Pos i ti ve En ergy, Bu s i ne ss an d Beyo nd Ind ia nO i l I nte g rated Annual Rep o r t 20 2 3- 2 4

206

STANDALONE FINANCIAL STATEMENTS

BALANCE SHEET AS AT MARCH 31, 2024
(J in crore)
Particulars Note No. March 31, 2024 March 31, 2023

ASSETS
Non-current Assets
a) Property, Plant and Equipment 2 1,77,618.95 1,62,646.70
b) Capital Work-in-Progress 2.1 57,024.23 47,201.13
c) Intangible Assets 3 3,247.80 2,838.72
d) Intangible Assets Under Development 3.1 2,041.41 1,789.56
e) Financial Assets
i) Investments 4 61,557.28 47,357.57
ii) Loans 5 2,464.72 2,174.83
iii) Other Financial Assets 6 499.99 251.98
f) Income Tax Assets (Net) 7 1,799.10 1,846.96
g) Other Non-Current Assets 8 4,889.23 4,044.98
3,11,142.71 2,70,152.43
Current Assets
a) Inventories 9 1,12,507.49 1,13,853.41
b) Financial Assets
i) Investments 4 9,530.90 10,161.70
ii) Trade Receivables 10 12,779.41 15,667.38
iii) Cash and Cash Equivalents 11 464.28 363.32
iv) Bank Balances other than above 12 367.92 409.69
v) Loans 5 470.68 381.87
vi) Other Financial Assets 6 5,501.64 4,494.66
c) Current Tax Assets (Net) 7 - 10.61
d) Other Current Assets 8 4,346.92 4,290.72
1,45,969.24 1,49,633.36
Assets Held for Sale 13 128.67 115.54
1,46,097.91 1,49,748.90
Total Assets 4,57,240.62 4,19,901.33

EQUITY AND LIABILITIES

Equity
a) Equity Share Capital 14 13,771.56 13,771.56
b) Other Equity 15 1,62,943.42 1,20,985.98
1,76,714.98 1,34,757.54
Liabilities
Non-Current Liabilities
a) Financial Liabilities
i) Borrowings 16 41,367.53 58,157.63
ii) Lease Liabilities 6,528.11 6,667.44
iii) Other Financial Liabilities 17 233.11 160.78
b) Provisions 18 917.63 910.43
c) Deferred Tax Liabilities (Net) 19 16,637.10 14,613.00
d) Other Non-Current Liabilities 20 4,048.95 3,694.66
69,732.43 84,203.94
 C O R P O R AT E O V E R V I E W S TAT U TO R Y R E P O R T S F I N A N C I A L S TAT E M E N T S

207

STANDALONE FINANCIAL STATEMENTS

BALANCE SHEET AS AT MARCH 31, 2024
(J in crore)
Particulars Note No. March 31, 2024 March 31, 2023

Current Liabilities
a) Financial Liabilities
i) Borrowings 21 75,128.21 74,337.82
ii) Lease Liabilities 2,842.83 2,387.15
iii) Trade Payables 22
A. Total outstanding dues of Micro and Small Enterprises 1,410.52 1,019.67
B. Total outstanding dues of creditors other than Micro and Small 50,090.44 47,656.76
Enterprises
iv) Other Financial Liabilities 17 55,640.06 49,289.16
b) Other Current Liabilities 20 14,684.39 16,619.42
c) Provisions 18 10,090.13 9,629.87
d) Current Tax Liabilities (Net) 7 906.63 -
2,10,793.21 2,00,939.85
Total Equity and Liabilities 4,57,240.62 4,19,901.33

Material Accounting Policies, Estimates & Judgements 1A & 1B

Accompanying Notes to Financial Statements 2 - 49

For and on Behalf of Board of Directors

Sd/- Sd/- Sd/-

S. M. Vaidya Anuj Jain Kamal Kumar Gwalani
Chairman Director (Finance) Company Secretary
DIN- 06995642 DIN-10310088 ACS-13737

As per our attached Report of even date

For KHANDELWAL JAIN & CO. For K G SOMANI & CO LLP For S R B & ASSOCIATES For KOMANDOOR & CO LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 105049W Firm Regn. No. 006591N/ Firm Regn. No. 310009E Firm Regn. No. 001420S/
N500377 S200034

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

Naveen Jain Amber Jaiswal Rajib Sekhar Sahoo Komandoor Mohan Acharya
Partner Partner Partner Partner
M. No. 511596 M. No. 550715 M. No. 053960 M. No. 029082

Place: New Delhi

Dated: 30th April 2024
Pos i ti ve En ergy, Bu s i ne ss an d Beyo nd Ind ia nO i l I nte g rated Annual Rep o r t 20 2 3- 2 4

