management has considered acquisition of MTCIL as an asset
acquisition. As the acquisition is considered as an asset acquisition, consideration of I 278.65 million paid over and above
the book values of net assets as at date of acquisition of MTCIL has been adjusted to the cost of property, plant and
equipment in the consolidated financial statements.
(H in million)
Particulars March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment 858.62
Capital work-in-progress 55.25
Other intangible assets 27.40
Financial assets
Income tax asset (net) 115.60
Other non-current assets 16.30
Total non-current assets 1,073.44
Financial assets
i. Trade receivables 251.40
ii. Cash and cash equivalents 65.67
iii. Bank balances other than (ii) above 971.62
iv. Other financial assets 5.51
Total current assets 1,295.69
TOTAL ASSETS 2,369.13
Equity
Equity share capital 345.51
Other equity
i. Securities premium 6.67
ii. Retained earnings -170.37
ii. Other reserves 51.00
Total equity 232.81
Liabilities
i. Borrowings 88.05
ii. Lease liabilities 6.91
iii. Other financial liabilities 8.83
Employee benefit obligations 2.06
Other non-current liabilities 1,865.52
Total non-current liabilities 1,971.37

Empowering Humanity

(H in million)
Particulars March 31, 2022
Current liabilities
i. Short term borrowings 0.92
ii. Lease liabilities 0.07
iii. Trade payables 0.34
iv. Other financial liabilities 81.75
Employee benefit obligations 0.40
Current tax liability (net of advance tax and TDS) 81.48
Total current liabilities 164.95
TOTAL LIABILITIES 2,369.13
NOTE 50: LEASE LIABILITY

The Group has long term lease contracts for office premises, land, colocation space and vehicles. Information about leases for
which the Group is lessee is presented below.
Lease liabilities
(H in million)
Maturity analysis 31 March 2023 31 March 2022
Less than one year 101.04 124.62
One to two years 118.24 95.44
Two to five years 241.44 359.29
More than five years 6.36 -
Total lease liabilities as at balance sheet date 467.08 579.35
Set out below, are the carrying amount of the Group's liabilities and the movement during the year.
(H in million)
Opening lease liabilities at the beginning of the year 579.36 53.05
Add: Additions/(deletions) [net] (18.96) 566.71
Add: Interest expense 56.42 19.59
Less: Adjustments - 26.32
Less: Payments (149.21) (86.31)
Add/(Less): Foreign currency translation (0.53) -
Closing lease liabilities at the end of the year 467.08 579.36
Current 101.04 124.62
Non-current 366.04 454.74
The weighted average incremental borrowing rate for discounting lease payments for India: 11.00% p.a. to 11.50% p.a.
(March 31, 2022: 9.83% p.a. to 11.75% p.a.) and for Brazil: 9.79% p.a. (March 31, 2022: 10.24% p.a.)


NOTE 51: STATUTORY GROUP INFORMATION (SHARE IN NET ASSETS)

Net assets, i.e., total assets minus total Net assets, i.e., total assets minus total
liabilities (March 31, 2023) liabilities (March 31, 2022)
Name of entity
As % of consolidated As % of consolidated
net assets net assets
Parent
Sterlite Power Transmission Limited 69.72% 10,523.15 43.94% 7,464.41
Subsidiaries
- Indian
Sterlite Convergence Limited 1.66% 249.85 0.67% 114.61
Sterlite EdIndia Foundation 0.01% 0.79 0.02% 2.58
Sterlite Grid 5 Limited (0.14)% (21.16) (0.13)% (21.33)
Sterlite Grid 6 Limited 0.00% 0.45 0.00% (0.17)
Sterlite Grid 9 Limited 0.00% (0.03) 0.00% (0.17)
Sterlite Grid 15 Limited 0.00% 0.44 0.00% 0.37
Sterlite Grid 16 Limited (10.58)% (1,596.77) 0.00% (0.01)
Sterlite Grid 22 Limited 0.00% (0.01) 0.00% 0.00
Sterlite Grid 29 Limited - - 0.00% (0.62)
Sterlite Grid 31 Limited 0.00% 0.28 - -
One Grid Limited 0.00% (0.04) 0.00% 0.03
Maharashtra Transmission Communication Infrastructure 1.13% 170.86 3.22% 547.85
Limited
Nangalbibra-Bongaigaon Transmission Limited 8.29% 1,251.63 (2.07)% (351.58)
Kishtwar Transmission Limited (1.98)% (299.46) -
Khargone Transmission Limited - - 22.35% 3,797.31
Sterlite Interlinks Limited 1.05% 158.67 - -

Empowering Humanity

Net assets, i.e., total assets minus total Net assets, i.e., total assets minus total
liabilities (March 31, 2023) liabilities (March 31, 2022)
Name of entity
As % of consolidated As % of consolidated
net assets net assets
- Foreign
Sterlite Brazil Participacoes S.A (50.69)% (7,651.06) (12.92)% (2,194.62)
GBS Participicoes S.A. Brazil (formerly known as (43.43)% (6,554.07) (39.25)% (6,668.37)
Borborema Participacoes S.A.)
Se Vineyards Power Transmission S.A. - - 9.46% 1,607.45
Vineyards Participacoes S.A. - - (15.55)% (2,641.12)
Dunas Transmissão de Energia S.A* - -
Borborema Transmissão de Energia S.A. 24.92% 3,761.40 14.07% 2,389.96
São Francisco Transmissão de Energia S.A. 3.18% 480.1 3.27% 555.69
Goyas Transmissão de Energia S.A. 36.65% 5,531.28 30.93% 5,254.55
Marituba Transmissão de Energia S.A. 26.69% 4,028.33 22.56% 3,831.95
Solaris Transmissão de Energia S.A. 31.49% 4,752.51 17.47% 2,967.20
Jaçanã Transmissão de Energia S.A (Erstwhile Jaçanã 0.33% 49.86 - -
Energia Ltd)
Olindina Participaçõies S.A. (Erstwhile Jaçanã - - - -
Transmissão de Energia S.A)
Tangará Transmissão de Energia S.A. (Erstwhile Cerrado 0.06% 9.23 - -
Serra Negra Transmissão de Energia S.A (Erstwhile 0.01% 1.79 - -
Veredas Transmissão de Energia S.A
SF 542 Participações Societárias - - - -
Associate
- Indian
Sterlite Interlinks Limited - - 0.08% 12.85
Joint ventures
- Indian
Sterlite Grid 13 Limited - - - -
Total 100.00% 15,092.78 100.00% 16,987.59


NOTE 52: STATUTORY GROUP INFORMATION (SHARE IN PROFIT OR LOSS)

Share in profit or loss Share in profit or loss
(Period ended March 31, 2023) (Period ended March 31, 2022)
Name of entity
As % of profit/loss As % of profit/loss
for the period for the period
Parent
Sterlite Power Transmission Limited (991.65)% 3,245.87 89% 3,911.16
Subsidiaries
- Indian
Sterlite Convergence Limited 5.47% (17.92) (0.5)% (21.92)
Sterlite EdIndia Foundation 8.58% (28.08) (0.7)% (30.43)
Sterlite Grid 4 Limited^ - 93.5% 4,114.59
Sterlite Grid 5 Limited 0.14% (0.47) (0.1)% (2.76)
Sterlite Grid 24 Limited (0.09)% 0.28 0.0% (0.03)
Sterlite Grid 28 Limited (0.16)% 0.52 0.0% (1.26)
Sterlite Grid 31 Limited 0.37% (1.22) -
One Grid Limited 0.02% (0.07) 0.0% (0.04)
Maharashtra Transmission Communication Infrastructure (84.65)% 277.07 -
Limited
Nangalbibra-Bongaigaon Transmission Limited 0.55% (1.81) (0.1)% (3.72)
Kishtwar Transmission Limited 0.93% (3.05) -
Khargone Transmission Limited (36.10)% 118.17 0.0% 0.28
Sterlite Interlinks limited(from june 01,2022) (6.25)% 20.44 -

Empowering Humanity

Share in profit or loss Share in profit or loss

(Period ended March 31, 2023) (Period ended March 31, 2022)
Name of entity
As % of profit/loss As % of profit/loss
for the period for the period
- Foreign
Sterlite Brazil Participacoes S.A 96.06% (314.42) (4)% (169.76)
Se Vineyards Power Transmission S.A. - 0% (4.69)
Vineyards Participacoes S.A. 14.33% (46.92) (8)% (331.33)
Dunas Transmissão de Energia S.A - 0% 2.95
Borborema Transmissão de Energia S.A. (216.15)% 707.49 (2)% (71.27)
GBS Participacoes S.A. (Formerly known as Borborema 444.53% (1,455.03) (4)% (164.11)
Participacoes S.A.)
São Francisco Transmissão de Energia S.A. 546.52% (1,788.85) 0% 4.62
Goyas Transmissão de Energia S.A. (75.71)% 247.81 (6)% (271.07)
Marituba Transmissão de Energia S.A. (47.47)% 155.39 0% (17.80)
Solaris Transmissão de Energia S.A. (422.39)% 1,382.57 3% 144.42
Jaçanã Transmissão de Energia S.A (Erstwhile Jaçanã 0.29% (0.94) - -
Energia Ltd)
Olindina Participaçõies S.A. (Erstwhile Jaçanã - - -
Tangará Transmissão de Energia S.A. (Erstwhile Cerrado 0.16% (0.51) - -
Serra Negra Transmissão de Energia S.A (Erstwhile 0.14% (0.46) - -
Veredas Transmissão de Energia S.A
SF 542 Participações Societárias - - -
Associates
- Indian
Sterlite Interlinks Limited(upto May 31, 2023 (0.02)% 0.05 0% 0.26
Joint Venture
- Indian
Sterlite Grid 13 Limited 477.34% (1,562.44) (32)% (1,424.93)
Sterlite Grid 14 Limited 33.99% (111.28) (2)% (96.56)
Total 100.00% (327.32) 100.00% 4,401.42
^ Company merged with Sterlite Power Transmission Limited (refer note 61)
NOTE 53: STATUTORY GROUP INFORMATION (SHARE IN OTHER COMPREHENSIVE INCOME)

