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Standalone Balance Sheet

as at March 31, 2023

Notes Page As at As at
March 31, 2023 March 31, 2022
` crore ` crore
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment 5a 295 20,778.35 20,874.79
(b) Right of Use Assets 5b 299 2,921.24 2,833.74
(c) Capital Work-in-Progress 6 302 1,272.56 965.15
(d) Intangible Assets 5c 301 22.46 37.43
(e) Financial Assets
(i) Investments 7 304 12,064.55 10,711.38
(ii) Loans 9 310 2.68 453.17
(iii) Finance Lease Receivables 10 312 475.29 520.91
(iv) Other Financial Assets 11 313 77.88 97.30
(f ) Deferred Tax Assets (Net) 26 330 Nil 250.00
(g) Non-Current Tax Assets (Net) 12 314 610.60 338.00
(h) Other Non-Current Assets 13 314 1,847.64 1,649.45
Total Non-Current Assets 40,073.25 38,731.32
Current Assets
(a) Inventories 14 315 2,457.95 2,292.33
(b) Financial Assets
(i) Investments 15 315 64.17 67.60
(ii) Trade Receivables 8 308 1,904.34 1,026.65
(iii) Unbilled Revenue 66.56 58.86
(iv) Cash and Cash Equivalents 16 316 274.47 57.36
(v) Bank Balances other than (iv) above 17 317 21.45 21.19
(vi) Loans 9 310 Nil 1,328.48
(vii) Finance Lease Receivables 10 312 50.00 42.61
(viii)Other Financial Assets 11 313 504.70 1,987.03
(c) Other Current Assets 13 314 246.25 213.49
Total Current Assets 5,589.89 7,095.60
Assets Classified as Held For Sale 18a 317 596.35 600.56
Total Assets before Regulatory Deferral Account 46,259.49 46,427.48
Regulatory Deferral Account - Assets 19 318 1,913.22 725.92
TOTAL ASSETS 48,172.71 47,153.40
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 20a 319 319.56 319.56
(b) Other Equity 21 321 13,380.03 10,560.24
Total Equity 13,699.59 10,879.80

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Standalone Balance Sheet

as at March 31, 2023 (Contd.)

Notes Page As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 22 323 11,272.30 18,087.97
(ia) Lease Liabilities 23 326 2,735.93 2,555.11
(ii) Other Financial Liabilities 25 329 133.65 13.07
(b) Deferred Tax Liabilities (Net) 26 330 617.29 Nil
(c) Provisions 27 330 285.94 274.00
(d) Other Non-Current Liabilities 28 338 859.25 757.15
Total Non-Current Liabilities 15,904.36 21,687.30
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 29 338 10,593.18 6,620.41
(ia) Lease Liabilities 23 326 318.45 303.76
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises 24 328 87.61 39.16
(b) Total outstanding dues of trade payables other than micro
enterprises and small enterprises 24 328 1,897.41 4,040.73
(iii) Other Financial Liabilities 25 329 4,681.89 2,761.44
(b) Current Tax Liabilities (Net) 30 339 197.79 107.67
(c) Provisions 27 330 17.76 44.59
(d) Other Current Liabilities 28 338 661.11 554.98
Total Current Liabilities 18,455.20 14,472.74
Liabilities directly associated with Assets Classified as Held For Sale 18b 318 113.56 113.56
Total Liabilities 34,473.12 36,273.60
TOTAL EQUITY AND LIABILITIES 48,172.71 47,153.40

See accompanying notes to the Standalone Financial Statements

As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA SAURABH AGRAWAL
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 02144558

per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Mumbai, May 4, 2023 Mumbai, May 4, 2023

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Standalone Statement of Profit and Loss

for the year ended March 31, 2023

Notes Page For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
I Revenue from Operations 31 339 17,727.78 11,107.93
II Other Income 32 344 4,085.39 2,987.11
III Total Income 21,813.17 14,095.04
IV Expenses
Cost of Power Purchased 1,395.16 797.64
Cost of Fuel 12,023.79 6,569.00
Transmission Charges 260.02 258.84
Employee Benefits Expense 33 345 746.17 737.59
Finance Costs 34 345 2,226.60 2,188.94
Depreciation and Amortisation Expenses 5d 302 1,167.47 1,134.23
Other Expenses 35 346 1,691.26 1,197.46
Total Expenses 19,510.47 12,883.70
V Profit/(Loss) Before Movement in Regulatory Deferral Balance, Exceptional 2,302.70 1,211.34
Items and Tax
Add/(Less): Net Movement in Regulatory Deferral Balances 19 318 1,093.79 91.00
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier 19 318 (8.53) Nil
years
Add/(Less): Deferred Tax Recoverable/(Payable) 19 318 34.92 43.35
1,120.18 134.35
VI Profit/(Loss) Before Exceptional Items and Tax 3,422.88 1,345.69
Add/(Less): Exceptional Items
Gain on Sale of Investments in Subsidiaries 7 304 645.35 1,518.93
Gain on Sale of Business to Subsidiaries 5a 295 42.74 Nil
Provision for Impairment of Non Current Investments 7 304 Nil (106.82)
688.09 1,412.11
VII Profit/(Loss) Before Tax from Continuing Operations 4,110.97 2,757.80
VIII Tax Expense/(Credit) 36 347
Current Tax Nil Nil
Current Tax in respect of earlier year (29.73) (105.11)
Deferred Tax 983.80 (8.91)
Deferred Tax in respect of earlier year (111.00) (738.56)
Deferred tax remeasurement on account of transition to New Tax regime (Net) Nil 359.62
843.07 (492.96)
IX Profit/(Loss) from Continuing Operations 3,267.90 3,250.76
X Profit/(Loss) Before Tax from Discontinued Operations Nil Nil
Impairment Loss on Remeasurement at Fair Value 18c 318 Nil (467.83)
XI Profit/(Loss) from Discontinued Operations Nil (467.83)
XII Profit/(Loss) for the year 3,267.90 2,782.93
XIII Other Comprehensive Income/(Expenses) - Continuing Operations
Add/(Less):
(i) Items that will not be reclassified to Profit or Loss
(a) Remeasurement of Defined Benefit Plans 27 330 (21.92) 9.64
(b) Equity Instruments classified at FVTOCI 127.47 307.12
(ii) Tax relating to items that will not be reclassified to Profit or Loss
(a) Deferred Tax 36 347 5.52 (2.43)
111.07 314.33

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Standalone Statement of Profit and Loss

for the year ended March 31, 2023 (Contd.)

Notes Page For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
XIV Total Comprehensive Income 3,378.97 3,097.26
XV Basic and Diluted Earnings Per Equity Share (of ₹ 1/- each) (₹) 41 354
(i) F rom Continuing Operations before Net Movement in Regulatory Deferral 7.60 9.76
Balances
(ii) From Continuing Operations after Net Movement in Regulatory Deferral 10.22 10.07
Balances
(iii) From Discontinued Operations Nil (1.46)
(iv) Total Operations after net movement in Regulatory Deferral Balances 10.22 8.61

See accompanying notes to the Standalone Financial Statements

As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA SAURABH AGRAWAL
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 02144558

per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Mumbai, May 4, 2023 Mumbai, May 4, 2023

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Standalone Cash Flow Statement

for the year ended March 31, 2023

For the year ended For the year ended

March 31, 2023 March 31, 2022
` crore ` crore
A. Cash flow from Operating Activities
Profit/(Loss) before tax from Continuing Operations 4,110.97 2,757.80
Profit/(Loss) before tax from Discontinued Operations Nil (467.83)
Adjustments to reconcile Profit/(Loss) before tax to Net Operating
Cash Flows:
Depreciation and Amortisation Expense 1,167.47 1,134.23
Interest Income (140.96) (250.36)
Delayed Payment Charges (5.69) (5.75)
Dividend Income (3,895.04) (2,639.95)
Finance Cost (Net of Capitalisation) 2,226.60 2,188.94
(Gain)/Loss on Disposal of Property, Plant and Equipment (Net) 8.70 10.77
Amortisation of Deferred Rent Liability (0.97) (0.97)
(Gain)/Loss on Sale of Current Investment measured at fair value
(14.22) (8.43)
through Profit and Loss
(Gain)/Loss on Sale of Non-Current Investments/Businesses (645.35) (1,518.93)
(Gain)/Loss on Sale of Business to Subsidiaries (42.74) Nil
Guarantee Commission from Subsidiaries and Joint Ventures (25.51) (25.51)
Amortisation of Service Line Contributions (8.15) (8.64)
Transfer to Statutory Consumer Reserve 13.68 12.57
Bad Debts Nil 2.27
Allowance For Doubtful Debts and Advances (Net) 0.31 (10.78)
Provision /(Reversal) of Impairment of Non-Current Investments and
Nil 106.82
Related Obligation
Recognition of Deferred Revenue 32.27 40.25
Impairment Loss on Remeasurement at fair value related to
Nil 467.83
Discontinued Operations
Effect of Unrealised Foreign Exchange (Net) (15.32) (10.07)
(1,344.92) (515.71)
2,766.05 1,774.26
Working Capital adjustments:
Adjustments for (increase) / decrease in Operating Assets:
Inventory (144.49) (1,090.31)
Trade Receivables (852.26) 630.39
Finance Lease Receivables 12.60 26.03
Loans - Non-Current 0.45 1.11
Other Current Assets (66.30) (21.29)
Other Non-Current Assets (231.28) (266.36)
Unbilled Revenue (14.11) (3.70)
Other Financial Assets - Current 62.43 (63.05)
Other Financial Assets - Non-Current 22.30 (7.58)
Regulatory Deferral Account - Assets (1,187.30) (152.32)
(2,397.96) (947.08)
368.09 827.18

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Standalone Cash Flow Statement

for the year ended March 31, 2023 (Contd.)

For the year ended For the year ended

March 31, 2023 March 31, 2022
` crore ` crore
Adjustments for increase / (decrease) in Operating Liabilities:
Trade Payables (2,045.96) 810.51
Other Current Liabilities 96.16 34.71
Current Provisions (26.23) 15.16
Non-Current Provisions 24.48 (0.73)
Other Financial Liabilities - Current 2,209.51 111.87
Other Financial Liabilities - Non Current 0.47 1.45
258.43 972.97
Cash flow from/(used in) operations 626.52 1,800.15
Income Tax Paid (Net of Refund Received) (126.47) (116.40)
Net cash flows from/(used in) Operating Activities A 500.05 1,683.75

B. Cash flow from Investing Activities

Capital Expenditure on Property, Plant and Equipment (Including (1,711.00) (1,186.26)
Capital Advances)
Proceeds from Sale of Property, Plant and Equipment (Including 10.19 18.01
Property, Plant and Equipment classified as held for sale)
Purchase of Non Current Investments (5,383.28) (779.22)
Redemption of Investment In Perpetual Securities 3,895.00 Nil
Investment In Perpetual Securities (7.85) Nil
Proceeds from Sale of Non Current Investments (Net of expenses) 1,010.78 2,130.25
(Purchase of ) / Proceeds from Sale of Current Investments (Net) 20.30 242.99
Proceeds from Sale of Business to Subsidiaries 199.12 169.30
Interest Received 71.49 186.48
Delayed Payment Charges Received 5.69 5.75
Loans Given (41.11) (5,038.07)
Loans Repaid 1,726.59 4,991.50
Dividend Received 5,303.12 819.30
Guarantee Commission Received 25.07 25.05
Bank Balance not considered as Cash and Cash Equivalents (0.05) 2.00
Net cash flow from/(used in) Investing Activities B 5,124.06 1,587.08

C. Cash Flow from Financing Activities

Repayment of Unsecured Perpetual Securities Nil (1,500.00)
Distribution on Unsecured Perpetual Securities Nil (100.26)
Proceeds from Non-Current Borrowings 4,021.00 4,733.00
Repayment of Non-Current Borrowings (7,764.85) (2,201.68)
Proceeds from Current Borrowings 28,010.08 20,539.62
Repayment of Current Borrowings (26,490.08) (22,347.89)
Interest and Other Borrowing Costs (2,030.67) (1,870.27)
Proceeds from/(Repayment) of Bills Discounted (Net) (27.38) 54.09
Inter Corporate Deposit taken/(repaid) (net) (224.66) (177.20)
Increase in Capital/Service Line Contributions 9.36 8.19
Dividends paid (559.18) (495.28)
Payment of Lease Liability (293.24) (277.30)
Net Cash Flow from/(used in) Financing Activities C (5,349.62) (3,634.98)

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Standalone Cash Flow Statement

for the year ended March 31, 2023 (Contd.)

For the year ended For the year ended

March 31, 2023 March 31, 2022
` crore ` crore
Net increase/(decrease) in Cash and Cash Equivalents (A+B+C) 274.49 (364.15)
Cash and Cash Equivalents as at April 1, 2022 (Opening Balance) (0.02) 364.13
Cash and Cash Equivalents as at March 31, 2023 (Closing Balance) 274.47 (0.02)

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Cash and Cash Equivalents include:

(a) Balances with banks

In Current Accounts 274.47 57.35
In Deposits Accounts (with original maturity of three months or less) Nil 0.01
(b) Bank Overdraft Nil (57.38)
Cash and Cash Equivalents related to Continuing Operations 274.47 (0.02)
Total of Cash and Cash Equivalents 274.47 (0.02)
Notes:
The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - statement of cash flows
See accompanying notes to the Standalone Financial Statements

As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA SAURABH AGRAWAL
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 02144558

per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Mumbai, May 4, 2023 Mumbai, May 4, 2023

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Standalone Statement of Changes in Equity

for the year ended March 31, 2023

A. Equity Share Capital ` crore

No. of Shares Amount

Balance as at April 1, 2021 3,19,53,39,547 319.56
Issued during the year Nil Nil
Balance as at March 31, 2022 3,19,53,39,547 319.56

Balance as at April 1, 2022 3,19,53,39,547 319.56

Issued during the year Nil Nil
Balance as at March 31, 2023 3,19,53,39,547 319.56

B. Unsecured Perpetual Securities ` crore

No. of Securities Amount

Balance as at April 1, 2021 15,000 1,500.00
Repaid during the year (15,000) (1,500.00)
Issued during the year Nil Nil
Balance as at March 31, 2022 Nil Nil

Balance as at April 1, 2022 Nil Nil

Repaid during the year Nil Nil
Issued during the year Nil Nil
Balance as at March 31, 2023 Nil Nil

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 C. Other Equity (Refer Note 21) ` crore

Item of Other
Description Comprehensive
Income
Securities Debenture Capital Capital Statutory Special Retained Equity Instrument Total
Premium Redemption Redemption Reserves Reserve Reserve Earnings through Other
Reserve Reserve Comprehensive
Income
Balance as at April 1, 2021 3,107.54 296.95 4.51 66.24 660.08 126.28 3,575.09 221.82 8,058.51
Profit/(Loss) for the year Nil Nil Nil Nil Nil Nil 2782.93 Nil 2,782.93

Integrated Annual Report 2022-23

Other Comprehensive Income/(Expenses) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil 7.21 307.12 314.33
Total Comprehensive Income Nil Nil Nil Nil Nil Nil 2,790.14 307.12 3,097.26
Dividend paid Nil Nil Nil Nil Nil Nil (495.28) Nil (495.28)
Transfer from Retained Earnings to Special Reserve (Refer Note 21) Nil Nil Nil Nil Nil (126.28) 126.28 Nil Nil
Overview
Corporate

Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil (100.25) Nil (100.25)
for the year ended March 31, 2023 (Contd.)

Balance as at March 31, 2022 3,107.54 296.95 4.51 66.24 660.08 Nil 5,895.98 528.94 10,560.24

Balance as at April 1, 2022 3,107.54 296.95 4.51 66.24 660.08 Nil 5,895.98 528.94 10,560.24
Profit/(Loss) for the year Nil Nil Nil Nil Nil Nil 3,267.90 Nil 3,267.90
Other Comprehensive Income/(Expenses) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil (16.40) 127.47 111.07
for Tomorrow

Total Comprehensive Income Nil Nil Nil Nil Nil Nil 3,251.50 127.47 3,378.97
Decarbonising

Dividend paid Nil Nil Nil Nil Nil Nil (559.18) Nil (559.18)
Transfer to/(from) Debenture Redemption Reserve Nil (80.50) Nil Nil Nil Nil 80.50 Nil Nil
Balance as at March 31, 2023 3,107.54 216.45 4.51 66.24 660.08 Nil 8,668.80 656.41 13,380.03
Notes:
See accompanying notes to the Standalone Financial Statements
for Impact
Creating Value

Standalone Statement of Changes in Equity

As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA SAURABH AGRAWAL
Value

Chartered Accountants CEO & Managing Director Director

Delivering

ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 02144558

per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Statutory and

Mumbai, May 4, 2023 Mumbai, May 4, 2023

Financial Statements

#SustainableIsAttainable
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Notes to the Standalone Financial Statements

1. Corporate Information
The Tata Power Company Limited (the 'Company') is a public limited company domiciled and incorporated in India under the Indian Companies
Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai 400001, India. The Company is
listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). The principal business of the Company is generation,
transmission and distribution of electricity.
The Company was amongst the pioneers in generation of electricity in India more than a century ago. The Company has an installed generation
capacity of 6,075 MW in India and a presence in all the segments of the power sector viz. Generation (thermal and hydro), Transmission and
Distribution.

2. Significant Accounting Policies:
2.1 Statement of compliance
The Standalone Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified under the
Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013 and presentation requirements of
Division II of schedule III to the Companies Act, 2013 (as amended from time to time).
2.2 Basis of preparation and presentation
The Standalone Financial Statements have been prepared on a historical cost basis, except for the following assets and liabilities which have
been measured at fair value
- derivative financial instruments;
- certain financial assets and liabilities measured at fair value (Refer accounting policy regarding financial instruments);
- employee benefit expenses (Refer Note 27 for accounting policy)
Historical cost is the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire assets at the time of their
acquisition or the amount of proceeds received in exchange for the obligation, or at the amounts of cash or cash equivalents expected to be
paid to satisfy the liability in the normal course of business. Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date.
The standalone financial statements are presented in Indian Rupees (₹) and all amounts are in Crore unless otherwise stated.

3. Other Significant Accounting Policies
3.1 Foreign Currencies
The functional currency of the Company is Indian Rupee (₹).
Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. Foreign currency
denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and exchange gains
and losses arising on settlement and restatement are recognised in the Statement of Profit and Loss. Non-monetary assets and liabilities that
are measured in terms of historical cost in foreign currencies are not retranslated. Exchange differences on monetary items are recognised in
the Statement of Profit and Loss in the period in which they arise except for exchange differences on foreign currency borrowings relating to
assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to
interest costs on those foreign currency borrowings.
3.2 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current / non-current classification. An asset is treated as current
when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or
- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period.
All other assets are classified as non-current.

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Notes to the Standalone Financial Statements

3. Other Significant Accounting Policies (Contd.)

A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company
has identified twelve months as its operating cycle.
3.3 Onerous contracts
Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist
where the Company has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic
benefits expected to be received from the contract.
3.4 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
entity. Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities measured
at fair value through profit or loss are recognised immediately in the statement of profit and loss.
3.5 Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales
are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the
market place. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets are held within a
business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
On initial recognition, the Company makes an irrevocable election on an instrument-by-instrument basis to present the subsequent changes
in fair value in other comprehensive income pertaining to investments in equity instruments, other than equity investment which are
held for trading. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other
comprehensive income and accumulated in the 'Equity Instruments through Other Comprehensive Income'. The cumulative gain or loss is not
reclassified to profit or loss on disposal of the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to present subsequent
changes in fair value in other comprehensive income for investments in equity instruments which are not held for trading. Other financial
assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive
income.

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Notes to the Standalone Financial Statements

3. Other Significant Accounting Policies (Contd.)

3.5.4 Investment in subsidiaries, jointly controlled entities and associates
Investment in subsidiaries, jointly controlled entities and associates are measured at cost less impairment as per Ind AS 27 - 'Separate Financial
Statements'.
Impairment of investments:
The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is indication for impairment. If
the recoverable amount is less than its carrying amount, the impairment loss is recorded in the Statement of Profit and Loss.
When an impairment loss subsequently reverses, the carrying amount of the Investment is increased to the revised estimate of its recoverable
amount, so that the increased carrying amount does not exceed the cost of the Investment. A reversal of an impairment loss is recognised
immediately in Statement of Profit or Loss.
3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e.
removed from the Company’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in
full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially
all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
When the Company has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if
and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks
and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the
Company’s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Company has retained.
3.5.6 Impairment of financial assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires
expected credit losses to be measured through a loss allowance. The Company recognises lifetime expected losses for all contract assets and
/ or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at
an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the
financial asset has increased significantly since initial recognition.
3.6 Financial liabilities and equity instruments
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the substance of
the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
3.6.3 Financial liabilities
Financial liabilities are subsequently measured at amortised cost using the effective interest method or FVTPL. Gains and losses are recognised
in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate (EIR) amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as FVTPL. Financial liabilities are classified as held for trading if these are incurred for the purpose of repurchasing in the near term.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in the Statement of Profit and
Loss.

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3. Other Significant Accounting Policies (Contd.)

3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss
it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee
contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements
of Ind AS 109 - 'Financial Instruments' and the amount recognised less cumulative amortisation.
3.7 Derivative financial instruments
The Company enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks, including foreign
exchange forward contracts. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in Statement of Profit
and Loss immediately.
3.8 Reclassification of financial assets and liabilities
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is
made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification
is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be
infrequent. The Company’s senior management determines change in the business model as a result of external or internal changes which
are significant to the Company’s operations. Such changes are evident to external parties. A change in the business model occurs when the
Company either begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies
the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the
change in business model. The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or
interest.
3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable
legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
3.10 Dividend distribution to equity shareholders of the Company
The Company recognises a liability to make dividend distributions to its equity holders when the distribution is authorised and the distribution
is no longer at its discretion. A corresponding amount is recognised directly in equity.
3.11 Cash Flow Statement
Cash flows are reported using the indirect method, where by profit before tax is adjusted for the effects of transactions of a non-cash nature,
any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or
financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
3.12 Operating Cycle
Considering the nature of business activities, the operating cycle has been assumed to have a duration of 12 months. Accordingly, all assets
and liabilities have been classified as current or non-current as per the Company’s operating cycle and other criteria set out in Ind AS 1
‘Presentation of Financial Statements’ and Schedule III to the Companies Act, 2013.

4. Critical accounting estimates and judgements

In the application of the Company's accounting policies, management of the Company is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.

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Notes to the Standalone Financial Statements

4. Critical accounting estimates and judgements (Contd.)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods. Detailed information about each of these estimates and judgements is included in relevant notes together
with information about the basis of calculation for each affected line item in the Standalone Financial Statements.
The areas involving critical estimates or judgements are:
Estimations used for impairment of Property, Plant and Equipment of certain cash generating units (CGU) - Note 5a, 5b and 5c
Estimations used for fair value of unquoted securities and impairment of investments - Note 7
Estimation of defined benefit obligation - Note 27
Estimations used for determination of tax expenses and tax balances (including Minimum Alternate Tax credit) - Note 36
Estimates related to accrual of regulatory deferrals and revenue recognition - Note 19 and Note 31
Estimates and judgements related to the assessment of liquidity risk - Note 43.4.3
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims against the
Company - Note 39
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of
future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances.

5a Property, Plant and Equipments
Accounting Policy
Property, Plant and Equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to its working
condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with the Ind AS 23. Capital
work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and equipment are
required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when
a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipments as a replacement if
the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the Statement of Profit and Loss as
incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not
depreciated.
Regulated Assets
Depreciation on Property, Plant and Equipments in respect of electricity business of the Company covered under Part B of Schedule
II of the Companies Act, 2013, has been provided on the straight line method at the rates specified in tariff regulation notified by
respective state electricity regulatory commission.
Non-Regulated Assets
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis. The Company, based on technical assessment made by
technical expert and management estimate, depreciates certain items of building, plant and equipment over estimated useful
lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes that
these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

.

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5a Property, Plant and Equipments (Contd.)

Estimated useful lives of the Regulated and Non-Regulated assets are as follows:
Type of assets Useful lives
Hydraulic Works 40 years
Buildings-Plant 5 to 60 years
Buildings-Others 3 to 30 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 5 to 40 years
Plant and Equipments (excluding Computers and Data Processing units) 5 to 40 years
Plant and Equipments (Computers) 3 years
Plant and Equipments (Data Processing units) 6 years
Transmission Lines, Cable Network, etc. 5 to 40 years
Furniture and Fixtures 10 to 15 years
Office Equipments 5 years
Motor Cars 5 to 15 years
Motor Lorries, Launches, Barges etc. 25 to 40 years
Helicopters 25 years

Derecognition
An item of Property, Plant and Equipments is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of Property, Plant and
Equipments is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in the Statement of Profit and Loss.

Impairment
Impairment of tangible and intangible assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value
in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using an appropriate discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.The Company bases its impairment calculation on detailed budgets and forecast
calculations, which are prepared separately for each of the Company’s CGUs to which the individual assets are allocated.
Impairment losses of tangible and intangible assets are recognised in the Statement of Profit and Loss.