208

STANDALONE FINANCIAL STATEMENTS

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024
(J in crore)
Particulars Note No. 2023-2024 2022-2023

I. Revenue From Operations 23 8,66,345.38 9,34,952.66

II. Other Income 24 4,780.82 6,235.22
III. Total Income (I+II) 8,71,126.20 9,41,187.88
IV. Expenses:
Cost of Materials Consumed 25 3,90,292.58 4,40,693.11
Excise Duty 91,996.79 95,480.46
Purchases of Stock-in-Trade 2,54,929.35 3,24,606.14
Changes in Inventories of Finished Goods, Stock in trade and 26 1,845.65 (7,064.61)
Work-in-progress
Employee Benefits Expense 27 11,079.56 8,769.85
Finance Costs 28 7,327.79 6,930.27
Depreciation, Amortisation and Impairment on:
a) Property, Plant and Equipment 14,343.55 11,692.25
b) Intangible Assets 166.05 167.19
14,509.60 11,859.44
Impairment Loss (including reversal of impairment loss) on Financial Assets 268.19 303.33
Net Loss on de-recognition of Financial Assets at Amortised Cost 3.90 307.84
Other Expenses 29 46,528.58 49,603.91
Total Expenses (IV) 8,18,781.99 9,31,489.74

V. Profit / (Loss) before Tax (III-IV) 52,344.21 9,698.14

VI. Tax Expense :
Current Tax 11,615.24 442.81
[includes H44.84 crore (2023: H 13.75 crore) relating to prior years]
Deferred Tax 1,110.13 1,013.51
[includes NIL (2023: NIL) relating to prior years]
VII. Profit / (Loss) for the Year (V-VI) 39,618.84 8,241.82
VIII. Other Comprehensive Income: 30
A (i) Items that will not be reclassified to profit or loss 14,456.17 (1,199.71)
A (ii) Income Tax relating to items that will not be reclassified to profit (970.48) (19.21)
or loss
B (i) Items that will be reclassified to profit or loss (197.59) (315.32)
B (ii) Income Tax relating to items that will be reclassified to profit or 68.12 70.51
loss
IX. Total Comprehensive Income for the Year (VII+VIII) (Comprising Profit/ 52,975.06 6,778.09
(Loss) and Other Comprehensive Income for the Year)
 C O R P O R AT E O V E R V I E W S TAT U TO R Y R E P O R T S F I N A N C I A L S TAT E M E N T S

209

STANDALONE FINANCIAL STATEMENTS

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024
(J in crore)
Particulars Note No. 2023-2024 2022-2023

X. Earnings per Equity Share (J): 32

(1) Basic 28.77 5.98
(2) Diluted 28.77 5.98
Face Value Per Equity Share (H) 10 10
Material Accounting Policies, Estimates & Judgements 1A & 1B
Accompanying Notes to Financial Statements 2 - 49

For and on Behalf of Board of Directors

Sd/- Sd/- Sd/-

S. M. Vaidya Anuj Jain Kamal Kumar Gwalani
Chairman Director (Finance) Company Secretary
DIN- 06995642 DIN-10310088 ACS-13737

As per our attached Report of even date

For KHANDELWAL JAIN & CO. For K G SOMANI & CO LLP For S R B & ASSOCIATES For KOMANDOOR & CO LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 105049W Firm Regn. No. 006591N/ Firm Regn. No. 310009E Firm Regn. No. 001420S/
N500377 S200034

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

Naveen Jain Amber Jaiswal Rajib Sekhar Sahoo Komandoor Mohan Acharya
Partner Partner Partner Partner
M. No. 511596 M. No. 550715 M. No. 053960 M. No. 029082

Place: New Delhi

Dated: 30th April 2024
Pos i ti ve En ergy, Bu s i ne ss an d Beyo nd Ind ia nO i l I nte g rated Annual Rep o r t 20 2 3- 2 4

210

STANDALONE FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024
(J in crore)
Particulars 2023-2024 2022-2023

A Cash Flow from Operating Activities:

1 Profit / (Loss) before Tax 52,344.21 9,698.14
2 Adjustments for:
Depreciation, Amortisation and Impairment on Property, Plant & Equipment and 14,509.60 11,859.44
Intangible Assets
Loss/(Profit) on Assets sold or written off (Net) (38.26) 56.47
Amortisation of Capital Grants (31.23) (27.03)
Provision for Probable Contingencies (net) (48.13) (50.80)
Fair Value loss/(gain) on financial instruments classified as fair value through profit (128.41) 340.59
and loss
Unclaimed / Unspent liabilities written back (328.11) (82.34)
Derecognition of Financial Assets and Advances & Claims written off 5.25 319.03
Provision for Doubtful Advances, Claims and Stores (net) 146.31 46.47
Impairment Loss on Financial Assets (Net) 268.19 303.33
Loss/(gain) on Derivatives (84.09) 357.76
Remeasurement of Defined Benefit Plans through OCI (46.14) (93.11)
Exchange Loss/ (Gain) on Borrowings and Lease Liabilities 1,141.59 4,896.59
Interest Income (1,828.29) (2,435.56)
Dividend Income (2,277.42) (3,730.71)
Finance costs 7,327.79 6,930.27
Amortisation and Remeasurement (Net) of PMUY Assets (306.35) 69.04
18,282.30 18,759.44
3 Operating Profit before Working Capital Changes (1+2) 70,626.51 28,457.58
4 Change in Working Capital (excluding Cash & Cash Equivalents):
Trade Receivables & Other Assets 1,216.48 28.28
Inventories 1,302.27 (10,665.96)
Trade Payables & Other Liabilities 5,589.87 3,305.21
Change in Working Capital 8,108.62 (7,332.47)
5 Cash Generated From Operations (3+4) 78,735.13 21,125.11
6 Less : Taxes paid 10,638.53 139.76
7 Net Cash Flow generated from / (used in) Operating Activities (5-6) 68,096.60 20,985.35

B Cash Flow from Investing Activities:

Proceeds from Sale of Property, Plant & Equipment 610.75 804.15
Purchase of Property, Plant & Equipment and Intangible Assets (4,284.68) (4,137.40)
Expenditure on Construction Work in Progress (30,924.39) (27,113.06)
Proceeds from Sale of Investments 5,118.51 12.91
Investment in subsidiaries (110.56) -
Purchase of Other Investments (4,266.31) (821.81)
Receipt of government grants (Capital Grant) 1.72 258.19
Interest Income received 1,875.92 1,980.68
Dividend Income on Investments 2,277.42 3,730.71
Net Cash Flow generated from / (used in) Investing Activities (29,701.62) (25,285.63)

C Cash Flow From Financing Activities:

Proceeds from Long-Term Borrowings 343.61 16,601.51
Repayments of Long-Term Borrowings (17,286.37) (10,086.67)
Payments of Lease Liabilities (Principal + Interest) (2,803.78) (2,244.29)
Proceeds from/(Repayments of) Short-Term Borrowings (137.09) 9,310.42
Interest paid (7,388.58) (6,315.79)
Dividend paid (11,021.81) (3,309.42)
Expenses towards Issue of Bonus Shares - (2.07)
Net Cash Flow generated from / (used in) Financing Activities (38,294.02) 3,953.69
 C O R P O R AT E O V E R V I E W S TAT U TO R Y R E P O R T S F I N A N C I A L S TAT E M E N T S

211

STANDALONE FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2024
(J in crore)
Particulars 2023-2024 2022-2023

D Net Change in Cash & Cash Equivalents (A+B+C) 100.96 (346.59)

E1 Cash & Cash Equivalents as at end of the year 464.28 363.32

In Current Account 449.10 354.15
In Fixed Deposit - Maturity within 3 months - 0.47
Bank Balances with Non-Scheduled Banks 12.91 2.74
Cheques, Drafts in hand 1.31 5.41
Cash in Hand, Including Imprest 0.96 0.55

E2 Less: Cash & Cash Equivalents as at the beginning of year 363.32 709.91
In Current Account 354.15 693.09
In Fixed Deposit - Maturity within 3 months 0.47 0.80
Bank Balances with Non-Scheduled Banks 2.74 4.07
Cheques, Drafts in hand 5.41 11.46
Cash in Hand, Including Imprest 0.55 0.49
Net Change in Cash & Cash Equivalents (E1 - E2) 100.96 (346.59)

Notes:

1. Significant non-cash movements in investing and financing activities during the year include:

(a) acquisition of assets by way of lease (net of upfront premium) 3,303.66 2,747.27
(b) issue of bonus shares - 4,707.08
(c) unrealised exchange loss/ (gain) on borrowings and lease liabilities 883.55 4,045.13
2. Statement of Cash Flows is prepared using Indirect Method as per Indian Accounting Standard-7: Statement of Cash Flows.