Share in other comprehensive income Share in other comprehensive income
(year ended March 31, 2023) (year ended March 31, 2022)
Name of entity
As % of OCI for As % of OCI for
the year the year
Parent
Sterlite Power Transmission Limited 104.50% (1,821.03) 80.07% 4,178.05
Foreign subsidiaries
Sterlite Brazil Participacoes S.A -4.50% 78.38 19.93% 1,040.09
Total 100.00% (1,742.65) 100.00% 5,218.15


NOTE 54: SHARE BASED PAYMENTS

Details of the Employee Share Option Plan (ESOP) of the Company:
(a) The ESOP titled “Sterlite Power Transmission Limited Restricted Stock Unit Scheme 2022” (RSU 2022/ Scheme) was
approved by the shareholders of the Company on July 06, 2022. Total 12,23,638 options are covered under the Scheme
which are convertible into equal number of equity shares of the Company. The vesting period of these options range over a
period of three years and the options must be exercised within a period of four years from the date of vesting. The Company
has granted 3,52,900 options (March 31, 2022: Nil) under this scheme during the year ended March 31, 2023.
(b) During the current year, Employee benefit expense of I 59.06 million (March 31, 2022: Nil) relating to the above referred
Employee Share Option Plan have been recognised in the statement of profit and loss.
Fair value of share options granted during the year:

The fair value of the options granted during the year is I 463.21 per option. The Options were priced using a Black- Scholes
method of valuation at grant date. Expected volatility is based on the historical share price volatility over the past 3 years.
The following assumptions were used for valuation of fair value of options granted during the year:
Particulars Amount
Grant date share price (in I) 474.75
Exercise price per share (in I) 2.00
Expected life (in years) 3.00 to 5.01
Expected volatility (%) 40.45 to 41.06
Dividend yield (%) 0.56
Risk-free interest rate (%) 6.73 to 7.06
Employee share options details as on the balance sheet date are as follows:
Weighted average
Particulars Options (Nos.) exercise price per
option (H)
Option outstanding at the beginning of the year: - -
Granted during the year: 3,52,900 2.00
Exercised during the year - -
Lapsed/ cancelled during the year 29,940 -
Options outstanding at the end of the year:* 3,22,960 2.00
Options available for grant 9,00,678 2.00
* Includes options vested but not exercised as at March 31, 2023: Nil (March 31, 2022: Nil)
# Above grants, exercise price and fair value is adjusted on account of issue of bonus shares during the year as per scheme (refer note 16).
NOTE 55: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group's financial liabilities comprise borrowings, trade and other payables and other financial liabilities. The main purpose
of these financial liabilities is to finance the Group's operations. The Group's principal financial assets include Investments, loans,
trade and other receivables, cash and short-term deposits and other financial assets that derive directly from its operations.
The Group also holds FVTOCI 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. 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 Group reviews and agrees policies for managing each of these risks, which are summarised below.

Empowering Humanity

The Risk Management policies of the Group are established The following assumption has been made in calculating
to identify and analyse the risks faced by the Group, to set the sensitivity analysis:
appropriate risk limits and controls and to monitor risks and
adherence to limits. Risk management policies and systems • The sensitivity of the relevant statement of profit or
are reviewed regularly to reflect changes in market conditions loss item is the effect of the assumed changes in
and the group's activities. respective market risks. This is based on the financial
assets and financial liabilities held at March 31, 2023
Management has overall responsibility for the establishment and March 31, 2022.
and oversight of the Group's risk management framework.
Interest rate risk
(a) Market risk Interest rate risk is the risk that the fair value or the future
Market risk is the risk that the fair value of future cash cash flows of a financial instrument will fluctuate because
flows of a financial instrument will fluctuate because of of changes in market interest rates. The Group's exposure
changes in market prices. Market risk comprises three to the risk of changes in market interest rate primarily
types of risk: interest rate risk, currency risk and other relates to the Group's long term debt obligations with
price risk, such as equity price risk and commodity risk. floating interest rates.
Financial instruments affected by market risk include
loans and borrowings, deposits, investments and The Group is exposed to the interest rate fluctuation in
derivative financial instruments. both domestic and foreign currency borrowing. The Group
manages its interest rate risk by having a balanced
The sensitivity analyses in the following sections relate to portfolio of fixed and variable rate loans and borrowings.
the position as at March 31, 2023 and March 31, 2022. As at March 31, 2023, 9.08 % of the Group's borrowings
are at a fixed rate of interest (March 31, 2022: 2.62%).
The sensitivity analyses have been prepared on the
basis that the amount of net debt, the ratio of fixed to Further, the Group does not record borrowings at fair
floating interest rates of the debt and derivatives and the value through profit and loss.
proportion of financial instruments in foreign currencies
are all constant and on the basis of hedge designations in Interest rate sensitivity
place at March 31, 2023. The following table demonstrates the sensitivity to a
reasonably possible change in the interest rates on
The analyses exclude the impact of movements in the portion of loans and borrowings affected. With all
market variables on: the carrying values of gratuity the other variables held constant, the Group's profit
and provisions. before tax is affected through the impact on floating rate
borrowings, as follows:
(H in million)
Increase/
Effect on profit
Particulars decrease in
before tax*
basis points
March 31, 2023
Base Rate +50 (216.06)
Base Rate -50 216.06
March 31, 2022 #
Base Rate +50 (102.78)
Base Rate -50 102.78
*Part of the interest costs pertaining to under construction projects Foreign currency risk
get capitalised. The figures for sensitivity in the above table are Foreign currency risk is the risk that the fair value or
before considering the capitalisation of interest costs. future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group's exposure
#
Does not include sensitivity with respect to interest on borrowings
associated with assets classified as held for sale. Refer note 12.
to the risk of changes in foreign exchange rates relates
primarily to the group’s operating activities (when revenue
or expense is denominated in a foreign currency) and
foreign currency borrowings.


The Group has a policy to keep minimum forex Foreign currency sensitivity
exposure on the books that are likely to occur within a The following tables demonstrate the sensitivity to a
maximum 12-month period for hedges of forecasted reasonably possible change in USD and EUR exchange
sales and purchases. rates, with all other variables held constant. The impact
on the Group's profit before tax is due to changes in the
When a derivative is entered into for the purpose of fair value of monetary assets and liabilities. The impact
being a hedge, the Group negotiates the terms of those on the Group’s pre-tax equity is due to changes in the fair
derivatives to match the terms of the hedged exposure. value of forward exchange contracts designated as cash
For hedges of forecast transactions the derivatives cover flow hedges. The Group’s exposure to foreign currency
the period of exposure from the point the cash flows changes for all other currencies is not material. With all
of the transactions are forecasted up to the point of the other variable held constant, the Group's profit before
settlement of the resulting receivable or payable that is tax is affected through the impact on change of foreign
denominated in the foreign currency. currency rate as follows:
Out of total foreign currency exposure the Group has

hedged the exposure of 99.99% as at March 31, 2023
and 99.99% as at March 31, 2022.
(H in million)
Effect on profit before Effect on profit before

Change in USD rate Change in Euro rate
tax / pre-tax equity tax / pre-tax equity
March 31, 2023 +5% (2.54) +5% (0.10)
-5% 2.54 -5% 0.10
March 31, 2022 * +5% (0.48) +5% (0.01)
-5% 0.48 -5% 0.01
Commodity price risk Equity price risk

The Group is affected by the price volatility of certain The Group has invested in mutual fund units, compulsory
commodities. Its operating activities require the ongoing convertible debentures and unlisted equity securities
purchase of aluminium and copper for manufacture which are susceptible to market price risk arising from
of conductor and OPGW, power cables and therefore uncertainties about future values of the investment
requires a continuous supply of aluminium and copper. securities. The Group manages the equity price risk by
Due to the volatility of the price of aluminium and copper, placing limits on individual and total equity instruments.
the Group enters into various purchase contracts for Reports on the equity portfolio are submitted to
aluminium and copper on London Metal Exchange. the Group’s senior management on a regular basis.
The prices in these purchase contracts are linked to the The Company’s Board of Directors reviews and approves
price on London Metal Exchange. all equity investment decisions.
The Company’s Board of Directors has developed At the reporting date, the exposure to mutual fund units,
and enacted a risk management strategy regarding compulsory convertible debentures and unlisted equity
commodity price risk and its mitigation. securities at fair value is I 1,753.89 million (March 31,
2022: I 211.57 million). Sensitivity analysis of these
Based on forecasted delivery plans, the Group hedges investments have been provided in note 57.
the aluminium and copper price using future commodity
contracts. The forecast is deemed to be highly probable. Credit risk
Credit risk is the risk that a counterparty will not meet
Commodity price sensitivity its obligations under a financial instrument or customer
As per the Group's policy for commodity price hedging, contract, leading to a financial loss. The Group is exposed
all the commodity price exposures as on reporting dates to credit risk from its operating activities (primarily trade
are fully hedged. Thus, there are no open unhedged receivables) and from its financing activities, including
exposures on the reporting dates. deposits with banks, foreign exchange transactions and
other financial instruments.