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 5a Property, Plant and Equipments (Contd.)
A. Owned Assets
` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Jetty Roads, Plant and Transmission Furniture Office Motor Helicopters Total
Land Works Plant Others Railway Equipment lines and and Equipment Vehicles,
(Refer (Refer @ (Refer sidings, cable Fixtures Launches,
Note v & Note viii) note viii) crossings network Barges
viii)
Cost
Balance as at April 1, 2022 323.80 564.20 1,614.98 500.65 106.10 91.52 25,546.20 4,023.23 80.76 32.51 36.71 35.30 32,955.96
Additions Nil 13.78 72.21 2.73 Nil Nil 397.27 629.95 3.64 1.47 16.31 Nil 1,137.36

Integrated Annual Report 2022-23

Disposals/Adjustments (Refer Note (8.21) (0.04) (17.56) (1.28) Nil (2.63) (321.39) (7.32) (1.56) (1.65) (7.50) Nil (369.14)
ii below)
Reclassified from asset held for 4.64 Nil 0.91 Nil Nil Nil Nil Nil Nil Nil Nil Nil 5.55
sale (Refer note vii below)
Balance as at March 31, 2023 320.23 577.94 1,670.54 502.10 106.10 88.89 25,622.08 4,645.86 82.84 32.33 45.52 35.30 33,729.73
Overview
Corporate

Accumulated depreciation and

impairment (Refer Note i below)
Balance as at April 1, 2022 Nil 327.22 503.82 208.39 72.81 67.48 9107.28 1644.69 62.64 23.18 31.90 31.76 12,081.17
Depreciation Expense Nil 11.89 48.07 16.20 5.60 1.03 768.79 185.31 3.83 1.77 2.04 0.02 1,044.55
Disposal of assets (Refer Note ii below) Nil (0.03) (3.92) (0.42) Nil (0.79) (157.39) (3.73) (0.96) (1.01) (6.51) Nil (174.76)
Reclassified from asset held for Nil Nil 0.42 Nil Nil Nil Nil Nil Nil Nil Nil Nil 0.42
sale (Refer note vii below)
for Tomorrow
Decarbonising

Balance as at March 31, 2023 Nil 339.08 548.39 224.17 78.41 67.72 9,718.68 1,826.27 65.51 23.94 27.43 31.78 12,951.38
Net carrying amount 320.23 238.86 1,122.15 277.93 27.69 21.17 15,903.40 2,819.59 17.33 8.39 18.09 3.52 20,778.35
As at March 31, 2023

` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Jetty Roads, Plant and Transmission Furniture Office Motor Helicopters Total
for Impact

Land Works Plant Others Railway Equipment lines and and Equipment Vehicles,
(Refer (Refer @ (Refer sidings, cable Fixtures Launches,
Creating Value

Note v & Note viii) note viii) crossings network Barges

viii)
Cost
Notes to the Standalone Financial Statements

Balance as at April 1, 2021 355.40 545.29 1,575.75 481.99 106.10 96.75 27,079.10 3,781.94 80.75 31.49 44.73 35.30 34,214.59
Value

Additions 0.07 18.91 40.60 1.13 Nil 2.09 523.91 258.71 2.72 2.34 0.48 Nil 850.96
Disposals (Refer Note vi below) (31.67) Nil (1.37) (0.63) Nil (7.32) (2,056.81) (17.42) (2.71) (1.32) (8.50) Nil (2,127.75)
Delivering

Reclassified from asset held for Nil Nil Nil 18.16 Nil Nil Nil Nil Nil Nil Nil Nil 18.16
sale
Balance as at March 31, 2022 323.80 564.20 1,614.98 500.65 106.10 91.52 25,546.20 4,023.23 80.76 32.51 36.71 35.30 32,955.96

Accumulated depreciation and

impairment (Refer Note i below)
Balance as at April 1, 2021 Nil 316.25 457.77 180.82 67.21 72.09 9,877.91 1,487.58 60.75 22.95 37.07 31.75 12,612.15
Depreciation Expense Nil 10.97 47.29 17.71 5.60 1.04 751.60 169.89 4.47 1.50 2.36 0.01 1,012.44
Statutory and

Disposal of assets (Refer Note vi Nil Nil (1.24) (0.28) Nil (5.65) (1,522.23) (12.78) (2.58) (1.27) (7.53) Nil (1,553.56)
below)
Financial Statements

Reclassified from asset held for Nil Nil Nil 10.14 Nil Nil Nil Nil Nil Nil Nil Nil 10.14
sale
Balance as at March 31, 2022 Nil 327.22 503.82 208.39 72.81 67.48 9,107.28 1,644.69 62.64 23.18 31.90 31.76 12,081.17
Net carrying amount
As at March 31, 2022 323.80 236.98 1,111.16 292.26 33.29 24.04 16,438.92 2,378.54 18.12 9.33 4.81 3.54 20,874.79

@ Buildings include cost of ordinary shares in co-operative housing societies.

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Notes to the Standalone Financial Statements

5a Property, Plant and Equipments (Contd.)

Notes:
i. The Company had in accordance with Ind AS 36 – “Impairment of Assets”, carried out impairment assessment of its assets of
Mundra Ultra Mega Power Project (UMPP), along with investments in Indonesian mining companies PT Kaltim Prima Coal (KPC)
and PT Baramulti Suksessarana TBK (BSSR) through intermediate holding companies (associates operating coal mines in Indonesia
and supplying coal to Mundra plant for UMPP). All these investment in companies and assets of UMPP constitute a single cash
generating unit (CGU) and form part of same segment due to interdependency of cash flows. There are significant losses being
incurred in UMPP on account of significant increase in coal prices due to change in Indonesian laws which is offset by the profits
earned by the mining companies
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Company’s CGUs to which the individual assets are allocated. For Mundra power plant, future cash flows is estimated
based on remaining period of long term power purchase agreement (PPA) and thereafter based on management’s estimate on
tariff and other assumptions. Further as discussed in note no.31 to the financial statements, the Supplementary Power Purchase
Agreement (SPPA) is likely to be signed and approved; and accordingly the same has been considered in estimating the cashflows.
Cash flow projection of mines are derived based on estimated coal production considering renewed license for operating the
mines. The license for operating mines are renewed for a period of 10 years with an option of renewal of further period of
10 years with Government of Indonesia. In the past, the Company had recognised an impairment provision of ₹ 311 crore in
CGU.
A reassessment of the assumptions used in estimating the impact of impairment of the cash generating unit (CGU)
comprising of UMPP and the Indonesian coal mines, combined with the significant impact of unwinding of a
year's discount on the cash flows, would have resulted in a reversal of ₹ 311 crore of provision for impairment.
Management believes that the reversal of impairment has not resulted from any significant improvement in the
estimated service potential of the concerned CGU; and hence the Company has not effected reversal of impairment.
Key assumptions used for value in use calculation include coal prices, energy prices post PPA period, signing of SPPA, discount
rates and exchange rates. Short term coal prices and energy prices used in three to five years projections are based on market
survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on long term
historical trend. Further the management strongly believes that mining Licenses will be renewed post expiry for further period
of 10 years by Government of Indonesia. Discount rate represents the current market assessment of the risk specific to CGU taking
into consideration the time value of money. Pre tax discount rate used in the calculation of value in use of Property, Plant and
Equipments in power plant is 9.60% p.a. (March 31, 2022: 9.45% p.a.) and investment in coal mines and related infrastructure
companies is 12.69% p.a. (March 31, 2022: 13.44% p.a.)
ii. Pursuant to the agreements signed on April 14, 2022 with Green Forest New Energies Bidco Ltd. (UK) (“Investor”) for investment
in Tata Power Renewable Energy Limited (TPREL) by the Investor, during the year, the Company has sold its wind assets, rooftop
projects, Electric Vehicle (EV) charging business to TPREL and its subsidiary with effect from August 01, 2022 at a consideration
of ₹ 199.12 crore. The said transactions have resulted in net profit of ₹ 42.74 crore which is disclosed as exceptional items under
"Gain on Sale of business to subsidiaries" in the financial statement. The value of Property, Plant and Equipment and Intangible
assets transferred in the above transaction is ₹ 145.88 crore (Gross block ₹ 244.36 crore & Net Block ₹ 98.48 crore) and ₹ 1.25 crore
(Gross block ₹ 1.93 crore & Net Block ₹ 0.68 crore) respectively..
iii. During the earlier years, the Company had recorded an impairment charge of ₹ 100 crore (March 31, 2022 - ₹ 100 crore) in respect
of Unit 6 generating station (Generation Segment) located at Trombay.
iv. Refer Note 22 for charge created on Property, Plant and Equipment.
v. Includes gain on fair valuation of land which is not available for distribution is ₹ 87.88 crore (March 31, 2022 ₹ 87.88
crore).
vi. During the previous year, the Company sold renewable assets of ₹ 557.90 crore to Tata Power Renewable Energy Limited and Tata
Power Green Energy Limited, pursuant to Business Transfer Agreement as a “going concern” on a slump sale basis effective on or
after April 1, 2021.
vii. During the year, the Company has reclassified the following assets to Property, Plant and Equipments from assets held for sale:
a. Land at Tiruldih ₹ 1.43 crore
b. Land at Vadaval ₹ 3.21 crore
c. Building at Mumbai (Panvel) ₹ 0.49 crore

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5a Property, Plant and Equipments (Contd.)

viii. The title deeds of immovable properties included in Property, Plant and Equipment are held in the name of the Company, except
for as shown in table below:
As on March 31, 2023 and As on March 31, 2022
Description Relevant line Gross Title deeds held in Whether title deed Property held since Reason for not being held in the name of
item in the carrying the name of holder is a promoter, which date the company
Balance Sheet value director or relative#
(` in of promoter* /
Crore) director or employee
of promoter /
director
Land of Freehold Land 0.88 Chemical Terminal No Since 2014 till date Land is acquired by the Company on
Chemical Trombay Ltd. account of Amalgamation. Land is in
Terminal (erstwhile name of erstwhile company.
Trombay Ltd. subsidiary)
Land and Freehold Land, 872.70 Coastal Gujarat No Since April 1, 2020 till Land and Building are acquired by the
Building at Buildings - Plant Power Limited date (Refer Note 47). Company on account of merger.
Mundra and Buildings - (erstwhile Merger order dated Land and Building are in name of
Others subsidiary) March 31, 2022 erstwhile company.
Land at Land classified 225.65 Maharashtra No Since 2015 till date The land was acquired from MIDC, which
Dehrand as asset held for Industrial the Company is now in process of selling
sale. (Refer Note Development it back to MIDC. Hence, the Company
18a) Corporation has not transferred the title deed of the
(MIDC) land in its name.
Land at Freehold Land 0.09 Sushilaba No Since April 1, 2020 till It is an agricultural land which is not
Mundra-0.51 Fatehsinh Zala date (Refer Note 47). converted to non - agricultural land and
hectare Merger order dated hence tittle deed is not registered in
March 31, 2022 name of the Company.

ix. The Company has not revalued its Property, Plant & Equipment (Including Right of use Assets). Thus valuation by registered valuer
as defined under Rule 2 of the Companies (Registered Valuer & Valuation) Rules, 2017 is not applicable.

5b Right of Use Assets

Accounting Policy
T he Company recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or
before the commencement date less any lease incentives received and estimate of costs to dismantle. Right-of-use assets are
depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
- Plant and Equipment - 2 years
- Port and Intake Channels - 40 years
- Leasehold land including sub surface right - 2 to 40 years

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5b Right of Use Assets (Contd.)

The Company presents right-to-use assets that do not meet the definition of investment property in "Property, plant and
equipment".
` crore
Description Leasehold Land Plant and Port and Intake Total
(including sub- Equipment Channels
surface right)#
Cost
Balance as on April 1, 2022 658.26 Nil 2,533.37 3,191.63
Additions Nil Nil 197.13 197.13
Deletions Nil Nil Nil Nil
Balance as at March 31, 2023 658.26 Nil 2,730.50 3,388.76
Accumulated depreciation and impairment
Balance as on April 1, 2022 131.27 Nil 226.62 357.89
Depreciation Expense 24.32 Nil 85.31 109.63
Deletions Nil Nil Nil Nil
Balance as at March 31, 2023 155.59 Nil 311.93 467.52
Net carrying amount
As at March 31, 2023 502.67 Nil 2,418.57 2,921.24

` crore
Description Leasehold Land Plant and Port and Intake Total
(including sub- Equipment Channels
surface right)#
Cost
Balance as on April 1, 2021 663.10 11.43 2422.32 3,096.85
Additions Nil Nil 111.05 111.05
Deletions * (4.84) (11.43) Nil (16.27)
Balance as at March 31, 2022 658.26 Nil 2,533.37 3,191.63
Accumulated depreciation and impairment
Balance as on April 1, 2021 107.92 9.14 148.88 265.94
Depreciation Expense 23.69 1.52 77.74 102.95
Deletions * (0.34) (10.66) Nil (11.00)
Balance as at March 31, 2022 131.27 Nil 226.62 357.89
Net carrying amount
As at March 31, 2022 526.99 Nil 2,306.75 2,833.74

* Deletion includes sale of renewables assets of ₹ 4.50 crore (Written down value) (forming part of renewable segment) to Tata
Power Renewable Energy Limited and Tata Power Green Energy Limited, wholly owned subsidiaries of the Company pursuant to
the Business Transfer Agreement as a “going concern” on a slump sale basis effective April 1, 2021.
# The title deeds of the Right of Use Assets are held in the name of the Company, except for as shown in table below:

Description Relevant line Gross Title deeds Whether title deed holder Property Reason for not
item in the carrying held in the is a promoter, director or held since being held in the
Balance Sheet value (` in name of relative# of promoter*/ which date in the name of
crore) director or employee of the company
promoter / director
Land at Haldia Leasehold 4.18 Tata Steel No Since 2009 Land taken on sub
- 6.99 acres Land Limited (TSL) till date lease from Tata Steel,
pending finalisation
of agreement

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5c Intangible Assets
Accounting Policy
Intangible Assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses, if any.
Internally generated Intangible Assets
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of Intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify
the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense
on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset.
Estimated useful lives of the intangible assets are as follows:
Type of assets Useful lives
Computer softwares 5 years
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
` crore
Description Computer Copyrights, patents, Total
softwares $ other intellectual
property rights, services
and operating rights
Cost
Balance as at April 1, 2022 274.95 0.57 275.52
Additions 1.30 Nil 1.30
Disposal (64.61) Nil (64.61)
Balance as at March 31, 2023 211.64 0.57 212.21
Accumulated amortisation and impairment
Balance as at April 1, 2022 237.54 0.55 238.09
Amortisation expense 15.01 0.01 15.02
Disposal (63.36) Nil (63.36)
Balance as at March 31, 2023 189.19 0.56 189.75
Net carrying amount
As at March 31, 2023 22.45 0.01 22.46

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5c Intangible Assets (Contd.)

` crore
Description Computer Copyrights, patents, Total
softwares $ other intellectual
property rights, services
and operating rights
Cost
Balance as at April 1, 2021 275.93 0.57 276.50
Additions 3.35 Nil 3.35
Disposal (4.33) Nil (4.33)
Balance as at March 31, 2022 274.95 0.57 275.52
Accumulated amortisation and impairment
Balance as at April 1, 2021 214.98 0.55 215.53
Amortisation expense 22.97 Nil 22.97
Disposal (0.41) Nil (0.41)
Balance as at March 31, 2022 237.54 0.55 238.09
Net carrying amount
As at March 31, 2022 37.41 0.02 37.43
Notes:
$ Other than internally generated intangible assets.

5d Depreciation/Amortisation - Continuing Operations:

For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
Depreciation on Property, Plant & Equipments 1,044.55 1,012.44
Depreciation on Right of Use assets 109.63 102.95
Amortisation on Intangible assets 15.02 22.97
Other adjustments (including inventorisation) (1.73) (4.13)
Total 1,167.47 1,134.23

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

Accounting Policy
Capital work in progress is stated at cost, net of accumulated impairment loss, if any.
For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
Balance at the beginning 965.15 322.43
Additions 1,794.57 1,535.79
Less: Assets transferred to subsidiaries (Refer Note 5a (ii) and Refer Note 5a (vi)) (340.07) (2.78)
Less: Considered as finance lease during the year (12.55) (36.22)
Less: Capitalised during the year (1,134.54) (854.07)
Balance at the end 1,272.56 965.15

CWIP ageing Schedule as at March 31, 2023

` crore
Capital Work in Progress Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 969.19 259.80 32.78 10.79 1,272.56
Projects temporarily suspended Nil Nil Nil Nil Nil
Total 969.19 259.80 32.78 10.79 1,272.56

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

CWIP ageing Schedule as at March 31, 2022

` crore
Capital Work in Progress Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 848.00 69.68 9.37 38.10 965.15
Projects temporarily suspended Nil Nil Nil Nil Nil
Total 848.00 69.68 9.37 38.10 965.15

CWIP Completion Schedule whose completion is overdue or has exceeded its cost compared to its original plan as at
March 31, 2023
` crore
Capital Work in Progress To be completed in
More than 3
Less than 1 year 1-2 years 2-3 years
years
Projects in progress
Transmission projects:
Replacement of Transmission Towers in Vashi 17.98 Nil Nil Nil
Installation of 110 KV GIS at Vikhroli 1.88 Nil Nil Nil
Installation of 220 KV GIS at Borivali 1.70 Nil Nil Nil
Replacement of Isolators 1.55 Nil Nil Nil
Others 4.27 Nil Nil Nil
Distribution projects
Saki-Kurla 33 KV Interconnection 2.10 Nil Nil Nil
Replacement of fault prone UG cable sect 1.85 Nil Nil Nil
Others 13.05 Nil Nil Nil
Generation projects
Replacement of Lonavala and Walwhan 1.46 Nil Nil Nil
RCC lining of tunnel-1 at Bhira 1.16 Nil Nil Nil
Fuel Gas Desulfurisation project at Mundra plant Nil 762.45 Nil Nil
Fuel Gas Desulfurisation project at Jojobera plant Nil 219.41 Nil Nil
Others 1.67 Nil Nil Nil
Projects temporarily suspended Nil Nil Nil Nil

CWIP Completion Schedule whose completion is overdue or has exceeded its cost compared to its original plan as at
March 31, 2022
` crore
Capital Work in Progress To be completed in
More than 3
Less than 1 year 1-2 years 2-3 years
years
Projects in progress
Transmission projects:
220 KV Trombay Dharavi Salsette Lines Nil 5.87 Nil Nil
220 KV Receiving Station - Antop Hill Nil 1.84 Nil Nil
220 KV Kalwa Salsette Lines 109.49 Nil Nil Nil
Others 11.60 0.92 Nil Nil

Distribution projects 2.69 Nil Nil Nil

Generation projects:
Fuel Gas Desulfurisation project at Mundra plant Nil 199.09 Nil Nil
Fuel Gas Desulfurisation project at Jojobera plant Nil 40.46 Nil Nil
Projects temporarily suspended Nil Nil Nil Nil

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7. Non-Current Investments
As at As at Face Value As at As at
March 31, 2023 March 31, 2022 (in ₹ unless March 31, 2023 March 31, 2022
Quantity Quantity stated otherwise) ` crore ` crore
I Investments carried at cost less accumulated
impairment, if any
(A) Investment in Subsidiaries
(i) Investment in Equity Shares fully paid-up
Quoted
Nelco Ltd. 1,14,18,090 1,14,18,090 10 14.02 14.02
14.02 14.02
Unquoted
Tata Power Trading Co. Ltd. 1,60,00,000 1,60,00,000 10 37.09 37.09
Maithon Power Ltd. 111,65,99,120 111,65,99,120 10 1,116.83 1,116.83
Bhira Investments Pte. Ltd.(Refer Note 5(a)(i)) 10,00,000 10,00,000 USD 1 4.10 4.10
Bhivpuri Investments Ltd. (Refer Note 5(a)(i)) 7,46,250 7,46,250 Euro 1 4.08 4.08
Tata Power Green Energy Ltd. (Refer Note xi Nil 50,000 10 Nil 0.02
below)
Khopoli Investments Ltd. 4,70,07,350 4,70,07,350 USD 1 255.20 255.20
Tata Power Delhi Distribution Ltd. 53,65,20,000 53,65,20,000 10 200.93 200.93
TP Ajmer Distribution Ltd. 1,00,00,000 1,00,00,000 10 10.00 10.00
Tata Power Jamshedpur Distribution Ltd. 80,50,000 80,50,000 10 8.05 8.05
TP Renewable Microgrid Ltd. 4,01,00,000 4,01,00,000 10 40.10 40.10
Tata Power Renewable Energy Ltd. (Refer 129,58,73,131 104,51,07,715 10 6,214.03 1,054.03
Note vii & xi below)
Tata Power Solar Systems Ltd. (Refer Note xi Nil 2,29,77,567 100 Nil 322.98
below)
Tata Power International Pte. Ltd. (Refer Note 6,77,30,650 6,77,30,650 USD 1 577.55 577.55
5(a)(i) & xii below)
TP Central Odisha Distribution Ltd. (Refer 30,07,64,639 25,70,14,500 10 326.71 282.96
Note vi below)
TP Southern Odisha Distribution Ltd (Refer 18,81,59,393 12,64,49,400 10 213.68 151.97
Note vi below)
TP Western Odisha Distribution Ltd (Refer 24,49,01,993 18,35,66,646 10 346.94 285.60
Note vi below)
Supa Windfarm Ltd. (Refer Note xi below) Nil 1,10,00,000 10 Nil 10.95
TP Kirnali Solar Ltd. (Refer Note xi below) Nil 1,15,65,090 10 Nil 11.57
TP Solapur Solar Ltd. (Refer Note xi below) Nil 1,01,67,748 10 Nil 10.17
TP Saurya Ltd. (Refer Note xi below) Nil 50,000 10 Nil 0.05
TP Solapur Saurya Ltd (Refer Note xi below) Nil 50,000 10 Nil 0.05
TP RoofUrja Renewable Ltd (Refer Note xi Nil 50,000 10 Nil 0.05
below)
TP Akkalkot Renewable Energy Ltd. (Refer Nil 95,90,400 10 Nil 9.59
Note xi below)
TP North Odisha Distribution Ltd (Refer Note 20,30,55,626 15,04,21,236 10 266.81 214.17
vi below)
9,622.10 4,608.09
Less: Impairment in the value of Investments
Tata Power Jamshedpur Distribution Ltd. 8.05 8.05
Tata Power International Pte. Ltd.(Refer Note 552.91 552.91
x below)
9,061.14 4,047.13

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7. Non-Current Investments (Contd.)

As at As at Face Value As at As at
March 31, 2023 March 31, 2022 (in ₹ unless March 31, 2023 March 31, 2022
Quantity Quantity stated otherwise) ` crore ` crore
(ii) Investment in Perpetual Securities
Unquoted
Tata Power Renewable Energy Ltd. (Refer N.A. N.A. Nil 3,895.00
Note xi below)
TP Ajmer Distribution Ltd. (Refer Note v N.A. N.A. 95.00 Nil
below)
TP Renewable Microgrid Ltd. (Refer Note v N.A. N.A. 64.00 56.15
below)
159.00 3,951.15
9,234.16 8,012.30
(B) Investment in Associates
Investment in Equity Shares fully Paid-up
Unquoted
Yashmun Engineers Ltd. 19,200 19,200 100 0.01 0.01
The Associated Building Co. Ltd. 1,400 1,400 900 0.17 0.17
Tata Projects Ltd. (Refer Note viii below) 7,92,78,886 7,92,78,886 100 658.28 658.28
Dagachhu Hydro Power Corporation Ltd. 10,74,320 10,74,320 Nu 1,000 107.43 107.43
Brihat Trading Private Ltd. 3,350 3,350 10 0.00 0.00
765.89 765.89
(C) Investment in Joint Ventures
Investment in Equity Shares fully Paid-up
Unquoted
Tubed Coal Mines Ltd. 1,01,97,800 1,01,97,800 10 10.20 10.20
Itezhi Tezhi Power Corporation (Refer Note Nil Nil ZMW 1 Nil Nil
vii below)*
Mandakini Coal Company Ltd. (Refer Note vii 3,93,00,000 3,93,00,000 10 39.30 39.30
below)
Powerlinks Transmission Ltd. (Refer Note vii 23,86,80,000 23,86,80,000 10 238.68 238.68
below)
Industrial Energy Ltd. (Refer Note vii below) 49,28,40,000 49,28,40,000 10 492.84 492.84
LTH Milcom Pvt. Ltd.* Nil Nil 10 Nil Nil
Dugar Hydro Power Ltd. 4,34,25,002 4,34,25,002 10 43.42 43.42
824.44 824.44
Less: Impairment in the value of Investments
Tubed Coal Mines Ltd. 10.20 10.20
Dugar Hydro Power Ltd. 10.00 10.00
Mandakini Coal Company Ltd. 39.30 39.30
59.50 59.50
764.94 764.94
Sub-total I (A) + I (B) + I (C) 10,764.99 9,543.13

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7. Non-Current Investments (Contd.)

As at As at Face Value As at As at
March 31, 2023 March 31, 2022 (in ₹ unless March 31, 2023 March 31, 2022
Quantity Quantity stated otherwise) ` crore ` crore
II Investments designated at Fair Value through
Other Comprehensive Income
Investment in Equity Shares fully Paid-up
Quoted
Voltas Ltd. 2,33,420 2,33,420 1 19.10 29.07
Tata Consultancy Services Ltd. 766 766 1 0.25 0.29
Tata Teleservices (Maharashtra) Ltd. (Refer 12,67,20,193 12,67,20,193 10 447.96 447.96
Note ix below)
Bharti Airtel Ltd. 62,919 62,919 10 4.71 4.75
Tata Motors Ltd. 3,57,159 3,57,159 15 15.03 15.49
Tata Motors Ltd. - Differential Voting rights 51,022 51,022 1 1.06 1.05
Tata Investment Corporation Ltd. 7,94,416 7,94,416 10 138.56 107.75
626.67 606.36
Unquoted
Tata Services Ltd. 1,664 1,664 1,000 Nil Nil
Tata Industries Ltd. # 68,28,669 68,28,669 100 115.47 115.47
Tata Sons Pvt. Ltd. # 6,673 6,673 1,000 194.70 194.70
Haldia Petrochemicals Ltd. 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd. 36,000 36,000 1,000 165.60 58.44
Taj Air Ltd. 79,00,760 79,00,760 10 Nil Nil
Tata Capital Ltd. 23,33,070 23,33,070 10 12.04 12.04
Others 0.50 0.50
544.79 437.63
1,171.46 1,043.99
III Investments carried at Amortised Cost
(A) Statutory Investments
Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully 128.10 124.26
Paid-up

Sub-total III (A) + III (B) 128.10 124.26

Total 12,064.55 10,711.38

* Refer Asset Held For Sale ( Refer Note 18a.)

# The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost
represents the best estimate of fair value within that range.

Notes:
i. Aggregate Market Value of Quoted Investments 1,472.21 3,089.45
ii. Aggregate Carrying Value of Quoted Investments [Refer Note 7(ix] 640.69 620.38
iii. Aggregate Carrying Value of Unquoted Investments (Net) 11,423.86 10,091.00
iv. Aggregate amount of impairment in value of Investments 620.46 620.46
v. The Company has invested in unsecured subordinated perpetual securities issued by TP Renewable Microgrid Limited
and TP Ajmer Distribution Ltd, its subsidiary companies. These securities are redeemable at the issuer's option and carry
non-cumulative interest coupon at the rate of dividend paid on the issuer's ordinary shares. The interest can be deferred
if the issuer does not pay any dividend on its ordinary shares for the financial year. The issuer has classified this instrument
as equity under Ind AS - 32 'Financial Instruments Presentation'. Accordingly, the Company has classified this investment as
Equity Instrument and has accounted at cost as per Ind AS - 27 'Separate Financial Statements'.