For and on Behalf of Board of Directors

Sd/- Sd/- Sd/-

S. M. Vaidya Anuj Jain Kamal Kumar Gwalani
Chairman Director (Finance) Company Secretary
DIN- 06995642 DIN-10310088 ACS-13737

As per our attached Report of even date

For KHANDELWAL JAIN & CO. For K G SOMANI & CO LLP For S R B & ASSOCIATES For KOMANDOOR & CO LLP
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 105049W Firm Regn. No. 006591N/ Firm Regn. No. 310009E Firm Regn. No. 001420S/
N500377 S200034

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

Naveen Jain Amber Jaiswal Rajib Sekhar Sahoo Komandoor Mohan Acharya
Partner Partner Partner Partner
M. No. 511596 M. No. 550715 M. No. 053960 M. No. 029082

Place: New Delhi

Dated: 30th April 2024
Pos i ti ve En ergy, Bu s i ne ss an d Beyo nd Ind ia nO i l I nte g rated Annual Rep o r t 20 2 3- 2 4

212

STANDALONE FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2024

A. Equity Share Capital

(J in crore)
Particulars March 31, 2024 March 31, 2023

Balance at the beginning of the year 13,771.56 9,181.04

Changes during the year - Issue of Bonus Shares - 4,590.52
Balance at the end of the year 13,771.56 13,771.56

B. Other Equity

Reserve and Surplus

Capital
Retained Bond Redemption
Particulars Redemption
Earnings Reserve
Reserve

Opening Balance as at April 1, 2022 1,02,478.89 1,781.79 297.65

Profit / (Loss) for the Year 8,241.82 - -
Other Comprehensive Income (69.68)* - -
Total Comprehensive Income 8,172.14 - -
Transfer from Bond Redemption Reserve 768.59 (768.59) -
Utilised for Issue of Bonus Shares/ Buy Back including expenses (net of tax) (4,294.42) - (297.65)
Appropriation towards Final Dividend (3,305.36) - -
Appropriation towards Insurance Reserve (Net) (20.00) - -
Transfer from fair Value of Equity Instruments 9.88 -
Closing Balance as at March 31, 2023 1,03,809.72 1,013.20 -
Profit / (Loss) for the Year 39,618.84 - -
Other Comprehensive Income (34.53)* - -
Total Comprehensive Income 39,584.31 - -
Transfer from Bond Redemption Reserve 1,013.20 (1,013.20) -
Appropriation towards Interim Dividend (6,886.04) - -
Appropriation towards Final Dividend (4,131.58) - -
Appropriation towards Insurance Reserve (Net) (13.75) - -
Closing Balance as at March 31, 2024 1,33,375.86 - -
* Remeasurement of Defined Benefit Plans

For and on Behalf of Board of Directors

Sd/- Sd/-
S. M. Vaidya Anuj Jain
Chairman Director (Finance)
DIN- 06995642 DIN- 10310088

As per our attached Report of even date

For KHANDELWAL JAIN & CO. For K G SOMANI & CO LLP

Chartered Accountants Chartered Accountants
Firm Regn. No. 105049W Firm Regn. No. 006591N/ N500377

Sd/- Sd/-
Naveen Jain Amber Jaiswal
Partner Partner
M. No. 511596 M. No. 550715

Place: New Delhi

Dated: 30th April 2024
 C O R P O R AT E O V E R V I E W S TAT U TO R Y R E P O R T S F I N A N C I A L S TAT E M E N T S

213

(J in crore)
Reserve and Surplus Items of Other Comprehensive Income

Fair value of Equity Fair value of Debt Cash Flow Hedge Total
Capital Reserve Insurance Reserve
Instruments Instruments Reserve

183.08 291.42 16,699.89 345.28 27.32 1,22,105.32

- - - - - 8,241.82
- - (1,149.24) (356.16) 111.35 (1,463.73)
- - (1,149.24) (356.16) 111.35 6,778.09
- - - - - -
- - - - - (4,592.07)
- - - - - (3,305.36)
- 20.00 - - - -
- - (9.88) - -
183.08 311.42 15,540.77 (10.88) 138.67 1,20,985.98
- - - - - 39,618.84
- - 13,520.22 6.98 (136.45) 13,356.22
- - 13,520.22 6.98 (136.45) 52,975.06
- - - - - -
- - - - - (6,886.04)
- - - - - (4,131.58)
- 13.75 - - - -
183.08 325.17 29,060.99 (3.90) 2.22 1,62,943.42

For and on Behalf of Board of Directors

Sd/-
Kamal Kumar Gwalani
Company Secretary
ACS-13737

As per our attached Report of even date

For S R B & ASSOCIATES For KOMANDOOR & CO LLP

Chartered Accountants Chartered Accountants
Firm Regn. No. 310009E Firm Regn. No. 001420S/ S200034

Sd/- Sd/-
Rajib Sekhar Sahoo Komandoor Mohan Acharya
Partner Partner
M. No. 053960 M. No. 029082