Empowering Humanity

Trade receivables Group has not considered any expected credit loss on
Customer credit risk is managed by each business unit the financial assets in the nature of trade receivables
subject to the group’s established policy, procedures of transmission business. During the various periods
and control relating to customer credit risk management. presented, there has been no change in the credit risk of
Credit quality of a customer is assessed based on an trade receivables of transmission business. However, this
extensive credit rating scorecard and individual credit assessment may need a review if there is any change in
limits are defined in accordance with this assessment. the Pooling Regulations.
Outstanding customer receivables are regularly
monitored and any shipments to major customers are Financial guarantee contracts
generally covered by letters of credit or other forms of The Group is exposed to credit risk in relation to financials
credit insurance. guarantee given by the Group on behalf of joint ventures
and other external parties. The Group's maximum
An impairment analysis is performed at each reporting exposure in this regard is the maximum amount the
date on an individual basis for major customers. Group could have to pay if the guarantee is called on
In addition, a large number of minor receivables are as at March 31, 2023 is I 2,549.10 million (March 31,
grouped into homogenous groups and assessed for 2022: I 3,945.50 million). These financial guarantees
impairment collectively. The calculation is based on losses have been issued to bank and long term transmission
historical data. The maximum exposure to credit risk at customer on behalf of its joint ventures and other external
the reporting date is the carrying value of each class of parties. Based on the expectations at the end of reporting
financial assets. The group does not hold collateral as period, the Group considers likelihood of any claim under
security. The group evaluates the concentration of risk guarantee is remote.
with respect to trade receivables as low, as its customers
are located in several jurisdictions and operate in largely Financial instruments and cash deposits
independent markets. Credit risk from balances with banks and financial
institutions is managed by the Group’s treasury
The Group is also engaged in transmission infrastructure department in accordance with the Group’s policy.
development business under BOOM (Build, Own, Operate Investments of surplus funds are made only with
and Maintain) and currently derive its revenue primarily approved counterparties and within credit limits assigned
from BOOM contracts with long term transmission to each counterparty. Counterparty credit limits are
customers ('LTTC'). The Group being transmission licensee reviewed by the Board of Directors on an annual basis,
receives payments as per the pooling arrangements and may be updated throughout the year. The limits are
specified under the Central Electricity Regulatory set to minimise the concentration of risks and therefore
Commission (Sharing of Inter State Transmission Charges mitigate financial loss through counterparty’s potential
and Losses) Regulations, 2010 ('Pooling Regulations'). failure to make payments.
In the PoC method, the transmission charges to be
recovered from the entire system are allocated between The Group’s maximum exposure to credit risk for the
users based on their location in the grid. Under the PoC components of the balance sheet at March 31, 2023 and
mechanism, all the charges collected by the Central March 31, 2022 is the carrying amounts of each class
Transmission Utility ('CTU') from LTTC's are disbursed of financial assets except for financial guarantees and
pro-rata to all Transmission Service Providers ('TSPs') from derivative financial instruments. The Group’s maximum
the pool in proportion of the respective billed amount. exposure relating to financial guarantees and financial
Due to this, the TSPs are shielded against any potential derivative instruments is noted in note 45 and the
default by a particular customer. If a particular customer liquidity table below.
delays or defaults, the delay or shortfall is prorated
amongst all the TSPs. Based on past history of payments, Liquidity risk
payments due have always been paid and there have Liquidity risk is the risk that the Group may encounter
been no write-off's for due amounts. Due to the payment difficulty in meeting its present and future obligations
mechanism explained above as well as due to no history associated with financial liabilities that are required
of any write-off's of payments which were due, the to be settled by delivering cash or another financial


asset. The Group's objective is to, at all times, maintain management system. It aims to minimise these risks
optimum levels of liquidity to meet its cash and collateral by generating sufficient cash flows from its current
obligations. The Group requires funds both for short term operations, which in addition to the available cash and
operational needs as well as for long term investment cash equivalents, liquid investments and sufficient
programs mainly in growth projects. The Group closely committed fund facilities, will provide liquidity.
monitors its liquidity position and deploys a robust cash
The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period
taken to settle trade payables is about 60 - 180 days. The other payables are with short term durations. The carrying
amounts are assumed to be reasonable approximation of fair value. The table below summarises the maturity profile of the
Group's financial liabilities based on contractual undiscounted payments:
(H in million)
Payable on 1 year to
Particulars Less than 1 year > 5 years Total
demand 5 years
Borrowings # 1,990.89 9,568.94 9,761.01 27,048.63 48,369.47
Other financial liabilities - 4,130.29 - - 4,130.29
Trade payables - 20,978.17 - - 20,978.17
Payables for property, plant and equipment - 1,887.59 - - 1,887.59
Derivatives - 58.09 - - 58.09
Lease liabilities - 101.04 359.68 6.36 467.08
Financial / Performance guarantee contracts* 2,549.10 - - - 2,549.10
4,539.99 36,724.12 10,120.69 27,054.99 78,439.78
Borrowings # 1,852.76 4,085.48 271.21 15,629.07 21,838.52
Other financial liabilities - 2,215.41 176.13 - 2,391.54
Trade payables - 16,688.23 - - 16,688.23
Payables for property, plant and equipment - 474.34 - - 474.34
Derivatives - 7.46 - - 7.46
Financial / Performance guarantee contracts* 3,945.50 - - - 3,945.50
5,798.26 23,595.54 902.08 15,629.07 45,924.95
* Based on the maximum amount that can be called for under the NOTE 56: CAPITAL MANAGEMENT
financial guarantee contract. Financial guarantee contract pertains For the purpose of the group's capital management, capital
to guarantees given to term loan lender, long term transmission includes issued equity capital and all other equity reserves
customer on behalf of joint ventures and other parties. These will be
attributable to the equity holders of the group. The primary
invoked in case of default by the party on whose behald the financial
guarantee is given (refer note 44). objective of the group's capital management is to ensure that
it maintains a strong credit rating and healthy capital ratios in
# Including short and term long term borrowings and interest order to support its business and maximise shareholder value.
accrued thereon.

Empowering Humanity

The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net
debt divided by total capital plus net debt. The Group's policy is to keep the gearing ratio optimum. The Group includes within
net debt, interest bearing loans and borrowings, lease liabilities, trade payables and other financial liabilities less cash and cash
equivalents, short-term deposits and current investments.
(H in million)
As at As at
Particulars
March 31, 2023 March 31, 2022
Borrowings# 43,653.40 20,832.22
Trade payables 20,978.17 16,688.24
Other financial liabilities 8,330.98 3,504.65
Advances received from customers 14,296.68 7,304.43
Less: Cash and cash equivalents, short-term deposits and current investments (15,183.30) (13,500.53)
Net debt (A) * 72,075.93 34,829.01
Equity share capital 244.72 122.36
Other equity 14,695.30 16,783.70
Total capital (B) 14,940.02 16,906.06
Capital and net debt [C = (A+B)] 87,015.95 51,735.07
Gearing ratio (A/C) 45.30% 40.23%
* Does not include amounts associated with disposal groups classified as held for sale (Refer note 12).
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 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 year ended March 31, 2023 and
March 31, 2022.


NOTE 57: FAIR VALUES

Set out below is the comparison of class of the carrying amount and fair value of the Group’s financial instruments that are
recognized in the financial statements:
(H in million)
Particulars
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Financial assets
Investment in equity instruments 100.16 112.45 100.16 112.45
- At fair value through profit or loss
Investment in compulsorily convertible debentures 848.72 99.13 848.72 99.13
Investment in mutual funds 805.00 - 805.00 -
- At amortised cost
Investment in non-convertible debentures 7,169.67 5,744.40 7,169.67 5,744.40
Loans - 35.52 - 35.52
Trade receivables 15,996.30 13,604.29 15,996.30 13,604.29
Cash and cash equivalents 11,576.15 11,475.58 11,576.15 11,475.58
Other bank balances 2,802.15 2,024.95 2,802.15 2,024.95
Other financial assets 2,700.54 2,403.68 2,700.54 2,403.68
Total 42,538.11 36,022.69 42,538.11 36,022.69
- At amortised cost
Borrowings 46,114.47 21,207.22 46,114.47 21,207.22
Lease liabilities 467.09 579.36 467.09 579.36
Trade payables 20,978.17 16,688.23 20,978.17 16,688.23
Other financial liabilities 8,272.88 3,497.19 8,272.88 3,497.19
Total 75,890.70 41,979.46 75,890.70 41,979.46
The management assessed that cash and cash equivalents, other bank balances, trade receivables, trade payables, other
financial assets and liabilities, lease liabilities approximate their carrying amounts largely due to the short-term maturities of these
instruments. The management has further assessed that borrowings availed and loans given approximate their carrying amounts
largely due to the interest rates being variable or in case of fixed rate borrowings/loans, movements in interest rates from the
recognition of such financial instrument till period end not being material.
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, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:
• The fair values of the quoted mutual funds are based on price quotations at the reporting date.
• The fair values of the unquoted equity instruments and compulsorily convertible debentures have been estimated using a
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 these unquoted Equity investments and compulsory
convertible debentures
• The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings.
Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market observable
inputs. The most frequently applied valuation techniques include forward pricing model, using present value calculations.