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7. Non-Current Investments (Contd.)

vi. T he Company had acquired 51 % stake in TP Central Odisha Distribution Limited ('TPCODL'), TP Western Odisha Distribution
Limited ('TPWODL'), TP Southern Odisha Distribution Limited ('TPSODL') and TP Northern Odisha Distribution Limited
('TPNODL). TPCODL, TPWODL, TPSODL and TPNODL are the licensees to carry out the function of distribution and retail supply
of electricity covering the distribution circles of Central, Western,Southern Odisha and Northern Odisha for a period of 25
years effective from June 1, 2020, January 1, 2021, January 1, 2021 and April 1, 2021 respectively. Further during the current
year and previous year, the Company has subscribed to the right issue of equity shares offered by TPCODL,TPWODL,TPSODL
and TPNODL.
vii. Shares pledged :
The Company has pledged shares of subsidiaries and joint ventures with the lenders for borrowings availed by the respective
subsidiaries and joint ventures.

Details March 31, 2023 March 31, 2022

Category
Nos. Nos.
Tata Power Renewable Energy Ltd. Subsidiary Nil 25,81,14,935
Itezhi Tezhi Power Corporation * Joint Venture 4,52,500 4,52,500
Mandakini Coal Company Ltd. Joint Venture 2,00,43,000 2,00,43,000
Powerlinks Transmission Ltd. Joint Venture 23,86,80,000 23,86,80,000
Industrial Energy Ltd. Joint Venture Nil 25,13,48,400
* Classified as Asset Held For Sale (Refer Note 18a.(ii))
viii. D
 uring the previous year ended March 31, 2022, the Company has subscribed to the right issue of equity shares offered by
Tata Projects Limited amounting to ₹ 573.27 crore.
ix. The Company holds 12.67 crore shares of Tata Teleservices (Maharashtra) Limited (“TTML”) designated as fair value through
OCI which is carried out at each balance sheet date basis the quoted price. Quoted price of TTML has witnessed significant
fluctuation and management believes that the quoted price may not represent the fair value of TTML shares since it has
accumulated losses and negative net worth. Accordingly on a conservative basis, the management has not recognized any
fair value gain in OCI after September 30, 2021.
x. The Company holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Company operating
187 MW hydro power plant in Georgia) through intermediate holding company Tata Power International Pte. Ltd.
(TPIPL). In the past, the Company, in accordance with Ind AS 36 - 'Impairment of Assets' had recognized impairment
provision on investment of ₹ 552.91 crore including provision of ₹ 106.82 crore during the year ended March 31, 2022.
Based on the recoverability assessment performed by the Company the actual cashflows were in line with estimated cash
flow projections. Accordingly there are no trigger for impairment of investments as on March 31, 2023.
xi. i. Pursuant to the agreements signed on April 14, 2022 with Green Forest New Energies Bidco Ltd. (UK) (“Investor”)
for investment in Tata Power Renewable Energy Limited (TPREL) by the Investor, during the year, the Company has
sold its equity investment in Tata Power Solar Systems Ltd., Tata Power Green Energy Ltd., TP Saurya Ltd., TP Kirnali
Solar Ltd., TP Solapur Solar Ltd., TP Akkalkot Renewable Ltd., TP Solapur Saurya Ltd., TP Roofurja Renewable Ltd. and
Supa Windfarm Ltd to TPREL at a consideration of ₹ 1,058.04 crore. The said transactions have resulted in net profit of
₹ 645.35 crore which is disclosed as exceptional items in the standalone financial statement.
ii. During the year, the Company has subscribed to the 25,07,65,416 right issue of equity shares (face value of ₹ 10 per
share) for ₹ 5,160.00 crore offered by Tata Power Renewable Energy Ltd ('TPREL') at a premium of ₹ 195.77 per share.
Further during the year TPREL has exercised the option and repaid the investment of ₹ 3,895.00 crores made by the
Company in the Unsecured Perpetual Securities of TPREL.
xii. During the previous year, the Company has sold its investment in Trust Energy Resources Pte. Ltd., a wholly owned
subsidiary of the Company to Tata Power International Pte Limited, another wholly owned subsidiary of the company for
a consideration of ₹ 2,126.88 crore ($286 million) and recognised a profit amounting to ₹ 1,518.93 crore in the standalone
financial statement.

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8. Trade Receivables
(Unsecured unless otherwise stated)
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Current
Considered Good - Secured (Refer Note (a) below) 272.42 247.78
Considered Good - Unsecured (Refer Note (b) below) 1,656.65 803.15
Credit Impaired 145.50 140.23
2,074.57 1,191.16
Less: Allowance for Doubtful Trade Receivables 170.23 164.51
Total 1,904.34 1,026.65

Note:
a Company holds security deposits of ₹ 272.42 crore (March 31, 2022 - ₹ 247.78 crore) in respect of electricity receivables.
b. The carrying amount of trade receivable does not include receivables of ₹ 1,682.73 crore (March 31, 2022: ₹ 1,150.64 crore)
which are subject to a factoring arrangement. Under this arrangement, the Company has transferred the relevant receivables
to the factor in exchange for cash on non recourse basis. The Company, therefore, has derecognised the said receivables
under the said arrangement. Amount received from such customers not transferred to factoring agent is disclosed as
financial liability (Refer Note 25).
8 (a) Trade Receivables
 s at March 31, 2023, ₹ 1,086.43 crore (March 31, 2022 - ₹ 628.66 crore) is due from Brihanmumbai Electric Supply & Transport
A
Undertaking, Maharashtra State Electricity Transmission Company Ltd., Gujarat Urja Vikas Nigam Limited, and Tata Steel Ltd. which
represents Company's large customers who owe more than 5% of the total balance of trade receivables.
In the Generation business, the Company supplies power only to a few customers which are State distribution companies and in
Transmission business, the Company provides transmission services to Government Company and hence the Company assesses
expected credit allowance on case to case basis.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables relating to
Distribution business, except for receivables from government entities, based on a provision matrix. The provision matrix takes
into account historical credit loss experience and adjusted for forward looking information. The expected credit loss allowance is
based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the
end of the reporting period is as follows:
Ageing of Receivables Expected Credit loss (%)
As at As at
March 31, 2023 March 31, 2022
Within the credit period 0.19% 0.07%
1-90 days past due 1.02% 2.24%
91-182 days past due 3.39% 3.36%
More than 182 days past due 95.40% 94.32%

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8. Trade Receivables (Contd.)

8 (b) Trade Receivables Ageing schedule as at March 31, 2023
` crore
Particulars Outstanding for following periods from due date of payment # Total
Less than 6 Months - More than
Not due 1-2 Years 2-3 years
6 Months 1 Year 3 years
(i) Undisputed Trade Receivables
a) Considered good 966.33 175.88 72.88 13.48 6.91 17.87 1,253.35
b) Significant increase in credit risk Nil Nil Nil Nil Nil Nil Nil
c) Credit Impaired Nil Nil 3.77 0.29 1.04 25.40 30.50
(ii) Disputed Trade Receivables
a) Considered good Nil 554.80 42.56 12.97 Nil 65.39 675.72
b) Significant increase in credit risk Nil Nil Nil Nil Nil Nil Nil
c) Credit Impaired Nil Nil Nil Nil 3.00 112.00 115.00
Total (i) + (ii) 966.33 730.68 119.21 26.74 10.95 220.66 2,074.57

# Where due date of payment is not available date of transaction has been considered
Trade Receivables Ageing schedule as at March 31, 2022
` crore
Particulars Outstanding for following periods from due date of payment # Total
Less than 6 Months - More than
Not due 1-2 Years 2-3 years
6 Months 1 Year 3 years
(i) Undisputed Trade Receivables
a) Considered good 656.88 270.73 12.79 11.64 6.82 17.96 976.82
b) Significant increase in credit risk Nil Nil Nil Nil Nil Nil Nil
c) Credit Impaired Nil Nil 0.56 1.26 5.89 17.24 24.95
(ii) Disputed Trade Receivables
a) Considered good Nil 1.35 12.80 Nil Nil 59.96 74.11
b) Significant increase in credit risk Nil Nil Nil Nil Nil Nil Nil
c) Credit Impaired Nil Nil Nil 3.00 4.50 107.78 115.28
Total (i) + (ii) 656.88 272.08 26.15 15.90 17.21 202.94 1,191.16

# Where due date of payment is not available date of transaction has been considered
Movement in the allowance for doubtful trade receivables
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Balance at the beginning of the year 164.51 171.08
Add/(Less): Expected credit loss provided/(reversed) 5.72 (6.57)
Balance at the end of the year 170.23 164.51
The average credit period ranges from 30 days to 60 days. The concentration of credit risk is very limited due to the fact that the
large customers are mainly Government entities and remaining customer base is large and widely dispersed and secured with
security deposit.

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9. Loans
(Unsecured unless otherwise stated)

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-Current - At Amortised Cost
Loans to Related Parties (Refer note 42)
Considered Good Nil 450.00
Credit Impaired 54.49 54.38
54.49 504.38
Less: Allowance for Doubtful Loans 54.49 54.38
Nil 450.00
Other Loans
Loans to Employees
Considered Good 2.68 3.17
Total 2.68 453.17
Current - At Amortised Cost
Loans to Related Parties (Refer note 42)
Considered Good Nil 1,328.48
Credit Impaired Nil Nil
Nil 1,328.48
Less: Allowance for Doubtful Loans Nil Nil
Nil 1,328.48
Other Loans
Credit Impaired 7.50 9.50
7.50 9.50
Less: Allowances for Doubtful Loans 7.50 9.50
Nil Nil
Total Nil 1,328.48

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9. Loans (Contd.)
Disclosure under Regulation 53(f) and 34(3) read together with paragraph A Schedule V of Securities and Exchange Board of
India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Loans and advances in the nature of loans given to Subsidiaries, Joint Ventures and Associates:
` crore

Name of the Company Relationship Amount Outstanding as at the year Maximum Principal Amount
end Outstanding during the year
(excluding interest accrued)
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022

Chirasthaayee Saurya Ltd. Subsidiary Nil Nil Nil 255.00

TP Wind Power Limited Subsidiary Nil Nil Nil 8.00
Mandakini Coal Company Ltd. $ Joint Venture 54.49 54.38 54.49 54.38
Tata Power Green Energy Ltd. Subsidiary Nil 149.86 151.36 173.16
Tata Power Renewable Energy Ltd. Subsidiary Nil 1,000.81 1,000.81 1,209.15
Tata Power Solar Systems Ltd Subsidiary Nil Nil Nil 1,099.83
Tata Power Trading Company Ltd. Subsidiary Nil Nil Nil 10.00
TCL Ceramics Ltd. $ (Ceased to be subsidiary Subsidiary Nil Nil Nil 12.00
w.e.f March 24, 2022)
TP Ajmer Distribution Ltd.* Subsidiary Nil 95.00 95.00 95.00
TP Kirnali Ltd. Subsidiary Nil 314.00 314.00 499.00
TP Kirnali Solar Ltd. Subsidiary Nil Nil Nil 24.70
TP Renewable Microgrid Ltd.* Subsidiary Nil Nil Nil 54.50
TP Saurya Ltd. Subsidiary Nil 195.31 195.31 195.32
TP Solapur Solar Ltd. Subsidiary Nil Nil Nil 33.00
Vagarai Windfarm Ltd. Subsidiary Nil Nil Nil 8.50
Walwhan Renewable Energy Limited Subsidiary Nil 23.50 23.50 334.35
54.49 1,832.86
Itezhi Tezhi Power Corporation # Joint Venture 18.59 18.59 18.59 18.59
Total 73.08 1,851.45

Notes:
No Loan has been given to related parties which is repayable on demand and without terms of repayment.
$ Provided for.
# Reclassified as held for sale (including interest accrued).
* Converted to unsecured non-cumulative perpetual debt.

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10. Finance Lease Receivable - At Amortised Cost

(Unsecured unless otherwise stated)
Accounting Policy
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental
to ownership to the lessee. All other leases are classified as operating lease. Amount due from lessees under finance leases are
recorded as receivables at the Company's net investment in the leases. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease. The Company recognises
lease payments received under operating leases as income on a straight-line basis over the lease term.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Finance Lease Receivable - Non-current 475.29 520.91
Finance Lease Receivable - Current 50.00 42.61
Total 525.29 563.52

10.1 Leasing Arrangements

There are two types of leasing arrangement:
a) Generation of Power: The Company has entered into Power Purchase Agreements (PPA) with a customer for its assets
located at Jojobera. The PPA relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed
plus variable charge. The customer, during the term of the PPAs has a right to purchase the assets and at the end of the
contract is obligated to purchase the same on the basis of the valuation to be determined as per the PPAs. The Company
has recognised an amount of ₹ 75.42 crore (March 31, 2022 ₹ 77.68 crore) as income for finance lease during the year ended
March 31, 2023.
b) Electric Vehicle charging facilities : The Company has entered into arrangement with customer for providing Infrastructure
facilities and chargers for public transport utilities. The arrangement is for the period of 10 years for providing and
maintaining infrastructure facility at a fixed charge. During the year, the Company has transferred this facilities to TP Solapur
Limited w.e.f. August 1, 2022. The Company has recognised an amount of ₹ 0.84 crore (March 31, 2022 ₹ 2.13 crore) as income
for finance lease during the year ended March 31, 2023.
10.2 Amount receivable under Finance Lease
₹ crore
Particulars Minimum Lease Minimum Lease
Payments as at Payments as at
March 31, 2023 March 31, 2022
` crore ` crore
Less than a year 118.17 117.87
One to two years 113.37 113.39
Two to three years 111.36 112.45
Three to four years 117.13 110.65
Four to five years 77.19 108.31
Total (A) 537.22 562.67
More than five years (B) 368.90 455.33
Total (A +B) 906.12 1,018.00
Less: Unearned finance income 380.83 454.48
Present Value of Minimum Lease Payments Receivable 525.29 563.52

Lessor - Operating Lease

The Company has entered into operating leases for its certain building, plant and machinery and other equipment. These
typically have lease terms of between 1 and 10 years. The Company has recognized an amount of ₹ 27.55 crore (March 31, 2022
- ₹ 20.01 crore) as rental income for operating lease during the year ended March 31, 2023.

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11. Other Financial Assets - At Amortised Cost (Unless otherwise stated)

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-Current
(i) Security Deposits
Considered Good 51.31 47.79
Credit Impaired 25.70 29.90
77.01 77.69
Less: Allowance for Doubtful Deposits 25.70 29.90
51.31 47.79
(ii) Interest accrued
Doubtful
Interest Accrued on Loans to Related Parties 1.24 1.24
1.24 1.24
Less: Allowance for Doubtful Interest 1.24 1.24
Nil Nil
(iii) Others
Unsecured, considered good
Advance towards Equity Nil 0.12
Balances with Banks:
In Deposit Accounts (with remaining maturity of more than twelve months) (Refer 0.95 1.90
Note 1 below)
Other Assets 25.62 47.49
26.57 49.51
Total 77.88 97.30
Note:
1. Balances with Banks held as Margin Money Deposits against Guarantees.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Current
(i) Security Deposits
Considered Good 4.35 4.69
4.35 4.69
(ii) Interest accrued
Unsecured, considered good
Interest Accrued on Inter-corporate/Bank Deposits 0.12 0.06
Interest Accrued on Investments in Government Securities 0.85 3.50
Interest Accrued on Finance Lease Receivable 5.90 6.29
Interest Accrued on Loans to Related Parties Nil 4.61
Doubtful
Interest Accrued on Loans to Related Parties 0.55 0.55
Interest Accrued on Inter-corporate Deposits 1.31 1.40
8.73 16.41
Less: Allowance for Doubtful Interest 1.86 1.95
6.87 14.46
(iii) Others
Unsecured, considered good
Recoverable from Consumers 27.50 98.68
Dividend Receivable (Refer note 42) 412.57 1,820.65
Derivative Contracts 1.26 5.06
Other Receivables 51.19 43.49
Balances with Banks: (Refer Note 1 below)
In Deposit Accounts (with remaining maturity of less than twelve months) 0.96 Nil
493.48 1,967.88
Total 504.70 1,987.03

Note:
1. Balances with Banks held as Margin Money Deposits against Guarantees.

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12. Non-Current Tax Assets

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Advance Income-tax (Net) 610.60 338.00
Total 610.60 338.00

13. Other Assets

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-current
(i) Capital Advances
Unsecured, considered good 115.72 148.81
Doubtful 0.11 0.53
115.83 149.34
Less: Allowance for Doubtful Advances 0.11 0.53
115.72 148.81
(ii) Balances with Government Authorities
Unsecured, considered good
Advances 13.41 13.28
Amount Paid Under Protest 62.82 62.82
VAT/Sales Tax Receivable 6.49 6.69
82.72 82.79

(iii) Others
Unsecured, considered good
Prepaid Expenses 10.18 9.55
Recoverable from Consumers 1,639.02 1,408.30
1,649.20 1,417.85
Total 1,847.64 1,649.45
Current
(i) Balances with Government Authorities
Unsecured, considered good
Advances 11.56 8.83
Doubtful 0.76 0.37
12.32 9.20
Less: Allowance for Doubtful Advances 0.76 0.37
11.56 8.83
(ii) Others
Unsecured, considered good
Prepaid Expenses 9.27 11.51
Gratuity Fund Balance (Net) (Refer Note 27) 114.42 122.66
Advances to Vendors 108.51 68.15
Other Advances 2.49 2.34
Doubtful 0.19 0.19
234.88 204.85
Less: Allowance for Doubtful Advances 0.19 0.19
234.69 204.66
Total 246.25 213.49

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14. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on moving weighted
average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and
costs necessary to make the sale. Cost of inventory includes cost of purchase and other costs incurred in bringing the inventories
to their present location and condition. Unserviceable/damaged stores and spares are identified and written down based on
technical evaluation.

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Inventories
(a) Fuel 1,661.61 1,257.26
(b) Fuel-in-Transit 195.61 533.40
(c) Stores and Spares 265.25 256.48
(d) Loose Tools 0.58 0.56
(e) Others
Property under Development 334.90 244.63
Total 2,457.95 2,292.33

Notes:
1. Refer Note 22 for charge created on Inventories.
2.  uring the year ended March 31, 2023, the Company has recognised ₹ 0.39 crore (March 31, 2022 - ₹ 12.01 crore) as an
D
expense for the write down of fuel and unserviceable stores and spares inventory.

15. Current Investments

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Investments carried at Amortised Cost
Statutory Investments
Government Securities (Unquoted) 64.17 55.67

Investments carried at Fair Value through Profit and Loss

Mutual Funds (Unquoted) Nil 11.93
Total 64.17 67.60
Note:
Aggregate Carrying Value of Unquoted Investments 64.17 67.60

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16. Cash and Cash Equivalents - At Amortised Cost

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

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Balances with Banks:
In Current Accounts 274.47 57.35
In Deposit Accounts (with original maturity three months or less) Nil 0.01
Cash and Cash Equivalents as per Balance Sheet 274.47 57.36

Bank Overdraft (Refer Note 29) Nil (57.38)

Cash and Cash Equivalents as per Statement of Cash Flows - Continuing Operations 274.47 (0.02)

Reconciliation of Liabilities from Financing Activities

` crore
Particulars As at Cash flows Transferred along Other As at
April 1, 2022 with renewable Transactions* March 31, 2023
Proceeds Repayment assets

Non-current Borrowings (including 21,286.99 4,021.00 (7,764.85) Nil 10.60 17,553.74

Current Maturities of Non-current
Borrowings)
Current Borrowings (excluding Bank 3,364.01 28,010.08 (26,742.12) (300.34) (19.89) 4,311.74
Overdraft)
Lease liabilities 2,858.87 Nil (293.24) Nil 488.75 3,054.38
Total 27,509.87 32,031.08 (34,800.21) (300.34) 479.46 24,919.86

* includes interest on lease liabilities, remeasurement of lease liabilities and amortisation of processing charges on loans
` crore
Particulars As at Cash flows Transferred along Other As at
April 1, 2021 with renewable Transactions* March 31, 2022
Proceeds Repayment assets

Non-current Borrowings (including 18,740.60 4,733.00 (2,201.68) Nil 15.07 21,286.99

Current Maturities of Non-current
Borrowings)
Current Borrowings (excluding Bank 5,720.70 20,539.62 (22,471.00) (425.31) Nil 3,364.01
Overdraft)
Lease liabilities 2,749.04 Nil (277.30) Nil 387.13 2,858.87
Total 27,210.34 25,272.62 (24,949.98) (425.31) 402.20 27,509.87

* includes interest on lease liabilities, remeasurement of lease liabilities and amortisation of processing charges on loans

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17. Other Balances with Banks - At Amortised Cost

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
(a) In Deposit Accounts (Refer Note below) 2.05 2.00
(b) In Earmarked Accounts-
Unpaid Dividend Account 19.40 19.19
Total 21.45 21.19

Note:
Balances with banks held as margin money deposits against guarantees.

18a Assets Classified as Held For Sale

Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is
available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset or
disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify
for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the management
reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair
value less costs to sell. Property, plant and equipments and intangible assets once classified as held for sale are not depreciated
or amortised.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Land (Refer note i below) 297.86 301.58
Building and Plant and Equipment (Refer note iii below) Nil 0.49
Investments carried at Cost in Joint Ventures (Refer note ii below) 275.75 275.75
Loans and other receivables from Joint Venture (Refer note ii below) 22.74 22.74
596.35 600.56
Notes:
(i) Following Land has been classified as held for sale:
(a) Land at Naraj Marthapur ₹ 82.30 crore (net of impairment loss of ₹ 37.00 crore) (March 31, 2022 - ₹ 81.38 crore (net of
impairment loss of ₹ 37.00 crore))
(b) Leasehold land at Dehrand ₹ 215.56 crore (net of accumulated depreciation of ` 10.09 crore) (March 31, 2022 - ₹ 215.56
crore (net of accumulated depreciation of ` 10.09 crore)). During the earlier year, the Company had received an advance
of ₹ 113.56 crore (March 31, 2022 - ₹ 113.56 crore) against sale.
(ii) The Company had decided to divest its investments in Itezhi Tezhi Power Corporation ('ITPC') of ₹ 275.75 crore along with
loans and other receivables amounting to ₹ 22.74 crore. Accordingly, the said investments along with loans and other
receivables have been classified as held for sale.
(iii) During the year, the Company has reclassified the following assets to Property, Plant and Equipments from assets held for
sale:
a. Land at Tiruldih ₹ 1.43 crore (net of impairment loss of ₹ 33.77 crore) (March 31, 2022 - ₹ 1.43 crore (net of impairment
loss of ₹ 33.77 crore))
b. Land at Vadaval ₹ 3.21 crore (March 31, 2022 - ₹ 3.21 crore)
c. Building at Mumbai (Panvel) ₹ 0.49 crore (March 31, 2022 - ` 0.49 crore)

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18b Liabilities directly associated with Assets Classified as Held For Sale
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Advance received for land classified as held for sale 113.56 113.56
Total 113.56 113.56

Note
The company has received an advance of ₹ 113.56 crore towards the sale of Dehrand land having net book value of ₹ 215.55 crore
(March 31, 2022 - ₹ 215.55 crore).

18c Assets Classified as Held For Sale - Discontinued Operations

During the previous year, Company had reassessed the fair value of the contingent consideration receivable from sale of Strategic
Engineering Division (SED) and recognized an impairment loss of ₹ 467.83 crore as exceptional item in the standalone financial
statements. The fair value on consideration has been determined based on the expected value of the consideration using discounted
present value technique.

19. Regulatory Deferral Account

Accounting Policy
The Company determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 - 'Regulatory Deferral Accounts' read with the Guidance Note on Rate
Regulated Activities issued by The Institute of Chartered Accountants of India (ICAI) and based on the principles laid down under
the relevant Tariff Regulations/Tariff Orders notified by the Electricity Regulator and the actual or expected actions of the regulator
under the applicable regulatory framework. Appropriate adjustments in respect of such revenue gaps are made in the regulatory
deferral account of the respective year for the amounts which are reasonably determinable and no significant uncertainty exists in
such determination. These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral accounts
debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the Standalone financial statements, which
would be recovered/refunded through future billing based on future tariff determination by the regulator in accordance with
the electricity regulations. The Company presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities Nil Nil
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets 1,913.22 725.92
Net Regulatory Assets/(Liabilities) 1,913.22 725.92
Rate Regulated Activities
(i) As per Ind AS 114 - 'Regulatory Deferral Accounts', the business of electricity distribution is a Rate Regulated activity
wherein Maharashtra Electricity Regulatory Commission ('MERC'), determines Tariff to be charged from consumers based
on prevailing regulations.
 ERC Multi Year Tariff Regulations, 2019 ('MYT Regulations'), is applicable for the period beginning from April 1, 2020 to
M
March 31, 2025. These regulations require MERC to determine tariff in a manner wherein the Company can recover its fixed
and variable costs including assured rate of return on approved equity base, from its consumers. The Company determines
the Revenue, Regulatory Assets and Liabilities as per the terms and conditions specified in MYT Regulations.

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19. Regulatory Deferral Account (Contd.)

(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities is as follows:

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Opening Regulatory Assets (Net of Liabilities) (A) 725.92 573.60
Regulatory Income/(Expenses) during the year
(i) Power Purchase Cost 3,934.82 2,642.77
(ii) Other expenses as per the terms of Tariff Regulations including return on equity 947.25 909.32
(iii) Billed during the year as per approved Tariff (3,788.28) (3,461.09)
Net Movement in Regulatory Deferral Balances (i + ii + iii) (B) 1,093.79 91.00
Regulatory Assets/(Liabilities) on carrying cost recognised as revenue (C) 67.12 18.00
Recovery from/(Payable to) Company's Generation Business (D) Nil (0.03)
Net Movement in Regulatory Deferral Balances in respect of earlier years (E) (8.53) Nil
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) (F) 34.92 43.35
Closing Regulatory Assets (Net of Liabilities) (A + B + C + D + E + F) 1,913.22 725.92

20a. Share Capital

As at March 31, 2023 As at March 31, 2022
Number ` crore Number ` crore
Authorised
Equity Shares of ₹ 1/- each
At the beginning of the year 10565,00,00,000 10,565.00 550,00,00,000 550.00
Add: Increase during the year Nil Nil Nil Nil
Add: Increase due to merger (Refer Note 47) Nil Nil 10015,00,00,000 10,015.00
Outstanding at the end of the year 10,565.00 10,565.00

Cumulative Redeemable Preference Shares of ₹ 100/- each 2,29,00,000 229.00 2,29,00,000 229.00
10,794.00 10,794.00
Issued
Equity Shares [including 28,32,060 shares (March 31, 2022- 28,32,060
shares) not allotted but held in abeyance, 44,02,700 shares cancelled
pursuant to a Court Order and 4,80,40,400 shares of the Company held
by the erstwhile The Andhra Valley Power Supply Company Ltd cancelled
pursuant to the Scheme of Amalgamation sanctioned by the High Court of
Judicature, Bombay] 325,22,67,007 325.23 325,22,67,007 325.23

Subscribed and Paid-up

Equity Shares fully paid-up [excluding 28,32,060 shares (March 31,
2022 - 28,32,060 shares) not allotted but held in abeyance, 44,02,700
shares cancelled pursuant to a Court Order and 4,80,40,400 shares of the
Company held by the erstwhile The Andhra Valley Power Supply Company
Ltd cancelled pursuant to the Scheme of Amalgamation sanctioned by the
High Court of Judicature, Bombay] 319,53,39,547 319.54 319,53,39,547 319.54
Less: Calls in arrears [including ₹ 0.01 crore (March 31, 2022 - ₹0.01
crore) in respect of the erstwhile The Andhra Valley Power Supply
Company Ltd and the erstwhile The Tata Hydro-Electric Power
Supply Company Ltd] 0.04 0.04
319.50 319.50
Add: Equity Shares forfeited - Amount paid 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital 319.56 319.56

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20a. Share Capital (Contd.)

(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:
As at March 31, 2023 As at March 31, 2022
Number ` crore Number ` crore
Equity Shares
At the beginning of the year 3,19,69,91,847 319.56 3,19,69,91,847 319.56
Issued during the year Nil Nil Nil Nil
Outstanding at the end of the year 3,19,69,91,847 319.56 319,69,91,847 319.56

(ii) Terms/rights attached to equity shares

T he Company has issued only one class of equity shares having a par value of ₹ 1/- per share. Each holder of equity shares is
entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company
As at March 31, 2023 As at March 31, 2022
Number % Holding Number % Holding
Equity Shares of ₹ 1/- each fully paid
Tata Sons Pvt. Ltd. 144,45,13,021 45.21 144,45,13,021 45.21
Life Insurance Corporation of India 24,01,67,154 7.52 21,57,53,479 6.75

(iv) Shareholding of Promoters

Shares held by promoters at the end of the year
March 31, 2023 March 31, 2022 % Change during the year
Sl No Promoter name No. of shares % of total shares No. of shares % of total shares
1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 1,44,45,13,021 45.21 Nil

Shares held by promoters at the end of the year

March 31, 2022 March 31, 2021 % Change during the year
Sl No Promoter name No. of shares % of total shares No. of shares % of total shares
1 Tata Sons Pvt. Ltd. 144,45,13,021 45.21 144,45,13,021 45.21 Nil

(v) The aggregate number of equity shares issued by way of bonus shares in immediately preceding five financial years ended
March 31, 2023 - Nil (March 31, 2022 - Nil).

20b. Unsecured Perpetual Securities

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
11.40% Unsecured Perpetual Securities Nil 1,500
Repayment during the year Nil (1,500)
Total Nil Nil
In the earlier year, the Company had raised ₹ 1,500 crore through issue of Unsecured Perpetual Securities (the "Securities"). These
Securities were perpetual in nature with no maturity or redemption and were callable only at the option of the Company. As these
Securities were perpetual in nature and ranked senior only to the Share Capital of the Company and the Company does not had
any redemption obligation, these were considered to be in the nature of equity instruments. During the previous year, pursuant
to debenture trust deed dated June 23, 2011, the Company had exercised the call option to redeem the Securities on June 2, 2021
along with final interest.

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21. Other Equity

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Securities Premium 3,107.54 3,107.54
Capital Redemption Reserve 4.51 4.51
Capital Reserves 66.24 66.24
Statutory Reserve 660.08 660.08
Debenture Redemption Reserve
Opening Balance 296.95 296.95
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) (80.50) Nil
Closing Balance 216.45 296.95

Special Reserve
Opening Balance Nil 126.28
Add/(Less): Amount transferred to Retained Earnings Nil (126.28)
Closing Balance Nil Nil
Retained Earnings (Refer Note (ii) below)
Opening Balance 5,895.98 3,575.09
Add/(Less): Profit/(Loss) for the year 3,267.90 2,782.93
Other Comprehensive Income/(Expense) arising from remeasurement of Defined Benefit (16.40) 7.21
Obligation (Net of Tax)
Payment of Dividend (Refer Note (i) below) (559.18) (495.28)
Transfer to/from Debenture Redemption Reserve 80.50 Nil
Distribution on Unsecured Perpetual Securities Nil (100.25)
Transfer to/from Special Reserve Nil 126.28
2,772.82 2,320.89
Closing Balance 8,668.80 5,895.98

Equity Instruments through Other Comprehensive Income

Opening Balance 528.94 221.82
Add/(Less): Change in fair value of equity instruments through Other Comprehensive 127.47 307.12
Income
Closing Balance 656.41 528.94
Total 13,380.03 10,560.24

Notes:
i The shareholders of the Company in their meeting held on July 7, 2022 approved final dividend of ₹1.75 per fully paid share
aggregating to ₹ 559.18 crore for the financial year 2021-2022. The said dividend has been paid to the holders of fully paid
equity shares on July 11, 2022.
ii Includes gain on fair valuation of land which is not available for distribution is ₹ 87.88 crore (March 31, 2022 ₹ 87.88 crore).
iii The Board of Directors at its meeting held on May 4, 2023 proposed a dividend of ₹ 2.00 per equity share subject to the
approval of the shareholders in the upcoming annual general meeting and has not been included as a liability in the
Standalone financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total
estimated equity dividend to be paid is ₹ 639.06 crore.

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21. Other Equity (Contd.)

Nature and purpose of reserves:
Securities Premium
Securities Premium is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
Debenture Redemption Reserve
The Company was required to create a Debenture Redemption Reserve out of the profits which are available for payment of
dividend for the purpose of redemption of debentures. Pursuant to Companies (Share Capital and Debentures) Amendment
Rules, 2019 dated August 16, 2019, the Company is not creating additional debenture redemption reserve (DRR) from the effective
date of amendment. DRR created till previous years will be transferred to retained earnings on redemption of debentures.
Capital Redemption Reserve
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Company, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Statutory Reserve
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the
Maharashtra State Government permits part of the capital cost of approved projects to be collected through the electricity tariff
and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in law.
Special Reserve
Special Reserve Fund represents the amount transferred from the annual profits of Af-Taab pursuant to section 45 of the
Reserve Bank of India Act, 1934. Pursuant to scheme of arrangement for merger as mentioned in note 47 to the standalone
financial statement, erstwhile Af-taab has ceased to exist and hence the reserves is no longer required and accordingly has been
transferred to retained earning.
Retained Earnings
Retained Earnings are the profits/losses of the Company earned/incurred till date net of appropriations.
Equity Instruments through Other Comprehensive Income
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other
comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are disposed off.

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22. Non-current Borrowings - At Amortised Cost

As at March 31, 2023 As at March 31, 2022
Non-current Current* Non-current Current*
(` crore) Maturities (` crore) Maturities
(` crore) (` crore)
(i) Unsecured
Redeemable Non-Convertible Debentures
(a) 10.75% Series 2072 (Refer note 22(1)) Nil Nil 1,498.21 Nil
(b) 5.70% Series 2024 568.53 Nil 567.30 Nil
(c) 6.00% Series 2023 Nil 996.49 991.42 Nil
(d) 6.18% Series 2024 Nil 399.22 397.55 Nil
(e) 7.05% Series 2026 497.81 Nil 496.76 Nil
(f ) 7.60% Series 2023 Nil 999.82 997.61 Nil
(g) 7.75% Series 2030 496.38 Nil Nil Nil
(h) 7.75% Series 2032 496.38 Nil Nil Nil
(i) 7.77% Series 2029 148.48 Nil 148.09 Nil
(j) 7.77% Series 2030 148.48 Nil 148.54 Nil
(k) 7.77% Series 2031 198.43 Nil 197.87 Nil
(l) 7.99% Series 2024 298.87 300.00 598.49 300.00
(m) 8.21% Series 2023 Nil 300.00 300.38 Nil
(n) 8.55% Series 2023 Nil 349.90 349.58 Nil
(o) 8.84% Series 2022 Nil Nil Nil 500.00
(p) 8.84% Series 2023 Nil Nil Nil 750.00
(q) 9.00% Series 2025 249.95 Nil 249.91 Nil
(r) 9.15% Series 2022 Nil Nil Nil 370.00
(s) 9.70% Series 2023 Nil 1,699.62 1,698.41 Nil
(t) 9.90% Series 2028 998.49 Nil 998.41 Nil
4,101.80 5,045.05 9,638.53 1,920.00
Term Loans from Banks
(u) Axis Bank 500.00 Nil 500.00 Nil
(v) Bank of Baroda Nil Nil 999.93 Nil
(w) Federal Bank 500.00 Nil Nil Nil
(x) First Abu Dhabi Bank Nil Nil Nil 66.00
(y) ICICI Bank 800.00 Nil 1,000.00 Nil
(z) Kotak Mahindra Bank 199.38 150.00 348.94 150.00
(aa) Punjab National Bank 119.81 120.00 300.00 Nil
(ab) Sumitomo Mitsui Banking Corporation 34.37 45.00 78.84 205.00
(ac) UCO Bank 199.76 Nil Nil Nil
(ad) Yes Bank Nil Nil 500.00 Nil
2,353.32 315.00 3,727.71 421.00
(A) 6,455.12 5,360.05 13,366.24 2,341.00
(ii) Secured
Redeemable Non-Convertible Debentures
(a) 7.55% Series 2028 Nil Nil 164.70 16.25
(b) 8.85% Series 2028 148.44 16.25 Nil Nil
(c) 9.15% Series 2025 42.00 16.00 57.92 16.00
(d) 9.15% Series 2025 40.00 20.00 60.07 20.00
(e) 9.40% Series 2022 Nil Nil Nil 210.00
230.44 52.25 282.69 262.25

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

As at March 31, 2023 As at March 31, 2022
Non-current Current* Non-current Current*
(` crore) Maturities (` crore) Maturities
(` crore) (` crore)
Term Loans from Banks
(f ) Axis Bank 99.86 130.00 230.55 60.00
(g) Canara Bank Nil Nil Nil 18.40
(h) HDFC Bank 2,174.27 193.84 1,635.20 170.25
(i) ICICI Bank Nil 238.94 237.63 150.00
(j) Kotak Mahindra Bank 364.32 61.48 425.78 61.48
(k) State Bank of India 851.11 151.30 1,002.43 75.64
3,489.56 775.56 3,531.59 535.77
Term Loans from Others
(l) HDFC Limited 837.76 70.00 907.45 60.00
(m) Bajaj Finance Limited 259.42 23.58 Nil Nil
1,097.18 93.58 907.45 60.00

(B) 4,817.18 921.39 4,721.73 858.02

Total (A) + (B) 11,272.30 6,281.44 18,087.97 3,199.02

* Amount disclosed under Current borrowings (Refer Note 29)

Security
(i) The debentures mentioned in (a) was secured by pari passu charge on all movable fixed assets (excluding land and building),
present and future (except wind, solar and Haldia plant assets both present and future) including movable machinery,
machinery spares, tools and accessories, present and future, but excluding vehicles, launches and barges.
(ii) The loans and debentures mentioned in (b), (c), (e), (g), (h), (i), (j), (k) and (l) have been secured by pari passu charge on all
movable fixed assets (excluding land and building), present and future (except assets of all wind projects both present and
future) including movable machinery, machinery spares, tools and accessories, present and future, but excluding vehicles,
launches and barges.
(iii) The debentures mentioned in (d) have been secured by a charge on the land situated at Village Takve Khurd (Maharashtra)
and movable fixed assets (except the wind assets) including movable machinery, machinery spares, tools and accessories
but excluding vehicles, launches and barges, present and future.
(iv) The loans mentioned in (f) have been secured by whole of current assets of the Company, present and future, in a first pari
passu manner.
(v) The loans mentioned in (h) for the facility of ₹ 277.11 Crore and (m) have been secured by first ranking and pari-passu charge
by way of hypothecation on all the tangible fixed assets and capital work in progress of the Company (including its power
plant at Jojobera and excluding its power plant at Mundra, land and building, leasehold assets/ right of use assets, motor
vehicles, launches, barges, helicopters etc, furniture, fixtures and office equipment, solar & windmill assets), present and
future.
(vi) The loan mentioned in (h) for the facility of ₹ 455.00 Crore have been secured by negative lien of on all immovable properties
of Mundra power plant , first pari-passu on all movable fixed assets including but not limited to plant & machinery, machinery
spares, tolls and accessories, furniture, fixtures, vehicles and other movable fixed assets, both present and future. The said
security shall be shared on pari-passu basis inter se with other lenders of the borrower and excluding the other immovable
and movable assets of the Company.

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

Terms of Repayment (` crore)
Particulars Amount
Outstanding FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-28 FY 28-33 FY 34
as at March and
31, 2023 onwards
(i) Unsecured - At Amortised Cost
Redeemable Non-Convertible Debentures
(b) 5.70% Series 2024 570.00 Nil 570.00 Nil Nil Nil Nil Nil
(c) 6.00% Series 2023 996.49 996.49 Nil Nil Nil Nil Nil Nil
(d) 6.18% Series 2024 399.22 399.22 Nil Nil Nil Nil Nil Nil
(e) 7.05% Series 2026 500.00 Nil Nil 500.00 Nil Nil Nil Nil
(f ) 7.60% Series 2023 999.82 999.82 Nil Nil Nil Nil Nil Nil
(g) 7.75% Series 2030 500.00 Nil Nil Nil Nil Nil 500.00 Nil
(h) 7.75% Series 2032 500.00 Nil Nil Nil Nil Nil 500.00 Nil
(i) 7.77% Series 2029 150.00 Nil Nil Nil Nil Nil 150.00 Nil
(j) 7.77% Series 2030 150.00 Nil Nil Nil Nil Nil 150.00 Nil
(k) 7.77% Series 2031 200.00 Nil Nil Nil Nil Nil 200.00 Nil
(l) 7.99% Series 2024 600.00 300.00 300.00 Nil Nil Nil Nil Nil
(m) 8.21% Series 2023 300.00 300.00 Nil Nil Nil Nil Nil Nil
(n) 8.55% Series 2023 349.90 349.90 Nil Nil Nil Nil Nil Nil
(q) 9.00% Series 2025 250.00 Nil 250.00 Nil Nil Nil Nil Nil
(s) 9.70% Series 2023 1,699.62 1,699.62 Nil Nil Nil Nil Nil Nil
(t) 9.90% Series 2028 1,000.00 Nil Nil Nil Nil Nil 1,000.00 Nil
Term Loans from Banks (Refer Note 2
below)
(u) Axis Bank 500.00 Nil 500.00 Nil Nil Nil Nil Nil
(w) Federal Bank 500.00 Nil 500.00 Nil Nil Nil Nil Nil
(y) ICICI Bank 800.00 Nil 800.00 Nil Nil Nil Nil Nil
(z) Kotak Mahindra Bank 350.00 150.00 200.00 Nil Nil Nil Nil Nil
(aa) Punjab National bank 240.00 120.00 120.00 Nil Nil Nil Nil Nil
(ab) Sumitomo Mitsui Banking Corporation 80.00 45.00 35.00 Nil Nil Nil Nil Nil
(ac) UCO Bank 200.00 Nil 200.00 Nil Nil Nil Nil Nil
(ii) Secured - At Amortised Cost
Redeemable Non-Convertible Debentures
(b) 8.85% Series 2028 164.69 16.25 16.25 16.25 16.25 99.69 Nil Nil
(c) 9.15% Series 2025 58.00 16.00 16.00 26.00 Nil Nil Nil Nil
(d) 9.15% Series 2025 60.00 20.00 20.00 20.00 Nil Nil Nil Nil
Term Loans from Banks (Refer Note 2 below)
(f ) Axis Bank 230.00 130.00 100.00 Nil Nil Nil Nil Nil
(h) HDFC Bank 2,370.73 193.84 193.82 229.17 291.93 204.11 1,008.05 249.81
(i) ICICI Bank 238.94 238.94 Nil Nil Nil Nil Nil Nil
(j) Kotak Mahindra Bank 425.80 61.48 61.48 87.73 76.48 110.23 28.40 Nil
(k) State Bank of India 1,002.41 151.30 302.59 548.52 Nil Nil Nil Nil

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

Particulars Amount
Outstanding FY 23-24 FY 24-25 FY 25-26 FY 26-27 FY 27-28 FY 28-33 FY 34
as at March and
31, 2023 onwards
Term Loans from Others (Refer Note 2 below)
(l) HDFC Limited 910.00 70.00 90.00 120.00 140.00 140.00 350.00 Nil
(m) Bajaj Finance Limited 283.00 23.58 23.58 23.58 23.58 23.58 117.91 47.19
17,578.62 6,281.44 4,298.72 1,571.25 548.24 577.61 4,004.36 297.00
Less: Impact of recognition of borrowing at
amortised cost using effective interest method. 24.88
17,553.74

Notes:
1. The 10.75% Redeemable Non-Convertible Debentures are redeemable at par at the end of 60 years from the date of
allotment viz. August 21, 2072. The Company has exercised the call option to redeem the same on August 21, 2022.
2. The rate of interest for term loans from banks ranges from 5.05% p.a to 9.35% p.a (March 31, 2022 - 5.05% p.a to 8.15% p.a)
and rate of interest for term loans from others is 5.70% p.a to 9.90% p.a (March 31, 2022 - 7.60% p.a).

23. Lease Liabilities

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

of lease payments to be made over the lease term. In calculating the present value of lease payments, the Company
uses its incremental borrowing rate at the lease commencement date if the discount rate implicit in the lease is not
readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. The carrying amount is remeasured when there is a change in future lease payments arising
from a change in index or rate. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the
underlying asset.
ii) Short term leases and leases of low value of assets
The Company applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of low-
value assets recognition exemption that are considered to be low value. Lease payments on short-term leases and leases of
low value assets are recognised as expense on a straight-line basis over the lease term.

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23. Lease Liabilities (Contd.)

Leasing arrangement as Lessee
The Company has lease contracts for various items of plant, machinery, land, vehicles and other equipment used in its
operations. Leases of Leasehold land including sub-surface rights and plant and equipment generally have lease term
between 2 and 40 years. Generally, the Company is restricted from assigning and subleasing the leased assets.
Amount recognised in the Statement of Profit and Loss For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
Depreciation of Right-of-use assets 109.63 102.95
Interest on lease liabilities 291.62 275.36
Expenses related to short term leases 31.06 29.84
Expenses related to leases of low value assets, excluding short term leases of low value assets 1.95 0.81

Refer Note 5(b) for additions to Right-of-Use Assets and the carrying amount of Right-of-Use Assets. Further, Refer Note
43.4.3 for maturity analysis of lease liabilities.
Amount as per the Statement of Cash Flows For the year ended For the year ended
March 31, 2023 March 31, 2022
` crore ` crore
Total cash outflow of leases 293.24 277.30

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-Current
(i) Lease Liabilities 2,735.93 2,555.11
2,735.93 2,555.11
Current
(i) Lease Liabilities 318.45 303.76
318.45 303.76

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24. Trade Payables

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Current
Outstanding dues of micro enterprises and small enterprises (Refer Note 37) 87.61 39.16
Outstanding dues of trade payables other than micro enterprises and small enterprises 1,897.41 4,040.73
Total 1,985.02 4,079.89

Trade Payables Ageing schedule as at March 31, 2023

` crore
Particulars Others Outstanding for following periods from due date of payment # Total
Less than More than
Unbilled* Not due 1-2 Years 2-3 years
1 year 3 years
(i) Undisputed Trade Payables
a) MSME Nil 80.10 7.16 0.31 0.03 0.01 87.61
b) Others 406.72 665.77 730.39 20.54 7.79 6.87 1,838.08
(ii) Disputed Trade Payables
a) MSME Nil Nil Nil Nil Nil Nil Nil
b) Others Nil Nil Nil Nil Nil 59.33 59.33
Total (i) + (ii) 406.72 745.87 737.55 20.85 7.82 66.21 1,985.02
# Where due date of payment is not available date of transaction has been considered
* Provision for expenses which is certain and not related to any litigation

Trade Payables Ageing schedule as at March 31, 2022

` crore
Particulars Others Outstanding for following periods from due date of payment #
Total
Less than More than
Unbilled* Not due 1-2 Years 2-3 years
1 year 3 years
(i) Undisputed Trade Payables
a) MSME Nil 20.07 18.90 0.13 0.04 0.02 39.16
b) Others 177.51 3,319.25 423.93 28.13 12.57 20.01 3,981.40
(ii) Disputed Trade Payables
a) MSME Nil Nil Nil Nil Nil Nil Nil
b) Others Nil Nil Nil Nil 59.33 Nil 59.33
Total (i) + (ii) 177.51 3,339.32 442.83 28.26 71.94 20.03 4,079.89
# Where due date of payment is not available date of transaction has been considered
* Provision for expenses which is certain and not related to any litigation

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

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-current
(a) Security Deposits from Customers 11.68 11.21
(b) Guarantee Commission Obligation 1.42 1.86
(c) Payables for Capital Supplies and Services 120.55 Nil
Total 133.65 13.07

Current
(a) Interest accrued but not due on Borrowings 422.18 506.46
(b) Interest accrued but not due on Borrowings from Related Party 0.07 2.61
(c) Investor Education and Protection Fund shall be credited by the following amounts namely:
(Refer Note 2 below)
Unpaid Dividend 23.56 23.35
Unpaid Matured Debentures 0.09 0.09
(d) Other Payables
Payables for Capital Supplies and Services (Refer Note 37) 452.61 655.46
Security deposits from electricity consumers 272.42 247.78
Security deposits from others 24.11 38.22
Payable to Consumers 91.63 220.48
Supplier's Credit (Refer Note 1(i) and 1(ii) below) 2,491.99 330.53
Factoring Liability (Refer Note 8 b) 536.75 496.80
Derivative contracts (at Fair Value through Profit and Loss) 17.43 13.12
Other Financial Liabilities 349.05 226.54
Total 4,681.89 2,761.44

Notes
1 (i) The Company has entered into a Suppliers’ Credit Program (“Facility”) with a third party whereby the third party shall
pay the said coal suppliers on behalf of the Company and the Company shall pay the third party on the due date along
with interest. The Company has utilised USD 229.01 million (March 31, 2022 - USD 43.99 million) of this facility as at
March 31, 2023. As the Facility provided by the third party is within the credit period provided by the coal vendors, the
outstanding liability has been disclosed under other financial liabilities.
(ii) The Company has entered into Usance Payable At Sight Letter of Credit (U-Pas LC) arrangement includes credit availed
by the suppliers from banks for goods supplied to the Company. The arrangements are interest bearing, where the
Company bears the interest cost and are payable within 180 days as stipulated in Letter of credit. As the Facility
arranged is within the credit period provided by the coal vendors, the outstanding liability has been disclosed under
other financial liabilities. The Company has utilised USD 74.23 million (March 31, 2022 - Nil) of this facility as at March
31, 2023.
2 Includes amounts outstanding aggregating ₹ 0.24 crore (March 31, 2022 - ₹ 0.24 crore) for more than seven years pending
disputes and legal cases.

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26. Deferred Tax Liabilities/(Asset)(Net)

(Refer Note 36)

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Deferred Tax Assets 3,287.81 4,140.70
Deferred Tax Liabilities 3,905.10 3,890.70
Net Deferred Tax Liabilities/(Assets) 617.29 (250.00)

27. Provisions
Accounting Policy
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When
a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value
of those cash flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to Statement of Profit
and Loss. An onerous contract is considered to exist where the Company has a contract under which the unavoidable costs of
meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Restructuring provisions are recognised only when the Company has a constructive obligation, which is when: (i) a detailed
formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed
estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan’s main features.
Defined contribution plans
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
entitling them to the contributions.
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not
reclassified to profit or loss in subsequent periods.
Past service costs are recognised in the Statement of Profit and Loss on the earlier of:
- The date of the plan amendment or curtailment, and
- The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the
following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine
settlements; and
- Net interest expense or income.
The cost of the defined benefit gratuity plan and other post-employment medical benefits are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a defined benefit obligation is sensitive to changes in these assumptions. All

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27. Provisions (Contd.)

assumptions are reviewed at each reporting date. In determining the appropriate discount rate for plans operated in India, the
management considers the interest rates of government bonds. The mortality rate is based on publicly available mortality tables.
Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases are based on
expected future inflation rates.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination
benefit and when the entity recognises any related restructuring costs.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-current
Provision for Employee Benefits
Compensated Absences 87.30 82.48
Gratuity [Refer Note 27 (2.3b)] Nil 15.19
Post-Employment Medical Benefits [Refer Note 27 (2.1) and (2.3)] 56.75 59.39
Other Defined Benefit Plans [Refer Note 27 (2.1) and (2.3)] 125.02 100.84
Other Employee Benefits 16.87 16.10
Total 285.94 274.00

Current
Provision for Employee Benefits
Compensated Absences 6.74 15.33
Post-Employment Medical Benefits [Refer Note 27 (2.1) and (2.3)] 2.31 3.27
Other Defined Benefit Plans [Refer Note 27 (2.1) and (2.3)] 6.79 23.57
Other Employee Benefits 1.92 2.06
17.76 44.23

Other Provisions Nil 0.36

Nil 0.36

Total 17.76 44.59

Employee Benefit Plans

1. Defined Contribution plan
a) The Company makes superannuation fund contributions to defined contribution plan for eligible employees. Under the
scheme, the Company is required to contribute a specified percentage of the payroll costs. The Company has no obligation,
other than the contribution payable to the fund. The Company recognises contribution payable to the superannuation
fund scheme as an expense, when an employee renders the related service.

The Company has recognised ₹ 7.85 crore (March 31, 2022 - ₹ 7.16 crore) for superannuation contribution in the Statement of
Profit and Loss. The contribution payable to the plan by the Company is at rates specified in the rules of the plan.

b) The total expense recognized in Statement of Profit & Loss is ₹ 1.55 crore (for the year ended March 31, 2022
₹ 1.43 crore) represents contribution for the year paid/payable to the Employee Provident Fund. The contribution
outstanding as at March 31, 2023 of ₹ Nil (as at March 31, 2022 ₹ 0.35 crore) due in respect of financial year 2022-23 (financial
year 2021-22) is payable in the subsequent reporting periods.

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27. Provisions (Contd.)

2. Defined benefit plans
2.1 The Company operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified
are paid to the provident fund trust set by the Company. The Company is generally liable for annual contributions. However, any
shortfall in the fund assets based on the government specified minimum rates of return are recognised as an expense in the year
it is incurred.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
Particulars As at As at
March 31, 2023 March 31, 2022
Interest rate 8.15% p.a. 8.10% p.a.
Discount rate 7.30% p.a. 6.80% p.a.