Empowering Humanity

The models incorporate various inputs including the credit quality counterparties, foreign exchange spot and forward rates,
yield curves of the respective currencies, currency basis spread between the respective currencies, interest rate curves etc.
The fair values of commodity futures contracts are based on price quotations on LME at the reporting date. The changes in
counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge
relationships and other financial instruments recognised at fair value.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at March 31, 2023 and March 31, 2022 are as shown below:
Description of significant unobservable inputs to valuation:

A FVTOCI assets - unquoted compulsorily convertible debentures of joint ventures
The fair value of the investments in compulsorily convertible debentures of joint ventures have been determined based on
the fair values of the various transmission projects constructed by the respective joint ventures. Such fair values have been
computed based on discounted cash flow (DCF) method during the year ended March 31, 2023 and March 31, 2022.
(H in million)
Increase/(decrease) in fair value

Sensitivity of the input
Significant unobservable inputs Range of equity shares
to fair value
March 31, 2023 March 31, 2022
(i) Cost of equity (i) Operational projects
March 31, 2023: 12.75%
March 31, 2022: NA
(ii) New/under construction project (+) 0.5% (111.58) (111.30)
March 31, 2023: 14.75%
(-) 0.5% 121.73 120.62
March 31, 2022: 13.50% - 14.50%
ii) Cost of debt March 31, 2023: 7.50% - 7.75% (+) 0.5% (485.51) (400.97)
March 31, 2022: 8.00% (-) 0.5% 482.39 398.28
iii) Incremental tariff expected to be Change in law claim has been considered (+) 5% 120.32 32.89
approved by CERC in respect in the fair valuation of Lakadia-Vadodara (of non-escalable
of cost overruns due to force Transmission Project Limited for the year tariff)
majeure/change in law (as % of ended March 31, 2023. (-) 5% (120.76) (32.89)
non-escalable tariff) (of non-escalable
tariff)
iv) Project cost (for under (+) 5% (312.66) (781.14)
construction assets) (note 1) (-) 5% 312.32 304.06
Note 1:
(H in million)
Project cost
Project March 31, 2023 March 31, 2022
Goa-Tamnar Transmission Project Limited 17,685.28 13,442.00
Lakadia-Vadodara Transmission Project Limited NA 20,291.00
B. FVTOCI assets - Unquoted equity instruments of Sharper Shape Group Inc.

Valuation technique: Discounted Cash Flow (DCF) method
Sr Increase/(decrease) in fair value

Sensitivity of the input
No. Significant unobservable inputs Range of equity shares
to fair value
March 31, 2023 March 31, 2022
i) Discount for lack of marketability March 31, 2023: 20.00% 5% increase (5.67) (6.27)
March 31, 2022: 20.00% 5% decrease 6.93 6.27


NOTE 58: FAIR VALUES HIERACHY

The following table provides the fair value measurement hierarchy of the Group's assets and liabilities
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at March 31, 2023 and March 31, 2022
(H in million)
Fair value measurement using

Quoted prices in Significant Significant
Amount active markets observable unobservable
(Level 1) inputs (Level 2) inputs (Level 3)
Assets/(liabilities) measured at fair value through profit and loss
Mutual fund investments
As at March 31, 2023 805.00 805.00 - -
As at March 31, 2022 - - - -
Investment in compulsorily convertible debentures
As at March 31, 2023 848.72 - - 848.72
As at March 31, 2022 99.13 - - 99.13
Assets/(liabilities) measured at fair value through other
Investment in equity instruments
As at March 31, 2023 100.16 - - 100.16
As at March 31, 2022 112.45 - - 112.45
Derivative asset/(liabilities) (net)
As at March 31, 2023 481.34 - 481.34 -
As at March 31, 2022 515.23 - 515.23 -
There have been no transfers among level 1, level 2 and level 3.
NOTE 59: RELATED PARTY DISCLOSURES

(A) Name of related party and nature of its relationship:
(a) Related parties where control exists
(i) Holding company
Twin Star Overseas Limited, Mauritius (immediate holding company)
(ii) Ultimate holding company

Volcan Investments Limited, Bahamas (ultimate holding company)
(b) Other related parties under IND AS-24 "Related party disclosures" with whom transactions have taken place during the year
(i) Associates
Indigrid Investment Managers Limited [formerly known as Sterlite Investment Managers Limited] (till January 14, 2022)
Sterlite Interlinks Limited (till May 31, 2022)
NER-II Transmission Limited (till 29, june 2021)
(ii) Joint ventures

Sterlite Grid 14 Limited (from April 06, 2021)
(iii) Subsidiaries of joint ventures

Mumbai Urja Marg Limited (formerly known as Vapi II North Lakhimpur Transmission Limited)
Udupi Kasargode Transmission Limited (from April 06, 2021)
Lakadia-Vadodara Transmission Project Limited (from April 06, 2021)
Goa-Tamnar Transmission Project Limited (from April 06, 2021)

Empowering Humanity

(iv) Key management personnel (KMP)

Mr. Pravin Agarwal (Chairman)
Mr. Pratik Agarwal (Managing Director)
Mr. Anuraag Srivastava (Chief Financial Officer) (till September 30, 2021)
Mr. Sanjeev Bhatia (Chief Financial Officer) (from October 01, 2021)
Mr. Manish Agrawal (Whole time Director) (from December 17, 2021)
Mrs. Kamaljeet Kaur (Whole time Director) (from June 29, 2022)
(v) Fellow subsidiaries

Vedanta Limited
Bharat Aluminium Company Limited
Hindustan Zinc Limited
Sterlite Technologies Limited
Serentica Renewables India Private Limited [formerly known as Sterlite Power Technologies Private Limited]
(till 9 March 2023)
Maharashtra Transmission Communication Infrastructure Limited (till March 30, 2022)
ESL Steels Limited (formerly know as Electrosteel Steels Limited)
(vi) Associates of immediate holding company

Serentica Renewables India Private Limited [formerly known as Sterlite Power Technologies Private Limited] (from
March 10, 2023)
Serentica Renewables India 1 Private Limited (from March 10, 2023)
Serentica Renewables India 4 Private Limited (from March 10, 2023)
Serentica Renewables India 3 Private Limited (from March 10 2023)
Serentica Renewables India 9 Private Limited (from 10 March ,2023)
(c) Additional related parties as per Companies Act, 2013 with whom transactions have taken place during the year
(i) Key management personnel (KMP)
Mr. Arun Todarwal (Director) (till July 24, 2021)
Mr. Anoop Sheth (Independent Director)
Ms. Zhao Haixia (Director) (till March 31, 2022)
Mr. A.R. Narayanswamy (Independent Director)
Mr. Ashok Ganesan (Company Secretary)
(ii) Entities in which directors are interested

PTC Cables Private Limited (till July 24, 2021)
Talwandi Sabo Power Limited
Universal Floritech LLP
(iii) Relatives of key management personnel (KMP)

Mr. Navin Kumar Agarwal
Mrs. Suman Didwania

(B) The transactions with related parties during the year and their outstanding balances are as follows:
(H in million)
Associate, Joint Ventures and KMPs, Relatives of KMPs and entities
S. Entities in which directors Holding companies and
Particulars its subsidiaries, Associates of in which Directors
No. are interested fellow subsidiaries
immediate holding company are interested
Transactions March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
1 Purchase of goods and services (including - - - - 0.20 - 18,711.25 13,355.18
GST)
2 Sale of services 10.35 25.13 - - - - - -
3 Sale of goods (including GST) - - - - - - 302.36 35.36
4 Interest income 709.22 562.97 - - - - 9.36 7.81
5 Loans and advances given 307.00 - - - - - 317.90 35.00
6 Loans and advances given to related parties 442.00 27.00 - - - - 217.90 310.44
repaid
7 Reimbursement of expenses paid to related - - - - - - 4.60 15.50

parties
8 Reimbursement of expense paid on behalf of 3.26 52.99 - - - - 6.39 5.13
related parties
9 Reimbursement of expenses recovered from - - - - - - - 0.68
related parties
10 Purchase of power - - - - - - 44.44 31.33
11 Remuneration paid [refer sub-note (D)] - - 150.51 149.96 - - - -
12 Sitting fees - - 6.50 10.63 - - - -
13 Commission - - 1.20 3.54 - - - -
14 Management fees income (excluding GST) 19.59 0.73 - - - - 425.17 24.99
15 Interest expenses - - - - - 44.90 389.60 125.32
16 Security deposits repaid to the related party - 54.00 - - - - - -
17 Revenue from EPC contract with customer # 7,436.52 19,945.09 - - - - - -
18 Advance received against contracts 123.31 405.92 - - - - - -
(excluding tax)
19 Subscription/acquisition of equity shares 162.01 1,007.90 - - - - - -
20 Investment in non-covertible debentures 837.39 2,452.99 - - - - - -
(NCDs)
21 Investment in compulsory-convertble 919.70 99.13 - - - - - -
debentures (CCDs)
22 Dividend paid - - - 8.00 - - - 236.50
23 Purchase consideration paid for acquisition - - - - - - - 430.00
of subsidiary
24 Bank guarantee given - 800.00 - - - - - -
25 Bank/performance guarantee given on behalf 0.21 0.20 - - - - - -
of related parties
26 Miscellaneous income 3.42 3.71 - - - - - -

301
(H in million)
302
Associate, Joint Ventures and KMPs, Relatives of KMPs and entities
S. Entities in which directors Holding companies and
Particulars its subsidiaries, Associates of in which Directors
No. are interested fellow subsidiaries
immediate holding company are interested
Outstanding balances March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
1 Loans/advance receivables - - - - - - - 35.52
2 Short term borrowings (including interest - - - - - - - -
payable)
3 Management fee receivable 0.75 - - - - - -
4 Trade receivables 7,027.57 6,663.17 - - - - 1.53 5.13
5 Trade payables (including operational - - - 0.21 - - 7,082.54 3,402.39
supplier's credit )
6 Others receivables - 52.99 - - - - - 34.17
7 Amount payable against supplies, services 5.15 - - - - - - -
and reimbursement of expenses (net of

advance)
8 Amount receivable against supplies, services 36.61 52.93 -
and reimbursement of expenses (net of
payable)
9 Advances recoverable in cash from related - 28.40 - - - - - -
party
10 Advances to vendor - - - - - - 3.13 -
11 Advance from customers 3,268.23 4,763.00 - - - - - -
12 Investment in non-convertible debentures 7,169.67 5,744.40 - - - - - -
(NCDs)
13 Investment in compulsory-convertble 848.72 99.13 - - - - - -
debentures (CCDs)
14 Purchase consideration payable - - - - - - 130.00 230.00
15 Corporate guarantee given outstanding at - - - - - - 188.60 188.60
year end
16 Bank/performance guarantee given 822.45 2,045.90 - - - - - -
outstanding at year end
Empowering Humanity

(C) Disclosure in respect of material related party transactions during the year:
(H in million)
Particulars Relationship March 31, 2023 March 31, 2022
1 Purchase of goods and services
(including GST)
Vedanta Limited Fellow subsidiary 15,902.62 10,647.67
Bharat Aluminium Company Limited Fellow subsidiary 2,350.23 2,195.46
ESL Steel Limited Fellow subsidiary 317.02 405.88
Universal Floritech LLP Fellow subsidiary 0.56 -
Sterlite Technologies Limited Fellow subsidiary 140.83 105.97
Hindustan Zinc Limited Fellow subsidiary - 0.20
Talwandi Sabo Power Limited Entity in which director is interested 0.20 -
2 Sale of services
Sterlite Interlinks Limited Associate 10.35 25.13
3 Sale of goods (including GST)
Maharashtra Transmission Communication Fellow subsidiary - 35.36
Sterlite Technologies Limited Fellow subsidiary 0.46 -
Hindustan Zinc Limited Fellow subsidiary 71.67 -
Bharat Aluminium Company Limited Fellow subsidiary 14.94 -
Vedanta Limited Fellow subsidiary 215.28 -
4 Interest income
Serentica Renewables India Private Fellow subsidiary (till March 09, 2023) 5.99 1.52
Limited (formerly known as Sterlite Power
Technologies Private Limited)
Serentica Renewables India Private Associate of immediate holding company 0.24 -
Limited (formerly known as Sterlite Power (from March 10, 2023)
Serentica Renewables India 3 Private Limited Fellow subsidiary (till March 09, 2023) 3.37 -
(from March 10, 2023)
Sterlite Technologies Limited Fellow subsidiary - 6.29
Sterlite Grid 13 Limited Joint venture 233.78 135.56
5 Loans and advances given
Serentica Renewables India 3 Private Limited Fellow subsidiary (till March 09, 2023) 135.00 -
Lakadia-Vadodara Transmission Project Subsidiary of joint venture 107.00 -
Limited
6 Loans and advances given to
related parties repaid
Sterlite Grid 14 Limited Joint venture - 27.00

Empowering Humanity

(H in million)
Serentica Renewables India 3 Private Limited Associate of immediate holding company (from March 135.00 -
10, 2023)
Lakadia-Vadodara Transmission Project Subsidiary of joint venture 107.00 -
Limited
7 Reimbursement of expenses paid to
related parties
Sterlite Technologies Limited Fellow subsidiary 4.60 15.50
8 Reimbursement of expense paid on behalf of
related parties
Lakadia-Vadodara Transmission Project Subsidiary of joint venture - 33.36
Limited
Mumbai Urja Marg Liimited Subsidiary of joint venture - 7.74
Goa-Tammar Transmission Project Limited Subsidiary of joint venture 0.50 11.89
Vedanta Limited Fellow subsidiary 3.00 5.13
Serentica Renewables India Private Fellow subsidiary (till March 09, 2023) 3.40 -
9 Reimbursement of expenses recovered from
related parties
Serentica Renewables India Private Fellow subsidiary (till March 09, 2023) - 0.68
10 Purchase of power
11 Remuneration paid [refer sub-note (D)]
Mr. Anuraag Srivastava KMP - 24.28
Mr. Pratik Agarwal KMP 74.85 101.50
Mr. Ashok Ganesan KMP 11.25 11.81
Mr. Sanjeev Bhatia KMP 15.55 6.39
Mr. Manish Agrawal KMP 35.29 5.98
Mrs. Kamaljeet Kaur KMP 13.57 -
12 Sitting fees
Mr. Arun Todarwal Director - 1.40
Mr. A. R. Narayanswamy Director 3.60 3.70
Ms. Haixia Zhao Director - 2.63
Mr. Anoop Sheth Director 2.90 2.90
13 Commission
Ms. Haixia Zhao Director - 3.42
Mr. A.R Narayanaswamy Director - 0.12
Mr. Anoop Sheth Director 1.20 -


(H in million)
14 Management fees income (excluding GST)
IndiGrid Investment Managers Limited Associate - 0.73
(formerly known as Sterlite Investment
Managers Limited)
Maharashtra Transmission Communication Fellow subsidiary - 24.99
Serentica Renewables India Private Fellow subsidiary (till March 09, 2023) 425.17 -
Mumbai Urja Marg Limited Subsidiary of joint venture 0.15 -
Goa-Tamnar Transmission Project Limited Subsidiary of joint venture 0.65 -
15 Interest expenses
PTC Cables Private Limited Entity in which director is interested - 44.90
ESL Steels Limited (formerly know as Fellow subsidiary 5.51 -
Hindustan Zinc Limited Fellow subsidiary 0.03 -
Bharat Aluminium Company Limited Fellow subsidiary 39.16 21.22
16 Security deposits repaid to the related party
Sterlite Interlinks Limited Associate - 54.00
17 Revenue from EPC contract with customer #
Udupi Kasargode Transmission Limited Subsidiary of joint venture 581.57 2,394.31
Mumbai Urja Marg Liimited Subsidiary of joint venture 5,468.97 6,359.68
Goa-Tammar Transmission Project Limited Subsidiary of joint venture 703.93 2,004.29
Lakadia-Vadodara Transmission Project Subsidiary of joint venture 682.04 9,186.81
Limited
18 Advance received against contracts
(excluding tax)
Udupi Kasargode Transmission Limited Subsidiary of joint venture - 405.92
19 Subscription/acquisition of equity shares
Sterlite Grid 13 Limited Joint venture 162.01 -
20 Investment in non-covertible
debentures (NCDs)

Empowering Humanity

(H in million)
21 Investment in compulsory-convertble
debentures (CCDs)
22 Dividend paid
Twin Star Overseas Limited Immediate Holding Company - 231.45
Vedanta Limited Fellow Subsidiary - 5.05
Mr. Pravin Agarwal Chairman - 4.43
Mr. Navin Kumar Agarwal Relative of KMP - 0.30
Mrs. Suman Didwania Relative of KMP - 0.09
Mr. Pratik Agarwal Managing Director - 3.18
23 Purchase consideration paid for
acquisition of subsidiary
24 Bank guarantee given
Mumbai Urja Marg Liimited Subsidiary of joint venture - 800.00
27 Bank/performance guarantee given on
Goa-Tamnar Transmission Project Limited Subsidiary of joint venture 0.21 -
Lakadia-Vadodara Transmission Project Subsidiary of joint venture - 0.20
Limited
26 Miscellaneous income
# Sales disclosed above are based on actual billings made to subsidiaries of joint ventures in respect of EPC contracts. However, the Group
recognises revenue based on percentage of completion method.
(D) Compensation of Key management personnel of the Group:

(H in million)
Short term employee benefits 150.51 149.96
Post employment benefits* - -
Total 150.51 149.96
* As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Group as a whole, the amounts pertaining to the key
management personnel are not included above.
Note: All the related party transactions disclosed above have been shown at their nominal values without giving effect to the impact of
reclassification into equity and liability and adjustment arising on account of effective interest rate method under Ind AS.


NOTE 60: SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on its products and services and has two
reportable segments, as follows:
• Power product and solutions segment, which produces power conductors, power cables and optical power ground wire and
also master system integration of power transmission lines.
• Power transmission grid business, which develops power transmission infrastructure on build, owns, operate and maintain
basis in India and executes service concession arrangement of power transmission infrastructure in Brazil.
• Others includes leasing of dark fibre ducts and other miscellaneous activities.
The Executive Management Committee is the Chief Operating Decision Maker (CODM) and monitors the operating results
of its business units separately for the purpose of making decisions about resource allocation and performance assessment.
Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the Group's special
purpose consolidated financial statements. Transfer prices between operating segments are mutually agreed between the
segments taking into account the market prices and other relevant factors.
(H in million)
March 31, 2023
Power
Particulars Power product
transmission Others Eliminations Total
and solutions
grid business
Segment revenue (Gross)
External customer 37,342.20 25,182.61 445.87 - 62,970.68
Inter-segment 1,895.79 - - (1,895.79) -
Total revenue 39238.00 25,182.61 455.87 (1,895.79) 62,970.68
Segment results (PBIT) # 5,140.41 5,282.64 163.53 (2,316.21) 8,270.37
Less: Finance cost (net) 877.84 5,168.60 (49.11) (30.87) 5,966.46
Profit/(loss) before tax 4,262.57 114.04 212.64 (2,285.34) 2,303.91
Less: Tax expense 1,042.70 1,552.91 40.06 (4.44) 2,631.23
Profit/(loss) for the year 3,219.87 (1,438.87) 172.58 (2,280.90) (327.32)
Segment assets 52,600.51 62,159.63 4,463.78 (8,861.16) 1,10,362.76
Segment liabilities 37,379.12 58,535.84 3,885.41 (4,530.39) 95,269.98
Investments in joint venture - 100.82 - - 100.82
Investments in non-convertible debentures of joint ventures - 7,169.67 - - 7,169.67
Investments in compulsorily-convertible debentures of joint - 848.73 - - 848.73
ventures
Additions to non-current assets* 187.94 320.88 162.52 - 671.34
Depreciation and amortization 438.67 526.49 92.88 - 1,058.04
* Non-current assets for this purpose consist of property, plant and equipment, capital work in progress and intangible assets.
# includes net gain on sale of power transmission assets