The movements in the net defined benefit obligations for provident fund are as follows:
Funded Plan: Present value of Fair value of plan Net
obligation assets amount
` crore ` crore ` crore
Balance as at April 1, 2021 893.41 836.51 56.90
Current service cost 20.14 Nil 20.14
Interest Cost/(Income) 50.03 49.97 0.06
Amount recognised in Statement of Profit and Loss 70.17 49.97 20.20
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil (20.41) 20.41
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions (28.28) Nil (28.28)
Actuarial (gains)/losses arising from experience (0.21) Nil (0.21)
Amount recognised in Other Comprehensive Income (28.49) (20.41) (8.08)
Employer contribution Nil 18.71 (18.71)
Employee contribution 42.43 42.43 Nil
Benefits paid (56.02) (60.17) 4.15
Acquisitions credit/(cost) (net) 16.89 16.89 Nil
Balance as at March 31, 2022 938.39 883.93 54.46
Balance as at April 1, 2022 938.39 883.93 54.46
Current service cost 22.36 Nil 22.36
Interest Cost/(Income) 63.91 60.21 3.70
Amount recognised in Statement of Profit and Loss 86.27 60.21 26.06
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil (20.41) 20.41
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions (29.36) Nil (29.36)
Actuarial (gains)/losses arising from experience 13.51 Nil 13.51
Amount recognised in Other Comprehensive Income (15.85) (20.41) 4.56
Employer contribution Nil 21.43 (21.43)
Employee contribution 44.22 44.22 Nil
Benefits paid (94.27) (94.27) Nil
Acquisitions credit/(cost) 31.72 31.72 Nil
Balance as at March 31, 2023 990.49 926.83 63.66

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27. Provisions (Contd.)

Funded/Unfunded:
Post Employment Medical Benefits
T he Company provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Company's facilities.
Pension (including Director pension)
The Company operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director, on
retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of Directors
of the Company from time to time.
Ex-Gratia Death Benefit
T he Company has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-
determined lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length
of service.
Retirement Gift
The Company has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Gratuity
The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided depends
on the member's length of service and salary at the retirement date. In case of funded plan, the fund has the form of a trust and is
governed by Trustees appointed by the Company. The Trustees are responsible for the administration of the plan assets and for
the definition of the investment strategy in accordance with the trust regulations. From April 1, 2022 employess of CGPL covered
in funded plan.
2.2 The principal assumptions used for the purposes of the actuarial valuations for funded and unfunded plan were
as follows:
Valuation as at As at As at
March 31, 2023 March 31, 2022
Discount Rate 7.30% p.a. 6.80% p.a.
Salary Growth Rate
- Management 7% p.a. 7% p.a.
- Non-Management 6% p.a. 6% p.a.
Turnover Rate - Age 21 to 44 years
- Management 6% p.a. 6% p.a.
- Non-Management 0.50% p.a. 0.50% p.a.
Turnover Rate - Age 45 years and above
- Management 2% p.a. 2% p.a.
- Non-Management 0.50% p.a. 0.50% p.a.
Pension Increase Rate 4% p.a. 4% p.a.
Mortality Table Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
(modified) Ult (modified) Ult
Annual Increase in Healthcare Cost 8% p.a. 8% p.a.

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27. Provisions (Contd.)

2.3 The amounts recognised in the Standalone financial statements and the movements in the net defined benefit
obligations over the year are as follows:
(a) Gratuity Fund Plan: Present value of Fair value of plan Net
obligation assets amount
` crore ` crore ` crore
Balance as at April 1, 2021 * 256.54 (346.06) (89.52)
Current service cost 14.46 Nil 14.46
Interest Cost/(Income) 15.81 (22.84) (7.03)
Amount recognised in Statement of Profit and Loss - Continuing Operations 30.27 (22.84) 7.43
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil (6.46) (6.46)
Actuarial (gains)/losses arising from changes in financial assumptions (0.33) Nil (0.33)
Actuarial (gains)/losses arising from experience 5.68 Nil 5.68
Amount recognised in Other Comprehensive Income 5.35 (6.46) (1.11)
Benefits paid (33.96) Nil (33.96)
Acquisitions credit/(cost) (net) (5.50) Nil (5.50)
Balance as at March 31, 2022 * 252.70 (375.36) (122.66)
* Net asset is classified as "Other Current Assets".

Balance as at April 1, 2022 * 252.70 (375.36) (122.66)

Current service cost 14.63 Nil 14.63
Interest Cost/(Income) 16.09 (25.52) (9.43)
Amount recognised in Statement of Profit and Loss - Continuing Operations 30.72 (25.52) 5.20
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil 13.58 13.58
Actuarial (gains)/losses arising from changes in financial assumptions (9.30) Nil (9.30)
Actuarial (gains)/losses arising from experience 26.16 Nil 26.16
Amount recognised in Other Comprehensive Income 16.86 13.58 30.44
Benefits paid (32.31) Nil (32.31)
Acquisitions credit/(cost) (net) 4.91 Nil 4.91
Balance as at March 31, 2023 * 272.88 (387.30) (114.42)
* Net asset is classified as "Other Current Assets".
(b) Unfunded Plan - Gratuity and Other Defined Benefit Plans:
Other Defined
Gratuity
Benefit Plans
Amount Amount
` crore ` crore
Balance as at April 1, 2021 13.35 126.88
Current service cost 1.14 5.47
Interest Cost/(Income) 0.87 8.13
Amount recognised in Statement of Profit and Loss - Continuing Operations 2.01 13.60
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions Nil 7.53
Actuarial (gains)/losses arising from changes in financial assumptions (0.31) (2.93)
Actuarial (gains)/losses arising from experience (0.42) (4.32)
Amount recognised in Other Comprehensive Income (0.73) 0.28
Benefits paid (0.11) (8.11)
Acquisitions credit/(cost) (net) 0.67 (0.04)
Balance as at March 31, 2022 15.19 132.61

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27. Provisions (Contd.)

Employee Benefit Plans
Unfunded Plan - Gratuity and Other Defined Benefit Plans:
Other Defined
Gratuity
Benefit Plans
Amount Amount
` crore ` crore
Balance as at April 1, 2022 15.19 132.61
Current service cost Nil 5.69
Interest Cost/(Income) Nil 8.64
Amount recognised in Statement of Profit and Loss - Continuing Operations Nil 14.33
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions Nil (7.25)
Actuarial (gains)/losses arising from experience Nil (5.83)
Amount recognised in Other Comprehensive Income Nil (13.08)
Benefits paid Nil (8.14)
Transferred to funded Gratuity 15.19 Nil
Acquisitions credit/(cost) (net) Nil 1.49
Balance as at March 31, 2023 Nil 127.21

2.4 Reconciliation with amount presented in Note 27 with above disclosures

As at As at
March 31, 2023 March 31, 2022
Non Current
Post-Employment Medical Benefits 56.75 59.39
Other defined Benefit plans 125.02 100.84
Current
Post-Employment Medical Benefits 2.31 3.27
Other defined Benefit plans 6.79 23.57
Total 190.87 187.07

Closing defined benefit obligations

Provident Fund 63.66 54.46
Other defined Benefit plans 127.21 132.61
Total 190.87 187.07

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27. Provisions (Contd.)

2.5 Sensitivity analysis
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:

Particulars Change in assumption Increase in assumption Decrease in assumption

March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
` crore ` crore ` crore ` crore
March 31, 2023 March 31, 2022
Increase/(Decrease) in defined Increase/(Decrease) in defined
benefit obligation benefit obligation
Discount rate 0.50% 0.50% (16.67) (18.86) 18.06 17.54
Salary/Pension 0.50% 0.50% 12.51 12.03 (11.83) (11.35)
growth rate
Mortality rates 1 year 1 year (5.02) (5.46) 4.96 5.36
Healthcare cost 0.50% 0.50% 4.44 4.91 (3.99) (4.38)

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation
calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the
defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk.
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan debt investments.
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan’s liability.
Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
2.6 The expected maturity analysis of undiscounted defined benefit obligation is as follows:
Funded- Provident Fund Funded- Gratuity Unfunded - Gratuity
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
` crore ` crore ` crore ` crore ` crore ` crore
Within 1 year 70.60 66.56 24.12 17.89 Nil 9.79
Between 1 - 2 years 107.49 100.75 35.27 31.26 Nil 10.38
Between 2 - 3 years 101.51 106.87 29.96 32.12 Nil 11.46
Between 3 - 4 years 119.92 95.81 36.15 25.49 Nil 12.02
Between 4 - 5 years 141.43 112.88 39.06 29.38 Nil 12.60
Between 6 - 10 years 564.69 581.36 160.59 165.82 Nil 57.90

The weighted average duration of: March 31, 2023 March 31, 2022
Provident Fund 8.31 Years 8.0 Years
Gratuity Fund 7.4 Years 7.6 Years

The contribution expected to be made by the Company during the financial year 2023-24 is ₹ 22.87 crore.

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27. Provisions (Contd.)

2.7 Risk exposure:
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets underperform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criterion.
2.8 Major categories of plan assets:
Plan assets are funded with the trust set up by the Company. The trust invests the funds in various financial instruments. Major
categories of plan assets are as follows:

Provident Fund Gratuity

As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022
₹ crore % ₹ crore % ₹ crore % ₹ crore %
Quoted
Equity Instruments 69.98 7.55% 59.13 6.69% 50.56 13.06% 78.06 20.80%
Government Securities 487.51 52.60% 472.55 53.46% 157.98 40.82% 117.37 31.27%
Debt and other 369.34 39.85% 352.24 39.85% 178.76 46.12% 179.93 47.93%
Instruments
Total 926.83 100.00% 883.92 100.00% 387.30 100.00% 375.36 100.00%

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28. Other Liabilities

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Non-current
Deferred Revenue - Service Line Contributions from Consumers 105.81 104.60
Deferred Revenue Liability 712.64 610.77
Deferred Rent Liability 40.80 41.78
Total 859.25 757.15
Current
Statutory Liabilities 163.92 135.66
Advance from Customers/Public Utilities 191.22 152.18
Deferred Revenue - Service Line Contributions from Consumers 8.08 7.90
Statutory Consumer Reserves 205.25 191.57
Liabilities towards Consumers 61.01 40.25
Other Liabilities 31.63 27.42
Total 661.11 554.98

29. Current Borrowings - At Amortised Cost

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Unsecured (Refer note 1 below)
From Banks
(a) Bill Discounting 26.71 54.09
(b) Term Loans
(i) Repayable on Demand 840.00 620.00
(ii) Others Nil 640.00
(c) Bank Overdraft - Repayable on Demand Nil 57.38
From Related Parties 75.00 600.00
From Others
Commercial Paper [maximum amount outstanding during the year is ₹ 6,800 crore 3,370.03 1,389.92
(March 31, 2022 - ₹ 6,900 crore)]
4,311.74 3,361.39
Secured
From Banks
(a) Term Loans (Refer Note 1 below) Nil 60.00
Nil 60.00
Current Maturities of Non-current Borrowings (Refer Note 22) 6,281.44 3,199.02
Total 10,593.18 6,620.41

Notes:
1. The rate of interest for term loans from banks ranges from 4.65% p.a. to 8.00% p.a. (March 31, 2022 - 4.60% p.a. to 9.50% p.a.)
and loan from others is 4.50% p.a. to 7.60% p.a. (March 31, 2022 - 3.42% p.a. to 6.99% p.a.).
2.
The term loan mentioned in (a) above have been secured by pari passu first charge over all current assets of the Company,
present and future, except for specific wind assets.

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30. Current Tax Liabilities

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Income Tax Payable (Net) 197.79 107.67
Total 197.79 107.67

31. Revenue from Operations

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

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31. Revenue from Operations (Contd.)

(v) Sale of Power - Distribution

Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
(vi) Rendering of Services
Revenue from a contract to provide services is recognised over time based on :
Input method where the extent of progress towards completion is measured based on the ratio of costs incurred to date
to the total estimated costs at completion of performance obligation. Revenue, including estimated fees or profits, are
recorded proportionally based on measure of progress.
Output method where direct measurements of value to the customer based on survey's of performance completed to date.
Revenue is recognised net of cash discount at a point in time at the contracted rate.
(vii) Consumers are billed on a monthly basis and are given average credit period of 30 to 60 days for payment. Wherever
applicable no delayed payment charges ('DPC') is charged for the initial 30 days from the date of receipt of invoice by
customers. Thereafter, DPC is charged as per the relevant contracts on the outstanding balance. Revenue in respect of
delayed payment charges and interest on delayed payments leviable as per the relevant contracts are recognised on actual
realisation or accrued based on an assessment of certainty of realisation supported by either an acknowledgement from
customers or on receipt of favourable order from regulator / authorities.
(viii) In the regulated operations of the Company where tariff recovered from consumers is determined on cost plus return on
equity, the Income tax cost is pass through cost and accordingly the Company recognises Deferred tax recoverable/payable
against any Deferred tax expense/ income. The same is included in 'Revenue from Operations' in case of Generation and
Transmission business.
There are no significant judgements involved while evaluating the timing as to when customers obtain control of promised
goods and services.
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
(a) Revenue from Power Supply and Transmission Charges (Refer Notes below) 15,712.87 9,443.46
Add/(Less): Income to be adjusted in future tariff determination (Net) 172.31 100.00
Add/(Less): Income to be adjusted in future tariff determination (Net) in respect of earlier years (3.97) Nil
Add/(Less): Deferred Tax Recoverable / (Payable) 47.76 46.12
15,928.97 9,589.58

(b) Revenue from Power Supply - Assets Under Finance Lease 1,170.17 1,022.35

(c) Project/Operation Management Services 262.05 206.29

(d) Income from Finance Lease 76.26 79.81

(e) Other Operating Revenue

Rental of Land, Buildings, Plant and Equipment, etc. 27.55 20.01
Income in respect of Services Rendered 158.02 91.11
Income from Storage and Terminal charges 18.49 16.67
Amortisation of Service Line Contributions 8.15 8.64
Sale of Fly Ash 18.38 10.77
Miscellaneous Revenue 59.74 62.70
290.33 209.90
Total 17,727.78 11,107.93

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31. Revenue from Operations (Contd.)

Details of Revenue from Contract with Customers

Particulars For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Total Revenue from Contract with Customers 17,562.25 10,947.56
Add/(Less): Significant Financing Component (69.60) (58.95)
Add: Cash Discount/Rebates etc. 149.71 94.06
Total Revenue as per Contracted Price 17,642.36 10,982.67
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the
end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Applying the
practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for
contracts where the revenue recognised corresponds directly with the value to the customer of the entity's performance completed
to date.
The aggregate value of performance obligations that are partially unsatisfied as at March 31, 2023, other than those meeting the exclusion
criteria mentioned above, is ₹ 74,806.16 crore (March 31, 2022 - ₹ 71,547.14 crore). Out of this, the Company expects to recognize revenue
of around 12.52% within next one year and the remaining thereafter.
Note:
(i) The Company supplied power to Gujarat Urja Vikas Nigam Ltd (“GUVNL”) for the period January 1, 2022 to May 5, 2022 based
on the draft Supplementary Power Purchase Agreement (“SPPA”) which is still under discussion and accordingly, during the
current year the Company has recognised additional revenue of ₹ 277.00 crore (March 31, 2022: ₹ 324.00 crore). Management
believes that the Company has an enforceable right to recover the tariff as per the draft SPPA and does not expect any
significant reversal in the amount recognised as revenue.
(ii) On May 5, 2022, Ministry of Power ("MoP") issued directions under Section 11 of the Electricity Act, 2003 to all imported coal-
based power plants including Mundra plant to operate and generate power to their full capacity. Accordingly, the Company
has declared availability and supplied power as per the MoP directions from May 6, 2022 to December 31, 2022. Further, the
Company has filed petitions with Central Electricity Regulatory Commission (CERC) seeking clarifications on determination of
tariff. On September 13, 2022 and January 3, 2023 CERC passed favourable orders in relation to determination of tariff during
such period. Accordingly, the Company has recognised revenue based on such orders (Refer note 40(e)).

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31. Revenue from Operations (Contd.)

Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the disaggregated
revenue with the Company's reportable segment.
` crore
Nature of Goods/Services Revenue from Contracts with
Others Total
Customers
For the year For the year For the year For the year For the year For the year
ended ended ended ended ended ended
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
` crore ` crore ` crore ` crore ` crore ` crore
Generation of Power - Thermal and
Hydro
Sale of Power 11,022.00 5,142.08 Nil Nil 11,022.00 5,142.08
Sale of Power from Assets Under Lease 1,170.17 1,022.35 Nil Nil 1,170.17 1,022.35
Project/Operation Management 196.17 178.07 Nil Nil 196.17 178.07
Services
Income from Finance Lease Nil Nil 75.42 77.68 75.42 77.68
Others 18.57 13.31 19.61 29.08 38.18 42.39
Total (A) 12,406.91 6,355.81 95.03 106.76 12,501.94 6,462.57
Generation of Power - Wind and Solar
Sale of Power 7.39 6.58 Nil Nil 7.39 6.58
Income from Finance Lease Nil Nil 0.84 2.13 0.84 2.13
Others 12.64 17.83 Nil 0.04 12.64 17.87
Total (B) 20.03 24.41 0.84 2.17 20.87 26.58
Transmission and Distribution of Power
Transmission of Power 1,062.25 975.64 Nil Nil 1,062.25 975.64
Distribution of Power 3,837.29 3,465.23 Nil Nil 3,837.29 3,465.23
Net Movement in Regulatory Deferral Nil Nil 1,120.18 134.35 1,120.18 134.35
Balances
Project/Operation Management 61.40 22.04 Nil Nil 61.40 22.04
Services
Others 4.96 10.07 61.48 37.74 66.44 47.81
Total (C) 4,965.90 4,472.98 1,181.66 172.09 6,147.56 4,645.07

Others (D) 21.58 24.61 Nil 2.15 21.58 26.76

Unallocable Revenue (E) 147.83 69.75 8.18 11.55 156.01 81.30

Revenue from Continuing Operations 17,562.25 10,947.56 1,285.71 294.72 18,847.96 11,242.28
(including Net Movement in Regulatory
Deferral Balances) (A + B + C +D + E)
Revenue from Discontinued Operations Nil Nil Nil Nil Nil Nil

Reconciliation of Revenue For the year For the year

ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Revenue from Continuing Operations as per above table 18,847.96 11,242.28
Less: Net Movement in Regulatory Deferral Balances 1,120.18 134.35
Total Revenue from Operations 17,727.78 11,107.93

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31. Revenue from Operations (Contd.)

Contract Balances As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Contract Assets
Recoverable from Consumers
Non-current 1,639.02 1,408.30
Current Nil Nil
Total Contract Assets 1,639.02 1,408.30
Contract liabilities
Liabilities towards Consumers
Non-current 712.64 610.77
Current 61.01 40.25
Total Contract Liabilities 773.65 651.02
Receivables
Trade Receivables (Gross) 2,074.57 1,191.16
Unbilled Revenue for passage of time 66.56 58.86
Recoverable from Consumers 27.50 98.68
(Less): Advance from Customers (44.71) (10.50)
(Less): Allowances for Doubtful Debts (170.23) (164.51)
Net Receivables 1,953.69 1,173.69
Contract assets
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract assets are
transferred to receivables when the rights become unconditional.
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Particulars As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Opening Balance
Recoverable from consumers 1,408.30 1,161.06
Liabilities towards consumers (651.02) (524.17)
(A) 757.28 636.89
Income to be adjusted in future tariff determination (Net) 172.31 100.00
Income to be adjusted in future tariff determination in respect of earlier years (Net) (3.97) Nil
Movement in Deferred Revenue Liability (101.86) (99.21)
Refund to customers Nil 67.41
Deferred tax recoverable/(payable) 47.76 46.12
Others (6.15) 6.07
(B) 108.09 120.39
Closing Balance
Recoverable from consumers 1,639.02 1,408.30
Liabilities towards consumers (773.65) (651.02)
(A + B) 865.37 757.28

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32. Other Income

Accounting Policy
Dividend and Interest income
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
(a) Interest Income
(i) On Financial Assets carried at Amortised Cost
Interest on Banks Deposits 12.80 1.57
Interest on Overdue Trade Receivables 47.77 107.05
Interest on Non-current Investment 10.20 12.19
Interest on Non-current Investment - Deferred Tax Liability Fund Nil 0.10
Interest on Financial Assets - Subsidiaries 36.92 125.66
Other Interest 6.93 3.79
114.62 250.36
(ii) Interest on Income-tax Refund 26.34 Nil
140.96 250.36
(b) Dividend Income
From Non-current Investments
Subsidiaries 3,835.90 2,516.94
Joint Ventures 45.35 112.11
Associates 1.65 1.78
Others - Equity Investments designated as FVTOCI 12.14 9.12
3,895.04 2,639.95
(c) Gain/(Loss) on Investments
Gain on sale/Fair Value of current investment measured at FVTPL 14.22 8.43
14.22 8.43
(d) Other Non-operating Income
Guarantee Commission from Subsidiaries and Joint Ventures 25.51 25.51
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) (8.70) (10.77)
Delayed Payment Charges 5.69 5.75
Liability Written Back (Refer Note Below) Nil 49.25
Other Income 12.67 18.63
35.17 88.37
Total 4,085.39 2,987.11
Note:
Liability written back in previous year includes, reversal of provision pertaining to fly ash of ₹ 21.74 crore recognised in earlier years
pursuant to an order passed by National Green Tribunal on February 12, 2020. During the previous year, Ministry of Environment,
Forest and Climate Change (MoEF&CC) issued a Notification on December 31, 2021 prescribing timelines and manner of utilization
of legacy ash as on the date of the notification. The Company believes that it will be able to utilize the legacy fly ash within the
revised applicable timeline and accordingly the fly ash provision is reversed.

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33. Employee Benefits Expense

For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Salaries and Wages 606.76 587.74
Contribution to Provident Fund (Refer note 27 (2.1)) 26.06 21.64
Contribution to Superannuation Fund (Refer note 27 (1a)) 7.85 7.16
Gratuity (Refer note 27(2.3.a)) 5.20 9.44
Compensated Absences 19.56 21.12
Pension 15.98 18.28
Staff Welfare Expenses 107.78 112.81
789.19 778.19
Less:
Employee Cost Capitalised 33.15 30.49
Employee Cost Inventorised 9.87 10.11
43.02 40.60
Total 746.17 737.59

34. Finance Costs

Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their intended use or sale. Interest income earned on the temporary investment of
specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
(a) Interest Expense:
On Borrowings - At Amortised Cost
Interest on Debentures 899.98 1,066.10
Interest on Loans - Banks,Financial Institutions and Commercial Papers 820.09 688.03
Interest on Loans - Related Parties 11.04 21.76
Others
Interest on Consumer Security Deposits - At Amortised cost 11.01 10.36
Interest on Lease Liabilities - At Amortised cost 291.62 275.36
Other Interest and Commitment Charges 81.08 13.79
2,114.82 2,075.40
Less: Interest Capitalised 49.61 8.23
Less: Interest Inventorised 21.27 15.76
2,043.94 2,051.41
(b) Other Borrowing Costs:
Other Finance Costs 182.66 137.53
182.66 137.53
Total 2,226.60 2,188.94
Note:
The weighted average capitalisation rate on the Company's general borrowings is 7.82% to 8.07% p.a. (March 31, 2022 - 6.90% p.a.).

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35. Other Expenses

For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Consumption of Stores and Oil 75.72 71.70
Rental of Land, Buildings, Plant and Equipment 16.16 25.11
Repairs and Maintenance -
(i) Buildings and Civil Works 131.10 116.84
(ii) Machinery and Hydraulic Works 354.50 355.94
(iii) Furniture and Vehicles 6.28 5.94
491.88 478.72
Rates and Taxes 89.74 54.97
Insurance 69.00 65.69
Other Operation Expenses 140.68 99.22
Ash Disposal Expenses 15.41 10.25
Travelling and Conveyance Expenses 30.85 21.94
Consultants' Fees 29.09 23.02
Auditors' Remuneration (Refer note (i) below) 7.34 6.40
Cost of Services Procured 128.94 121.27
Bad Debts Nil 2.27
Net (gain)/ Loss on Foreign Exchange 260.74 128.88
Allowance for Doubtful Debts and Advances (Net) 0.31 (10.78)
Legal Charges 44.92 24.46
Corporate Social Responsibility (Refer note (ii) below) 4.06 2.09
Transfer to Statutory Consumer Reserve 13.68 12.57
Compensation Expense 202.48 10.31
Miscellaneous Expenses 70.26 49.37
Total 1,691.26 1,197.46

(i) Payment to the auditors

For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
For Statutory Audit 5.51 4.73
For Taxation Matters 0.28 0.20
For Other Services 0.32 0.48
For Reimbursement of Expenses 0.11 0.01
Goods and Service Tax on above 1.12 0.98
Total 7.34 6.40

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35. Other Expenses (Contd.)

(ii) Corporate Social Responsibility
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Contribution to Tata Power Community Development Trust 3.28 1.46
Other expenses 0.78 0.63
Total 4.06 2.09
Amount required to be spent as per section 135 of the Companies Act 2013. Nil 2.09
Amount spent during the year on:
(a) Construction/Acquisition of asset Nil Nil
(b) On purposes other than (a) above 4.06 2.09

36. Income taxes

Accounting Policy
Current Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date.
Current income tax related to items recognised outside Statement of Profit and Loss are recognised either in other comprehensive
income or in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Standalone
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from
the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the
reporting period.
For operations carried out under tax holiday period (Section 80IA of Income Tax Act, 1961), deferred tax assets or liabilities, if any,
have been recorded for the tax consequences of those temporary differences between the carrying values of assets and liabilities
and their respective tax bases that reverse after the tax holiday ends.
Deferred tax related to items recognised outside profit or loss is recognised either in other comprehensive income or in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.

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36. Income taxes (Contd.)