Empowering Humanity

(H in million)
March 31, 2022
Power
Particulars Power product
transmission Others Eliminations Total
and solutions
grid business
Segment revenue (Gross)
External customer 37,459.62 14,482.45 32.76 - 51,974.83
Inter-segment 514.51 - - (514.51) -
Total Revenue 37,974.13 14,482.45 32.76 (514.51) 51,974.83
Segment results (PBIT) # 3,147.65 7,349.26 3.57 (558.35) 9,942.13
Less: Finance cost (net) 269.58 3,085.89 17.95 (1.26) 3,372.16
Profit / (Loss) before tax 2,878.07 4,263.37 (14.38) (557.09) 6,569.97
Less: Tax expense 411.43 1,208.17 - 548.95 2,168.55
Profit / (Loss) for the year 2,466.64 3055.20 (14.38) (1,106.04) 4,401.42
Segment assets 41,299.18 57,217.57 2,692.17 (9717.85) 91,491.07
Segment liabilities 30,851.25 50,922.65 2,488.37 (9758.79) 74,503.48
Investments in associates and joint venture 12.85 238.94 - - 251.79
Investments in non-convertible debentures of joint ventures - 5,744.40 - - 5,744.40
Investments in compulsorily-convertible debentures of joint - 99.13 - - 99.13
ventures
Additions to non-current assets* 809.50 5,517.80 1,181.59 - 7,508.89
Depreciation and amortization 390.66 400.14 12.76 - 803.56
* Non-current assets for this purpose consist of property, plant and equipment, capital work in progress and intangible assets.
# includes net gain on sale of power transmission assets.
Geographical Information
The amount of its revenue from external customers broken down by location of the customers is shown in the table below :
(H in million)
(1) Segment revenue - external turnover
- Within India 27,714.32 28,019.10
- Outside India 35,256.36 23,955.73
Total 62,970.68 51,974.84
The revenue information above is based on the locations of the customers.
(2) Non-current assets*

- Within India 7,779.56 4,986.53
- Outside India 42,946.92 17,984.21
Total 50,726.48 22,970.74
*Non-current assets for this purpose consist of property, plant and equipment, capital work in progress, right of use asset, intangible assets, intangible
assets under development and other noncurrent assets.
Information about major customers

For Power transmission grid segment, under Point of Connection (PoC) mechanism, Power Grid Corporation of India Limited
('PGCIL') is designated as central transmission utility with the responsibility for billing and collection of usage charges from
Inter-State Transmission Services (ISTS) users. The amount of revenue of I 1,726.78 million (March 31, 2022: I 1,345.68 million)
from power transmission projects in India is receivable from PGCIL.


Also in the power transmission and grid business, the Group executes engineering, procurement and construction (EPC)
contracts for the subsidiaries of joint venture entities. During the current year, revenue from such EPC contracts includes revenue
from Mumbai Urja Marg Limited amounting to I 10,594.67 million (March 31, 2022: I 5,227.27 million).
Under Point of Connection (PoC) mechanism, Power Grid Corporation of India Limited ('PGCIL') is designated as central
transmission utility with the responsibility for billing and collecting of usage charges from Inter-State Transmission Services
(ISTS) users in India. Hence, trade receivables of I Nil (March 31, 2022: I 343.48 million) pertaining to transmission charges is
receivable from PGCIL.
NOTE 61: OTHER NOTES

(a) The Group has entered into a Framework Agreement with AMP Capital Infrastructure Investment No.2 S.A R.L.
(‘AMP Capital’) dated December 28, 2020 (‘the Framework Agreement’) for investment in the subsidiaries of the Group
which are engaged in the business of developing, designing, financing, constructing and maintaining power transmission
systems on a ‘build own operate and maintain’ basis in India wherein the Group and AMP Capital (together referred as
investors) each will own 50% of the equity capital of such entities. Both the investors would invest in equal proportions in
the projects being developed in the form of equity capital, NCDs and other convertible instruments. The returns on sale
of the projects post completion would be shared between the two investors in a graded manner in accordance with the
Framework Agreement. There is no guaranteed minimum return to AMP Capital under the Framework Agreement.
Pursuant to the Framework Agreement and the respective Share purchase and Shareholders’ agreements dated
December 28, 2020 executed among the Company, AMP Capital, Sterlite Grid 14 Limited (SGL14)/Sterlite Grid 18
Limited (SGL18)/Sterlite Grid 5 Limited (SGL5)/Sterlite Grid 29 Limited (SGL29) and their respective project SPVs viz.
Udupi Kasargode Transmission Limited / Lakadia-Vadodara Transmission Project Limited / Goa Tamnar Transmission
Project Limited, on April 6, 2021, AMP Capital subscribed 50% of the paid up equity share capital of SGL14, SGL18 and
SGL 29. AMP Capital also acquired NCDs of I 285.53 million of SGL14, I 1,046.13 million of SGL18 and I 561.90 million
of SGL29 from the Company for considerations of I 313.84 million, I 1,093.37 million and I 658.95 million respectively.
Accordingly, based on the inter-se rights available to the Group and AMP Capital under the aforesaid agreements and the
equal equity shareholdings of both the investors, SGL14/SGL18/SGL29 have become joint ventures for the Group with
effect from April 6, 2021.
(b) The Board of Directors of Sterlite Power Transmission Limited ('SPTL') in its meeting held on March 22, 2021 approved a
Scheme of amalgamation of Sterlite Grid 4 Limited ('SGL 4'), a wholly owned subsidiary of the SPTL under the Companies
Act, 2013 with the appointed date of April 1, 2020. After obtaining requisite approvals SPTL has filed the Scheme with
National Company Law Tribunal (‘NCLT’). NCLT has sanctioned the scheme vide its order dated February 17, 2022. SPTL has
received certified copy of the order on February 28, 2022 which is filed with Registrar of Companies on ('Effective date').

Empowering Humanity

NOTE 62: ADDITIONAL DISCLOSURES REQUIRED BY SCHEDULE III (DIVISION II) OF THE ACT, AS AMENDED
(i) The Company has granted loans and made investment in its joint ventures, associates, subsidiaries, fellow subsidiaries,
subsidiaries of joint ventures and associate of immediate holding company which have been utilised by them in ordinary
course of business for further investment in their subsidiaires or for general corporate purpose. Details of the loans given
and investments made during the year are as follows
March 31, 2023:

No. the company transaction (H in million)
1 Sterlite Grid 13 Limited Joint venture U29309HR2018PLC111970 DLF Cyber Park, Block B, 9th Investment Various 787.39
Floor, Udyog Vihar, Phase III, in non- Dates
Sector- 20 Gurugram Gurgaon convertible
HR 122008 IN debentures
2 Sterlite Grid 13 Limited Joint venture U29309HR2018PLC111970 DLF Cyber Park, Block B, 9th Investment in March 31, 162.01
Floor, Udyog Vihar, Phase III, equity 2023
Sector- 20 Gurugram Gurgaon
HR 122008 IN
3 Sterlite Grid 14 Limited Joint venture U29300HR2018PLC113220 DLF Cyber Park, Block B, 9th Investment Novemeber 50.00
Floor, Udyog Vihar, Phase III, in non- 30, 2022
Sector- 20 Gurugram Gurgaon convertible
HR 122008 IN debentures
4 Sterlite Grid 18 Limited Joint venture U29110DN2019PLC005565 YC Co Working Space, 3rd Investment in Various 794.70
Floor, Plot No. 94 Dwarka Sec compulsurly Dates
13,Opp. Metro Station Near convertible
Radisson Blu Delhi South West debentures
Delhi 110078
5 Sterlite Grid 29 Limited Joint venture U40100DN2019PLC005578 Survey No. 99, Madhuban Investment in Various 125.00
Dam Road, Village Rakholi, compulsurly Dates
SILVASSA DADRA & NAGAR convertible
HAVELI DN 396230 debentures
6 Serentica Renewables Fellow U74110HR2014PTC101972 DLF Cyber Park, Block B, 9th Loan Given Various 183.68
India Private Limited Subsidiary Floor, Udyog Vihar, Phase III, Dates
(Sterlite Power (till 9 March Sector- 20 Gurugram Gurgaon
Technologies Private 2023) HR 122008 IN
Limited)
7 Serentica Renewables Associate of U74110HR2014PTC101972 DLF Cyber Park, Block B, 9th Loan Given March 18, 200.00
India Private Limited immediate Floor, Udyog Vihar, Phase III, 2023
(Sterlite Power holding Sector- 20 Gurugram Gurgaon
Technologies Private company HR 122008 IN
Limited) (from 10
March 2023)
8 Lakadia-Vadodara Subsidiary of U40105HR2019GOI113221 DLF Cyber Park, Block B, 9th Loan Given January 31, 107.00
Transmission Project joint venture Floor, Udyog Vihar, Phase 2023
Limited III, Sector- 20, Gurugram HR
122008 IN


March 31, 2022:

No. the company transaction (H in million)
1 Sterlite Grid 13 Limited Joint venture U29309DL2018PLC337962 YC Co Working Space, 3rd Investment Various 507.87
Floor, Plot No. 94 Dwarka Sec in non- Dates
Delhi 110078
2 Sterlite Grid 14 Limited Joint venture U29300DL2018PLC339426 YC Co Working Space, 3rd Investment in Various 0.10
Floor, Plot No. 94 Dwarka Sec equity Dates
13,Opp. Metro Station Near
Radisson Blu Delhi South West
Delhi 110078
3 Sterlite Grid 14 Limited Joint venture U29300DL2018PLC339426 YC Co Working Space, 3rd Investment Various 228.72
Floor, Plot No. 94 Dwarka Sec in non- Dates
Delhi 110078
Floor, Plot No. 94 Dwarka Sec compulsurly Dates
Delhi 110078
Floor, Plot No. 94 Dwarka Sec equity Dates
13,Opp. Metro Station Near
Radisson Blu Delhi South West
Delhi 110078
6 Sterlite Grid 18 Limited Joint venture U29110DN2019PLC005565 Survey No. 99, Madhuban Investment Various 964.36
Dam Road, Village Rakholi, in non- Dates
Dam Road, Village Rakholi, compulsurly Dates
Dam Road, Village Rakholi, equity Dates
HAVELI DN 396230
9 Sterlite Grid 29 Limited Joint venture U40100DN2019PLC005578 Survey No. 99, Madhuban Investment Various 1,875.86
Dam Road, Village Rakholi, in non- Dates
10 Serentica Renewables Fellow U74110HR2014PTC101972 DLF Cyber Park, Block B, 9th Loan Given Various 35.00
India Private Limited Subsidiary Floor, Udyog Vihar, Phase III, Dates
(Sterlite Power Sector- 20 Gurugram Gurgaon
Technologies Private HR 122008 IN
Limited)

Empowering Humanity

(ii) In the current year, the Group has received funds from IIFL Asset Management (‘Funding party’) for investment in joint
ventures (‘Intermediary’) and further to be invested in the project entities i.e. subsidiary of joint ventures (‘Ultimate
beneficiary’) as follows:
Details of funds received

Amount
party party
(H in million)
1.1 360 One Asset None U74900MH2010PLC201113 360 ONE Centre, Kamala City, Non- May 12, 900.00
Management Limited Senapati Bapat Marg, Lower Convertible 2022
(formerly known as IIFL Parel, Mumbai - 400013 Debentures
Asset Management
Limited)
Details of payments
Amount
Relationship
Sr Name of Nature of Date of paid to
with CIN of the Intermediary Registered address
No. the Intermediary payment payment Intermediary
Intermediary
(H in million)
1.1 Sterlite Grid 18 Limited Joint Venture U29110DN2019PLC005565 YC Co Working Space, 3rd Investment in 8 June 2022 324.70
Floor, Plot No. 94 Dwarka Sec Compulsory
West Delhi 110078
1.2 Sterlite Grid 18 Limited Joint Venture U29110DN2019PLC005565 YC Co Working Space, 3rd Investment in 24 August 470.00
Floor, Plot No. 94 Dwarka Sec Compulsory 2022
West Delhi 110078
Details of payments
Amount paid
Relationship
Sr Name of the Nature of Date of to Ultimate
with Ultimate CIN of the Ultimate Beneficiary Registered address
No. Ultimate Beneficiary payment payment Beneficiary
Beneficiary
(H in million)
Transmission Project Joint Venture Floor, Plot No. 94 Dwarka Sec equity shares
Limited 13, Opp. Metro Station Near
Radisson Blu Delhi South
West Delhi 110078
Transmission Project Joint Venture Floor, Plot No. 94 Dwarka Sec Compulsory
West Delhi 110078
1.3 Lakadia-Vadodara Subsidiary of U40105DL2019GOI347349 YC Co Working Space, 3rd Investment in 25 August 470.00
Transmission Project Joint Venture Floor, Plot No. 94 Dwarka Sec Compulsory 2022
Radisson Blu Delhi South debentures
West Delhi 110078


(i) The Group has availed borrowings from the banks and financial institutions on the basis of security of current assets.
The Group files the statement of current assets with the bank on periodical basis. Following are the discrepancies between
books of accounts and quarterly statements submitted to the lenders, where borrowings have been availed based on
security of current assets:
A. Sterlite Power Transmission Limited*:

1. Inventory
Amount as
reported in the Material in
S.No. Quarter Contract asset Others per books of Net difference
quarterly return/ transit
(refer note 2) (refer note 3) accounts
1 Jun-22 4,432.37 122.67 (1,613.37) - 2,941.67 -
2 Sep-22 5,483.00 206.25 (1,282.71) - 4,406.54 -
3 Dec-22 5,949.84 97.39 (1,624.07) 0.93 4,424.09 -
4 Mar-23 8,893.06 61.92 (2,448.90) 739.79 7,245.87 -
Note 3 Balances for Stores and spares, inventory packaging, others etc were not considered in the quarterly statement

Amount as
reported in the Provision for Material in
S.No. Quarter Contract asset per books of Net difference
quarterly return/ inventory transit
(refer note 3) account
1 Jun-21 4,102.05 - - (1,212.38) 2,889.67 -
2 Sep-21 3,979.32 (117.40) - (1,297.23) 2,564.69 -
3 Dec-21 4,311.53 - 2.41 (1,400.80) 2,913.14 -
4 Mar-22 3,391.74 - 305.09 (1,492.25) 2,204.57 -
Note 1 Balances for provision for inventory were not considered in the quarterly statement submitted to the lenders.
2. Trade payable
Reconciling items
Amount as
reported in the Advance to Others
S.No. Quarter services and for material in per books of Net difference
quarterly return/ vendor (refer note 4
expenses transit account
statement (refer note 2) and 5)
1 Jun-22 8,005.25 2,325.89 985.55 122.60 (356.41) 11,082.88 -
2 Sep-22 9,347.39 1,770.38 1,167.16 206.18 (41.26) 12,449.84 -
3 Dec-22 10,793.44 1,900.38 1,397.80 97.32 (149.47) 14,039.48 -
4 Mar-23 14,254.91 1,564.92 1,452.00 588.94 (600.26) 17,260.51 -

Empowering Humanity

Note 3 Balance of trade payables for material in transit not considered in the quarterly statement submitted
to the lenders.
Note 4 Balance of short term borrowings which is not included in the trade payable in the quarterly return submitted to
the lenders and inter business eliminations, non-goods payables are not considerded in the quarterly statement
Note 5 For March 2023 quarter, statement submitted to lenders does not include balances related to corporate payables,
service related payables of product business and interunit eliminations other than mentioned in note 4.

Reconciling items
Amount as
S.No. Quarter services and not backed by Others per books of Net difference
expenses letter of credit (refer note 4) account
1 Jun-21 8,249.92 898.13 852.09 3,366.90 - 13,367.04 -
2 Sep-21 9,828.56 1,164.41 833.98 3,467.43 - 15,294.38 -
3 Dec-21 9,818.01 2,567.43 1,178.89 453.50 (314.80) 13,703.03 -
4 Mar-22 9,663.60 2,960.24 923.61 - (549.89) 12,997.56 -
Note 3 Balance of trade payables not backed by letter of credit were not considered in the quarterly statement submitted
to the lenders.
Note 4 Balance of short term borrowings which is included in the trade payable in the quarterly return submitted
to the lenders.
Reconciling items
Trade
Amount as
finished goods (refer note 3) account
in transit
(refer note 4)
1 Jun-22 2,362.23 (887.99) 9,513.81 - (609.42) 10,378.63 -
2 Sep-22 3,970.32 (800.85) 9,902.95 - (570.70) 12,501.72 -
3 Dec-22 4,933.50 (768.01) 9,986.68 - (38.97) 14,113.21 -
4 Mar-23 10,244.32 (316.27) 8,278.78 - (1,434.59) 16,772.24 -


to the lenders.
Note 2 Balance of advances received from customer and other contract liabilites which forms part of other liabilities in the
books of accounts were considered in the quarterly statement submitted to the lenders.
Note 3 Others includes balance of unbilled revenue, other accruals and inter business elimination which were considered
in the quarterly statement submitted to the lenders.
Note 4 For March 2023 quarter, statement submitted to lenders does not include provision for doubtful debts of EPC
business and interunit eliminations other than mentioned in note 3.