(i) Income Tax Expenses
1. Income taxes recognised in the Statement of Profit and Loss (Continuing Operations)
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Current tax Nil Nil
Current tax in respect of earlier years (Refer Note a and c) (29.73) (105.11)
Deferred tax 983.80 (8.91)
Deferred tax relating to earlier years (Refer Note b) (111.00) (738.56)
Deferred tax remeasurement on account of transition of New Tax regime (Net) (Refer Note c) Nil 359.62
Total income tax expense 843.07 (492.96)
Note:
a. In previous year, subsequent to the merger of Coastal Gujarat Power Limited (CGPL) with the Company with effect from
April 1, 2020, the Company had reassessed its provision for current taxes and had written back an amount of ₹87.30 crore
relating to previous year.
b. The Company had reassessed the recoverability of unabsorbed depreciation and has recognized deferred tax asset
amounting to ₹ 111.00 crore (March 31, 2022 - ₹ 968.56 crore and deferred tax asset written off on capital losses amounting
to ₹230.00 crore).
c. The Company had transitioned to the new tax regime effective April 1, 2020 and accordingly, during the previous year, the
Company had remeasured its tax balances and reversed the deferred tax asset amounting to ₹359.62 crore and written back
current tax provision amounting to ₹17.81 crore.
2. The income tax expense for the year can be reconciled to the accounting profit as follows:
For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Profit/(Loss) before tax Continuing Operation 4,110.97 2,757.80
Profit/(Loss) before tax Discontinuing Operation Nil (467.83)
Profit/(Loss) Before Tax 4,110.97 2,289.97
Income tax expense @25.17% (March 31, 2022: 25.17%) 1,034.73 576.39
Add/(Less) tax effect on account of :
Provision for impairment Nil 144.64
Utilisation of unrecognised capital loss on sale of investment/asset (63.19) (382.21)
Non-Deductible expenses 12.62 5.41
Deferred tax asset in respect of earlier years (Refer Note 36 (i) (1) (b)) (111.00) (968.56)
Utilisation of unrecognised unabsorbed depreciation Nil (353.14)
Current tax in respect of earlier years - (Refer Note 36(i) (1) (a) and (c)) (29.73) (105.11)
Remeasurement of deferred tax balances on the expected sale of assets/investments Nil 230.00
((Refer Note 36 (i) (1) (b))
Remeasurement of deferred tax on account of transition to new tax regime (Refer Note 36 (i) (1) (c)) Nil 359.62
Others (0.36) Nil
Income tax expenses recognised in Statement of Profit and Loss 843.07 (492.96)
Tax expense for the Continuing Operations 843.07 (492.96)
Tax expense for the Discontinued Operations Nil Nil
Income tax expense recognised in Statement of Profit and Loss 843.07 (492.96)

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36. Income taxes (Contd.)

3. Income tax recognised in other comprehensive income

For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Current Tax
Remeasurement of defined benefit obligation Nil Nil
Deferred tax
Remeasurements of defined benefit obligation (5.52) 2.43
Total income tax recognised in other comprehensive income (5.52) 2.43
Items that will not be reclassified to Statement of Profit and Loss (5.52) 2.43

(ii) Deferred Tax

As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Deferred Tax Assets 3,287.81 4,140.70
Deferred Tax Liabilities 3,905.10 3,890.70
Deferred Tax Liabilities/(Assets) (Net) 617.29 (250.00)

2022-23 Opening balance Recognised in Recognised Closing balance

profit or loss in other
(including comprehensive
discontinued
Income
operation)
(including
discontinued
operation)
` crore ` crore ` crore ` crore
Deferred tax assets in relation to
Allowance for doubtful debts, deposits and advances 47.34 0.07 Nil 47.41
Provision for employee benefits, expenses allowed on cash 40.14 46.98 5.52 92.64
basis and others
Impact of measuring derivative financial instrument at fair 2.03 2.04 Nil 4.07
value
Capital loss on sale of investments and indexation benefit 110.00 (110.00) Nil Nil
available on investments
Lease liability 642.47 (0.34) Nil 642.13
Deferred revenue - Ind AS 115 153.71 25.64 Nil 179.35
Unabsorbed depreciation 3,145.00 (822.79) Nil 2,322.21
4,140.70 (858.40) 5.52 3,287.81
Deferred tax liabilities in relation to
Property, Plant and Equipment (including finance leases) 3,273.25 41.36 Nil 3,314.61
Right of use asset 612.60 (27.16) Nil 585.44
Others 4.85 0.20 Nil 5.05
3,890.70 14.40 Nil 3,905.10
Deferred Tax Liabilities/(Assets) (Net) (250.00) 872.80 (5.52) 617.29

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36. Income taxes (Contd.)

2021-22 Opening balance Recognised in profit Recognised Closing balance
or loss (including in other
discontinued comprehensive
operation)
Income (including
discontinued
operation)
` crore ` crore ` crore ` crore
Deferred tax assets in relation to
Allowance for doubtful debts, deposits and advances 58.60 (11.26) Nil 47.34
Provision for employee benefits, expenses allowed on cash basis 74.00 (31.43) (2.43) 40.14
and others
Minimum Alternate Tax credit 437.51 (437.51) Nil Nil
Impact of measuring derivative financial instrument at fair value 6.90 (4.87) Nil 2.03
Capital loss on sale of investments and indexation benefit 492.56 (382.56) Nil 110.00
available on investments
Lease liability 633.85 8.62 Nil 642.47
Deferred revenue - Ind AS 115 128.74 24.97 Nil 153.71
Unabsorbed depreciation 2,045.97 1,099.03 Nil 3,145.00
3,878.13 264.99 (2.43) 4,140.70
Deferred tax liabilities in relation to
Property, Plant and Equipment (including finance leases) 3,381.97 (108.72) Nil 3,273.25
Right of use asset 626.74 (14.14) Nil 612.60
Others 4.85 Nil Nil 4.85
4,013.56 (122.86) Nil 3,890.70
Deferred Tax Liabilities/(Assets) (Net) 135.43 (387.85) 2.43 (250.00)

The amount and the expiry of unrecognised deferred tax asset is as detailed below:
As at March 31, 2023 Within 1 year Greater than Greater than 5 No expiry date Closing
1 year, less than years balance
5 years
` crore ` crore ` crore ` crore ` crore
Capital loss on sale of investment and indexation Nil 287.50 141.96 Nil 429.46
benefit*
Business loss Nil Nil 1,045.88 Nil 1,045.88
Total Nil 287.50 1,187.84 Nil 1,475.34

As at March 31, 2022 Within 1 year Greater than Greater than 5 No expiry date Closing
1 year, less than years balance
5 years
` crore ` crore ` crore ` crore ` crore
Capital loss on sale of investment and indexation Nil 361.11 141.96 Nil 503.07
benefit*
Business loss Nil Nil 1,045.88 Nil 1,045.88
Unabsorbed depreciation Nil Nil Nil 134.00 134.00
Total Nil 361.11 1,187.84 134.00 1,682.95
* The unrecognised deferred tax asset on impairment of investments of ₹ 141.96 crore (March 31, 2022 - ₹ 141.96 crore) relating to capital loss
shall expire within 8 years from the date of sale of investment.

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37. 
Micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined
based on the information available with the Company and the required disclosures are given below:
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
(a) Principal amount remaining unpaid* 126.18 58.28
(b) Interest due thereon for the year 1.31 0.55
127.49 58.83
(c) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act, 2006 along Nil Nil
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year.
(d) The amount of interest due and payable for the period of delay in making payment (which Nil Nil
have been paid but beyond the appointed day during the year) but without adding the interest
specified under the MSMED Act, 2006
(e) The amount of interest accrued and remaining unpaid at the end of each accounting year 2.06 0.75
(f ) The amount of further interest remaining due and payable even in the succeeding years, Nil Nil
until such date when the interest dues as above are actually paid to the small enterprise for
the purpose of disallowance as a deductible expenditure under section 23 of the MSMED
Act, 2006

* It includes amount payable in the nature of capital creditors as disclosed under note 25 - Other Financial Liabilities

38. Commitments:
(a) Estimated amount of Contracts remaining to be executed on capital account and not provided for ₹ 1,508.23 crore (March 31,
2022 - ₹ 1,920.97 crore.)
(b) Other Commitments
The Company has undertaken to arrange for the necessary financial support to its subsidiaries Bhira Investments Pte. Ltd.,
Bhivpuri Investments Ltd., TP Renewable Microgrid Ltd., Tata Power Jamshedpur Distribution Ltd. and Tata Power International
Pte. Ltd.

39. Contingent liabilities

Accounting Policy
In the normal course of business, contingent liabilities arise from litigations and claims.It is a possible obligation that arises from
the past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events
beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow
of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is
a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent
liability but discloses the same.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Contingent liabilities including:
a) Claims against the Company not probable and hence not acknowledged as debts
(i) Demand disputed by the Company relating to Service tax on transmission charges received 375.29 375.29
for July 2012 to June 2017 (excluding interest and penalty).
(ii) Way Leave fees (including interest) claims disputed by the Company relating to rates charged 146.53 53.21
(iii) Custom duty claims disputed by the Company relating to applicability and classification of coal 111.08 110.81
(iv) Access Charges demand for laying underground cables. 19.89 24.04
(v) Rates, Cess, Excise and Custom Duty claims disputed by the Company. 7.37 7.31
(vi) Other claims against the Company not acknowledged as debts. 43.50 42.59
(vii) Applicability of Green cess on generation of electricity. 488.35 464.89
(viii) Applicability of Stamp Duty on import of coal 48.30 41.00
(ix) Petition seeking approval for additional Short term Renewable Power Purchase for Nil 9.41
Renewable Power obligation compliance.
(A) 1,240.31 1,128.55

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39. Contingent liabilities (Contd.)

Notes:
1. Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2. Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at various forums/authorities.
3. The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome can be recovered from
consumers.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
b) Others
i) Taxation matters for which liability is disputed by the Company and not provided for (computed 115.45 115.45
on the basis of assessments which have been re-opened / remaining to be completed).
ii) In an earlier year, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had 215..02 215.02
raised a demand for determination of fixed charges for unscheduled interchange of power. The
Company had filed a petition against the said demand for which stay has been granted by the
ATE till the methodology for the determination is fixed. Considering the same,currently, the
amount of charges payable is not ascertainable and hence, no provision has been recognized
during the year. Further, in case of unfavourable outcome, the Company believes that it will be
allowed to recover the same from consumers through future adjustment in tariff.
iii) Demand towards use of the leased land for its Jojobera Power Plant 896.00 Nil
During year ended March 31, 2023, the Company has received Demand notice of ₹ 896 crore
from District Administration, Jamshedpur towards its use of the leased land for its Jojobera Power
Plant through sub-leasing arrangement with Customer. Based on the legal opinion obtained, the
Company strongly believes that there is strong case and hence no provision is required for the
concerned matter. In case of unfavourable outcome, the Company believes that it will be allowed
to recover from Customer through future tariff.
(B) 1,226.47 330.47
(A+B) 2,466.78 1,459.02

As at As at
March 31, 2023 March 31, 2022
` crore* ` crore*
c) Indirect exposures of the Company:
Guarantees given :
(i) Khopoli Investments Ltd. Nil 946.51
(equivalent to USD
125.01 million)
(ii) Bhira Investments Pte. Ltd. 1,602.56 1,476.51
(equivalent to USD (equivalent to USD
195.01 million) 195.01 million)
(iii) Bhivpuri Investments Ltd. 1,027.95 Nil
(equivalent to USD
125.00 million)
(iv) Tata Power Renewable Energy Ltd. 1,628.76 2,774.66
(v) Tata Power International Pte. Ltd. 822.10 754.52
(equivalent to USD (equivalent to USD
100.19 million) 100.19 million)
(vi) Walwhan Renewable Energy Ltd. Nil 164.17
(vii) Walwhan Solar TN Ltd. 51.65 104.39
(viii) Walwhan Wind RJ Ltd. 10.24 105.44
* The exposure is considered to the extent of borrowings outstanding (including accrued interest) of the respective subsidiaries.

d) The Company has provided a Bank Guarantee of USD 85 Million (₹698.55 crore) (March 31, 2022 USD 87 Million (₹659.34
crore)) and Corporate Guarantee of USD 23 Million (₹ 189.02 crore) , (March 31, 2022 USD 32 Million (₹ 242.52 crore)) to
Oldendorff as per the affreightment contract entered by Trust Energy Resources Pte. Ltd.
e) The Company had acquired 51 % stake in TP Central Odisha Distribution Limited ('TPCODL'), TP Western Odisha
Distribution Limited ('TPWODL') TP Southern Odisha Distribution Limited ('TPSODL') and TP Northern Odisha Distribution

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39. Contingent liabilities (Contd.)

Limited ('TPNODL') to carry out the function of distribution and retail supply of electricity covering the distribution
circles of central, western, southern and northern parts of Odisha. Pursuant to these acquisition and as per the terms of
the vesting order, in earlier year the Company has issued bank guarantee to Odisha Electricity Regulatory Commission
(‘OERC’) for TPCODL,TPWODL,TPSODL and TPNODL of ₹ 150.00 crore (March 31, 2022 ₹150.00 crore), ₹ 150.00 crore (March
31, 2022 ₹150.00 crore), ₹ 100.00 crore (March 31, 2022 ₹100.00 crore) and ₹ 150.00 crore (March 31, 2022 ₹150.00 crore)
respectively.
f) The Company has given performance guarantee and letter of credit on behalf of TP Ajmer Distribution Ltd of ₹ 108.05 crore
(March 31, 2022 ₹ 107.17 crore) to Ajmer Vidyut Vitran Nigam Ltd as per the distribution franchisee agreement.
g) The Company has given performance guarantee on behalf of Trust Energy Resources Pte. Ltd. to Maxpente Shipping
Corporation of USD 10 Million (₹82.18 crore) (March 31, 2022 USD 10 Million (₹75.78 crore)) for its obligation under the cost
of affreightment contract.
The Company, in respect of the above mentioned contingent liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.
40. Other disputes
a. In the earlier years, Maharashtra Electricity Regulatory Commission has disallowed certain costs amounting to ₹ 413.00 crore
(adjusted upto the current year) (March 31, 2022 ₹ 503.00 crore) recoverable from consumers in the tariff true up order. The
Company has filed appeal against the said order to Appellate Tribunal for Electricity which is pending for final disposal. The
Company believes it has a strong case and accordingly no adjustment is required in the standalone financial statement.
b. In an earlier year, Maharashtra Electricity Regulatory Commission has disallowed carrying cost and other costs amounting to
₹ 269.00 crore (March 31,2022 ₹ 269.00 crore) which was upheld by the Appellate Tribunal for Electricity (ATE). The Company
has filed Special Leave Petition (SLP) against the order of ATE with the Supreme Court which is pending for final disposal.
The Company believes it has a strong case and accordingly no adjustment is required in the standalone financial statement.
c. During the year, Maharashtra State Electricity Regulatory Commission (MERC) issued truing up order for Generation,
Transmission and Distribution Business in Mumbai for period from FY20 to FY22 disallowing recovery of certain cost
amounting to ₹ 884.68 crore (including ₹ 256.00 crore for FY 2023). The Company is in process of filing petition against
these disallowances and based on legal opinion the Company believes that is has a good case and accordingly, no impact
have been considered in the standalone financial statement.
d. The Hon'ble Appellate Tribunal for Electricity (APTEL), vide its order dated April 27, 2021 allowed the appeal with respect
to certain claims related to change in law for Mundra Power Plant. Accordingly, the Company has recognized an income
amounting to ₹ 351.79 crore during the year ended March 31, 2022 comprising of ₹ 279.87 crore classified as Revenue from
Operations (including an amount of ₹268.94 crore relating to earlier years) and ₹ 71.92 crore classified as Other Income
(including an amount of ₹ 58.82 crore relating to earlier years). The Consumer has litigated the said order in the Supreme
Court. The Company believes it has a strong case and does not expect any significant reversal of revenue.
e. During the current year, the Company has recognised revenue amounting to ₹ 1,445.79 crore based on the favourable CERC
orders dated September 13, 2022 and January 3, 2023 for the clarification obtained by the Company on determination of
tariff as per MoP directions. The procurers have filed an appeal against the said CERC orders passed on in favour of the
Company. The Company based on legal opinion believes that it has a good case and accordingly, no impact have been
considered in the standalone financial statement.
f. During the previous year, the Company had received Notice of Arbitration (NoA) filed by Kleros Capitals to commence
arbitration in Singapore International Arbitration Centre (SIAC) against the Company. The NoA is served pursuant to alleged
breach of various sections of Non disclosure agreements (NDA) entered by the Company in earlier years and circumvention of
Kleros's economic interests in addition to loss of profits. The Company believes that there has been no use of confidential data
and there was no breach to sections of NDA. Based on above assessment and legal opinion obtained, the Company strongly
believes that there is strong case and hence no provision is required for the concerned matter of arbitration.

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41. Earnings Per Share (EPS)

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

For the year For the year

ended ended
March 31, 2023 March 31, 2022

` crore ` crore

A. EPS - Continuing operations (before net movement in Regulatory Deferral

Balances)
Net Profit/ (Loss) from Continuing Operations A 3,267.90 3,250.76
Net movement in Regulatory Deferral Balances B 1,120.18 134.35
Income-tax attributable to Regulatory Deferral Balances C (281.95) (33.82)
Net movement in Regulatory Deferral Balances (Net of tax) D=(B+C) 838.23 100.53
Net Profit/ (Loss) (before net movement in Regulatory Deferral Balances) E=(A-D) 2,429.67 3,150.23
Less: Distribution on Perpetual Securities (on accrual basis) F Nil (29.52)
Profit/ (Loss) from Continuing Operations attributable to equity shareholders G=(E+F) 2,429.67 3,120.71
(before net movement in Regulatory Deferral Balances)
No. of Equity Shares 3,19,81,71,607 3,19,81,71,607
Weighted average number of equity shares for Basic and Diluted EPS 3,19,81,71,607 3,19,81,71,607
EPS - Continuing Operations (before net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In ₹) 7.60 9.76
B. EPS - Continuing Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/ (Loss) from Continuing Operations 3,267.90 3,250.76
Less: Distribution on Perpetual Securities (on accrual basis) Nil (29.52)
Profit/ (Loss) attributable to equity shareholders (after net movement in 3,267.90 3,221.24
Regulatory Deferral Balances)
Weighted average number of equity shares for Basic and Diluted EPS 3,19,81,71,607 3,19,81,71,607
EPS - Continuing operations (after net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In ₹) 10.22 10.07

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

For the year For the year

ended ended
March 31, 2023 March 31, 2022

` crore ` crore

C. EPS - Discontinued operations

Net Profit/ (Loss) from Discontinued Operations Nil (467.83)
Weighted average number of equity shares for Basic and Diluted EPS 3,19,81,71,607 3,19,81,71,607
EPS - Discontinued Operations
- Basic and Diluted (In ₹) Nil (1.46)
D. EPS - Total Operations (after net movement in Regulatory Deferral Balances)
Net Profit/(Loss) from Operations (after net movement in Regulatory Deferral 3,267.90 2,782.93
Balances)
Less: Distribution on Perpetual Securities (on accrual basis) Nil (29.52)
Net Profit/ (Loss) from Total Operations attributable to equity shareholders 3,267.90 2,753.41
(after net movement in Regulatory Deferral Balances)
Weighted average number of equity shares for Basic and Diluted EPS 3,19,81,71,607 3,19,81,71,607
EPS - Total Operations (after net movement in Regulatory Deferral Balances)
- Basic and Diluted (In ₹) 10.22 8.61

All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS.

42. Related Party Disclosures:

Disclosure as required by Ind AS 24 - ‘‘Related Party Disclosures’’ is as follows:
Names of the related parties and description of relationship:
(a) Related parties where control exists:
(i) Subsidiaries
1) Tata Power Solar Systems Ltd.*** 2) TP Vivagreen Ltd ** (w.e.f. January 13, 2023)
3) Tata Power Trading Company Ltd. 4) Tata Power Green Energy Ltd.***
5) Nelco Ltd. 6) Tatanet Services Ltd. **(Now merged with the Nelco Ltd
w.e.f. June 9, 2021)
7) Maithon Power Ltd. 8) TP Vardhaman Surya Ltd ** (w.e.f. January 12, 2023)
9) Tata Power Renewable Energy Ltd. 10) TP Renewable Microgrid Ltd.
11) Bhira Investments Pte Limited 12) Bhivpuri Investments Ltd.
13) Khopoli Investments Ltd. 14) Tata Power International Pte. Ltd.
15) Trust Energy Resources Pte. Ltd.** 16) Tata Power Jamshedpur Distribution Ltd.
(Ceased to be direct subsidiary w.e.f July 22, 2021)
17) NDPL Infra Ltd. ** 18) Supa Windfarm Ltd.***
19) PT Sumber Energi Andalan Tbk ** 20) Nivade Windfarm Ltd. **
21) TCL Ceramics Ltd. 22) Walwhan Renewable Energy Ltd. **
(Ceased to be a subsidiary w.e.f March 24, 2022)
23) Poolavadi Windfarm Ltd. ** 24) Walwhan Solar AP Ltd. **
25) TP Wind Power Ltd. 26) Northwest Energy Pvt. Ltd. **
27) Walwhan Urja Anjar Ltd. ** 28) Dreisatz MySolar24 Pvt. Ltd. **

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42. Related Party Disclosures: (Contd.)

29) Walwhan Solar Raj Ltd. ** 30) Walwhan Energy RJ Ltd. **
31) Walwhan Solar Energy GJ Ltd. ** 32) Walwhan Solar MH Ltd. **
33) MI MySolar24 Pvt. Ltd. ** 34) Walwhan Solar PB Ltd. **
35) Walwhan Solar MP Ltd. ** 36) Walwhan Wind RJ Ltd. **
37) Walwhan Solar KA Ltd. ** 38) Walwhan Solar BH Ltd. **
39) Walwhan Solar RJ Ltd. ** 40) Walwhan Urja India Ltd. **
41) Walwhan Solar TN Ltd. ** 42) Chirasthaayee Saurya Ltd. **
43) Clean Sustainable Solar Energy Pvt. Ltd. ** 44) Vagarai Windfarm Ltd. **
45) Solarsys Renewable Energy Pvt. Ltd. ** 46) Far Eastern Natural Resources LLC **
47) Nelco Network Products Ltd. ** 48) Tata Power Delhi Distribution Ltd.
49) TP Ajmer Distribution Ltd. 50) TP Kirnali Ltd. **
51) TP Solapur Ltd.** 52) TP Kirnali Solar Ltd. ***
53) TP Central Odisha Distribution Ltd. 54) TP Akkalkot Renewable Ltd. ***
55) TP Western Odisha Distribution Ltd. 56) TP Solapur Solar Ltd. ***
57) TP Southern Odisha Distribution Ltd. 58) TP Solapur Saurya Ltd. (w.e.f. May 27, 2021) ***
59) TP Saurya Ltd *** 60) TP Roofurja renewable Ltd. ***
61) TP Northern Odisha Distribution Ltd. (w.e.f. April 1, 62) TP Adhrit Solar Ltd ** (w.e.f. September 2, 2022)
2021)
63) TP Arya Saurya Ltd ** (w.e.f. September 6, 2022) 64) TP Atharva Solar Ltd ** (w.e.f. December 28, 2022)
65) TP Bhaskar Renewables Ltd ** 66) TP Ekadash Ltd ** (w.e.f. September 14, 2022)
(w.e.f. December 28, 2022)
67) TP Govardhan Creatives Ltd ** 68) TP Green Nature Ltd ** (w.e.f. August 5, 2022)
(w.e.f. December 28, 2022)
69) TP Kaunteya Saurya Ltd ** (w.e.f. January 11, 2023) 70) TP Nanded Ltd ** (w.e.f. July 4, 2022)
71) TP Narmada Solar Ltd ** (w.e.f. December 27, 2022) 72) TP Saurya Bandita Ltd ** (w.e.f. September 9, 2022)
73) TP Solar Limited ** (w.e.f. June 29, 2022) 74) PT Andalan Group Power** (w.e.f. March 2, 2021)
75) PT Sumber Power Nusantara** (w.e.f. April 19, 2021) 76) PT Indopower Energi Abadi** (w.e.f. April 19, 2021)
77) PT Andalan Power Teknikatama** (w.e.f. April 19,
2021)

** Through Subsidiary Companies

*** From August 8, 2022 holding through Tata Power Renewable Energy Ltd. (Refer Note 7(xi))

(ii) Employment Benefit Funds

1) Tata Power Superannuation Fund 2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund

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42. Related Party Disclosures: (Contd.)

(b) Associates and its related entities
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.
3) The Associated Building Co. Ltd. 4) Dagacchu Hydro Power Corporation Ltd.
5) Brihat Trading Pvt Ltd. 6) Ind Project Engineering (Sanghai) Co Ltd **
7) TP Luminaire Pvt Ltd. ** 8) Tata Projects Provident Fund Trust*
* Fund of Associates
** 100% Subsidiary of Associates

(c) Joint Venture Companies

1) Tubed Coal Mines Ltd. 2) Mandakini Coal Company Ltd.
3) Powerlinks Transmission Ltd. 4) Itezhi Tezhi Power Corporation Limited
5) PT Antang Gunung Meratus** 6) PT Kaltim Prima Coal**
7) Adjaristsqali Netherlands BV** 8) Industrial Energy Ltd.
9) LTH Milcom Pvt. Ltd. 10) Dugar Hydro Power Ltd.
11) Resurgent Power Ventures Pte. Ltd. ** 12) Prayagraj Power Generation Co Ltd. **
13) Adjaristsqali Georgia LLC ** 14) PT Arutmin Indonesia **
15) PT Baramulti Suksessarana Tbk** 16) NRSS XXXVI Transmission Ltd **
17) PT Mitratama Perkasa ** 18) IndoCoal Resources (Cayman) Ltd. **
19) PT Indocoal Kaltim Resources ** 20) PT Nusa Tambang Pratama **
21) PT Marvel Capital Indonesia ** 22) PT Dwikarya Prima Abadi **
23) PT Kalimantan Prima Power ** 24) Koromkheti Netherlands B.V **
(Liquidated w.e.f. November 10, 2022)
25) IndoCoal KPC Resources (Cayman) Ltd ** 26) Renascent Ventures Private Limited **
27) PT Indocoal Kalsel Resources ** 28) Candice Investments Pte. Ltd. **
29) Solace Land Holding Limited ** 30) PT Mitratama Usaha **
31) PT Citra Prima Buana ** 32) PT Guruh Agung **
33) PT Citra Kusuma Perdana ** 34) Koromkheti Georgia LLC (Ceased to be Joint Venture w.e.f
February 7, 2022) **
35) South East UP Power Transmission Company Ltd. **
** Joint Venture of Subsidiaries
(d) (i) Promoters holding more than 20% - 'Promoter' 1) Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoter - Promoter Group (where transactions have taken place
during the year or previous year / balances outstanding) :
1) Ewart Investments Ltd. 2) Tata AIG General Insurance Company Ltd.
3) Tata Industries Ltd. 4) Tata Communications Ltd.
5) Tata Investment Corporation Ltd. 6) Tata International Ltd.
7) Tata Consultancy Services Ltd. 8) Tata Ltd.
9) Tata Realty and Infrastructure Ltd. 10) Tata Play Broadband Pvt Ltd.
11) Infiniti Retail Ltd. 12) Ecofirst Services Ltd.