Reconciling items
Trade
Amount as
finished goods (refer note 3) accounts
in transit
(refer note 4)
1 Jun-21 3,093.62 384.18 5,956.00 - - 9,433.80 -
2 Sep-21 3,801.15 (610.10) 7,731.96 760.00 - 11,683.01 -
3 Dec-21 6,304.77 (805.19) 8,228.68 - (2,352.78) 11,375.48 -
4 Mar-22 7,625.43 (841.04) 8,213.97 - (1,506.86) 13,491.50 -
to the lenders.
Note 2 Balance of advances received from customer which forms part of other liabilities in the books of accounts were
considered in the quarterly statement submitted to the lenders.
Note 4 Balance of receivables pertaining to the finished goods in transit were considered in the quarterly statement
* State Bank of India, Axis Bank, Yes Bank, ICICI Bank, Corporation Bank, Bank of Maharashtra, IDBI Bank, Bank of Baroda, HDFC Bank, Union Bank
of India, Federal Bank, RBL Bank, EXIM Bank, IndusInd Bank are the working capital lenders for Sterlite Power Transmission Limited to which the
quarterly stock statements are submitted to the lenders at standalone level.
B. Maharashtra Transmission Communication Infrastructure Limited (MTCIL):

MTCIL has availed working capital facility from the bank on the basis of security of current assets. MTCIL files the statement
of current assets with the bank on periodical basis. There are no discrepancies between books of accounts and quarterly
statements submitted to the lender. HDFC Bank is the working capital lender for MTCIL to which the quarterly stock
statements are submitted.
1. Trade payable
Reconciling items
Amount as
Provision for Amount as
reported in the
S.No. Quarter services and Others per books of Net difference
quarterly return/
expenses (refer note 2) accounts
statement
(refer note 1)
1 Dec-22 19.04 - 19.04 -
2 Mar-23 0.70 20.02 (9.59) 30.31 -

Empowering Humanity

Note 2 Balance of payable for Purchase of property, plant and equipment and management fee payable were not
Amount as
Amount as
reported in the
S.No. Quarter per books of Difference
quarterly return/
accounts
statement
1 Dec-22 177.31 177.31 -
2 Mar-23 162.79 162.79 -
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The Group does not have any transactions with companies struck off.
(iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period
except that with State Bank of India for working capital facility that has been sanctioned to the Group against which the
charge for additional security demanded by the bank has not been created before the end of the statutory period.
(iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Group 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).
(vi) The Group has not revalued its property, plant and equipment, right-of-use assets and intangible assets during the year
(vii) The Group has not been declared as a wilful defaulter during the year ended March 31, 2023.
Sd/- Sd/- Sd/-

Sd/- Sd/-


Definitions and Abbreviations
Term Description
“our Company” or “the Company” Sterlite Power Transmission Limited, a public limited company incorporated under the Companies Act,
2013 and having its registered office at 4th Floor, Godrej Millennium, 9 Koregaon Road, Pune 411 001,
Maharashtra, India and its corporate office at 9 th Floor, Block B DLF Cyber Park, Udyog Vihar, Okhla
Industrial Estate Phase 3 Rd, Sector 20, Gurugram, Haryana 122008
“we”, “us”, “our” or “Group” Unless the context otherwise indicates or implies, refers to our Company and our Subsidiaries. Where
the context indicates, refers to the Associates, Investee HoldCos and Investee SPVs as well
AMP Capital AMP Capital Infrastructure Investment No.2 S.A.R.L
AMP Framework Agreement Restated framework agreement dated March 30, 2021 entered into between our Company and AMP
Capital
AMP Investment Agreements Four investment agreements dated December 28, 2020, as amended on March 30, 2021, entered
into between (i) our Company, AMP Capital, SGL13 and VNLTL; (ii) our Company, AMP Capital, SGL14
and UKTL; (iii) our Company, AMP Capital, SGL18 and LVTPL; and (iv) our Company, AMP Capital, SGL5,
SGL29 and GTTPL
Articles of Association or AoA Articles of association of our Company, as amended
Associates Associates as consolidated in restated consolidated summary statements as per the relevant Ind AS 28
in the relevant reporting period
Audit Committee Audit committee of our Board, as described in the section entitled “Our Management - Committees of
the Board”
Auditors or Statutory Auditors S R B C & CO LLP, Chartered Accountants, the statutory auditors of our Company
BDTCL Bhopal Dhule Transmission Company Limited
Board or Board of Directors Board of directors of our Company or a duly constituted committee thereof
Group Chief Financial Officer or Group Chief Financial officer of our Company, Sanjeev Bhatia
CFO
Company Secretary Company secretary of our Company, Ashok Ganesan
Corporate Promoter Twin Star Overseas Limited
Demerger Scheme Scheme of arrangement entered into between our Company and STL and their respective shareholders
and creditors which was approved and sanctioned by the High Court of Bombay by way of its order
dated April 22, 2016
Director(s) Directors on our Board
ENICL East-North Interconnection Company Limited
GPTL Gurgaon Palwal Transmission Limited
Group Companies The group companies of our Company identified in terms of Regulation 2(1)(t) of the SEBI ICDR
Regulations, including companies (other than the Corporate Promoter and the Subsidiaries) with which
there were related party transactions as disclosed in the Restated Consolidated Summary Statements as
covered under the applicable accounting standards, and any other companies as considered material by
the Board, in accordance with the resolution dated August 7, 2021 passed by the Board, as described in
the section entitled “Our Group Companies”
GTTPL Goa-Tamnar Transmission Project Limited
IGL IndiGrid Limited (formerly, Sterlite Grid 1 Limited)
KTL Khargone Transmission Limited
LVTPL Lakadia-Vadodara Transmission Project Limited
NER NER II Transmission Limited
SPGVL Sterlite Power Grid Ventures Limited
STL Sterlite Technologies Limited
UKTL Udupi Kasargode Transmission Limited
MUML Mumbai Urja Marg Limited (Erstwhile Vapi II - North Lakhimpur Transmission Limited)
Technical/Industry Related Terms or Abbreviations
Term Description
ANEEL Agência Nacional de Energia Elétrica
BOOM Build, own, operate and maintain
COD Commercial Operations Date
CRISIL / CRISIL Research CRISIL Research, a division of Credit Rating Information Services of India Limited
CRISIL Report Report entitled “CRISIL Research - Indian Power & Transmission Sector” released in Mumbai in July 2021
DISCOM Distribution companies
EHS Environment, Occupational Health and Safety
EHV extra high voltage
EPA or Environment Protection Environment Protection Act, 1986
Act
Fitch Fitch Solutions Group Limited
Fitch Report Report entitled “Brazil Power Report” issued by Fitch dated June 2021
HVDC High Voltage Direct Current
HVPNL Haryana Vidyut Prasaran Nigam Limited
MoP Ministry of Power
MVA Mega Volt Ampere
PGCIL Power Grid Corporation of India Limited
PoC Point of Connection
POSOCO Power System Operation Corporation Limited
RSA Revenue Sharing Agreement
SCOD Schedules Commercial Operations Date
SEB(s) State Electricity Boards
TBCB Tariff Based Competitive Bidding
TEECL Techno Electric & Engineering Company Limited
TSA Transmission Services Agreement
Conventional and General Terms or Abbreviations

Term Description
`/Rs./Rupees/INR Indian Rupees
£/Pounds Pound Sterling
AGM Annual General Meeting
BRL/Real/R$ Brazil Real
CRISIL Report Report entitled “CRISIL Research - Indian Power & Transmission Sector” released in Mumbai in July 2021
DISCOM Distribution companies
EHS Environment, Occupational Health and Safety
EHV extra high voltage
EPA or Environment Protection Environment Protection Act, 1986
Act
Fitch Fitch Solutions Group Limited
Fitch Report Report entitled “Brazil Power Report” issued by Fitch dated June 2021
HVDC High Voltage Direct Current
HVPNL Haryana Vidyut Prasaran Nigam Limited
MoP Ministry of Power
MVA Mega Volt Ampere
PGCIL Power Grid Corporation of India Limited
PoC Point of Connection
POSOCO Power System Operation Corporation Limited
RSA Revenue Sharing Agreement
SCOD Schedules Commercial Operations Date
SEB(s) State Electricity Boards
TBCB Tariff Based Competitive Bidding
TEECL Techno Electric & Engineering Company Limited
TSA Transmission Services Agreement
Notes
Notes
DLF Cyber Park, Block B, 9th Floor,
Udyog Vihar Phase III, Sector 20, Gurugram,
Haryana - 122008
Phone: +91 124 4562000
Email: secretarial.grid@sterlite.com
Website: www.sterlitepower.com
CIN: U74120PN2015PLC156643

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Inside this Report

Sterlite Power at a Glance

Asset Portfolio across India and Brazil

KSEB TAN TRANSCO MARITUBA

02 Sterlite Power Transmission Limited

Key Performance Indicators

Total Income EBITDA

FY23 6,452 FY23 1,150

FY22 5,995 FY22 1,354

FY21 3,817 FY21 1,793

FY20 5,158 FY20 2,406

FY19 3,571 FY19 450

FY23 (33) FY23 15,154

FY22 440 FY22 13,945

FY21 870 FY21 13,662

FY20 942 FY20 13,700

FY19 (524) FY19 5,221

Annual Report 2022-23 03

Nurturing Growth challenging terrain of Jammu &

04 Sterlite Power Transmission Limited

Annual Report 2022-23 05

We have made a significant

Dear Shareholders Sustainability

06 Sterlite Power Transmission Limited

Annual Report 2022-23 07

Managing Director’s Message

As India embarks upon a crucial

Dear Shareholders accomplishments and significant milestones.

08 Sterlite Power Transmission Limited

Annual Report 2022-23 09

10 Sterlite Power Transmission Limited

He is a Harvard alumnus and has also pursued Leadership

Annual Report 2022-23 11

MR. AKSHAY HIRANANDANI MR. AMITABH PRASAD MS. NEETI WAHI

MR. ASHOK GANESAN MS. SHRUTI JAIN

12 Sterlite Power Transmission Limited

Awards and Accolades

Annual Report 2022-23 13

Aerial Technology for

Big Data Algorithms/Predictive

Robotics for Safe Stringing and

14 Sterlite Power Transmission Limited

Digitalisation Operational Efficiency

Smart Projects for Modern Grid

Technology for Greener Ecosystem

› Green co-location from Convergence business

Annual Report 2022-23 15

16 Sterlite Power Transmission Limited

Enabling India’s Energy Transition Journey

Annual Report 2022-23 17

Strengthening our Presence in Brazil

18 Sterlite Power Transmission Limited

Accolades and Achievements

Annual Report 2022-23 19

Bid Develop › Strong operations and

Award Build Asset-flip

31 Projects 18 Operational Assets K 41,748.89 crores of

~28,322 MVA 32 Substations 68 EHV Lines

~15,154 ckm 24% Market Share 99.78% Availability

20 Sterlite Power Transmission Limited