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42. Related Party Disclosures: (Contd.)

13) Tata Consulting Engineers Ltd. 14) Tata Housing Development Co. Ltd. Employees
Provident Fund
15) Niskalp Infrastructure Services Ltd. 16) Tata Consultancy Services Employees Provident Fund
17) Tata Housing Development Company Ltd. 18) Tata AIA Life Insurance Company Ltd.
19) Tata Capital Financial Services Ltd. 20) Tata Teleservices Ltd.
21) Tata Teleservices (Maharashtra) Ltd. 22) Tata Elxsi Ltd.
23) Tata Advanced System Ltd. 24) Tata Capital Ltd.
25) Air India SATS Airport Services Private Ltd. 26) Tata Autocomp Systems Limited
27) Air India Ltd

(e) Key Management Personnel

1) N. Chandrasekaran, Non-Executive Director 2) Praveer Sinha, CEO and Managing Director
3) Banmali Agrawala, Non-Executive Director 4) Saurabh Agrawal, Non-Executive Director
5) Kesava Menon Chandrasekhar, Independent Director
(upto February 19, 2023) 6) Ashok Sinha, Independent Director
7) Vibha U. Padalkar, Independent Director 8) Anjali Bansal, Independent Director
9) Sanjay V. Bhandarkar, Independent Director 10) Hemant Bhargava, Nominee Director
11) Ramesh N. Subramanyam, Chief Financial Officer 12) Hanoz Minoo Mistry, Company Secretary
(upto December 31, 2021) 14) Rajiv Mehrishi, Independent Director
13) Sanjeev Churiwala, Chief Financial Officer (w.e.f. October 28, 2022)
(w.e.f January 1, 2022)
(f) Relative of Key Managerial Personnel (where transactions have taken place during the year or previous year /
balances outstanding) :
1) Neville Minoo Mistry (Brother of Hanoz Minoo Mistry - Company Secretary)

(g) Details of Transactions:

` crore

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
1) Purchase of goods/power (Net of Discount
Received on Prompt Payment)
Tata Power Green Energy Ltd. 126.48 49.07 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 235.48 170.68 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Trading Company Ltd. 146.96 18.85 Nil Nil Nil Nil Nil Nil Nil Nil
PT Kaltim Prima Coal Nil Nil 2,046.53 2,057.69 Nil Nil Nil Nil Nil Nil
Tata International Singapore Limited Nil Nil Nil Nil Nil Nil Nil Nil Nil 121.73
Others 1.07 0.25 36.60 132.85 Nil Nil Nil Nil 1.18 0.19
2) Sale of goods/power (Net of Discount on Prompt
Payment)
Tata Power Trading Company Ltd. 543.64 299.85 Nil Nil Nil Nil Nil Nil Nil Nil
Others 1.68 1.60 Nil 0.20 Nil Nil Nil Nil 26.39 14.85

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42. Related Party Disclosures: (Contd.)

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
3) Purchase of Property, Plant and Equipment and
Intangibles (including Capital Work In Progress)
Tata Projects Ltd. Nil Nil 764.60 158.15 Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. 26.08 232.69 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Consultancy Services Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil 2.78
Tata Autocomp Systems Limited Nil Nil Nil Nil Nil Nil Nil Nil 32.48 17.99
Others 0.79 0.20 0.02 0.65 Nil Nil Nil Nil 0.90 0.67
4) Rendering of services
Maithon Power Ltd. 69.23 68.80 Nil Nil Nil Nil Nil Nil Nil Nil
Prayagraj Power Generation Co Ltd. Nil Nil 112.50 89.76 Nil Nil Nil Nil Nil Nil
PT Antang Gunung Meratus Nil Nil 56.16 25.20 Nil Nil Nil Nil Nil Nil
Tata Power International Pte. Ltd. 25.31 27.34 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 17.27 1.88 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. 15.16 6.43 Nil Nil Nil Nil Nil Nil Nil Nil
Industrial Energy Limited Nil Nil 28.98 26.28 Nil Nil Nil Nil Nil Nil
Others 30.83 11.37 58.49 21.43 Nil Nil Nil Nil 32.01 15.65
5) Receiving of services
Tata AIG General Insurance Company Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 86.45 49.05
Trust Energy Resources Pte. Ltd. 545.46 405.70 Nil Nil Nil Nil Nil Nil Nil Nil
Yashmun Engineers Ltd. Nil Nil 1.46 9.52 Nil Nil Nil Nil Nil Nil
Tata Capital Financial Services Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 9.41 9.87
Others 2.55 6.68 0.10 3.49 Nil Nil Nil Nil 25.34 10.74
6) Brand equity contribution
Tata Sons Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 56.87 28.77
7) Contribution to Employee Benefit Plans
Tata Power Consolidated Provident Fund Nil Nil Nil Nil Nil Nil 26.06 20.20 Nil Nil
Tata Power Superannuation Fund Nil Nil Nil Nil Nil Nil 7.85 7.17 Nil Nil
8) Guarantee, collaterals etc. given
Bhivpuri Investments Ltd. 1,034.51 Nil Nil Nil Nil Nil Nil Nil Nil Nil
TP Northern Odisha Distribution Ltd. Nil 150.00 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 64.85 130.23 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. Nil 196.02 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Wind RJ Ltd. Nil 105.43 Nil Nil Nil Nil Nil Nil Nil Nil
Others 323.34 213.93 Nil Nil Nil Nil Nil Nil Nil Nil
9) Guarantee, collaterals etc. cancelled
Khopoli Investments Ltd. 946.51 12.14 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 1,210.75 357.49 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. 164.17 1,352.40 Nil Nil Nil Nil Nil Nil Nil Nil
Others 291.23 153.88 Nil Nil Nil Nil Nil Nil Nil Nil
10) Sale of Renewable Net Assets
Tata Power Renewable Energy Ltd. 162.39 51.97 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Green Energy Ltd. Nil 117.33 Nil Nil Nil Nil Nil Nil Nil Nil
TP Solapur Ltd. 36.73 Nil Nil Nil Nil Nil Nil Nil Nil Nil
11) Remuneration paid - short term
employee benefits
Praveer Sinha Nil Nil Nil Nil 8.15 10.34 Nil Nil Nil Nil
Sanjeev Churiwala Nil Nil Nil Nil 2.95 1.18 Nil Nil Nil Nil
Others Nil Nil Nil Nil 5.91 7.70 Nil Nil Nil Nil

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42. Related Party Disclosures: (Contd.)

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
12) Short term employee benefits paid
Hanoz Minoo Mistry Nil Nil Nil Nil Nil 0.02 Nil Nil Nil Nil
Praveer Sinha Nil Nil Nil Nil 0.07 0.06 Nil Nil Nil Nil
Ramesh N. Subramanyam Nil Nil Nil Nil Nil 0.14 Nil Nil Nil Nil
Others Nil Nil Nil Nil Nil 0.01 Nil Nil Nil Nil
13) Interest income
Tata Power Green Energy Ltd. 5.02 6.67 Nil Nil Nil Nil Nil Nil Nil Nil
TP Kirnali Ltd. 9.26 0.83 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 14.48 53.49 Nil Nil Nil Nil Nil Nil Nil Nil
TP Saurya Ltd 5.98 3.88 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. Nil 28.77 Nil Nil Nil Nil Nil Nil Nil Nil
Others 2.18 32.02 Nil Nil Nil Nil Nil Nil Nil Nil
14) Interest paid (including distribution on
unsecured perpetual securities)
Maithon Power Ltd. 7.76 11.99 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Consultancy Services Employees Nil Nil Nil Nil Nil Nil Nil Nil 1.52 5.20
Provident Fund
Tata Power Trading Company Ltd. 3.28 7.32 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. Nil 2.45 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Investment Corporation Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil 2.26
Others Nil Nil Nil 0.01 Nil Nil Nil Nil 0.02 0.35
15) Dividend income
Bhira Investments Pte Limited 3,231.26 1,818.87 Nil Nil Nil Nil Nil Nil Nil Nil
Maithon Power Ltd. 466.20 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Trust Energy Resources Pte. Ltd. Nil 632.35 Nil Nil Nil Nil Nil Nil Nil Nil
Industrial Energy Limited Nil Nil Nil 73.93 Nil Nil Nil Nil Nil Nil
Powerlink Transmission Ltd Nil Nil 45.35 38.18 Nil Nil Nil Nil Nil Nil
Tata Investment Company Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 4.37 1.91
Tata Sons Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 6.67 6.67
Others 138.44 65.75 1.65 1.78 Nil Nil Nil Nil 0.95 0.38
16) Dividend paid
Tata Sons Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 252.79 223.90
Others Nil Nil Nil Nil Nil Nil Nil Nil 2.38 2.11
17) Guarantee commission earned
Bhira Investments Pte Limited 7.98 7.48 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power International Pte. Ltd. 4.64 4.41 Nil Nil Nil Nil Nil Nil Nil Nil
Trust Energy Resources Pte. Ltd. 6.95 6.88 Nil Nil Nil Nil Nil Nil Nil Nil
Khopoli Investments Ltd. 1.90 3.62 Nil Nil Nil Nil Nil Nil Nil Nil
Others 4.04 3.12 Nil Nil Nil Nil Nil Nil Nil Nil
18) Loan Taken
Maithon Power Ltd. 450.00 800.00 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Trading Company Ltd. 75.00 165.00 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. Nil 284.63 Nil Nil Nil Nil Nil Nil Nil Nil
Others Nil 2.17 Nil Nil Nil Nil Nil Nil Nil Nil
19) Loans given
TP Kirnali Ltd. 13.60 809.00 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 10.00 1,955.31 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. 16.00 374.35 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. Nil 1,519.00 Nil Nil Nil Nil Nil Nil Nil Nil
Others 1.50 380.41 0.11 Nil Nil Nil Nil Nil Nil Nil

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42. Related Party Disclosures: (Contd.)

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
20) Equity contribution (includes advance towards
equity contribution, rights issue and perpetual
bonds)
Tata Power Renewable Energy Ltd. 5,160.00 Nil Nil Nil Nil Nil Nil Nil Nil Nil
TP Renewable Microgrid Ltd. 7.85 Nil Nil Nil Nil Nil Nil Nil Nil Nil
TP Central Odisha Distribution Ltd. 43.75 104.01 Nil Nil Nil Nil Nil Nil Nil Nil
TP Western Odisha Distribution Ltd. 61.34 30.61 Nil Nil Nil Nil Nil Nil Nil Nil
TP Southern Odisha Distribution Ltd. 61.71 24.49 Nil Nil Nil Nil Nil Nil Nil Nil
TP Northern Odisha Distribution Ltd. 52.63 22.96 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Projects Ltd. Nil Nil Nil 573.27 Nil Nil Nil Nil Nil Nil
Others Nil 10.23 Nil Nil Nil Nil Nil Nil Nil Nil
21) Loans taken repaid
Maithon Power Ltd. 900.00 550.00 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Trading Company Ltd. 150.00 155.00 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. Nil 721.83 Nil Nil Nil Nil Nil Nil Nil Nil
Others Nil 2.17 Nil Nil Nil Nil Nil Nil Nil Nil
22) Loans given repaid
TP Kirnali Ltd. 327.60 499.00 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 1,010.81 1,744.12 Nil Nil Nil Nil Nil Nil Nil Nil
TP Saurya Ltd 195.32 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. Nil 2,028.83 Nil Nil Nil Nil Nil Nil Nil Nil
Others 190.86 722.05 Nil Nil Nil Nil Nil Nil Nil Nil
23) Conversion of Loan Given into
Perpetual Securities
TP Ajmer Distribution Ltd. 95.00 Nil Nil Nil Nil Nil Nil Nil Nil Nil
TP Renewable Microgrid Ltd. Nil 56.15 Nil Nil Nil Nil Nil Nil Nil Nil
24) Deposits taken
Tata Consultancy Services Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 0.25 Nil
Tata Power Green Energy Ltd. Nil 0.88 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Advanced System Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil 1.27
Others Nil Nil Nil Nil Nil Nil Nil Nil 0.02 Nil
25) Deposits Refunded
Tata Power Green Energy Ltd. 19.12 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Others Nil Nil Nil Nil Nil Nil Nil Nil Nil 0.12
26) Impairment of Receivable of Strategic
Engineering Division
Tata Advanced System Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil 467.83
27) Advance Given
Tata Projects Ltd. Nil Nil 23.97 80.35 Nil Nil Nil Nil Nil Nil
Others Nil Nil Nil 0.03 Nil Nil Nil Nil Nil 0.02
28) Advance adjusted
Tata Projects Ltd. Nil Nil 90.01 13.51 Nil Nil Nil Nil Nil Nil
Others 0.07 Nil Nil 0.03 Nil Nil Nil Nil Nil 0.02
29) Sale of Investments
Tata Power Renewable Energy Ltd. 1,058.04 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power International Pte. Ltd. Nil 2,126.88 Nil Nil Nil Nil Nil Nil Nil Nil
30) Redemption of Unsecured Perpetual Securities
Tata Power Renewable Energy Ltd. 3,895.00 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Tata Projects Provident Fund Trust Nil Nil Nil 0.70 Nil Nil Nil Nil Nil Nil
Tata Consultancy Services Employees Nil Nil Nil Nil Nil Nil Nil Nil Nil 67.50
Provident Fund
Tata Investment Corporation Ltd. Nil Nil Nil Nil Nil Nil Nil Nil Nil 115.00
Others Nil Nil Nil Nil Nil Nil Nil Nil Nil 15.00

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42. Related Party Disclosures: (Contd.)

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
31) Redemption of Non-convertible debentures
Tata Consultancy Services Employees Nil Nil Nil Nil Nil Nil Nil Nil 36.00 Nil
Provident Fund
Others Nil Nil Nil Nil Nil Nil Nil Nil 0.50 Nil

(h) Balances outstanding

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
1) Redeemable Non-Convertible Debentures
Tata Consultancy Services Employees Nil Nil Nil Nil Nil Nil Nil Nil Nil 36.00
Provident Fund
Others Nil Nil Nil Nil Nil Nil Nil Nil Nil 0.50
2) Investments before impairment (Refer Note 7) @ 9,795.12 8,573.26 1,866.08 1,866.08 Nil Nil Nil Nil 1,074.57 936.59
3) Other receivables @
Maithon Power Ltd. 8.38 6.99 Nil Nil Nil Nil Nil Nil Nil Nil
PT Antang Gunung Meratus Nil Nil 51.72 21.30 Nil Nil Nil Nil Nil Nil
Tata Power Gratuity Fund Nil Nil Nil Nil Nil Nil 114.43 122.67 Nil Nil
Tata Power Renewable Energy Ltd. 20.16 1.53 Nil Nil Nil Nil Nil Nil Nil Nil
TP Solapur Ltd. 24.27 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. 12.02 2.94 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Trading Company Ltd. 46.06 39.37 Nil Nil Nil Nil Nil Nil Nil Nil
Walwhan Renewable Energy Ltd. 9.16 1.99 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power International Pte. Ltd. 2.89 24.47 Nil Nil Nil Nil Nil Nil Nil Nil
PT Baramulti Suksessarana Tbk Nil Nil 13.17 19.59 Nil Nil Nil Nil Nil Nil
South East UP Power Transmission Company Ltd. Nil Nil 14.82 Nil Nil Nil Nil Nil Nil Nil
Others 25.61 17.63 28.97 11.94 Nil Nil Nil Nil 12.22 9.70
4) Loans given (including interest thereon) @
TP Kirnali Ltd. Nil 314.02 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. Nil 1,000.81 Nil Nil Nil Nil Nil Nil Nil Nil
TP Saurya Ltd Nil 198.84 Nil Nil Nil Nil Nil Nil Nil Nil
Itezhi Tezhi Power Corporation Nil Nil 18.59 18.59 Nil Nil Nil Nil Nil Nil
Mandakini Coal Company Ltd. Nil Nil 54.49 54.38 Nil Nil Nil Nil Nil Nil
Others Nil 269.51 Nil Nil Nil Nil Nil Nil Nil Nil
5) Loans taken (including interest thereon)
Tata Power Trading Company Ltd. 75.07 150.01 Nil Nil Nil Nil Nil Nil Nil Nil
Maithon Power Ltd. Nil 452.60 Nil Nil Nil Nil Nil Nil Nil Nil
6) Deposits taken outstanding
Tata Advanced System Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 1.27 1.27
Tata Power Green Energy Ltd. 4.26 23.38 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Sons Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 2.00 2.00
Others Nil Nil Nil Nil Nil Nil Nil Nil 0.73 0.11
7) Advance given outstanding
Tata Projects Ltd. Nil Nil 117.89 183.93 Nil Nil Nil Nil Nil Nil
Others Nil 0.07 Nil Nil Nil Nil Nil Nil 6.77 6.77

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42. Related Party Disclosures: (Contd.)

Sr. No. Particulars Subsidiaries Associates/ Key Management Employee Benefit Promoter Group/
Joint Ventures Personnel & Funds / Trust Promoter
their relatives
March March March March March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
8) Guarantees, collaterals etc. outstanding $
Bhira Investments Pte Limited 1,602.56 1,476.51 Nil Nil Nil Nil Nil Nil Nil Nil
Bhivpuri Investments Ltd. 1,027.95 Nil Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power International Pte. Ltd. 822.10 754.52 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 1,628.76 2,774.66 Nil Nil Nil Nil Nil Nil Nil Nil
Trust Energy Resources Pte. Ltd. 969.75 977.64 Nil Nil Nil Nil Nil Nil Nil Nil
Khopoli Investments Ltd. Nil 946.51 Nil Nil Nil Nil Nil Nil Nil Nil
Others 719.94 1,031.17 Nil Nil Nil Nil Nil Nil Nil Nil
9) Advance towards Equity
Others Nil 0.12 Nil Nil Nil Nil Nil Nil Nil Nil
10) Dividend receivable
Bhira Investments Pte Limited 410.92 1,818.87 Nil Nil Nil Nil Nil Nil Nil Nil
Dagacchu Hydro Power Corporation Ltd. Nil Nil 1.65 1.78 Nil Nil Nil Nil Nil Nil
Others Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
11) Other payables
Tata Advanced System Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 120.26 120.12
Tata Power Green Energy Ltd. 27.50 8.72 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Renewable Energy Ltd. 67.17 83.89 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Projects Ltd. Nil Nil 244.48 73.28 Nil Nil Nil Nil Nil Nil
Trust Energy Resources Pte. Ltd. 309.59 223.24 Nil Nil Nil Nil Nil Nil Nil Nil
Tata Power Solar Systems Ltd. 1.45 111.58 Nil Nil Nil Nil Nil Nil Nil Nil
PT Kaltim Prima Coal Nil Nil Nil 1,569.58 Nil Nil Nil Nil Nil Nil
Praveer Sinha Nil Nil Nil Nil 5.00 6.00 Nil Nil Nil Nil
Tata Power Consolidated Provident Fund Nil Nil Nil Nil Nil Nil 63.65 54.47 Nil Nil
Tata Sons Pvt. Ltd. Nil Nil Nil Nil Nil Nil Nil Nil 55.78 29.49
Others 17.03 15.40 3.50 1.29 4.07 4.97 Nil Nil 21.02 9.52

Notes:
All outstanding balances are unsecured.
$ Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average exchange rates.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as
per Ind AS 19 - ‘Employee Benefits’ in the Standalone financial statements. As these employee benefits are lump sum amounts
provided on the basis of actuarial valuation, the same is not included above.
@ Includes amount reclassified as held for sale

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43. Financial Instruments

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

Carrying value Fair Value

As at As at As at As at
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
` crore ` crore ` crore ` crore
Financial assets #
Cash and Cash Equivalents 274.47 57.36 274.47 57.36
Other Balances with Banks 21.45 21.19 21.45 21.19
Trade Receivables 1,904.34 1,026.65 1,904.34 1,026.65
Unbilled Revenues 66.56 58.86 66.56 58.86
Loans 2.68 1,786.26 2.68 1,786.26
FVTPL Financial Investments Nil 11.93 Nil 11.93
FVTOCI Financial Investments (Refer Note below) 1,171.47 1,043.99 1,171.47 1,043.99
Amortised cost Financial Investments 193.12 183.43 193.12 183.43
Derivative instruments not in Hedging relationship 1.26 5.06 1.26 5.06
Other Financial Assets 580.47 2,071.16 580.47 2,071.16
Asset Classified as Held For Sale (Refer Note 18)#
- Loans and Other Receivables (including accrued interest) 22.74 22.74 22.74 22.74
Total 4,238.56 6,288.63 4,238.56 6,288.63
Financial liabilities
Trade Payables 1,985.02 4,079.89 1,985.02 4,079.89
Floating rate Borrowings (including current maturities) 9,222.83 10,042.76 9,222.83 10,042.76
Fixed rate Borrowings (including current maturities) 13,021.98 15,152.63 13,056.36 15,169.26
Derivative Contracts (Net) 17.43 13.12 17.43 13.12
Other Financial Liabilities 4,418.78 2,274.39 4,418.78 2,274.39
28,666.04 31,562.79 28,700.42 31,579.42

# other than investments in subsidiaries, associates and joint ventures accounted at cost in accordance with Ind AS 27 ‘Separate
Financial Statements’.
Note:
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose. Upon the
application of Ind AS 109 'Financial Instruments', the Company has chosen to designate these investments in equity instruments
as at FVTOCI as the management believe this provides more meaningful presentation for medium and long term strategic
investments, then reflecting changes in fair value immediately in profit or loss.
The management assessed that the fair value of cash and cash equivalents, other balances with banks, trade receivables,
derivative contracts, loans, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying
amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties. The following methods and assumptions were used to estimate the fair values.

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43. Financial Instruments (Contd.)

- Fair value of the government securities are based on the price quotations near the reporting date. Fair value of the
unquoted equity shares have been estimated using market comparable method. The valuation requires management
to make certain assumptions about the marketability, active market price, discount rate, credit risk and volatility. The
probabilities of the various estimates within the range can be reasonably assessed and are used in management's
estimate of fair value for those unquoted equity investments.
- The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
- The fair value of debentures is determined by using the quoted prices .The own non-performance risk as on March 31,
2023 was assessed to be insignificant.
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair
value measurements and the cost represents the best estimate of fair value within that range.
- The fair value of loans from banks, other current financial liabilities and other non-current financial liabilities is
estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.
Reconciliation of Level 3 fair value measurement of unquoted equity shares classified as FVTOCI:
Unlisted shares irrevocably designated as at FVTOCI (Refer Note below) For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Opening Balance 437.63 437.63
Gain/(Loss)
- in Other Comprehensive Income 107.16 Nil
Closing balance 544.79 437.63
Note:
(a) Unlisted shares irrevocably designated as at FVTOCI includes certain investments whose cost approximates to their fair value
because there is a wide range of possible fair value measurements and their cost represents the best estimate of fair value
within that range. Such investments have been excluded for quantitative sensitivity analysis as disclosed below.
(b) All gains and losses included in other comprehensive income related to unlisted shares held at the end of the reporting
period and are reported under "Equity Instruments through Other Comprehensive Income''.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at March 31, 2023 and March 31, 2022 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Range Sensitivity of the input to fair
techniques unobservable (weighted value
inputs average)
Investments in unquoted equity shares Price of recent Transaction Varies on case 5% (March 31, 2022: 5%) increase
transaction price to case basis (decrease) in the transaction price
(PORT) would result in increase (decrease)
in fair value by ₹ 27.24 crore
(March 31, 2022: ₹ 21.88 crore).

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43. Financial Instruments (Contd.)

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

Date of valuation Fair value hierarchy as at March 31, 2023

Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
` crore ` crore ` crore ` crore
Asset measured at fair value
FVTPL Financial Investments March 31, 2023 Nil Nil Nil Nil
FVTOCI Financial Investments:
- Quoted Equity Shares March 31, 2023 626.67 Nil Nil 626.67
- Unquoted Equity Shares March 31, 2023 Nil Nil 544.79 544.79
Derivative instruments not in hedging relationship March 31, 2023 Nil 1.26 Nil 1.26
Asset for which fair values are disclosed
Amortised cost Financial Investments:
- Government securities March 31, 2023 193.12 Nil Nil 193.12
819.79 1.26 544.79 1,365.84

Date of valuation Fair value hierarchy as at March 31, 2023

Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
` crore ` crore ` crore ` crore
Liabilities measured at fair value
Derivative financial liabilities March 31, 2023 Nil 17.43 Nil 17.43
Liabilities for which fair values are disclosed
Fixed rate Borrowings March 31, 2023 8,597.49 4,458.87 Nil 13,056.36
Floating rate Borrowings March 31, 2023 1,066.30 8,156.53 Nil 9,222.83
Total 9,663.79 12,632.83 Nil 22,296.62

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43. Financial Instruments (Contd.)

Date of valuation Fair value hierarchy as at March 31, 2022

Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
` crore ` crore ` crore ` crore
Asset measured at fair value
FVTPL Financial Investments March 31, 2022 11.93 Nil Nil 11.93
FVTOCI Financial Investments:
- Quoted Equity Shares March 31, 2022 606.36 Nil Nil 606.36
- Unquoted Equity Shares March 31, 2022 Nil Nil 437.63 437.63
Derivative instruments not in hedging relationship March 31, 2022 Nil 5.06 Nil 5.06
Asset for which fair values are disclosed
Amortised Cost financial investments:
- Government securities March 31, 2022 183.43 Nil Nil 183.43
801.72 5.06 437.63 1,244.41

Date of valuation Fair value hierarchy as at March 31, 2022

Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
` crore ` crore ` crore ` crore
Liabilities measured at fair value
Derivative Financial Liabilities March 31, 2022 Nil 13.12 Nil 13.12
Liabilities for which fair values are disclosed
Fixed Rate Borrowings March 31, 2022 11,357.55 3,811.71 Nil 15,169.26
Floating Rate Borrowings March 31, 2022 1,069.07 8,973.69 Nil 10,042.76
Total 12,426.62 12,798.52 Nil 25,225.14
There has been no transfer between level 1 and level 2 during the period.

43.3 Capital Management & Gearing Ratio

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

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43. Financial Instruments (Contd.)

Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Debt (i) 22,244.81 25,195.39
Less: Cash and Bank balances 274.47 57.36
Net debt 21,970.34 25,138.03
Total Capital (ii) 13,699.59 10,879.80
Capital and net debt 35,669.93 36,017.83
Net debt to Total Capital plus net debt ratio (%) 61.59 69.79
(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current borrowings.
(ii) Capital is defined as Equity share capital and other equity.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no significant
breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2023 and
March 31, 2022.
43.4 Financial risk management objectives and policies
The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Company’s
operations and to provide guarantees to support its operations. The Company’s principal financial assets include investments,
loans, trade and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables
and other financial assets that derive directly from its operations. The Company also holds FVTOCI investments and enters into
derivative transactions.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a risk committee that reviews the financial risks
and the appropriate financial risk governance framework for the Company. The Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams
that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for speculative
purposes may be undertaken. The risk management polices is approved by the board of directors.
43.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact of equity price
risk is not significant. Financial instruments affected by market risk include loans and borrowings, derivative financial instruments
and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at March 31, 2023 and March 31, 2022.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of
the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant. The analysis excludes
the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligation, provisions
and the non-financial assets.

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43. Financial Instruments (Contd.)

a. Foreign currency risk management

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

Foreign Currency Liabilities As at March 31, 2023 As at March 31, 2022

Foreign Currency ` crore Foreign Currency ` crore
(In Millions) (In Millions)
In USD 379.59 3,119.56 434.07 3,289.66
In EURO 0.08 0.72 0.07 0.55
In GBP 0.21 2.13 0.06 0.64
In RUB 0.12 0.01 Nil Nil
In SGD 0.36 2.25 0.04 0.22
In JPY 5.32 0.32 2.52 0.16

Foreign Currency Assets As at March 31, 2023 As at March 31, 2022

Foreign Currency ` crore Foreign Currency ` crore
(In Millions) (In Millions)
In USD 57.68 474.02 248.97 1,886.81
In GBP 0.01 0.11 Nil Nil
In ZAR 0.02 0.03 0.02 0.01
In SGD 0.05 0.34 0.04 0.24
In VND Nil Nil 3.37 0.00
In TAKA 0.20 0.02 Nil Nil

(i) Foreign currency sensitivity analysis

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

Effect on profit before tax and

consequential impact on equity
before tax
` crore
As of March 31, 2023 Rupee depreciate by ₹ 1 against USD (-) ₹ 32.19
Rupee appreciate by ₹ 1 against USD (+) ₹ 32.19
As of March 31, 2022 Rupee depreciate by ₹1 against USD (-) ₹ 18.51
Rupee appreciate by ₹ 1 against USD (+) ₹ 18.51
Notes:
1. +/- Gain/Loss
2. The impact of depreciation/appreciation on foreign currency other than USD on profit before tax of the Company is
not significant.

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43. Financial Instruments (Contd.)

(ii) Derivative financial instruments

The Company holds derivative financial instruments such as foreign currency forward to mitigate the risk of changes in
exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a Financial Institution.
These derivative financial instrument are valued based on quoted prices for similar asset and liabilities in active markets or
inputs that is directly or indirectly observable in the marketplace.
Outstanding Contracts As at March 31, 2023
Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) ` crore ` crore
Other Derivatives
Forward contracts
Buy USD / Sell INR
< 1 year 82.88 335.98 2,784.76 (16.17)

Option contracts
Buy USD / Sell INR
< 1 year Nil Nil Nil Nil

As at March 31, 2022

Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) ` crore ` crore
Other Derivatives
Forward contracts
Buy USD / Sell INR
< 1 year 76.63 306.35 2,347.56 (8.02)

Option contracts
Buy USD / Sell INR
< 1 year 77.82 27.02 210.26 (0.03)

Note: Fair Value in () denote liability

The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other variables
held constant. The impact on the Company’s equity is due to changes in the fair value of non-designated foreign currency forward
contracts is given as under.
Effect on profit before tax and
consequential impact on equity
before tax
` crore
As of March 31, 2023 Rupee depreciate by ₹1 against USD (+) ₹ 33.60
Rupee appreciate by ₹1 against USD (-) ₹ 33.60
As of March 31, 2022 Rupee depreciate by ₹1 against USD (+) ₹ 33.34
Rupee appreciate by ₹1 against USD (-) ₹ 33.34

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43. Financial Instruments (Contd.)

b. Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s long-term debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The Company’s
policy is to keep between 40% and 60% of its borrowings at fixed rates of interest. To manage this, the Company enters into fixed
rate borrowings, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest
amounts calculated by reference to an agreed-upon notional principal amount.
Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures that have
floating rate at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and
held constant throughout the reporting period.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on Interest
expense for the respective financial years and consequent effect on Company's profit in that financial year would have been
as below:
Effect on profit before tax and consequential
impact on Equity before tax
` crore
As at March 31, 2023 Increase in interest rate by 50 bps (-) ₹ 41.03
Decrease in interest rate by 50 bps (+) ₹ 41.03
As at March 31, 2022 Increase in interest rate by 50 bps (-) ₹ 32.98
Decrease in interest rate by 50 bps (+) ₹ 32.98

43.4.2 Credit risk management

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities including loans and other financial instruments.
As at As at
March 31, 2023 March 31, 2022
` crore ` crore
Trade receivables 1,904.34 1,026.65
Loans 2.68 1,781.65
Finance lease receivables 525.29 563.52
Other financial assets 582.58 2,084.33
Unbilled Revenue 66.56 58.86
Financial Assets Classified as Held for Sale 22.74 22.74
Total 3,104.19 5,537.75
Refer Note 8 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Company believes exposure to credit risk to be minimal.
The Company has not acquired any credit impaired asset.

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43. Financial Instruments (Contd.)

43.4.3 Liquidity risk management
The current liabilities of the Company exceeds the current assets. The Company manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and
matching the maturity profiles of financial assets and liabilities. Having regards to the nature of the business wherein the Company
is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Company, from time to time, funds
its long-term investment from short-term sources. The short-term borrowings can be rollforward or, if required, can be refinanced
from long term borrowings. Hence, the Company considers the liquidity risk as low.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.
Up to 1 year 1 to 5 years 5+ years Total Carrying Amount
` crore ` crore ` crore ` crore ` crore
March 31, 2023
Non-Derivatives
Borrowings # 11,781.72 9,158.53 5,012.56 25,952.81 22,244.81
Trade Payables 1,985.02 Nil Nil 1,985.02 1,985.02
Lease Liabilities# 344.37 1,578.03 6,872.72 8,795.12 3,054.38
Other Financial Liabilities 4,285.13 133.65 Nil 4,418.78 4,418.78
Total Non-Derivative Liabilities 18,396.24 10,870.21 11,885.28 41,151.73 31,702.99
Derivatives
Other Financial Liabilities 17.43 Nil Nil 17.43 17.43
Total Derivative Liabilities 17.43 Nil Nil 17.43 17.43

Up to 1 year 1 to 5 years 5+ years Total Carrying Amount

` crore ` crore ` crore ` crore ` crore
March 31, 2022
Non-Derivatives
Borrowings # 8,754.19 16,453.75 12,597.07 37,805.01 25,195.39
Trade Payables 4,079.89 Nil Nil 4,079.89 4,079.89
Lease Liabilities# 316.69 1,671.76 6,575.16 8,563.61 2,858.87
Other Financial Liabilities 2,261.32 13.07 Nil 2,274.39 2,274.39
Total Non-Derivative Liabilities 15,412.09 18,138.58 19,172.23 52,722.90 34,408.54
Derivatives
Other Financial Liabilities 13.12 Nil Nil 13.12 13.12
Total Derivative Liabilities 13.12 Nil Nil 13.12 13.12

# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that
will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with the
Company. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject to change
if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
The amount included in Note 39 (c), (d), (e), (f ) and (g) for financial guarantee contracts are the maximum amounts the
Company could be forced to settle under respective arrangements for the full guaranteed amount if that amount is claimed
by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that
it is more likely than not that such amount will not be payable under the arrangement. However, this estimate is subject to
change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood
that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

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44. Financial Ratios

Sl Ratios Numerator Denominator Note As at As at % of Reason for Variance in excess
No March 31, March 31, Variance of 25%
2023 2022
` crore ` crore
a) Current Ratio (in Current Assets Current Liabilities a 0.33 0.53 (37%) The decrease is mainly on account
times) of significant decrease in dividend
receivable from non current
investments and increase in
Current borrowings.
b) Debt-equity ratio Total Debt Total Equity b 1.85 2.58 (28%) The decrease is mainly on account
(in times) of reduction in total debt and
increase in profit for the year.
c) Debt service Profit before exceptional Interest expense + c 1.25 1.09 15%
coverage ratio (in items & tax + interest scheduled principal
times) expenses + depreciation repayment of long-
& amortisation - current term debt and lease
tax expense liabilities during the
period
d) Return on equity Net Profits after taxes Average Shareholder’s d 26.6% 28.60% (7%)
ratio (%) (ROE) (including continuing Equity
and discontinuing
operations) - Interest on
Perpetual securities
e) Inventory Average fuel Inventories Cost of fuel 55 71 (22%) Decrease is mainly due to increase
turnover (in x number of days in fuel cost on account of higher
number of days) generation at Mudra plant.
f) Trade receivables Average receivable Gross Sales 54 76 (29%) Improvement is mainly on
turnover (in (including regulatory account of better collection from
number of days) balances wherever customer during the year.
applicable) x number
of days
g) Trade payables Average trade payable x Net credit purchases e 70 149 (53%) The decrease is due to reduction in
turnover (in number of days trade payable and higher supplier
number of days) credit facility arrangement.
h) Net capital Revenue from operation Working capital = f (3.52) (3.90) (10%)
turnover ratio (in including net movement Current assets –
times) in Regulatory deferral Current liabilities
balances
i) Net profit ratio Net Profit after tax Revenue including net 17.34% 24.75% (30%) Decrease is due to increase
(%) including (including exceptional movement revenue on account of running
exceptional item item) in Regulatory deferral of Mundra plant under Sec 11 of
balances Electricity Act, 2003.
j) Return on capital Profit before tax and Average Capital g 14.34% 9.37% 53% Improvement is mainly on account
employed (%) exceptional item employed of higher dividend income during
(ROCE) + interest expense (Shareholder's the year.
excluding interest equity + Total Debt +
on consumer securty Deferred tax liability)
deposit
k) Return on Interest income + Average h 37.37% 34.93% 7%
investment Dividend income + (Investment + Fixed
(%) (ROI) Gain on fair value of deposit+ Loans
current investment Given)
at Fair Value through
Profit & Loss + Gain
on Sale of Investment
in Subsidiary.

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44. Financial Ratios (Contd.)

Notes:
a Current Assets as per balance sheet and assets held for sale.
Current Liabilities as per balance sheet and liabilities classified as held for sale
b Total Debt: Long term borrowings (including current maturities of long term borrowings), lease liabilities (current and non
current), short term borrowings and interest accrued on these debts
Total Equity : Issued share capital and other equity
c For the purpose of computation, scheduled principal repayment of long term borrowings does not include prepayments
(including prepayment by exercise of call/put option)
d Average Shareholders Equity: Issued share capital and other equity (excluding unsecured perpetual securities)
e Net credit purchases comprise of (a) cost of power purchased; (b) cost of fuel; (c) Transmission charges and (d) Other
expenses excluding (i) Bad debts (including provision); (ii) Net loss on foreign exchange; (iii) CSR expenses and (iv) Transfer
to contingency reserve
Trade Payable: as per balance sheet less employee related trade payables
f Working Capital:
i) Current Assets: as per balance sheet and assets held for sale
ii) Current Liabilities as per balance sheet (excluding current maturities of long term debt and lease liability and interest
accrued on long-term debts) and liabilities classified as held for sale
g Average Shareholders Equity: Issued share capital and other equity (excluding unsecured perpetual securities)
h Interest Income:
Interest on bank deposits, Interest on non-current investment and Interest on loans given

45. Segment Reporting:

Information reported to the CODM for the purpose of resource allocation and assessment of segment performance focuses
on business segment which comprises of Generation, Renewables, Transmission and Distribution and Others. Specifically, the
Company's reportable segments under Ind AS are as follows:
Generation: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from plants
owned and operated under lease arrangement and related ancillary services.
Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar
rooftop solar projects and electric vehicle charging stations. (Refer Note 5a(ii)).
Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers through
distribution network and related ancillary services.
Others: Comprises of project management contracts/infrastructure management services, property development and lease rent
of oil tanks.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue/assets of the segment and
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment.
All other assets and liabilities are disclosed as unallocable.

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45. Segment Reporting: (Contd.)

(a) Segment Information:
Particulars For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Segment Revenue
Generation 15,160.55 8,375.92
Renewables 26.02 42.01
Transmission and Distribution 6,147.56 4,645.07
Others 21.58 26.76
21,355.71 13,089.76
(Less): Inter Segment Revenue - Generation (2,658.61) (1,913.35)
(Less):Inter Segment Revenue - Renewables (5.15) (15.43)
Total Segment Revenue 18,691.95 11,160.98
Revenue / Income from Operations (including Net Movement in Regulatory Deferral Balances) 18,691.95 11,160.98
Segment Results
Generation 928.08 (33.42)
Renewables (12.73) (26.15)
Transmission and Distribution 925.22 797.90
Others 1.37 6.35
Total Segment Results 1,841.94 744.68
(Less): Finance Costs (2,226.60) (2,188.94)
Add/(Less): Exceptional Item - Unallocable
Gain on Sale of Investments in Subsidiaries (Refer Note 7) 645.35 1,518.93
Gain on Sale of Business to Subsidiaries (Refer Note 5a) 42.74 Nil
Provision for Impairment of Non Current Investments (Refer Note 7) Nil (106.82)
Add/(Less): Unallocable Income/(Expense) (Net) 3,807.54 2,789.95
Profit/(Loss) Before Tax from Continuing Operations 4,110.97 2,757.80
Impairment Loss on Remeasurement to Fair Value Nil (467.83)
Profit/(Loss) Before Tax from Discontinued Operations Nil (467.83)
Segment Assets
Generation 23,527.44 22,327.40
Renewables Nil 484.97
Transmission and Distribution 9,561.95 7,844.39
Others 376.29 294.83
Unallocable* 14,707.03 16,201.81
Total Assets 48,172.71 47,153.40
Segment Liabilities
Generation 5,317.33 5,073.76
Renewables Nil 149.25
Transmission and Distribution 1,668.90 1,620.44
Others 23.00 17.01
Unallocable* 27,463.89 29,413.14
Total Liabilities 34,473.12 36,273.60

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45. Segment Reporting: (Contd.)

Particulars For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Capital Expenditure
Generation 797.89 325.15
Renewables 127.20 237.18
Transmission and Distribution 773.66 618.53
Others 3.07 3.18
Unallocable 9.18 2.22
1,711.00 1,186.26
Depreciation/Amortisation
Generation 745.37 725.65
Renewables 4.71 10.64
Transmission and Distribution 388.52 357.96
Others 1.93 2.01
Unallocable 26.94 37.97
1,167.47 1,134.23

RECONCILIATION OF REVENUE
Particulars For the year For the year
ended ended
March 31, 2023 March 31, 2022
` crore ` crore
Revenue from Operations 17,727.78 11,107.93
Add/(Less): Net Movement in Regulatory Deferral Balances 1,093.79 91.00
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier years (8.53) Nil
Add/(Less): Deferred Tax Recoverable/(Payable) 34.92 43.35
Add/(Less): Unallocable Revenue (156.01) (81.30)
Total Segment Revenue as reported above 18,691.95 11,160.98
* Includes amount classified as held for sale.
Notes:
1. Revenue from two DISCOMS on sale of electricity with which Company has entered into a Power Purchase Agreement,
accounts for more than 10% of Revenue.
2. Transfer pricing between operating segments are on an arm's length basis in a manner similar to transactions with
third parties.
(b) Geographic Information:
The Company's operations is majorly confined within India. Accordingly there are no reportable geographical
segments.

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46. Relationship with Struck off Companies

Sl Name of struck off Company Nature of Transaction Balance Transaction Balance Relationship
No. transactions with during the outstanding during the outstanding with the
struck off Company year ended as on March year ended as on March Struck off
March 31, 31, 2023 March 31, 31, 2022 company
2023 2022
(₹) Crore ` crore ` crore ` crore
1 G.V. Electricals Private Limited Consumer funded * 0.01 Nil Nil Customer
job
2 Pride Motors Private Limited Sale of EV charges * Nil Nil Nil Customer
3 A One Cut Gems Pvt Ltd Sale of electricity * * 0.01 * Customer
4 Adorn Jew Pvt Ltd Sale of electricity 0.01 * * * Customer
5 Aloke Speciality Machines & Sale of electricity Nil Nil 0.01 * Customer
Components Pvt. Ltd.
6 Chintamani Textiles Pvt Ltd Sale of electricity * * * * Customer
7 Highlands Garments Pvt Ltd Sale of electricity * * * * Customer
8 Optimus Properties Pvt. Ltd. . Sale of electricity * * * * Customer
9 Panacia Properties Pvt Ltd Sale of electricity 0.06 * 0.12 * Customer
10 Plant Genome Sciences Private Sale of electricity 0.02 * 0.03 * Customer
Limited
11 Narayani Nivesh Nagam Pvt.Ltd. Sale of electricity Nil * 0.02 * Customer
12 Parth Developers Sale of electricity 0.09 * 0.01 * Customer
13 Sony Constructions Pvt Ltd Repair work * * Nil (0.01) Supplier
14 Ankit Developers Pvt Ltd Sale of electricity * * 0.01 * Customer
15 B G Shirke Constructions Private Sale of electricity * * Nil * Customer
Limited
16 Blue Star Packplast P.Ltd. Sale of electricity 0.01 - 0.03 0.02 Customer
17 Braz Housing Complex Private Sale of electricity * * * * Customer
Limited
18 Cgs Infotech Limited Sale of electricity * * * * Customer
19 City Shelter Private Limited Sale of electricity * * Nil * Customer
20 Dylon Fastners Private Limited Sale of electricity 0.01 - 0.01 * Customer
21 Elleys' Industries (India) Private Sale of electricity * * Nil Nil Customer
Limited
22 Esstech Software Services Private Sale of electricity * * Nil * Customer
Limited
23 Ethnic Signs Trading Private Sale of electricity * * * * Customer
Limited
24 Gemstar Enterprises Private Sale of electricity * * * * Customer
Limited
25 Green Valley Developers Private Sale of electricity * * Nil * Customer
Limited
26 Gupta Enterprises Pvt Ltd Sale of electricity 0.02 0.01 0.01 0.01 Customer
27 Hirco Developments Private Sale of electricity * * 0.04 * Customer
Limited
28 Industrial Enginners Pvt Ltd Sale of electricity * * * * Customer
29 Inventure Builders Private Limited Sale of electricity * * Nil * Customer
30 Jangid Chheda Developers Pvt Sale of electricity 0.01 * 0.01 * Customer
Ltd.

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46. Relationship with Struck off Companies (Contd.)

Sl Name of struck off Company Nature of Transaction Balance Transaction Balance Relationship
No. transactions with during the outstanding during the outstanding with the
struck off Company year ended as on March year ended as on March Struck off
March 31, 31, 2023 March 31, 31, 2022 company
2023 2022
(₹) Crore ` crore ` crore ` crore
31 Jasmine Construction Private Sale of electricity 0.03 * 0.02 * Customer
Limited
32 Jyoti Happy Home Private Limited Sale of electricity * * 0.01 * Customer
33 Jyotsna Constructions Private Sale of electricity * * * * Customer
Limited
34 Kamdhenu Paints Private Limited Sale of electricity 0.02 * 0.03 * Customer
35 Kishor Builders Private Limited Sale of electricity * * Nil * Customer
36 Lokhandwala Premises Private Sale of electricity 0.03 * Nil Nil Customer
Limited
37 M L Builders Pvt Ltd Sale of electricity * * Nil * Customer
38 Mahavir Griha Nirman Private Sale of electricity 0.01 * 0.01 * Customer
Limited
39 Maitreya Realtors And Sale of electricity * (0.01) Nil (0.01) Customer
Constructions Private Limited
40 Natasha Builders Private Limited Sale of electricity * * * * Customer
41 Navdurga Developments Private Sale of electricity * * * * Customer
Limited
42 Nityanand Vastu Private Limited Sale of electricity 0.02 * 0.02 * Customer
43 Oceanic Builders Pvt Ltd Sale of electricity * * * * Customer
44 Paras Propertie Pvt Ltd Sale of electricity 0.01 * * * Customer
45 Powai Developers Private Limited Sale of electricity * * Nil * Customer
46 Press Enterprises Private Limited Sale of electricity * * Nil * Customer
47 Prestige Writing Tips Private Sale of electricity * * Nil * Customer
Limited
48 S. S. Diam Private Limited Sale of electricity * * * * Customer
49 Shanti Construction Co Pvt Ltd Sale of electricity 0.01 * 0.01 * Customer
50 Shardha Developers P Ltd Sale of electricity * * 0.00 * Customer
51 Shreeji Town Planners Private Sale of electricity 0.02 * 0.02 * Customer
Limited
52 Shudh Properties Private Limited Sale of electricity * * Nil * Customer
53 Tarloid Private Limited Sale of electricity * * * * Customer
54 Trinity Private Limited Sale of electricity * * Nil * Customer
55 Udichi Investments Private Sale of electricity * * * * Customer
Limited
56 Unique Combine Engineers Sale of electricity 0.01 * * * Customer
Private Limited
57 Vaithara Constructions Pvt.Ltd. Sale of electricity * * Nil * Customer
58 Vibgyor Restaurants Private Sale of electricity * * Nil * Customer
Limited
59 Vijay Sthapatya Private Limited Sale of electricity * * Nil Nil Customer
60 Associated Engineers Pvt Ltd Sale of electricity 0.05 * 0.06 * Customer

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46. Relationship with Struck off Companies (Contd.)

Sl Name of struck off Company Nature of Transaction Balance Transaction Balance Relationship
No. transactions with during the outstanding during the outstanding with the
struck off Company year ended as on March year ended as on March Struck off
March 31, 31, 2023 March 31, 31, 2022 company
2023 2022
(₹) Crore ` crore ` crore ` crore
61 Boc India Pvt Limited Sale of electricity Nil * Nil * Customer
62 Chaitra Holdings Pvt Ltd Sale of electricity 0.01 * * * Customer
63 Classic Associates Private Limited Sale of electricity 0.07 * 0.08 * Customer
64 Club House Private Limited Sale of electricity 0.42 0.03 0.20 0.03 Customer
65 Hotel Royal Pvt. Ltd Sale of electricity * * * * Customer
66 Sanghvi Landmark Builders Ltd Sale of electricity * * * * Customer
* Denotes below ₹ 50,000

47. Merger of Coastal Gujarat Power Limited (CGPL) and Af-Taab Investment Company Limited (Af-
Taab) (wholly owned subsidiary companies):
(1) Pursuant to the Composite Scheme of Arrangement of erstwhile Coastal Gujarat Power Limited (CGPL) and Scheme of
Amalgamation of erstwhile Af-Taab Investment Company Limited (Af-Taab) with the Company under Sections 230 to 232
of the Companies Act, 2013 sanctioned by National Company Law Tribunal, Mumbai on March 31, 2022 and March 15, 2022
respectively, all assets and liabilities of CGPL and Af-Taab were transferred and vested in the Company with appointed date
of April 1, 2020.
(2) Pursuant to the Scheme of merger, the authorised equity share capital of the Company has been increased by the authorised
equity share capital of the erstwhile CGPL and Af-Taab.

48. Amendments not yet effective:

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2023, applicable from April 1, 2023, as below:
(i) Ind AS 1 – Disclosure of material accounting policies:
The amendments related to shifting of disclosure of erstwhile “significant accounting policies” to “material accounting
policies” in the notes to the financial statements requiring companies to reframe their accounting policies to make them
more “entity specific. This amendment aligns with the “material” concept already required under International Financial
Reporting Standards (IFRS). The Company does not expect this amendment to have any significant impact in its financial
statements.
(ii) Ind AS 8 – Definition of accounting estimates:
The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of
a “change in accounting estimates” has been replaced with a definition of “accounting estimates.” Under the new definition,
accounting estimates are “monetary amounts in financial statements that are 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. The Company does not expect this amendment to have any significant impact in its
financial statements
(iii) Ind AS 12 – Income Taxes
The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12. At the date of
transition to Ind ASs, a first-time adopter shall recognize a deferred tax asset to the extent that it is probable that taxable

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48. Amendments not yet effective: (Contd.)

profit will be available against which the deductible temporary difference can be utilized. Similarly, a deferred tax liability
for all deductible and taxable temporary differences associated with:
a) right-of-use assets and lease liabilities
b) decommissioning, restoration and similar liabilities and the corresponding amounts recognized as part of the cost of the
related asset.
Therefore, if a company has not yet recognised deferred tax on right-of-use assets and lease liabilities or has recognised
deferred tax on net basis, the same need to recognize on gross basis based on the carrying amount of right-of-use assets
and lease liabilities
(iv) Ind AS 103 – Common control Business Combination
The amendments modify the disclosure requirement for business combination under common control in the first financial
statement following the business combination. It requires to disclose the date on which the transferee obtains control of
the transferor is required to be disclosed.
49. Other Statutory information
(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.
(ii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(iv) The Company have neither received nor given any fund from or to any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(v) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act,
2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).
(vi) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961).
(vii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.
(viii) The quarterly returns or statements of Current assets filed by the Company with the banks or financial institutions are in
agreement with the books of accounts.
50. Cyber incident:
During the quarter ended September 2022, there was a cyber-attack on some of the Information Technology (IT) infrastructure of
the Company. The Company had taken steps to retrieve and restore the systems. All critical operational systems are functioning,
however as a measure of abundant precaution, restricted access and preventive checks had been put in place by the Company.
The Company with the help of the external experts had investigated the matter and concluded that there is no significant impact
on the operation of the Company and no impact on the financial statements of the Company for the year ended March 31, 2023
on account of this incident.
51. Maintenance of Books of Accounts under Section 128 of the Companies Act, 2013
The Company has defined process to take daily back-up of books of account maintained electronically and complied with the
provisions of The Companies (Accounts) Rules, 2014 (as amended). However, the Company as a policy, has maintained logs of the
daily back-up of such books of account only for 90 days and hence audit trail in relation to daily back up taken was not available
for full year.

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52. The Code on Social Security, 2020

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

53. Significant Events after the Reporting Period

There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.

54. Previous year comparative

Previous year's numbers have been regrouped/reclassified, wherever necessary, to conform to current year classification.

55. Approval of Standalone Financial Statements

The Standalone financial statements were approved for issue by the Board of Directors on May 4, 2023.

As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA SAURABH AGRAWAL
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 02144558

per ABHISHEK AGARWAL SANJEEV CHURIWALA HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 112773
Mumbai, May 4, 2023 Mumbai, May 4, 2023

Leading Transition. Powering Transformation

Integrated Annual Report 2022-23 #SustainableIsAttainable 381